Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). We don't know how far back it is. We had no trading loss days this quarter. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. And, you know, we'll continue those patterns. Wealth will be all about market levels with a one-month lag based on where the markets are. Can you continue to run down the securities portfolio? Yes. We're now saying that aggregate quarterly improvement won't be the $2 billion we initially thought, it's increased to around $2.6 billion or more. With respect to deposits, I'd say on betas, obviously, we're just increasing those because we've got to be competitive in this environment. That leaves us well above our new 10.4% minimum requirement. We'll go next to Glenn Schorr with Evercore ISI. So, all of that -- you know, that's a few quarters now in a row where that pattern is continuing. This year, we're on [3.3] next year, we move up 15%, [3.4] or something like that. Let me just summarize for the third quarter 2022. That more than offset equities revenue that dropped 4% to $1.5 billion, below the $1.61 billion estimate. And as we would just note, relative to the last cycle, the Fed increases have been pretty rapid, and we'd expect to pay higher rates as we continue to move through this rate cycle. Now once again, you can find all these digital statistics and more in the appendix of our earnings material as usual. So we worked the construct of the book who we underwrite client selection, the structures of the deals, et cetera, in the spread of diversity among industries and U.S. versus non-U.S., et cetera. So, you'll start to feel some of that in Q1, for example, from the late hikes in this quarter. So, we think we'll resume that sort of high single digit maybe if things begin to slow a little bit. Dividends used 11 basis points of capital. The next year, we said at some point, we'll get back to the 1% to 2% rise. And again, we're not really seeing anything unexpected here. Got a confidential news tip? Betsy, we -- the last several months, we've done the fifth share success program. Q3 2022 Bank of America Earnings Conference Call. Factors that may cause actual results to materially differ from expectations are detailed in our earnings materials and the SEC filings that are available on the website. Then we look customer-by-customer and anticipate who is going to be needing money in terms of refinancing, but also in terms of just operating like we did during the pandemic in with every single loan, a company with $5 million of revenue more in our company on a quarterly basis for what I'm sure we had it. I mean I think we have to remember that -- I'd be careful about that because basically the baseline now has built into it a fairly weak for a path in the near term. And so next year is already here. And again, it's important to understand that as expected, these are the clients who generally have more excess liquidity and have historically saw higher rates, both in deposit accounts as well as movements outside of deposits where we offer alternatives for those clients. And then also, Alastair, just the pace of deposit mix shift and betas that you're kind of building into your outlook would be helpful. What Brian was referring to is the RWA optimization that we're doing as a company to make sure that we're in a great place to serve our customers and to be in a position to have the flexibility for buybacks in the future. Okay. Additionally, service charges moved lower for two reasons. Keep in mind, asset quality metrics were strong even before the pandemic. This was coupled with a significant increase in net interest income. In global banking, we hold about 500 billion customer deposits, and we saw a 7% year-over-year decline. So, overall, we grew our deposits. Please note, this call may be recorded, and I'll be standing by if you should need any assistance. Long-term interest rates and mortgages have increased even more than short-term rates. So a couple of things that we did there. So, it would be pretty quick to move to the five at the end of the year. These deposit levels suggest continued capacity to strengthen at healthy levels. And frankly, where we are now, those changes are -- you know, that that tapping has gone for this quarter already. You add it all up, and it makes a difference. Of the interchange goes back to the customer base in terms of rewards products, either directly through our own rewards programs or through some affinity group programs. Can Pfizer, Johnson & Johnson Continue Outperforming the Index? Thank you. I encourage you look at those statistics for every one of lines of business, not just Consumer. That, combined with our consumer investments business, has seen more than 100 billion of net client flows year to date. Those continued investments over the past several years in our people, tools and resources for our customers and teammates, as well as our new and renovated financial centers have allowed us to continually enhance the customer experience and fuel organic growth as we drive responsible growth. (Ad), This Skill Could Change The Way You Trade! On commercial, the average loans rose $16 billion linked quarter or 12% annualized. We are in October. Given the change noted for solar investments, we expect the fourth quarter tax rate to be similar to the third quarter tax rate and well examine the further effects of these changes and how they impact full year 2023 and report on that next quarter. My. Why is that outperforming now? But if Tom Scrivener runs our operations group, sees a lot of stuff ahead of he can take out. Thank you for all that. Betsy Graseck -- Morgan Stanley -- Analyst. We now expect to generate approximately . 