Michael O’Grady: And then again, remember that, remember, also that we’ve said this is about getting jobs into the right places. And so in many instances, this is about transitioning jobs from lower costs, from higher cost locations to lower cost locations. And so we’ll see some benefit, but it’s not the impact of taking the roles that we’re exiting times the average cost, there’s some exit in some instances. Again, I think just super instructive to focus on what we mentioned earlier, we’re thinking about the our target is to try and get that overall expense growth rate into the right level. And we’re thinking about all of these different expense categories in aggregate to get there.
Vivek Juneja: Okay. Shifting gears completely different one. You talked about the diversity want to separate from that your other borrowings went up from about $3.5 billion a year ago, $8 billion last quarter to now over $11 billion. It doesn’t seem like you’re making much of a spread on that. Any color on how we should think about that and what’s driving that increase?
Jason Tyler: Yes. That’s also where the FICC repo activity is going to be reflected. But —
Vivek Juneja: I see not just in the repo line, but in on top of that, and the other borrowing line, is it?
Jason Tyler: I think in the other borrowingsind you also have some of the Federal Home Loan Bank borrowings, which, during this time period, we term some of those out, which previously was more all overnight and just in this time period, with the uncertainty wanted to add additional liquidity to the balance sheet.
Speaker: There was about $3.5 billion in that increase FHLB line item. That’s the that’s sequentially not year-over-year.
Vivek Juneja: Right. And you’re done with Michael, are you still looking to leave some do more there?
Michael O’Grady: No, we will, as opportunities come up for us, we’re still contemplating it, not necessarily done, I mean, as you know, the spreads not, it’s not extremely high there. So there’s a combination of liquidity management but also the spread that’s available. But moving that from 76 to 114 is a big move. There’s also one other dynamic in that line item which is that there was some Euro investment leveraging that had been opt in the non-U.S. Office interest bearing line that has been reclassed into other borrowing. And so that’s a little over billion dollars and so it is just another dynamic to the increase that you see there. but back to, we have got capacity for leveraging and we will continue to think about where to use it.
Unidentified Analyst: Okay. Thank you.
Michael O’Grady: Sure.
Operator: That will conclude today’s question-and-answer session. Ms. Childe I will turn the conference back to you for any additional or closing remarks.
Jennifer Childe: Thank you Cynthia and thanks everyone for joining us this morning. We look forward to speaking with you again soon.
Operator: This concludes today’s call. thank you for your participation. And you may now disconnect.
