“So as we look forward, we expect to continue to produce strong returns in the near-term and we remain confident in our ability to deliver on our through-the-cycle target of 17% ROTCE.”

In context

“the middle of the year, with the associated charge-offs following about 6 months later. As a result, loss rates in 2023 will still be normalizing. So while we anticipate exiting the year around normalized levels, we expect the 2023 card net charge-off rate to be approximately 2.6%, up from the historically low rate of 147 basis points in 2022, but still well below fully normalized levels. So let’s turn to Page 13 for a brief wrap up before going to Q&A. We are very proud of the 2022 results, producing an 18% ROTCE and record revenue in what was a quite dynamic environment. Throughout my discussion of the outlook, I have emphasized the uncertainty in many of the key drivers of 2023 results. And while we are ready for a range of scenarios, our expectation is for another strong performance. So as we look forward, we expect to continue to produce strong returns in the near-term and we remain confident in our ability to deliver on our through-the-cycle target of 17% ROTCE. And with that, operator, let’s open up the line for Q&A. Operator: [Operator Instructions] [Technical Difficulty] is coming from the line of John McDonald from Autonomous Research. You may proceed. John McDonald: Hi. Good morning, Jeremy. I wanted to ask about the NII outlook, Slide 10. The range of outcomes on deposit costs is quite wide. As you mentioned, it looks like 1.5% to 2% demonstrated there. Does the $74 billion NII line up with kind of the midpoint of that? Maybe you could give some color about kind of the drivers of the $74 billion and where that lines up on this range of deposit cost outcomes? Jeremy Barnum: Sure, John. I mean I wouldn’t take the chart on the bottom left too literally. That’s just supposed to give a stylized indication of the fact that relatively small change”