Okay. We have Citigroup up next, and we're delighted to have with us today Gonzalo Luchetti, CFO of Citigroup. Gonzalo, thanks for joining us. Thank you for having me. Gonzalo, now, you've been in the CFO role for three months. Yeah. You've had one earning cycle and one investor day, so it's been incredibly busy for you. Can you talk about what have your priorities been and what are you most focused on right now? The next month is very intense, even more intense than preparing for Investor Day and for my first earnings because the World Cup is coming up and the Knicks are playing. I'm on very short sleep today for no real good reason because of last night's results. That drives a lot of anxiety. No, if I had to summarize it. Thank you, Manan. Again, great to be here. It would be value creation, is the key focus, and that to me emanates from three aspects. One is driving durability, two is accountability, and the third piece is execution. When I think of durability, very focused on ensuring that we're not taking any short-term gain for long-term disappointment. We look at being a source of resilience. That's why we're so focused on the strength of our balance sheet, the strength of liquidity. We spoke about this at Investor Day. The asset quality, our credit risk appetite, our strength in risk and controls, and all those pieces, because that's the foundation where you build the strong performance over time and not just in one quarter or another. Accountability, we've spoken a lot about the shift in our culture and how we're a different firm, and how we hold ourselves accountable to results, not to words, not to actions. With Jane, with the leadership team, that's really our mantra. That level of accountability and rigorous follow-through, follow-up, having the telemetry, and all of that in place, I think is super important. The third piece is execution. Really being relentless, having the energy, having the urgency, being client-centric and client-focused, that key piece so that we can drive performance over time. Those are kind of those three things we are focused on. Those priorities certainly came out at Investor Day as well. Another thing you spoke about at Investor Day, it's been, I guess, less than a month, but one of the things you spoke about was the uniqueness of Citi's global footprint. I guess two-part question. As you sit here today, what's your current view on the macroeconomic outlook, and for U.S. and globally? I guess what does that mean from a credit perspective, both on the consumer side and the commercial side? Broader question here, but just want to get your sense of the lay of the land. Maybe let me start going around the world a little bit, then we'll come back to the U.S. and how we see the U.S. consumer and corporates as well. When you look at the macro from a global lens, I think the thematic of the tension point between what's going to be the velocity of growth in light of the events in the Middle East and the long-term effects of that on whether it's infrastructure damage and/or prices for some of the commodities impacted, versus the elements of inflationary pressure, you see basically across most markets around the world, with different impacts, of course. You see in some emerging markets, which are still showing resilience, some central banks have already taken hawkish stances and increased rates in some cases, or in many cases, in order to care for the import equation with oil prices and also to protect their currency, as well as they saw some flight. When you look at places like Europe, we expect some degree of impact on growth, but still positive growth, which I think is relatively good news. When you think about China, for example, the presidential meeting between the U.S. and China, if anything, I think eliminated some of the negative tail risks about the relationship and where things could go. I think that on a basis is positive. Then the U.S., not that dissimilar from what we've seen in the global economy over the last several years. The U.S. has shown a good level of resilience. You have some supporting elements like the build out on AI, tax cuts, deregulation, the strength of the balance sheets in the corporate side. Finally, and not least of it, the strength of the U.S. consumer. U.S. consumers have shown resilience, have shown a fiscal equilibrium. We've seen on the spend side, for example, even if you take out the portion of the demand volumes that are reflecting from gas, if you take that out, we're still seeing mid-single digits in sync with what we were seeing before. That's relatively stable and constructive. We've also seen, in terms of the mix of spend, categories like travel and dining, entertainment, which are more discretionary in nature, where people usually would go there first to tighten the belt, they continue to perform relatively well. It's not that we haven't seen portions of this in the last three or four years where there was a bifurcation between what people say in a survey as far as sentiment and how they act with their wallet. We're seeing a little bit of that bifurcation on the U.S. consumer side, the spend continues to be there. Then on the other side, the credit is well within expectations. You're seeing delinquencies and net credit losses down year-over-year following the usual seasonal patterns between Q1 and Q2. The signs are relatively benign there. Then on the corporate side, of course, we do business with global multinational corporations. Those tend to have the strongest of balance sheets and are able to navigate a range of different environments and outcomes. If you look at our clients that are more Middle East-centric or more exposed to the Middle East. The focus right now is maybe more on operational