Steve Chubak: That’s really helpful color. And just for my follow-up on finalization of Basel III. Sorry, Jeremy, I couldn’t help myself here. But in December speech, you strongly hinted at capital requirements moving higher for you and peers. You also alluded in your comments or in response to one of the questions that the finalization of Basel III can potentially be very punitive. Given the absence of the proposal, I was really just hoping you could speak to how your scenario planning for the eventual finalization and any additional detail you can offer on the areas of mitigation. I think the one issue or area of confusion is that one of the biggest sources of RWA inflation is op risk, which can’t really be mitigated. What are the actions that you can take to really offset some of those potential headwinds?
Jeremy Barnum: Yes. So, Steve, I would love to get into more detail here, but I just think that the question of how to mitigate is really hard to discuss in a lot of detail until we see an actual proposal. And the reason that we talk about potentially punitive increases, I mean you studied this issue closely. It’s just to point out that under the version of the world where you get the worst outcome in all of the different moving parts of this thing, it’s a very significant increase to the capital requirements of the system as a whole. And given how strong the system is today, that just like doesn’t make sense to us. So, we just want to say that. But yes, Jamie, please.
Jamie Dimon: I mean just, look, you guys know that the operators’ capital, the trading book, the CCAR, G-SIFI, all those moving parts, let’s just see what they are. We will deal with them when we get there. And then we will figure out what we have to modify our business and stuff like that. We don’t think it’s necessary to increase capital ratio. We are quite clear on that. One of the new numbers we put on the top of the press release was our total loss-absorbing capacity. So, we have now almost $500 billion. I mean really, like at one point, when is $500 billion of that, $1 trillion liquidity, all those thing is enough. And so €“ but let’s just see what it is. They are going to work it through their international laws, their international requirements.
We are hoping that America is the same as international. That would be nice. G-SIFI is supposed to be corrected. We will see if that happens. So, let’s just see. We don’t have to guess. And if the number is too high, we are going to tell you what we are going to do about it.
Jeremy Barnum: Just a minor expansion to that, just to expand a bit on Jamie’s point that it’s important to be clear, there will be time to adjust, like there is a long road from the NPR to €“ so to sort of supports Jamie’s point, let’s see what it is and then we will
Steve Chubak: Fair enough. Thanks so much for taking my questions.
Operator: The next question is coming from the line of Matthew O’Connor from Deutsche Bank. You may proceed.
Matthew O’Connor: Good morning. How do you guys think of the managing the securities book, given the outlook of lower deposits? Obviously, the yield curve is quite inverted depending on what part you are looking at or most parts, frankly. And at the same time, the securities book is cash flowing a lot less than it was a couple of years ago just given the rate environment.
