A lot of people were surprised when Credit Suisse announced in December that it was cutting back on its investment banking business. Tell us about that plan.
We articulated in December, I think ahead of any other firm, what we called an acceleration of our existing investment banking strategy. We are focusing on more liquid products where Credit Suisse has already seen good momentum, such as algorithmic trading, cash equities, prime services, rates, foreign exchange, high grade credit and strategic advisory businesses. Now it seems everyone is talking about focusing on clients and the flow businesses, but I think we've had almost a year of executing on that strategy, and it's a viable one....
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