“And with increasing momentum as we progress through 2025 as well.”

In context

“I know it's tempting to pick the mid-point of the illustrations and interpret that as our outlook. That is not how these illustrations are intended to be used. This is just math. Using some metrics, you can track on an ongoing basis to evolve your own perspectives on our potential performance over time. And as we typically do, we have included in the appendix a set of sensitivities intended to help you make adjustments as you see fit. Now looking at the range of possibility, it doesn't apply much of any growth in terms of full year adjusted EPS. But given the consistent pay down in the higher cost supplemental borrowing, it suggests strong sequential momentum in revenue and in earnings. With a potential exit velocity heading into 2025, that is at least 20% better than where we ended 2023. And with increasing momentum as we progress through 2025 as well. Let's drill a little deeper into the expense story. Schwab has been and always will be a growth company, a company that continually invests in improving the client experience. At the same time, we're a company that recognizes that one of our biggest competitive advantages, as Walt mentioned, is our industry-leading cost structure, which is measured as EOCA. Achieving both of those requires careful balance and discipline. And in 2024, even as we're holding spending flat, we're still making significant investments that Rick talked about that will help sustain our long-term organic growth, boost our revenue, and increase our efficiency during 2024 and beyond. Our current revenue and earnings are being pressured, of course, by our utilization of the higher cost funding in the form of CDs and”