John Pancari : Okay, Mike. Thank you. That’s helpful. And then separately, you gave some pretty good color obviously, around NII expectations now. And then also on expenses. On the fee side, can you perhaps give us your expectation there around overall growth that you expect in noninterest income and maybe some of the major drivers of where you see growth and if you could possibly size it up perhaps around the investment banking area, etc.? That would help. Thanks.
Mike Santomassimo : Sure. And so, as you break apart fees, the biggest line item there is the investment advisory fees, and that’s going to be somewhat dependent upon where the market goes. So, if we start to see recovery in the equity markets at a more substantial pace, that will obviously be a big benefit for that business. When you look at some of the other line items, deposit fees, as I mentioned in my commentary, most of the decline that we were expecting to see as a result of the overdraft policy changes and new products that we implemented is in the run rate. You may see some pressure there related to earnings credit on the commercial side, but the run rate decline for overdrafts is really in there. When you think about investment banking fees, that’s going to be somewhat market dependent.
We’ve seen — it’s too early to know how that’s going to shape up in terms of the overall industry volume there. But as we continue to make the investments in our investment banking business over a longer period of time, we would expect to see some growth there, both in how we go after that opportunity in the commercial bank and middle market space, as well as our other large corporate clients there. And so, a lot of that’s going to be dependent on the market. But we’re confident that we’re going to be positioning ourselves better and better to take advantage of it. And then we talked about mortgage. Mortgage is a small piece of the — it’s a much smaller piece of the puzzle than it was today. So, we don’t expect that to be
Charles Scharf: A smaller piece today than it was historically.
Mike Santomassimo : Sorry. Smaller piece today than it was historically. And so — and that’s going to be a pretty challenging market until — in this rate environment. So, I think we’re confident in the investments we’re making that will pay off over time, but it may take a little time to start to see some of that come through depending on the market dynamics.
Operator: The next question comes from Ebrahim Poonawala of Bank of America. Your line is open.
Ebrahim Poonawala : Good afternoon. I just have one question. I guess, Charlie, in your opening remarks, you mentioned that the impact on customers from higher rates, I think you implied was not getting worse with the incremental sales. Was that the right takeaway? And if so, and if the Fed were to stop after another hike, do you actually see that the impact your customers may not be as meaningful as feared over the last six to 12 months and implications of that on the credit quality and the credit performance of your book? Would love to hear any perspective you can share.
