“We expect expenses to decline from 2025 and are targeting an expense level below $53 billion.”

In context

“cross 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 focused on bringing down our expenses each year, while ensuring that, we have enough capacity to invest in the company. Now turning to Slide 21, I will talk you through our expectations going forward. As we enter 2025 and think forward to 2026, we continue to have a clear path to improve returns. Having gone through another robust planning process and having provided revenue and expense targets for 2025, we want to update you on our 2026 RoTCE target range. In 2026, we expect continued revenue growth from both NII and NIR, with drivers largely consistent with recent performance. We expect expenses to decline from 2025 and are targeting an expense level below $53 billion. The reduction in our expense base will come from a decrease in legacy and stranded costs, a more normalized level of severance, and an increase in productivity savings from our prior investments. We will maintain strict discipline on the entire expense base looking for more opportunities to drive further efficiencies, as we go into 2026. We also remain laser-focused on continuing to optimize RWA, but as you know, the future of capital rules and therefore requirements remain uncertain. In light of all of this, we are now targeting an RoTCE in the range of 10% to 11% in 2026. We're committed to driving positive operating leverage and improving our returns every year, for both the firm and the businesses and we will do so in a sustainable way, which will set this company up for long-term suc”