axel weber and tim adams. good morning, gentlemen. >> good morning. >> so axel, we had good earnings from jpmorgan. overall, it's been a rough year for the european banks between low and negative interest rates, commodity weakness. is the worst behind them? >> very hard to say that at this stage, but we had a challenging fourth quarter, and it continued into this year. we're seeing more bright spots now. we've been in a market correction. it's too early to talk about when that will end. i see some further challenges over the summer. we have the very difficult debate in europe with brexit. there's a continued debate about how to deal with the situation in greece. we continue to see more challenges over the summer. >> brexit in particular, the warning has been on financial flows and the banks. do you see this as a real risk? how should banks prepare? >> it's very hard to prepare for a situation like that. i think all it requires is optionalty. we still expect the situation will sort of work out over the summer an