“The run rate expense associated with that group was approximately $475 million, and we expect the benefit in 2023 north of $200 million associated with that.”

In context

“ficiency ratios go the other direction. So I mean, I think investors would appreciate some detail on some of the benefits of what you might get on the expense side, okay, you’re scaling back consumer as I asked you last quarter, you said you were losing money so maybe you lose less money. The headcount reduction should allow you to save money. So can you ballpark the benefits to expenses from the moves in consumer and the headcount reductions? And along those lines now that you’ve moved capital well above the regulatory and your own firm’s target buyback so cost and buyback kind of what to think about for 2023? Denis Coleman: Sure, Mike, let me take that. So unpacking a couple components. So we exercised a headcount reduction earlier this year, approximately 3,200 employees left the firm. The run rate expense associated with that group was approximately $475 million, and we expect the benefit in 2023 north of $200 million associated with that. Beyond that, we have a series of non-compensation expense initiatives. We’re setting out guardrails for our business leaders to drive more efficient levels of non-compensation spend. The narrowing of the focus in consumer is important. There are a number of ways in which we could have chosen to expand the offering and capabilities of that. The focus is now narrow. And then finally, as you identify, we have more flexibility with respect to capital deployment, which we intend to take advantage of. Operator: Thank you. We will take our next question from Brennan Hawken with UBS. Brennan Hawken: Good morning. Thanks for taking my questions. I just wanted to follow-up on some of those questions for Mike. And just really be honest kind of surprised to not hear that there were restructuring and”