Jason Tyler: Sure. Now, fourth quarter could be — it could definitely be a low point and particularly thinking about some of the things that we mentioned, but just taking the securities runoff alone, the math gets to — you get to over, call it, $10 million, $12 million, $13 million lift per quarter. Calling just from securities from just the securities maturing and reinvesting again in similar duration, similar credit profile and that’s without us taking these other actions. And just as our clients are thinking about where are we in the yield in the overall rate cycle, we think about that as well. And we’ve — again, we position we’ve had the balance sheet positioned in a pretty defensive manner. And this provides us an opportunity to start thinking about what do we do differently. But just the maturity schedule alone has kind of a, call it, a $50 million annualized lift to it. And that’s just one of the levers that we have that we’ll be working from.
Mike Mayo : In light of just more headwinds, though, than you had expected? I know you said no more expense plans, but — and you have kind of bent the cost curve, which is the expression, I guess, of the year. Any thoughts up tightening up expenses even more than you’ve already done?
Jason Tyler: Yes. The productivity office, we launched just in this year from kind of a standing start, and we’re going to get over $100 million within this $100 million of savings in this year, most of those are on a recurring basis. And so you see a lot of that reflected in the actions we took from a compensation perspective, but negotiations with consulting firms, how we’re looking at demand for technology consumption, how we’re managing real estate, and so we’ve pulled a lot of levers there and it couldn’t have a higher sense of urgency on what we’re thinking about from a productivity perspective. but we should be getting above 2% a year in help from productivity. And not going to stop uncovering opportunities and having difficult conversations about what we can stop doing or how we can be thinking about things differently.
Michael O’Grady: My definitely continued focus on productivity, as Jason is saying. So I just want to emphasize that point. There are still plenty of opportunities to functionalize, automate, centralize a number of different, I’ll call it, more fundamental structural things that we’re doing already, but just have longer time frames to implement them. in order to get those savings longer term and a lot around technology that enables that. So it absolutely has been a focus, but will continue to be a focus. Particularly as the environment is so uncertain and not necessarily knowing what the direction of whether it’s rates or markets are going to be.
Operator: And our next question will come from Gerard Cassidy with RBC.
Gerard Cassidy : Can you guys — can we take a step back, we’re obviously on the weeds in the quarter-to-quarter stuff for all of the banks, understandably so. But when you step back if we’re now after one that’s since the financial crisis, let’s call it 14 years of incredibly low interest rate environment with a little blip up in 2018, of course. But if we’re now in a new environment for the next 3 to 5 years where the short end of the curve stays above 3% or 4%, maybe even 5% for nobody knows for sure. How does that maybe alter the way you guys have been running the business for the last 10 years in a 0% rate environment, to one now that is going to be 300 to 400 basis points higher at the front end of the curve? Or does it alter the way you run the business?
