Charles Scharf: Correspondent?
Betsy Graseck : Yes, I mean
Charles Scharf: No, it’s not even close. I mean, the amount that we’re originating today relative to the scale we have in the business is — it’s immaterial. And we’ll — and even as we downsize the portfolio on the servicing side, the whole point — our servicing portfolio can be substantially, substantially lower, and we’ll still have scale to be able to originate the product and we would say in a more profitable way than we’re doing it today.
Betsy Graseck : Okay. So, the remaining mortgage origination channels are 100% retail, is that right?
Charles Scharf: Yes.
Betsy Graseck : Okay. Right. Because you’re at a wholesale, you’re out of correspondent?
Charles Scharf: Yes. That’s correct.
Operator: The next question comes from Vivek Juneja of JPMorgan. Your line is open.
Vivek Juneja : Thanks. Thanks for taking my questions. A question for you. With the CFPB settlement, there was a comment by the head of CFPB about growth initiatives slowing your progress. So, Charlie, as a question to you is what are you planning to do in regards to that comment in terms of the growth initiatives? Are you trying to slow anything? Any color on that?
Charles Scharf: Yes. I addressed it in my remarks, which is we’ve been very, very clear. And I think if you look back on every earnings call, let alone any time I speak publicly, we’re very consistent in making sure that everyone understands both, internally and externally, that our No. 1 priority is getting that work done. That is how we’re running the company. We have very clear processes internally to make sure that, that happens. And we’re very confident that’s the case. And the things that we are doing to grow the business, we think, are actually helpful to actually making it a more controlled place. And we’re going to continue to go forward the same way we’ve been going forward, being very conscious of making sure things don’t get in the way.
Vivek Juneja : Thanks. A completely different question. On — in the past, you’ve given some color on deposits and among different tiers of customers. Any color, any update on where those stand currently and your outlook on that?
Charles Scharf: It’s still very much the same, which is kind of intuitive that those who went in with lower balances are the ones who are living more paycheck to paycheck. And they are seeing more stress than those that have not had that. But I would say that it’s the rate of change, it’s still the same across most of the affluent spectrum. So, the trends are still very consistent.
Vivek Juneja : Thanks.
Operator: And our final question for today will come from Gerard Cassidy of RBC. Your line is open.
Gerard Cassidy : Thank you. Good afternoon. Charlie, kind of to — excuse me — flip this question from your answers to the servicing and the residential mortgage business, are there any lines of businesses that — I know you can’t go out and make an acquisition, of course, but any lines of businesses you’re looking to grow and enhance and beef up maybe through hiring groups of people to do that, you know, strategic increase?
