And largely, when you think about the weightings we have put on those scenarios, the weighting skew towards that base and that downside. The reserve we built this quarter was largely in the consumer business, PBWM and specifically around cards. And that really had to do the change quarter-over-quarter with the change in HPI. But what I would say is that it also reflects, as I have mentioned earlier, a cards portfolio that remains of a very good quality and with loss rates that are well below what they would be in a normal cycle. And it does pick up the fact that there is volume growth that we saw in the quarter there. So, I am not going to kind of run scenarios for you, but hopefully, that gives you some perspective as to what’s underneath the models that we have used to establish these reserves.
And obviously, we do that on a quarter-by-quarter basis.
Jane Fraser: I would also just jump in one of the areas that sometimes gets mis-put about the firm, is on the corporate credit side. When we look at our corporate client portfolio don’t equate where we take credit risk with the global footprint. When I look internationally, 90% of our international exposure with multinational firms and their subsidiaries, and these are €“ this is investment grade. So, I think that’s another area where as we look at the quality of the corporate loan portfolio, as you saw with Russia and others, we will be conservative in the reserving we take. But I think important to understand the nature of where we take that corporate credit risk.
Sheng Wang: That’s really helpful. Thanks. And then as a follow-up, it seems like a part of your revenue targets for 2023 depends on some improvement in the environment. For example, stabilizing equity markets, IB rebound? And Jane, you also noted that the medium-term targets are designed to be achievable in different environments. So, if the revenue backdrop continues to be challenged like we saw in 2022, can you just talk about some of the levers you might be able to pull that might provide an offset?
Mark Mason: Well, it kind of depends on what the drivers are of a different environment, right. Because you could have €“ I don’t anticipate this, but you could have continued pressure in investment banking, but you could also have continued volatility in rates or currencies and that could mean more upside than flat for the markets business. So, there are a lot of puts and takes that one can scenario out. I think what’s really important is that we have a diversified portfolio of businesses that have strategic connectivity to them. And so what that allows for is that as the environment shifts in some way that we may not have predicted that we were often able to still drive significant performance as we did this year. And so without calling exactly how it vary from what’s here, that’s what gives us the confidence to €“ around the guidance and really to remain steadfast on the strategy that we have talked about and really push execution, and that’s exactly what we are doing.
Jane Fraser: And an important part of €˜23, it’s not just the impact of the cycle, but also you will see the impact of the different investments that we have been making. And you have certainly seen that. For example, in services this year, and we have been very transparent around the 70 basis points increase. We have seen in wallet share in the 12 months leading up to the third quarter. So, you have not only got drivers here in terms of what’s happening in the market, but you have also got the strategic drivers, also kicking in more and more together, as Mark referred to the synergies.
Mark Mason: It’s a great point, Jane, because it may not always show up in the top line, which is why we put those KPIs out there. There are often indicators of some of the upside that’s on the come as the market evolves.
