But on a relative basis, they’ll be for all of our peers and our competition and I feel good that we’ll have time to make sure that we implement whatever is there. So the message to the team, as you said, is keep doing what you’re doing, make sure that we’re meeting all the heightened standards as an above $50 billion bank and obviously get ready for whatever is going forward with respect to our internal systems, our risk management processes, make sure we have the right people, and I feel really good about that.
Operator: Your next question comes from Daniel Tamayo with Raymond James.
Daniel Tamayo: Multiple questions have been asked and answered at this point. But it’s just one more follow-up on the fee income side, and I apologize if I missed this, my call cutout for a second there. But just curious, what your expectations are? And obviously, the guidance came down. But in terms of a rebound long term, I mean, what does it take to get back to where you were? And then how does that impact the expense side as well?
John Ciulla: Yes. Let me give you — I’ll give you the high level, Dan, and then Glenn can fill in any of the charts. We’re a strong commercial bank with strong relationships, and we cross-sell lots of products. And so we really grew our noninterest income on the back of our commercial banking relationships. And so what you saw driving higher levels of noninterest income last year were things like swap fees, syndication fees, loan fees, equity tag, investment realizations from our Sponsor & Specialty Group. And a lot of that, given the market dynamics has kind of stopped obviously, with the higher interest rates, none of the industry is selling as much swap business. And then with respect to our business in particularly commercial real estate and Sponsor & Specialty, where we have more capital markets fees when the kind of ride stops for a bit in March, we’ve seen a slowdown.
So I’m telling you that because I think those would be the dynamics that when we reach a more normalized environment, which I think we expect to be in the fourth quarter, first quarter of next year, where we’ve been a bit conservative in our forecast that you’ve seen in our guidance. We start to drive a lot of those ancillary treasury management fees, FX fees, swap fees, capital markets fees, equity tag investment realization. So that would be a driver immediately. But as a management team, you can imagine, we’re also focused on making sure that we’re — we, over time can have a higher percentage of our revenue in fee-generating businesses as well. So that’s a strategic emphasis for us.
Daniel Tamayo: Terrific. And that’s all I had. Thanks for the color.
Operator: Your next question comes from Bernard Von Gizycki with Deutsche Bank.
Bernard Von Gizycki: So my first question — you discussed about $120 million in cost savings post the Sterling conversion, which is expected by this weekend as noted. You also mentioned that several back-office systems have already been consolidated. And I think the acceleration of your tech plans will lead to further synergies. Can you just remind us, do some of these cost savings come through this year? Or is it an entire amount for full year ’24? And is the $120 million still the cost-savings estimate?
