Kenneth Usdin: Hi. I know this is going along here. Just a quick one, just, Mark, on the — just wanted to get your sense on the sentiment around client activity in both the markets group and what the pipelines are looking like in investment banking and the feel for that? Thanks.
Jane Fraser: Look, I’ll jump in here. Corporates are pretty cautious. They’ve got another Fed hike in the offing, tensions, China and the West, OPEC and all general sense of more limited growth. But I think clients have been trying to understand and get their arms around both the macro and the market outlook for a while. I think they now seem to accept the current environment is the new normal and are beginning to position themselves globally. So globally, we’re seeing less anxiety around funding as most large corps are biting the bullet and paying higher rates to take advantage of [indiscernible] balance sheet is getting reinforced. We certainly don’t see a large cap credit prices on the horizon. And on the IB side, it remains — the pipeline is robust.
There’s a lot of pent-up demand for M&A, but it’s hard to predict when that pipeline will unlock. ECM had tangible momentum over Q1, and we’re also seeing sponsor fringing signs of improvement, but both of those are from a very, very low base. And on the investor side, most of the investors stayed on the sidelines in Q2. The debt ceiling was a bigger topic than economic news was, and then it was a very low volume environment. We saw a bit of a pickup at the beginning of — with the light bump in volatility in the last few days, but I wouldn’t call that a trend yet.
Operator: And our next question comes from Charles Peabody with [indiscernible].
Unidentified Participant: Yes. Good afternoon. A question about your markets related net interest income. And before I ask the question, I do appreciate that you run those businesses on a holistic basis and that NII is probably more of a residual outcome. But a couple of questions related to market-related NII. First is, you had a pretty nice jump up in the second quarter versus the first quarter. And I just wanted to understand, is that largely related to seasonal dividend issues? And then secondly, you have a positive NII outcome, where a lot of your money center in Brethren will have a negative NII outcome for markets and I was just wondering what the difference is? Is it the outsized [FIC] (ph) business relative to equities? Or is it the international? Or is it how you hedge? What’s the difference on that? So those are the two questions.
Mark Mason: Thanks for the question, and thanks for the acknowledgment that we do manage our markets revenues in total. So I appreciate that. What I would say in terms of the markets NII is, you’ve captured it right, which is, the dynamic that’s playing out between first quarter and second quarter is in fact a dividend season. And again, given the globality of our franchise, the dividend is not just a dividend in any one region, but dividend in multiple regions playing out over the course of the first and second quarter. I can’t speak to the peers at this particular stage. But what I would say is that, you know that our book SKUs more so than peers to corporates, and that’s important. And we obviously have a very, very strong FIC business more broadly as well. So dividend season, major driver here in that increase.
Unidentified Participant: Okay. And just as a follow-up, is there any sort of directional guidance you can give on markets related to NII? I mean does it mean to the extent second quarter was bolstered by dividend, it comes down in the third quarter, but then does it go back up in the fourth quarter? So would the second half be kind of equivalent to the first half?