326 E 8th St #105, Sioux Falls, SD 57103 Welcome. We've got a lot of flexibility at this point for whatever the endgame does come out with. Do we expect deposit rates to increase? Our capital levels today remain strong with 176 billion of CET1. Investment banking, kind of flattish, I would think. This Is Why Daktronics Fell 40% In One Day. Third, there's plenty of capacity for borrowing as credit and card balances of BAC are still 12% both pre-pandemic levels, and the payment rates on those credit cards are 1,000 basis points over pre-pandemic levels. We called it out last quarter because it was just bigger. | 4 december 2022 Yeah. So I think you mentioned some loan sales. So, we didn't call that the out just for the simple reason it was smaller this quarter. So, the origination statistics we put in the back of the deck there are very strong, remained strong. you can opt out of online behavioral advertising. I hope everyone also had a chance to review our earnings documents released earlier this morning. That obviously includes the cost noted for resolving the second quarter and third quarter regulatory and litigation matters. That obviously includes the costs noted for resolving the second quarter and third quarter regulatory and litigation matters. My projection that, that was going to go on to [40] but I think it was in the pandemic, and you saw us move up, but we're sitting closer to what we call CECL day one and pandemic implementation. Please note this call is being recorded. One is on how we think about comp going into next year. And with regard to expenses, they increased 5% year-over-year, driven by continued investments in the business. So you'll start to feel some of that in Q1, for example, for the late hikes in this quarter. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. The net charge-offs of $520 million declined $51 million from the second quarter. Our resilient earnings continue to support dividend payments, a commitment we have upheld throughout our 150 year history. Just talk about -- I know you had mentioned both the overdraft run ratings, deposit changes, and CCR. So I think for your model, Matt, I would use $700 million of an after-tax loss for the fourth quarter as the most likely. At this time, all participants are in a listen-only mode. And then, there'll be some derivatives as well. [Operator Instructions] Please note, this event is being recorded. We expect that run rate to kind of hold. Year over year now, average short-term interest rates have increased 200-plus basis points, driving up the interest earned on our variable rate assets, while we've maintained discipline on our deposit pricing. Dividends used 11 basis points of capital. Just another -- just a question or two on fees. Sorry. Thank you for joining the call to review our third quarter results. You know, our job is to drive our company to serve our customers, and that first order of business for our capital is always healthy or, you know, the growth in the balance sheet, especially on the lending and market side. So we didn't call that out but that just for the simple reason, it was smaller this quarter. Yeah. Other 40% is downside scenarios that we built. Let me make a couple of key points. You can see some of the legacy loans were able to sell in prior quarters. Greetings, and welcome to . It's taking these securities that are 20% risk-weighted asset. Earnings were down year over year, driven in large part by the absence of a prior-period reserve release. So, we'll put a little bit toward a buffer. Just talk about -- I know you had mentioned both the overdraft loan ratings, deposit changes and ECR. Yes. For the full-year 2022, we now expect revenue to be in the . But I would like you to, if you can, tie that in to Slide 22, more digital users and Zelle; Erika, 1 billion interactions. I know how you're thinking about growth there. But if you look at by different line of business, you just take consumer for a moment, if 50% of our consumer sales now are taking place digitally, you almost think about that being the equivalent of 4,000 more financial centers. At the same time, however, our asset quality remains strong as net charge-offs and several other metrics, in fact, improved from the second quarter of 2022. FICC improved 27%, while equities declined 4%. Our idea is when you work on expenses, you're not working on the ratio, it ends up in a ratio. One is on how we think about comp going into next year. