Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single.
Speaker 2: Bust idea on a day that was exceptional. Our team
Speaker 2: really tried to balance for July a Wednesday. There's almost
Speaker 2: no economic data today, Boom A trade discussion on three
Speaker 2: fronts yesterday afternoon, Mark Kearney in Canada, right as we
Speaker 2: went to air the European Union out of Brussels. Thank
Speaker 2: you Steve Carroll for reporting from Brussels, and of course
Speaker 2: the bombshell of some form of trade deal. The President
Speaker 2: said a massive trade deal with Japan. As the news
Speaker 2: came out, you know, I'm not sure how massive it was.
Speaker 2: We were diverted by that. We have Google Learnings technology now,
Speaker 2: huge curiosity about AI and all of that. Talked to
Speaker 2: Mike Mayo of Wells Fargo iconic as a bank analyst
Speaker 2: about AI, and I just said, who's winning the technology
Speaker 2: race in banking?
Speaker 3: He had one name, Kapie Morgan is the Nvidia of banking.
Speaker 3: They're leading with AI. They have it centralized. They say
Speaker 3: that you know, most of their employees use it every
Speaker 3: day to save a bit more productivity. They seem strategically
Speaker 3: and operationally ahead of the pack. They do spend a
Speaker 3: lot of money on technology. They spend eighteen billion dollars
Speaker 3: this year on technology, and you know, the amount to
Speaker 3: AI continues to increase, so they think it's real. They're
Speaker 3: embracing it. You know, it starts more non comfort facing activities,
Speaker 3: but they're certainly ahead of the game.
Speaker 2: Mike Mayo, and I should say his research team is
Speaker 2: really looking at bank regulation. Mike Mayo appearing yes today
Speaker 2: at that Capital Markets event that Chairman Powell introduced, and
Speaker 2: he said very clearly this is an important time in
Speaker 2: bank regulation for those of you of a global Wall
Speaker 2: Street mc Mayo associated with it. At some point, somehow,
Speaker 2: some way City Group would turn around. It's a hockey
Speaker 2: stick up for Citygroup.
Speaker 3: What's underappreciated. They've transitioned from fifty years of a global
Speaker 3: matrix missmashed structure YEP, to five lines of business payments, banking, markets,
Speaker 3: consumer and well and each one of those lines of
Speaker 3: business has a P and L. They have returns, they
Speaker 3: have targeted returns, and they have a CEO that's in
Speaker 3: charge of achieving those targeted returns. Now, you say, Jane Frazer,
Speaker 3: the CEO does not get a Nobel Prize for doing that.
Speaker 3: But City is now getting operated more like a normal company,
Speaker 3: and they're only six quarters into this new structure. Short
Speaker 3: term people are selling the stock inappropriately due to the
Speaker 3: terraff City is a tariff beneficiary. They move five trained
Speaker 3: dollars of money every day around the world. Now it
Speaker 3: might be moving to different countries. Also, a lot of
Speaker 3: the customers around the world need trade financee. They need
Speaker 3: more trade finante now or in exchange. So this really
Speaker 3: fits right into cities right, you know, structural positioning while
Speaker 3: they make the structural change.
Speaker 2: Michael Mayo of Wills Fargo there in the bank. So
Speaker 2: we're really trying to do more of this, and it's
Speaker 2: sort of a project of Eric and our team here
Speaker 2: at Bloomberg's Surveillance to really talk to iconic cell side
Speaker 2: voices here into the end of twenty twenty five and
Speaker 2: into the next year as well. It's easy to do
Speaker 2: when it's a bullmarket. Everything seems to be up up, well,
Speaker 2: not everything. There's healthcare. Maybe we won't talk to any
Speaker 2: healthcare analysts. It's brutal out there for them, but for
Speaker 2: everybody else it's up up in a way. Please stay
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