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.

There is a lot of focus on that first rate move, and I'm not sure how important that is.

I think what you've seen them do recently in the markets is what most of us learn doesn't ultimately work. But I think everyone has to figure that on their own.

We continued to build the business, even in the worst of times. We do business all over America.

JPMorgan Chase are among the most successful global investment banks, most successful global asset managers, and, in the United States, one of the most successful retail and commercial bankers. We do a great job for customers.

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.

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