Carol Masser

It hasn't stuck.

Is there something different about the way we're set up for 2026?

It feels like that's a diplomatic way of saying South America sometimes.

I'm not going to put words in your mouth.

I'll tell you what others are saying.

PIMCO is talking about a multi-year period of diversification away from U.S.

assets.

We've seen from others moving out of U.S.

treasuries.

There was a headline earlier on this morning about a very small Danish pension fund.

And they've got their own issues in Denmark right now, given their relationship with America.

What are you seeing development?

between how the politicians and the policy makers talk about America right now and the backdrop for international relations and how a business person thinks of America, the economy and the opportunity.

I've mentioned this stat a number of times already today about the survey that PWC put out.

They surveyed four and a half thousand CEOs and the top destination for capital for investment, America.

And it was up on last year.

As a bank boss right now, a CEO, who's thinking about expanding around the world, why is US still top of mind for you?

It sounds like you're on the front foot at the same time as the bells ring behind me.

I'm reminded of where we are, Switzerland, and the issues on the horizon potentially for the bank.

And that's capital requirements.