Says pace of buybacks will remain modest. Expects 45% increase in capital requirement over 2017 if Basel 3 and GSIB surcharge draft rules are finalized in current form. Says “encouraged” by capital markets activity in September, ‘healthy capital markets pipeline” going into Q4. Says M&A down, continues to be “a significant headwind.” Expects FY23 NII ~$88.5B, market dependent. Expects FY23 NII excluding markets ~$89B, market dependent. Expects FY23 adjusted expense ~$84B, excluding FDIC special assessment. Sees FY23 Card services NCO rate ~2.50%. Comments taken from Q3 earnings conference call.
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