Turning to slide 12, expenses were up 10% over the prior year, or 11%, excluding performance-based compensation, resulting in relatively neutral operating leverage. Ongoing strategic investments contributed 5% to year-over-year expense growth, with investments in our U.S. platform and in our Canadian affluent strategy through the acquisition of the co-brand portfolio accounting for over half of the increase. Excluding strategic investments, in addition to business as usual growth, expenses were impacted by higher inflation and normalizing travel and business development costs.

Aug 25, 2022 / CFO / receipt, needs a key / Raj Panosian, CFO | earnings call 2022-08-25 | transcript e752cefd-a1d1-4a5d-a490-af3bd6209ff6 | chars 11791-12374 | segment 11

Non-interest expenses were down 4%, reflecting the impact of our efficiency initiatives and the reduction in travel and business development expenses.

Dec 3, 2020 / CFO / receipt, needs a key / Raj Panosian, CFO | earnings call 2020-12-03 | transcript ded464be-5dbe-4e08-9b77-91ee57d56765 | chars 11562-11712 | segment 11