[That is] hard to predict, [it] could be either September or December [2016] I personally think the sooner the better because that would be a good sign that the Fed believes the economy is significantly stronger.

The government has the right to change laws and rules and regulations.

If I ran the whole place like it was my way or the highway, we would not be as good a company. I'm going to have mistakes - they'll be made on my watch and will embarrass me. But I'll also make sure the company learns from them so it can become a better company.

Our investment bank looks like it does because its customers like our expansive network and want to do equity, debt, M&A, custody, move money, deposit money, et cetera.

My operating assumption is we will always have very tough competition. And even with some European banks struggling right now, some of them can reemerge - and maybe even stronger.

I don't think you're going to have one bank. Big companies aren't going to give us all their business. So they can pick and choose - by product, by country, whatever. We have major competition across every product in every place we operate.

I advise other companies' CEOs, don't fall into the trap where you go, 'Where's the growth? Where's the growth?' Where's the growth?' They feel a tremendous pressure to grow. Well, sometimes you can't grow. Sometimes you don't want to grow. In certain businesses, growth means you either take on bad clients, excess risk, or too much leverage.