Colm Kelleher: It is $20 billion.

Bill Tanona (Goldman Sachs): The Asian results looking at the revenues were down sharply on a sequential basis. They have been largely outperforming. What ultimately was driving that type of a decline?

Colm Kelleher: I think that the market has been subdued. Banking was a big factor last quarter for us and you have just seen activity levels down but we do not think it is a trend. In fact if anything we continue to throw more resources into Asia. We appointed a new CEO of our Asian business, Owen Thomas, and it is a major focus area for us. I do not think there is any trend there. I think it is just a blip from a change from one quarter to another. Banking is the main driver.

Bill Tanona (Goldman Sachs): You hinted that the IB pipeline environment was difficult in terms of deals getting executed but I do not recall you giving any type of pipeline disclosures. Do you have those available?

Colm Kelleher: The overall investment banking pipeline seems to be down about 35% from this time last year but we are increasing market share in that so our pipeline itself remains healthy. Strategies are coming in so it is early in the year to know how that is going to play out but we do not feel uncomfortable about our investment banking pipeline.

Bill Tanona (Goldman Sachs): There is concern in the marketplace as people build these businesses out particularly in this environment with hedging prices going down. What are you adding to the portfolio there on the loan side as you are building out the deposit base?

Colm Kelleher: We just do high end mortgage business on a heavily LTD basis. We have no issues there at all and it continues as part of our capital management program.

Michael Hect (Banc of America): Could you talk about any risks or challenges you are seeing in the repo area and then give the duration of your repo maturities today?

Colm Kelleher: We have spoken about our liquidity itself but one of the tenets of our liquidity is to look at the term nature of our financing books. We have extended like the others. The average tenure on that financing is 34 days. The collateral is free liquid. Away from that, that is Morgan Stanley. In terms of the market, market for collateral seems to be normalizing. The FED has helped. It was something that was well within our stress scenarios.

Michael Hect (Banc of America): Where your level three assets stood at the end of the quarter versus last quarter?

Colm Kelleher: We are still at 7%.

Michael Hect (Banc of America): Are there any big shifts in terms of the components of the change?

Colm Kelleher: I am still going through that process at the moment. I would expect what you have got in a market like this is with lack of observability prices you will have more of that grid and you will have more of your hedges as a result of that being in level three.

Michael Hect (Banc of America): Were the balances up quarter for quarter?

Colm Kelleher: Balances were flat. We had some pricing power as indeed the whole industry did. There is no single story across all our business lines and our major business lines in equity we had strong course. A lot of that is investment paying off or investment derivatives and in our delta one cash customer businesses we had increased activities. We had better bid offer and that is the strength of our franchise or at least strong customer franchise.

Michael Hect (Banc of America): The comp rate shows this quarter of 49% or more like 47% excluding leverage. Despite the revenue declines year-over-year you are lower than the 48% a year ago. How do you think about that and t how do you think about comp ratio for this year?

Colm Kelleher: I think at the moment it is the old story. We are looking to preserve the enterprise value but a major dynamic this year will be the competitive pressures.

Michael Hect (Banc of America): Headcount is down about 2%. Where do you expect that to trend for the rest of the year?

Colm Kelleher: A lot of it is depending on what is going to happen in the markets and the degree of reparation in the markets particularly on the part of these distribution models. We will be focused intently on this. We are looking much at our divested allocation of resources and as soon as we get more clarity I will be able to give you more clarity on where we are going.

Michael Hect (Banc of America): The asset management business results were impacted by the marks that you saw but the asset management fees were down 14% quarter-over-quarter, and your assets fell about 3% and there is a mixed shift towards money funds going on. Is that just mixed of incentive fees versus core fees that are bulk reported within that bucket?

Colm Kelleher: It is two. It is one, the market and the movement of the money funds. Two is performance fees which we are not benefiting from in the investments we made. These things are short-term. We feel comfortable about the underlying trend of our asset management business.