JPMorgan is a very good franchise. And the way you should look at a franchise, a business, is from the standpoint of the customers.

If you went to all those little towns in America, JPMorgan was there in good times and bad times, and, in fact, helped a lot of people through the tough times. And we know that's when they need us the most.

But in general, as countries get wealthier, there's going to be more savings, which means you're going to have intermediation. So part of it is just the huge growth in wealth, and part of it was globalization - these companies, these clients getting much bigger and much more global.

When you leave people behind, and those people who are left behind, it's not their fault, it's the leaders of the institutions. There's always going to be an elite. You can have an elite in a communist society. It is the leaders, something went wrong, and the leaders collectively are responsible.

I think immigration has been one of the vital things about the growth of America. I'm the product of grandparents who all immigrated from Greece. I hope eventually we have proper immigration.

We're diversified, we're stable and consistent. Our businesses benefit from each other.

Remember that banks aren't markets. The market is amoral. The market doesn't care who you are. You're a trade to the market. The market will sell you if they think you're riskier. Banks didn't do that