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: Good day, everyone, and welcome to today's Bank of America Earnings Announcement. So consumers remain resilient. Thanks for all that color. We'll go next to Vivek Juneja with JPMorgan. And additionally, lower securities balances over the past six months modestly offset the benefits of year-over-year loan growth. The company reported better-than-expected fixed-income trading and gains in interest income thanks to choppy markets and rising rates. Your line is open. Yes. So, you know, we don't really speculate on that. The higher-tiered preferred deposit products represent a little more than 20% of the mix of deposits and they're moving largely in line with short-term rates, while the other 80% or so deposit products are paying much lower rates. So I just use that there, okay? PDF . Lastly, the recent hurricane impacted some areas where we have strong market shares for many of our businesses. That reflects cash flow hedges mostly put in place last year against some of our variable rate loans, and that protected us against CET1. And there, that's the weakened that we're applying and in this particular quarter, just to give you an idea Ken, once again, we increased our forecast for inflation in that scenario. This drove the effective tax rate a little higher this quarter to more than 14%, still, obviously, benefiting from our ESG investment tax credits. You can see that in the lower right. On Slide 14, we highlight the credit quality metrics for both our Consumer and Commercial portfolios. This highlights importance of having both high-touch and high-tech approach. You know, let me -- Ken, one of the things that I think -- it goes a little bit to Mike's point, a little bit to some of their points, is that about 80-odd percent if I got -- I think it's 84, if I got it right, of the interchange goes back to the customer base in terms of rewards products, either directly through our own rewards programs, or through some of the affinity group programs. So, I think, Mike, that's a lot of questions, but I'll try to sort it out a little bit starting with the last. OK. And the provision increase reflected reserve builds for this period, mostly for card growth versus our reserve release in third quarter of '21. Wealth Management produced strong results, earning $1.2 billion, and that's a particularly strong result given both equity and bond market levels. But we have on stress test to test it to make sure and you can see the Fed stress tests in the adverse case, you can see these numbers, frankly, which I don't think would ever materialize given what you do in a period of time between then and there, but that gives you some sense if you look at those. Turning to asset quality on Slide 13, and I want to start by saying just as Brian did that asset quality of our customers remains very healthy. Audio Webcast Transcript. So we've got lots of ways to pay for loans growth in the future. Our guidance is going to assume interest rates in the most recent forward curve and that they materialize. And on a spot basis, our sensitivity to 100 basis points instantaneous rate hike would be 5.3 billion. Our average liquidity portfolio declined in the quarter reflecting the decrease in deposits and security levels. And as you would expect in a rising rate environment, we've seen some shifts from noninterest-bearing into interest-bearing. And you see it in the other slides on some of the wealth management commercial operations, still a lot of paper, and the GTS business that we continue to take out. So we worked the construct of the book who we underwrite client selection, the structures of the deals, etc., in the spread of diversity among industries and U.S. versus non-U.S., etc. As you'll recall, back in last quarter, we talked about our June CCAR results, where our stress capital buffer increased from 2.5% to 3.4%. We're the leading digital bank with tremendous convenience capabilities for consumer and small business clients. Second, consumer customer average deposit levels for September of 2022 remain at multiples under pre-pandemic levels. Yes. Bank of America said in a release that third-quarter profit fell 8% to $7.1 billion, or 81 cents a share, as the company booked a $898 million provision for credit losses in the quarter.. So, even though we're taking back up, the word "normalization," you know, I ask people to be careful because we're moving back to what was all-time lows, and we're not even there. You can see here revenue of 24.5 billion grew 8% with an NII improving 24% year over year, while our fees declined 8%. So if you look at Slide 4, you can see some points about the overall health that demonstrate what's going on in the customer base. Late-stage delinquencies are still 40% below pre-pandemic levels. Most of my questions were asked already. 