Ebrahim Poonawala from Bank of America asks about the NII guidance for the fourth quarter and how it will be affected by the 46 million in NII from roll-offs. He asks if the core NII will hold flat or continue to drift lower. Clark Khayat clarifies that the core NII already excludes the lift from swaps and treasury maturities, and that the underlying business is reflected in the core NII. He mentions that deposit pricing has slowed and NII is stabilizing, but there will still be some drift in deposit costs. He also mentions that they are working to reduce wholesale funding costs, which are generally higher than deposit costs.

The speaker, Chris Gorman, is responding to a question from Steven Alexopoulos about positive operating leverage and expenses for the company. Gorman mentions that they plan to give guidance for 2024 in the fourth quarter, but they do feel a sense of urgency to reduce expenses. They have already taken out 200 million in expenses and are actively simplifying their business. When asked about the possibility of positive operating leverage next year, Gorman says they will know more after finishing their planning for 2024. The speaker, Clark Khayat, also mentions that the projected AOCI impact for year-end may change due to recent changes in the 5-year and 10-year part of the curve.

This summary was generated with AI and may contain some inaccuracies.