I Also Believe That Most

Look, Every Institution Will Make Mistakes. I Acknowledge We Make Mistakes, And They Can Hurt My Reputation And Our Company's. But You Also Must Be Willing To Let Go A Little Bit, Trust Others, And Not Always Be So Stringent, Provided You Have Robust Controls.

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.

The Best Way To Look At Any Business Is From The Standpoint Of The Clients. So There Are These Certain Basic Things That Aren't Going To Change. Companies Are Going To Have Needs For Equity, Debt, Advice, Fx, And Derivatives. Individuals Are Going To Have Needs For Auto Loans, Mortgages, Something That Looks Like A Deposit Account, And The Ability To Send Money To People. Those Things Aren't Going To Change.

All Our Clients Know That We're There, We're Steady, We Do A Good Job, We Earn A Fair Return For Ourselves, Which I Think Is Critical.

Over The Longer Term, China Will Grow By About 6% Or 7% Per Year. The Chinese Authorities Usually React Pretty Quickly To Unfolding Economic Events, And You've Seen Them Recently Change A Whole Bunch Of Policies To Be More Conducive To Growth. They Have The Power And Capability To Macromanage The Economy - To Accomplish Their Growth Objectives - Which Means They're Pretty Much Going To Come Close To What They Say Is Going To Happen.