>> we are here for a leader funds like no other. some of the top corporate powerbrokers join me to set the table for the year ahead. the -- to know when where the dangers are. has arla mussina. he

knack for turnaround. he has made no secret that he wants to be a top former in europe. is in the ad world and has run publicist for 30 years. read like a roll call of global giants. not hise biggest is ambition. he just wants to be the best. leaders, he our runs one of the world's biggest insurers. born in ivory coast and schooled in france, he embarked on a career in business. than politics and back again. 2014 -- how did you all live it?

year for a difficult europe, there were disappointing figures on growth. the problem is unemployment. the saving of the antalya and italian families is important. year whereour first you are ceo and the share price went well. you came out well. are significant -- saving is the second in the world and italy. >> marius, you had a more difficult year.

>> it was a year of all the dangers. it has been horrible. mergerto call back the with dominic, which was supposed number it the largest, one and everything that area of our business. do to the fact that we were focusing on the merger, we had a very bad year in terms of trading. all of this has been very, very difficult. a very bad year. >> do take it personally? was it difficult on you as a person? >> everything that is happening, i am taking it personally.

everything bad i am taking it personally. it is affecting my behavior and morale, but at the same time when it is difficult, it gives me strength. the worst thing that can happen is the negative spirit. you have to avoid -- when something is bad. >> it has been on interesting year. >> the understatement of the year. know, in a way i do not mind the gold times -- the difficult times. the results were very strong. ceo, do you say that four, are you on

the lookout, for the next big pitfall? paranoid. ittely is part of my job to be structurally unhappy. if i allow myself to be pleased, i do not show it. >> what was the most significant day for you in 2014? > it was -- you feel that people stand taller. you cannot buy that. >> did you have one day? >> the day i made the it was toon in march. show them that we, and italian

bank, ken e the best in class in europe. >> you are a but your company and country and the world economy. what do you worry about the most? >> the current situation in eating a lot not of satisfaction and joy -- a lot of satisfaction and joy. something else keeping me awake at night, as the americans say, is the fact that the digital isruption is something that but alsour businesses the businesses of all of our clients. i am very much paranoid about

the business of my clients. how the digital thing will transform them. there is a lot to do in this area. >> it seems there is an opportunity in insurance. is, we are trying to grow. growth. be unhealthy it would come back to haunt us. in the short-term and long-term, you have to survive the short-term. think it is to manage. maybe they have been right and letting them go bankrupt. a goodeve it is now,

move or still the wrong move?

>> how much do you think about the new generation? the fact that they are always on mobile? >> my children are teenagers. i get a daily training. >> when you look at digital, it has an inflationary impact. look, i'm not only forced to sell at the cheapest point if i want to stay alive, at the same

time, they are increasing the deficit. the only ones are winning are the people who are on the side of digital. the impact on the other side is always negative. >> how much do you worry about the disruption? things that are in your control. how do you worry about the eurozone? >> all theconomy? positive effects that you can have, for example in italy. >> i think that six months ago no one would expect that the oil

price would be at the level that they are -- only six months ago. >> that is why it's very hard to predict. the world is so random. there a strong recovery in the u.s.. .sia is holding up fundamentally, all he can do is build an organization that is well diversified and flexible. >> do you worry about 2015? the growth is expected to be not bad. a negative point is europe, which is still lagging behind. the united states will still be very strong, as will be the world in terms of growth. china's starting to go back to growth. india has some positive signs.

>> are you worried that the central bank has done too much? issue.s a central the management fund was a big risk in 2015. it is a policy risks. the economy is fine. i'm always amazed by the strength of the u.s. economy, it is incredibly productive, innovative. they focus. >> focused on funding the economy. >> i do not want to play your role but i have a question. >> go for it. you can play my role. >> you will lose. you will lose the audience.

>> the question is maybe they have been right in making lehman brothers going bankrupt. do you believe it was, in hindsight, the good move or so the wrong move? >> fundamentally, here we focus on restructuring the bank and we first forgot the economy. the americans focused on getting the economy going, getting the real estate market functioning again. if you wish, the whole detailed restructuring. i was talking to a minister who was telling me than i cannot -- that i cannot address the deficit until i have growth. don't tell me he was french. >> i don't know if it was wrong or right, but at the end, the

way which now the supervisors are assisting the bank is still capital and not leveraged. the real problem is leverage. you have the bankruptcy lehman brothers, but a significant portion of the banks in the united states and europe that said leverage is too high. >> does the bank have leverage? >> no. >> yes. maybe not enough. >> there are a lot of leverage. there is no market. >> all the reforms in place and europe -- in europe, it means that we will not invest in infrastructure anymore. >> you have a system where it is the way in which you reduce the growth in the country. >> we are not filling the void.

