Mike Mayo: That would be great if you can share more of those metrics over time and what your targets are. The other part of that is your — you said you have four growth initiatives. You did mention digital assets and post the recent debacle. Can you put any concrete metrics to put more meat on the bones as far as where you’d like to eventually get to or revenues or what’s the endgame, just something more on this — it’s one of your four key growth initiatives. Just a little bit more color.
Robin Vince: So I just want to make one comment about the four things that I mentioned and that you’re quoting. Those aren’t the only growth initiatives in the company. I pick them out because I think they’re good and representative examples and they’re different things, and they have different timelines associated with them as well. But there are other things that I haven’t mentioned, at least haven’t given great as much prominence to, but that could be very interesting to us over time. But specifically for digital assets, it’s the longest term play out of any of the things that we’ve talked about. I expect it to be negligible from a revenue point of view over the course of the next couple of years, it might be negligible for the next five years.
But as the world’s largest custodian, we are in the business of looking after stuff. We look after $44 trillion worth of stuff. And if there’s going to be new stuff to look after, we should be in the business of looking after it. If the way in which we look after stuff, which is the point about the technology changes, we have to adapt to that. And so we’re investing for a future that probably will come to be, but it may not. But if it does come to be, we have to be there. It would be like being the custodian of 50 years ago and sticking with paper and not adopting a computer, that’s not going to be us. So we’re investing, we’re being cautious, we’re being deliberate and we’ve got R&D in different parts of the company and it’s measured. But we do think it’s important for us to participate in the broader digital asset space.
Operator: Our next question comes from Gerard Cassidy.
Gerard Cassidy: Emily, on the noninterest bearing deposits, you mentioned how they are a little higher than normal. I think you said 27% of total deposits, but you do expect them — I think you said to drop to more normal levels, 20% to 25%. What’s keeping them up so high? And second, could they remain maybe higher for longer this year or do you see some real trends that now they’re definitely going to get back to normal?
Emily Portney: And frankly, there is a lot of uncertainty around that. So look, more generally as it relates to NIBs, we think they’re high — they’re probably elevated because of certainly some risk off behavior. The other thing that I really mentioned is that we’ve gotten a lot more sophisticated too in just how we manage our deposits and the tools with which we manage our deposits. So I think there’s something to that also as well. We do expect the NIBs to revert to about 20% to 25%, but you’re right. I mean to the extent they remain elevated, it’s going to be very helpful and will have upside to our NIR projection. And look, the only other thing I’d mention is that we’ve seen significant growth in, for example, Asset Servicing, Corporate Trust, et cetera, which naturally those businesses attract NIBs.
