when you look at what mr. thiam said, they had a pretty good quarter. he said he is leaving on good terms and setting there is no better moment to leave then when you are on top and the company is is sound, fiscal shape. this is switzerland second largest bank. they will have a french national. a french national with quite an interesting pedigree. he was born in ivory coast. it was in the ministerial position before the 1990 coup and has his background as a managing consultant. he really focus on banks and the insurance side of things pretty in 2007, he went to -- and then went to credential. the big question for him at credit suisse, what is he going to do with commodities? is he going to slowly pare it back though way dugan has but not do a massive scale like some have been advocating for? or is he going to double down and say this is an area where we can compete and this part is healthy and will be a profit center? what is he going to do a litigation front? yes, he is close to jack lew jack lew tried to get him to take the chief job at the world bank

dougan is out, mr. thiam is in. hans nichols, i do not want to spend more on the post mortal of -- the postmortem of mr. dougan. hans co. he survived a lot of the worst of it, right yak of the big calls for him were to step down in 2013, 2014. this is not about the litigation exposure, which is real, it is about the strategy of credit squeeze. are they going to continue to try to make money in debt? tom: is this a board action? mr. ciampa is known for -- this guy lights up insurance businesses. is that the mandate from the board? hans: it is a light of -- is it lighting up better stock returns? i would imagine. tidjane thiam has spent a lot of time there. it really gets down to what is credit suisse going to do? are they going to be a bank to private wealthy investors and private individuals, kind of like the track ubs has taken, or will they -- brady dougan split the difference and has pared back some of the debt trading, but not all the way. it is a strategy question that may be for the board, for the new ceo, but

mr. thiam may be close with jack lew.about the attorney general in the states, the state of new york? so many want some sort of a billet -- sensor ability on these banks. >> thank you very much. hans nichols reporting from berlin. >> china deflation in february came in higher than expected 1.4% year on year. that is after the country's central bank stepped up easing moves. . jpmorgan's chief emerging equity step -- strategist. how much should we read into this when it comes to the lunar new year? >> i do not think we should read too much into it. there were three areas where you saw increases. one was food prices particularly fresh vegetables. the cost of transportation going up train tickets, airline tickets. the other thing was general services. you have a big migration of labor back into rural areas. we're going to have to wait until march to get some sign of what the trend is. but the trend is running into this data point one of increasing concerns of deflation. 37 months we have had producer price deflation. this pre