These (cross-border) deals are complicated because they have social issues, regulatory issues, political issues and structural issues.

The NYSE has a premium brand, one of the best known globally -- and companies that have premium brands trade at a premium to their sector. It's not surprising there would be a lot of demand.

But I ultimately wanted to go back to what I enjoy doing most, which is advising clients on a broad scale.

It's different from the old days in some sense. In the new model that at least we are building, it is not about one individual. It's about a team of very high-quality bankers.

There is lots of scope for European banking deals.

Issues deals with the issues I had, the fears I had and it isn't a 'nice' album but fears and depressions are not particularly nice.