“We still expect our earnings power on the other side of the Discover integration to be consistent with what we expected at the time we announced the deal.”

In context

“l-service national bank. Many of our opportunities are enhanced by the Discover acquisition, which, of course, also brings the new opportunity to grow and scale our own global payments network. We continue to invest in network acceptance brand and technology. As we've discussed, these investments will continue to be reflected in the efficiency ratio, but they are also the engine that powers long-term growth and returns. And of course, our numbers starting in the second quarter will include Brex and the in-sourcing of our travel business as well. Pulling way up, we continue to build momentum from the game-changing acquisition of Discover. Even though some individual variables in our deal model have moved since the announcement and we have acquired Brex and the hopper travel infrastructure. We still expect our earnings power on the other side of the Discover integration to be consistent with what we expected at the time we announced the deal. And now we will be happy to answer your questions. Jeff? Jeff Norris: Thank you, Rich. We will now start the Q&A session. Remember, as a courtesy to other investors and analysts who may wish to ask a question, please limit yourself to one question plus a single follow-up. And if you have any follow-up questions after the Q&A session, the Investor Relations team will be available. Josh, please start the Q&A. Operator: [Operator Instructions] Our first question comes from Terry Ma with Barclays. You may proceed. Terry Ma: Rich, I'm just curious to get your thoughts on the state of the consumer. There's obviously concern around the impact of higher energy prices of the consumer but your credit results are still very good across both card and auto. So maybe just talk about what you're seeing”