If you're making all your money simply betting on interest rates, that's not a business. Flow is a business. On the outside, they look the same for a while. But when you dig into them, no, they weren't exactly the same.

It's offensive to me to be called a cost cutter.

Europe is the most complicated place, in my opinion.

I learn from all our major competitors, whether they're in or out of the U.S. Wells Fargo is very actively, very aggressively, and very successfully building its U.S. investment bank.

My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, "Let's digitize it and have one vault." Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before.

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

Part of [Japanese companies] growing and expanding around the world is ... going to help the Japanese keep their lifestyles [despite Japan's] demographics, as a declining population, and [to] make it more conducive to women to go to work, I think, is a plus.