We're diversified, we're stable and consistent. Our businesses benefit from each other.

I'm a really big believer - this is not a statement about President [Barack] Obama, but whoever is president - that good policy is really important.

I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are.

I think one could argue that there's more political input into the regulatory side, and on the regulatory side there seem to be fewer people with financial and banking experience - there are more lawyers, academics, economists, maybe politicians now.

There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing.

Finance went from being a small business, effectively, to being a big business. In part, that's the growth of the world's wealth. That's called savings.

I think normalization is a good thing.