They got into a pattern of under-investing in their franchise to try and boost revenues.

Silicon Valley certainly has a very cheap funding base that makes a lot more money in rising rate environment. Comerica is kind of pure play on commercial lending side.

The main challenge here is that critics will say they haven't demonstrated the revenue growth they've promised in the past. But we like the transaction. We're comfortable with the premium and the management after the merger will be a very strong one.

This is a confidence booster for the markets. What we're seeing is a reversal of some of the negative confidence.

When it comes to credit quality and provision for losses at the banks, if we're not at historic lows, we're certainly close to cycle lows. It's likely credit costs are going to be going up next year.

The worst of the deterioration is probably over. We are within a couple of quarters of seeing a turnaround.