John Pancari: On the off-balance sheet funds balance, I think it’s about 168 billion, as of the end of the year. Can you just update us again, how much of that is available? Or you’re able to bring on balance sheet and how much of that you expect to be used under your — that’s baked into your guidance here. And any other dynamics in terms of that could be impacting that balance? Thanks.
Daniel Beck: John, it’s Dan. And we have talked about it in the past, that we believe that there’s still access, obviously doing the right things for clients, to roughly half of that off balance sheet balance, so, sitting where we are, that still leaves, a sizable opportunity across what’s classified as sweep. And what’s classified as repo. So that’s a substantial opportunity for us. In terms of how much we’re including in the forecast, we’re still expecting to see some of that move on to the balance sheet, but the pace of that is expected to continue to slow into 2023. And that’s all included in our net interest income guidance and the interest-bearing deposit beta guidance.
John Pancari: Okay. Got it. All right. And then any actions considered for your available for sale securities portfolio at this point?
Daniel Beck: Yes, John. It’s Dan again. Very clear that we’re only talking about available for sale. In the quarter, we did opportunistically sell a billion worth of Treasury securities at a very short payback period with limited impacts to tangible book value considering that we also had some warrant gains in the quarter. So I think what you’re going to see from us is less of a broad review across available for sale and actions there. But you’ll see us opportunistically where the rate environment, the payback period makes sense. And also protecting tangible book value, we take some of those actions to effectively accelerate the pay downs of that book. Again, that’s opportunistic, that’s for net interest income generation purposes, more than anything else. And again, we did a billion of that in the quarter.
John Pancari: Right. So, but nothing immediately planned beyond that billion but ?
Daniel Beck: No, and again, anything we’re talking about is within available for sale, and it’s opportunistic, and protective of tangible book value.
John Pancari: Got it. Okay. Thanks. And then, separately, on the credit front, just because they’ll feel the fair amount of incoming from investors regarding potentially under appreciating credit risk in your story. Is there, where are you seeing stress in materializing that worth learning where you expect to losses materialize and go against some of the reserve buildings, you’ve already put up. One of the most noteworthy areas where you’re beginning to see some of that stress.
Marc Cadieux: Yes. It’s Marc. I’ll start. Dan or Mike may wish to contribute. But it is consistent with our historical experience. It’s the early-stage venture backed investor dependent cohort where we have and would expect to continue to see the most stressed.
John Pancari: Okay, thanks. And then, lastly, for me, it’s just the capital markets investment banking pipeline. If you could just comment there what you are saying, sorry, if you’ve already touched on it. But just wondering if you can talk a little bit about what you’re seeing here in terms of deal opportunities, as you look out into 2023?
