One of the issues with some of these lenders is going to be, where will their provider of credit be when there's a crisis? That's why some of these smarter services, to support their operations, are courting more permanent capital. They want a source of longer-term funding that can survive a crisis.

Banks also have to say no to customers. We can't always give clients what they want; it may not be in the client's best interest.

I do want the tax system to be efficient and be conducive to growth, which it is not.

JPMorgan was already, for the most part. Our businesses at JPMorgan share the same cash-management systems. The commercial bank, the private bank, the retail bank, they all use the branches. The cash-management system moves the money around the world - for global corporations, and for you, the consumer, too.

Europe is the most complicated place, in my opinion.

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

Capping the size of American banks won't eliminate the needs of big businesses; it will force them to turn to foreign banks that won't face the same restrictions.