New discoveries can further augment reserves, but for that we need to make huge investment.

There are no buyers, so why raise production. We would have supported raising production if there was a shortage, but that's not the case.

I look at my forecast and, frankly, I was off by $180 million on their investment-banking side. M&A did extremely well.

Today's package actually tells players to put away any major investment plans and rely on regulation instead.

It's a terrific move. It creates two businesses, each focused on their own area, and two investment vehicles that are more closely aligned with the kind of performance that investors are looking for.

They really have built a very impressive investment-banking capability. They won't always be No.1, but they clearly have been effective in merging their investment and commercial banks.