tom: stephen, i want to get to chairman greenspan and his thoughts on negative rates, but first, who does barclays compete with? we talked about lloyds the other day. i get what they do; i don't get where barclays fits in with the new banking world. where is that? stephen: barclays at the moment is being propped up by its incredibly profitable business, credit cards in the u.s. and u.k. -- and its consumer bank. what isn't clear is where it fits in the global investment banking landscape. is it a dealer like goldman sachs and morgan stanley? is a trying something more universal like jpmorgan are citigroup? i don't think we have had a greec decent answer. it doesn't seem to be big enough to compete with the latter, but is too big to limit itself to the former. tom: right. what an interesting conversation. yesterday with alan greenspan -- he will be 90 years old and five days. he was exceptionally vital, talking about the economy, the politics. and here he is on the topic of the moment -- negative rates. >> up to a point, negative interest rates have no effect. why? because people are willing to accept, essentially, a negative interest