i think james gorman of morgan stanley -- he refocused the institution from trading. you said in the large u.s. firm -- citigroup is shrinking. is the distinction here that these are quantitative people? particularly mr. gordon -- mr. gorman -- are the days over of the swaggering bank ceo of? davide: yes. in my view, that is very important. you need to be profitable. what does that mean? myself as a central banker, i provide liquidity. banks priced for the new utility banking? davide: in my view, they are. there is upside to banking both in europe and the u.s., and the reason is simple. they are going to have the same earnings as utilities. tom: and this is like nestle, a food-boring utility stock. thathat can station -- but consistent cash flow gives you better volatility down the road. francine: you are seeing, for example, thanks struggling because of their exposure to the emerging market. so the utility becomes messy if you have big market share, emerging markets, and they end up spending because of the slowdown in china. davide: your point is absolutely valid. yo