Ulrich Koerner: Okay. Let me start with the first question. You mentioned the RM decline. We had certainly — if you look into last year’s somewhat heightened attrition, that’s right, as you say. Nevertheless, part of that is also to be seen in the light of increasing productivity, goes without saying. So, looking ahead, I would say, very much depending on how we develop step by step to coming back into Wealth Management profitability and, most importantly, into growth, which we will, I think that might then turn around and we might add again on the RM side to the equation into Wealth Management. Let me also clearly say, we have — I must say, we have no issues to hire, be it on the AM side, be it on other very significant and important positions.
If we feel we need to hire, we have no issues to hire. A lot of people also outside from Credit Suisse are strongly buying into that story of new Credit Suisse and where we are going. And I think that is important and helpful. In terms of cost, the overall development, which you are alluding to in 2022, certainly not where it should go. I was also saying before, we have reduced headcount by like 4% already in the fourth quarter. And the cost program, which we are running within Wealth Management, is obviously an important part of the overall cost transformation program. So, if you look into 2023 and beyond, certainly 2023, you can expect lower costs in Wealth Management, both if it comes to direct costs, but also when it comes to allocated costs from Corporate Center functions.
Dixit Joshi: Kian, if I may address the second question on SPG and specifically your question on cost and modeling, I think it’s part of a whole host of associated benefits for the firm. And it should be put in light of the wider derisking as well as the repositioning of the Investment Bank and resizing of the Investment Bank. So SPG, of course, is one part of, call it, capital release and business repositioning. The other is the non-core unit as well. And on both those counts, we will be giving you clearly more visibility as we do the restatements and, in the case of SPG, once we get to the final close of the transaction, which we’re anticipating in the second quarter of this year. We’ve given some highlights on the elements that we’re able to.
The first one being the capital benefit yesterday as a result of the gain on sale, which approximately is in the region of 30 basis points. The second is the OR reductions with, as I mentioned, some clear guidance on the forward trajectory without being able to give you the magnitude as at the state, given that would be an active regulatory dialogue. But we have, as I mentioned, strong expectation on the direction there. The third benefit would be liquidity and funding efficiencies. And you’ve already seen that come through over the last quarter as we’ve been de-risking in the SPG portfolio, and there’ll be some further efficiencies through the course of the next quarter. And then lastly, I’d mention that the, really, the reduction or the impact on our financial plan from the exit of the SPG business was built into the RoTE target that we had set out on October 27 last year.
And so — and I would also mention that our cost targets will get amended accordingly as we progress towards the final close on the transaction. So, a number of moving pieces that we will give you more clarity on as we get to the close and as we complete the transaction.
Kian Abouhossein: Thanks, Dixit. Just one more quick one. You mentioned the losses from the non-core in the IB. I missed that. Could you just repeat how it breaks down within the IB?
