“We had a number of impairments across our venture capital portfolio this year. At some point, that should start to peter out, and we'll see that inflect.”

In context

“. So maybe just could you walk through some of the bigger fee income drivers and give your sense of puts and takes and how you’re feeling this year going into the fee revenue outlook? Mike Santomassimo: Yeah, sure. Thanks, John. When you look at the components there, I mean, the largest one is going to be our advisory fees in the Wealth and Investment Management business. And market levels are higher than they were this time last year. And so if that holds or gets better, as many people predicting, that should be constructive for that fee. When you start looking at the other line items like trading, the market’s got to cooperate. We’re happy with the progress we’ve been making across the different businesses there, but the market is going to have to cooperate as well for that to continue. We had a number of impairments across our venture capital portfolio this year. At some point, that should start to peter out, and we’ll see that inflect. And then the other fee lines should be pretty predictable for the most part, as you sort of look forward. John McDonald: Okay. And just to follow up on the net interest income idea of bottoming towards the end of the year, theoretically, what would be the drivers of that kind of bottoming? Do you have fixed asset reprice that helps? Or is it kind of assumed new asset generation? Maybe you could just wrap that into some thoughts about what would drive that inflection in the context of any update on rate sensitivity as well? Thanks. Mike Santomassimo: Yes, sure. Maybe I’ll start with the latter part first. And – as you can see in the data we gave in the presentation, we’re anchoring it to what was in the forward curve as of a day last week, which is not that dissimilar to what you have toda”