“I would expect that there is going to be – there could be some further declines as we go.”

In context

“ents moving to higher-yielding cash alternatives. Now, we are also seeing more broadly, clients move into cash there in a couple of areas where we have seen cash alternatives grow substantially, not just as they migrate away from deposits. So, that’s a piece of it. And then I think on the rest of the book, it’s – what we are seeing on the consumer side is a lot of spending. Not as much people much – migrating away from us, or maybe there is a little bit of that, but it’s really people out there spending. And then on the corporate investment bank, which are going to be some of your most rate-sensitive deposits, we are seeing the activity we expected to see, which is there are some clients moving into the other alternatives, but we still see many clients staying in cash with us as well. So, I would expect that there is going to be – there could be some further declines as we go. John Pancari: Got it. Okay. Thanks Mike. Appreciate the color. Operator: The next question comes from Erika Najarian of UBS. Your line is open miss. Erika Najarian: Hi. Good morning. Just another question on expenses, if I may. I guess the market – what the market is telling us today is that so long as the core expenses are as expected, the market seems to be looking through higher op losses. And as we look forward, Charlie and Mike, as you think about the budgeting process for next year, I think the Street expects operating losses to be improving to be a strong contributor to expense improvements going forward, even off of that original $1.3 billion expectation. I am just wondering, as you think about the budgeting, do you continue to contemplate adjustments on the core? Meaning, cutting”