So we’ll try to liquefy CRE, particularly multifamily over the next couple of quarters, couple of years to the best we can bring those overall exposures down, even though they’re performing pretty well.
Ken Usdin: Good. Okay, thank you very much.
Operator: Your next question will come from the line of John Pancari with Evercore. Go ahead.
John Pancari: Good morning. Just on the capital side, I heard you in terms of the CET1 trajectory from here, and that it does still allow for some repurchases. Maybe could you help us frame out what’s a reasonable pace of buybacks we should assume which is similar to $250 million that you did this quarter?
Bruce Van Saun: Yes. I would say that is something we felt comfortable with in Q3. We were going through the Q2. We were going through the CCAR process at the time, but we saw the opportunity to build kind of have our cake and needed to build the ratio while also repurchasing shares and I think we’ll still be in that position. So we still have noncore kind of rundown working for us, which is releasing RWAs. So you should again have a chance to somewhat – have your cake and needed to both in Q3 and Q4.
John Pancari: Okay, thank you, Bruce. And then on the non-interest bearing mix stabilizing at the 23% near the 2Q level. Now what gives you confidence in the stabilization? I know you mentioned that you’re not pushing as aggressively. You don’t see the need to now on competition on pricing, is there anything that will beyond that in terms of depositor behavior that you’re beginning to see that gives you that confidence that this is where it’s bottoming?
John Woods: Yes, I think there’s two items that we look at. One is just the – as we are getting back to the historical place that the platform generated noninterest-bearing pre-pandemic, and so that’s been sort of a foundational spot that we think creates some solidify of the operating accounts in both retail and consumer. So that’s one really important spot. So around that 23% level is about how we see it. And then the second item is that, in the second quarter, we started to see some deceleration for the first time in several quarters. We started to see the turn and deposits kind of migration decelerating. And then we have a number of, I would say activities on the product and low-cost strategy front that we’re seeing some really positive uptick on in retail, in particular, and so –
Bruce Van Saun: Let’s ask Brendan to pick up and add some color.
Brendan Coughlin: Yes, couple of quick points, just a quick recall, as we’ve talked over the last bunch of quarters. The consumer portfolio has been under a five-six year transformation for quite some time and it’s in a very, very different starting points through the beginning of the cycle than ever before for this franchise with significant improvements in things like customer primary – primacy growth and households, or mass-affluent mix has improved and low-cost deposit profile has moved up. So coming into the cycle, we were very confident that we’d be more pure like or maybe outperform and data that we’re seeing with benchmarking suggested in the consumer bank, we are indeed better-than-average versus peers right now on all the mentions interest-bearing cost, beta, as well as low-cost control.
