“Our intention is to continue to improve returns well above that level and we are accountable for doing so.”

In context

“as well as increased the level of investment. As CEO, I want this company set up for long-term success and to ensure that we have enough capacity to invest for that. In terms of expense guidance, therefore, most of the sales from the org simplification and stranded costs will be used to fund the additional investments we need to make this year in both transformation and technology. As a result, we expect our total expenses in 2025 to be slightly below the 2024 level and to deliver another year of positive operating leverage. We expect our elevated expense level to be temporary and for it to keep coming down beyond 2025. However, when we take the required investments into account, we now expect our 2026 RoTCE to be between 10% and 11%. The 2026 RoTCE is a waypoint. It is not a destination. Our intention is to continue to improve returns well above that level and we are accountable for doing so. We are relentless in our determination to run the bank more efficiently, fulfill Citi's potential and meet the expectations of our shareholders. Before I turn it over to Mark, I'd like to acknowledge the catastrophic wildfires in Los Angeles. Many of our clients and several of our colleagues have lost their homes and we will do whatever we can to help them recover from this devastating event. They and their loved ones are in all of our thoughts at Citi. Now, over to Mark. Mark Mason: Thanks Jane and good morning everyone. I am going to start with the fourth quarter and full year financial results focusing on year-over-year comparisons unless I indicate otherwise. I will also focus on our current expectations for 2025 and 2026. On Slide 7, we show financial results for the full firm which”