And we think that we’ll have growth in the near term through onboarding the pipeline and then we’ve got the medium play of Pershing X. In Asset Servicing, we’ve been growing sales. And at the same time, we’re leaning into the future with things like digital assets and we’re focusing on the expense base as well. So again, it’s something for the near term and for the medium term. In markets, we’re driving with foreign exchange and liquidity and securities lending and then for the medium term, execution services and new products. In CCM, we expect the evolution that will come from the granular to repo into triparty, which we think we’re well positioned for. In Treasury Services, we’re picking up cross border activity in terms of US dollar clearing and we’re playing for the longer term that I talked about with real time payments.
And so across so many of our businesses, we’ve got opportunities in the near term, we’re focused on executing them and we’re investing for later.
Operator: Our next question comes from Rob Wildhack.
Rob Wildhack: I appreciate the color on deposits for 2023. I wanted to ask a little bit more about what you saw in the quarter. Interest bearing deposits flipped to growth. Wondering what the drivers are there. And on the noninterest bearing side, that outflow accelerated quarter-over-quarter. So any more color on either of those would be great.
Emily Portney: So deposit balances overall for the quarter were down very modestly as you can see. And most of that was a runoff in nonoperational but NIBs did and still are remaining at elevated levels. So just for what it’s worth when we’re talking about the trajectory for deposits in 2023. As I said before, we would expect average deposits to decline very modestly call it low single digits from fourth quarter averages and you should expect and we are expecting the large majority of that to be from NIBs because they will probably revert back to about 20%, 25% of our total deposit balances as we’ve really seen in historical average.
Rob Wildhack: And then, Robin, you highlighted healthy growth in asset servicing as a priority for this year. That’s a business that’s well established, sometimes can be more difficult to differentiate. So what are the kinds of things you can do and you want to do to accelerate growth there?
Robin Vince: Well, I’m going to start off on this one, but then I’m going to give it over to Emily, because she is going in to run that business and knows it pretty well already from her prior time. But I think there are a variety of different opportunities for us. I mentioned in my prepared remarks that we’re really elevating the conversation more into the C-suite of some of these firms, because gone really are the days where we’re selling a small component of a service on an isolated basis, we see more opportunities to sell bundled deals with data and digital capabilities, all wrapped up in it. And that we see — we are getting traction from that. We had a very significant new client that we announced earlier on in the year — or last year, that is a good example of that type of package sale.
So that’s one thing. We also have the bottom line focus. I want to continue to point you at the comments that we’ve made before that the margin in that business is not acceptable and that we will continue to invest both in the top line, will benefit some from rates and investing and making the cost of execution cheaper and more efficient in that business. So it’s really a package of all of the things. I don’t know, Emily, if you want to add.
