let's move to abn. the profit there is comfortable. the market -- the operation side of the business is just ahead. the cost of risk is expected. this is very much along the entire theme of the banks. it is flattering the numbers. this is in a post-covid world. bloomberg intelligence was focused on the net interest income from abn. this will be on the lower turning point for them. that is the top line on abn. onto pivot over, this time from credit. two different narratives coming through from abn and credit agricole. stable amid a bond training slump. the third quarter profit jumps. that beat the analyst estimates. it beat the most optimistic number that we had. the provisions, this is the critical point. they dropped, for 60 million euros on the survey, strong results is what they are saying. those are the themes. allianz, this is important. they talk about third-party net inflows at 19 billion versus 9 billion on a quarter, quarter basis. this is where the conversation will get interesting, when we catch up with the cfo in a while. t

abn has been in place for 19 months preventing nine noncitizens -- how the removal of the band will obviously reporter: well, torres and experts say this is a big deal and a big shot in the arm for the local hotels and small businesses. that is because it will bring out a lot of tourism money for folks down in silicon valley to san francisco, all the way up to the napa valley. >> i'm just coming back from germany, uk, and italy. >> he is glad to be home, after a successful trip. >> to be able to shake hands is always good. >> even better, he says, is the was opening its borders to international travelers starting on monday. >> it has been difficult to get my customers into the u.s. but most of the kind cases, visiting abroad to visit them. the san francisco fairmont are seeing a big ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ -do you have cheese? -of course! more cheese for less cheddar in our dairy. -do you have kale? -absolutely! more kale for less cabbage in our produce section. -how about pizza? -yep, more-- -more pizza for less sale in the freezer section? -now you're getting the hang of it. -♪ grocery outlet b

in contrast, the one hired by deutsche bank has experienced with abn amro. been an executive in insurance. he does have a little bit of investment banking but it is from a wild back. that seems to be a lesser indication of investment banking focus. francine: what exactly do these banks need from these chairs in the next 10 years? a focus on finance? how do these banks grow and gain market share? >> it is about growth for both. in wealth management for ubs and investment banking for deutsche bank. both executives hired for the banks have digital experience and that is something both banks have been highlighting for a long time. all banks are investing a lot of technology in digital. those should be traits that help the banks. ubs has a new ceo. he needs a sparring partner. deutsche bank has had a ceo for a bit longer. we will see how they interact. tom: stephen, thank you in terms of the latest on the changes for the chairman at ubs and deutsche bank. and the importance of digitization. let's get a bloomberg business flash. laura: ericsson has agreed to purch

born and raised in cincinnati, ohio, doctor miles holds an abn afro-american studies from harvard university, an ma in women's studies from emory university and phd from the university of minnesota. currently doctor miles is a professor of history and the ratcliffe alumnus professor at harvard. she's also the director of the charles center for studies in american history. now i'm not kidding what i say dr. miles is prolific. she's the author of six books. her first book ties that bind, one an award from the organization of american historians, and the lower america prize for american studies association. the house on diamond hill won the national council on public history and the american society for ethnic history book prices. her novel yes, a novel, the cherokee road was a land of literary award finalist. the don at detroit won an award of social history, the james rollie prize in the history of race relations from the organization of american historians, the james bradford best biography prize from the society for historians of the early american republic, the hurston wright legacy award

we will be speaking to the ceo of abn amro and unit -- munich re.ooming demand for goods and a deepening supply chain crisis have driven prices higher. we will be speaking with deutsche post about their third quarter earnings, next. this is bloomberg. ♪ bloomberg. ♪ dani:dani: welcome back, everyone, to "bloomberg daybreak: europe." i am dani burger in london. deutsche post raised its annual profit forecast by 10% after restoring air rates boosted earnings despite a squeeze from global supply chains. let's dig into it more. joining us now is frank appel. good one to you. thank you for joining us pick let's start with your rise in full-year forecast driven by these rates which have been climbing. how long do you see those rates being sustained at the level they are at? frank: this is the most often asked question. this is very difficult to predict. the good news is that our b2b business has pulled back and commerce is on a very good level and that means a lot of our customers have a lot to do and that has led to limitations for the supply chains. cap