I do believe that some of these regulations made the markets more volatile, and it remains to be seen how bad that can be.

I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are.

Our commercial bank [JPMorgan] is only in the U.S. We are serving what you call SMEs - small businesses, private companies.

We invested in the downturn and we never stopped serving our clients.

I've been regulated my whole life. We have progressive taxes. It's not a free-market free-for-all. I completely understand that society has a perfectly legitimate right to put in structures and regulations and rules that make it fairer, better, cleaner.

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

Prime Minister Modi [Narendra] is strong enough, and he's accomplished much.