resilience and security, by and large, I think there's a lot of strategic levels of high activity. Got it. Okay. Maybe help us tie that through with what you're seeing so far in the second quarter. What have you been seeing in terms of overall investment banking and markets, and if you have any other updates for the quarter? Yeah. No, I think probably, in part, a continuation of what we saw in Q1 as it relates to the good and intense level of customer engagement and customer appetite, I would say. If I go through, for example, investment banking in terms of fees, what we're seeing for the quarter is something along the lines of a mid-teens level of year-on-year growth, that is anchored on equity activity. What you're seeing, IPOs picked up between Q1 and Q2, what you're seeing in follow-on activities. In DCM, we're seeing investment-grade debt also highly active, a bit more selective on the high yield side. Then on all the selectivity as it relates to some of the sponsor activity as well. Overall, fairly constructive in total as a wallet. In terms of our markets franchise, we're seeing, in terms of revenue growth, high single digits to low double-digit revenue growth for the quarter. Some of the trends that we saw in Q1. As a reminder, remember that Q2 last year had the element of volatility into equities that the tariffs brought along. It wasn't the lowest of quarters, let's just say. Even with that, we're seeing strength in equities, in prime, in derivatives, in line with our strategy to continue to drive prime. On the fixed income side, continuation of strength in currencies, in commodities, and spreads is in sync with our strategy of driving financing and securitization. We're seeing good volumes in the second quarter as well, those are a more stable source of revenue momentum across the franchise. The last piece I'll mention for Q2 is as it relates to cost of credit, we're expecting to be more or less in the range that we were in Q1. That links up with our reserves, which are probably more volume-driven in the quarter, given the client activity that we're seeing. On the NCL front I just mentioned, I think generally well within our expectations, seasonal patterns between Q1 and Q2, down delinquencies and losses on a year-on-year basis. Overall, constructive. All right, perfect. Investment banking up mid-teens, markets up high single to low double digits off of a strong base in the second quarter of last year, and cost of credit in line with 1Q. Yes. Recognizing there's a few weeks to go. I should say this. I should have the lawyers show up here before I open my mouth. Of course, there's a few weeks to go and some of the things could change, and depending on timing, even on investment banking fees, there could be a bit more opportunity than that. Yes, that's what we're seeing today. Thank you. All right. Perfect. That's great. Okay. At Investor Day, you focused a lot on 2027 and beyond, I did want to spend some time on 2026 as well. You've given a target range for net interest income ex markets of up 5%-6% this year. Can you help us think through the puts and takes of that growth, particularly as we think about loan growth and deposit growth? Yeah. No, thank you, and it is o bviously, a very prescient question. Let me start by mentioning a couple of things. First, as I said at Investor Day, we are confident on that 5%-6% that we will be able to deliver that guidance. If you look at what we've done recently in Q1, that NII ex markets number was about 7% year-on-year growth. Last year was about 6%. We guided for the year mid-single digit growth of the underlying drivers, deposit and loan growth. We are comfortable with that guidance. One key takeaway on NII ex markets is that the majority of the outcome for us, for the guidance of this year, is really anchored of client-driven engagement and client-driven volume. When you look at deposits for a minute, what we're seeing in services, what we're seeing in our wealth business, how Andy is driving both the retail bank and affluent customer volumes, which are high liquidity value for the firm, also what he's driving on the private bank as he has been rewiring that for the last couple of years. I think that momentum in the mid-single digit range feels good. On the loan side, ex markets, we're seeing good momentum as it relates to wealth in the securities backed lending, in mortgages, as well as on the U.S. cards front as well. Reminder also that in the second quarter, we acquired the American Airlines portion that was looked after by Barclays. That's coming in as well. Overall, in line with the spend that we spoke about as well. Got it. As you think about that mid-single digit deposit growth, we've been hearing from some banks saying that competition is picking up. Anything that you're seeing on either the corporate side or the consumer deposit pricing side that speaks to increasing competition? Yeah, of course, we'll have to look and see a little bit, especially because the story on rates, given the events in the Middle East, may be shifting on us. The curve is right now pricing an increase towards the end of the year. A few months ago, that was a very different picture. That pivot may impact. That's why we want to be thoughtful about the guidance on the 5%-6%, because even though you may say, hey, isn't higher for longer a bit better for banks? The answer is generally yes to that. You also have to see the impact that it creates on the volumes and on the pricing. So far, the pricing and the betas are holding stable. T here's a lot of what we get to see, especially as it relates to services, which is about two-thirds of our funding sources. There's a lot of operational deposits anchored into the fact that we are a