“Our expectation is that as we go into '24, to the point that you've made, depending on the macro environment, we're likely to see this tick up above those pre-COVID normalized rates.”

In context

“f losses trending to something that is a bit higher than what we normally - what are more normalized levels? Mark Mason: Yes. So let me start and that and Jane, if you want to chime in, that's fine. I think what I'd point you to is Page 24 in the deck that we have because it gives you a nice snapshot of how both the loss rates have been trending, but also how the delinquencies have been trending. And you can see that the delinquencies have been trending up, and that kind of gives us a good indication of where loss rates are likely to trend in the next quarter or so. And so at 2.72 unbranded cards and 4.53 on retail services, we can see that we're likely to end up at about that normalized rate by the end of the year, getting up to the 3% to 3.25%, 5% to 5.5% pre-COVID normalized NCL rates. Our expectation is that as we go into '24, to the point that you've made, depending on the macro environment, we're likely to see this tick up above those pre-COVID normalized rates. As we see a slowdown in the economy, again, subject to what the macro looks like before then kind of settling down at some point down the path. And so yes, we do see that tick up. This is, again, as advertised, so to speak, as we would have expected. And we have reserves, significant reserves for both of these portfolios to account for those loss expectations. So in branded cards, we sit with an ACL to loan reserve of 6.3% in retail services we have 11% and Jane mentioned earlier that the losses in retail services ultimately get shared with partners. And so while we would expect this to normalize and mature, so to speak, we feel very well reserved for what that might look like. Jane Fraser: And our portfolio [technical difficulty] old Citi. It's very different in terms of our consumer cre”