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Speaker 1: Good morning. It's Wednesday, the sixteenth of August in London.

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Speaker 1: This is the Bloomberg Daybreaker at podcast. I'm Stephen Carroll.

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Speaker 2: And I'm Tom McKenzie. Coming up today. UK inflation comes

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Speaker 2: in above expectations for the fifth time in six months.

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Speaker 1: Dozens of payments are missed by one of China's shadow

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Speaker 1: banking giants, as cracks in the economy deepen.

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Speaker 2: And we bring you a special report into Muslims who

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Speaker 2: say their lives have been ruined by the UK's dbanking policy.

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Speaker 1: Let's start with the roundup of our top stories.

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Speaker 2: UK inflation higher than expected. UK inflation has traders once

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Speaker 2: again betting the Bank of England will hike rate to

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Speaker 2: six percent year on year. CPI rose by six point

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Speaker 2: eight percent in July. That's a sizeable drop on the

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Speaker 2: month before, but up on expectations for the fifth time

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Speaker 2: in six months. Core inflation also came in hotter than forecast,

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Speaker 2: holding steady at six point nine percent. Treasury Secretary John

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Speaker 2: Glenn says the government is to thank for slowing price rises.

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Speaker 3: This is lowest since February last year. That doesn't happen

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Speaker 3: by magic, It happens by deliberate action. By government ministers

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Speaker 3: holding onto government budgets, working very closely to take out

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Speaker 3: inefficienciason waste and ensure that we keep that pressure down

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Speaker 3: on inflation.

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Speaker 2: The Treasury sectary added the government are on course to

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Speaker 2: hit their target of halving inflation by the end of

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Speaker 2: the year. However, markets are currently pricing in another seventy

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Speaker 2: five basis points of hikes from the Bank of England.

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Speaker 1: The latest Federal Reserve minutes are expected to show an

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Speaker 1: increasingly dubvish outlook from policymakers. According to Bloomberg Economics, a

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Speaker 1: record of July's FMC meeting will show the majority of

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Speaker 1: officials were encouraged by progress on disinflation, but not yet

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Speaker 1: convinced the rate hike cycle is over. That chimes with

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Speaker 1: the view of Minneapolis Fed President Neil Kashkari, who says

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Speaker 1: the battle against inflation is not yet over.

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Speaker 4: Right now, inflation is coming down. We've made some progress,

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Speaker 4: some good progress. I feel good about that. It's still

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Speaker 4: too high. The good news is the labor market has

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Speaker 4: remained very strong. But it's a little bit of a

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Speaker 4: double edged sword because the question in my mind is

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Speaker 4: have we done enough to actually get inflation all the

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Speaker 4: way back down to our two percent mark, or do

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Speaker 4: we have to do more now?

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Speaker 1: Kash Carrie votes on monetary policy this year. He and

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Speaker 1: other key central bankers will gather in Jackson Hole, Wyoming

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Speaker 1: later this month for the Annual Economic Policy Symposium to

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Speaker 1: debate the global path ahead for interest rates now.

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Speaker 2: Chinese shadow bank John Wrong has now missed payments on

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Speaker 2: dozens of products and says it has no immediate plan

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Speaker 2: to cover them. That's as it faces a short term

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Speaker 2: liquidity crunch. The firm is a major player in China's

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Speaker 2: two point nine trillion dollar trust industry, which pulls savings

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Speaker 2: to invest in real estate and wider markets. Bluembergs John

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Speaker 2: Leo warns investors should not see this as an isolated case.

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Speaker 5: This is an issue that we've seen in the trust industry.

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Speaker 5: There have been tens of billions of dollars of products

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Speaker 5: that have defaulted already. It's likely that there will be

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Speaker 5: more because there was so much lending by trust in

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Speaker 5: China to property, and with the real estate situation as

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Speaker 5: it is, there is a great chance so there will

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Speaker 5: be more of this in the future.

