Sharon Yeshaya: Yes, it’s a great question. When you look at what’s gone on in terms of the industry wallet, we talked a lot about 2019 and 2020 being bookends. Obviously, you are above the 2019 wallet more broadly, and you see this playing out, because things like fixed income, you do have more central bank action, and you do have more broadly associated vol when you think about pre-COVID levels. So all that is fundamentally positive. In terms of specifically the trading businesses, you had movements like I said in commodities, oil, that ability to capture vol, it’s really around being there for our clients, but having greater velocity of sheet. And the more that we’re able to do that as we move forward, we restructured this business tremendously over the course of the last eight, nine years. And it’s being there to be able to serve our clients and using our resources to some degree more effectively and efficiently.
Jim Mitchell: Okay, great. That’s it for me. Thanks.
James Gorman: Thanks, Jim.
Operator: We’ll go Next to Mike Mayo with Wells Fargo.
Mike Mayo: Hi, one kind of positive question, one negative question, maybe James. When you think of the permanent improvement from 2019 levels pre-pandemic, how much higher do you think global wallet shares should be for both investment banking and trading? Like as you look out over three to five years, is this 2019 the normal or should it be above that? Because we’re drifting back, global wallet share is drifting back toward 2019 and although you know the big U.S. bank is staying above that? And then the negative question is just NII is down 9% quarter-over-quarter wealth and kind of what are you guiding for that to be down and when do you think that will be in flex? Thanks.
James Gorman: Sure. I think the wallet — global wallet will trend higher than 19%. I think you’re at a, right now we’re obviously had an extreme low on the banking side and trading is kind of muted. I mean fixed income, yes we had a sequential nice run, equities at 3.5%, these are nowhere near top levels. I don’t see any of the global competitors challenging the top of the U.S. tree, the top three or four firms. So and I think what’s going on, as I said earlier, with the Middle East and India, Japan, parts of LATAM , you’re going to see non-U.S. growth over the next several years. So, yes, I feel actually really pretty good about the outlook. And I’ll let Sharon, I think we’ve touched on a lot of the NII stuff. And obviously, you can’t model this stuff. You don’t know exactly how people behave, because it’s a function of how they feel about where rates are and other opportunities at any point in time. But Sharon?
Sharon Yeshaya: Yes, we’re not given 2024 guidance right here. What we did say is that the next quarter, we have said, will be lower. And that’s a function, mathematically, of the exit rates of deposits where we entered the quarter. But what is encouraging is that as we ended September and then we looked into October, client behavior is in line with our modeled expectations.
Operator: We’ll move on to Gerard Cassidy with RBC.
Gerard Cassidy: Thank you. Good morning, Sharon. Good morning, James. I’ll just ask a single question in view of the time. Can you guys give us a view of the outlook for your mergers and acquisitions, your appetite? Obviously, James, over your tenure you guys have done a number of successful acquisitions and as you look out over the next three to five years. I know James you won’t be here, but what’s the appetite? Is it still something opportunistic if something comes up? It seems like you have all your products lined up by channel, but can you get economies of scale by buying some competitors in different channels? Thank you.
James Gorman: Definitely the latter. It’s not just opportunistic, it’s strategic in that we have a game plan. We just completed an offsite about a month ago with the whole operating committee and each of the leaders that you know all about, Ted Andy and Dan, we’re heavily engaged in that from the business side. I think, you know, there are lot of things — there are a lot of interesting properties in this world and we’ve got a machine, Jim Hennessy, I’ll give a call out to him, he led the integration of E-Trade, he actually led the integration going all the way back to Smith Barney, 100s of people that work on that. So we’ve got an integration machine. I mean, you start with, do you have a vision of what the company should look like?
And then do you have a set of strategic options, which if available, you would hit the bid? Then the opportunistic is when they become available, like in advance, did you hit the bid? But the real issue is, can you integrate them safely and securely? And then finally, having done that, will that drive growth above the current run rate? So that’s how we think about acquisitions. The team is very weighted behind it, but I don’t know Sharon if you want to add anything to that, but yes this firm will do sensible, you know, not reckless, not life-changing, but sensible deals as we’ve done you know we’ve done many of them Mesa West, Solium and there’ll be — there’s a lot of opportunity out there, Gerard. I think that’s a wrap.
Operator: There are no further questions at this time. Ladies and gentlemen, this concludes today’s conference call. Thank you for everyone for participating. You may now disconnect.
