“In terms of deposits performance on the way down, I anticipate commercial and wholesale type balances will go down just as fast as they would come up.”

In context

“: Got it. And one follow-up question for you, John. Thank you for giving us some of the components of the NII. I'm just wondering, as you mentioned QT, are you generally expecting deposits to be down -- total deposits to be down even if DDA mix shift abates? And also, how quickly do you think the deposit betas on the way down can react to each Fed rate cut? John Stern: Sure. In terms of -- the first part of your question in terms of QT, we do anticipate QT to be throughout the year. And so that's going to, on whole, put pressure on deposits throughout the year in terms of balances. And so, we don't expect a lot of growth overall in deposits, but we'll -- we have ways to manage through that. Of course, they're talking through various ways to change the QT, but that just remains to be seen. In terms of deposits performance on the way down, I anticipate commercial and wholesale type balances will go down just as fast as they would come up. On the retail side, it's going to be more of an arc. It'll take some time for that to turn. But those are our expectations. Erika Najarian: Thank you. Operator: Your next question comes from the line of Mike Mayo with Wells Fargo. Your line is open. John Stern: Hey, good morning, Mike. Mike Mayo: Hi. So, I wasn't clear, are you guiding for flat, positive or negative operating leverage or none of the above for 2024? And more generally, I mean, the real question is, when do you get back to your historical efficiency ratio? I think you talked about this at a presentation in December. I mean, 61% core efficiency in the fourth quarter isn't exactly like legacy U.S. Bancorp, and that's up 300 basis points year-over-year. And earlier last decade, you were 55%. Going back further, you were the lo”