Charles Scharf: Well, so just — it sounds like you’re drawing conclusions to the pace at which we said we’re going to buy stock back, which I don’t think we have actually said. What we’ve said is that we haven’t been buying stock back. We’re absolutely — we anticipate we’re going to begin buying it back. As we think about how much we have available in that capacity, what Mike said was our CET1 went up to 10.6%. Our required minimum buffers are at 9.2%. And we — it said that we’ll manage 100 basis points above the 9.2% plus or minus. So, we do have substantial capacity but the ongoing earnings capacity of the company. And so, that is — that’s — our framework is to target a reasonable CET1 ratio. If in the future to raise the levels of capital because of Basel III in-game or whatnot, we’ve got earnings capacity to be able to do that.
But we do have the flexibility. And now that we’ve got resolution with CFPB and things like that, to be able to go buy stock back. And we’ll be making that decision based upon our views on the value of the stock and the liquidity in the market and things like that. But as we said, we do anticipate we’ll be back in — as opposed to where we’ve been.
Steven Chubak : Okay. Fair enough. More of my effort to assess the cadence and the magnet, but it sounds like you guys are quite comfortable leaning in here. So, thanks for taking my questions.
Charles Scharf: Sure.
Operator: The next question from John Pancari of Evercore ISI. Your line is open.
John Pancari : Good afternoon. I wanted to see if you could just give a little bit more color on the net interest income side. Maybe if you can talk a little bit more about the noninterest-bearing deposit mix shift that you think could continue here. How — it looks like that could be a pretty material offset to your interest rate benefits. So, I just wanted to see if you can perhaps talk about that and maybe also help quantify the runoff that you expect to continue on the deposit side in terms of balances overall. Thanks.
Mike Santomassimo : Yes. John, it’s Mike. I think overall, as I said earlier, we do expect a moderate decline in balances and some more mix shift changes as we go throughout the year. And so, you should expect that to continue. And it’s all the stuff that should be expected as we’re in this environment, and that’s what we’re seeing. And if you look at each of the businesses, we’re seeing it kind of most acutely happen in the wealth business as people move into cash alternatives, out of deposits, and that’s what’s happening in a lot of wealth management businesses these days as people move that cash around. And then across the rest of the consumer businesses, it’s part people looking for higher yields, but it’s also part people spending more.
And so, you’re seeing some of that decline come down as overall balances continue to decline as the stimulus has worn off and people continue to be out there spending. So, it’s a little bit of a number of drivers there. And I think as I said earlier, the — as you think about the NII pacing for this year, this first half of the year will certainly be higher than the second half of the year, given the trends that we expect to happen. And if those are a little bit better than what we’re modeling, then I think that provides some opportunity as we look at the second half of the year.
