Anybody who tells you that a flat yield curve is fine or that rising interest rates are good for the banking industry isn't in the same banking industry. Clearly these things are not helpful, but there are ways to manage through it. |
Downgrades like that one take particular courage, not just because it upsets company management -- which we are always okay with doing -- but because it's telling clients things they don't necessarily want to hear. |
For banks to be global, they need to -- in their estimation -- have a strong securities presence. For companies to have a strong securities presence internationally and globally they have to have a strong presence in the U.S. |
Some of it is because things haven't worked out as well as we hoped. |
the pipeline continues on record levels for the corporate and investment bank. |
we're pleased by what we see. |