27 annotations
people whose real incomes are not up
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2024 Q1
15 Apr 24
what you observe in the spending patterns of those people is some meaningful slowing rather than what you might have feared, which is sort of aggressive levering up
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2024 Q1
15 Apr 24
There is a little bit of evidence of substituting out of discretionary into nondiscretionary.
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2024 Q1
15 Apr 24
It just makes the finance conditions will be a little bit tighter, increases the odds of a recession.
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2023 Q1
17 Apr 23
the short-term read is higher recessionary risk
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2023 Q1
17 Apr 23
Our office exposure is quite modest, very concentrated in Class A buildings and sort of dense urban locations where the return to the office narrative is one of the drivers is generally in favor of high occupancy.
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2023 Q1
15 Apr 23
in terms of the office space, as you know, our exposure is quite small
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2023 Q1
15 Apr 23
it’s not massively oversupplied like you saw in 2008
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2023 Q1
15 Apr 23
housing is in short supply in America
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2023 Q1
15 Apr 23
Moving to expenses.
Our outlook for 2023 continues to be about $81 billion.
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2023 Q1
15 Apr 23
We now expect 2023 NII and NII ex-markets to be approximately $81 billion.
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2023 Q1
15 Apr 23
on credit, we continue to expect the 2023 card net charge-off rate to be approximately 2.6%
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2023 Q1
15 Apr 23
gross Investment Banking revenue of $881 million was up 21% year-on-year on increased M&A and bond underwriting from large deal activity
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2023 Q1
15 Apr 23
Both continue to show resilience and remain on the path to normalization
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2023 Q1
15 Apr 23
U.S. consumers and small businesses
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2023 Q1
15 Apr 23
Net charge-offs were $1.1 billion, up about $500 million year-on-year, in line with expectations as delinquency levels continue to normalize across portfolios.
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2023 Q1
15 Apr 23
CRE loans were also up 1% sequentially
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2023 Q1
15 Apr 23
In middle market banking, higher rates and recession concerns have decreased new loan demand and utilization, which is also leading to weakness in CapEx spending.
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2023 Q1
15 Apr 23
Spend remains solid, and we have not observed any notable pullback throughout the quarter.
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2023 Q1
15 Apr 23
the large majority of our commercial real estate exposure is multifamily lending in supply-constrained markets
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2023 Q1
15 Apr 23