global bank in 90 countries, and the customers, our clients need us every day to make payroll and to really drive their commercial volumes around the world. We're highly embedded, and therefore, the price sensitivity is not the same as you see in other pockets. Got it. Maybe let's flip to non-interest revenues, X markets. You've talked about your expectations for growth. Can you walk us through the drivers of fee revenues across the businesses for this year? I guess, what should we be considering as we think about that piece of the revenue? Yes. Thank you for the question. I think I'm going to sound like a broken record. Client-driven growth momentum, that's what we're focused on, right? Commercial intensity, and also not only being in high engagement mode with clients, but also making sure that the investments that we have been making are paying off. We're seeing that. If you look at Q1 and the drivers of the NIR ex markets, you had 15% revenue growth in services, you had 14% investment banking fees growth, and although you had a 5% on wealth, we were also lapping the fact that we sold our trust business a year ago. If you look through investment revenue, investment fees, those were at also double digits at 11%. We feel good about the momentum that we saw in Q1 and the continuation thereof and our expectations through the year, both as a combination of upping the level of accountability and engagement across our teams, but also the investments that we have been making across those franchises. Those three are going to be the primary drivers. T he last part around that 2026 discussion is on the efficiency ratio. You've spoken about an efficiency ratio of around 60% for the year. A, are you still on track for that? B, can you run through some of the drivers for that expense base this year? Thank you. I think a couple of things. If I step back, the number one commitment is our return expectation of 10%-11% ROTCE. Sacrosanct, very confident that we will be able to deliver that this year. Operating efficiency was one of the components of that. We guided around 60%, to your point, and yes, we are confident that we will be able to deliver within that range. What's important to us, if you look at operating efficiency and the progress we've been making, we had two years in a row where we've improved our operating efficiency down to 63%. We expect to repeat this year with another 300 basis points of improvement or thereabouts at around 60%. The key drivers of that obviously emanate from continued momentum on the client franchise and really seeing that revenue growth, part of which is being driven by the investments we've made. Secondly, continuing to make progress on our structural efficiency sources, which are self-funding some of those investments going forward as well. Three pieces there. Stranded costs, which were about $1.3 billion last year. You already can see in Q1 they were about $200. Even if you annualize that, you can see them coming down, and we expect for that to continue. Transformation costs, last year, they peaked at $3.3 billion. I've spoken in the past about how roughly half of those are sitting in corporate other and are more temporary in nature. They were there to build the house. The other half are structural in nature and are there for us to stay with us as part of our fabric. The temporary ones, as we are reaching completion, and we spoke about in the past recently, how 90% of our programs are at or near completion. As we complete programs, we don't need to wait for exiting the consent order in order to be able to release some of those costs. You're seeing that and the early innings of that that will play out through the near term. The third piece is structural efficiencies. Those that come from automation, technology automation, and deploying AI. We have more than 100 of our kind of largest scale and most manual processes. Our COO, Anand, and Tim Ryan, our tech head, they meet every single week with our work streams. We have a lot of rigor behind making sure that those three sources of funding for self-funding our investments for the future are there and clicking. The last piece, sorry, is RWA and capital optimization. Very focused on driving DTA and making sure that within the businesses, we're very dynamic and thoughtful in how we allocate capital on a quarterly and daily basis. Great. With all of that still on track for that around 60% number and room for improvement. As we think about the AI-related spend that you just spoke about, can you talk about some early tangible benefits you're seeing on the AI side? Sure. Maybe let me talk about the approach and the focus and pockets of value that we're seeing to make it tangible. First, in the approach, we take a dual approach. The dual approach is top-down and bottom-up. Top-down, because there are some areas where you can see really scaled benefit, and that requires the prioritization, the senior management focus, and the high urgency and intensity to monetize it, to size it, to fund it because you may need technology development, and really drive that. That's linked to what I was just talking about the structural efficiency sources, those 100-plus processes that we are looking at end to end, and I'll come back to that in a second. The second piece is bottom-up. We also want to unleash individual ingenuity, how do we make available our tools to all of our team members? How do we enable them to grow and develop and upgrade themselves? And also in their very specific Because not every role is homogeneous at the firm. You may have call centers, you may have KYC agents. Those jobs are more homogeneous. There are others that are not. How do you bring innovation and efficiency and that utility value to everyone