Mark Mason: The only thing I’d point out is what we’ve described €“ what I’ve described, what Jane described is the medium term is €˜24 through 2026. And €“ we’ve given you guidance for €˜23. We intend to get to those return targets in the medium term. I haven’t given you specific guidance on any of those individual years, and we will kind of take that year by year. And so just factor in. I think what’s important is you’ve got a view on €˜23, and I think we’ve given you additional clarity on how we intend to get to that medium term, and I think that’s important.
Operator: Thank you. Our next question will come from Betsy Graseck with Morgan Stanley. Your line is now open.
Betsy Graseck: Hi, good morning.
Mark Mason: Good morning.
Jane Fraser: Hi, Betsy.
Betsy Graseck: I did want to ask a little bit about the strategy with Personal and Wealth Management. I know Jane, earlier you talked about the fact that €“ which you have announced looking for a new had to move that business forward. Could you just give us a sense as to where you think the opportunity sets are greatest within that franchise for growth because there is a bunch of different pieces, some on the advice channel, some of the more fee channels, some of the more balance sheet piece. And you already indicated U.S. as an opportunity to expand into. So I’d just like to understand, from your perspective, which pieces are the most important to execute on. And that could help us understand how you’re planning on shaping this business going forward? Thank you.
Jane Fraser: Great question, Betsy. And Mark and I are both smiling here because I think the answer is all of the above. So if we break it down, where do we see the various elements of upside? There is an important recovery that’s going to occur in Asia. And you can see from our results last year, and across the board with other competitors with an Asian bent, that was materially impacted by COVID in China and the lockdowns and a slower pulling out of COVID in that market compared broadly in Asia compared to the U.S. So we see some exciting growth opportunities there from the pure fundamentals in Asia across the board. Absolutely you are right in the U.S., we start from a smaller scale there. We’ve been bringing the different parts of that business together.
The wealth of work franchises, one that’s had particularly pleasing growth in it. And we’ve also been seeing some good growth as we pulled a comprehensive offering together for our customers. The biggest upside there is the investment product. And I think we’ve got a strong balance sheet franchise as it were, particularly the deposits, some of the margin lending and the like mortgages, but this is really about the investment offering in the state. Then finally, I’d say there is also tremendous opportunity in the synergies, and we’ve been showing you this in terms of linkages between our commercial bank, our banking franchise, the referrals up from the U.S. Personal Banking. We’ve had about 60,000 referrals this year in the U.S. alone. From that, market also provides important results and even TTS.
