“We're focused on getting over the finishing line for our work, and we're looking forward to the transformation expense coming down next year because as we complete the different bodies of work, the associated expense comes off both as a result of the implementation and from the efficiencies that we're gaining.”

In context

“of this work is going to help us implement AI across our process, as I referred to in the earlier remarks. Now, data for regulatory reporting is going to take more time, but we have made significant progress in the last twelve months. Through our own testing, we're seeing really improved, dramatically improved accuracy for our most critical regulatory reports. We're also putting in tech and AI-enabled capabilities to ensure we sustain these improvements on a BAU process and basis. In terms of the regulatory environment, we are clearly seeing in the regulatory environment coming from DC, and I think like everyone, we welcome the proposed changes, including recalibration to center on safety and soundness. For us, we're on track with what we're doing across all the programs, including data. We're focused on getting over the finishing line for our work, and we're looking forward to the transformation expense coming down next year because as we complete the different bodies of work, the associated expense comes off both as a result of the implementation and from the efficiencies that we're gaining. Mike Mayo: And a short follow-up, the transformation expense for 2025, maybe this is for you, Mark, you said it's going to be more than $3 billion, so it was like $3.5 billion, $4 billion, $5 billion kind of range for that? Mark Mason: Mike, I'd say it's a little bit under $3.5 billion in 2025. And again, as Jane mentioned, a lot of work is being put in place to execute on that more efficiently, which is going to help bring that number down in 2026. Operator: Your next question will come from Betsy Graseck with Morgan Stanley. Your line is now open. Please go ahead. Betsy Graseck: Hi, good morning. Jane Fraser: Hey, Betsy. Betsy Graseck: Jane, I did just want to understand how you're thinking about the Banamex transaction. I heard all the prepared remarks, and we understand that you prefe”