But we’ve given guidance on top line growth revenue of 5%, call it, CAGR through that medium-term period, and we’ve given you kind of operating efficiency targets that we’ve said as well, and we intend to deliver on those things that reflect the bending of that curve through all of those drivers that we’ve mentioned. So I hope that helps, Erika. I appreciate the focus on both capital and expenses. We are equally focused on it and know just how important it is to achieving those targets. We’re not only kind of doing the things that we’ve highlighted in that strategy articulation, but we’re also being responsive to the current environment that we’re in. We think that aids in our ability to deliver the targets and the bending of the curve, and we know there’s an additional opportunity that Jane has referenced to the simplification of the organization as we make — what I would argue is considerable progress on the exits towards the end of this year.
And all of those things will be important to ensuring we get to that lower cost base, which we will do.
Jane Fraser: And it’s a laser micro focus from us to make sure that we have the plans in place and the execution to be able to achieve it. This is something that’s — we’re extremely hands-on around and making sure that, that is going to get done on each of the different drivers that Mark talked about.
Operator: And our next question — go ahead.
Erika Najarian: All right. And just a follow-up on that. I guess, you guys have been pretty clear on the timing, and you guys have been pretty clear on why the curve will bend. I guess I’m wondering — is it just a timing issue that you’re not giving us the sort of the dollar numbers that could go away from the transformation? Is it just a timing issue? Or are you still at a point where you don’t know how much of that you would need to reinvest to arrive at that 5% revenue CAGR?
Mark Mason: Sorry, your question was around expenses or the revenue?
Erika Najarian: Expenses. So we get loud and clear why the curve will bend. We get loud and clear when the curve will bend, right?
Mark Mason: Yes.
Erika Najarian: And there’s clearly just expenses there that are catch-up expenses that are transformational expenses to everything that Jane talked about. And that message has been loud and clear. And I’m wondering if you haven’t told us what could come out of those expenses because it’s just a timing issue. It’s July 14 versus 4Q 2024? Or have you not yet made decisions in terms of how you may allocate those expenses in terms of do you need some of those expenses that could come out to grow your revenue base to that 5% CAGR versus having it fall to the bottom line? Sorry, that’s the question.
Mark Mason: Got it. Jane, do you want to start or?
Jane Fraser: Go ahead.
Mark Mason: Yes. So I’d say a couple of things. So one, Erika, is obviously, with that revenue CAGR will be volume-related expenses that play out. But we’re also focused, obviously, on the non-volume related expenses and not giving you a precise number because the magnitude of that band, right, is a factor, right? So obviously, Mexico, for example, as I mentioned earlier, impacts the magnitude of the bend, right? And we’re going to and have, in fact, when you look at our expense base even for the quarter, we’ve spent money in Mexico to drive that top line 22% revenue growth, 10% ex-FX. And so, there are going to be nuances in the running of the business in a way that ensures we’re maximizing shareholder value that impacts the magnitude of the bending of that expense curve.
