“And so it’s a whole mix. And just think about it as expenses you should expect to go up a little bit in 2023.”

In context

“inancial sense that there is a tangible return payback from that, but we know that they’re absolutely mandatory. So, when we think a little bit about the revenue outlook in our kind of normalized run rate, we are certainly assuming that many of the investments that we’re making now and that we’ve made over the last couple of years will produce the revenues that we expect in that time horizon. But, a lot of what we’re doing is not of that nature. And in some sense, those are actually the most important investments because they’re the hardest decisions to make. Jamie Dimon: And some are very basic. Opening 400 branches, $800 million a year, obviously, the payback comes over time, adding thousand of sales people kind of know pretty much what the payback is, but obviously, it comes over time. And so it’s a whole mix. And just think about it as expenses you should expect to go up a little bit in 2023. Jim Mitchell: All right. That’s helpful. And then, just a follow-up on -- just on the NII. I think futures markets are now pricing in four hikes. I think you have three in your assumptions. If we do get a four hikes starting in March, is that a material change to the NII outlook for this year in your models? Jeremy Barnum: Yes. So, if you look at the bottom left-hand side of page 16, footnote 3, an extremely small print, you will note that the implied curve that we use is from January 5th. So, you can take that curve and whatever the current curve is and use the table on the bottom right and add a long list of caveat that I won’t give you and draw your own conclusions. But I mean, it should be a modest increase, modest additional tailwind, very modest. While we wait for the next question,”