Medium-term Phase: Deliver Medium-Term Targets; Mix begins to shift towards higher returning businesses; Transformation efficiencies begin to materialize; Improved returns. Underlying drivers vs. Investor Day: Revenues: Higher NII at a more measured rate; Expect rebound in Wealth and Investment Banking wallet. Credit: NCLs in cards normalizing as expected. Expenses: Benefits from market exits and stranded cost reduction; Benefits from investments in transformation and control initiatives; Simplification of our organizational structure. Capital: Continue to expect exits and simplification to reduce CET1 Capital ratio requirement over time.
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