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Speaker 2: Blue Bugs John Lil underscoring the troubles in China's property

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Speaker 2: Sector's house prices fell for a second straight month in July,

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Speaker 2: this as the Chinese Central Bank moved to boost sentiment

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Speaker 2: with a stronger than expected yuan reference rate and the

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Speaker 2: largest short term cash injection since February.

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Speaker 1: Intel says it's walking away from its attempt to acquire

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Speaker 1: Tower Semiconductor after failing to win regulatory approval in time.

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Speaker 1: The chip firms say they've mutually agreed to terminate the

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Speaker 1: five point four billion dollar takeover, with Intel paying Tower

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Speaker 1: a termination fee of three hundred and fifty three million.

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Speaker 1: The news is a major blow for Intel's CEO Pat Gelsinger,

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Speaker 1: whose growth strategy is centered on expanding the firm's outsourced

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Speaker 1: chip manufacturing business.

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Speaker 2: The debate over d banking in the UK has put

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Speaker 2: fresh focus on those who have difficulty accessing financial services.

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Speaker 2: Figures from the Financial Conducts Authority the FCA show one

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Speaker 2: in ten British Muslims don't have a bank account. Bloomberg

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Speaker 2: has spoken to a number of customers who struggled with

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Speaker 2: the system. Former postman Ikil Ahmed says the issue has

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Speaker 2: only gotten any attention because of the controversy over Nigel

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Speaker 2: Farrage's account being closed.

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Speaker 6: Or men have created equal some more equal than others.

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Speaker 6: It's because it's nitherl. Farrage that this has all come

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Speaker 6: to light. Otherwise they will find with that happening too,

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Speaker 6: sol may other people. And then that now the fact

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Speaker 6: that the heads of banks are having to resign and stuff.

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Speaker 6: Neither Farage weighed against every other person. It's happened too,

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Speaker 6: and Nyser Farahs weighed heavier than all of us put together.

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Speaker 6: How does that make any sense? Where is the justice

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Speaker 6: for us?

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Speaker 2: Arkhamed's Halifax card was canceled after three decades with the lender.

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Speaker 2: A spokesperson for Halifax's own Alloyd says they meet all

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Speaker 2: regulatory and legal requirements and do not close an account

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Speaker 2: based on a customers political or personal beliefs.

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Speaker 1: The philanthropic organization that controls most of the assets in

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Speaker 1: George Soarus's twenty five billion dollar family office is set

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Speaker 1: to end the majority of its operations in the European Union.

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Speaker 1: Open Society Foundation says it's making the move because the

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Speaker 1: EASE institutions are already allocating significant resources to human rights,

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Speaker 1: freedom and pluralism. George Soarris handed control of the foundation

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Speaker 1: to his son Alexander in December. In a statement, the

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Speaker 1: organization says it's now undertaking a global review of how

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Speaker 1: it works to support democracy and other philanthropic causes.

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Speaker 2: Now, Bloomberg has learned that a US litigation funder is

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Speaker 2: backgrolling massive legal action against UK universities for closures during

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Speaker 2: the COVID nineteen pandemic.

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Speaker 7: Bloomberg's Unpots reports TRGP Capital is spending an undisclosed amount

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Speaker 7: in roughly one hundred and forty thousand claims against eighteen

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Speaker 7: UK universities. This according to a lawyer involved in the cases.

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Speaker 7: University College London, the University of Manchester and the London

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Speaker 7: School of Economics are among the universities accused of charging

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Speaker 7: full tuition fees for lower quality remote education during the pandemic.

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Speaker 7: Schimung Gold Ort is a partner at Asseton Law Office,

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Speaker 7: which is one of the two firms handling the cases.

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Speaker 7: Undergraduate claims are value at an average of five thousand

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Speaker 7: pounds each, adding up to potentially hundreds of millions of

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Speaker 7: pounds in payouts. The first claims are being filed against

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Speaker 7: UCL in the High Court in London. UCL says it

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Speaker 7: respects the right of students to complain, but is pleased

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Speaker 7: the court has allowed more time to resolve the claims

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Speaker 7: without further litigation. In London, I'm une pots Bloomberg day

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Speaker 7: Break Europe.

