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.

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.

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.

That's probably good, all things being equal, for emerging markets, not bad, even though it may not be great for all their currencies.

Remember that banks aren't markets. The market is amoral. The market doesn't care who you are. You're a trade to the market. The market will sell you if they think you're riskier. Banks didn't do that

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.

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