Andrew Coombs: Thank you.
Operator: The last question is from Vishal Shah from Morgan Stanley. Please go ahead.
Vishal Shah: Hi. Thank you so much for the questions. My first one is on Wealth Management. Just wanted to get a sense on how you are assessing the business overlaps in that segment or you’ve had further chance to sort of look at different regions and how to respond to all the ongoing competitive pressures and in terms of relationship managers and then sort of bankers in that segment. So if you could give a bit of an update on that side? And then the second one is on the investment bank the CS Non-core perimeter of $55 billion. I know in one of your slides, you have provided a natural runoff rate. But I was just trying to get a sense if you could provide any sort of color in terms of what is your sort of ambition on actively winding down this perimeter in terms of time line, i.e., could we expect the next two years basically by 2025, broadly, most of this rundown to be done.
Is that a fair assumption or are you looking at it in a bit of a different way? Thank you so much.
Todd Tuckner: Hi, Vishal. I mean, I think, on this — on that second question, we’ve addressed that in the sense that, we offer the natural rundown just given, of course, we have to take care and ensure that we’re protecting our counterparties and we’re doing things in the best interest of the firm. And so on these positions that we will look strategically to exit them as quickly as possible. But at this point, I would say, we’ll come back and give you progress as we’ve done already in 2Q in terms of the actual RWA reduction relative to the natural runoff profile, we’ll continue to do that and to the extent we can give more color through any — through our planning process, we will. But again, these are positions where we think naturally, there will be strategic exits and opportunities that arise and not something we’ll be disclosing.
In terms of your first question on Wealth Management and assessing business overlaps. I mean, in general, the way we approached integration is to look at Credit Suisse is adding value in a lot of the areas in which we already operate. But also, as Sergio mentioned, areas where we have less of a presence. Brazil was mentioned, there are important parts of the Middle East, where that’s the case, important parts of Southeast Asia, also much bigger in Europe overall. So in terms of assessing the overlaps, I mean, in the end of the day, relationship managers have their client relationships and we want to retain them all, and of course, we’re looking at how to manage the business in the most efficient and effective way. I would make one additional comment, which is very important, which is that, Icade [ph] announced the area market heads on a combined basis and that was very important just in the last several weeks and it was in comment, Sergio, made as well, because when we start integrating how we approach the market.
And so we’re in the market on an integrated basis, which, of course, just took time just — even though we’ve moved quickly into two and a half months since we’ve closed to be in the market on an integrated basis having market heads that have now been decided across Wealth Management on a combined and integrated basis is quite a step that helps us to manage some of the business overlaps and competitive pressures that you were asking about.
Vishal Shah: Okay. Thank you so much.
Sergio Ermotti: It was the last answer-and-question. And we — I’m sure we’re going to have a chance to stay in touch between now and November 7th when we announced the Q3 results. For the time being, thank you for dialing in. Thanks for your questions, and well, as I said, looking forward to staying in touch. Thank you.
Operator: Ladies and gentlemen, the webcast and Q&A session for analysts and investors is over. You may disconnect your lines. We will now take a short break and continue with a media Q&A session at 10:45 CET. Thank you.
