mr. staley: barclays is can -- committed to the u.s. investment space.e like the hand we have between new york and london. we are a set up bank and the u.k.. 30% of the country's gdp goes through our payment systems every day. we have a strong consumer business in the u k, germany, and the u.s.. we have more credit card uses in the u.s. today that we have the united kingdom. we have a great corporate bank, a strong investment bank. we have some news on deutsche bank today. is it better for you if you are stronger on your own, or do you need at her rivals in europe? mr. staley: the investment banking industry everywhere is having a difficult time. you could argue that almost no investment bank, the american, german, or british, is covering its cost of capital. for thenot healthy financial system globally. it is not just an issue in germany. it is an issue also in new york. if you look at the return on equity's of the u.s. investment banks, you have to say this industry is still structurally impaired. francine: but this is what -- again, when do we get tha

mr. staley aspires to?ou remember what dimon left us is he left us a very powerful fixed income strategy. big equity business north america trying to build it internationally. what have we found out since the crisis? fixed income and the trading businesses simply have to shrink, there is no question about that. we are seeing this lackluster return around the world. this unfortunately leaves barclays with a very narrow trajectory that they have to go through. they are trying to keep the powerful businesses within the u.k.. businesses, and shrank the others. a do not want to go in the direction -- they do not want to go in the direction of the royal bank of scotland where you get too small and your investment banking franchise falls apart. operations in europe and the united states, and smaller ones around the world, there is no rulebook or directions how to do this. we know how to grow an investment bank but he faces the issue of can he get to a size that is going to be profitable and generate the are a we?