Says entered 2025 with ‘good momentum’ across all businesses. Says U.S. remains at heart at the macro picture. Say China’s growth has been slower than expected and Europe continues to underachieve. Says increased investment in transformation. Says five core businesses each generated positive operating leverage for the full year. Says 2024 was the turning point for Wealth. Says attracted top talent throughout the year in Wealth. Says business has ‘tremendous potential’. Says returned about $7B in capital to shareholders in 2024. Says accelerated use of AI. Says expects elevated expense level to be temporary and keep coming down beyond 2025. Comments taken from Q4 earnings conference call.
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