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Offsetting these will increase had been considerably decreased netrevenues within the composition equity items spot, mostly as a consequence of volatilemarket ailments and a $190 million reduction in achieve and our structured noportfolio when put next for the prior quarter.

Partially, Certainly, we experienced some additional losses in warehousefacilities that we had in Europe and Asia that we’re not A part of that $1.

So, I think, domestically it was genuinely all about, somewhatof a panic that was happening in the summer as this marketplace dislocation wasunfolding. I think as we go foreword, the target is what it usually is which ifyou give powerful customer care and also you are devoted to the company andyou provide the full capabilities the agency, your consumers you'll win a lot more thanyour share on the company and I believe we will do that.

The headcount reductions we remodeled the training course of thefourth quarter, We are going to lessen working expenses in excessive of $250 million andshould meaningfully increase pre-tax margins within the 2008.

Secondary trading exercise is unquestionably destined to be theprimary location of exercise in 2008 or not less than that will appear like that at thismoment during the mortgage enterprise. Spreads are really vast and we expect it’s kindof an interesting prospect for people with franchises like ours.

So lots of compensation normally gets to be a concern of mix. The crucial element focusobviously is making sure that we are spending market place aggressive compensation andretaining the people today which we expect we've completed and that's the crucial goal inall of the.

Partly offsetting the losses from our credit history investing businesseswere improvement within our leverage finance spot, which rebounded from the poorresults during the sequential quarter.

Hey, as promised I diminished it significantly and created a quick and filthy Variation that I believe does a greater occupation of clarifying the undertaking.

Correct. All right. And then can we return to the, I suppose, thefixed income organization this quarter, just possibly obtaining a bit a lot more coloron how a number of the sub segments of set money carried out. Because if I form ofback out the marks, I get yourself a operate fee of, it's possible like $350 million in fixedincome, which I suppose, if we assume, even a lot of the structured no gains wentthrough there, perhaps even a bit softer than that,.

I do not Feel our functionality inequity derivatives or structured-equity products was definitely that far off thenorm. Credit score trading was very difficult for everybody from the business. So, I thinkour outcomes are more or less in line with what you're viewing from Other folks. Big-- small asset administration and item client enterprises, if you'll.

But these losses arewon't surprises if you may. I suggest we understood the character of our risks. Weunderstood the character in the home finance loan positions that we held. Candidly, we madedecisions in hindsight as it connected with the hedging of such books that didn'tturn out very well.

So, that is not A part of that 250 amount, and I feel youwill see some drop in those figures going ahead.

So, I'm assuming It is really most likely rather shaken. After which you can maybe as par of that,speak slightly about adjustments you click here guys have produced the bolster danger managementpractices to aid make sure you men are type of a lot more protective from the reduction likethis likely forward?

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