On the Investment Bank, we’ve talked about solid performance, it’s encouraging what we’re seeing the beginnings of recovery and originations and advisory, as you’ve seen, debt capital markets, on the investment grade side got off to a very strong start, both in the market and our market share perspectives. And you’ve started to see the reopening of high yield markets. And there is a pipeline if you like a backlog of M&A transactions to close. Now, clearly, there needs to be more recovery in the episodic over the coming months really to see that momentum pick up again, but what we’ve seen so far this year is encouraging. I don’t want to go through a year on year sort of detail. But another encouraging feature is just, and this underlies some of Christian’s commentary that the franchise nature of the revenue performance across flow in particular in January so far is very encouraging to us if we compare to the prior year.
Lastly, on the buyback, look as Christian said our goal is to be conservative. We frankly built our plan last year on a set of assumptions looking into the future, not just our financial plan, but also our capital plan. At a time, when I’d say the optimism or the risk on environment that we’re seeing today wasn’t present. And the step off wasn’t known to us. So your question is a fair one. Does it really reflect what we see today? And the answer is no. We think the environment is more favorable than the basis on which we built that plan and capital plan. Nevertheless, given the uncertainties, we think it’s the appropriate decision to have held back at this point. And, frankly, if that conservatism was unwarranted, then that capital is in fact excess and can come out later in this year.
So I think it’s as simple as that.
Andrew Lim : And sorry, and just on those buybacks. Can you can you make the decision at any point during the year to bring those buybacks through?
James von Moltke: Yeah. And hence, the flexibility of the buybacks. And I think by the way, obviously peers are doing what they do and is appropriate to them. And it’s exactly the point with buybacks, right, that you have the flexibility to govern both the timing and the amount based on what you see and the confidence. So I think the idea that it’s that that people lock into the view that it’s a January announcement of a certain amount is probably not appropriate to buybacks. We’ve been really clear on the dividend path. And as you know, the dividend path is a significant component of the total capital return, €5 billion through ’24 and €8 billion through in respect of ’25. And we think we’re on a good path. Of course, we’d like to see more of the buybacks front end loaded rather than backend loaded. And we think they’re a powerful tool but, but we also think prudence and flexibility are also important features of thinking about buyback in the toolkit.
Andrew Lim : That’s great. Thank you.
James von Moltke: Thank you, Andrew.
Operator: Next question comes from Amit Goel from Barclays. Your question, please.
Amit Goel: Hi, thank you. Two questions, hopefully relatively quick. The first one — so thank you for the update on the risk piece. I am getting questions from investors about potential exposure to the Adani Group. The group did comments about Americana’s exposure, I think in the past, so any, any color there would be helpful. And then secondly, just again, I mean, going back to kind of revenue outlook sustainability. In terms of FIC business, I guess a couple of years ago, the thoughts were maybe €7 billion or so would be a sustainable kind of run rate. We’re expecting a bit more than that now. I’m just curious what you’re thinking the sustainable basis going forward for the next kind of year or so. Thank you.