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Speaker 1: Well, let's get some more detail now on that latest

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Speaker 1: UK inflation print, with GOT Bloomberg's senior UK economist Dan

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Speaker 1: Hansen joining us to discuss, as well as Marcus Ashworth

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Speaker 1: from Bloomberg Opinion. As well as we're looking at that

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Speaker 1: print that came in harsher than expected in terms of

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Speaker 1: the headline number the cores CPI number, though remaining steady

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Speaker 1: between June and July. Dan Hanson, let's go to you first.

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Speaker 1: I mean, how much of a concern is that this

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Speaker 1: core number didn't move over that month?

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Speaker 8: So morning, Stephen, So I think it is. It is

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Speaker 8: what the Bank of England will focus on, essentially, and

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Speaker 8: I think in particularly it will be the rise in

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Speaker 8: services inflation that happened on the month. It came in

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Speaker 8: a little bit hotter than the bank's forecast. So I

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Speaker 8: think it will be a worry to them. But I

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Speaker 8: actually don't think it will be as much of a

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Speaker 8: worry as what happened yesterday with the wages data, so

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Speaker 8: I think that will be their biggest concern going into

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Speaker 8: the September meeting. I mean, one thing to remember here

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Speaker 8: is we do have another set of wage and inflation

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Speaker 8: data coming before the September meeting, so you know, it

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Speaker 8: being the UK data, the narratives will probably shift again,

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Speaker 8: But nonetheless does things stand now. I think it's pretty

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Speaker 8: likely they're going to hike again in September and it's

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Speaker 8: going to be based around that wages data. I think

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Speaker 8: the data today doesn't really move the needle much in

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Speaker 8: their thinking.

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Speaker 1: That's going to Marcus Asha some Blomber opinion. Marcus, I

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Speaker 1: wonder how you feel about the market reaction to this

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Speaker 1: latest set of data as well. The market's getting it

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Speaker 1: right and in terms of where the Bank of England

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Speaker 1: goes from here.

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Speaker 9: Yeah, I suppose that at least the predictability of what

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Speaker 9: the Bank of England has signaled to US is much

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Speaker 9: better than it has been in previous months. So yeah,

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Speaker 9: I think the market has been driven higher anyway by

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Speaker 9: US rates and also interesting by European rates at the moment.

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Speaker 9: But I think, as Dan is quite clearly laid out,

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Speaker 9: we are in a more confident mode in the Bank

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Speaker 9: of England, but the numbers still aren't giving them any

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Speaker 9: means to do anything other than keep on hiking. The

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Speaker 9: key here really is whether or not they hike by fifty,

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Speaker 9: which I don't think they will, and I think they've

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Speaker 9: made words like restrictive and a few other little phrases

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Speaker 9: which mean that they are going to have to increase

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Speaker 9: by twenty five basis point as they go along. We

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Speaker 9: do have another month of both the payroll, employment and

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Speaker 9: inflation data to see, but it's highly likely we were

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Speaker 9: twenty five September twenty first, and then probably another one

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Speaker 9: maybe to I think I agree again with Dan. I

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Speaker 9: don't think they will go to six, but for the

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Speaker 9: moment they're buying as much time as possible. But the

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Speaker 9: inflation data is fine, but the labor and particularly wage

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Speaker 9: data is too strong for them to stop biking.

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Speaker 2: Marcus, there's the what you expect and what you think

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Speaker 2: they should they should do, of course, so what do

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Speaker 2: you think they should should do? I mean, there is

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Speaker 2: no evidence yet of a wage price spiral in the

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Speaker 2: UK going to most economists what you speak to, including

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Speaker 2: our own team, So why not just sit pat and

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Speaker 2: hold on and see how this filters? Through the economy,

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Speaker 2: particularly as people re mortgage.

