Banks also have to say no to customers. We can't always give clients what they want; it may not be in the client's best interest.

I don't like the term "universal bank." The Chinese government legitimately wants to have a very strong economy. When they talk about SOE reform, they know that's part of it.

I don't think that [normalization] necessarily is going to damage the emerging economies.

India is a huge democracy. Prime Minister [Narendra] Modi has ambitions to try to fix the infrastructure, the rules, taxes, education, and to lift up the Indian people. And we're hopeful that that's going to create positive momentum.

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

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.

Wall Street gives money to both [Democrats and Republicans] because they want to be on the good side of whoever becomes president .