. >> earnings from standard chartered, let's start with hbsc. talk about the buyback as far as the session from today is concerned. >> that is the big thing that investors appreciated from the bank today. they have been concerned about the capital generation and return of this institution as it faces headwinds that we talked about, the low interest rates are squeezing down on the profitability, whether they are able to come up fast enough. and today, announcing that they will be selling the brazil unit, and that will allow them to carry out the buyback they announced this afternoon. >> this is an asian story, so are we now starting to see some light coming with the big restructuring of the bank? >> both banks reporting 45% drops in earnings on the year and the year basis for the half-year and that is really negative. but hopefully, we are turning the cycles for these institutions as they are cutting costs and generating capital from disposing of loans. standard chartered, operationally, they are doing the best they can in a difficult world. >> p

or commerce bank and one of the other banks, the institution, the result would be almost like the hbscmorgan lesms, too big to fail and we encourage banks to shrink back a bit. francine: it's tough being a bank, no growth, negative rates and difficult to make money and you have to downsize. the share prices of a lot of the banks have fallen so much, is there a point they can only go up because they've cut the cost and they start to be in better shape. antonin: there's basically value in them. they're still presenting headwinds and i think you listed most of them. the one i would add even more in europe is the capital need. so if you think of consolidation, there would be a logic of merging to try to handle some of these capital needs. so can it be an underlying trend to the sector on a european basis? most likely. but to the point made t would be more the bigger ones consolidating the smaller ones. the willingness of regulators to let another big bank build up is quite low. francine: it could be systemic so it's easier to build capital but then you become a bigger risk not to society b