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.

Our commercial bank [JPMorgan] is only in the U.S. We are serving what you call SMEs - small businesses, private companies.

Not every company went bankrupt. Not every bank needed TARP [Troubled Asset Relief Program]. So I'm very proud that JPMorgan, throughout that time period, was completely steadfast. We bought Bear Stearns because we thought we were helping the situation. We didn't cut and run.

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.

The "third arrow" (of structural reform) is critically important. Japan has some of the best companies in the world, and if you look at their technology, their capability, it's extraordinary.

The term "too big to fail" must be excised from our vocabulary.

We invested in the downturn and we never stopped serving our clients.