Overage in the quarter (was) mostly due to very strong investment banking results, particularly trading, and good expense control,

It's tough to put in words how good a quarter it was -- but we'll try. Not only was the absolute number huge, beating estimates by $2, but diversity was great, with just about every business line putting up a record.

There appears to be some low-hanging fruit across the organization on the cost side. It will be taking a smart look at wasteful costs that have built up over the years.

The big standout was US cards -- weak even excluding the charge, due to margin compression and a big drop in receivables.

Because of their focused and deep business strategy, concentrating only on transactions, Ameritrade would make an easier transition into a more diversified financial company.

Because of their focused and deep business strategy, concentrating only on transactions, Ameritrade would make an easier transition into a more diversified financial company,