Operator: Thank you. Our last question will come from Mike Mayo with Wells Fargo Securities. Your line is now open.
Jane Fraser: Hello. Hey Mike.
Mike Mayo: Yes. So, one question and one follow-up. So, you have a €“ your slide says you have a CET1 target of 13% by midyear, but you are already there. And I guess if we go back to the Banamex thing, I guess is that kind of assuming potential capital impact from divestitures or why would you have a target six months out when you have already met it?
Mark Mason: Yes. Mike, I have to tell you that I am surprised that you are asking about Mexico, just given our history together, but I understand it. And what I would say is that a couple of things. One, we clearly see where we trade, right. And we are not happy about where we trade. And we think our strategy warrants us trading better than where we trade today. So, if we could buy back, right, we could do buybacks as soon as we are able to do buybacks, we will, right. I mean that is part of the way we deliver value for our shareholders. The second thing I would say is we did get to the 13% sooner. And that was, again, in accordance with executing against our strategy. And our parts of our business, particularly the markets business has done a really good job at delivering against the metric we put out of revenue to RWA.
And we have been able to get there without damaging the franchise, which is what you see in the continued strength and performance in that business, particularly in fixed income. What’s ahead of us, as you rightfully pointed out, is that we have got a number of exits that have to take place, puts and takes across many of them, but Mexico in particular, will have a temporary impact on our CET1 ratio. And so we want to be mindful of that as we manage over the next two quarters, so that we can absorb that. And we also want to make sure that we are positioned to continue to serve our clients over the next couple of quarters and always, but certainly over the next couple of quarters, while we manage the headwind, temporary headwind from that exit.
So, hopefully that gives you a better sense for it, but we are actively managing this. And we have not lost focus on the importance of returning capital to shareholders.
Jane Fraser: Yes. I want to reiterate that as well. I mean it’s very important to us. And as Mark says, we know where we trade. We have made a number of moves to align ourselves to our shareholders’ interest in compensation and management interest, all these various dimensions. And we just want to make sure that we hit what we say we are going to do and continue delivering against what we say we are going to be delivering. And with the CPA impact essentially in Mexico, we want to make sure that we are taking that into account.
Mike Mayo: Alright. That’s very clear. And then lastly, your NII guide, excluding markets related is higher for 2023, but I think that implies a little step down from the fourth quarter level, not as much as JPMorgan was guiding down 10% from the fourth quarter level. I was thinking there might be some delayed benefits from being outside the U.S. What are some of the ins and outs there?
