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.

That's probably good, all things being equal, for emerging markets, not bad, even though it may not be great for all their currencies.

There is a lot of focus on that first rate move, and I'm not sure how important that is.

We're going to do the right thing for the company and our customers, all things considered.

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.

Our investment bank looks like it does because its customers like our expansive network and want to do equity, debt, M&A, custody, move money, deposit money, et cetera.

If you talk to anyone involved in business - forget banks and big business - talk to small businesses - do it yourself, don't ask me - they'll tell you it's crippling. Small-business formation is the lowest it has ever been in a recovery, and it's really for two reasons. One is regulations and the second is access to capital for people starting new businesses.