So the client referrals, there are business synergies between them common platforms. So we really see an opportunity for these multidimensional growth drivers in wealth over and above the recovery in the investment space that everybody in the market should be able to benefit from. And we will continue investing in €“ appropriately in building out that front line as well. So, this is a very important part of our strategy. We are excited about it. It’s the key pillar of the shift in business mix as we go forward as well, looking at the medium-term. And we are looking forward to the next phase of growth and focus here.
Betsy Graseck: And would you say that the investment spend required to execute on those revenue opportunities is likely to accelerate from here, or you have already done that investment spend and the investment is more sideways as opposed to accelerating?
Jane Fraser: I think look, in this current environment, as we have said €“ Mark and I have both said since the €“ really, the middle of last year, this is something that we are pacing, but we are continuing to invest behind you. And you can see that growth in our client advisors. And remember that net growth in client advisors, it includes the divestiture we made in Uruguay, for example. So, it’s pretty strong. We don’t have a huge amount that we need to invest because we have many pieces of the platform in place and it’s more been a story of integrating them, and then making sure that we are putting the right digital and other investments behind it, but it’s not such a large one in order to achieve the upside in the business. And we will pace that as appropriate with market conditions. Mark, anything to add?
Mark Mason: Only thing I would add €“ Betsy, you know this is €“ in a normal part of the cycle, this is a high margin, high returning business. And we have seen that in the past. And so we want to be well positioned for as the market turns, having brought on client advisors, having brought in new clients through client acquisitions, which were up 24% in 2022. And so I think we are well positioned for that. But as Jane mentioned, given where we are, we want to be smart about how we deploy the dollars. And so we will replace that as necessary, but ensure that we are ready for when things turn.
Jane Fraser: And I would just add, it was a couple of years ago that we put €“ we announced the strategy and started executing on it. So, we have the benefit of the historic investments that we are seeing the drivers playing out well. And as I say, well, we should be well positioned when the market turns here.
Operator: Thank you. Our next question will come from Matt O’Connor with Deutsche Bank. Your line is now open.
Matt O’Connor: Hi. I just want to follow-up on the comments about markets to be relatively flat in €˜23. Obviously, a very good 4Q. And I know I was concerned about some of the RWA management and FICC in the recent quarters. And I think going back not to be an issue as you think about leadership and revenue. But as you think about €˜23, like the wallets have been strong in recent years. And to your point, your leadership was strong this year. How confident are you in kind of that flat market? And maybe what’s driving that view? Thank you.
