Stock price when the opinion was issued
He sold in 2013/14 because cross selling did not work. They were going to increase returns to shareholders and that did not materialize. As a British bank they are in a better position than a European bank. But he does not want to be a British bank because the American markets have access to your capital. He thinks the outperformance of non-Canadian banks is probably over.
The turnaround is now in Europe with a lot of the banks, but the German banks are still not in a position. This one is looking better, and is going to end up looking like the US banks in the next year or so as things unfold. (See Top Picks.)