“We generated $61.6 billion of revenue year-to-date, driven by NIR ex-markets growth of 12%, and are on track to meet our $80 billion to $81 billion full year guidance.”

In context

“ation while improving the operating efficiency of the business and at the same time, we expect the credit environment to normalize, all of which will ultimately drive USPB to a high-teens return over the medium term. On Slide 16, we show results for All Other on a managed basis, which includes Corporate Other and Legacy Franchises and excludes divestiture-related items. Revenues decreased 18%, primarily driven by closed, exits and winddowns as well as margin compression on mortgage securities that have extended. Expenses were down 5% as the reduction from closed, exits and winddowns was partially offset by a legal reserve. And cost of credit was $289 million, largely driven by net credit losses and an ACL build in Mexico. Slide 17 shows our full-year 2024 outlook and medium-term guidance. We generated $61.6 billion of revenue year-to-date, driven by NIR ex-markets growth of 12%, and are on track to meet our $80 billion to $81 billion full year guidance. As I mentioned, we now expect NII ex-markets to be slightly down for the full year. And with year-to-date expenses of $40.4 billion, excluding the FDIC special assessment and Civil Money Penalties, we continue to expect to be on the higher end of our full year guidance range. As we take a step back, the third quarter represents another quarter of solid progress, and a set of proof points towards improving firm-wide and business performance. We remain focused on continuing to improve our performance and executing on our transformation. These priorities remain critical to strengthening our operations and becoming a more efficient, agile, and client-centric company as we continue to make progress on achieving our medium-term targets. With that, Jane and I will be happy to take your questions”