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.

I think normalization is a good thing.

If you look at the banking business over many years, it's always been a huge user of technology. This has been going on my whole life, that people have been adding technology, digitizing services.

When the government gets involved in pricing, I don't think it's the right way to look at a business.

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

I don't think you could have a banker serving in a major role in Washington in the next 10 years. I just don't think it's going to happen - it's just not politically feasible - so I don't spend much time thinking about it. Do I think I could do a good job? Maybe. It's possible.

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