Chad Abraham: Yes. And the one thing I would say, I mean, we obviously were asked about recruiting and investment banking. Since my time as CEO, I haven’t seen more opportunities coming to us in fixed income, I think because it’s difficult. Most places people know we have a pretty special platform, and I would say things like loan trading, non-agency trading, things we’re doing in credit unions, I mean, we’ve made some interesting additions and frankly in the fixed income market outside of some of the stuff we’re doing in depositories, there’s actually some areas of strength. So, we certainly acknowledge that we’re — this is a very difficult year, obviously 2021 was a very good year. But we’re still bullish on long-term opportunity size of the market, our sort of position in that market, and again we are seeing some great opportunities to hire in fixed income.
Brendan O’Brien: That’s great color. Thank you for taking my questions guys.
Deb Schoneman: Yes. Thanks.
Operator: We’ll go next to Mike Grondahl with Northland Securities. Your line is open. Please go ahead.
Mike Grondahl: Hey guys. Thanks. First question, I think I’m hearing advisory is having a better second half, but not a blowout. Capital financing is also kind of continuing to improve and continuing to build. Am I right in thinking hey, it’s kind of steady recovery, low to modest, but you’re not seeing anything more than that at this point, is that fair?
Chad Abraham: Yeah. I think, that’s fair. I mean, I think, what we need to see — I mean, we certainly have the deals in the market, we need to see the close rate continue to improve in advisory. And what I would say about the financing ECM business, we’ve sort of been at this steady, okay for three quarters. Obviously, in Q3, we always have August which is lighter, and then when we pick up in September, you sort of lose the first week with Labor Day. But for us, the financing markets, it’s fine. We’re doing business again. The whole first half of last year, it was shut down. The question about is it broadening to consumer and what we really haven’t seen is a sort of a broadening to tech. Now, there’s a few interesting tech IPOs, I think that will come to market towards the end of the back half that will certainly help the tech market.
So, I think you characterized that right. We’re definitely seeing improvement. We’re definitely gaining confidence on sort of revenue improvement, but it’s not a snap back like we saw in 2020. It’s a slow recovery.
Mike Grondahl: Got it. And then my second question was just, which sectors are sort of facing the greatest challenges for you? And I think you kind of answered that with tech, maybe slowest to recover. Any others that stick out?
Chad Abraham: Yes. I would say that the two toughest by far is in financial services depositories. I mean, we were down significantly in Q2 in depositories even from end of last year and the beginning of this year. And then, yeah, relative to tech, we haven’t seen much ECM activity in a long time, and that’s a big business for us. And frankly, the M&A transactions in tech have been more difficult. Now, you’re seeing a big rebound in some of the software multiples and valuations. So that will work itself out, but if I would have to pick two of our most difficult teams, it would be the depository half of financials and tech in general.
Mike Grondahl: Got it. Maybe lastly, Chad and Tim, how are you guys feeling about the cost structure today?
