Vivek Juneja: Hi, thank you. Just a follow-up on the First Republic banker question. Bruce, Brendon, would requirements do you – what are your pricing assumptions? You said you’re trying to bring the pricing to yours, but then what are the assumptions for what the bankers need to deliver to be able to recoup their – or earn their guarantees? And secondly, given that this was a white glove service, which is obviously very expensive, what changes are you planning to make to that to be able to get to your hurdle profitability targets?
Brendan Coughlin: Yes. Yes, thanks for the question. We already, prior to the lift-out of the private bankers, had a relationship-based pricing in play in all of our asset classes, including mortgage. So when you bring heavy levels of deposits in AUM, we price down modestly for that. So we don’t have any intention of changing what we already do. And so our new private bankers will have access to the same relationship pricing grids that we’ve had in play for a while. So as you think about pricing and yields of things like mortgages or even some of the small business commercial lending, we’re not expecting a dramatic different profile in terms of profitability or yields from legacy Citizens in how we operate the business to make sure that we’re considering the full relationship and that we’re really competitive in pricing. But we’re not undercutting the market by a material amount that will deteriorate either lending return –
Bruce Van Saun: And I think the corollary to that is that the teams that came over understand that.
Brendan Coughlin: They do.
Bruce Van Saun: So I’d say the one thing that they won’t have in their arsenal is deeply discounted mortgages. But I think they come in with their eyes wide open on that. And quite honestly, the deeply discounted mortgages are probably now back on your balance sheet because people aren’t refinancing those at a good clip. So they’ll probably sit there for a long time. But anyway, we will kind of do business in a commercial way. And again, the bigger the relationship, the better the pricing generally. And so I think the team coming over is very comfortable with that.
Brendan Coughlin: And another question around expenses, implied in the comments that John and Bruce both made around breakevens inside of 2024 is the team’s production covering kind of TOP guarantees to come over. So we’ve been really thoughtful about how we do that. But obviously, we’ve got the way these folks get paid is on a book of business model. And they’re going to go out and develop a lot of business, and we’re going to give them the runway to do that. We had a lot of debate with them on the appropriate timing to make that happen and make sure the operations excellence is available here at Citizens. The cost of that is considered in all of our guidance and commentary we made about the profitability of the business. And we’re already well underway on tinkering with the way the bank works to make sure we’re creating the conditions for them.
Bruce Van Saun: Yes. And I’d say there, we probably had the brakes on a little bit to make sure that we get it to the level because you kind of get one shot with some of these customers. And so we’ve got a full effort on making sure that we get to the standards that we need. I would say one other silver lining from that also is that, that will help us up our game in customer experience more broadly, the kind of initiatives that we’re taking to make sure that we make this a great experience. There’ll be some things that spin off from that, that we can move to other parts of the bank, without a question.
