Alastair Borthwick: Yes. So, we’re not going to look too far into the future, John. But if you look at our 90 days past due in the credit card data that we show you every quarter, that tends to give you a pretty good leading indicator of what’s coming down next quarter. So, you can see the 90 days past due have picked up just a little bit, 30 days past due have picked up just a little bit. We’re still well below where we were pre-pandemic, but that would tell you on the consumer side, it looks like it’s drifting just a little higher. So, that’s number one. Number two, with respect to commercial, this quarter was a little unusual. We had three deals that we ended up having to charge off. Not correlated in any way. They’re in totally different businesses, and they’ve been hanging around for a while.
But it was — two of them are fully reserved. So, they didn’t come as a surprise. But, I think because the commercial stuff was so close to zero, it immediately looks like a pop in any given number. That’s part of the reason why we showed those graphs of what charge-offs have looked like over time in the earnings materials. But, the commercial portfolio continues to look very strong.
John McDonald: Okay. And you touched on this a little bit on Brian’s comments, but just on loan growth, what are you guys thinking about for this year? And what’s the perspective of where you closed the spigots a little bit in the third quarter as you managed RWA. You kind of said those were opening up in the fourth, but we didn’t really see it translate to robust loan growth. Just kind of that dynamic between what you’re looking to do and what you’re seeing on demand for loan growth outlook. Thank you.
Alastair Borthwick: Yes. So, we said we’re quite open for business in the fourth quarter, and that remains the case. Brian covered the capital point. We had to do what we had to do in the third quarter. We did it. We’ve added 75 basis points of capital in the last two quarters, puts us in a great place. So mainly what you’re seeing in Q4 is just it was a slower environment for loan growth. A year ago, we were talking about the fact we anticipated that loan growth might be high single digits, and we grew 10. This year, we feel like it’s going to be mid-single digits, it’s going to be slower. And it’s going to be led by commercial, it will be led by card, but things like securities-based lending, that’s just quieter. We’ve got balances being paid down there.
Mortgage is quiet through this year. And then, in our base case, you look at the economic blue-chip consensus, you can see forecast is for recession. So, it will be a quieter our loan growth year this year, I suspect, but we’re open for business to support our clients.
Operator: We’ll go next to Erika Najarian with UBS. Please go ahead.
Erika Najarian: I just had one compound clarifying question. The first is, Brian, did you, in response to Mike’s question on NII, bless $57.6 billion in NII for €˜23, right? He was saying $14.4 billion times 4% or 9% NII growth. You seem to be going with it. I just wanted to confirm that. I think there’s a bit of confusion given that you guys were saying you don’t want to go beyond the first quarter? And the second question is also for you, Brian. I think that you’ve done an unbelievable job at transforming the company. And I think the one thing that remains is that the investor base still thinks you as mostly a bank to invest in when rates are going up, right? And clearly, there’s a lot of uncertainty over the NII outlook.