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Speaker 9: I definitely would would think that would be the wiser

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Speaker 9: long term action. But for whatever reason, they're painting themselves

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Speaker 9: at the corner here, whereby they made very clear and

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Speaker 9: they've shifted the goalposts at the August meeting, making it

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Speaker 9: very evident that they're really not looking at headline inflation

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Speaker 9: so much as service sector inflation, which is back up

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Speaker 9: to a peak we saw in May at seven point five,

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Speaker 9: and most importantly more than a clear private sector wage

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Speaker 9: growth should be down around six six point two something

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Speaker 9: like that by the end of the year. You know,

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Speaker 9: that's that's shot up and got even further away. So

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Speaker 9: I don't think how they set their sort of whole

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Speaker 9: credibility stall out they are going to do anything other

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Speaker 9: than keep on hiking steadily and slowly and if they

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Speaker 9: see very good reason why they can pause. And I

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Speaker 9: think they're really led by both the FED and perhaps

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Speaker 9: the European Central Bank here. If quite clear the Fed

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Speaker 9: and easy beer are on pause, maybe the banking will

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Speaker 9: be brave, but they will be the last to be

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Speaker 9: brave here. They realize they've got a worse problem with

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Speaker 9: stick here, core and service inflation and particularly wage growth

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Speaker 9: than other economies, and that they are forced to act

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Speaker 9: under their own very clearly now laid out guidelines.

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Speaker 1: Dan Hanson from Bloomberg Economics. I mean part of the

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Speaker 1: move in the headline rate this time around was to

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Speaker 1: do with base effects and energy. Are there more of

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Speaker 1: these basi acts to come that will kind of give

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Speaker 1: us an idea as to where the path looks from

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Speaker 1: here and what does that tell us in terms of

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Speaker 1: the path for core inflation when we look from here

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Speaker 1: on out.

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Speaker 8: Yeah, so I think the next the next real staging

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Speaker 8: post for UK inflation is October, so we're going to

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Speaker 8: get We'll get it. There'll be the rise in prices

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Speaker 8: in October last year, will fall out of the annual comparison,

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Speaker 8: and at the end of this month, hopefully off Gen

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Speaker 8: will give us or by the end of this month,

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Speaker 8: I should say hopefully off Gen will give us some

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Speaker 8: good news that energy bills will fall slightly, not not

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Speaker 8: a huge amount, but slightly again and that will move

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Speaker 8: into the CPI numbers in October. So at that point

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Speaker 8: we think inflation headline CPI inflation will fall down to

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Speaker 8: around five percent and that will be obviously good news

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Speaker 8: to the Prime Minister because we think he'll he'll just

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Speaker 8: about achieve his goal of harving inflation. The key point

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Speaker 8: here though, is around around core inflation, and actually it's

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Speaker 8: quite hard to see core inflation slowing much low levels

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Speaker 8: we're already at, so we think by the end of

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Speaker 8: the year we're going to be a touch above six percent.

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Speaker 8: We're not going to fall below six percent until early

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Speaker 8: twenty twenty four. And I think the context here again

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Speaker 8: it goes back to the data yesterday, which is really

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Speaker 8: the big one of the two releases we've had this week.

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Speaker 8: It's that it's very hard for core inflation to slow

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Speaker 8: much if wage inflation is still going up. It's just

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Speaker 8: it's very difficult for that to happen. So I think

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Speaker 8: what we're going to see is this really sticky picture,

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Speaker 8: and Marcus has set that out really clearly. And the

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Speaker 8: question and that I think for the Bank of England

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Speaker 8: it's not really just about its terminal rate, which we

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Speaker 8: can argue the toss about. I think it's actually about

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Speaker 8: how long they stay at that terminal rate, and the

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Speaker 8: fact that for twenty twenty four, the prospect of cuts

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Speaker 8: are becoming sort of less and less likely if you like,

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Speaker 8: because this picture around the labor market it's just still

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Speaker 8: very very tight and they need to just weigh on

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Speaker 8: it more with it with the policy stant So I

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Speaker 8: think that that's our that's our baseline outlook for now,

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Speaker 8: and continue to adjust as we go.

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Speaker 2: Thanks Dan. Really bad news for anyone looking to remortgage

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Speaker 2: out there. Let's Marcus, let's bring you back in briefly

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Speaker 2: and step back from the UK data and the granularity

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Speaker 2: to look more broad at what's happening in terms of

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Speaker 2: the disinflation or the change in terms of different disinflation globally.

