I hate the word universal, because I don't know exactly what it means. The question is, does it work for the client? Travelers was a diversified, financial conglomerate that did very well. The businesses had nothing to do with each other.

If you were a corporation needing financial services, and I can give you something better, faster, and cheaper across 12 products as opposed to eight, that's business. I'm doing it because I'm serving you; I'm not doing it because I want to be universal.

Banks also have to say no to customers. We can't always give clients what they want; it may not be in the client's best interest.

I'm a really big believer - this is not a statement about President [Barack] Obama, but whoever is president - that good policy is really important.

It's good for America when the rest of the world grows, because you can sell more to the rest of the world.

We're going to do the right thing for the company and our customers, all things considered.

The best thing to do is muddle through and maybe, over time, create a solution of that, if someone really wanted to exit, the legal basis on which you could exit. Because right now there almost doesn't exist one.