“I expect to be above that -- easily above the 10% level on revenue growth next year.”

In context

“an long-term PPNR growth? Or is there just so much white space available for you, just the amount of growth opportunity that 2023 could also be another big investment year? Just trying to understand how you balance that all this revenue upside you see versus the investment opportunities available to you. Jeff Campbell : Well, I can't resist my start by pointing out that, yes, Steve and I talked a lot about the heavy investments that we're making this year. We're also growing our pretax pre-provision profit by 27% this quarter, in line with the 31% revenue growth. Look, as Steve said earlier, we'll have to see. I think we feel really good about the revenue momentum we have. And so just mathematically, given our long-term sustainable goals and a steady-state environment for 2024 and beyond, I expect to be above that -- easily above the 10% level on revenue growth next year. How much? Don't know. We'll have to see. And that provides a pretty darn good platform for good earnings growth. All that said, it's only July 22. We haven't given you guide -- specific guidance for next year. And the wildcard from a GAAP EPS perspective in all this is the volatility that you've seen so much of in the last 10 quarters in the CECL credit reserves because we have good, I think, visibility and beliefs about the trajectory of our own business. But the consensus macroeconomic forecast and how it evolves is going to have a big influence on what we book for credit reserves. Stephen Squeri : But just think of how those 2 numbers that Jeff threw out, 31% revenue growth and 27% PPNR growth. Would you have felt better if it was 32%, and we decided not to invest? I wouldn't. And I th”