tom: gerard cassidy, what are they going to do about headcount? here, like in every other industry, is a solution by technology. how many jobs does technology take? gerard: tom, it is a really good question, and in fact, in this report we wrote yesterday about expense growth, we were looking at the headcounts since 2008 for our major banks. in the cases of bank of america and citigroup, they are down materially. jp morgan, not the case. primarily you might remember, tom, back in 2008, they acquired bear stearns as it was failing, and they picked up the failed washington mutual. but to your point, what we are seeing, because of the digitalization and the delivery of bank products through that channel is less of a need of people in branches, and we are seeing those shrink. it is tough to really calibrate for every dollar of technology spending, you need .5 less people -- that is a tough calculation to do, because we just don't have the data to be able to accurately do that. needless to say, as the digitalization increases and the penetration rates i

dream for over a decade and we're seeing the fruits of it >> joining us is rbc capital markets gerard cassidy seen and heard albeit we haven't heard from wells fargo on the conference call >> david, thank you for having me back and you're the re, the numbers that have been reported have been very strong, particularly in the capital markets area the advisory area, that's the mergers and acquisition fees that these companies earn, are generally up 2x over a year ago. you also saw strong ecm numbers led by the strong ipo market and then on the trading side, equity trading was strong for all of these companies. the vix was down but compared to a strong third quarter last year across the board the capital market numbers highlighted as will fred said about morgan stanley really putting up some incredible numbers >> yeah. and james gorman, when he joined us about 30 minutes or so, he think they can keep it going maybe not at the revenue growth rate they're seeing but it was confident. >> i think what's going to be interesting in response to a question i had on the earnings call, talking about the fu