Jane Fraser: Yes. Look, we remain confident around our ability to hit these targets. We’ve got – you heard me talk earlier around the revenue growth and what are some of the tailwinds that we’ve got behind us as well as the core strategy and the drivers that we’re in control of and that we’ve been investing behind to achieve. So our strategy is unchanged. We’re confident it will drive the revenue growth of 4% to 5%. It’s not the primary purpose, but the org simplification is the third driver of the expense reductions that we’ve talked about. And I would also say that, when you look at revenue expenses and the targets we’ve laid out at Investor Day, we’ve certainly had plenty of headwinds in macro regulatory geopolitics in the last couple of years, we have delivered.
And we – on what we said we would do in the revenue and the expense guidance on the strategy. We’ve made adoptions along the way as we’ve needed to. But I think that’s the piece that we’re also really trying to drive into the firm as a culture. We will do what we say we will do, and we’ll adapt accordingly to different areas. Mark talked about adapting to the capital requirements, depending what they are. We have other levers that we can pull, capital allocation, management buffer DTA. But my message to our investors is we’re just building a proof point. This is a relentless execution. Look at that strategy scorecard page at the beginning of the deck there. We’ve achieved a lot and there is a lot going on, and we’re getting a lot done. We don’t pretend we’re at the end of the road there with yet.
But we’re getting done what we said we do and building up those proof points so that you can see us achieve those return targets. Anything to add Mark?
Mark Mason: As you said, building credibility and being transparent, right?
Jane Fraser: Yes.
Mark Mason: So we’re going to keep delivering on the proof points, and we’re going to be transparent about how and when and how we’re going to achieve it so.
Operator: And our next question comes from Gerard Cassidy with RBC.
Gerard Cassidy: Thank you. Mark, you mentioned in the credit section that the delinquencies are rising and as a percentage of loans, they’re still very low. I was just curious on the corporate loans in North America, there was an uptick. Again, I know relative to the portfolio, it’s not that big. But anything in particular you can share with us in that area?
Mark Mason: On the corporate loans, we saw loss. I think losses were $51 million in the quarter. So a small amount. We did see an uptick, as you point out in the reserves. That was really driven by some country rating adjustments that were made. And then we did see an increase in the NALs, the nonaccrual loans. That was really one or two names and one in North America, one in EMEA. Both of them are current, but they drove the uptick that we saw in the quarter there.
Operator: And there are no further questions in the queue. I will turn the call over to Jen Landis for closing remarks.
Jen Landis: Thank you all for joining us. If you have any follow-up questions, please contact IR. Thank you.
Operator: This concludes the Citi third quarter 2023 earnings call. You may now disconnect.