because regulation stops us from filling the void. >> you cannot leverage the financial markets. >> no. >> you can only leverage the economy. >> it's a real problem. >> the creation of twitter, the creation of alibaba, did it on a fundamental level change your work? >> google is the fifth continent, a third country in the world. the reality is you need a huge amount people in order to leverage the platform, as we know. they cannot attract the best people. when you see the reserves that

they are doing, at google, when you look at the driverless car. insure a driverless car? >> no. we don't do any property and casualty. >> would you say your success is based on the fact that you are selecting the area where you are operating? >> absolutely. where to compete. where not to compete. we are very disciplined. it can become a hypermarket everything for everybody. ,but nobody is smart enough to manage that. is that the italian way? >> there is no other way. >> coming up. a good -- is it

a battle of the wits. ?

>> something you are touching on was talent. amazon, google have access to talent. how concerned are you about retaining talent? >> that is the biggest issue our industry is facing. there are these startups which are offering the possibility. of a dream. there are platforms offering a lot of money. there are some of our clients who are looking for talent that they can't get.

we are not celebrating failures, but we are considering that failure is unfortunately an option and people have the right to fail. the right to fail is very important. >> this notion that nothing should ever go wrong as long as the economy will be based on the market economy. there will be failure. we have to accept that it is a part of the way we learn, part of the way the economy becomes better. >> they will not tell you the truth. >> every ceo says that. that means, do i want to mess up? a lot of people would say no. you have to actually make sure -- how do you actually make sure risks? >>people take

it is important that people are competitive. if they do it, they are not. if they do not succeed they will learn so much in the experience. they will go on to do something else. you have to. also work ono pride. you have to be proud to be part of an organization of success. you cannot motivate people only with money. >> what motivates you? what motivates your employees? >> when i was a cfo, i had a completely different mindset. i had a top-down approach. when i was becoming ceo, if you and the people with you -- this is very important. if you say something, you have to do something.

>> what's your motivation? being the best? being number one? >> when i was cfo, i did not like to be on screen. my first interview was with francine. i think it is important for the symbol in which you can say, ok, you are saying the right thing. >> do enjoy it? do you enjoy that? it is a battle of the wits? >> i enjoy the fight. because, we are in a competitive world. obviously, everything is a fight. when i'm defending a ground, it's a fight against the competition. what i don't like is some fights, particularly with a

british knight which are going on the nasty. it is useless and mean and without interest. when i win, i am happy for five minutes. sometimes less. when i lose, i am disappointed for one minute because i'm going immediately to the next fight. >> a lot of what we do, i don't know if you agree, a lot of what you do is you have to be there. there's a great african proverb that says your heart and your feet always travel together. this is what you say to someone who tells you, marie's, i love you but i cannot be at your sons 's wedding. if you care, york feat will take you there.

>> you would outsource? >> i never feel tired of doing the same thing because it's always different. i never feel that i'm doing something which i don't like because it is much better that i live with somebody else. -- that i leave the position with somebody else. >> would it be better not having shareholders? >> listen, the judgment of the market is a good judgment. i don't like it always. sometimes i feel that they are upset with me. at the same time, my stock price has multiplied by 40 times in 16 years, so it's ok. >> i don't like to do with the ratingeal with the agencies. >> they don't understand. >> only looking at the superficial figures and not looking at the fundamentals.

>> i don't like dealing with politicians. that is a reason why we never do political advertising. >> because it's too difficult? or because it is another world. >> another world. >> where will you be in five years? >> i will be retired. >> you are sure? >> sure. definitely, that is clear. >> where will you be in five years? >> i do not know. i lost long time ago my faith in my ability to predict things. i remember december 15 saying there is one country and africa -- in africa where there will not be a military coup. ivory coast.

i have become a bit philosophical. i want to be surrounded by people whose company i enjoy and who i am happy to see every day. >> carlo, five years? >> i am only here -- from september 2013. i have a business plan to deliver in 2018. i hope to stay at the table with you and have another meeting. >> we would do it again in five years. is that ok with you? thank you so much. thank you. i will see you again in five years. ♪

>> 2014 was a year of risk and award for sting. >> nothing of value is devoid of risk. >> from lead singer to solo artist, and this year, a multimillion dollar show on broadway. why sting is telling this story and what the rock god thinks of today's biggest music starts. plus, what vanity has to do with his legacy. all on this on this edition of "encore." ♪ >> i look at you, sting. you have this amazing career. for you to go out again and risk your reputation one more time