Scott Chan: Hi. Good afternoon, all. I will stay away from First Horizon and maybe ask about Cowen that just closed. Riaz, on Cowen, what are you kind of seeing on the ground there in terms of now and when you announced the transaction? I know it’s been difficult capital markets, but is Cowen going to be operated separately still or do you still have collaboration or some collaboration integration plans between the two?
Riaz Ahmed: Thank you for that, Scott. Look, first, on the closing yesterday, I cannot say enough demonstrate the amount of exuberance that both the TD Securities leadership and folks and Cowen leadership and folks were feeling yesterday and there was just an amount — amazing amount of energy in the room as we announce the closing now. We have done a lot of pre-integration work, and coming into the closing, there will be some short period of time, let’s say, a few weeks during which we need to continue to operate separately and in order to just finish all our regulatory and functional and business model organization structures as we bring the broker dealers together and then we will lead towards a full integration soon after that.
So I’d say people are very excited to go. We have got an early operating model in place, a go-to-market strategy in place and there’s just a tremendous amount of excitement. I’d say even more yesterday than we had at the date of the announcement seven months ago. So it’s really, really exciting and we are feeling very positive about it. And Jeff Solomon and his team, as well as the TD Securities leadership just very excited to get together and get on with growing our business.
Scott Chan: Have you passed out any cost or revenue synergies over the medium term? I assume it’s most of the latter potential and I don’t know if there’s examples that you see right now on it?
Riaz Ahmed: Yeah. I’d say we are basically at the same place we were at the time when we announced the transaction, Scott, when we talked about having $300 million to $350 million of revenue synergies or — and we said that we would add about US$100 million in net income by year, and as you know, we did not announce any expense synergies at the time of the transaction.
Scott Chan: Okay. Thank you very much.
Operator: Thank you. The next question is from Paul Holden from CIBC. Please go ahead.
Paul Holden: Thank you. Good afternoon. I will limit myself to one question on First Horizon, I want to try something very specific, I understand you are not going to comment on more general type question. So the OCC released its schedule of Community Reinvestment Act evaluations on Feb 28th. So update is obviously interesting between when you provided the last update and the more current update and that schedule shows that TD will be reviewed in September this year. Are the results of that evaluation something that’s required for this merger approval, is that one of the potential reasons for the delay?
Bharat Masrani: Yeah. Let’s not talk about the delay in First Horizon, because I think, I have said enough on that. Regarding CRA, our current rating is outstanding.
Leo Salom: That’s correct.
Bharat Masrani: And when you say that the exams will be done in September, I don’t know, Leo, I think, this is the longest exam period that goes on before you get any reports back.
Leo Salom: Yeah. And Paul, just to be clear, there’s — on an annual basis, the OCC will review an institution on all — on a number of different risk ratings, including the CRA rating. So that is the standard operating procedure, that’s not tied to any transaction, it’s part of the normal regulatory review process.
