“Adjusted expense growth for full-year 2024 is still expected to be approximately 2%, inclusive of certain non-controllable items outlined earlier in the year.”

In context

“isen alongside GAAP earnings, preferred security redemptions, considering costs and an optimized equity funding mix, as well as opportunistic stock buybacks. But, as we have previously noted, in the near-term, there is an added consideration relating to our progress on reducing the high cost supplemental funding at the banks. While this action is not a return of capital per se, liquidity, which otherwise could support capital buybacks, may instead be used to pay down supplemental borrowings. Following our third quarter results, we now anticipate full-year 2024 revenue to increase by 2% to 3% versus 2023. This is slightly above the range that was communicated back in July due to a higher starting balance for transactional cash balances and reduced supplemental funding balances at the bank. Adjusted expense growth for full-year 2024 is still expected to be approximately 2%, inclusive of certain non-controllable items outlined earlier in the year. Combining this refresh perspective on topline growth with an expense trajectory that reflects the benefits of our scale and ongoing efficiency initiatives implies earnings expanding further into the upper 80s range for the fourth quarter, a bit above the level we communicated back in July. Before we wrap up, let’s spend a moment on 2025. We are right in the middle of our planning cycle, so we won’t get too far ahead of ourselves, especially with the upcoming presidential election and two FOMC meetings where the rate path remains uncertain. However, we thought it might be helpful to briefly touch on a few items that are helping inform our thinking heading into next year. As noted, we anticipate coming into 2025 with good momentum and expect it to further build in the year ahead with of cou”