It’s another business that’s similarly continuing to see significant client wins up 65% versus last year as well. And a lot of our strategy there has been focused on gaining share with the asset managers in North America. Couple of years ago, we’re down at 2.6% share. We’re up about 4.3%. Our target is about 5.5% there in 2025 in that key growth area. I know there’s a lot to like here too.
Operator: And our next question comes from Erika Najarian with UPS — UBS.
Erika Najarian: Hi. Good morning or good afternoon. So I apologize having to ask the expense question again, but I think it’s just very important because there’s really potential long-only investment thesis on Citi, right? One is the buyback given your tangible book values at $85 and the stock at $46 and the other is the bending the curve on expenses. So let me just ask Jim’s question another way. In looking back to 2017, and I’m just looking at 2017 because I can break out legacy and core that way. And fast forward to 2022, you produced revenues ex legacy franchises about $61 billion in 2017 and about $67 billion in 2022. The associated expenses, again, without legacy franchises was about $34.5 billion in 2017 versus $43.5 billion in 2022, so you’re surpassing the revenue uplift during that period by $3 billion.
I guess the question is, you have so much certainty about the timing of this expense and I’m wondering how much of this $9 billion can go away? We understand that there’s a lot of opportunity for reinvestment in the core business. But I think all of us are struggling to really understand that magnitude. And I think that the investor base in the market fully understands the legacy franchise story and how the exits will take time. But I think they’re most interested in the core business and how much of that can come out.
Mark Mason: Yes, sure. Look, no need to apologize for asking the question again. It’s an important — it’s an important topic. I’d say a couple of things. So one is that, we can certainly look back in time, but I would highlight that we’re here because we needed to have invested more in our franchise. And so undoubtedly there’s going to be an increase in our expense base that reflects the underinvestment from the past and ensuring up safety and soundness and actually moving towards a more automated operational — more modernized operations and infrastructure. So there’s certainly going to be that. With that said, with those investments come efficiencies. So with the move from manual to automation over time, those types of investments will yield benefits in our cost structure.
And that’s part of what is going to bend the curve over that medium-term period. The other thing that I’d highlight is, obviously, with the legacy franchises, there’s $7 billion of expense associated with those, and that will come down. But that — but because of the Mexico transaction, we’re going to be stuck with that a little bit longer given the IPO process. It doesn’t put a big dent in our ability to bring stranded cost down and by the way, it does come with top line revenues and historically has been accretive to our profitability and returns. And so I highlight — I’m not going to give you kind of new guidance on where our expenses will end up. But what I will point you to is not only the $54 billion this year, roughly $54 billion this year, not only the bending of the curve in the third and fourth quarter or the third to the fourth quarter next year.
