Bharat Masrani: And this is even after closing First Horizon and Cowen, and so when you look at the first fiscal half of next year, we think we have a clear pathway to be over 12%. And if the timing were to change, we have got other capital levers. So I don’t know what else I can tell you to clarify it further, I mean, that’s the way we are thinking about it and feel very comfortable.
Gabriel Dechaine: Okay. Well, how about this then? Some recent events in the Canadian banking space have led some banks to target a minimum capital level of 11.5%. Are you suggesting that temporarily anyway, you would be, let’s say, 11% or just slightly above that. You are fine being at that level and working your way to 12% organically post-transaction closing, is that correct?
Bharat Masrani: Well, there are a lot of assumptions you are making there. I am giving you even after closing First Horizon and Cowen, we would exceed 12% in the first fiscal half of next year. If the timing were to change, we have got other capital levers, as you know.
Gabriel Dechaine: Yeah.
Bharat Masrani: And so it is a clear — I thought I am being very clear, Gabe.
Gabriel Dechaine: Okay. I appreciate that. Thanks.
Operator: Thank you. The next question is from Ebrahim Poonawala from Bank of America. Please go ahead.
Ebrahim Poonawala: Good morning. Good afternoon. I guess, Bharat, just wanted to follow up on the deal, two questions. One, should we be concerned that maybe there is a supervisory issue in the U.S. that could have an impact on your organic business in the United States as we think about TD Bank USA, your ability to grow or any of that, can you answer that question?
Bharat Masrani: Ebrahim, I can’t comment on our confidential discussions with our regulators. That is an area that no Bank — no ventures into. But with respect to First Horizon, we continue to work with our regulators as part of our application process and we continue to do that. I can’t comment any further. I think the other questions you are asking me are hypothetical in nature and we are — we continue to grow our Bank. Leo does a great job. I don’t know how many stores that we opened last quarter, Leo.
Leo Salom: Six.
Bharat Masrani: Six stores were new — stores were open and you can, I am sure Leo would be happy to answer the loan growth we are having, the tremendous momentum we have in the U.S.
Ebrahim Poonawala: Right. No. I think, again, Bharat, I am sure you will appreciate we are in uncharted waters here. The only proxy parallel comes to mind is M&T, Hudson City, which took three years between announcement and close and I think that’s what some investors are trying to handicap. Maybe, I guess, the second question for you asked someone putting up $13 billion to buy First Horizon. Just talk to us how do you get comfort around franchise attrition, right, like, you heard about that from investors. It is an extremely competitive market. If I am an employee at First Horizon getting called from 15 other banks, like, how do you retain that and make sure there’s no not meaningful attrition in the franchise if, let’s say, the deal timing gets pushed out by 12 months?
Bharat Masrani: Again, I can’t comment on timing. But we looked at when we announced the deal, the structure we have put in place to make sure that we have got more than adequate retention and we feel happy about that. First Horizon as a franchise continues to perform in line with expectations as I shared during the acquisition announcement in February of 2022. We are very happy with the transaction and continue to work hard to get it over the closing — over the finish line.
Ebrahim Poonawala: Got it. Thank you. And maybe — yeah. Thank you.
Operator: Thank you. The next question is from Scott Chan from Canaccord Genuity. Please go ahead.