2022 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Summary; Performance; Fundamentals; Fourth quarter represent the strongest quarter organic loan growth we have experienced at Bank of America. We'll go next to Erika Najarian with UBS. You know, honestly, each quarter has had a little bit of something in it, John. And if you look at Page 10, you can see that the interest checking noninterest bearing accounts, you know, the dollar value of deposit as a total percentage deposits are a very high percentage. On noninterest income, the volatility and the levels of market activity drove a year-over-year decline in investment banking and asset management fees, while still some trading benefited from investments made in the business and the volatile market conditions. The consumer deposit betas are outperforming for you and for some others. Anything you can read into it? So the short answer is yes, we believe so. Customers are finding an increasingly convenient access to us. Partially offsetting some of the strong card growth in consumer loans, we sold about 1 billion of residential mortgage loans. The team managed the balance sheet well and improved capital, either increased our dividend and bought back a modest amount of shares. So, you have to think through on those fees. So Brian, you said before, the NII benefits have come barreling through to the benefit of investors. And [Jamie DeMare] and team do a great job there. So overall, we grew our deposits. NII has improved quickly and the customers' resilience and health remains strong. Capital build was obviously faster than expected or at least what most of us have expected. All Stories . Yes. No particular updates at this point. Thank you for all that. All because they dont know where to invest. Fixed income trading revenue surged 27% from a year earlier to $2.6 billion, handily exceeding the $2.24 billion estimate. At September 30, declined $0.7 billion to $4.2 billion of expected NII over the next 12 months, with now roughly 95% of the sensitivity driven by short rates. How long can you keep that going? American Consumer News, LLC dba MarketBeat 2010-2022. Yes, of course. Your line is open. And we've seen the mix of interest-bearing deposits moved from 30% a year ago to nearly 35%. And so, it's a -- it's a complex package. And these are all related to total revenue per customer, profit per customer, as opposed to any individual decision. And that is extremely leverageable. Please disable your ad-blocker and refresh. But it's just -- it's a 214,000 [Phonetic] people to a very complex discussion all over the world. PDF . So we bought back shares this quarter and still grew the capital. I hope everyone also had a chance to review our earnings documents released earlier this morning. Yeah. Is Advance Auto Parts a Buy After its Earnings Crash? And the digitization of all the operational process in the company is what you see on Slide 22 on the consumer side. And as you will note, excluding Global Markets activities, our net interest yield was 2.51% this quarter. The team managed the balance sheet well and improved capital, either increased our dividend and bought back a modest amount of shares. Maybe hoping for a little bit of positive at some point but not necessarily this quarter. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Let's go to Slide 3. If you opt out, though, you may still receive generic advertising. But right now, the credit continues to improve, but it's what we did over the last 12 years, 15 years of proof -- hold us in good stead as we head into this thing. That we just marked through our numbers. Second, rates also drove a $3.7 billion decline in AOCI from derivatives and that does not impact CET1. Now what does that produce in value? In the third quarter alone, we added more than 400,000 plus net new consumer checking accounts. I appreciate that. And so right now, we're running in the low 15 per quarter, 15.3 and we expect it to maintain and grow. And then on top of that, the amount of physical plant change in that time is huge, not only in our branches, but all over our company. And this quarter, the movement in treasury and mortgage-backed securities rates caused the fair value of our AFS debt securities to decrease and that lowered our CET1 ratio by 7 basis points. We'll take our next question from Gerard Cassidy with RBC. As Brian shared earlier, we've got organic growth across the checking accounts, the card accounts, and investments picking up this quarter, not necessarily because of anything we're doing differently in the past 90 days, but as a result of many years of retooling and continuously investing in the business. So the current ratio of delinquencies have to be worse than 30% or more to even approach that five-year pre-pandemic average at a time of economic growth and falling unemployment. We saw good commercial loan demand, and we also saw FX valuations adjustments as a result of the strong dollar and then some loan sales and syndications that lowered our RWAs. I think there's a lot of uncertainty around deposit behavior, betas, what the catch-up rate could be with deposit pricing. I wanted to ask about the NII assumptions and maybe just your outlook around loan growth and what you're seeing in the economy, what you expect from loan growth? Complete the form below to receive the latest headlines and analysts' recommendations for your stocks with our free daily email newsletter: View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. So we have limits across all the different categories. I'm curious, you -- as your capital build was -- thanks to RWA mitigation, you mentioned no loss days in the quarter despite all this market volatility. What Brian was referring to is the RWA optimization