We believe concerns about the potential impacts of accelerated digital investments on dividends are misplaced. In our view, they are based on a misconception of banking where finance concepts developed for the analysis of non-financial companies do not apply, or apply differently. Hence, although we acknowledge it is hard to believe, for people not accustomed with monetary issues, in the banking world, contrary to the real economy, investments have no impact on cash flows and, consequently, o ....