We invested in the downturn and we never stopped serving our clients.

You have your own culture and your own ways of doing things. I hope Japan continues on this path.

You've seen certain credit type products that are going to be in nonbanks, like sophisticated CLO [collateralized loan obligation] tranches and stuff where the capital charge is so high that a bank simply will not own it. Someone will buy it, hedge it, trade it. But it won't typically be a bank.

We were a land of opportunity. You can never have equal outcomes, but you can have equal opportunity.

I think normalization is a good thing.

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