Bob Diamond

Automatically, the ROE goes up because the asset prices are different.

So when we look at the cost savings, we look at the increase in ROE.

We look at 4,500 banks.

We look at too many or too small to succeed.

This is probably the best investment we've seen where the downside is really, really protected, and there's good upside.

It's happening.

Your forecast is happening.

We've seen it with Fifth Third and Comerica.

You're suggesting there's more to come.

You talked about how region-specific some of these issues can be.

Is there a common thread in the consolidation so far?

I think what we have seen is where the synergies are most clear is in-state and close to state.

So when you have a really good front office, meaning you have a good business around deposits and loans,

And a similarity in terms of region where you're really adding clients and customers and taking out costs, those are the best opportunities.

But not in terms of where in the U.S.

It's more that in in-state and close to state is the preference.

No.

We've seen idiosyncratic issues.

We've seen certain banks that may have a specific name issue.

But the truth is that 40% to 50% of lending to small businesses in the U.S.