Abenomics, quantitative easing, fiscal policy - we know all the issues.

The government has the right to change laws and rules and regulations.

I wanted to start by saying that the eurozone - there are two reasons they formed the European Union. One is for political peace and rationalization. And I think that's a good thing for a continent that went through hundreds of years of wars.

We had a lot of gridlock on a lot of issues. But, the American system is pretty resilient.

As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."

You don't run a business hoping you don't have a recession.

I do think there will be more Japanese companies expanding out of Japan, and there will be more cross-border flow from Japan.