“We expect approximately $2.4 billion of gross expense reductions in 2025 due to efficiency initiatives.”

In context

“ar, we expect severance expense to be approximately $500 million lower in 2025 given the expense of pool we took in the fourth quarter of 2024. We expect Wealth and Investment Management revenue-related expenses to increase by approximately $600 million in 2025. As a reminder, this is a good thing as these higher expenses were more offset by higher noninterest income. Actual revenue-related expenses will be a function of market levels with the biggest driver being the equity markets. Our outlook that assumes the S&P 500 will be up modestly from current levels, but clearly, the ultimate performance of the markets is uncertain. We expect all other expenses to be up approximately $200 million with the impact of efficiency initiatives, more than offset by higher investments in other expenses. We expect approximately $2.4 billion of gross expense reductions in 2025 due to efficiency initiatives. We've successfully delivered on more than $12 billion of gross expense saves since we started focusing on efficiency initiatives four years ago, and we continue to believe we have opportunities to get more efficient across the Company. Keep in mind, however, the resources needed to address our risk and control work are separate from our efficiency initiatives. There are three primary areas where we expected to invest. First, we expect approximately $900 million of incremental technology expense, including investments in infrastructure and business capabilities. Second, we expect approximately $900 million of incremental other investments, including the specific areas we highlighted on the next slide. Finally, we expect other expenses to increase by approximately $800 million, including ex”