I do think there will be more Japanese companies expanding out of Japan, and there will be more cross-border flow from Japan.

Manipulating currencies is when you're going into the marketplace and buying something in large amounts to depress the value of the currency.

Our global corporate investment bank competes with Goldman Sachs, Citibank, and a bunch of other banks that are in those businesses. We may have slightly different products or services, but so what? That's always been true in American business.

I've always been a ... believer in good regulation.

Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, Silicon Valley. In this case I think he was referring to some of the European banks shedding assets, and the big buyers are probably not going to be big American banks. Someone like Blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.

It is vital for officials and regulators to have input from people within our businesses who understand the intricacies of how financial markets operate and the consequences of certain policy decisions.

JPMorgan is a very good franchise. And the way you should look at a franchise, a business, is from the standpoint of the customers.