WEBVTT - Jamie Dimon Talks Inflation, China, Politics

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Definitely my highlight of the day, Jamie Diamond, a lot

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<v Speaker 2>to talk about. JP Morgan, Chair and chief Executive, Thank

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<v Speaker 2>you so much for hosting us again again at your

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<v Speaker 2>Global market conference. What's market turbulence looking like right now?

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<v Speaker 2>So we have the CPI print yesterday, markets rally are

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<v Speaker 2>there getting ahead of themselves?

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<v Speaker 1>Yeah, so I wouldn't call it turbulence, and we've got

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<v Speaker 1>We've had good, healthy markets for quite a while. You know,

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<v Speaker 1>they're kind of predicting a soft landing. And you see

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<v Speaker 1>that in both Dock prizes, which are kind of high

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<v Speaker 1>credit breads, which are kind of low markets, which a

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<v Speaker 1>kind of wide open that's all good, doesn't tell what

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<v Speaker 1>the future is going to be. Magott point a lot

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<v Speaker 1>of times in history where that was true and the

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<v Speaker 1>next year wasn't true. And so you know, we'll see.

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<v Speaker 1>I don't pay as much attention to monthly numbers as

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<v Speaker 1>most people.

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<v Speaker 3>Do, I know, So what do you think the future

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<v Speaker 3>is for inflation?

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<v Speaker 1>And I'm a feeling more worried about it. I mean,

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<v Speaker 1>you know, we've had very big fiscal deficits, and you know,

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<v Speaker 1>I think the underlying inflation may not go away the

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<v Speaker 1>way people expected to. And I look at the future

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<v Speaker 1>like a lot of things. We look at a kind

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<v Speaker 1>of inflationary in the green economy, the remilitarization of the world,

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<v Speaker 1>the infrastructure requirements, the restructure of trade, fiscal deficits. So

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<v Speaker 1>I think there are a lot of inflationary forces in

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<v Speaker 1>front of us that you know, may keep it a

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<v Speaker 1>little bit higher than people expect. So the surprise would

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<v Speaker 1>be rates are higher, inflation a little bit higher, and

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<v Speaker 1>maybe that'll slow growth. And obviously geo politics a whole

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<v Speaker 1>different issue that can that could be determinative in what

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<v Speaker 1>our commy does next year, and we just we're just

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<v Speaker 1>not going to know.

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<v Speaker 2>But does that mean you think it's fifty to fifty

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<v Speaker 2>whether the FED cuts or hikes at.

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<v Speaker 3>You next time next one.

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<v Speaker 1>I really don't pay that much tense to that. The

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<v Speaker 1>FED will have to follow the data, and I don't

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<v Speaker 1>know what the data is going to say, but they

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<v Speaker 1>I think, you know, they are doing the right to

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<v Speaker 1>be patient right now, see see what's going to happen.

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<v Speaker 1>They may not know for a couple of months.

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<v Speaker 3>But no big correction. If you don't pay you know

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<v Speaker 3>that much attention to it. It means you're not worried

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<v Speaker 3>about it, not moored.

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<v Speaker 1>I just said, doctor, are very high, either the chances

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<v Speaker 1>of inflation staying higher or race going up, or higher

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<v Speaker 1>than other people things. So I think the chance, my

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<v Speaker 1>view is whatever the world is pricing it for a

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<v Speaker 1>soft landing, I think it's probably half that. I think

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<v Speaker 1>the chance of something going wrong is higher than.

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<v Speaker 3>People think in the US globally, well.

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<v Speaker 1>I say in the US, but also that could affect globally.

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<v Speaker 3>Yeah, and so that what does that mean for market?

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<v Speaker 1>There'd be down and credits president' got gap out?

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<v Speaker 3>So why is the market up pricing.

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<v Speaker 1>That in a lot of happy talk?

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<v Speaker 3>Where does that happy talk come from?

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<v Speaker 1>Low rates, central banks and reduced rates? You know, maybe

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<v Speaker 1>the geopolitical things disseminate, don't cause problems, and so you know,

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<v Speaker 1>the future isn't predictable like that. So you know, I'm

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<v Speaker 1>a student of history. I've watched all the inflection points

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<v Speaker 1>that you go back, and my dad was a stock broker.

