In each business, there is a process, or a delivery system or information system, that is changing rapidly under them.

The reason you're put in the CEO chair is because a company is facing these issues and you've been designated the person best to organize around them. I think that people are pretty energized around trying to figure this out.

As a whole, [changing] is deflation force that is being underestimated. Whether each person thinks of it in the context of the word deflation ... what they think of it is, "Hard to hold my margin. I'm under margin pressure. I'm under sales pressure. I'm under cost pressure."

In most industries, technological change is happening at a rapid rate.

A big secular thing going on is technology and deflation. This is where I think millennials are getting that it is an improvement in life, and they're taking advantage of it.

By the way, I'm not sure the managing director who was 50 in 2005 understood that the job had changed - that when he or she came out of school in 1986, that it was different. How would they know? We've got to admit that.

I don't want to pick on Deutsche Bank, but I think the world of the regulated financial conglomerate, it is a strange thing. There is nothing in common between writing checks and running branch offices, issuing credit cards - those are good businesses, but they really have zero in common with M&A advice. They're a different customer.