The ability of people to reach their own news sources now, and create different views, is really unbelievable, and [populism] may be part of this.

Remember, for 5,000 years people probably rode those horses. They probably felt that horses were a permanent part of civilization. Everybody has had this moment.

I would point out is that most of the change over the past 5,000 years has been arithmetic, and it now logarithmic. Digitization, the whole Moore's law thing where it doubles every 18 months - that is a speed that is faster than most people are used to.

It is hard to compare over generations. I think a lot of the top talent is choosing other fields. We look pretty hard - we put a lot of time and effort into finding talent.

Digitization has created opportunities for everybody to accumulate information in a way they were never able to, and analyze it with a speed that just wasn't there.

Everybody is talking about synergies. You've got to take out every cost you possibly can. You have to position yourself as your services change.You have to think about in five years from now what is going to happen technologically to you. And then you do have to think about M&A or your balance sheet, and you have to think about everything in the context of, "Am I prepared to meet that challenge?".

John Cryan and I worked together at UBS, and I think John is one smart, hardworking individual, and I wouldn't bet against John. I wish him well.