In the United States, as a consequence of the interaction of monetary policy, globalization, and costreducing productivity advances, price inflation has fallen in recent years to its lowest level in four decades, as has the recent growth rate of nominal GDP and consolidated corporate revenues.
While there are many of you who will continue to be on the big loan origination side, a number of you can find value in generating economic activity through retail banking. Still a number of you will be able to find a niche in providing alternative digital solutions.