“We also expect to continue to improve our retail brand performance.”

In context

“In Security Services, we have a very healthy pipeline, and we'll continue to on-board assets under custody from new mandates, win new clients and deepen relationships with existing clients. In Investment Banking, we anticipate a rebound in activity and to maintain our position as the wallet recovers. Over time, we do expect the investments that we've made in key growth areas, such as health care and technology to allow us to gain share. And we also expect a modest rebound in wealth as we execute on our refocused strategy with an eye towards growing investment fees, particularly with our existing clients. In USPB, we expect continued growth in card balances driven by the investments we've been making as well as lower partner payments in retail services to continue to drive revenue growth. We also expect to continue to improve our retail brand performance. And as it relates to NII, excluding markets, we expect net interest income to be down modestly as the volume growth we expect from loans and deposits is more than offset by lower US rates and the reduction from the closed exits and wind down. Turning to slide 21. We expect expenses to be approximately $53.5 billion to $53.8 billion, down from $54.3 billion, subject to volume-related expenses. The decrease in expenses will be driven by the benefits of our organizational simplification, a continued reduction from exit markets and wind down and productivity savings partially offset by investments in risk and controls and volume-related expenses. Embedded in this guidance, includes an elevated level of severance as well as additional potential costs related to the organizational simplificatio”