“For the full year, we expect to deliver positive operating leverage of 200 basis points or more on an adjusted basis.”

In context

“e third quarter and full year 2025. Starting with the third quarter 2025 guidance. We expect net interest income for the third quarter on a fully taxable equivalent basis to be in the range of $4.1 billion to $4.2 billion. Total fee revenue is expected to be approximately $3 billion. This compares to the second quarter total fee revenue of $2.98 billion. Total noninterest expense is expected to be $4.2 billion or lower in the third quarter. We expect to deliver positive operating leverage of 200 basis points or more on an adjusted basis. I'll now provide full year 2025 guidance, which is consistent with our previous guidance. Compared to full year 2024, we expect total net revenue growth on an adjusted basis at the lower end of our 3% to 5% range. Our guidance assumes 2 rate cuts in 2025. For the full year, we expect to deliver positive operating leverage of 200 basis points or more on an adjusted basis. Turning to Slide 18. We continue to make measurable progress towards achieving our medium-term targets. As you can see on this slide, year-over-year, we have improved both our return on average assets and efficiency ratio, while delivering high teens return on tangible common equity and mid-single-digit fee growth. Let me now hand it back to Gunjan for closing remarks. Gunjan Kedia: Thank you, John. And let me close on Slide 19. Second quarter results were supported by a unique mix of diversified businesses that delivered strong sequential and year-over-year EPS growth this quarter. The resiliency of our business model offset some rate-driven softness in spread income with good growth in fees and continued expense discipline. Notably, we executed on our key expense initiatives and deliver”