Andy Cecere: And I think two of those important investments, Vivek, our tech-led initiative, which is about 1/3 of our revenue base right now is tech lead from a perspective of new activity. And secondly is that what we’ve talked a lot about, which is this business payments ecosystem, which continues to be a top priority for the Company, because I think it’s a huge opportunity for our business banking customer base as well as our commercial customer base. And then you add in what we’re getting from Union Bank, I think that’s why we’re confident in that higher single-digit increase.
Vivek Juneja: Okay. And then another key business that you mentioned, you’re expanding capital markets since you’re not doing your investors anymore. Any color on what you’re doing there to expand that? You’ve always had the loan syndications and debt capital market. What else are you doing to step that up in terms of the level of revenues from that?
John Stern: Sure. This is John. So, the — we — this is another area where we have continued to make investments in back-end systems and the frontline, and acquiring talent and all these sorts of things, and it’s been a great story for us, and we continue to invest in this going forward. And along with high-grade and underwriting, there’s high yield as well as what other areas that have been very strong is in the derivative market, providing interest rate. Hedging products for our clients, especially in this time where interest rates are moving around quite a bit as a service that has been highly needed. Foreign exchange has been a growing component here as well. And particularly now with Union Bank, we have more of a West Coast customer base and more foreign exchange need.
In addition to some of the businesses that we work with in the Corporate Trust side, we have — as you know, we have businesses in Europe as well. So there’s always some form of foreign exchange, and so we’ve seen a lot of growth there. In addition to that, we’ve been gaining market share in the investment-grade business and high yield. Over the coming days, I think we’ve had an investment grade in the top 10 now in terms of market share. So that has been a business that has continued to advance slow and steady, and it’s been a good item for us business for us.
Operator: [Operator Instructions] And next, we’ll go to Matt O’Connor with Deutsche Bank. Please go ahead.
Matt O’Connor: I was wondering — Slide 7 that shows some of the revenue opportunities. I was wondering if you could size that. The UB deal, the revenue synergies related to the UB deal that you outlined on Slide 7, is there any way to frame how big that might be or what timeframe?
Andy Cecere: It is a high priority for each of our businesses. Probably the greatest priority is that first one we highlight, which is our credit card opportunity. The payments business is a strength of U.S. Bank. Our card offering is terrific, and we’ve already had a penetration increase from where we started, and that continues to be a focus. And then you think about that with the business clients as well. I think it is a material impact. But we’re still working through exactly the sizing and timing, and we’ll continue to update on that. But it is a priority and a focus area for each of our businesses.
Matt O’Connor: Okay. And then separately, a little bit of a technical question, I forgot some of CFA materials. But when we look at the securities book of a duration of less than 3.5 years, but you’re only burning down 25% through ’25. Remind me how that math works? And does the burn-down kind of step up as we think about ’26, right? Because the duration is pretty short and the burn-down is not all that much in the first couple of years.
