With Bloomberg you get the story behind the story, the story behind the global birth rate,

behind your EV batteries environmental impact, behind sand. Yeah, sand, you get context.

And context changes everything. Go to Bloomberg.com to get context. context and

you know, you know, context changes everything. A great investment bank franchise here in New York and in London

and you know being one of the few European investment banks out there today I think it's a competitive

advantage for Barclays.

How though does ring fencing, right, the funding cost that that imposes on your bank,

the UK balance sheet tax, bonus caps, and the senior

manager regime not put you at a disadvantage relative to say J.P. Morgan,

Bank of America. Citigroup, Goldman Sachs, Morgan Stanley, the list goes on.

You know, having worked at J.P. Morgan, I assure you, there's no one there saying, boy, we have a huge

competitive advantage because our regulators are so nice to us. I mean everyone is facing the regulatory

challenge of adjusting to the new realities of the financial markets. I fundamentally

believe that the UK regulators want to see a British bank. I fundamentally a

a British bank within the leading investment banking group.

Remember, it is, however, only 25% of our risk capital. We are predominantly a retail consumer

corporate bank but I think the UK would love to see a British bank as a major

player in the world's capital markets and that's what Berkeley is today.

Okay, since you've created an opportunity for me I want to play a scenario game.

Pretend I'm a multinational CEO. Remember this is the world of make-believe.

My company is active in capital markets. I do a lot of mergers and acquisition. Tens of

millions in fees are at stake. I've decided to

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