“We plan to continue to return to shareholders the excess capital we generate, while supporting our balance sheet growth. We do not expect any material near-term changes to our capital management approach.”

In context

“unities as we move through the year, and our flexible model will allow us to dial up or down investments as needed. Taking everything into account in 2024, we expect total expense to grow mid to high-level digits for the full-year, as we expect to drive continued leverage through our operating expenses. Turning next to capital on slide 17. We've returned $5.3 billion of capital to our shareholders in 2023, including $1.4 billion in the fourth quarter on the back of strong earnings generation. We ended the year with our CET1 ratio at 10.5%, within our target range of 10% to 11%. In Q1 2024, as Steve discussed, we expect to increase our dividend by over 15% to $0.70 per quarter, consistent with our approach of growing our dividend in line with earnings, and our 20 to 25 target payout ratio. We plan to continue to return to shareholders the excess capital we generate, while supporting our balance sheet growth. We do not expect any material near-term changes to our capital management approach. That brings me to our long-term aspiration and 2024 guidance on slide 18. We continue to run our business with a focus on our aspiration of revenue growth in excess of 10%, and mid-teens EPS growth, and we believe that is the right aspiration. As Steve discussed for the full-year 2024, specifically, we are reducing our guidance of having revenue growth of 9% to 11%, and earnings per share of between $12.65 and $13.15. This guidance remains in line with our aspiration and also factors in a range of scenarios based on what we're seeing in our business today. We also recently announced an agreement to sell our Accertify business. Our guidance and the items related to 2024 that I just walked through, do not include the potential impact from this sale. We do expect to realize a sizable gain on”