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<v Speaker 1>I go back to the booming markets seventy two and

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<v Speaker 1>the collapse of seventy four, the healthy markets of eighty

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<v Speaker 1>the collapse of eighty two. You know the ninth the

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<v Speaker 1>eighty seven crash, the nineteen ninety real estate crash, and

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<v Speaker 1>almost all of them were not predicted the year before.

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<v Speaker 1>So I look at these factors that drive these things

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<v Speaker 1>are not always known. As a company, we prepare for

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<v Speaker 1>all of us. We can serve all our clients regardless.

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<v Speaker 3>But what do you see as the main stress right now?

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<v Speaker 2>Because if it's geopolitics, we talk about it, it's just

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<v Speaker 2>not really priced it.

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<v Speaker 3>Where does is it distress? Is it something actually going.

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<v Speaker 2>Under that you worry about, or just a multiple factors

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<v Speaker 2>coming out at the same time.

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<v Speaker 1>I think, well, geopolitics could create the main stress that

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<v Speaker 1>we're worried about in terms of oil and gas prices

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<v Speaker 1>or trade alliances. But I think the surprise would be

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<v Speaker 1>higher rates because inflation didn't go down, that inflation has

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<v Speaker 1>been stubborn and maybe bounces up next year. I think

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<v Speaker 1>inflation next year may be in the cards, may have

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<v Speaker 1>nothing to do with what you're seeing today. So that

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<v Speaker 1>to me is the surprise. If you at higher rates

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<v Speaker 1>and God forbid stagflation, Yeah, you'll see stress in real

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<v Speaker 1>estate and leverage companies and some private credit and things

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<v Speaker 1>like that. So it's unpredictability is in your normal I

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<v Speaker 1>think it's been the enormous since my whole life have it.

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<v Speaker 3>It's not worse now.

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<v Speaker 2>No what happens between China and the US, and what

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<v Speaker 2>does that mean for your appetite of being China.

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<v Speaker 1>Yeah, so the geopolitical situation is very tense, for the

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<v Speaker 1>more the Ukraine and Russia, Iran, the terroors, activities in Israel,

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<v Speaker 1>North Korea, nuclear black mail. We've never had nuclear black

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<v Speaker 1>mail before. And this is of course affecting our relationship

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<v Speaker 1>with China, and you know, it's gonna be hard to

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<v Speaker 1>have a great relations with China. The Ukraine war zone,

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<v Speaker 1>we're kind of in different sides of that, and put

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<v Speaker 1>Taiwan aside. Having said that, I think it's the right

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<v Speaker 1>thing for America to fully and deeply engage with China,

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<v Speaker 1>you know, competitively. You know, every nation is going to

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<v Speaker 1>do it's in their own interest in national security, social America.

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<v Speaker 1>We should define that fairly improperly. If it's unfair trade,

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<v Speaker 1>you know, negotiate that or do whatever you need to do.

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<v Speaker 1>But the engagement is the right thing to do. China

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<v Speaker 1>is not the natural end of the United States. They

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<v Speaker 1>have a lot of their own problems. So you know,

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<v Speaker 1>to me, we could work together as best we can

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<v Speaker 1>and then we have common interest climate, anti nuclear referation,

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<v Speaker 1>anti terrorism.

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<v Speaker 2>What does it mean for a bank working in China? Actually,

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<v Speaker 2>given all of this volatility, they're cautious.

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<v Speaker 1>I mean, you know China, if you look at China

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<v Speaker 1>from a risk of war basis, it used to be

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<v Speaker 1>very good. It's not so good anymore because all these

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<v Speaker 1>things can go wrong. And remember we bank I mean,

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<v Speaker 1>I've got the number, but fifteen hundred multinationals in China.

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<v Speaker 1>They're not leaving China, so who are going to serve

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<v Speaker 1>our clients there? We're just much more cognizant that the

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<v Speaker 1>risk is higher. I might put Hong Kong in that

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<v Speaker 1>bucket two. You know, we kind of look at China

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<v Speaker 1>Hong Kong as one at this point from a risk standpoint.