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Speaker 2: We see, we see Canada the surprise pick up there overnight.

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Speaker 2: We've got energy prices, you've got Brent and w c I,

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Speaker 2: you have gas price volatility. Do you think, Marcus, markets

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Speaker 2: may be overly complacent about the potential re emergence of

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Speaker 2: inflation more broadly.

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Speaker 9: Well, certainly they are more complacent than the central bank

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Speaker 9: general group think is. And we'll find out a lot

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Speaker 9: more about how central banks are approaching this moving the goalpost,

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Speaker 9: I mean, as Dan's later, I think the Bank of

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Speaker 9: England does followed the ECB, which is follow the Fed,

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Speaker 9: and we'll find out Jackson Hole later this month. Quite

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Speaker 9: how the FED intends to continue this whole plateau model,

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Speaker 9: which is get rates up to five five and a half,

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Speaker 9: doesn't really matter of six, probably not, but somewhere in

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Speaker 9: the fives, and then keep it there for as long

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Speaker 9: as possible to try and stop this horrid, sickening second

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Speaker 9: lurch up which everyone knows is going to come at

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Speaker 9: some point. When you get inflation down, you can get

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Speaker 9: the headline stuff down quite quickly because it's energy and

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Speaker 9: foods as fast moving stuff, and then you hit the

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Speaker 9: sort of second round effects. Stickier stuff comes through and

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Speaker 9: we've seeing that in the laboured egg as well, and

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Speaker 9: that's what they're most worried about, the central bankers, and

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Speaker 9: therefore they want to keep rates now very high for

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Speaker 9: as long as possible and price out any expectations of

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Speaker 9: rate cuts. And I think that's what the dynamic is now.

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Speaker 9: I'm being very impressed how the Fed's managed to convince

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Speaker 9: the US by market that that's the case. And clearly

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Speaker 9: we're seeing the ECB move there and now, and then

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Speaker 9: the August Monagey reports or the Bank of England moving

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Speaker 9: the banking will be the last to pause and the

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Speaker 9: last to cut. But you know everyone's following the FED

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Speaker 9: and we will. Sty'll set their stall out in the

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Speaker 9: month on the on the big way that they'll convince

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Speaker 9: markets that they are going to stick at this because

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Speaker 9: the second really any good news or disinflation comes through.

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Speaker 9: As you well know, markets instantly look to price the

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Speaker 9: end of the race high cycle.

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Speaker 1: Marcus, just to go back something you said a minute

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Speaker 1: ago about the Bank of England. You want to see

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Speaker 1: the Bank of England being brave about this. What does

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Speaker 1: a brave Bank of England look like now?

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Speaker 9: Ah, Well, if they were brave, they would be able

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Speaker 9: to look through this data. I feel and know that

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Speaker 9: the downtown and the economy and the slandering of the

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Speaker 9: e commy will do a lot of this work for them.

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Speaker 9: It's really a question I think that mentioned this earlier.

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Speaker 9: You know, if they already expect to be back into

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Speaker 9: their target by in their say, three year time frame,

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Speaker 9: it's a question of do they need to get back

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Speaker 9: in within eighteen months two years, or they can they

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Speaker 9: chill a bit and go even beyond the sort of

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Speaker 9: into the two to three year period. At the moment,

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Speaker 9: they're not prepared to do that. But if they see

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Speaker 9: further evidence in the real economy of things really slowing down,

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Speaker 9: loosing the labor market, and some signs that a lot

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Speaker 9: of this stuff that's coming through the monetary policy time lag,

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Speaker 9: which we know is least a year, probably goes to

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Speaker 9: two years that they're you know, fourteen consecutive rate hikes

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Speaker 9: of over fire on a basis point, are starting to

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Speaker 9: feed through and will continue to feed through. Maybe they

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Speaker 9: can they can take up a bit more of a

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Speaker 9: pause on life. Will they only do that they feel

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Speaker 9: confident they can keep rates at this level for at

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Speaker 9: least a year from here, and I think that's what

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Speaker 9: they're more. They've showed in August they're moving that they're

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Speaker 9: prepping things and prepping the market to expect. Not so

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Speaker 9: much about more and more rate hikes one or two

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Speaker 9: doesn't really matter. It's the fact they'll stay here for

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Speaker 9: a long time, and that is now the new Mancha

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Speaker 9: from the central banks.

