“So I think those – that program will continue to evolve, but we still feel we’ve got more opportunity to drive incremental efficiency, and we’re on track for the things we laid out.”

In context

“he beginning of the year, and so you’ll see some of that come through those numbers as well in there. As it relates to 2023, as Charlie said in his remarks, we will lay that out in more detail in January. John McDonald: Okay. Maybe a broader comment just on efficiency and where you are relative to your longer-term targets? Mike Santomassimo: Yes. No, I think we’re right on track on the plan that we laid out, John. And we said we would deliver about $3.3 billion of impact in 2022, and that’s – we’re on track to do that. As we – as Charlie and I both said a number of times, we’re not done, and I think there is still more opportunity. And we’re going through those conversations as we go through our budget process now, and continuing to unpick the onion around where there is more opportunity. So I think those – that program will continue to evolve, but we still feel we’ve got more opportunity to drive incremental efficiency, and we’re on track for the things we laid out. Charlie Scharf: And John, the only thing I would add, because I know it’s on a lot of people’s minds, is that – I mean, from our standpoint, there is nothing new in our thinking from what we’ve talked about last quarter, both in terms of where the opportunities are and how we’re thinking about the future. And we just do think that it makes sense when we get to the end of next quarter, when we talk about our path to a 15% sustainable through different cycles, ROTCE, that’s also an opportunity to talk more specifically about expenses and how that fits in, including what it looks like for next year. And so by that point, we will have finished our budget process. We will understand all the puts and takes, and be in a really good position to talk about it. John McDonald: Got it. Okay, thanks.”