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.

My daughter asked me when she came home from school, "What's the financial crisis?" and I said, it's something that happens every five to seven years.

I do want the tax system to be efficient and be conducive to growth, which it is not.

Europe is the most complicated place, in my opinion.

We do all that [ represent companies], because we have a lot of research in Japanese companies, and that research educates investors around the world. It allows us to sell stocks and bonds in Japanese companies.

Companies are returning a lot of money to shareholders through dividends and buybacks. And a lot of people say that's not a good use of capital. I think that's normal reallocation of capital.

If you went to all those little towns in America, JPMorgan was there in good times and bad times, and, in fact, helped a lot of people through the tough times. And we know that's when they need us the most.