I've asked our people, "Why don't we just put a revolver on top of our basic loan?" Make it easier for the client.

Our investment bank looks like it does because its customers like our expansive network and want to do equity, debt, M&A, custody, move money, deposit money, et cetera.

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.

As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."

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

When the government gets involved in pricing, I don't think it's the right way to look at a business.

Because of that [Brexit], you're going to have slow growth and, unfortunately, while there may not be huge volatility, there will be volatility.