“In terms of credit, we expect card NCLs to remain within the ranges that we gave for 2025.”

In context

“In terms of expenses, we will continue to invest in our businesses to support continued top-line revenue growth and expect higher volume and other revenue-related expenses, with capacity generated from productivity savings from our prior investment, reduction of transformation expenses, continued reduction in stranded cost, as well as a lower level of severance versus 2025. We expect our disciplined expense management combined with top-line revenue momentum will drive another year of positive operating leverage as we target an efficiency ratio of around 60% for the full year. On slide 21, we show a summary of our expectations for 2026. In addition to our outlook for NII ex markets and efficiency ratio, we expect continued fee momentum across the businesses to drive growth in NIRx markets. In terms of credit, we expect card NCLs to remain within the ranges that we gave for 2025. We will continue to provide the businesses with the capital needed to pursue accretive returns while we optimize our standard and advanced RWA and capital usage. We will, of course, continue to buy back shares against our $20 billion buyback program. Now before we take your questions, I want to say a few words as this is my last earnings call as the CFO of Citi. I've been with Citi for nearly twenty-five years, and I've been the CFO for the last seven. During my career here, I've seen Citi go through many different evolutions and faced some very challenging times. Yet I've shown up every day for the last twenty-five years wearing my one Citi jersey, surrounded by colleagues who have the same mindset. I've always believed that what sets Citi apart is the heart and determination that it tak”