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<v Speaker 2>What does a Trump administration mean for the US economy?

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<v Speaker 1>I don't know, you know, they're.

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<v Speaker 2>Why because it's unfreakictable, or because we're too soon to

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<v Speaker 2>actually try trying to figure out the policies that he

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<v Speaker 2>leaves put in place.

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<v Speaker 1>So if you look at history, who was elected president

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<v Speaker 1>may not necessarily effect the next year. That's kind of

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<v Speaker 1>like we're a big tanker and that's going to happen.

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<v Speaker 1>I think the much more important thing is what we

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<v Speaker 1>do in the geopolitical situation. You know. I've always been

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<v Speaker 1>quite clear that American leadership is provided to keep the

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<v Speaker 1>world free and safe for democracy, and that means economic alliances,

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<v Speaker 1>which includes trade. By the way, I think we should

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<v Speaker 1>spend more time in trade. It means NATO. It means

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<v Speaker 1>that Russia should not win in Ukraine, because if they do,

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<v Speaker 1>I think it can tear us under this Western world.

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<v Speaker 2>I know you've ruled out being Treasury secretary. What would

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<v Speaker 2>it take to get you into politics?

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<v Speaker 1>I don't think I've suited for politics. I love my job,

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<v Speaker 1>you know, and I'm not sure I want to do

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<v Speaker 1>something like that. And I can hope.

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<v Speaker 3>Even if you got the call, would it be hard

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<v Speaker 3>to say no?

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<v Speaker 1>I don't know. Probably yes, I love my job, and

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<v Speaker 1>I have noticed in even of doing ZIDL.

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<v Speaker 2>So what we're in France at a global markets conference.

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<v Speaker 2>What are you expecting from Bazel three? What will Ja

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<v Speaker 2>Powell put in place?

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<v Speaker 3>And you rule book?

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<v Speaker 1>I should mention, by the way, because President McCrone has

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<v Speaker 1>done an outstanding job here. Pro Business got us to

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<v Speaker 1>move our trading floors here. You know, he wants to

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<v Speaker 1>grow his economy. There's much more innovation. We had a

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<v Speaker 1>thing lasts by a lot of innovation. So look Basil three.

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<v Speaker 1>We've been quite clear. We thought it was excessive, not

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<v Speaker 1>well thought through. I would love to know what the

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<v Speaker 1>endgame is. What are they trying to accomplish with private

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<v Speaker 1>credit or are they trying to accomplish with like even

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<v Speaker 1>the other day, eighty percent of more has left the system,

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<v Speaker 1>and now the government's talking about having a bailout system

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<v Speaker 1>for mortgage companies because they're no longer in a bank

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<v Speaker 1>that has the ability to provide liquidity in tough markets.

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<v Speaker 1>That would be the same thing in market making. So

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<v Speaker 1>they're looking at it. You know, I trust Jay Powell

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<v Speaker 1>to look at and analyze what they need to do,

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<v Speaker 1>how they need to do it. The other thing, which

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<v Speaker 1>I'm not sure the Europeans no, I have no idea,

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<v Speaker 1>and it may end up in a lawsuit or something

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<v Speaker 1>like that. But the amazing thing to me is that

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<v Speaker 1>America ended up through the endgame thirty percent more capital

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<v Speaker 1>than the European bank in America, And I just why

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<v Speaker 1>we argue about international standards and then we simply don't

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<v Speaker 1>do them. And also I think the regulation answer the

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<v Speaker 1>question what do you want how do you want the

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<v Speaker 1>system to work? Is do you want it to put

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<v Speaker 1>private credit a public credit? Do you want mores out

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<v Speaker 1>of the banks? Just dictated? If that's the goal, just dictated.

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<v Speaker 1>If you don't want leverage landing the bank just dictated.

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<v Speaker 1>You know, and I think you know we are guardian

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<v Speaker 1>into the financial system. You know, we bank, you know,

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<v Speaker 1>we bank one hundred countries and you know we're on

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<v Speaker 1>the ground of sixty countries. You know, we do great

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<v Speaker 1>work for cities, schools, states, hospitals, soul or when climate

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<v Speaker 1>middle market companies, is that what they don't want or

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<v Speaker 1>they do want, you know, they want to make it.

