“Fourth-quarter net interest income is expected to grow from the third quarter to approximately $12.4 billion to $12.5 billion.”

In context

“due to lower deposit pricing and growth in deposit loan balances. Underlying business drivers showed solid momentum from the second quarter in advisor recruiting, net asset flows, loan and deposit balances, and total client assets. As a reminder, the majority of WIM advisory assets are priced at the beginning of the quarter, so fourth-quarter results will reflect the higher October 1 market valuation. Slide 26 highlights our corporate results. Revenue increased year over year, largely reflecting losses we had a year ago from the repositioning of the investment securities portfolio. Turning to our 2025 outlook on Slide 27. Starting with net interest income, we still expect net interest income for full year 2025 to be roughly in line with full year 2024 net interest income of $47.7 billion. Fourth-quarter net interest income is expected to grow from the third quarter to approximately $12.4 billion to $12.5 billion. The drivers of the expected growth in the fourth quarter include continued loan growth, particularly in our commercial, credit card, and auto portfolios, as well as the benefit of the growth we had in the third quarter. Continued repricing of fixed-rate assets at higher rates, including investments in the investment securities portfolio, and higher markets net interest income. Turning to expenses, at the beginning of this year, we expected our full-year 2025 non-interest expense to be approximately $54.2 billion. We currently expect our full-year 2025 non-interest expense to be approximately $54.6 billion and fourth quarter to be approximately $13.5 billion. There are two primary drivers for the increase in our full-year expectation. First, approximately $200 million of higher severance e”