we will be hearing from brady dougan on those numbers. that's coming up just about an hour from now. >> another bank reporting earnings. societe generale is reporting fourth-quarter earnings for last year. it is france's number two. profits missed estimates. revenue in its core consumer markets falling while its capital buffer shrank as well. you income rising to 511 million euros from 191 million euros a year earlier. net income has increased but it has missed the 505 to seven -- 557 million euros expected. economic stagnation in france and a slowdown in russia where it has one of the largest retail branch networks have weighed on profit. profit from french retail net worth fell 15% to 241 million euros in the fourth quarter. that's the lowest in two years. the measure of financial strength falling to 10.1% at the end of december, a drop of 26 basis points from three months earlier. its russian business posted an 11 million euro loss in the fourth quarter, during which that country's economy suffered from a collapse in oil prices and a p

brady dougan: a lot of institutions like to take the alternative.them build a little capital as well. we had a lot of institutions that like that. we actually reduced over 50 billion dollars in balance sheet in the fourth quarter. we made progress on continued deleveraging. we set new targets for the end of the year. our view is we are continuing to be a ahead of the curve in terms of restructuring and evolving the business in a way that is mark efficient in terms of using balance sheets. we feel good about our ability to achieve those. that will put us at a swiss leverage ratio of 4.5% by the end of the year, which is strong. manus: that will keep the regulators happy. when it came to the discussion about the swiss national bank brady dougan ties up and says long-term is about cost mismatch. the more negative the central bank goes the more pressure inputs to review, pay cuts at the board. employees down 9%. paying the price. pay cuts, dividend holds deleveraging. reducing the risk weighted assets on the balance sheet. could he have gone further? he

the market was expecting brady dougan and credit suisse to agree to the dividend. ve the biggest one day gain in years that. when you meet brady, he is not a c.e.o. that is easily harried or hurried. quite measured. standing firm on this dividend. >> we have a strong operating result in the fourth quarter so i think that shows that the business continues to perform consistently and very solidly, which is good. on capital generation, we had a target for the end of the year, 10%. we were at 10.2. we exceeded that. went from 9.3% at the end of may to 10.2. you can see there is a lot of capital generation capability in the business. we felt a cash dividend consistent with last year. we are offering the option for shareholders to take scrip if they would like but we thought that was a right balance. >> do you think a lot of the institution would take the scrip dividend to afford you some flexibility in continuing to build capital. you have set leverage targets. a good year for deleveraging or a tough one? >> a lot of them like to take the scrip alternative. that is one o