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<v Speaker 3>More experienced, they know? Are they still trying to figure

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<v Speaker 3>it out?

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<v Speaker 1>I think they've got to figure it out. I don't

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<v Speaker 1>think it's quite clear from any now. So they did.

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<v Speaker 1>You guys should read it and write about it. There

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<v Speaker 1>was no detailed analysis about cost benefit, what they're trying

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<v Speaker 1>to accomplish, what the outcome would be.

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<v Speaker 2>That's why that's why we're asking you, right, Jamie, talk

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<v Speaker 2>to me about front. So you're you're positive on the president.

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<v Speaker 2>I also know that you were the chiefs Frants event

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<v Speaker 2>on Monday. If he relacs labor laws, would you hire

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<v Speaker 2>more in this country?

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<v Speaker 1>He did relax labor laws, but if he relack some

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<v Speaker 1>more possibly, you know, we now have a thousand people here,

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<v Speaker 1>we have large trading or here was straight. I've got

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<v Speaker 1>the number five or eight, five or six or seven

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<v Speaker 1>eight hundred million dollars a day. When you have a

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<v Speaker 1>thousand people, you tend to hire more and more technology more,

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<v Speaker 1>and that's been true for us since I've been at

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<v Speaker 1>JP Morgan. Once you have a very competent group of

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<v Speaker 1>people and you have hiring and capability and friends, you

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<v Speaker 1>tend to do more things there. So my view is

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<v Speaker 1>we will be doing more things here. And it was

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<v Speaker 1>the tax leader they put in place, the regulations they

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<v Speaker 1>put in place, the labor flexibility they put in place.

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<v Speaker 1>Those things do make a difference, and very importantly, they

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<v Speaker 1>don't just lift up JP Morgan here. We pay a

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<v Speaker 1>lot of taxes here which help lift up all citizens.

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<v Speaker 1>I don't think President Macrohane did that for JP Morgan.

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<v Speaker 1>He did because he knows his country needs to grow,

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<v Speaker 1>bring it innovation, and that's how you build a better country.

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<v Speaker 2>So the chief executive is the largest wealth fund in

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<v Speaker 2>the world, says that actually America is doing much better

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<v Speaker 2>because Americans are less lazy or work harder than the Europeans.

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<v Speaker 3>I mean, is that fair? Is that regulation?

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<v Speaker 1>I hate total blanking statements like that. I know a

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<v Speaker 1>lot of Europeans who work hard, but I think when

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<v Speaker 1>you see the things about work hours, I think it

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<v Speaker 1>is somewhat true. Americans are hard working. Anywhere you go

0:10:08.080 --> 0:10:10.760
<v Speaker 1>around Americas is hardworking. But I see that here too,

0:10:11.480 --> 0:10:13.640
<v Speaker 1>I don't think. And the innovation people you meet the

0:10:13.720 --> 0:10:15.800
<v Speaker 1>working just as hard as the innovation people in the

0:10:15.880 --> 0:10:16.640
<v Speaker 1>United States.

0:10:17.040 --> 0:10:19.520
<v Speaker 2>So you also in terms of headcount in the UK,

0:10:20.080 --> 0:10:22.040
<v Speaker 2>I think it's at the highest that it's ever been.

0:10:22.160 --> 0:10:24.960
<v Speaker 2>And you're also doing you're giving money to try and retrain,

0:10:25.080 --> 0:10:28.600
<v Speaker 2>and you've recently met with possibly the next Prime minister.

0:10:28.679 --> 0:10:30.480
<v Speaker 3>E see so far advance in the polls. What do

0:10:30.520 --> 0:10:30.760
<v Speaker 3>you think?

