filippo maria: good morning.ost important thing is that is in thement bank second quarter and it is taking shape the idea that the rate of the investment bank which has long been a weakness of ubs, which is very positive. on wealth management, a little we will take him at his word. that the wealth management aspect of ubs is growing. for me, the glass is half empty. ejra: if we look at ubs' equity performance, it has underperformed some of its competitors like barclays and credit suisse. equity from the perspective. how compelling is it ubs from its peers? it is moreia: defensive. it has been quite strong for a couple of years. there could be a correction. people appreciate the defensiveness and if clients do not trade, it is not great for the managing of the bank. ubs.e they still go to ubsef: we have heard from and also from julius baer in the last 24 hours. as the bank results continue to trickle in. is there a common thread you would point to? filippo maria: one big question clients see as the potential for e