Quarterly guidance

Net interest income growth
6% to 7% on a fully taxable equivalent basis year-over-year for the fourth quarter.
Total fee revenue growth
13% to 14% for the fourth quarter, with roughly half of the growth coming from BTIG.
Noninterest expense growth
Approximately 8% or closer to 4%, excluding BTIG, for the fourth quarter.

Annual guidance

Total net revenue growth
8% to 9% compared to the prior year, or 6% to 7% excluding BTIG.
Positive operating leverage
Approximately 300 basis points for the full year, or approximately 400 basis points excluding the impact from BTIG.

Outlook

Net interest margin
Net interest margin should increase by a similar amount in the fourth quarter and maintains a path toward 3% at some point in 2027.
Capital returns
Capital ratios are expected to build, positioning the company to resume share repurchases over the next quarter or two.
Capital markets
Capital markets are expected to grow from 8% to 10% or more of total company revenue over the next 3 to 5 years.
Branch expansion
Branch investment has increased from $200 million to $300 million to densify presence within the existing footprint.