Expense ManagementExpenses decreased by 1.8% quarter-over-quarter, better than the previous estimate, aided by lower compensation and employee benefits.
Stock BuybacksBuybacks may be on the table before anticipated, with management calling buybacks very attractive.
ValuationShares are inexpensive regardless of the EPS timing, at ~10x FY25 EPS, and the discount is expected to narrow along with better EPS growth.