Strong growth delivery: bottom line profit grew 28%, a record Q4. The pivot in our networks division is translating from higher rates and is here to stay. Asset management insurance is pivoting in scale with AXA AM acquisition, top line up 40%. Reviewing end-to-end functions will further upgrade service and optimize costs.

We have been bolting on machine learning, a driver of positive jaws. We will step it up with generative AI to optimize end-to-end processes. Today, main AI impacts are in revenue; the process review will also impact cost and cost of risk in underwriting.

The overall setup will be modified end-to-end. We will use natural attrition to reach optimized staffing levels. Jobs will be redeployed in other activities as AI generates totally new activities, similar to what the internet did.

Look at two axes. For corporates and institutions in Europe, growth is there, inflation and rates are where they should be, Europe is investing. For a diversified bank like us, this is fine. For trading activity, uncertainty triggers demand as people hedge. We see very positive demand from clients.

With the demand we have, uncertainty drives demand. If there's too little, there's nothing; if too high intraday, nobody dares to move. The volatility we see today is in that right middle, so from that point of view, it is positive.

Look at the derivatives. The pivot is there. Should there be a lower interest rate environment? The logical number is what you see; there's a trade-off. Is the pickup strong enough or not, or will it be a support? We'll see this afternoon, but it's not unlikely this would hint at a slightly lower rate environment.