RUN OUT OF PARTS
>>> MARIA, BACK OVER TO YOU.
MARIA: THANK YOU, CONNELL.
DESPITE GLOBAL UNCERTAINTY,
MARKETS RALLYING.
THE DOW EXTENDING ITS LONGEST
WINNING STREAK IN MORE THAN
THREE MONTHS.
MY FIRST GUEST IS RUNNING THE
ENTIRE NORTH AMERICAN VISION.
THE NORTH AMERICAN CEO.
THANK YOU FOR JOINING ME.
>> GOOD TO BE HERE PLB THE
MARKETS HAVE BEEN REALLY STRONG.
I WANT TO FETE YOUR TAKE ON WHAT
YOU'RE SEEING OUT THERE.
TELL US ABOUT YOUR BUSINESS
LINES AND WHETHER OR NOT YOU'RE
SEEING THIS KIND OF EUPHORIA
FROM YOUR STANDPOINT.
>> THE GOBLE ECONOMY HAS
>> THE GLOLE ECONOMY HAS
>> THE GLOBA ECONOMY HAS
>> THE GLOBALECONOMY HAS
>> THE GLOBAL EONOMY HAS
>> THE GLOBAL ECOOMY HAS
>> THE GLOBAL ECONOY HAS
>> THE GLOBAL ECONOMYHAS
>> THE GLOBAL ECONOMY HS
>> THE GLOBAL ECONOMY HAS BEEN
STRONG.
IT'S ONE OF THE BEST METRICS,
THE WORLD ECONOMY HAS SEEN OVER
THE LAST PROBABLY 15 YEARS.
MARIA: THAT'S A VERY GOOD
NUMBER.
>> AND IT'S ACROSS ALL REGIONS,
IT'S ASIA, THE U.S. AND IT'S
EUROPE.
THE TURN AROUND IN EUROPE HAS
BEEN QUITE IMPRESSIVE, SUPPORTED
BY A CENTRAL BANK THAT HAS
APPLIED WHAT THE FED HAD BEEN
APPLYING FOR MANY YEARS IN TERMS
OF SUPPORTING LOW RATES AND
PROVIDING LIQUIDITY AND STIMULUS
TO AN ECONOMY THAT IS DOING
PRETTY WELL.
THE GDP IS CLOSE TO HERE IN THE
UNITED STATES.
MARIA: RIGHT.
>> AND THE UNEMPLOYMENT RATE IS
AT ITS LOWEST FOR THE LAST MOO
YEARS AS WELL.
MARIA: THE U.S. AS WELL.
HOW ARE THE CAPITAL MARKETS
BUSINESSES DOING.
LET'S TALK ABOUT YOUR WELT
MANAGEMENT BUSINESS AND WHAT
YOU'RE SEEING IN TERMS OF
TRANSACTIONS.
>> THE MAIN COMMENT I WOULD HAVE
ON MARKETS IS THE RETURN OF
VOLATILITY.
LAST YEAR WAS QUITE ABNORMAL IN
THE SING THE DIGITS.
TODAY IT'S BACK IN THE DOUBLE
DIGIT SPACE BETWEEN 15 TO 20 AND
IT'S BEEN REALLY GOOD FOR THE
BUSINESS BECAUSE CLIENTS HAVE
BECOME MORE ACTIVE ON THE TRAN
TRANSACTION SIDE, AS WELL AS
MARKET ACTIVITY.
IT'S ONE OF THE LARGEST
DERIVATIVE BANKS IN THE WORLD.
CLIENTS WITH THE VOLATILITY WE
SEE REALLY FOCUSED ON HEDGING,
ON PROTECTIONS, ON RISK
MANAGEMENT.
AND WE CAN ADVICE THEM QUITE
EFFICIENTLY ACROSS THE MAIN
IMPACTED AREAS, RIGHTS,
CURRENCIES AND COMMODITIES
>>
COMMODITY.
MAMMODITY.
MARIODITY.
MARIA:ITY.
MARIA: TY.
MARIA: AR.
MARIA: ARE YOU EXPECTING M AND A
TO PICK SNUP.
>> WE'VE
PI WE'VE
PICKE'VE
PICK UVE
PICK UP?>> IT'S ACROSS INDUSTRIE
PICK UP?>> IT'S ACROSS INDUSTRI.
USUALLY IT'S ONE OR TWO.
HERE IT'S BEEN GENERIC.
PART OF IT IS ANOTHER ROUND OF
CONSOLIDATION IN SOME OF THE
MOST MATERIAL INDUSTRIES.
BUT WHAT'S BEEN INTERESTING AND
BENEFICIAL, WE'VE SEEN IT
PICKING UP IN THE TRANSATLANTIC
DYNAMIC.
WE'VE BEEN SUPPORTING EUROPEAN
INVESTORS IN THE MARKET FOR
CAPTURING MARKETS.
IT'S INCENTIVIZED MORE.
GETTING MORE AGGRESSIVE AND
AMBITIOUS IN THE U.S. MARKETS.
MARIA: WHAT DO YOU SEE IN THE
WEALTH MANAGEMENT BUSINESS?
DO YOU SEE INVESTORS TODAY
WANTING TO TAKE RISKS ?
-L ARE THIGH WANTING TO MOVE TO
VARIOUS DIFFERENT ALTERNATIVE
INVESTMENTS OR ARE THEY LOOKING
AT THE STOCK MARKET?
>> THAT'S A VERY GOOD QUESTION.
AT TIMES WITH CLIENTS I SEE
CONVERSIONS AND AT TIMES I SEE
DIFFERENT TRENDS.
HERE IT DEPENDS ON THE RISK.
ACROSS THE ASSET CLASSES,
BECAUSE OF THE STATUS OF THE
WORLD ECONOMY AND THE POSITIVE
DYNAMIC WE SEE PARTICULARLY IN
THE UNITED STATES, I SEE THEM
STILL LOOKING AGGRESSIVELY FOR
YIELD AS LONG AS THEY CAN
UNDERSTAND THE FUNDAMENTALS AND
THE UNDERLYING RISK THEY'RE
TAKING HERE.
BUT TO YOUR POINT, WE'VE SEEN
RECENTLY, YOU KNOW, MY POSITION,
I HAVE THE PRIVILEGE TO SIT
BETWEEN MAIN STREET, THE
ACTIVITIES THAT WE HAVE IN THE
UNITED STATES, WALL STREET,
INVESTMENT BANKING PLATFORM AND
INTERNATIONAL MARKETS.
BECAUSE OF THE STRENGTH AND
STATUS OF EUROPE, WE'VE SEEN
INVESTORS AND INVESTED MONEY
KIND OF GOING AWAY FROM THE U.S.
GOVERNMENT AND ASIAN ENVIRONMENT
AND BEING REALLOCATED INTO
EUROPE BECAUSE OF THE
EXPECTATIONS THERE.
AND IF YOU LOOK AT THE LAST TWO
MONTHS, EUROPE AND EQUITIES HAVE
OUTPERFORMED U.S. EQUITIES BY