After our acquisition in North America, this is now a very strong foothold in China.

We will continue to consolidate, but only to consolidate if it makes sense. China for us makes a lot of sense, because one-third of the steel production in the world is done in China. So, if you have global ambitions, you have to be there.

What is very interesting when talking about electronic music is that - I would say that rock and roll is called the ethnic music born in America that invaded the world. Electronic music is certainly kind of ethnic music born in countries like Germany and France that has invaded the world.

America is not like a blanket-one piece of unbroken cloth, the same color, the same texture, the same size. America is more like a quilt-many patches, many pieces, many colors, many sizes, all woven and held together by a common thread.

Just what is it that America stands for? If she stands for one thing more than another it is for the sovereignty of self-governing people

We are probably at the point where the trading cycle is slowing, at least in North America, and it's tough to say investment banking will get better. But the retail and asset management businesses look really good. That's what's exciting to investors.