filippo: yes.is a nice franchise to have, the problem, if you look at valuation, it is expensive. i think all the benefits are in the trend, especially europe and to some extent america. they're trying to buy this fear income. say the target [indiscernible] i have 25 ford earnings, you are out a lot of wage, there are a lot of teams allowed. it is people that leave two years after. you're kind of back in first place. dani: thank you so much for joining us here on the people of jp morgan's earnings. that is filippo alloatti, head of financials at hermes. coming up, more on the interview with the standard chartered ceo who talks about the carbon oxide space as we look ahead. more of that exclusive interview . this is bloomberg. ♪ manus: it is "daybreak europe." the day that banks are completely disengaged from fossil fuel is the day there is no more fossil fuels. face of you of the standard chartered ceo, bill winters. he spoke exclusively with francine lacqua. bill: one of the criteria is that you d