“In the remainder of the year, we expect a more normalized level of repositioning, which is already embedded in our guidance.”

In context

“l, we've incurred approximately $1 billion of restructuring costs over the last two quarters. As part of these actions we expect approximately $1.5 billion of annualized run rate saves over the medium-term related to our headcount reduction of approximately 7,000. In addition to the restructuring, we took approximately $260 million of repositioning costs largely related to our efficiency efforts across the firm, including a reduction of stranded costs associated with the consumer divestitures. The expected savings from these actions will allow us to continue to fund additional investments in the transformation this year. And relative to the prior year, the remainder of the expense growth was largely driven by inflation and volume-related expenses, partially offset by productivity savings. In the remainder of the year, we expect a more normalized level of repositioning, which is already embedded in our guidance. Therefore, you can expect our quarterly expense trend to go down from here in-line with our $53.5 billion to $53.8 billion ex. FDIC expense guidance. On Slide 8, we show net interest income, deposits, and loans where I'll speak to sequential variances. In the first quarter, net interest income decreased by $317 million, largely driven by markets, which resulted in a 4 basis point decrease in net interest margin. Excluding markets, net interest income was relatively flat. Average loans were up $4 billion, primarily driven by loans in spread product in markets, as well as card and mortgage loans in U.S. Personal banking, partially offset by declines in service. And average deposits were up nearly $7 billion, primarily driven by services, as we continue to grow high quality operating deposit”