Because a number of jobs are simply too expensive.
TT: We've always said that we felt we were adequately capitalized after the capital raise of last year, when we moved to 11.4, and in a very unsupportive environment we showed in Q1 - in spite of the massive losses we incurred - we stayed at 11.4, so we defended that position, and now in Q2 we've improved that position to 11.8. The guidance we gave is 11-12% for 2016 and we think that's adequate.
CR: You still remain very cautious, though, for the second half of the year. Can you give me any indication what the third quarter has been like so far?
TT: Look we've been very cautious effectively because everybody knows what the uncertainties are - you know, Brexit. Because nobody really knows how that's going to play out. I mean, we listen to all the commentary but nobody really knows and it's going to be with us for a while because the clarification will not come before 2019 or so. You've got the U.S. election which is a big unknown. You've got a political, macro-economic, political development in the Middle East and oil prices started sliding again. You have a French election in May next year, you have a German election in the summer, you have Italian referendum in the fourth quarter - the list is long of reasons why markets may feel a bit uncomfortable. So we always prefer to be cautious.
What it means for us is that we have to drive our plan because we think our plan addresses that. The plan is to, where we believe there is profitable growth - you've seen our international wealth management go from 500 million of outflows to 10.8 billion of inflows this half. You've seen Asia operating 5 billion of inflows. We're continuing to push capital towards those areas where we believe there is profitable growth. We are continuing to lower the cost, which increases our resilience in the difficult environment, managing the cost down, lowering the risk. So everything we're doing we believe is the right strategy, even from this environment.
CR: You're saying all that but investors don't seem to believe you. Recently shares have fallen below 10 francs. What went through your head when you saw that?
TT: The shares did not reflect at all the value of the share price, the value of the group. I'm very confident that as we deliver on what we said we would do, the share price will go up.
CR: Can I just ask you about Brexit given that you've got massive operations in London? What exactly does Brexit mean for you, for Credit Suisse? Are you looking at reallocating jobs?
TT: Again, we had a plan here ongoing, so we are not changing our plan. Our plan has been to fundamentally reduce our footprint in London. Because a number of jobs are simply too expensive.'