Jason Tyler: Sure, yes. I mean, the mix, I don’t–we haven’t seen that changing dramatically, but you’re raising an interesting point, which is that the betas are actually different depending on the currency that you’re talking about, so I just think that’s something that’s important for people to think about it. Most of the way the industry also calculates beta is on just the interest-bearing portion. I think it’s instructive to think about the total beta as well, because as we’ve talked about, the mix of interest bearing to non-interest bearing changes over time, and so that has an effect as well. But the betas on the institutional side, I think you’ve got to call them close to 100% at this point. It varies by currency, but I think you’ve got to call it close to 100%.
Then on the wealth management side, it’s less than that, and you can imagine for us to get to a blended level that I’m talking about in kind of that 70% to 80% range, wealth is closer to 50%, and the institutional side closer to 100%.
Ken Usdin: Okay, got it. Thank you Jason.
Operator: Thank you. We’ll take our next question from Brian Bedell from Deutsche Bank.
Brian Bedell: Good morning folks, Mike and Jason. Thanks for taking my question. Maybe just to also ask about NII, actually more to focus on that deposit growth trend, and you talked about 110 to 115 in 1Q. As you come into second quarter, maybe it’s hard to assess this early, but what type of headwind would tax payments be on that? Then sort of a related question would be to what extent do you want to, or do you think you need to defend those wealth–those strategic wealth deposits and raise the beta further as we get into 2023?
Jason Tyler: I’ll go in reverse order. We’ve talked about heavy defensive wealth deposits. The economics are important and that’s the–those are the things we want to be doing with our clients, hard stop, and so we’re going to do everything we can to defend those. They’re largely relationship driven, but there is–also, there are pockets where our clients look really aggressively at rate, and so we’ve got good governance and infrastructure to make sure we’re doing what we can to maximize that. Then throughout the year, you’re just asking how are we thinking about it over the course of the year, we’ve tended–you can go back and look historically at first quarter to second quarter and see what kind of decline there has been. We don’t think–we don’t anticipate anything different this year, and then what I can tell you is that from there, we don’t expect–we have more of a flattish outlook, but we’ve got to just remember that that second quarter decline does take place, and history should be a pretty good judge.
Brian Bedell: Yes, that’s helpful, and maybe just on expenses, you mentioned the equipment and software up $12 million in the first quarter. Is that from the 229 level in 4Q, or is that 225 ex-the charge?
Jason Tyler: Thanks for confirming that. It’s off the 225 level.
Brian Bedell: Great, okay. Thank you, I’ll get back in the queue.
Operator: Thank you, and we’ll take our next question from Jim Mitchell from Seaport Global. Please go ahead.
Jim Mitchell: Hey, good morning. Maybe just a little bit on the pension accounting. Did that get triggered again this year, and should we expect more charges this year?
