Well, if you were the American public, you saw a catastrophe. In general, you would say, "The biggest institutions of America - Washington, broadly, and Wall Street, broadly - they're to blame." And, broadly, they're right.

I haven't studied it deeply, but the American banks started the crisis with far more capital and what I would call "good liquidity." The riskiest funding is unsecured wholesale funding. It's the most fickle. Not repo, which the government focused on, too. Unsecured. JPMorgan Chase had almost none of that - virtually zero.

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.

I don't think that [normalization] necessarily is going to damage the emerging economies.

Our investment bank looks like it does because its customers like our expansive network and want to do equity, debt, M&A, custody, move money, deposit money, et cetera.

Well, if you were the American public, you saw a catastrophe. In general, you would say, "The biggest institutions of America - Washington, broadly, and Wall Street, broadly - they're to blame." And, broadly, they're right.

I think normalization is a good thing.