Charlie Scharf: Listen, I think — as we’ve said, there’s a lot of work to do. It is multi-years’ worth of deliverables. What we’ve — what I’ve said is that we’ve implemented a lot, but we still have more to do. And when I say that, I just want to be clear, I’m speaking in — everyone generally thinks I’m speaking about one of the consent orders which has the asset cap. We’re thinking about all of the work that we have to do related to all the consent orders and the work to build the control environment. And there is a lot getting done. But ultimately what matters, you don’t get an A for effort in this. It’s about getting things over the finish line on time and getting them done with the quality that our regulators and we expect from each other.
And so as you know, we’ve been very careful not to put dates out there because we have to do our work and then our regulators have to take a look at it and see if it’s done to their satisfaction. We don’t want to get ahead of that process, but we continue to move forward.
Matt O’Connor: And I understand that you can’t speak for them signing off on what you’ve done, but in terms of you accomplishing what you want to accomplish, where are you on that kind of process, like whether you want to frame it from an innings perspective or percent basis? Anyway to frame that, acknowledging there’s a lot to do and that you’ve done a lot. But how far along are you in terms of what you can control on implementing these things?
Charlie Scharf: Yeah. Listen, I appreciate your desire to have me answer those questions. But again, all that matter — our view of accomplishing the work doesn’t matter. What matters is that our regulators look at it and say it’s done to their satisfaction. So I really don’t think it’s helpful or productive to go beyond what I’ve said at this point. But again, I do understand and appreciate why you’re asking.
Matt O’Connor: Understood and fair enough. Thank you.
Operator: Thank you. The next question comes from Vivek Juneja of JPMorgan. Your line is open.
Vivek Juneja: Hi, thanks. A quick one. Mike or Charlie, can you give us the maturity schedule? What percentage or amount of your office CRE loans are maturing in the second half and into 2024?
Mike Santomassimo: Not specifically, Vivek, we don’t disclose that. But you should assume these are standard course loans in the commercial real estate space, which are generally three to five-year loans.
Vivek Juneja: Okay. And you haven’t really been originating much in the last couple of years. So I guess we could go back to looking at, when did you slowdown the origination of new office CRE, Mike? Was it two years ago? Was it three? Any color on that?
Mike Santomassimo: Yeah. Look, I think you have to remember that we’ve been refinancing existing facilities along that time period. So — but I think if you take the portfolio and assume some kind of basic average life based on what I said, I think you’ll get a pretty good sense of the approximate maturity schedule.
Vivek Juneja: Okay. And how about multifamily? What’s the average life of those loans and maturities there? I recognize your — I heard your comments that those are in much better position given all the factors you already cited.
Mike Santomassimo: Slightly longer, a few years longer than office.
Vivek Juneja: Okay, all right. Thank you.
Operator: And our final question for today’s call will come from Charles Peabody of Portales Partners. Your line is open, sir.
