for citigroup and pmorgan, $19.4 billion. it doubled to 32 cents a share the stock is bumping up despite having to recommit the plan and being conservative there is one firm being conservative and that is capital one. they will be buying back billions of shares compared to 2.5 and 40 cents a share per quarter. the reason being the fed had objections on a conditional basis to the way that capital one manages risks and models for potential losses and what the fed called one of the most material businesses. they cleared with continues and have to resubmit by december 28th if it doesn't meet muster, the fed can freeze the capital plan that capital one has in place. this has taken on a new tone the senior fed officials said the banks are capitalized and the u.s. financial system is safe >> this would give ammunition to those who say there should be lighter regulations on the banks and not even this level of stress test next year. >> the criticism is that regulators are trying to litigate the past crisis while the stress test have

. $64 billion will be bought back andeen bank of america .pmorgan and citi it took seven years of a lotof pain, but we are getting there. >> absolutely. this is part of the process of the business cycle maturing. as you see, when you have a debt crisis, what tends to happen is that banks essentially have to increase their capital. we have this process of regular tightening. now we're seeing the light at the end of the tunnel with regulatory easing to some extent. tos is being given back investors. the caveat is that, is this a ?ullish or bearish signal is something you do when you don't see a whole lot of growth prospects going forward. manus: what we have is the differential between u.s. and european banks. bust,ks virtually went although there could be a different interpretation of that. the tangible value in the u.s. versus the stoxx 600 rally. from a derivatives point of view, do you believe it's going to take seven years to see that kind of gap close? is that how you look at the prism of risk in bank stocks? kokou: you have to rumor the --ce-to-book multiple is the divided by the c