We continue to expect good demand for our corporate clients for credit. So the loan book revenue should continue to be quite steady. And then we are seeing some early signs of investment banking fee pools coming back. I don’t think that, that’s going to be a hockey stick recovery by any means, but we’re certainly seeing DCM, ECM leverage finance activity start to improve post March. We’ve got a very healthy M&A backlog. Deals are always a little harder to get done in a more uncertain environment, but we’ve got certainly a healthy backlog that as things stabilize, should translate into greater transaction activity. And then importantly, we have a number of strategic initiatives. You referenced cash management that we’re obviously excited about, but a number of things underpinning the strategy that we’re optimistic we’ll continue to gain market share and drive growth away from just what happens with broader peoples.
Operator: Thank you. The next question is from Ebrahim Poonawala from Bank of America. Please go ahead.
Ebrahim Poonawala: I guess maybe a big picture question, Dave, trying back to the ROE outlook. You mentioned how quickly the environment changed over the last six months. As you are managing the bank today, you talked about attrition capital liquidity, just across all of these measures. What are you managing for? Are you managing for my recession, deep recession when you look out over the next year? And is the outlook different for the U.S. versus Canada? Just talk through all of that. And within that framework, how do you think in terms of the resiliency of the ROE relative to where we are today?
Dave McKay: Really important question. Thank you, Ebrahim. So, we are still forecasting and managing to a mild recession, hence, a series of tools that we’re using to manage our cost structure around attrition. We still see strong demand coming from businesses and investments in. we see a strong employment in the economy, and therefore, the purchasing power of an active purchasing of our consumer clients is still strong. So, we are managing to as I’ve mentioned in my comments, a milder shallower recession, given the high interest rates, the drag on debt servicing. And the need for us to get strong control over inflation and get it out of an anchoring into leadership and business psyche. So, it’s very important that we do that, and that is the priority of central banks, and we support that.
So in doing that, then we are very much — you saw our strong capital ratios. Our strong capital ratios allow us to grow organically and to acquire HSBC Canada remain above 12%. So I think that’s a real strength of our balance sheet. There was a previous question around deposits, why you get deposits or the lifeblood of a bank and they allow us to continue to lend. We’re the only bank there are match funded in Canadian dollars in Canada and the retail side. And that’s very important. It leads to better margins over time, as you’ve seen. The movement of clients into higher cost deposits is a global trend, one that obviously, you’ve seen in both sides of the border with ourselves, but we’re retaining the vast majority of those deposits. And I think a point that we have to stress around CNB, which is really important, is they were flat to slightly up throughout that crisis in the United States with highly affluent and commercial client base.
