The earnings were about a penny or two more than expectation, but because the source was investment banking, it probably doesn't excite the market that much.

'Tis silence all, And pleasing expectation.

There's a reasonable expectation that at some point there will be further consolidation and Lloyds, of all the high street banks, is probably in the most tricky position in terms of how it's performed and the size of its dividend, and for that reason it's more vulnerable.

The expectation was that the economy was going to get better and wages were going to rise and employment was going to increase. But you have the ingredients for a fundamentally different economic picture - one that's not so promising.

Right now I think the expectation is that a lot of these companies are meeting muted estimates. I think you'll see earnings guided higher, but that outlooks will be tempered.

As a condition of the original investment. We have to follow state laws.