Mihir Bhatia

Where are you investing on the marketing side? Is it to support the commercial? Is it just more programs across the board

are there two or three initiatives that are really high impact that you're working on that we should be thinking about

any details you can provide on where that $6 billion-ish of annualized spend is going

Is it becoming more expensive to attract these fee-paying cards? Is the acquisition mix changing

talk a little bit more about the cost structure and the potential for cost optimization if things get choppy

any learnings from the debit conversions and updates on the timing of the credit conversion

Can you just provide a little more color on what that's related to and just your confidence

I was wondering if you could provide us with an update on how the debit transition to Discover is going. Any learnings from that process as you think about which and when to transition the credit p...

if you could talk a little bit about just the recession resiliency at Capital One, maybe some of the factors or some of the levers that you can pull if you start seeing the macro deteriorate

once the deal is approved, should we assume you'd be pretty aggressive in getting that down

if you could just talk about some of the puts and takes on NIM in 2025 that'd be great

maybe just have one to ask you about pay by phone. I think you bought that asset maybe a couple of years ago. Just any lessons from that process from owning that just what worked, what didn't as yo...

what's gonna be a meaningful contributor there in 2026 versus initiatives that are maybe longer term

should we expect the monetization to increase back like the monetization rate to bounce back up in 4Q?

where is the risk? And could that 9% to 11% growth actually look closer to 11% to 13% or something like that?

lots of announcements in recent weeks around stablecoin, including from you. And I was wondering if you could talk a little bit more about everything you're doing there

what factors impact the level of buyback? Is CET1 the binding constraint, or are there other considerations like rating agencies?

You're approaching day one CECL levels here. So just wondering, I mean, I know obviously you've tightened credit and it's gotten better, just how are you thinking about the reserve rate level from ...

Can you just comment like on how the has been? I think you've made you gave an impressive start about 10% increase where it's offered side by side

Maybe just talk a little bit about the puts and takes in the quarter in terms of what drove the step down

what do we need to see for average accounts to start trending up or to turn positive?

Can you just talk a little bit about what's different this time? How OnePays involvement changes things?

has loan growth dropped, right?

I just want to talk a little bit about what you're seeing in your data, you're hearing from retail partners. How are they prepping for the potential of tariffs?

can you just talk about your appetite for onboarding a larger portfolio in this environment?

are you done with tightening underwriting for now? How do you feel about the environment currently?

Maybe just talk about some of the assumptions embedded in there in terms of just how much of your portfolio is resized heading into 2025?

What kind of impact do you see AI having at Block?