“In terms of credit, we expect a total U.S. Cards NCL rate of between 4% and 4.5%, which is lower than the aggregate of the expectations that we provided previously for Branded Cards and Retail Services, reflecting the delinquency trends and loss performance we have seen year to date.”

In context

“lower interest rate environment, partially offset by higher NIR. Expenses were down 4%, driven by lower legal and transformation expenses as well as expenses related to closed exits and wind-downs and professional services expenses. This was primarily offset by higher severance and the impact of FX translation. Cost of credit was $400 million, primarily consisting of net credit losses of $371 million driven by loans in Mexico. To close, we have included our full year 2026 outlook on slide 16. While there remains a lot of uncertainty at this point, our overall expectations are unchanged. Subject to macro and market conditions, we expect NII ex Markets up approximately 5% to 6%; NIR ex Markets growth driven by momentum in Services, Banking, and Wealth; and an efficiency ratio of around 60%. In terms of credit, we expect a total U.S. Cards NCL rate of between 4% and 4.5%, which is lower than the aggregate of the expectations that we provided previously for Branded Cards and Retail Services, reflecting the delinquency trends and loss performance we have seen year to date. The ACL will continue to be a function of the macroeconomic environment and business volumes. Additionally, we remain well positioned to return capital to shareholders and plan to provide more detail on our expectations for share repurchases going forward at our Investor Day in May. As we take a step back, the results in the first quarter represent significant progress towards our goal of improved firm-wide and business performance. We remain steadfast and focused on executing our transformation and confident in delivering our ROTCE target of 10% to 11% this year, and we look forward to laying out the path to delivering higher returns beyond that at Investor Day. With that, Jane and I would be glad to take your questions. Operator: At this time, we will open the floor for questions. If yo”