“As a reminder, the majority of WIM advisory assets are priced at the beginning of the quarter, so fourth quarter results will reflect market valuations as of October 1, which were up from both a year ago and from July 1.”

In context

“impact of lower loan balances, partially offset by higher capital markets revenue. Markets revenue increased 6% from a year ago, driven by strong performance in rates, structured products and municipals, partially offset by lower revenue and equities. Average loans declined 6% from a year ago, driven by continued reductions in our commercial real estate portfolio and lower loan balances and banking as clients continue to access capital markets funding. On Slide 15, Wealth and Investment Management revenue increased 5% compared with a year ago, due to higher asset based fees driven by increased market valuations, as well as higher brokerage transaction activity, partially offset by lower net interest income, driven by the increased pricing on sweep deposits in advisory brokerage accounts. As a reminder, the majority of WIM advisory assets are priced at the beginning of the quarter, so fourth quarter results will reflect market valuations as of October 1, which were up from both a year ago and from July 1. Slide 16 highlights our corporate results. Revenue declined a year ago driven by net losses on debt securities related to the repositioning of the investment securities portfolio, partially offset by improved results from our venture capital investments. Turning to our 2024 outlook for net interest income and non-interest expense on Slide 17. We currently expect fourth quarter 2024 net interest income to be roughly in-line with the third quarter of 2024, which would imply an approximately 9% decline in full year 2024 net interest income compared with 2023. Based on this expectation, we believe we are close to the trough. However, exactly when the securities will be influenced by a variety of factors, including the pace of Fed rate changes, deposit mix and pricing and day count. Turning to”