I completely agree with the concept that American citizens shouldn't expect that a failure of a bank would cost them money, or that it would hurt the economy.

You never know exactly how new policies are going to work. That doesn't mean you shouldn't try them.

The Trump administration's economic agenda is the right agenda. Corporate taxes have been driving capital and brains and companies overseas for a decade. It has caused huge damage in investment and jobs and productivity. It was a mistake. We have to fix it. Counterintuitively, that usually helps middle-class wages, and lower-class wages, and job formation.

Companies that grow for the sake of growth or that expand into areas outside their core business strategy often stumble. On the other hand, companies that build scale for the benefit of their customers and shareholders more often succeed over time.

My operating assumption is we will always have very tough competition. And even with some European banks struggling right now, some of them can reemerge - and maybe even stronger.

We have built a very good company, and we're proud of it. We also recognize that much of it has been built on the shoulders of the thousands of employees and leaders who have worked here before us.

It can take a long time to get the rules in place that are conducive to growing, sometimes.