And once we are more progressed on this kind of topics, then we will be certainly in a position to say, look, and very sensible, very comfortable target for LCR should be X or should be Y. I think that’s the current situation. So, we are rebuilding further.
Daniele Brupbacher: Okay. Got it.
Dixit Joshi: And Daniele, on capital, I’m glad you brought that up because if you look at the U.S. entities, in particular that you mentioned, with the exit of the SPG business and the work that we’re doing towards a carve-out of Credit Suisse First Boston, our legal entity structure, our legal entity balance sheet will look quite different in places like the United States. And it’s not just the U.S., but it’s elsewhere as well. As we look at simplifying the organization, the derisking and simplification will lead to further opportunities for capital repatriation and efficiency. You’ve seen that, for example, in the U.K. entities over the last few years where we’ve created much capital efficiency as we execute on our legal entity simplification program.
The other is I’d point you to the parent capital ratio, which as you saw was at 12.2%, partly as a function of some of the simplification benefits we’ve seen over the years. So, it’s something that we’re highly focused on and that we’re going to continue driving efficiencies on.
Daniele Brupbacher: It’s super helpful. Thank you.
Dixit Joshi: Pleasure.
Operator: The next question comes from the line of Amit Goel with Barclays. Please go ahead.
Amit Goel: Hi, thank you. I’ve got two main questions. One, I think, obviously you mentioned in 2023, you anticipate a fairly substantial loss. Just I appreciate there’s a lot of moving parts, and obviously, there’s a lot of things to be seen for the year. But I mean, is there any chance you can give us a bit more of a sense of how substantial? Is that largely centered in the IB, but just some sort of order of magnitude there? And then, secondly, there have been a number of articles about various changes to compensation plans, different incentives being put in place. I just wanted to get a sense of how all these things add up. And also, how do they get expensed? So, are they generally being expensed in 2023 or in future years and basically have some of these things work? Thank you.
Dixit Joshi: Amit, hi. Yes, on 2023, I mean I’ll try to give you some of the building blocks, again, not in a position to give you full guidance for ’23 in detail, but I’ll point you to a couple of important data points. One is that the Capital Release Unit has targets for this year to deliver on our RWA and leverage efficiency and free up capital. And as you know, we built de-risking costs in respect of that into our plan. So, I would say that’s the first item. The second is for businesses that we buy, the discontinued exit, as you know, as is the nature of Capital Release Units that we’ve seen before at our firm and elsewhere is what you have is revenues dissipate quite quickly and then you attack the cost base and that takes more time, but it’s effectively a drag on PTI, which is also what we indicated to you in October with some estimates of PTI out to 2025.
