You can design a mortgage system that is different without a Fannie and Freddie, but there are principles you have to have, to have a good system.

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

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

The term "too big to fail" must be excised from our vocabulary.

No one can forecast the economy with certainty.

The transaction reflects our disciplined strategy of investing capital in core businesses where we can leverage scale and expertise for competitive advantage. In addition to being a great strategic fit, the deal is compelling financially.

Companies are returning a lot of money to shareholders through dividends and buybacks. And a lot of people say that's not a good use of capital. I think that's normal reallocation of capital.