“And in terms of our full-year expenses, we continue to expect that we will be at the higher end of the guidance range of $53.5 billion to $53.8 billion, excluding the FDIC special assessment and Civil Money Penalties.”

In context

“to regulatory reporting and are committed to spending whatever is necessary to address these areas and the transformation more broadly. Although a lot more work remains, we have started to see benefits from our prior investments play through. We've continued to simplify our technology infrastructure, retiring over 450 applications year-to-date and now over 1,250 since our 2022 Investor Day. We've upgraded 100% of our over 2,300 ATMs in North America and Asia Pacific to next-gen software for better customer security and monitoring. And we've streamlined our cloud onboarding process, reducing time to onboard applications to the public cloud from over seven weeks to two weeks. Each of these initiatives will result in both improvement of our operating efficiency and our safety and soundness. And in terms of our full-year expenses, we continue to expect that we will be at the higher end of the guidance range of $53.5 billion to $53.8 billion, excluding the FDIC special assessment and Civil Money Penalties. And as we've said before, we, of course, will continue to look for opportunities to absorb the Civil Money Penalties. On Slide 7, we show net interest income, loans, and deposits where I'll speak to sequential variances. In the third quarter, net interest income declined 1%. Excluding markets, net interest income was up 4%, largely driven by volume growth in USPB, as well as higher deposit spreads in services and wealth. NIM declined by 8 basis points, driven by a decline in markets due to seasonally higher dividends in the second quarter. Average loans were up 1%, driven by growth in services and USPB, partially offset by modest declines in Banking and Legacy Franchise. Average deposits were roughly flat as growth in Services was largely offset by a decline in Legacy Franchise. And as yo”