Finance went from being a small business, effectively, to being a big business. In part, that's the growth of the world's wealth. That's called savings.

Part of the reason some Japanese companies have underperformed financially was corporate governance and board structures.

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

If you look at the banking business over many years, it's always been a huge user of technology. This has been going on my whole life, that people have been adding technology, digitizing services.

I want you to say to me right from the start, "We are here to serve customers. We're not here for me to make a lot of money. We're not here to bet on interest rates or credit spreads. We are here to serve our customers really well over a long period of time, and that's how you build a successful business." And so I want to see that, too, you know?

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.

I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago.