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

I think people sense that - that there is something not right about that equation [in the USA].

We're a small part of this ecosystem. When we go to a school and talk about investment banking, they are these monster financial conglomerates, and so we end up in the same pot. That is still an issue for us.

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.

I want to be clear. Who knows if [ Donald Trump] will be a vessel that people will get behind, it might not be, but there is a movement out there.

One of the great parts about my job is I travel the world. I was in India right before the [Narenda] Modi election, and I don't think he was the frontrunner until the end.

I asked one retailer, I said, "Let me ask you, are you going to raise prices next year?" They looked at me and said, "Not only are we not going to raise prices, we're going to have to lower prices, increase the quality of the goods, and turn the inventory quicker."