So does that mean slowing down some projects? Yes, it does. Does it mean potentially pushing things out into future years? It does. But we have that prioritized list. And as things start to improve, we’re going to start to put more money behind those projects. We have in the deck where we’re making the investment focus, our prioritized list. So it’s more in the private banking, wealth management going to go-to-market strategy. Secondly, in the commercial bank, kind of focus there and digital enhancements. Third is this one SVB collaboration, just making sure that we’re working across the entire platform. And that’s just really important to make sure that we leverage our investments, leverage our acquisitions, and really take care of our clients deliver for our clients in a meaningful way.
And then the last one is risk management, which again, we continue to enhance, as we are in this LFI status, and both expectations, and just our own needs are increased. And so that’s how we think about prioritization and so forth. So Dan, what would you add to that?
Daniel Beck: Yes. I think as long as it’s clear, we’re going to continue to invest here, even in a more challenged 2023, across the elements that Greg mentioned that’s key, I think, for us to emphasize, we’re able to optimize that spend also, as we’re looking at changing the mix between professional services, and cheaper, full-time employees. That’s just another way for us to get optimization from a cost perspective. And we’re doing that and that also helps us from a sustainability perspective. And then I think the last part of your question is, to the extent that the environment improves, are we going to go back, to that more traditional higher expense run rate. And I think that’s going to be a balance. And I think for us the overall return, the profitability of the franchise is continuously important. So we’ll have to continue to balance those investments, as our profitability returns to more normal levels.
Christopher McGratty: That’s great color. Thanks. And maybe just the last one, I know the environment is uncertain, but thoughts on a buyback over time given the valuation.
Daniel Beck: Yes, Chris. I think we’ve said this in the past, we’re always going to remain open to looking at our options from a capital perspective. Now, obviously 2023, we’re not expecting a lot in terms of new major acceleration in deployment. But to the extent that deployment does come back and does come back quickly, you can start to see the balance sheet increase. And again, no more pressure from a Tier-1 leverage perspective. So we certainly don’t have that now, but it’s something that we need to continue to be cognizant of. So I think as we look ahead, we’re just going to continue to keep our options open. But again, no, I think growth over the medium and long-term is the thing that we need to prepare for.
Christopher McGratty: Great. Thanks for all the caller. Appreciate it.
Operator: There are no further questions at this time, I turn the call back over to Greg Becker for final remarks.
Greg Becker: Great, thanks. Thanks, everyone, for joining us today. We tried to give as much detail, and again, I give a huge amount of credit to our IR team to put together a lot of information, a lot of detail on kind of what we’re seeing the outlook, what are the key drivers. And so I think that’s really helpful. And I think, again, just to reiterate, when you go back and look at fourth quarter, there’s a lot of really healthy signs, whether it’s loan growth, core fee income growth, nice growth in investment banking. And probably, maybe most importantly, this kind of stabilization of this inflow of venture with a pulling back or slowing down of cash burn. So that was great to see. That being said, look the market is still very, very choppy, there’s still a lot of uncertainty out there, which is why we gave guidance in two ways.