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Speaker 1: Okay, MICUs Ashwrothbomberg opinion columnist, thanks so much for joining us,

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Speaker 1: and to Dan Hansen, our senior UK economists from Bloomberg

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Speaker 1: Economics as well.

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Speaker 10: Well.

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Speaker 1: After Nigel Faraj said that his coat's bank account was

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Speaker 1: closed because of his political beliefs. The issue of d

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Speaker 1: banking has been thrust into public attention, but it's an

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Speaker 1: issue that British Muslims have had to contend with for

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Speaker 1: some time. Bloomberg's fintech reporter Aishaghana has been looking into

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Speaker 1: this and speaking to people who've been affected by it.

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Speaker 1: I hate a good morning to you. Great to have

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Speaker 1: you with us. What happens then to people who are

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Speaker 1: d banks that you've.

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Speaker 10: Been speaking to, Well, the people who've been de banked,

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Speaker 10: they typically have found that their accounts have been frozen

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Speaker 10: for a few days or for a few weeks. I

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Speaker 10: caught up with one man, Ekille Ahmed from Luton. He's

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Speaker 10: a former postman, and he said his bank account, his

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Speaker 10: current account, was frozen for six weeks and his wife's

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Speaker 10: joint account was also frozen. And in that time it

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Speaker 10: meant that he didn't have access to his money, He

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Speaker 10: couldn't get his grocery shopping, his debit direct debit started bouncing.

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Speaker 10: Let's take a listen of what he had to say

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Speaker 10: or have.

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Speaker 6: Created equal some more equal than others. It's because it's

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Speaker 6: nitherl farage that this has all come to life otherwise

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Speaker 6: they will finely that happening to so many other people.

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Speaker 6: And then now the fact that the heads of banks

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Speaker 6: are having to resign and stuff. Neither Farage weighed against

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Speaker 6: every other person. It's happened too and nisther Fars weighed

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Speaker 6: heavier than all of us put together. How does that

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Speaker 6: make any sense? Where is the justice for us?

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Speaker 1: T't okay Lapman speaking to you Aisha? How wide scale

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Speaker 1: is this issue? Right?

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Speaker 10: So, we know that one thousand people a day last

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Speaker 10: year had their bank account shut down, and that's been

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Speaker 10: increasing year on year, But we don't know exactly who

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Speaker 10: is being hit by this. We know within like the

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Speaker 10: Muslim community, for example, one in ten don't have any

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Speaker 10: kind of current account, so it is evidently impacting some

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Speaker 10: people more than others.

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Speaker 2: Well, actual, why is it's remarkable that statistic one in ten?

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Speaker 2: Is are there cultural reasons for that? Or is this

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Speaker 2: the industry and fails the industry level? Why is it

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Speaker 2: hitting the Muslim community so acutely?

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Speaker 10: It's hard to know because there isn't enough data, but

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Speaker 10: we know that it is based on socio economic reasons.

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Speaker 10: If we look at the sort of the demographics we're

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Speaker 10: talking about, people typically from immigrant backgrounds. It depends on

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Speaker 10: what part of the country you're from. You're more likely

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Speaker 10: to be unemployed for example, or for example, you know

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Speaker 10: have difficulty getting a job as well. So there's it's

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Speaker 10: like compounded by multiple things, and it is just there's

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Speaker 10: just such a lack of report.

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Speaker 2: Lack of income shouldn't be an impediment to opening a

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Speaker 2: current account. I mean, I opened a current account when

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Speaker 2: I was sixteen, I had no real income. Of things

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Speaker 2: changed at the industry level, Why is a lack of

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Speaker 2: income or low income preventing people from opening just very

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Speaker 2: basic current accounts?

