Quarterly guidance

Markets Revenue
Typical seasonal decline in the fourth quarter around the same magnitude as last year, which was 20% or possibly a bit more.

Annual guidance

RoTCE
Above 11%.
NII (Markets)
Mid- to high 6% range.
Efficiency Ratio
Below 60%.
U.S. Credit Card NCL Rate
Around 4%.

Outlook

Macro Environment
Conditions softened slightly in the third quarter, but the global economy remains resilient, with the U.S. consumer driving growth.
AI Strategy
The firm is deploying AI across four lenses: growth, efficiency, talent, and defense, with financial benefits already outweighing investments.
Services Business
Management expects deposit growth to normalize from current high levels but remains confident in the long-term trajectory of the business.
Corporate Credit
Exposure is 79% investment grade, and corporate nonaccrual loans and net credit losses remain low.
Consumer Credit
The portfolio remains high-quality, with 86% of balances extended to consumers with FICO scores of 660 or higher.
Banamex Divestiture
The firm expects to recognize an approximate $9 billion CTA related loss through the P&L in early 2027 upon deconsolidation.