I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are.

I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are.

The government has the right to change laws and rules and regulations.

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.

We do all that [ represent companies], because we have a lot of research in Japanese companies, and that research educates investors around the world. It allows us to sell stocks and bonds in Japanese companies.

If you look at the banking business over many years, it's always been a huge user of technology. This has been going on my whole life, that people have been adding technology, digitizing services.

Their [American banks] big issue will be if they want to deal with the biggest companies, which are doing a lot of business overseas. How they do that is a big question. It's almost impossible to build a global investment bank from scratch. If they want to do that, they probably will have to do an acquisition.