Charles Scharf: Listen, I think when we look at all of the — I mean, I’ve said this in the past, when we look at each of these businesses that we have, and that’s going to be a consumer bank, it’s consumer lending, wealth, commercial and the corporate investment bank. With the exception of the Home Lending business and that the rest of the consumer lending businesses that lend, it’s all going to be based upon returns and what we’re seeing in terms of market competitiveness. All of these businesses have the opportunity to continue to grow share. And when we think about the things that we’re doing to invest, we are targeting investment banking ads in both coverage and products. We’re focused in Commercial Banking, the build-out of both the corporate investment offerings for that customer base, both the corporate investment bank and the commercial bank of opportunities to continue to improve what we do from the treasury services perspective.
And so, we see growth opportunities there. I’ve talked about the opportunities in our wonderful wealth management business to bring on some more investment teams as we’ve reoriented that business. And when we wind up looking on the consumer lending side, you’ve seen growth in the Credit Card side of the business, which we would expect to continue. And our consumer bank is — we very carefully evolve from fixing the problems that we’ve had, taking advantage of the franchise. So, when we talk about — and we have this page in the deck, Page 19 in the investor — in the earnings presentation, we do see multiple places for us to be able to increase the rate of growth by just organically, which sometimes involves adding people. Sometimes it’s building technology.
Sometimes it’s just improved execution. And there are other things like affluent and whatnot that I haven’t mentioned, but they’re a bunch, and they’re pretty broad.
Gerard Cassidy : Great. And then just as a quick follow-up. Mike, you guys mentioned that there was a private equity or equity write-down in the quarter. Can you share with us how big that was? And then just — I know over the years, you guys have done very well in this area. But — and then second, how big is the portfolio? What’s the remaining there?
Mike Santomassimo : Sure. It was about $1 billion write-down, 750 million after noncontrolling interests. And so, that’s on the first page of the release, if you want to refer back. It was primarily driven by some write-downs in enterprise software companies. And in particular, it was really one investment that drove most of it. And I would just point out, we had a — that investment is still a very good investment. The company is a good investment, and we’re still holding it well above where we — where the invested amount is.
Charles Scharf: Just to be clear, we’re holding it at something like still
Mike Santomassimo : A little under $0.5 billion.
Charles Scharf: Yes. I would say 10 times what we invested in it.
Mike Santomassimo : Yes.
Charles Scharf: But like all of — all enterprise software companies, it’s the company — it’s just — it’s the rate of growth over the next year or so has come down substantially, but it’s still a very high-quality company.
Mike Santomassimo : And then just more broadly, on the venture business, we’ve done — the team has done a great job over a very long period of time, and we still think it’s a very good business.
Operator: And that was our final question.
Mike Santomassimo : Okay. Thank you, all. And we appreciate the time, and we’ll talk to you next quarter. Take care, everyone. Bye, bye.
Operator: Thank you all for your participation on today’s conference call. At this time, all parties may disconnect.
