We've accommodated the new rules and regulations. We've served our clients and had quite good returns.

The government isn't going to say, "We're going to regulate banks, but we'll leave these other companies alone." I think the regulators want to make sure that they have some form of regulation on anything systemic. We like our hand. But, you know, honestly, who owns the future?

From my point of view, the American financial system - including banks and investment banks - is far safer because of capital and liquidity requirements. Despite all the turbulence so far this year, I don't think anyone's questioning our system. And that, obviously, is a good thing.

If you can't use dividends, it's not a bad thing to give it back to your shareholders. They'll use it somewhere else.

I think the Republicans have really thoughtful financial policies, and I'm more in the middle on taxation.

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.

Over the longer term, China will grow by about 6% or 7% per year. The Chinese authorities usually react pretty quickly to unfolding economic events, and you've seen them recently change a whole bunch of policies to be more conducive to growth. They have the power and capability to macromanage the economy - to accomplish their growth objectives - which means they're pretty much going to come close to what they say is going to happen.