The only thing I find executives down about is the regulatory environment.

I do think [in USA] is a need for change. There is something wrong when you have $20 trillion of debt and crumbling infrastructure at the same time, and really fewer people employed than have been. Something is wrong.

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.

We pick on retail, I think, because each individual has experience with retail. It is easy to talk about.

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.

I think [millenials] are taking advantage of deflationary forces to improve their life while not maybe having to chase the nominal money that was needed to buy a whole car, a whole house, a whole couch.

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.