“It may not show up immediately this quarter, but over time we would expect the retail competitiveness to moderate.”

In context

“ith what I'm seeing with some of your peers. And just curious what you're seeing in the competition for deposits and pricing, and how do you think that plays out throughout 2025? John Stern: Sure. Thanks, David. So, from a deposit standpoint, and this is again embedded in our growth projections and things like that of modest growth and deposits, I do expect it to be kind of equal in terms of either whether it's on the consumer side or on the institutional side. If I kind of break those two pieces apart, on the consumer side, it seems like things have been -- it's kind of either, it comes and goes in terms of competitive nature, I would say more lately with the rate cuts that have occurred, that's loosened things up and so we're seeing a little bit better in terms of pricing competitively. It may not show up immediately this quarter, but over time we would expect the retail competitiveness to moderate. On the institutional side, that also kind of comes and goes, but I would call it pretty standard at this point. I think the one negative or headwind right now is QT. That's been drying up liquidity and that can create some competitive natures on the institutional side, but all in all, we expect to be obviously very competitive out there. We have a lot of new great products that are helping us grow deposits, and we feel very strongly about that. And those are kind of the main puts and takes. David Long: Excellent. Thanks, John. Appreciate it. Operator: We'll go next to Vivek Juneja at JPMorgan. Vivek Juneja: Hi. Thanks for taking my question, Andy. So, a strategic question. Payments, there's been some discussion about that already. And it's a question we've talked on previous calls. I hear”