We slowed down hiring as we came into the fourth quarter, not because, frankly, we were hired — we’ve gotten our hiring to match the great resignation earlier in the year, and it was sort of overachieving. So, we slowed that down, and that will allow us to get back in the line and start to bring the headcount back down to where we want it to be. But those are, frankly, positions that are relatively — have a relatively high movement rate and only because of the nature of the job. So we feel good about between very rate compensation, between continue to reduce headcount for efficiency and frankly, just activity levels, in a down scenario we’ll be able to pull the expenses down. But yes, meanwhile, we we’re going to invest $3.7 billion in technology development in €˜23 versus $3.4 billion in €˜22.
We continue to add bankers. We had 800 wealth management advisers in the second half of last year, where our training program for those across wealth manage — all of our wealth management businesses and other trading programs. We continue to hire young talented people. So we’re trying to maintain that balance of continuing to invest in the growth opening in new cities. We’re averaging — these branches we’re opening are extremely successful when you look at the size of them relative to anybody else’s opening practice. And so, why would you stop that. And yet the total number of branches comes down because we’re managing the expense side. So, we’re paying for this stuff as we go. But — and so you could slow some of that down and get leverage out of it.
But the question would be, as we’re in that scenario, is that the right decision for long-term value creation.
Operator: We’ll go next to Vivek Juneja with JP Morgan.
Vivek Juneja: Thank you. A couple of clarifications on the same NII question. I just want to understand, in your assumption about staying at $14.4 billion through the year on a quarterly basis, are you assuming deposits to continue growing or shrinking? Number one, are you expecting further rotation out of noninterest-bearing to interest-bearing? And do you expect the $14.4 billion number even if there are rate cuts towards the end of the year? Is that number doable even with — what is it that you’re assuming? Is it even with rate cuts?
Brian Moynihan: So, Vivek, we just said less — there’d be less variability around that number due to the fact the market stuff has gone to zero. That has no impact on it that you saw over the last few quarters have impact. So, less variability. All the things you cited are the reasons why we tend to say you have to be careful about saying what’s going to happen in the fourth quarter €˜23 with great clarity. What we did say is if at this level with less variability, you’ll have nice growth over this year to next year. But I think everything you point out, whether it’s whether it’s rates going up faster than people think because inflation doesn’t going to roll or come down because people think that they’ve done a good job and they want to get behind the economy.
We base our modeling on the blue chip economic assumptions out there and then looking at our balances and stuff. And so, I think that’s a reluctance. So all your points are great points, and they’re all why we are reluctant to say. I can tell you to the 3 decimal places where it’s going to be three quarters out because it can move around on you. And to Mike’s earlier point, we grew $1.2 billion and $900 million in linked quarter and somehow people thought that wasn’t good enough because there’s math that could have would have gotten you difference. So, stay tuned and we’ll tell you what we know when we know it. And — but it’s good again at customer growth. 1 million net new checking accounts, starting at $5,000 balances, growth in wealth management and loans and deposits.
