STI
#Hey, <UNK>.
Sure thing, <UNK>, and I think you've already called several of them.
If I think about overall consumer banking and private wealth, there's pluses and minuses in there.
With the effect of the posting order, that will be a little bit of a negative.
But as we continue to bring in more clients into our private wealth business, and move them into an asset management model, they're very good long-term fees that I think are going to be generated, as we help that set of clients.
Mortgage overall, as you know, seasonally Q2 and Q3 are the best seasons for mortgage.
Q4 and Q1 are typically slower.
So as we move into Q4, mortgage fees probably come off.
But looking out over the course of the next year or two, we've built a terrific mortgage business, and we're gaining market share.
And as we do that, I feel good about where our mortgage business is going overall.
Within the wholesale banking business, we've already talked a fair bit about the growth in capital markets, about our business model that brings big bank capabilities and expertise to our core commercial client base.
And as we continue to work more with that client base, I think you're going to see fees and wholesale banking grow, as we gain market share there.
So if I try to put all of those things together over time, <UNK>, the net fees for us even excluding Pillar, I think are going to be going up over time.
Adding Pillar to that is only a positive.
And as I said earlier about Pillar specifically, I think in 2017, we'll see about $90 million of fee revenue from Pillar.
Well, you're right, first quarter for us is always going to be higher.
That's just the way it works in our industry.
And so, I do expect that for that quarter, in and of itself we'll have ---+ if you look at one line item being expenses, it will be higher than you would see otherwise.
But we don't really think about one quarter in and of itself, in the context of running the overall business.
Our commitment has been, we're going to continue to make this business more efficient over time.
We've done that now for five years in a row.
And right now, looking out into 2017, I fully expect that our 2017 efficiency ratio is going to look the same or better than 2016 does.
And on a full year basis, across the entire income statement, that's what we try to do.
Thank you.
<UNK>, that is indeed right about the right delta, and there's not one big thing in there.
We're talking about several small items, none of which in and of themselves, were worth calling out.
<UNK>, again, you've got it exactly right.
There's lots of things going on in there, some positive, some negative.
And while if I look at NIM, I can see NIM declining a couple basis points in Q4.
When I look at NII for all of those reasons, including the growth in securities, I do think that NII, we can continue to increase from the levels you saw in Q3 this year.
<UNK>, your previous training is causing you to look into this with a lot of detail, and again, you're exactly right.
If you think about how FTP works over time, the effect of FTP changes can be exaggerated at turns in rates.
So when rates are moving up, and they turn and go down, you kind of have an exaggerated FTP effect for a year.
When rates have been going down, and they kind of turn, and start to go up, you see that same effect.
And in our case for 2016, you're seeing exactly some of that in FTP for 2016.
I would expect some of that to dissipate, as we start to get a trend in rates, with rates going up over time.
