“And we expect full-year expenses to be slightly lower than $53.4 billion.”

In context

“markets and wind-down, and the impact of Mexican peso depreciation. And cost of credit was $359 million, largely driven by net credit losses of $256 million driven by consumer loans in Mexico. On slide sixteen, I'll briefly touch on our full-year 2025 outlook, which we've adjusted for the impact of the card transaction processing fee presentation change that I mentioned earlier, but is otherwise unchanged. As you know, in January, we provided guidance for full-year revenue and expenses as well as card NCLs. And that guidance was informed by a number of scenarios and assumptions. Based on what we know today, and assuming markets remain open and constructive, we still expect to deliver full-year revenues of $84.1 billion, with net interest income excluding markets up approximately 2% to 3%. And we expect full-year expenses to be slightly lower than $53.4 billion. Clearly, there remains a lot of uncertainty, but we are confident that our diversified business model and resilient strategy can withstand many environments, and we remain well-positioned to support our clients. So while a lot is changing around us, we remain steadfast and focused on continuing to execute on our transformation and strategy while remaining disciplined with our expenses and capital with an eye towards improving returns over time. And with that, Jane and I would be happy to take your questions. Operator: At this time, we will open the floor for questions. If you'd like to ask a question, please press star five on your telephone keypad. You may remove yourself at any time by pressing star five again. Please note you will be allowed one question and one follow-up question. Aga”