I don't like the term "universal bank." The Chinese government legitimately wants to have a very strong economy. When they talk about SOE reform, they know that's part of it.

We see very broad-based, moderate, growth. Most of the sectors are quite strong. I don't see any major potholes, and I believe [the economy] is strengthening.

Because of that [Brexit], you're going to have slow growth and, unfortunately, while there may not be huge volatility, there will be volatility.

We're trying to win business by doing a good job for the clients, as opposed to, "We think being big and universal is just a great, wonderful thing." It's not a morality thing. It's a "Does it work for the client?" thing. Everything we do is because a client uses us. Everything we do is because a client chose to use us of his own free volition.

I believe it's a good thing that people say, "Can we find a way to live together in peace?" And they did, for the most part.

Let's look at lending, where they're using big data for the credit side. And it's just credit data enhanced, by the way, which we do, too. It's nothing mystical. But they're very good at reducing the pain points. They can underwrite it quicker using - I'm just going to call it big data, for lack of a better term: "Why does it take two weeks? Why can't you do it in 15 minutes?"

When you leave people behind, and those people who are left behind, it's not their fault, it's the leaders of the institutions. There's always going to be an elite. You can have an elite in a communist society. It is the leaders, something went wrong, and the leaders collectively are responsible.