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.

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.

I am still a Democrat. The main reason is because I don't like the Republican stance on some social values. Not that I disagree with all of them. I just don't think they have a right to impose it upon other people. I've been public about that.

I want Japan to think and say that we are better off for JPMorgan having been here through thick and thin.

There are parts [in Dodd-Frank] that I don't agree with. But, in total, it is what it is.

You've seen certain credit type products that are going to be in nonbanks, like sophisticated CLO [collateralized loan obligation] tranches and stuff where the capital charge is so high that a bank simply will not own it. Someone will buy it, hedge it, trade it. But it won't typically be a bank.

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.