joining us is gerard cassidy gerard, it's good to have you here it's been a tough year, probably no surprise there will be some trimming of staff. is there anything else going on at goldman in terms of a restructuring, a reorientation away from some businesses that this reflects, these potential layoffs? >> thank you for having me you did put your finger on it. i think, obviously, 2022 has been a very difficult year for the investment banking business. in particular for the ecm business that being said, though, goldman has the added challenge of restructuring their consumer banking business, and this business which they diversified into about three or four years ago was expected to try to smooth out their earnings from the cyclical investment business and they've struggled since jumping into it. they've been very successful with their markets deposit product. as a result, there's going to be reorganization they'll give more details when they announce their fourth quarter results in january. >> i was just looking at ballpark numbers in terms of revenue per employee at goldman and it's up this

joining us now is rbc's gerard cassidy, covers banks for a living gerard, i've got to say the financialsen in call for a lot of folks for a long time and they haven't really worked out for a long time. so why are you optimistic about the banks, what's changed in your mind? >> dom, i think what you're going to see is that the bank stocks should do pretty well once the fed reaches its terminal rate from the fed funds rate you go back to the last four tightening cycles, including the 1994-95 cycle. you'll notice the banks do well once the fed reaches its terminal rate for fed funds. you're calling for a terminal rate sometime in the spring of 2023 between 5 and 5.5% i'd also point out the banks are doing really well from june -- or july 1st, through about three or four weeks ago, and they outperform the market. but since, to your point, th last three or four weeks have been really rough for the banks. >> so gerard, there was a point in time when people used to look at this steepness of the yield curve, as a way to kind of gauge whether or not the banks would be generally speaking healthy. m