at the firm? It's kind of the second piece. Top-down and bottom-up. When we look at the value, we look at really four different buckets. One is enabling growth. So tangible there. How we're looking at wholesale credit, being able to make faster decisions that still pass our credit risk appetite. What we've been doing with AI machine learning on the credit card space, where we've seen improvements of 100 basis points on approval rates. All of those things are tangible things that I can see as far as driving and enabling growth. You have a vector of efficiency. Obviously, that I'm sure everybody's on the same boat there. If you look at customer service, for example, we've been at it for a couple of years now just on GenAI alone. We've seen improvements of cutting down the call time by 60 seconds. That's a big number, not only in sales, but just think of the customer experience, not having to be on the phone for so long, and from a risk management perspective as well, and also from an efficiency standpoint. We're seeing that even on the corporate side in services. The containment rate of our CitiDirect agents is up about 50%. All of that, again, is better service and more efficiency. You have almost like a triple win. It's risk, efficiency, and customer experience. That's the second vector. The third vector is defense. We're seeing a lot of application, not only in cyber, which has been in the press, but also in fraud, in AML, in all of those areas of defensive nature, and that help us protect the bank. The last piece is our people. Not in that order, but the last piece is making sure that we are helping our team members innovate for the benefit of the firm, but also for self-benefit. Making sure that everybody, myself included, that we upgrade ourselves so we don't become the dinosaurs of tomorrow. I hear you. I think the other piece of what you spoke about at Investor Day was the investment spend that you're making in the business. I think you spoke about $5 billion of investment spend. A lot of it is self-funded. Can you talk about where you're investing and maybe talk about the timing of some of those investments? Yes. No, thank you. Maybe I'll start maybe with principle one, which is we want to be very disciplined about this. We recognize the importance that these investments are going to anchor our path to our near-term and medium-term returns. At the same time, it's important that we keep the discipline in how we're going to fund these investments. We've spoken about how we're self-funding them. I talked a little bit earlier about the levers, I'm not going to repeat them again. When you look at the areas of focus, the second principle, in addition to the discipline and the self-funding, is that these are not spread-the-peanut-butter investments. These are very focused investments that are 100% aligned with our strategy. Even if I go one by one, you're going to see a very direct connect, and that's how we hold ourselves accountable with our business heads and our teams into making sure that that linkage is direct. If you think about markets, for example, Andy spent a good portion of his presentation talking about how we want to scale our equities business. Some of the technology platform and the talent investments that Andy's making, that we're enable, are linked to that piece in equities, as well as continuing to drive and maintain our leadership in fixed income. If you think about investment banking, Vis was talking about how we're investing in talent in certain sectors. We're investing in North America, we're investing in technology, in healthcare, in sponsors, which is an area that we weren't where we wanted to be, and we've been driving that. [This year], we talked about technology. We saw Sky and how we were deploying our AI agents. At the same time, the investment in talent, in bankers and relationship managers and the like, as well as the product capabilities. If you look at our cards business, very good return in business, and we want to drive the growth. Investing in marketing, in card acquisitions, as well as digital experiences and engagement, and driving loyalty so that we're a top-of-wallet card. When you look at services, of course, our crown jewel, you want to make sure that we are constantly innovating on the platform because that is not only a defensive move, but also an offensive move. As you bring 24/7 multi-country cross-border payment availability, we have to invest in the platform and really make sure that that gives us not only the durability of those great returns that we get from the services franchise, but also enables consistent growth. As you think about the timing of those investments, I guess, how many years are they spread out over, and how are you funding them? The funding is self-funded through stranded costs coming down. What we said is during the near term, the near term, as a reminder, includes 2027, 2028. These investments play out throughout 2026, 2027, 2028. How we think about the funding is when you look at stranded costs, for example, $1.3 billion a year ago. We expect by the end of the near term that we're going to be down to zero. You look at our transformation costs, and I said half of them are the ones that are temporary in nature, so half of $3.3 billion. Again, we expect those by the end of our near-term period to be down to zero as well. In terms of the structural efficiencies across those 100 processes, and those apply to functions and operational areas, we're also expecting to see progress. Those are the sources that are funding our ability to do these investments. That's why it's important, as we thought about operating efficiency targets, that returns is really number one, and that's really the true north. We want