“That’s going to require some very, very close analysis.”

 “There has been a shift in thinking in Washington about bank mergers. There really is no more rubber stamp.”

 “Mergers in the credit card sector in the past 10 to 15 years have not really turned into lower interest rates and fees.”

 “More broadly, there is an unpersuasive talking point that fewer competitors is better for competition and I think we always need to assess that claim very sceptically.”

 “The uncertainty is the biggest source of consternation.”

 “That uncertainty is weighing on the stock... And then you have questions about succession planning as well.”

 “We believe that fear has overtaken rationality on this name... Concerns about the bank’s US regulatory problems and worries about succession at the bank are all valid. But we now believe that the downside risk from both of those issues is more than fully priced into the shares right now.”

 “The real concern that I continue to hear from clients of Moelis and others is the fact that we’ve got a situation with our antitrust regulators... They’ve, I think, done a disservice to our country, to investors, and frankly damaging the competitiveness of America as a destination for capital.”