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  "documentTitle": "goldman sachs dec 2023 final 12 5 23",
  "authorId": "GoldmanSachs",
  "authorName": "Citizens Financial Group",
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  "notes": "The chart uses a stacked bar approach to show components (Terminated swaps, Active swaps, Non-core portfolio) and their net impact.",
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      "kind": "chart",
      "text": "Expected incremental quarterly NII impact from Non-Core and swaps portfolio relative to 4Q23*",
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      "text": "* Based on outstanding balance of Non-core and swaps portfolio at 9/30/23; excludes impact from the Core portfolio. Assumes forward curve as of 11/30/23 which indicates a -4.50% Fed funds rate by end of 2024. ** -65% of the NIM tailwind from Non-Core by 4Q27 is attributable to denominator effects",
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      "text": "Terminated swaps, Active swaps, Non-core portfolio, Net impact",
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      "text": "NIM Tailwind: ~60 bps",
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      "kind": "title",
      "text": "Significant NII tailwind from Non-Core and swaps in 2025 and beyond",
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