If you talk to anyone involved in business - forget banks and big business - talk to small businesses - do it yourself, don't ask me - they'll tell you it's crippling. Small-business formation is the lowest it has ever been in a recovery, and it's really for two reasons. One is regulations and the second is access to capital for people starting new businesses.

Our commercial bank [JPMorgan] is only in the U.S. We are serving what you call SMEs - small businesses, private companies.

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

If the economy grows, housing gets better, quicker.

I completely agree with the concept that American citizens shouldn't expect that a failure of a bank would cost them money, or that it would hurt the economy.

Their [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.

I think immigration has been one of the vital things about the growth of America. I'm the product of grandparents who all immigrated from Greece. I hope eventually we have proper immigration.