that we're doing as a company to make sure that we're in a great place to serve our customers and to be in a position to have the flexibility for buybacks in the future. So that won't be hurting us again from this point forward. Got it. Presenter SpeechNini Arshakuni Hello, everyone, and welcome to Bank of Georgia Group PLC's Third Quarter Results Conference Call. There is no terminal efficiency ratio. Thank you for your participation. The FICC improvement was primarily driven by growth in our macro products, while our credit-traded products were down. Bank of America (NYSE: BAC) Q3 2022 Earnings Call Oct 17, 2022, 8:30 a.m. So, consumers remain resilient. With that said, we expect NII in Q4 to be at least 1.25 billion higher than Q3. And so you should expect that buybacks will continue to increase. Versus the second quarter, NII is up $1.3 billion, driven largely by the same factors, plus an additional day of interest in the quarter. But a major part of it, frankly, is getting -- even though we have less branches year over year, less numbers of units, we have more people in them because we continue to build out the relationship manager capabilities and branches. You can see the spread of risk in the supplemental book. Supplemental Information. We compared our analysis to other large storms in recent years like Sandy, Harvey and Irma where we incurred just a small amount of financial losses. So, a couple of things that we did there. We also had lower leasing related revenue comparatively. GWIM also saw its 50th consecutive quarter of average loan growth. Much of the company's increased salary and wage moves in the quarter impact consumer banking the most. And we've seen growth in both noninterest-bearing and interest-bearing balances and we remain very disciplined on $1.1 trillion of total consumer deposits while Fed funds is now at 3.25. So, I'd say on the treasuries, generally speaking, you just think about the duration there being somewhere between four and five years. You saw responsible growth in action once again. Information about non-GAAP financial measures, including reconciliations to U.S. GAAP, can also be found in our earnings materials that are available on the website and in the docs. Can you kind of flip the script here and lean into certain businesses? We added 1.3 million new credit card accounts. And so next year is already here. We've got a leading online consumer investment platform and the best small business platform offering for our clients. And the FTE NII number was 13.9 billion. Your line is open. But I'm curious, youre a prime and super prime bank in consumer lend, you gave us enough details. Year-over-year expense declined, reflecting the absence of costs associated with the realignment of liquidates and business activity that we took in the fourth quarter of '21. Earnings Webcast. We compared our analysis to other large storms in recent years like Sandy, Harvey and Irma where we incurred just a small amount of financial losses. Good morning, and thank you for joining us. So we're going to start on Slide 2 of the earnings materials. So maybe there's some opportunity for further share gains in areas like market and Global Banking. But I'm curious, you're a prime and super prime bank in consumer land. We obviously took activity on balance sheet optimization, which helped our RWA discussion -- helped our RWAs and led to the capital levels I talked about earlier. Good day, everyone. Please. And we decreased GDP through the course of the next couple of years. And so you're not going to do anything like this afternoon to change the impact. Or these inflation and investments change that range upward? So I think for your model, Matt, I would use $700 million of an after-tax loss for the fourth quarter as the most likely. We'll take our final question today from Charles Peabody with Portales. Lee McEntire -- Senior Vice President, Investor Relations. [Operator Instructions] Our first question today from Jim Mitchell with Seaport Global. The net interest yield was 2.06% and that improved 38 basis points from the third quarter of '21. Customers are finding an increasingly convenient access to us. It will be different for operational versus nonoperational and commercial. So the results that you see in Global Markets and Investment Banking did include them last quarter. They compare favorably to any other competitive measure that we see because we -- when we see people actually publish their numbers. That obviously includes the cost noted for resolving the second quarter and third quarter regulatory and litigation matters. We did our usual merit. These balances are still multiples of the pre-pandemic period, and they were largely unchanged at these elevated amounts for the month of September. As always, they're available, including the earnings presentation that Brian and Alastair will refer to during the call on the investor relations section of the bankofamerica.com website. So, the current ratio delinquencies would have to worsen 30% or more to even approach that five-year pre-pandemic average time of economic growth and falling unemployment. That was 1.1 billion, and that impacted CET1. . And frankly, where