I Think Normalization Is A Good Thing.

Part Of The Concept Of The Euro Zone Was To Establish A Common Market. The Banks Were Going To Bank Across All Their Countries Like We Bank Across States. But That Concept Got Killed For A Whole Bunch Of Reasons That I Won't Get Into. That Was A Good Concept, By The Way. It May Yet Return, Because There Are Huge Economies Of Scale In Banking. That's Another Thing People Don't Quite Get.

There Is A Lot Of Focus On That First Rate Move, And I'm Not Sure How Important That Is.

Dodd-frank And Independent Actions Of Banks Go A Long Way In Terms Of Progress On Capital, Liquidity, Transparency, "living Wills" (plans For Winding Down A Bank In The Event Of A Collapse) And Resolutions.

The Transaction Reflects Our Disciplined Strategy Of Investing Capital In Core Businesses Where We Can Leverage Scale And Expertise For Competitive Advantage. In Addition To Being A Great Strategic Fit, The Deal Is Compelling Financially.

If You Went To All Those Little Towns In America, Jpmorgan Was There In Good Times And Bad Times, And, In Fact, Helped A Lot Of People Through The Tough Times. And We Know That's When They Need Us The Most.