Mr. Pauli, thank you very much for taking the time to speak with us today. To start, you spent two decades at UBS before joining Bank of America in 2019. What characterises the culture of a US universal bank in capital markets, and how does it shape the way decisions actually get made? The culture at banks, at least in capital markets, has always been characterized by teamwork and collaboration. That has always been the mantra and the basis for success, regardless of the firm you work for. At Bank of America, the culture is very pragmatic and solution-oriented. We