A bank is a relationship. I can't desert you and expect to have a strong relationship afterward. If I told someone, "I know you've been buying milk from me and you need milk to survive. But the price is no longer $2 a gallon. It's going to be $40 a gallon. I'm going to bankrupt you." What do you guys think of me? You would hate us.

I hope the story of 2011 is that America gets its mojo back. You've got to remember that America has the best universities; it's got some of the best businesses. It's got an unbelievable work ethic, rule of law. The story of 2011 will be America blossoming again.

As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."

I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago.

We continued to build the business, even in the worst of times. We do business all over America.

It's hard in all countries. Democracy is hard, but it's better than the alternatives.

If you look at the banking business over many years, it's always been a huge user of technology. This has been going on my whole life, that people have been adding technology, digitizing services.