“We expect the revenue growth that these investments should generate in businesses like Corporate Investment Banking and Wealth And Investment Management will help fund additional investments.”

In context

“s I already highlighted, we expect to increase our share repurchases this year. I highlighted the progress we’ve already made to reposition our Home Lending business, including reducing the amount of third party mortgage loans serviced by 18% from a year ago. As we continue to streamline this business, we expect the profitability to improve. We’ve grown our Credit Card business with balances up 40% since the end of 2021 and new accounts 25% higher than the fourth quarter of 2021. However, the current profitability of this business has been impacted by acquisition costs and allowance build, and we expect profitability to improve as the portfolio matures. Finally, we’ve made significant investments the last few years across our franchise to better serve our customers, and help drive growth. We expect the revenue growth that these investments should generate in businesses like Corporate Investment Banking and Wealth And Investment Management will help fund additional investments. So, we have many drivers to close the gap and improve returns. In summary, our results in 2023 demonstrated our commitment to improving our financial performance. We grew revenue, reduced expenses, increased capital returns to shareholders and maintained our strong capital position. We will now take your questions. Operator: [Operator Instructions] And our first question of the day will come from Steven Chubak of Wolfe Research. Sir, your line is open. Steven Chubak: Hi, good morning. Happy New Year. Mike, I was appreciate all the NII detail. Just given all the different puts and takes that you cited, I was hoping you could provide some context as to how you’re thinking about the exit rate for NII in 2024 per the guidance, just given expectations per the street that NII should inflect pos”