I Do Think There Will Be More

I Hate The Word Universal, Because I Don't Know Exactly What It Means. The Question Is, Does It Work For The Client? Travelers Was A Diversified, Financial Conglomerate That Did Very Well. The Businesses Had Nothing To Do With Each Other.

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.

If The Numbers Are Right, Icbc [industrial & Commercial Bank Of China], Which Already Earns Nearly Twice As Much As Jpmorgan. They'll Probably Be Going A Lot Faster Over Time, And One Day They Can Be A Lot Bigger Than Us.

I Don't Think That [normalization] Necessarily Is Going To Damage The Emerging Economies.

As A Matter Of Fact 25% Of Our U.s. Investment Banking Business Comes Out Of Our Commercial Bank. So It's A Competitive Advantage For Both The Investment Bank - Which Gets A Huge Volume Of Business - And The Commercial Bank Because The Commercial Bank Can Walk Into A Company And Say, "oh, If You Need X, Y And Z In Japan Or China, We Can Do That For You."