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Speaker 10: Indeed, well, if you look at the Financial Conduct Authority

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Speaker 10: release data from their survey last year, and in that

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Speaker 10: chart you can see that one in fifty Brits don't

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Speaker 10: have bank accounts, and that increases with people who are

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Speaker 10: for example, unemployed, or people who have learning disabilities, or

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Speaker 10: just multiple things like that, and it just increases. And

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Speaker 10: I think there needs to be a lot more attention

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Speaker 10: to these people who are underserved and to give credit.

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Speaker 10: There are some more digital banks that are adjusting these issues. However,

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Speaker 10: we can still see that those statistics are still staggering.

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Speaker 1: You talk in the story about the screening that banks

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Speaker 1: are relying on when there comes to approving opening accounts

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Speaker 1: for customers. These are based on third party watch list.

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Speaker 1: How does that play a part in whether someone is

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Speaker 1: flagged as a risk or not?

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Speaker 8: Right?

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Speaker 10: So, typically, if you or I opened a bank account today,

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Speaker 10: we'd have to fill in our details and it would

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Speaker 10: go through like the standard know your customer checks. Now

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Speaker 10: banks have an obligation to check against anti for anti

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Speaker 10: money launching and also for counter terror financing, and so

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Speaker 10: there might be additional checks. And yes, these are based

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Speaker 10: on third party databases which will include government sanction lists

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Speaker 10: and other watch lists. And so let's take a customer.

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Speaker 10: His name is Muhammad. What will happen is that you'll

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Speaker 10: screen against his name and check for matches if it

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Speaker 10: turns up in any sanctions this and you can set

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Speaker 10: the fuzziness so you can you can decide how you

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Speaker 10: want the matches and for example, you can include every

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Speaker 10: single spelling of Muhammad if you like. And that's up

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Speaker 10: to the banks to decide just how much sort of

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Speaker 10: the risk appetite that they take and the resources that

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Speaker 10: they'll put into checking these customers.

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Speaker 2: I should is this? I mean, okay, how the banks responded,

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Speaker 2: is racism at play here? Is that what it comes

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Speaker 2: down to as well as a lack of income? Is

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Speaker 2: this about racist some and how the banks responded.

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Speaker 10: That's a really good question. Every single person I spoke to,

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Speaker 10: for lack of better, for lack of a better answer,

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Speaker 10: that was their conclusion that they came up with. They thought, Hey,

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Speaker 10: my name is Mohammed Khan. You know, I mean, why

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Speaker 10: else have I been Why else has my bank account

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Speaker 10: been shut down? I haven't been given a reason. I've

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Speaker 10: asked for reasons, and no one's telling me. And so

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Speaker 10: for many years, that's kind of the conclusion that a

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Speaker 10: lot of people have come up with. So during the

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Speaker 10: last earnings a season, when we asked bank chiefs about this,

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Speaker 10: many of them said that we don't take personal or

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Speaker 10: political beliefs into account. And that is what is that.

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Speaker 10: That is the statement that is given. But I think

439
00:22:45,280 --> 00:22:47,600
Speaker 10: a lot of people, you know, having spoken to a

440
00:22:47,640 --> 00:22:51,320
Speaker 10: lot of people, people who have been impacted. This is lawyers,

441
00:22:51,359 --> 00:22:54,000
Speaker 10: we're talking about this former postman, We're talking about people

442
00:22:54,160 --> 00:22:57,800
Speaker 10: who are within the financial services industry. They believe that

443
00:22:58,400 --> 00:23:00,159
Speaker 10: more needs to be done to look at some of

444
00:23:00,240 --> 00:23:04,080
Speaker 10: the underlying bias that's built into the systems, and to

445
00:23:04,160 --> 00:23:06,679
Speaker 10: take a better look at, even if it's not intended,

446
00:23:07,200 --> 00:23:08,480
Speaker 10: who is being impacted.

447
00:23:08,480 --> 00:23:09,080
Speaker 6: At the end of this