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

Everybody is looking at their base business and saying, "What else is it? Sure, we do this, but while we're doing that, what else do we know about our customer, and what does that enable us to do?" That comes from the access to information and the ability to analyze it with a speed they never had. I think everybody is thinking that way.

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.

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

There is a desire for change. There is a millennial generation that doesn't like what they're seeing, but doesn't quite know what the solution is.

You see a wave of populism in the world. There is something wrong. This maybe because of technology. The ability of people to reach their own news sources now, and create different views, is really unbelievable. There is a desire for change. There is a millennial generation that doesn't like what they're seeing, but doesn't quite know what the solution is.

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.