Mark Mason: It’s a market business, right. And so you know very well kind of the volatility that can come with any markets business. With that said, we have got a very, very strong FICC franchise. We had a very good year, a very good year this year. I think we are well positioned with the client base, and we are well positioned to maintain our number one position as we go into 2023. Now, how that market and market wallet moves, I think is it was going to predicate on a number of things, including how the macro continues to evolve and how central bank activity continues to evolve and how currencies move and the like. But again, I feel like we are well positioned to hold our position, if not gain more share as that plays out. And so I think flat relative to a year that we have had up as significantly as it is, is a reasonable call based on what we know now.
Jane Fraser: We have also seen some depression of areas of strength in this business as well. So, equity derivatives, for example, the real strength, this was an equity derivative year. So, there is some and the corporate world with the volatility that’s out there from a macro geopolitical environment is another real strength of ours. And for better or for worse, we are expecting that strength to continue, certainly things so far.
Matt O’Connor: Okay. Thank you.
Operator: Thank you. Our next question will come from Jim Mitchell with Seaport Global. Your line is now open.
Jim Mitchell: Hey, good morning or good afternoon.
Mark Mason: Good afternoon.
Jim Mitchell: Mark, maybe just digging into NII a little bit, if you look at 4Q annualized, you have a decent step down. But when you take a look at your deposit franchise, your mix of business, versus your peers, where they are seeing probably lagging retail deposits in the U.S., pricing that’s going to hurt second half NII. Look, you guys, you already have high betas, mostly institutional. You mentioned the benefit from non-U.S. rates and you are growing deposits. So, why sort of the €“ a similar trend in NII versus peers when you have a pretty different dynamic going on? Just trying to think that through because it doesn’t look like the legacy drag is very big in your chart?
Mark Mason: Similar dynamics you say in €˜23 or you are talking about fourth quarter. I am not sure I followed.
Jim Mitchell: No, I am just trying to talk about versus peers, some have guided similarly to down from 4Q annualized run rates, but you have a very different dynamic in terms of deposit growth, benefits from non-U.S. rates and a much higher beta.
Mark Mason: Yes. So, I think €“ I mean I think I would point to a couple of things on the NII side, just as it relates to us. One, importantly, that I mentioned in and you point out is when you think about our mix of deposits, we have got about 65% or so are in ICG and the balance, 35% in our PBWM business. We certainly skew to U.S. dollar, but we have got a 30% or so that is a non-U.S. dollar. And when I think about the potential or the forward curves and how rates will likely move next year, we will get the benefit of further rate increases on the non-U.S. side, right. And so if I think about our international presence, the betas tend to not be as high as they are here in the U.S. with our Corporate Clients segment. And so I think there are some re-pricing opportunities that we will continue to actively manage as we did here in the U.S. And so I do think it’s that international footprint, the globality of our franchise that plays to our strength in 2023.
