Investments that I got to continue to make in TTS in order to maintain that number one position in that competitive advantage that we have. And so, those things will impact that magnitude of the bend. We’ve been, I think, very transparent as we get into each year, giving you concrete numbers. What I’m telling you is the curve will bend. And as we get closer to 2024, we’ll give you more direction on the magnitude for that year and beyond.
Operator: And our next question comes from Steven Chubak with Wolfe Research.
Steven Chubak: Hi. Good afternoon. I wanted to ask a question on capital. Just given the recent increase in your SCB, I was hoping to better understand why the 11.5% to 12% remains the appropriate long-term objective in your mind? And as we prepare for Basel III end game, think through the capital benefit from future asset sales, can you speak to whether that will translate into operational risk capital relief specifically as it’s less clear whether those benefits will accrete even as those asset sales are consummated?
Jane Fraser: I’ll kick it off, Mark, and then pass it to you. So when we look — we’re confident we’re going to meet 11% to 12% ROTC target over the medium term. The core drivers of how we get there remains unchanged. One, it’s the revenues that we expect to grow by 4% to 5% CAGR as we continue to execute on the strategy. On expenses, it’s the clear path to bend the curve by the end 2024, bringing those expenses down over the medium term. And third and importantly, it’s continuing to optimize our balance sheet including improving RWA and capital efficiency. And as we referenced earlier in the prepared remarks, different drivers in that, that are helpful exiting 14 international consumer markets, changing our business mix. And I’d also note that the transformation has benefits not only for our efficiency, but it will also support RWA and capital optimization.
That said, there’s uncertainty around the future capital requirements in the industry and importantly, the timing of their implementation. We like everyone again to have to work through those implications once we know what they are. But as we said, keep in mind, we’ve got some other levers to pull over time, capital allocation, DTA allocation and utilization, our G-SIB score and our management buffer of 100 basis points. So that’s where you hear the confidence for us — from us around the path to executing and that remaining consistent. But Mark, why don’t I hand over to you just around consumer market sales and operational RWA relief.
Mark Mason: Sure. And again, I think that if you look at the transactions that we’ve closed to date, they’ve generated or freed up about $4.6 billion of capital the two that remain to be closed and the balance of the year will generate another $1.2 billion or so. That will be important to our capital base. I think that we obviously have to see the proposal as it comes out and the NPR. And we have to — we’ll have a window to respond to that. We’re hopeful that the regulators hear our response and views on it as it comes out. There’s clear — there’s clearly going to be a reference to increases in RWA and operational risk implications potentially as part of that. I do think that exiting without having seen the proposal, and without obviously knowing how those rules might evolve.
