Commerzbank AG at Bank of America Financials CEO Virtual Conference Transcript
Good morning. Good morning, and welcome to the 26th Annual Financials Chief Executive Conference. Our second live, we're looking forward to #27 being the second virtual, and looking forward to 27 being live again next year. But we've an intensive schedule these next 3 days, perhaps more intense because we're online, 170 companies presenting or hosting meetings, and I thank you for your endearance ahead of time.
Just before we open with our first Chief Executive, and we're delighted to be hosting Commerzbank. To highlight on your screen, you'll have some questions. We ask these at the beginning every year. We have found them to be fascinating, not always the best indicator of what then happens. A year ago, you were collectively pretty miserable. Things worked out better than that, we're all relieved to say. Just briefly then highlighting the questions. Number one, the bank index is up 50% prior to this conference. But the 12-month earnings multiple of the industry is only about 9x the cash yield,
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