But, could you sort of give us what we should be potentially excited about that you can control with regards to the revenue trajectory from here? And also you spent so much time on deposits. I’m just kind of confused on the message in terms of deposit declines from here because you laid out this case that you have this very resilient deposit base, and it seems like a lot of attrition has already happened. So, that — sorry, that was actually three questions in one. I apologize, but that’s it.
Brian Moynihan: I think, I’ll put all those questions together in one answer. If you go the page that’s in the report where we sort of say, look at the difference between the consumer business in €˜19 and now. And it’s something to be excited about because we have — during a period of time where we were completely shut down in branches like 2,000, open back up. We actually went down from 4,300 branches to 3,900 branches. We built out in a lot of new cities. We still have work. We have 10% more checking accounts. The customer favorability is an all-time high. Our small business part of that business is the biggest in the country and growing. And you look at that, and that provides a great anchor, which provides that great stable deposit base, we show you on the slide where we show that base.
It also provides a lot of very low-cost deposits. And as rates rise and materialize that. And then if you think what happened last cycle, for a year when rates did not move up, we continue to grow deposits in the consumer business in the mid-single-digits, which just is infinite leverage. And so, that’s something to be excited about from not only a customer side, where we’re digitized and Zelle usage is going up. Erica usage is going up — Erica, meaning our Erica, not you, Erika. But the — and the balance of the consumer investments open up 7% more accounts in a year where investment world was choppy. And then you pair that into the wealth management business, same thing, one of the biggest deposit franchise in the country, biggest — 3-point-something trillion high, $3 trillion of assets, growing net households at the fastest rate it’s grown in a long, long time, maybe history, growing advisers.
Those are things to get excited. That’s the organic growth engine in the company. You got to put that against the backdrop of a plateauing of NII, which is basically what Alastair said sort of think about less variability around the $14.4 billion starting number, which might be annualized and did math. And so, did the math and made it out, but that provides us a good base of which to drive forward. And so, you really got to get through the economic uncertainty and then all those things will start to bear. Meanwhile, the trading business, which we invested in a couple of years ago now at its best fourth quarter ever and Jimmy and the team are doing a good shape. And so, I — we just feel good about the overall franchise, more customers, more of each customer, and then that provides a big stable base, which is rate increases slow down, the marginal impact of it will slow down until we see the good core loan and deposit growth, which you saw after rate — the last rate rising increase stopped and produced the 20 quarters of operating leverage or — and things like that.
So, that’s pretty good to be excited about. Because bank growing its franchise and — growing solid economy in the world at a faster rate than anybody else is pretty interesting.
Erika Najarian: Just to clarify, Brian, you mentioned the plateauing of NII and then, hopefully, all the investments in the business will drive growth from there. Is that still possible if we have a continued rate cuts through 2024?
