We made solid progress during the quarter against our key priorities of maintaining and building business strength, improving productivity and balance sheet strength. Continuing to deliver against these priorities will allow us to position CIBC for consistent, sustainable performance over the long term.

The outlook for our capital markets, investment banking, and wealth management businesses remains positive, driven by expectations for moderate growth in the North American economy and continued strength in equity markets. Merchant banking revenue is expected to be lower than in 2005 as we have significantly reduced the size of the portfolio.

Despite the tremendous efforts of those within our fabrics operations to reduce costs and improve productivity, this segment of our business has simply been unable to compete.

The strength in European earnings is the result of a tremendous rise in productivity. That explains why even though profits are up and stock markets are rising, unemployment is still high. European companies are not hiring, but they're growing.

You will never have the time for anything. If you want the time you must make it.

The project sits within the top three priorities for the business for the year.