I also think you have to be very careful. I mean, the heritage of our company is very strong, and building some of these businesses into leading players is extremely tough. You and I can both build a trading business, and it looks like you're doing OK, and it looks like I'm doing OK. But, really, I am, and you aren't. It comes down to the quality of clients, quality of systems, quality of risk controls.

I advise other companies' CEOs, don't fall into the trap where you go, 'Where's the growth? Where's the growth?' Where's the growth?' They feel a tremendous pressure to grow. Well, sometimes you can't grow. Sometimes you don't want to grow. In certain businesses, growth means you either take on bad clients, excess risk, or too much leverage.

No one has the right to not assume that the business cycle will turn! Every five years or so, you have got to assume that something bad will happen.

I don't like the term "universal bank." The Chinese government legitimately wants to have a very strong economy. When they talk about SOE reform, they know that's part of it.

Finance went from being a small business, effectively, to being a big business. In part, that's the growth of the world's wealth. That's called savings.

Most CEOs are patriotic and most CEOs can see the problems in front of them, and they want to do something about it. We don't always agree about the ways and means, but the objective? We're totally together.

Dodd-Frank is 2,000 pages long. It covers thousands of rules, regulations, interpretations and things like that.