We've had fairly consistent financial results.

Dodd-Frank and independent actions of banks go a long way in terms of progress on capital, liquidity, transparency, "living wills" (plans for winding down a bank in the event of a collapse) and resolutions.

We had a lot of gridlock on a lot of issues. But, the American system is pretty resilient.

We're going to do the right thing for the company and our customers, all things considered.

I agree with people who say we want more income equality; we want more consumer protection; and we want sounder banks. I agree with all that.

The best way to look at any business is from the standpoint of the clients. So there are these certain basic things that aren't going to change. Companies are going to have needs for equity, debt, advice, FX, and derivatives. Individuals are going to have needs for auto loans, mortgages, something that looks like a deposit account, and the ability to send money to people. Those things aren't going to change.

We invested in the downturn and we never stopped serving our clients.