Overall the capital markets were not strong for the company [J. P. Morgan].

Last year, we were the no-name team and we came out from nowhere. And this year, we have to keep our name and show people that we can still play.

They essentially lined up a really excellent group of heavy hitters to bolster their existing management.

Banks are now recognized as providers of financial services.

Deutsche certainly is left out in the lurch in this one, so they're going to be that much more eager to do a deal over here.

It's the attorney general and a question of revenue growth. It's a slow environment and these stocks came up pretty fast.

I think you need to be selective in terms of the commercial banks. We've done a lot of studies in terms of credit quality in trying to figure out which ones really are at risk and which ones aren't. And I think that some of them are overly discounted at this point, like Chase Manhattan, Bank of America and Wells Fargo.

I think a lot of it had to do with fixed income, foreign exchange and derivatives, ... I think there will be a rebounding in capital markets in the second quarter. I expect them to bounce back with a more healthy investment banking business.