to give ourselves, in any given year, the flexibility of being able to do not only the instant gratification, but also anchor the returns for the longer range. Just on the transformation spend, the portion of it which is in the corporate other segment versus the portion of it which is in the different businesses, I guess, how is that different? I know that the corporate other is more temporary in nature, but how are the two spends different? Yeah. Corporate other, those are now more temporary. It was the ones that we needed to build the house. When the house is built, you don't need those costs anymore. Those are starting to come down already as we reach completion of the programs. The second type, the ones that are more structural in nature, those are embedded across our businesses and our functions. Those will be equally, first of all, they're there to stay, but they're going to be also subject to the 100 processes that I was talking on that other bucket, on the structural efficiencies. We're still going to go and try to automate via AI and technology those as well. Got it. All right, perfect. You also mentioned in terms of the ROTCE for the year, your guide is 10%-11% ROTCE for 2026. In 1Q, you already did 13% ROTCE. Obviously, there is some seasonality there, but- Thank you. You're answering my question, I'm sure. I'll say that, but 13% in 1Q is still strong. I f I were to push you a little bit, what would prevent you from being at the top end of that 10%-11% ROTCE? Yes. No, thank you. Good question. As we said in our first earnings call, in our Q1 call, yes, please let's not do that times four because there is seasonality in the business. What I would say is, well, first of all, we're confident in the 10%-11%, number one. Number two, we're confident because we're seeing decline momentum and decline intensity. We intend to keep, and we have had so far, a very good expense discipline as well as what we're seeing in the capital and RWA management, how thoughtful the team is and how we approach that. Those three things give me the confidence. In terms of what would determine where we are exactly on the range, I think a couple of factors. Number one, the environment, we know some of the lines can swing relatively quickly. If we continue to see constructive volumes and levels of client activity, obviously, you can be on one side of the range. Also the flexibility of deploying some of the investments that we were talking about before, right? How do we gear those up and down to make sure that we have higher certainty of the path thereafter. Yeah. Got it. All right, perfect. Maybe one point of clarification from the Investor Day. You've spoken about the DTA utilization also being an important part of how you manage capital in the near term. I think you've spoken about $800 million or so of DTA utilization for 2026. Yes. Then, I know you haven't given a specific number, but if I eyeball the Investor Day deck, it's about half of the $14 billion or so in DTA that you intend to utilize over the next three years. Can you go through some of the drivers behind that and what drives the acceleration versus the $800 million this year? Yes. No, thank you. I think it's a very good area, as exciting as it is for all of us to talk about DTA over here. I'm sure if we did a show of hands for who enjoys DTA profusely, I'm not sure. It may be you and I only, right? You might be surprised. Maybe it's the Citi team, I think, potentially. A couple of things. Number one, recognition that this is a show me part of our story, right? Because we haven't been burning down DTA the last few years. The reason is 90% of it is driven by U.S. profitability. What gives me confidence is last year, we had $4 billion of profitability in the U.S. You can see this in our disclosures. When you think about the strategic and the forward momentum that we have in terms of delivering performance, it's going to be almost impossible to do well in all the other commitments and not be able to produce higher degrees of U.S. profitability that will anchor the DTA consumption. That gives us the confidence to, even though we hadn't been burning for the last couple of years, to say this first year of this new period we're going to do $800 million, is the guidance. As you look forward, to me, the answer is relatively straightforward, is the performance of our strategy and the delivery of everything else that we said will naturally yield that burndown that we spoke about. You heard from some of the businesses, of course, U.S. cards, good return in business and driving growth. We need to deliver the growth. That's 100% U.S.-based profit. You look at wealth. Wealth, we know we have work to do in terms of returns, but just look at the trajectory from Andy's business over the last couple of years, right? Even Q1 was 11% revenue growth, 1% expense growth. Last year, I think it was 13.3% or 14.3%. As long as we're keeping, and we have good confidence in those big jaws that we're seeing, we're going to see that improvement. A lot of it plays out in the U.S. as well. You heard from services, we have very good momentum in deposits. Part of it is in North America. Some new mandates we're signing with some of the largest asset management companies in security services anchors that. Vis talked a lot about how the investments in North America, as far as talent is concerned, and some of the pools there, and markets also. Equities and fixed income, a lot of that activity and the growth that we're looking at there in equities, a lot of it happens in the U.S. When you look at all of that, we're making investments in our home strategy, and that will anchor. 