Raj Viswanathan: Thanks, Sohrab. It’s Raj. I think interest rate risk management has got multiple factors attached to it, right? It’s not just single dimensional. Our balance sheet continues to evolve, how we lend, how we borrow as an impact as the months go forward. Our positioning see even from the 100 basis points impact has dropped from $340 million negative to $304 million negative. That’s just the evolution of the balance sheet, which is also going to help. We are very focused on how we manage our interest rate risk, as you know, and we know we are positioned differently compared to most of our peer banks, if not all of them here, actions. I think the bulk of the rate increases are in our numbers, so to speak. The assets are continuing to reprice, albeit at a slower pace, and we disclose at least 1 asset class, which is a mortgage book, how it’s going to evolve.
There are many components that will drive the outcome in the event that we continue to see significant rate increases. Now the situation is obviously there’s going to be 50 basis points, 100 basis points increase from the Bank of Canada or from the Feds. Yes, definitely, that will have an impact to us because of the way we are positioned. But I think the bulk of it is already there. And based on the forward rate curves that we see and some of the interest rate stress tests that we do, we feel like we can manage the outcome, Sohrab, fairly well. And I don’t think we should see significant margin compression or significant negative outcomes from the other segment as we see it today.
Sohrab Movahedi: Okay. And if I can just sneak 1 more in for Scott. A year or so ago, it was talked that maybe it would be helpful to have a bit of an international or a U.S. kind of receiving entity as an added acquisition in the Global Wealth Management business. As you think about all the things that are on the go right now, is capital deployment through an acquisition, a high-priority item, Scott? Or is that a little bit further on the back burner now?
Scott Thompson: Yes, thanks. We’re going to focus — I mean, this is going to be an internal operational excellence agenda in terms of setting milestones, setting targets and executing. And so in my mind right now, there’s not a big M&A agenda here. And I think we will, through time, prove out that we can improve the profitability, and at the same time, improve the growth and improve our credibility. As you asked about international wealth, I do feel the need to create some synergies across this platform, the Americas platform is important. And I see it working in wholesale. I see a small business in wealth, but growing at double-digit rates. And I also recognize that high net worth folks are going to want to be able to operate in Canada, U.S. and international. But I don’t see it as an M&A agenda right now. And maybe, Glen, just pass it to you for any comments
Glen Gowland: Sure. Yes. Thanks, I think it’s important because, obviously, with the acquisitions of those were very opportunistic. MD was a very unique business model. filled a significant gap we had on the institutional space. But — they’ve been very active in our international business, which has been helpful. And our real focus is on organic growth. So — in the U.S., we would have some wealth management that gets utilized. Certainly, our trust structuring business in Miami has been very successful. But the priority is really on organic growth. And we’ve seen, as Scott mentioned, strong double-digit growth in international, which we think will continue. And the Canadian businesses and the advisory businesses continue to grow strongly and gain market share.