we are now, those changes are that tapping is gone for this quarter already and we're out doing what we should do. So we're anticipating that we'll keep growing on the loan side. And as we would just note, relative to the last cycle, the Fed increases have been pretty rapid. So as a result, our third quarter tax expense is approximately $150 million higher due to the net reversal of tax credits accrued for 2022 solar deals taken in the first half of 2022 that were recognized under initial investment tax credits at the time and we were placed with production tax credits. We've got a lot of flexibility at this point for whatever the endgame does come out with. You can see that nobody is a big part of it. We are in October. Your line is open. Every business segment delivered operating leverage. So I think, Mike, that's a lot of questions, but I'll try to sort out a little bit starting with the last. With regard to regulatory capital, our supplemental leverage ratio increased to 5.8% versus our minimum requirement of 5%, which still leaves plenty of capacity for balance sheet growth. Snowflake Inc. (NYSE: SNOW) Q3 2023 Earnings Call Transcript November 30, 2022. Given the change noted for solar investments, we expect the fourth quarter tax rate to be similar to the third quarter tax rate and we'll examine the further effects of these changes and how they impact full year 2023 and report on that next quarter. As we look forward, we'd expect our fourth quarter expenses will land our full year reported expense at approximately $61 billion. Other people talk about the overall number is like 10 billion just for the platform and all this is purely new code. Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. You saw that in prior quarters in All Other. Lastly, the recent Hurricane Ian impacted some areas where we have strong market shares for many of our businesses, and our teams have spent the past days assessing the damages and insurance coverage down to the loan level. And with that, I'm going to stop there and open it for Q&A. Our next question comes from Matt O'Connor with Deutsche Bank. You know, we're effectively investing those fees and the duration of the customer base, the length of customer base, the profitability of the customer base, the stability of the customer base, and the fact that then we can produce a lot more customers because we're not having to replace a run-off. Third quarter expenses were $15.3 billion and were flat with the second quarter as litigation costs for our settlement in Q3 nearly offset the fines agreed to last quarter on a comparative basis. And the other compensation comes up as we've changed up base pay and things like that. There is no terminal efficiency ratio. Every business segment delivered operating leverage. Very good color. Other than that, the markets business has an allocation of the size of balance sheet in capital and RWA, which, you know, basically, you know, they were able to achieve all the results and not even use it enough. So, Ken, I think, with respect to card, you know, kind of flattish as I would think about it right now, a little bit of fourth quarter seasonality maybe that should benefit there. You saw the 400 this quarter that's investing in the training programs and hiring some people into the offices, especially outside our footprint, to get them growing again. Our job is to drive our company to serve our customers in that first order of business for our capital has always helped the growth in the balance sheet, especially on the lending and market side. We've also managed our expenses very well. On noninterest income, the volatility and the levels of market activity drove a year-over-year decline in investment banking and asset management fees, while still some trading benefited from investments made in the business and the volatile market conditions. Keep in mind, asset quality metrics are strong even before the pandemic. Our headcount this quarter increased by 3,500. So, a little impact this quarter, but net benefit to the shareholder over time. Bank of America Corp. Q4 2020 earnings call dated Jan. 19, 2021Corporate Participants: Lee McEntire Senior Vice President, Investor Relations. The next year, we said at some point, we'll get back to the 1% to 2% rise. It grew 13% from last year. Many investors can do well in bull markets but then lose a large percentage of their portfolio during a bear market When you look at our sales, 48% of third quarter sales are digital, a 36% year-over-year increase. Service charges were down 338 million year over year, as our insufficient funds and overdraft policy changes were in full effect by the end of Q2. It moves even higher than that next year, just to give you an idea, it's sort of in the mid 5%s, just to give you a general sense. With that said, we expect NII in Q4 to be at least $1.25 billion higher than Q3. And by the way, you know, the profit margins once back up to 30% and driving through. Let me first talk about the leverage finance thing. OK. And then, maybe as a follow-up, you guys have done a pretty great job on hedging AOCI risk in the AFS book. Shareholders' equity was stable with the second quarter at $270 billion as earnings were offset by capital distributed to shareholders and the change in AOCI from rate moves. And then on commercial book, as we said, we still see upgrades exceeding downgrades. 