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

We use technology to make it cheaper, better, and faster for the client. And then if you have the most flow, you can win. Now, having said that, Silicon Valley wants to take on this business. They think they see an opening.

I always tell people, "There's a book on everyone." I get some of that book before I do anything. If I want to deeply understand someone's reputation, I'll talk to their friends, their former bosses, their peers, and I'll learn a lot about them. I want them to be trusted. I want them to be respected. I want them to give a s - -. Then there are the intangibles: physical and emotional stamina, the ability to confront issues. I can ask all I want about those things, but I also have to see a lot of it.

JPMorgan is a very good franchise. And the way you should look at a franchise, a business, is from the standpoint of the customers.

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

I learn from all our major competitors, whether they're in or out of the U.S. Wells Fargo is very actively, very aggressively, and very successfully building its U.S. investment bank.

No one has the right to not assume that the business cycle will turn! Every five years or so, you have got to assume that something bad will happen.