Bill Rogers: It’s also, Scott, why we focus on net new. So in addition to, sort of, the pricing within our existing portfolio, we want to make sure we’re adding net new accounts. So our rate of acquisition has been really strong, and our rate of attrition has been improved. So those are important barometers for us to sort of look at the overall health of the franchise and our relative competitive positioning.
Scott Siefers: Perfect. Okay, good. Thank you all for the color.
Operator: Thank you. Our next question comes from Ken Usdin from Jefferies. Please go ahead with your question.
Ken Usdin: Hey, thanks, guys. Just wondering — just in terms of sequencing and how we’ll understand how the rest of the potential benefits look like following the close of the transaction. I guess just wondering, are you still anticipating a June 1 close? And then do you anticipate like just next earnings season, we’ll kind of get the understanding of the full impacts of both cash reinvestment and whatever you may decide to do on restructuring?
Mike Maguire: Hey, good morning, Ken. It’s Mike. We don’t have a date certain on closing, but we have an increasing confidence that Q2, we will be able to complete the transaction. I think once we complete the transaction, we think there’ll be an opportunity for us to communicate during the quarter, sort of, what things look like from there?
Ken Usdin: Okay, got it. And then just underneath the surface, I guess it’s hard because by 3Q, you’ll probably have done some of these things, but you mentioned NII down a little bit in the second quarter. Ex the deal, do you have a view of kind of where that core NII would be heading as we look into the second-half of the year and kind of when that gets to a stability point?
Mike Maguire: Yes, that’s right. In the guide we gave for Q2 is sort of ex any cash or ex any potential benefit from a repositioning. So that’s down 2% to 3% is I think what you’re asking for at least in the quarter. And we do believe that the second quarter will be a trough for us. So if you think about the third quarter, a, I think we’ll get a touch of benefit just on the, a, our baseline has us getting a cut in June. And if you think about the third quarter, maybe a cut and a half if you get September — early September also. So you got to cut in a half, you’ve got one extra day in the third quarter and maybe a touch of a larger balance sheet if we start to see a little bit of loan growth come through. So we see some modest improvement in Q3 and the same — and the same in Q4 sort of a baseline path. I think fewer cuts puts a little bit of pressure on that, but I think we still expect 2Q to be a trough from an NII perspective regardless.
Ken Usdin: Okay, great. Yes, it was a second-half point that I was looking for that incremental color on.
Mike Maguire: Yes.
Ken Usdin: Thank you on kind of how it improves. Okay, and then just one more follow-up on IB. You mentioned the investments you’ve been making at the quarter was outstandingly good. Are you kind of implying that flat fees in the second quarter that this is a new run-rate for IB and trading? Some other banks have talked about pull-forward in DCM, but I just want to kind of understand the color of where you think the puts and takes are for fee income growth from here? Thanks.
Bill Rogers: Yes. I don’t think there’s been any particular pull forward. This was a particularly strong M&A quarter. M&A is a little less predictable on a quarter-on-quarter basis. But I think as we look sort of, if we’re thinking short-term like next quarter, next couple of quarters, I mean, this seems to be a pace that we’re operating at right now in terms of our momentum in pipelines.
Ken Usdin: Thanks very much, guys.
Operator: Our next question comes from Mike Mayo from Wells Fargo Securities. Please go ahead with your question.
Mike Mayo: Hi, if I can just get one simple question and one more complex question. The simple question is, so you’re guiding for a trough in NII in second quarter and that does not include any deployment of the $10 billion. So if you just put the $10 billion, say you get a 5% yield on that, then you get $500 million, that would add 2% to your year-over-year revenue growth. And also, how much would the sale of insurance improve your tangible book value?
Mike Maguire: The first question, that’s right, Mike. The guidance really for the year-end, and specifically, you asked for the quarter does not include the benefit of the cash. We do expect the cash proceeds after tax to be about $10.1 billion. You know you can pick your forward curve deployment rate, but I think you’re in the ballpark. And then your second question was what would be the tangible book value per share improvement from the sale, I think was the question and that would be by roughly, roughly a third.
Mike Mayo: Okay. And then, Bill, for you, I know I brought this up before, but we’re — after five years, the announcement of this merger and at least five years ago, as of today, your stock is down one-fourth, the BTX is flat, the S&P is up two-thirds. And I’m looking — I guess your annual meeting is tomorrow and you talk about leaning into your purpose, inspiring to build better lives. And I just don’t see the word shareholder there or on that side. By the way, love purpose purpose-driven capitalism and I love how you bring that up. But I think if you don’t bring shareholders along on that slide, you say happiness. I don’t think the shareholders are too happy if they’ve been around for the last five years. So can you just pull the lens back the day before your Annual Shareholders meeting and say what you’re doing to help make shareholders happy, assuming that your clients, employees, and communities are happy, how do you bring the shareholders along a little bit more?
Thanks.
