Andrew Lim: Hi. Good morning. Thanks for taking my questions. Firstly, on the core Markets business that you’re mapping out there, you’ve talked about a net revenue expectation of CHF3 billion. But how do you expect the costs to develop for this division? You’ve talked about cost reductions across the whole group, but I’m just trying to zero in on the Markets division here and seeing what the core profitability might be if you take into account the cost expectations? And then CSFB, obviously, a lot of work to be done here to carve it out. Is your expectation as you carve it out to — what’s your anticipation of the net CET1 ratio impact as you complete that carve-out?
Dixit Joshi: Andrew, hi. Look, on the first on really Markets and your question on the cost base, as I mentioned before, the initiatives that we’re undertaking as part of our cost transformation program are really across the horizontals. And so, of course, at the one level, we have the strategic repositioning that we’ve done with the exit of the SPG business. We’ll have the carve-out of the Credit Suisse First Boston business. So, we have a simpler mix, and we’ll exit cost along that journey. But then, we have really all of the horizontal initiatives that we’ve been driving for cost reduction, which will also impact the Investment Bank. So, I think what you’ll see, as you’re starting to see through from last year, is you’re starting to see the efficiencies slowly come through, because the headcount reductions that we’ve undertaken in the fourth quarter will feed through into the bottom-line and going to the cost base as the quarters go along, but won’t be visible in the immediate quarter necessarily.
What I would say is that, look, we’re committed to taking the actions that we needed to, as you’re seeing, and to move with speed on those to rightsize the businesses as well in response to the revenue environment that we’ve seen as well. On the second point, on CS First Boston, we can’t give you a specific capital impact today. Suffice to say, one of the pillars of the strategic reasoning here is very much capital efficiency as well as to generate and free up capital for the organization and for the shareholder. And that’s certainly the path we’re on as we work towards the carve-out and an eventual IPO for that business. Step one for us was to ensure that we commence on the initial planning for the carve-out, which we’re now doing and is underway.
Step two, as we’ve announced, was the acquisition of M. Klein & Company, which we announced this morning as well, which was an important pillar on this part of the carve-out, and we’d love to give you more details as we progress on this journey.
Andrew Lim: Great. Thank you very much.
Operator: The next question comes from the line of Tom Hallett with KBW. Please go ahead.
Tom Hallett: Good morning, guys. So, I was just wondering if you could kind of bucket the discussions around flows of client. You have over CHF90 billion of outflows in Wealth Management. What do you see as a realistic number to come back? And what is unlikely to and what is somewhere in the middle? And I guess what I’m trying to get to is, what clients are open to returning based upon what they see in terms of progression around your restructuring plan? Or others are interested in things like fee reductions, an increase in deposit rates or something like that and others that are probably unlikely to return? That’s it for me. Thanks.
