Dodd-Frank and independent actions of banks go a long way in terms of progress on capital, liquidity, transparency, "living wills" (plans for winding down a bank in the event of a collapse) and resolutions.

Companies that build scale for the benefit of their customers and shareholders more often succeed over time.

It's great that people get together and collaborate, talk about the facts and the analysis, all in the interest of having a great financial system.

We've accommodated the new rules and regulations. We've served our clients and had quite good returns.

They'll [China] probably be a fully developed nation. The road there just is not going to be that easy. You're going from a macromanaged, top-down economy to a market-managed, micromanaged type of economy, with all the potential corruption issues, SOE [state-owned enterprise] reform, and market reform that come with it.

We've seen the volatility at dollar-yen, U.S. Treasurys, JGBs (Japanese government bonds), German bunds.

The best way to look at any business is from the standpoint of the clients. So there are these certain basic things that aren't going to change. Companies are going to have needs for equity, debt, advice, FX, and derivatives. Individuals are going to have needs for auto loans, mortgages, something that looks like a deposit account, and the ability to send money to people. Those things aren't going to change.