“We continue to expect NII ex. Markets to be approximately $90 billion.”

In context

“and higher market levels. And finally, loans were up 5% year-on-year and flat quarter-on-quarter, and deposits were up 7% year-on-year and down 2% sequentially. Turning to Corporate on Page 8. Corporate reported net income of $1.7 billion. Revenue of $2.3 billion was up $102 million year-on-year. NII of $1.7 billion was down $826 million year-on-year. NIR was a net gain of $653 million compared with a net loss of $275 million in the prior year. Current quarter included the significant item I mentioned upfront, while the prior-year quarter included net securities losses of $336 million. Expenses of $185 million were down $1.1 billion year-on-year, driven by the changes to the FDIC special assessment accruals I mentioned upfront. To finish up, let's turn to the full year outlook on Page 9. We continue to expect NII ex. Markets to be approximately $90 billion. The firm-wide NII outlook has increased to about $94.5 billion, reflecting an increase in Markets NII, which you should think of as being primarily offset in NIR. Our adjusted expense outlook continues to be about $95 billion. And on Credit, we expect the card net charge-off rate to be in line with our previous guidance of approximately 3.6%. So, to wrap up, we're pleased with another quarter of strong operating performance, but of course, the focus right now is on the future, which is obviously unusually uncertain. But no matter what outcomes eventually materialize, we are eager to do our part to continue to support our clients, the markets and the broader economy, and we believe the banking system will be a source of strength in this dynamic environment. And with that, let's open the li”