Headlines sells newspapers, not facts! That's why in the investment game it's a good idea to learn to think for yourself, so here are a few numbers:

- Tier 1 ratio up from 11% to 15.4% (CS at about 16% I think)
- FINMA leverage ratio up to 3.9% from 2.5%
- Risk weighted assets down by 32%
- Assets under management starting to be come stable at around 2.2 trillion
- Operating costs cut by about 1.2b per quarter

while there once again was a net out flow of new money, it is actually a very small figure when viewed in the light of total assets under management. Furthermore a good chunk of the outflow relates to advisors who where terminated in previous quarters and the Italian tax situation.... On top of that the bonus pool has risen while the number of advisors is down, which means more money for the boys, so fewer exits next time......

I'm going to be watching this very carefully of the next few months as I've got this crazy notion that it might just be time to start buying up cheap bank shares....

Now, what facts did you base your statement on???

Jim