0:10:31.760 --> 0:10:34.520
<v Speaker 1>Yeah, Look, I like the fact that both the conservative

0:10:34.559 --> 0:10:39.240
<v Speaker 1>and the labor governments are talking about pro business, simpler regulations,

0:10:39.840 --> 0:10:43.960
<v Speaker 1>getting more innovation in the country, becoming competitive and we

0:10:44.000 --> 0:10:47.040
<v Speaker 1>all need like we all have too much debt. Growth

0:10:47.120 --> 0:10:50.600
<v Speaker 1>is the best anecdote for antidote for everything, and so

0:10:50.720 --> 0:10:53.320
<v Speaker 1>having a growth strategy is good for a country and

0:10:53.320 --> 0:10:55.960
<v Speaker 1>it's good for the lower income people. And this training

0:10:56.000 --> 0:10:58.880
<v Speaker 1>stuff is maybe the most important is get training jobs.

0:10:59.240 --> 0:11:01.600
<v Speaker 1>That first job as a first run in the ladder

0:11:01.840 --> 0:11:05.680
<v Speaker 1>creates dignity, you know, more home household formation, and I

0:11:05.679 --> 0:11:07.440
<v Speaker 1>think countries have to do more of that because if

0:11:07.440 --> 0:11:09.480
<v Speaker 1>they don't, you know, you can have a tough time.

0:11:09.640 --> 0:11:12.440
<v Speaker 3>But do you think the UK Commy will change under Labor?

0:11:13.360 --> 0:11:16.360
<v Speaker 1>I don't know yet, but I was. I was happy

0:11:16.400 --> 0:11:18.439
<v Speaker 1>with what they were talking about. We had Rachel Reeves

0:11:18.440 --> 0:11:21.400
<v Speaker 1>come to our conference too that they're all talking from

0:11:21.440 --> 0:11:26.600
<v Speaker 1>the playbook. We need growth, simpler regulations, more capital formation,

0:11:26.760 --> 0:11:30.439
<v Speaker 1>more capital investment in proper taxation because that's the way

0:11:30.440 --> 0:11:32.360
<v Speaker 1>to help our whole country and all our citizens. So

0:11:32.800 --> 0:11:34.160
<v Speaker 1>that is what we shall all be doing.

0:11:35.160 --> 0:11:38.160
<v Speaker 2>Jimmie Dunman, we talk around, you know, India all the time.

0:11:38.240 --> 0:11:40.920
<v Speaker 2>Is this a decade for India and does it somehow

0:11:41.000 --> 0:11:44.079
<v Speaker 2>counterbalance China for you know, world growth?

0:11:45.040 --> 0:11:47.959
<v Speaker 1>Yeah, Look, I think India has done a very good job.

0:11:48.400 --> 0:11:50.120
<v Speaker 1>And you know, when you look at India, yes, it

0:11:50.440 --> 0:11:53.160
<v Speaker 1>should have a very bright future. I'm not saying as

0:11:53.160 --> 0:11:55.880
<v Speaker 1>account in a China, but a very bright future. And

0:11:55.920 --> 0:11:57.640
<v Speaker 1>I think we shall all be reaching out to India

0:11:58.000 --> 0:11:59.679
<v Speaker 1>that you know, they have to stay not aligned to

0:11:59.800 --> 0:12:01.640
<v Speaker 1>the kind of where they are in the world between

0:12:01.720 --> 0:12:04.360
<v Speaker 1>Russia and China, but you know they're a democracy, they're

0:12:04.360 --> 0:12:07.400
<v Speaker 1>a natural friend of America and the Western world, and

0:12:07.440 --> 0:12:09.319
<v Speaker 1>we shall all be helping them. And they've they've made

0:12:09.360 --> 0:12:13.960
<v Speaker 1>a lot of changes there, infrastructure, transfer payment, seven hundred

0:12:13.960 --> 0:12:16.120
<v Speaker 1>million people bank accounts that are going to be very

0:12:16.120 --> 0:12:16.960
<v Speaker 1>good for that country.

0:12:17.160 --> 0:12:18.640
<v Speaker 3>So what does that mean for JP Morgan?

0:12:19.080 --> 0:12:21.120
<v Speaker 1>Well, we're not we're not in the retail business there,

0:12:21.160 --> 0:12:23.920
<v Speaker 1>but we will be in. We have sixty thousand employees there.

