Nancy Bush (NAB Research): Do you see the allocation of resources within your bank changing as a result of what has happened in the last few quarters?

James Dimon: We are going to continue to build our client businesses. We have sold anything that does not fit. We can expand these businesses for the foreseeable future and if somehow we are wrong and the world changes or we think there is a strategic misfit, then we should reconsider that.

Nancy Bush (NAB Research): Do you see more capital being allocated to the commercial bank going forward?

James Dimon: Yes, to the extent they can use it. The commercial bank does a lot of investment banking business now. We call it Chase Capital but think of it as kind of a mezzanine investment. They put on several hundred million dollars of loans and they have done a great job growing the bank but growing it carefully with a real conscious eye on credit. These markets will just play to our strengths. We can do more for the clients. We can be competitive in price. We can bring them things that other banks can not bring them, like checking accounts in China if they need that. You would be surprised how many middle market accounts need that now.

Nancy Bush (NAB Research): Does the retail generated core deposit base need to be significantly bigger to support the growth plans you have going forward?

James Dimon: I do not think so. We want it to be bigger, but that is because we like it but I do not think it is needed to support the growth plans going forward. If you look at this company, we are deposit rich. Take the commercial bank, $66 billion of loans, and $95 billion of deposits. TS&S, $250 billion of deposits, so we are the largest corporate depository in the world because we will always be able to attract cost effective deposits.