Europe Is The Most Complicated

There Are Two Types Of Depreciation. There Is One Where You're Manipulating Currencies. And That's Not What Japan Is Doing.

I've Asked Our People, "why Don't We Just Put A Revolver On Top Of Our Basic Loan?" Make It Easier For The Client.

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.

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."

Banks Don't Want Certain Asset Classes, And That's Created Opportunities For Private Equity, Hedge Funds, Silicon Valley. In This Case I Think He Was Referring To Some Of The European Banks Shedding Assets, And The Big Buyers Are Probably Not Going To Be Big American Banks. Someone Like Blackstone May Have A Very Good Chance To Buy Those Assets, Leverage Them, Borrow Up A Little Bit, And Do Something Good There.