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.

The challenges, the changes we're talking about often seem to them like unbelievable opportunities to deliver a product quicker, better. If you can improve the quality, lower the cost, and improve the turns - and you can do that because your information systems, your delivery systems, are better because of technology - well, you see that as a wonderful opportunity to gain market share.

Whatever it is, in a 1% GDP world, I think people feel like there are other things they have to do other than just organic growth.

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.

There are only two people running [Donald trump and Hillary Clinton] - you have to pick one of two people, and it's not like I said Mickey Mouse was going to win. This is why, like you said about Brexit, inside of London I don't think they saw what was going on.

You get behind some of the numbers, like the underfunded pensions in the US, and I'm not sure people even understand how wrong their situation is.