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.

My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, "Let's digitize it and have one vault." Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before.

I hate the word universal, because I don't know exactly what it means. The question is, does it work for the client? Travelers was a diversified, financial conglomerate that did very well. The businesses had nothing to do with each other.

The government has the right to change laws and rules and regulations.

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.

A bank is a relationship. I can't desert you and expect to have a strong relationship afterward. If I told someone, "I know you've been buying milk from me and you need milk to survive. But the price is no longer $2 a gallon. It's going to be $40 a gallon. I'm going to bankrupt you." What do you guys think of me? You would hate us.

Europe is the most complicated place, in my opinion.