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.

If the numbers are right, ICBC [Industrial & Commercial Bank of China], which already earns nearly twice as much as JPMorgan. They'll probably be going a lot faster over time, and one day they can be a lot bigger than us.

We were a land of opportunity. You can never have equal outcomes, but you can have equal opportunity.

I don't think you're going to have one bank. Big companies aren't going to give us all their business. So they can pick and choose - by product, by country, whatever. We have major competition across every product in every place we operate.

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.

People always say to me, "What if it doesn't work?" If it doesn't work, we redouble our effort. We're not going to cry like a bunch of babies. We're going to redouble our effort.

If you went to all those little towns in America, JPMorgan was there in good times and bad times, and, in fact, helped a lot of people through the tough times. And we know that's when they need us the most.