Operator
Our next question will come from Mike Mayo of CLSA. Your line is open.
Mike Mayo, CLSA
Hi. Can you talk more about the efficiency, if you strip out the known headwinds with the swaps, how much would you expect the core efficiency ratio to improve in 2015 and if we had to identify three of the reasons for the potential improvement in efficiency, what are you most focused on?
Aleem Gillani
Well, Mike, I think we’re most focused on growing fee income and meeting more of our clients’ needs across every one of our segments, as well as connecting clients better across our businesses. I think we’ve got, as Bill pointed out earlier, lots of opportunity in that space to continue to do better and the growth in that space along with a no lessening in our expense discipline I think will allow us to continue to improve our efficiency ratio in 2015 relative to where we ended up in 2014.
Bill Rogers
I think it’s important. I don’t want anyone to think we’re hedging at all on our commitment to our expense discipline. That commitment is in place. We’ve created a lot of really positive momentum. It continues. What we are balancing is the investment opportunity. So as we continue to achieve efficiency and expense saves, I want to make sure that we’re also investing for the future and that’s a delicate balance that we’re walking.
As Aleem mentioned, we will calibrate. So we’ll calibrate what’s happening on the revenue side to the expense side. That always doesn’t work quarter for quarter. And we’re committed to continue to improve on the efficiency ratio.
Aleem Gillani
Mike, I don’t want to make light of how hard this is going to be. This is really hard. In 2014, we had $200 million of revenue headwinds. We fought our way through that and got better. In 2015, we’re going to have another $200 million of revenue headwinds. After doing it once, it gets harder to do it again, but we understand the task in front of us and we’re going to be working hard to achieve it.
Mike Mayo
The reason I ask the question the way I did, your efficiency ratio was 61.9 in the third quarter, 61.4 in the fourth quarter, and your guidance, which certainly is appreciated is for under 63%. So you’re kind of already there. So on a headline basis, it might be tough for us to figure out some of the ins and outs or can you break it out or….
(Multiple speakers)
Bill Rogers
You always have a seasonal impact. Clearly, what happens from just on the FICA and reset alone, you have a significant reset in the first quarter. So there always is some seasonal impact. Of course, we’re catching us at the best part of that seasonal impact.
Aleem Gillani
Yes. And don’t forget the revenue headwind that starts now, that starts in 2015 relative to 2014 on the swaps. So we loved being able to deliver numbers that were 61, Mike, but we’re starting 2015 in a tougher place.
Operator
Our next question will come from Ken Usdin of Jeffries. Your line is open.
Ken Usdin, Jefferies
Hi. Thanks. Good morning.
Unidentified Company Representative
Good morning, Ken.
Ken Usdin
Aleem, I was wondering this quarter didn’t make many adjustments to that swap income portfolio ladder and just given where rates have gone and changes to the macro view of when the Fed might of move, how inclined are you to continue to add to swaps in the future on top of what you had done in the past?
