The transaction reflects our disciplined strategy of investing capital in core businesses where we can leverage scale and expertise for competitive advantage. In addition to being a great strategic fit, the deal is compelling financially.

People always say to me, "What if it doesn't work?" If it doesn't work, we redouble our effort. We're not going to cry like a bunch of babies. We're going to redouble our effort.

We take smaller companies and middle-sized companies, all around the world, and we do currency exchange for them; we raise bonds and equities for them; and we do inventory finance, trade finance, and custody of assets.

Look, every institution will make mistakes. I acknowledge we make mistakes, and they can hurt my reputation and our company's. But you also must be willing to let go a little bit, trust others, and not always be so stringent, provided you have robust controls.

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.

All businesses tend to pass costs onto customers.

Dodd-Frank and independent actions of banks go a long way in terms of progress on capital, liquidity, transparency, "living wills" (plans for winding down a bank in the event of a collapse) and resolutions.