Alastair Borthwick

“So I'd say we kind of just kept nudging NII a little bit higher as we've gone through the year. First from that five to seven up to the six to eight, and then more recently saying and we're probably going to be at the top end of that range.”

“I'm going to begin with the balance sheet starting on slide 6. You can see total assets ended the quarter at approximately $3.5 trillion, up 2 percent link quarter, reflecting loan growth, deposit growth, and balance sheet to support our clients' increased activity in global markets.”

“As Brian noted, the fourth quarter was a strong quarter for us with 7% year-over-year revenue growth and good operating leverage producing $7.6 billion in net income or $0.98 in earnings per share.”

“I'm going to start with slide three to begin our discussion, and I have three things on the income statement that I want to add to Brian's comments. First, we're pleased with the continued demonstration of expense discipline across our businesses.”

“It was a little lower than last quarter, driven by $180 million of discrete items. Excluding those $180 million of discrete items and the tax credits related to investments in renewable energy and affordable housing, the effective tax rate would have been much closer to a normal corporate tax rate at approximately 24%.”