banks looking at bultmann. i will give an example.n does not have a european on shore regulated entity. they are operating by paris, which is a branch of the london bank. within brexit and a hard brexit, jpmorgan to do business in europe will need an on shore regulated european bank. you will see more and more the need to be present in europe. >> i think we spoke about some panel a couple of minutes ago. comedy banks will be left, -- how many banks will be left five , to 10 years from now? >> in some countries, there are too many banks. in german and italy, there are too many banks. i think, if we look at the u.s. as a model, probably we could see in the future, which is not too far away, maybe something like 10 important -- systemically important banks in europe and smaller banks -- medium and smaller banks like in the u.s. if we want the markets to support clients all over europe that are supported in a strong way like in the u.s., you need banks that are able to operate cross-border regularly and there -- readily and there are too