with us as thomas michaud. oming out and prospering in the banking business. what does it signal, these two combinations? thomas: it talks a lot about how there is so much transition in our industry and a lot of consolidation the we advise on and within our industry. it is a signal we are trying to become more important to our clients. we are delighted with the link up with a great retail firm. we have a great retail presence that we can bring to ever clients, so we are each looking to get bigger with more scale. -- tom: and more geography as well? thomas: we have 350 offices around the country as well as a good presence in europe. kbw has expanded on the stable presence in europe and we have a footprint we have been able to do in concert with our partnership. nejra: what is your take on the european banking industry, particularly with the developments at deutsche bank? thomas: it is critical at the moment, and one of the most important benchmarks for banking today is how consistently can a bank earn a return on

is why are these stocks so cheap right now i think has been a big talk of this conference. >> thomas michaud for joining us. >> thank you. >> kbw. >>> we've got an earnings alert on electronic arts, julia boar stin. >> revenues beat estimates net bookings, that's the revenue number we watch coming in at 743 million. that's better than the 719 estimated. the company reporting earnings of $4.57 per share, that's not exactly comparable with estimates because of an income tax benefit calculated into those earnings the company's saying we delivered operating results significantly above our expectations, driven by the broad strength across our core franchises, and they mentioned apex legends, which is a new game that's competitive with fortnite as one of those farkts driving success. guidance coming in line with expectations, you see shares trading 3% higher in the after hours. guys, back to you. >> julia, thank you very much. mike, this clearly in a very hot space but hasn't really taken part in the last 12 months or so. >> the stock itself has been kind of in the penalty box because of the fortn