When the Fed first imposed the growth restriction, Wells Fargo estimated the impact of the order on its profits to be $300-$400 million, though it now estimates a $100 million loss due to the delay. We believe that these figures do not fully reflect the financial impact of the restriction on the bank, as it does not account for the loss in business from the hit in customer confidence. Further, Wells Fargo was able to keep its balance sheet in check over 2018 without significantly affecting its results through steps like selling off short-term investment securities and trading assets, and liquidating non-core deposits. That said, these options are now less available to the bank, and we expect that it may have to sacrifice some growth in its core loans-and-deposits business going forward – which would hurt more the longer the restrictions remain in place.