“Revenue also declined from a year ago due to lower equity gains in our affiliated venture capital and private equity businesses, and given current market conditions, we don’t expect equity gains to improve in the fourth quarter.”

In context

“1. And while the S&P 500 and fixed income indices declined again in the third quarter, the decrease was not as steep as the second quarter decline. So while there will be another step down in asset-based fees in the fourth quarter it will be less significant than the third quarter decline. Expenses decreased 4% from a year ago due to lower revenue-related compensation. Average loans increased 3% from a year ago driven by continued momentum in securities-based lending. Slide 14 highlights our corporate results. Both revenue and expenses were impacted by the divestitures last year of our Corporate Trust services business and Wells Fargo Asset Management. These businesses contributed $459 million of revenue and accounted for approximately $305 million of expense in the third quarter of 2021. Revenue also declined from a year ago due to lower equity gains in our affiliated venture capital and private equity businesses, and given current market conditions, we don’t expect equity gains to improve in the fourth quarter. Expenses increased from a year ago due to higher operating losses. In summary, although the high level of operating losses we had in the quarter significantly impacted our results, the underlying results in the quarter continue to reflect our improving earnings capacity. We had strong net interest income growth from rising rates, and if you exclude operating losses, our expenses would have declined as we continue to execute on our efficiency initiatives. Both our credit performance and capital levels remain strong. We will now take your questions. Operator: [Operator Instructions] And our first question for today will come from John McDonald of Autonomous Research. Your line is open, sir. John McDonald: Thank you. Good morning, guys. Mike, I wanted to ask on the expenses. The first – in t”