I think that when we look to print this quarter, that number will probably come down a bit in terms of interest rate exposure and skew even more towards non-US dollar currencies in light of where rates are in those markets and the US dollar will likely be somewhat neutral in light of that curve currently looks like. But again, something we actively manage, first with an eye towards what client demand and needs are likely to be for use of our liquidity but also with a view for how the macro environment might evolve and what we’re hearing from central banks around the world.
Operator: And our next question comes from Vivek Juneja with JPMorgan. I’m sorry, we have Mike Mayo with Wells Fargo.
Mike Mayo: Hi. I meant to follow up earlier on the bending of the cost curve, but if you were to put different initiatives in terms of how far along you are maybe like your exits might be in the eighth inning and your transformation might be in the sixth inning and you remediate fifth inning and the simplification in the first inning or second inning. Are those numbers correct? How would you put those numbers? And in terms of bending the cost curve, where are you further along and where are you just getting started?
Mark Mason: Well, Mike, I love you, but I’m not going to play that game. What I will say is that, we clearly have work that we’re doing as it relates to the exits, but we’re making very good progress on that, not just on the closing of the exits but also on putting a dent in the stranded costs associated with those exits that we have closed. And so, as Jane mentioned in her prepared remarks, by the time we get to the end of the year, ex Mexico, we would have made a considerable amount of progress on there, and that creates an opportunity to do more around the simplification of the organization. And so that simplification is obviously in an earlier inning, call it, the exits in a later inning. I think that the transformation spend investments and those things.
Look, we are squarely into execution, as you’ve heard us mention before. And as I’ve mentioned, the expense base around that is going to continue to morph from spend that we’ve made around third-party consultants and that helped in the crafting of the plan towards technology, towards people that are critically involved in the execution of it and then a downward trajectory towards the benefits we get from that technology and reduced operational expense. And so it’s a multiyear journey. We’ve talked about that. We’ve got a number of years to continue to execute against it. But what’s important is we know what we have to do, both in how we’re investing that money and as it relates to being disciplined about our cost structure and bending the curve.
And again, that’s what we’re going to do.
Mike Mayo: And one more attempt, can you remind us how many people are working on the transformation remediation and how much that’s costing you?
Mark Mason: Yes. I mean, again, we’ve got — I think the number I shared was somewhere around 13,000 people or so that are broadly working on the efforts here. We haven’t gotten into specific costs. You know it’s in the total number. But what I would say again is that, we’re clear on what we’ve got to deliver and execute against and we’re managing that cost very tightly. We’re constantly looking at opportunities to deliver on those transformation deliverables, more efficiently, leveraging more technology, leveraging AI in some instances. And so, we’re not just taking those execution plans as they were crafted and delivering against them. But we’re looking for efficiencies and even the execution plans as they’re constructed today. And that’s important for us to keep doing.
Operator: And our next question comes from Kenneth Usdin with Jefferies.
