I speak to lots of people around the world, and no one would tell you that 25 basis points will make a difference to them.
Jamie DimonAt Travelers, we were much more opportunistic. It was very successful, but it wasn't an integrated financial services company. We had a property casualty company, a life company, a brokerage company. We were a financial conglomerate. It wasn't a unified, coordinated strategy of any sort. When it merged with Citi, that became a big issue; Citi, at that time, wasn't yet a fully integrated, coordinated company.
Jamie DimonI think what you've seen them do recently in the markets is what most of us learn doesn't ultimately work. But I think everyone has to figure that on their own.
Jamie DimonTheir [American banks] big issue will be if they want to deal with the biggest companies, which are doing a lot of business overseas. How they do that is a big question. It's almost impossible to build a global investment bank from scratch. If they want to do that, they probably will have to do an acquisition.
Jamie Dimon