Jeremy Barnum: Yes. A couple of things there, Glenn. So short answer is we’re absolutely open for business there. Terms are better, pricing is better. We have the resources needed. We’re fully there. No overhang and no issue. Also, I think there is a bit of a narrative that like activity in the market needs to overcome overhang, we’re not convinced that, that’s true. We think that the overhang is in the numbers and people need to look forward and the system has the capacity to handle the risks. So I recognize your point. I think it’s an interesting point, but we are wide open for business and not particularly concerned about the overhang from the perspective of bank’s ability to finance activity.
Glenn Schorr: Interesting. So maybe a bit asking, more so. Okay. Maybe, Jamie, while we have you. In the last annual letter, you talked about low competitive moats and intense competition from all angles, not just fin-tech. And I was just trying to think out loud. Is that better or worse, that competitive landscape in a much higher rate backdrop? Maybe I’ll just leave it at that for you to see where you go with it.
Jamie Dimon: I think it’s the same. You have the Apples, who are basically doing a lot of banking services and Walmart starting theirs. And obviously, higher rates will hurt some of the folks in the fin-tech world and maybe even help some folks. So we expect tough competition going forward.
Glenn Schorr: Okay, thanks.
Operator: The next question is coming from the line of Gerard Cassidy from RBC Capital Markets. You may proceed.
Gerard Cassidy: Thank you. Hi, Jeremy.
Jeremy Barnum: Hi, Gerard.
Gerard Cassidy: Jeremy, you mentioned in your payments business that if you took out the equity investment write-downs, the growth was over 50%. Can you share with us on the equity write-downs, obviously, private equity is going through some challenging times. And I’m assuming that…
Jeremy Barnum: It was a gain last year. It wasn’t a write-down this year.
Gerard Cassidy: I got it. Okay. I thought there was a write-down there. Okay.
Jeremy Barnum: Let me make that clear. sorry about that.
Gerard Cassidy: Very good. Thank you, Jamie. Can you €“ sticking just with private equity for a moment. Can you share with us where the risks are in the private equity markets to JPMorgan? Is there €“ when you think about it from your loan book? Or is it really just an equity investments? And maybe expand upon that.
Jeremy Barnum: Sorry, do you want me to take that? Yes, this is a couple of things. So Jamie is right. The headwind year-on-year is primarily a function of the fact that this is an investment that just because of the management alternative accounting standard we were forced to mark up previously. This is an investment that we got payment in kind as part of the sale of some of our internally developed initiatives. So anyway, it’s fine. The point is there is a small write-down this quarter. And the important point there is that the core business performing exceptionally well, both because of higher rates, but also because of the strategy that talked a lot at Investor Day paying off across fees and value-added services and so on and so forth. And I guess throughout your question is like private equity in general and how are we feeling about that space? Did I hear that correctly?
Gerard Cassidy: That’s correct, Jeremy. And just in terms of any lending, obviously, so many of these companies have seen their valuations come down considerably. Is there any elevated risk lending to some of these companies considering the struggles they are having?
