“So our expectation would be that we would be in line with the market on volumes, and we'll maintain our margin, and it'll be a very healthy accretive sort of trajectory for the overall payments business for us.”

In context

“er align the business with the industry dynamics? Gunjan Kedia: Good morning, John. It is a very good question. It's not entering too high. The industry is quite attractive. The way we manage our business is quite focused on margins. So I think the right way to think about our personal aspirations is to have a very nice balance of margin and growth. What we are seeing here is that the balance sheet side, the NII side of the payments business is actually very attractive, and it is tracking with the industry. And our product offerings historically have been quite attractive for the borrower segment. We like that. We want to continue that. We are leaning in on also the affluent transactor segment. With a new lineup of products that is attractive to them so we can also augment the fee growth. So our expectation would be that we would be in line with the market on volumes, and we'll maintain our margin, and it'll be a very healthy accretive sort of trajectory for the overall payments business for us. And then, of course, I always want to remind you that the reason we are in payments is not because it's a standalone attractive business. It's a very attractive product. To anchor our client relationships across all banking products. So that's sort of our expectation for payments. John McDonald: Okay. Great. And then, John, a question on expenses. You can put this in the category of no good deed goes uncriticized. You've done a great job keeping quarterly expenses flat for a bunch of quarters in a row now. Can you just remind us why that still enables you to invest enough to play offense against some aggressive payments competitors and a bunch of offense-minded banks that are expanding throughout the country? John Stern: Well, I think the beauty of our expense programs is we've been able”