James von Moltke: And Nicola, on your second question, the flexibility of the expense base to adjust to the downside potentially in revenues, is something we’ve talked about over the past several years. And as you know, our answers have been we weren’t comfortable in an environment where we were managing a shrinking expense space, and going through the transformation. We didn’t feel that the levers we had to the downsides of variable expenses were really sufficient to offset their ability on the revenue side. We think we’re pivoting to a better place in that regard over ’23 and the subsequent years. And why do I say that? I think it’s on both lines. As more of our expense base shifts to the quote, unquote, stable business more predictable, you have less variability if you like that you need to account for so.
So that helps in the equation. And the other thing is, as we now move to an environment where we have cost saves underway, we have an investment profile that is if you’d like fully funded and we’re in execution mode, if you like on the cost reductions, I do think we get to a different place in terms of flexibility. We started talking about this a little bit, and so it’s not just marketing expenses, bonus and retention and the truly variable expenses in the cost base. There’s also decisions we can make more in discretionary costs and investment timing, that would will over time, give us more flexibility. So the answer your question is I think we’ve made some real progress towards having more flexibility to manage. As you heard us say, in the second quarter, we’re very cognizant though of preserving investments that are critical to our future.
And hence that’s the balance we’d be working to strike. Thanks for your question.
Operator: Next question is from Anke Reingen from RBC. Please go ahead.
Anke Reingen : Yeah, thank you very much for taking my question. The first one is a follow up on the cost. Sorry, if I missed it. But what is sort of like the direction in cost from ’23 to ’25? Is it considering the cost savings and less SRF and inflation? Is it — should it be sort of like flattish or could it be even trending down? And maybe, what inflation assumptions have you taken in there? And then on the revenue guidance and your increase in upgrade from your higher rate benefit to the 0.5 percentage points in the CAGR? Wouldn’t it be — why didn’t you change the CAGR, the 3.5 to 4.5, as it just or only was I guess everything else sounds a bit more optimistic as well or am I mixing up different years here? Thank you very much.
Christian Sewing: Okay, let me take the first one on the cost side. So overall, obviously, with the inflation where it is, it is not that easy to exactly forecasted. But our view when you look at the next three years is actually to operate on the basis of flat costs. That’s what we want to achieve. Therefore, we came out last year in March 2022, and says we think we need to take out and we can take out the extra €2 billion. This is exactly what is detailed out on Page 29, where we’re making good progress. And as James is saying, this is not just the power point, there are underlying key deliverables which are monitored on a weekly and monthly basis. And we are confident to achieve that. Now, given the situation where we are in with inflation a bit stickier and higher than we even thought in February and March, we do believe that we need to do more things like James was saying.
