Jonathan Ferro

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?

difference between how the politicians and the policymakers talk about america right now in 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.

That feels like a cloud that's hanging over this bank right now.

How quickly do you think we can resolve it?

I'm sure you do.

From the strategic standpoint, how is it holding you back?

How is it distracting you?

What are you prevented from doing that you would like to do right now?

Where do the costs come out?

Are you satisfied with the size of the workforce?

Does more need to be done on that side of things?

This is the top of the to-do list for you, and then someone else is going to step in eventually.

You've offered your thoughts about where that someone might come from, that you'd like to see them come from internally, from within the bank.

Are you open to someone coming from the outside?

What's the timeline for that process now?