We got a lot of excellent people and businesses from Bear and WaMu. But Bear definitely was more painful. WaMu got us into Florida, California, and other states, which was a huge benefit - to expand and grow and add middle-market, private banking, investment banking, and other products, too.
Jamie DimonJPMorgan Chase are among the most successful global investment banks, most successful global asset managers, and, in the United States, one of the most successful retail and commercial bankers. We do a great job for customers.
Jamie DimonOur commercial bank [JPMorgan] is only in the U.S. We are serving what you call SMEs - small businesses, private companies.
Jamie DimonBut in general, as countries get wealthier, there's going to be more savings, which means you're going to have intermediation. So part of it is just the huge growth in wealth, and part of it was globalization - these companies, these clients getting much bigger and much more global.
Jamie DimonThe 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.
Jamie Dimon