Our global corporate investment bank competes with Goldman Sachs, Citibank, and a bunch of other banks that are in those businesses. We may have slightly different products or services, but so what? That's always been true in American business.

Part of the reason some Japanese companies have underperformed financially was corporate governance and board structures.

Men, age 25 to 55, the labor-force participation rate is down 10%. That's unbelievable. There are 35,000 dying of opioids every year. Seventy percent of kids age 17 to 24 can't get into the US military because of health or education. Obesity, diabetes, reading and writing. Is that the society we wanted? No. We should be working on these things, acknowledge the flaws we have, and come up with solutions. Not Democrat. Not Republican. Not knee-jerk.

Europe is the most complicated place, in my opinion.

From my point of view, the American financial system - including banks and investment banks - is far safer because of capital and liquidity requirements. Despite all the turbulence so far this year, I don't think anyone's questioning our system. And that, obviously, is a good thing.

After the tsunami in Japan, we were open for business. In fact, I flew there 10 days after the tsunami to show our support for the Japanese people.

We did not anticipate the political fallout from it. We definitely didn't need it and we paid it back the first day we were allowed to.