90% of the DTA is really linked to U.S. profitability. Got it. As U.S. profitability improves, that DTA utilization improves nicely. Okay, perfect. Let's talk about some of the Investor Day targets and the timelines there. There's two phases that you laid out at Investor Day, 11%-13% ROTCE in the near term, and then 14%-15% in the medium term. Can you remind us what are the main drivers of getting to the near term, then getting to the medium term? Yes. No, thank you. In the near term, we said 11%-13%, and we said that the second year, 2028, we expect to be towards the higher end of that range, just because we recognize it's a little bit wide. Three main drivers. Number one, continuing decline momentum. That anchors not only in the commercial intensity across our five franchises, but also the level of self-funded investments that we're deploying across that piece, right? That to me is one of the key three factors. The second one is structural efficiencies, right? We've spoken about stranded costs during the whole period of near term, making solid progress there. Transformation costs that are temporary in nature coming down, and then driving those structural efficiencies through automation and digitization. Those are kind of three pieces. The third piece is capital productivity, burning down the DTA and continuing to make progress on our strategy. Now, as a reminder, we did not bake in any benefit from neither the NPR as it relates to Basel III, G-SIB or stress capital buffer, nor any improvements in the stress capital buffer over in the course of time with our PPNR growing as we continue to execute our strategy. We have not baked that in, but those are the three levers. When you think and jump into the medium term, which is 2029 to 2031, that's a different bank as well, because you're not going to have stranded costs, right? We don't have legacy franchises at that point. We don't have any of the temporary transformation costs. It really is kind of the pure version of the five core businesses and the firm at that point, driving the growth and efficiency. You have the operating efficiencies as well that you've built on with the investment plan. Maybe a follow-up on that. You mentioned, the one area of focus from investors has been the underlying capital assumptions behind the ROTCE targets. Clearly we're going to get some benefits from Basel Endgame, G-SIB surcharge, and stress capital buffer should also be a positive. Is there any additional color you can give us there on the capital side? What I'd say is a couple of things. First, maybe the baseline reminder, right? Because I may be the Citi nerd in the room. Not everybody is required to learn all these things and remember them. Our current target is 12.6% because it's 11.6% plus our 100 basis points management buffer. What we talked about at Investor Day is our assumption is that that number becomes 13.1% under current rules, because we're drifting on the G-SIB curve on the basis of enabling our businesses with clients. That happens starting in 2028. Our assumption is 12.6% now, and into 2028, beginning of 2028, 13.1%. That's what we assumed for all the returns that we've spoken about at Investor Day. At the same time, what we expect to happen is we talked about how Basel III and G-SIB, we expect to see a moderate benefit for us in that equation, subject to obviously the feedback that is being provided to regulators and whether they're going to adjust anything. In terms of what they have published so far, you have the puts and takes of the retail and corporate, plus the G-SIB coefficients being a positive and some of it moderated by FRTB, CVA, operational risk, and some of those components as well. Obviously a question mark as to, as we gain more transparency into the models from the Fed and also the adjustment of those models, what we can expect in terms of SCB is still unknown. The other piece that is obviously more controllable by us and that we haven't included, baked, is the fact that as our strategy and we continue to focus on performance and drive better returns, our PPNR will continue to improve, and that will give us a bigger softener that hopefully over time will also have impact on SCB. You have a couple of levers there that we are expecting to drive improvement. We have seen it in the last couple of years. That last event, the last element of PPNR, we used to be at 4.2% stress capital buffer, and now we're at 3.6%. Yes, we have not baked those in. Of course, internally we have a sense for what that could look like. Yes, I think we hopefully by the end of the year, we have more clarity of where that leads. We might even get a little bit more clarity as we get to the end of this month and we get the stress test results as well. Okay, Gonzalo, you've kept us on time. We've covered a lot of stuff in this session. Maybe summarize this for us in terms of the key points you would like investors to take away from both this session and maybe even Investor Day. I would say hopefully you can tell by a lot of the other pieces as opposed to me having to spell it out. I think we're a very different Citi. We spent the better part of the last several years fixing ourselves and really remediating what was holding us back. Now we're really focused on client-driven growth, on operational performance driving. When I talk about accountability, when I talk about the relentless execution mindset, that's really what's going to end up driving the results. It's really the boring, but equally as exciting if you can get there, of every single day looking at how am I engaging with clients, how am I driving efficiency, how am I using every unit of capital to make sure that we drive those returns and that long-term value creation that is the true north. Very clear. Gonzalo, thanks so much for your time. Thank you very much.