0:12:23.960 --> 0:12:29.280
<v Speaker 1>We got big campuses, high technology, and we're expanding our trading,

0:12:29.440 --> 0:12:32.160
<v Speaker 1>our research, our investment banking. Yeah, we're there at a

0:12:32.160 --> 0:12:32.560
<v Speaker 1>big time.

0:12:33.160 --> 0:12:34.680
<v Speaker 2>Can you talk to me a little bit about JP

0:12:34.720 --> 0:12:36.439
<v Speaker 2>Morgan on how I mean you've had a number of

0:12:36.480 --> 0:12:39.480
<v Speaker 2>high profile departures. How does that change actually the way

0:12:39.480 --> 0:12:41.199
<v Speaker 2>you focus your business and.

0:12:41.120 --> 0:12:42.440
<v Speaker 3>How you run things going forwards?

0:12:42.440 --> 0:12:42.920
<v Speaker 1>Not at all?

0:12:43.440 --> 0:12:46.760
<v Speaker 3>Nothing zero. If you were to buy anything, what would

0:12:46.800 --> 0:12:47.080
<v Speaker 3>you buy?

0:12:47.240 --> 0:12:51.600
<v Speaker 1>Oh that's different. Look, we have we can't buy banks.

0:12:51.640 --> 0:12:52.200
<v Speaker 1>You do know that?

0:12:52.600 --> 0:12:55.320
<v Speaker 3>So you know you could buy your European bank, could you?

0:12:56.360 --> 0:13:00.000
<v Speaker 1>I wouldn't even try. I think the American related to hey,

0:13:00.240 --> 0:13:02.400
<v Speaker 1>I think the regulators he would hate it. Even if

0:13:02.400 --> 0:13:04.440
<v Speaker 1>they said go ahead and do it, I'd probably be

0:13:04.480 --> 0:13:06.640
<v Speaker 1>in courts and things for a year and a half.

0:13:07.000 --> 0:13:09.680
<v Speaker 1>Huge distraction in my own company. I'd rather just say

0:13:09.720 --> 0:13:12.640
<v Speaker 1>we want to add clients in this country, and clients

0:13:12.679 --> 0:13:15.160
<v Speaker 1>and that kind of add bankers and technology and branches.

0:13:15.240 --> 0:13:16.600
<v Speaker 1>It's just a better way for us to grow.

0:13:16.679 --> 0:13:16.920
<v Speaker 3>Okay.

0:13:16.920 --> 0:13:18.560
<v Speaker 2>But if there's if you could buy anything, I mean

0:13:18.720 --> 0:13:21.760
<v Speaker 2>not about injury, but you were thinking of something.

0:13:21.840 --> 0:13:24.360
<v Speaker 1>Yeah, we always look at stuff. Yeah, so we're not

0:13:24.400 --> 0:13:26.560
<v Speaker 1>looking at any major acquisition or anything like that.

0:13:26.679 --> 0:13:28.520
<v Speaker 3>Technology, you know feel what we're doing.

0:13:28.520 --> 0:13:31.760
<v Speaker 1>We're adding literally and we have investor Day next week.

0:13:31.880 --> 0:13:35.160
<v Speaker 1>We're adding retail and wholesale branches. We're adding them in

0:13:35.280 --> 0:13:37.880
<v Speaker 1>the United States. We're almost all the major hundred cities

0:13:37.880 --> 0:13:41.560
<v Speaker 1>there now. We're adding commercial banking all over Europe and Asia.

0:13:41.960 --> 0:13:46.200
<v Speaker 1>We're adding technology around payments and even a blockchain called

0:13:46.200 --> 0:13:48.880
<v Speaker 1>Onnex to move data and maybe move money one day.

0:13:49.280 --> 0:13:51.920
<v Speaker 1>We're constantly investing. We have two hundred people, two thousand

0:13:51.920 --> 0:13:55.120
<v Speaker 1>people in AI and machine learning for use cases on

0:13:55.200 --> 0:13:57.040
<v Speaker 1>the way to probably I know if I.

0:13:57.040 --> 0:13:59.520
<v Speaker 3>Speak in five years, how much bigger and how much

0:13:59.520 --> 0:14:00.240
<v Speaker 3>different to.

