Noel Gordon, Accenture: There is a lot of discussion about the ‘golden age’ and what most people want to know is when will the golden age end? The more interesting point for me is what has changed over the last few years of this golden age – probably since the year 2000 which would be approximately the last time we had it so good. I feel four things have structurally changed that have impacted banking around the world – they represent the real secular shifts. The first, and one of the most important, is the separation of duction and consumption(or distribution). If we examine how banks have broken up their business models, the best example is the relocation of production to somewhere other than the point of sale. Typically, we would characterise that as offshoring or outsourcing.