Lemar Persaud: Got you. And then maybe coming back to an earlier comment from Dave on expenses and the ability, I think, to pull back expense growth at the top line slows. If I look at your your bucketing and waterfall on your Slide 13, what are some of the areas you can pull back on expenses if the revenue growth environment kind of slows?
Nadine Ahn: Yes, sure. I’ll take that question. Thank you, Lemar. So in terms of when you look at the bucketing, I would say on the investment in people, we’ve obviously ramped that up quite significantly over the latter half of 2022 as we were investing for growth, and you see that with our strong volume. So that was one of the buckets I commented will start to taper off as we we absorbed some of that hiring that we’ve seen early part of the year. I would say also, when you look at the discretionary and other, David commented that, that is also a bucket that’s being impacted in inflation. And that’s one area that if we start to see any headwinds coming from the economic downturn that we can pull back on that. That’s primarily driven off of not only increase in terms of marketing but also travel, business development that has started to pick up, particularly given where we were on the lows from Q1 in ’22.
And from a technology standpoint, what you’re seeing there is a lot of the investments that we’ve done not only from from a client perspective and driving a lot of our growth in terms of our applications for Canadian Banking, for Wealth Management and for Investment in the Capital Markets business. And part of that also would drive further efficiency savings as we look out into latter years, as we’ve talked about how we’ve been focused on our zero-based budgeting.
Operator: The next question is from Paul Holden, CIBC.
Paul Holden: I apologize, I missed a portion of the call. So if you’ve already addressed these, I do apologize. But questions. I guess the first one is on regulatory deal risk. You’ve done transactions, both south of the border and Canada. So wondering if you can provide any insights on what you think the primary differences are between the regulatory process in the U.S. versus Canada? And then also, just remind us sort of your current confidence in the timing of the HSBC transaction?
Dave McKay: Maybe I’ll take that, it’s Dave. Certainly, there’s a time period difference between when we went through City National 8 years ago in the current environment. We are going through that process, an orderly process with the Competition Bureau, OSFI, and the finance department. Now we’re providing information to them. We still remain confident that this is a good transaction for Canada, a good transaction for HSBC clients and employees and a good transaction for our shareholders. And therefore, we’re going through that process now — It’s a normal process, doesn’t feel any different than the last process we went through in the United States, where you provide a lot of information on your business, and we’re confident the numbers tell the story. So that’s how I can comment so far as we’re early days. But everything is proceeding according to what we expected.
Paul Holden: Okay. That’s helpful. And then second question is just with respect to the outlook for commercial loans, are you seeing any indications of slowing demand, whether that’s in — or I guess in the Canadian business specifically?