0:14:00.240 --> 0:14:03.720
<v Speaker 1>Be speaking to a fake diamond who's just answering question

0:14:03.840 --> 0:14:05.000
<v Speaker 1>avatar an avatar?

0:14:05.080 --> 0:14:06.920
<v Speaker 3>Yeah, do you think about technology a lot?

0:14:07.040 --> 0:14:09.400
<v Speaker 1>Yes, all the time, every meeting we have. This has

0:14:09.400 --> 0:14:11.800
<v Speaker 1>been true my whole life. When we have any management meeting,

0:14:12.040 --> 0:14:15.360
<v Speaker 1>your technology jets on the table that includes AI cloud,

0:14:16.520 --> 0:14:19.480
<v Speaker 1>just more analytics. What are you doing to do things better, faster,

0:14:19.600 --> 0:14:24.080
<v Speaker 1>quicker for clients digital huge amount of digital services, integrating

0:14:24.120 --> 0:14:25.760
<v Speaker 1>them better or to mating them better.

0:14:25.840 --> 0:14:27.840
<v Speaker 2>But that would change, I mean that will change, I

0:14:27.840 --> 0:14:30.640
<v Speaker 2>guess see the heart of banking. Does that mean that

0:14:30.680 --> 0:14:34.280
<v Speaker 2>you'll see more winners and losers because of the technological eventments?

0:14:34.320 --> 0:14:37.840
<v Speaker 1>So technology has always changed the heart of banking, moving money,

0:14:37.880 --> 0:14:41.360
<v Speaker 1>holding money, advising money, rating, That won't change, and you

0:14:41.360 --> 0:14:44.120
<v Speaker 1>have to do that of coording to rules, laws, regulations

0:14:44.160 --> 0:14:47.000
<v Speaker 1>by country. But it'll change is how you deliver it.

0:14:47.080 --> 0:14:48.560
<v Speaker 1>So like right now you go on your phone, you

0:14:48.600 --> 0:14:51.120
<v Speaker 1>can move money and buy stocks. That wasn't true twenty

0:14:51.200 --> 0:14:54.080
<v Speaker 1>years ago. So yes, everything you do will change to

0:14:54.200 --> 0:14:57.480
<v Speaker 1>the technology. But you still have to move money, budget,

0:14:57.920 --> 0:15:02.040
<v Speaker 1>raise money, make investments, et cetera. So you know, the

0:15:02.080 --> 0:15:06.120
<v Speaker 1>core won't change, but will change. Regulations may change that too, obviously,

0:15:06.240 --> 0:15:07.400
<v Speaker 1>so in the US.

0:15:07.560 --> 0:15:10.920
<v Speaker 2>So again, would a Trump presidency be more favorable to

0:15:11.280 --> 0:15:12.560
<v Speaker 2>banks when it comes to regulation?

0:15:13.600 --> 0:15:16.920
<v Speaker 1>You know, I don't. I don't know. I mean, you know,

0:15:16.960 --> 0:15:20.200
<v Speaker 1>I am unhappy with the amount of rules and regulations

0:15:20.200 --> 0:15:23.400
<v Speaker 1>coming out today. I don't know what a second administration

0:15:23.920 --> 0:15:26.920
<v Speaker 1>of either one would do. I'm hopeful that they focus

0:15:27.000 --> 0:15:29.440
<v Speaker 1>on growth, wh's good for the citizens, what's good for

0:15:29.480 --> 0:15:33.200
<v Speaker 1>the country, and I would help anyone I can to

0:15:33.280 --> 0:15:35.760
<v Speaker 1>do that for my country. I'm quite patriotic about that,

0:15:36.120 --> 0:15:37.880
<v Speaker 1>and I do think you need to In terms of service,

0:15:37.920 --> 0:15:39.760
<v Speaker 1>I think you needed no helping.

0:15:39.720 --> 0:15:43.800
<v Speaker 2>Helping as the bank. It's good to get that clear exactly. Okay,

0:15:43.920 --> 0:15:46.080
<v Speaker 2>j P, thank you so much for joining us. That was,

0:15:46.080 --> 0:15:48.760
<v Speaker 2>of course the JP Morgan, a chief executive officer,