Now the Japanese companies are more focused on that. To have two independent directors - I think it's good to have outside people look at you and think of what you could be doing better. Those are voluntary, but most of the companies told me they're going to do it. And I think it's good for them to say our returns on equity, for example, should be higher. Also, I think some could be more ambitious.

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

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.

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

Acting like everyone who's been successful is bad and because you're rich you're bad, I don't understand it.

Manipulating currencies is when you're going into the marketplace and buying something in large amounts to depress the value of the currency.

Their [American banks] big issue will be if they want to deal with the biggest companies, which are doing a lot of business overseas. How they do that is a big question. It's almost impossible to build a global investment bank from scratch. If they want to do that, they probably will have to do an acquisition.