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.

Dodd-Frank is 2,000 pages long. It covers thousands of rules, regulations, interpretations and things like that.

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

I think the Republicans have really thoughtful financial policies, and I'm more in the middle on taxation.

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

I learn from all our major competitors, whether they're in or out of the U.S. Wells Fargo is very actively, very aggressively, and very successfully building its U.S. investment bank.

Companies that build scale for the benefit of their customers and shareholders more often succeed over time.