Operator: Hello and welcome to Citi's Third Quarter 2013 Earnings Review with Chief Executive Officer, Mike Corbat and Chief Financial Officer, John Gerspach. Today's call will be hosted by Susan Kendall, Head of Citi Investor Relations.
We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question-and-answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.
Ms. Kendall, you may begin.
Susan Kendall - IR: Thank you, Molly. Good morning and thank you all for joining us. On our call today, our CEO, Mike Corbat will speak first; then, John Gerspach, our CFO will take you through the earnings presentation which is available for download on our website, citigroup.com. Afterwards, we will be happy to take any questions.
Before we get started, I would like to remind you that today's presentation may contain forward-looking statements, which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results and capital and other financial conditions may differ materially from these statements due to a variety of factors, including the precautionary statements referenced in our discussion today and those included in our SEC filings, including without limitation the Risk Factors section of our 2012 Form 10-K.
With that said, let me turn it over to Mike.
Michael L. Corbat - CEO: Thank you, Susan. Good morning, everyone. Earlier today, we reported earnings of $3.2 billion for the third quarter. Excluding CVA and DVA and a tax benefit, net income was $3.3 billion or $1.02 per share. Our results reflect the challenging operating environment, including a slowdown in client activity based on uncertainty regarding Fed tapering, concerns about the effect of a U.S. government shutdown and forecast for slowing economic growth, particularly in the emerging markets.
Although I think we performed relatively well in this challenging uneven environment, we cannot and are not satisfied with these results and we'll be focusing on areas where we need to continue to improve.
Turning to our individual business, the macro environment had the biggest impact on our market's businesses, and in particular fixed income, where the typical slowdown in third quarter activity levels was exacerbated.
We also paired back some of our risks in emerging markets that impacted trading opportunities, but it was the right thing to do for the firm. We have more work to do in equities where our derivative performance was not where we wanted to be, but year-to-date we continue to make progress.
As for Investment Banking, although there were some transactions we would have liked to participate in, we've increased our share of wallet so far this year. Our Transaction Services businesses are still being affected by spread compression, but we continue to work hard to offset that through volume growth and increased market share. In trade loans, one of the several areas where we leverage our unique global network to a competitive advantage, new originations grew 23% year-to-year.