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.

Economies of scale are a good thing. If we didn't have them, we'd still be living in tents and eating buffalo.

Manipulating currencies is when you're going into the marketplace and buying something in large amounts to depress the value of the currency.

We've accommodated the new rules and regulations. We've served our clients and had quite good returns.

You cannot prove this in real time, but when economists 20 years from now write a book on the recovery, it may well be entitled, It could have been much better.

I think normalization is a good thing.

[That is] hard to predict, [it] could be either September or December [2016] I personally think the sooner the better because that would be a good sign that the Fed believes the economy is significantly stronger.