Sergio Ermotti

Let's talk about that.

Is that something you want to do organically or through an acquisition?

I think that we have enough to do organically by doing better what we can do.

We are enhancing our product capabilities.

We just got a national charter application being approved by the OCC.

We are expanding our interaction between the investment bank and our wealth management people.

So I think that's...

more things we can do to get better and stronger.

Not quickly.

I think it's a political process.

Most likely, we're going to find out the direction of travel, you know, in the middle of the second quarter.

And then it's still a political process.

But you're right that this is something that has been quite distracting for us, although we have been quite successful in managing the integration of Credit Suisse.

It's almost completed.

We are almost, you know...

three months to go and then the vast majority of the job is done.

But we look forward for a resolution also.

At this point in time, to be fair, nothing because, you know, executing the integration is the top priority.

We cannot be complacent, although 90, 85% is done.

The last 15% is as important.