I Do Think There Will Be More

It Might Be Harder For Us To Charge A Higher Interest Rate, Like They Do, So It Might Not Be As Profitable For Us. But We Can Either Compete Or Partner, Like We've Announced With On Deck, Which Does Some Of The Stuff We Just Spoke About.

Not Every Company Went Bankrupt. Not Every Bank Needed Tarp [troubled Asset Relief Program]. So I'm Very Proud That Jpmorgan, Throughout That Time Period, Was Completely Steadfast. We Bought Bear Stearns Because We Thought We Were Helping The Situation. We Didn't Cut And Run.

At Travelers, We Were Much More Opportunistic. It Was Very Successful, But It Wasn't An Integrated Financial Services Company. We Had A Property Casualty Company, A Life Company, A Brokerage Company. We Were A Financial Conglomerate. It Wasn't A Unified, Coordinated Strategy Of Any Sort. When It Merged With Citi, That Became A Big Issue; Citi, At That Time, Wasn't Yet A Fully Integrated, Coordinated Company.

We Use Technology To Make It Cheaper, Better, And Faster For The Client. And Then If You Have The Most Flow, You Can Win. Now, Having Said That, Silicon Valley Wants To Take On This Business. They Think They See An Opening.

We Do All That [ Represent Companies], Because We Have A Lot Of Research In Japanese Companies, And That Research Educates Investors Around The World. It Allows Us To Sell Stocks And Bonds In Japanese Companies.