I don’t see too many big surprises in there so far. It is interesting that they are continuing to expand outside the UK, that seems to be their main area of focus.

They look like a strong set of results. One pleasing aspect is to see revenue growth steadily accelerating in the second half.

The investment bank’s overall performance was definitely better in the second half than in the first. But in the merger and advisory business, we’ll still have to see these recent mandates turn into consistent strong...

Obviously, the question is what happens in 2006 and some analysts have been hoping that the problems on the consumer credit side will start to flatten out into this year.