So don’t think there’s a big capital, a massive amount of capital. They get the capital they need. They have the balance sheet and the risk appetite they need. But we’re continuing to put money towards that business because they’ve proven to be successful. We gave them the balance sheet a few years ago and they were able to deploy. More broadly, we pay out the dividend. We then have a bunch of capital. Today we meet the standards as best. As Alastair said, we could divine from the rule, and we’ll see what the final rule looks like when it comes out. But right now, the $194 billion of CET1 is the level of notional CET1. We have to meet the RWA inflation. I’m not saying it’s a good rule. I’m just saying we make the math work. And so from now on, we can basically deploy capital to the dividend payment, a couple of billion dollars a quarter, and then everything above that will go to support business growth if we have it, build a little bit of cushion, we need to build over some period of time to meet these new rules if they come through, and then share buybacks, which we bought $800 million or so last quarter, and you’d expect that to keep ticking up.
Matt O’Connor: Okay, that’s helpful. And then you did mention that trading or markets is off to a good start so far this year. Obviously, just a handful of days, but any color around that? And then kind of more broadly speaking, as we think about the overall wallet, like, obviously banking is the press, but how would you frame the market trading wallet? Do we use 2020 as a jumping off point and grow it by some kind of long term trend or any way to kind of frame that in terms of a base case? Thank you.
Alastair Borthwick: Yeah, it’s too early for us to predict what the quarter will look like. We’ll get a much better feel for that four, five, six weeks from now. But I think you can use the ’23 numbers as a baseline starting point. And then the first quarter, I just applied sort of a typical kind of seasonality. Q1 tends to be a very good quarter for us, Q4 less so just with the client activity. And then just recognize that we’re starting from a Q4 record. So that’s the only thing I would consider.
Matt O’Connor: Okay, thank you very much.
Brian Moynihan: And then actually you mentioned investment banking. Matthew and the team exceeded what we thought in the quarter and seemed to perform better than industry. And actually we’re up a little bit year-over-year, but there’s a full pipeline. The question is sort of when is the clarity? And you’re seeing some stuff get done. And with stability in rates, you’d expect that to kick back up. We typically are running about $1.5 billion before the added activity because of the rate falling and pandemic a quarter. We’re now billion $1 billion, $1.2 billion. You expect it to move back in those levels. And we have actually been gaining share over the last few quarters as the markets gone down around as we held our relative position and grew it. So I think Matthew and the team is in good shape and this middle market execution has added a lot of throughput to the team and is building up over time.
Operator: We’ll take our next question from Glenn Schorr of Evercore.
Glenn Schorr: Hello, there. Good morning. First question is on the deposits. And I like the path that we’ve seen in terms of all the stimulus comes, all the deposits come in, you get some spending, you get some migration, you get some rich people buying treasuries. It’s great. To see the stability in the fourth quarter and hear your comments about 2024 for deposits is a little encouraging. We’d always want more, but it’s a little encouraging. But my question is, to be 35% higher in 4Q ’19 is what I would call a lot more growth than a normal period of time would be with the up and down. So is that a good thing or is that a risk? And maybe the answer lies within how much of those excess deposits are sitting in all these new accounts that you’ve opened versus just cash from sitting around in existing clients that’s maybe waiting to be deployed. I hope that question is clear.
Brian Moynihan: Yeah. So, Glenn, you’re making me have deja vu, because basically, I think you would have asked this question in the first quarter of ’23 [too] (ph), on a theory that this was all going to run off. And so when we looked at it, we always said, we had grown sort of in the period up of time, the pandemic at sort of 4%, 5% a year in terms of deposit growth. If you strung that line out, that — we’re still above that line. Let’s just say that. And now we’re turning and growing. So as Alistair said, we troughed in the middle of the year. So we’ve outgrown what our sort of implied growth rate would have been against size, et cetera. So we feel good about that. It’s all core. Now, if you look at the online dynamics, think about the different clients we have.
If you start with the wealth management clients discreetly in GWIM, those balances came down and are bouncing around $300 billion — $290 billion, $300 billion on a given day. And they’ve been relatively stable now for, I don’t know, five, six months, I think. If you look at the wholesale banking, what’s happened is they came — they’ve shot up, came down after the pandemic, and then they’ve been growing back and they’re actually stronger because just the activity is picked up and the stabilization of line usage has — shows that the environment around their borrowing and cash is more consistent. So that’s been good. And if you look at consumer, that’s what we were saying earlier. If you think about consumer, where you see, if you take the people had accounts with this — their balances in all their deposit accounts pre-pandemic to now, if you look at people had in consumer, not in wealth management, $50,000, $100,000, $250,000, $1 million in collected balances pre-pandemic, they are down 20%.
