3Q21 results showed continued recovery, but pre-provision profit exceeded comparable 3Q19 level at only two large banks, Regions and J.P. Morgan, with the rest lagging by divergent proportions (see pg 4). Looking post 3Q, the key drivers are: 1) continued hope for pick-up in C&I loan growth – among our large banks, period end C&I loans excluding PPP loans grew modestly and quite similar to 2Q growth, hence less than originally expected, but there seems to be a little more pick-up in borrowings from middle market companies; 2) notable step-up recently in spending per Chase card data including at airlines and hotels; 3) rise in long term rates has some benefit to net interest margins (NIM) and hence net interest income in 4Q but will hurt mortgage origination revenues; 4) equity markets remain high and investment banking outlook is strong but with some slowdown in October; 5) reserve releases were lower but still added sizable 16% benefit to 3Q EPS on average, and likely to decline sharply, while credit losses are likely to pick-up some in '22 but still remain below normal; and 6) some inflation pressure on expenses. Capital usage varies with money center banks focused on buybacks and regionals on multiple acquisitions. We expect further acquisitions by our banks, especially non-banks.