Paul Reilly: A lot of pieces to that question, Alex, but hopefully 5% is a conservative guide. Last quarter, we guided down 10% and it actually ended up being down 3%. So we were very pleased to outperform our guide from last quarter. Just given the uncertainty, we think it’s always prudent to give conservative guidance around these type of things. So you’re right, there are a lot of puts and takes. We would expect the BDP fee portion to be up just because balances are up so significantly quarter-over-quarter. So as long as that stays somewhat resilient over the course of the quarter, we would expect those BDP fees to be up. And then conversely, with the interest income at the bank, we would expect pressure there just because we’ll have a full quarter impact of all of the ESP balances that we raised during the third quarter.
And as we raise those balances, we move to lower cost balances from the bank to the third party banks. So there’s some geography involved in that from one to the other. But when we put those things together, and our best guess that balances going forward, which can change dramatically over the next couple of months, that’s where we come up with the down 5% between both BDP fees and NII. But again, we’re hoping that we can exceed that guidance if things hold. And in terms of what we’re seeing so far in the month of July, really the balances have stabilized. I mean, we did see a decrease in the sweep balances due to the quarterly fee billings in July, which is what you would expect, but outside of that we really have seen kind of a sort of absolutely a deceleration of cash shorting activity.
I mean, outside of those declines from the quarterly fee billings, cash, the sweet balances were fairly stable outside of those quarterly fee billings and the ESP balances continued to grow.
Alexander Blostein: Okay, that makes more sense. Second question to Paul, Paul Senior on investment banking I guess, so hear your comments around the pipeline is getting better and it sounds like you guys are hopeful that in six to 12 months revenue will sort of come back up here. So are you effectively implying that investment banking revenues will be in this kind of $150-ish million range for the next couple of quarters? And then if that’s the scenario is there room to more aggressively manage the expense base to bring that business to profitability or breakeven even in that sort of scenario or you really need to see a much better revenue picture to become profitable in capital markets?
Paul Shoukry: Well actually got us both pretty well there. You’re calling me older than Paul. I think that it’s really hard to tell. If you look at backlog and things you could say it will start improving, but I think the market really goes you’ll see it with everybody, so I don’t I don’t know what our position would be that would make it a lot different in the market when it returns. So we do have a lot more capacity. We invested lot of those investments are with people that we recruited and did acquisitions and they are kind of part of us now. So yes we’ve already looked and only trimmed some costs and we think it will continue longer term we would do more, but we’re really trying to keep the team in place that we spent five years in building.
