“Partially offsetting these tailwinds are several headwinds including various scenarios around lower rates both in U.S. and non-U.S. Which we expect to be mostly offset by repricing actions across the franchise as well as the potential impact of card late fee reduction and FX.”

In context

“leadership position with large institutions and growing our market share with commercial clients in TTS. And in security services, continuing to gain share through investments in our digital and data capabilities while deepening with asset managers and asset owners. Turning to Slide 19, we expect NII ex-market to be up modestly this year. However, there are several tailwinds and headwinds that I will walk you through. Looking at the left hand side of the page, we expect most of the increase to come from volume growth and mix, primarily driven by higher loan volumes in USPB, mainly in cards and deposit volumes in services. We expect the continued benefit from lower yielding investment securities rolling off and being repriced into higher yielding assets such as cash, loans and securities. Partially offsetting these tailwinds are several headwinds including various scenarios around lower rates both in U.S. and non-U.S. Which we expect to be mostly offset by repricing actions across the franchise as well as the potential impact of card late fee reduction and FX. Turning to Slide 20, we expect expenses to be slightly lower than $53.8 billion for 2025. Our expectations reflect continued benefits from our organizational simplification, reduction in stranded costs, and productivity savings from our prior investments. However, offsetting most of these benefits are increased investments in the transformation, technology and the businesses as well as higher volume related expenses. Embedded in our outlook for the year is roughly $600 million for repositioning, which remains elevated, as we continue to reduce stranded costs, drive efficiencies across the businesses, and as benefits from investments in transformation and technology allow us to eliminate manual processes. As Jane said, we recognize that, our expense base remains elevated and we remain very”