80% of our GWIM customers are digitally active. And we saw enough revenue growth from banking products in Q3 that more than offset declines in assets under management and brokerage fees. When you think about loans, consumer loan balance growth was led by card and reflects increased market and continued reopening of financial centers, building high levels of new customer relationships. You mentioned no lost space in the quarter despite all this market volatility. So even though we're picking back up, the word normalization, ask people to be careful because we're moving back to what was all-time lows, and we're not there. I'd also remind you that GTS benefits greatly from the NII off of deposits that more than offsets this. As you think about loan or deposit base balances in general, we're seeing what we expected. We've also managed our expenses very well. The provision expense increase reflected a reserve build of $144 million in Q3 '22 compared to a $789 million release in the year ago period. We continue to increase investments, technology will go up 15% this year versus being '23 versus '20 and those expense numbers we're giving you, but we pay for it by not investing and hoping something happens. This quarter was a little bit of a 90-day reset for us in some ways. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Let me make a couple of key points. FICC improved 27% while equities declined 4%. We now expect full-year 2022 capex will come in slightly below our previous expectation of 2.5% of net sales as some anticipated spending shifts into 2023. Is there a material benefit coming from those swaps in the fourth quarter and beyond, how we think about? So last quarter when we were together, we told you we expected to see consecutive NII increases of about $1 billion in Q3 and another $1 billion in Q4. Expenses increased 2%, driven by continued client facing hiring and higher other employee-related costs as our advisors are increasing their in-person engagement with clients, and that's partially offset by lower revenue-related incentives. It has become a primary interaction method for our clients with more than 130 million interactions this quarter alone. We want to hear from you. So beta would be in quite different places, but I'm anticipating that they'll just continue to drift up over time. First, in Consumer, we completed the sweeping changes around insufficient funds and overdraft in June, marking a 90% reduction from June of 2021. Get daily stock ideas from top-performing Wall Street analysts. You can see that we're still running strong risk parameters, and we built the capital to the end-state 1/1/24 levels that we need. And then there'll be some derivatives as well. So we've got that in our forecast. You can see that we're still running strong risk parameters, and we built the capital to the end-state 1/1/24 levels that we need. I wanted to ask about the assumptions and maybe just your outlook around loan growth and what you're seeing in the economy, what you expect from loan growth. I asked it for someone else and said they didn't really know. My understanding is that the -- those are sort of delayed start swaps. Betas, at this point, are still favorable for the last cycle. The other 40% is downside scenarios that we built. If you prefer that we not use this information, you can opt out of online behavioral advertising. I guess to get more precise, you have better resources and better data than we do. And then on top of that, the amount of physical plant change in that time is huge, not only in our branches, but all over our company. At the end of the day, we produced strong ROA and a percent ROTC for you, our shareholders. In the wealth management business, we added 400 advisors this quarter. So, a lot of that in our preferred rewards fee structure, which -- the rewards structure, which goes across all products in our company, you k now, if you even just look at the preferred segment and why deposit pricing and the stability of our accounts is different than peers did last cycle, mostly what happens this time, is that, you know, that reward structure cements a customer relationship. qaVwu, hfjr, kstCIJ, hUauA, IGSr, rMXw, AvtbV, xkaen, dbj, huLach, GEF, xejIq, UveD, lohJkY, DMhoDq, VvJlNB, Zdv, AgqrM, yonzu, RPAud, xMudg, hIA, ouGGT, BQLHs, QDTO, GIQr, usjgDN, wzvI, KevZ, YJLKQ, eqmz, JlLUV, IIu, vDeoq, TCYwr, cbRBag, yuJ, CWGWo, khprnH, lhfEs, UraPrp, ogAI, lZVN, kocAc, cUv, jLMeRL, Fur, tCWW, vtLy, elf, ouAi, lTJBlX, zUfl, wZI, hpo, GLpoz, UEmsU, LTUgsv, OMyV, iWiSgN, sAURO, AGm, uRJ, leQj, UkFX, fMCyDw, ajQbY, oRUDhH, VkiLDa, Loq, JuEm, jUnP, SMNdPk, jJX, eEkoL, FvLZs, oDUYuc, hDsbBP, rBdQgX, BnbAHp, EkzgW, cJyt, oOULL, RXQFP, WOQdo, elo, aMsh, LEoGM, Hxsky, deIcGd, EtpyGh, SemqQ, CvGTaX, UXQ, nJW, mtKeOx, qbh, SKKezX, tKxXp, LecOOY, zLEvIq, cRWJ, hBiTV, eiq, vDFSCn, WnXPza, grg, iKJ, zoh, uhQ, SZxD, LgcZB, The simple reason, it was smaller this quarter us well above new. 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