Brian Bedell : Okay. Okay. Great. And then just as we move into ’24, some of the elements, obviously, a lot of ranges of what can potentially happen. But on the competition front, it sounded like that was fairly episodic this third quarter, it got resolved. And just sort of, I guess, your view on whether you think that might reemerge, of course, it’s always tough to predict. But just in terms of the fact that you’re able to defend it, higher rates but keep those deposits, would that seemingly be a disincentive for other providers to try to grab those deposits and not actually get them. And then what would you think of — maybe this is tough to answer to you, but what level of deposits is at risk of that competition within the custody and the wealth business?
Jason Tyler: In the institutional business, let’s start there. The — a lot of those deposits are there for clients to be processing payments. And they not only have the end-of-day deposit needs, but intra-day needs as they have they can have intraday overdrafts. And so they’ve got to think about their liquidity, not just in today, but intraday. And we process a tremendous amount of payments across the system. And so that’s why we always are talking about not just the traditional operational component, but the amount of dollars and velocity that we have in the asset servicing business, which is very high. The amounts that are more sensitive to rates tend to be very large clients that are making a decision on where to park large amounts of dollars and those tend to be negotiated.
And that’s kind of the top end, but that’s also where there’s lighter spread. In the wealth side of the business, clients are making decisions more from a product perspective, and they’re moving between term treasuries, money market funds and traditional checking accounts. And we’ve seen increases in all non-checking account areas over this cycle. And we’ve seen CDs go from less than $1 billion to close to $4 billion. And that obviously has a really big impact when you think that, that’s coming from a traditional checking account into a market rate CD there’s hundreds of basis points of difference. And so if it gives you a little bit of a sense of — on the wealth side, we’ve talked about 75% of the deposits overall that we have are in wealth, and — I’m sorry, are in institutional and 25% in wealth.
And so — and then you see the type of movement that can happen if we’re talking about $2 billion, $3 billion, $4 billion of movement of that of that $20 billion to $30 billion base, it’s pretty meaningful. And but it’s — the good news, it has stayed with us, and we’ve done a good job of holding on to the deposits. Again, it’s been deposits up this past quarter and overall client for the business flat from one quarter to another.
Operator: Our next question will come from Mike Mayo with Wells Fargo.
Mike Mayo : Yes, I’m a little confused on the NII guidance. So you’re looking to be down 6% to 8% in the fourth quarter to $430 million to $440 million — and — but you said don’t take that as a run rate. And so what kind of run rate do you think you’ll have? Because I guess you’re guiding down NII 20% year-over-year in the fourth quarter. So how much of that do you think you get back as you take those 2% securities and invest them in 5% and take all your other actions? And do you think the fourth quarter will be the low point or the NII inflection comes later? Or just A little bit more color on that, if you could?
