WEBVTT - Wall Street’s Return-to-Office Continues 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.480 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanovk. We're here every day bringing 0:00:07.320 --> 0:00:09.840 you the latest news from the world to business and finance, 0:00:09.840 --> 0:00:13.680 plus technology, politics, economics, all partnising the power of Business 0:00:13.680 --> 0:00:17.160 Week reporters and editors, not to mention our journalists and 0:00:17.160 --> 0:00:20.000 analyst in more than one twenty countries. You can download 0:00:20.000 --> 0:00:23.479 Bloomberg Business Weekend iTunes, SoundCloud, or Bloomberg dot Com. You 0:00:23.480 --> 0:00:25.400 can also listen to our radio show at two pm 0:00:25.480 --> 0:00:28.360 Eastern Time on Bloomberg Radio or watch us on YouTube 0:00:28.400 --> 0:00:31.880 search Bloomberg Global News. There's a fair amount of COVID 0:00:32.000 --> 0:00:36.800 and vaccine headlines. Once again Novavax's vaccine candidate showing strong 0:00:36.840 --> 0:00:40.599 efficacy against the virus, including some of those mutated variants. 0:00:40.600 --> 0:00:43.120 That was a large trial, and we have also those 0:00:43.159 --> 0:00:46.720 saw the uk UH in terms of their lockdown they 0:00:46.800 --> 0:00:49.400 extended or expected to announce. I don't think it's happened 0:00:49.440 --> 0:00:52.000 yet or did Borce Johnson do it a four week 0:00:52.040 --> 0:00:55.960 extension into pandemic restrictions beyond June. Because of that surge 0:00:56.160 --> 0:00:58.120 in that delta variant, we are all focused on that 0:00:58.200 --> 0:01:00.200 variant yeah, Well, let's get right into it with dr 0:01:00.200 --> 0:01:03.600 Iman Abuse Aid co founder and CEO of Incredible Health, 0:01:03.640 --> 0:01:07.040 joins us once again from San Francisco. Dr abbuside, it's 0:01:07.040 --> 0:01:09.160 great to have you back on the show. Um, how 0:01:09.200 --> 0:01:12.360 have you been. I'm doing well. Thank you so much 0:01:12.360 --> 0:01:14.160 for having me. Well, let's get right into it. And 0:01:14.360 --> 0:01:16.520 because we are getting some mixed signals from around the world. 0:01:16.560 --> 0:01:18.880 On the one hand, we're getting more great data about 0:01:18.959 --> 0:01:21.280 vaccines here in the United States and more and more 0:01:21.280 --> 0:01:24.240 people getting vaccinated. But you have a unique position as 0:01:24.640 --> 0:01:27.399 being on the front lines essentially because of of what 0:01:27.440 --> 0:01:29.920 you do of being a career marketplace for connecting hospitals 0:01:29.920 --> 0:01:31.320 to nursing talent. So we always love to get a 0:01:31.400 --> 0:01:33.919 update from you about how your employees, how the nursing 0:01:33.920 --> 0:01:38.720 talent is feeling right now, what's the latest that you're seeing. Yeah, So, 0:01:39.120 --> 0:01:41.640 certainly in many parts of the country there's some relief 0:01:42.080 --> 0:01:45.840 right particularly where vaccination rates are very high, like at 0:01:45.880 --> 0:01:50.760 California as one example, Washington State as well. Um, However, 0:01:51.280 --> 0:01:54.600 the nursing shortage and our our shortage of healthcare workers 0:01:54.600 --> 0:01:57.760 in this country continues, um as as a demand for 0:01:57.800 --> 0:02:01.880 health for you know, for their work continuing to rise. Um, 0:02:02.000 --> 0:02:03.880 we are seeing an all time high in terms of 0:02:03.880 --> 0:02:07.040 demand for for nursing and hellm, how bad is it 0:02:07.120 --> 0:02:09.400 dr abuse in terms of demand. Give us an idea 0:02:09.400 --> 0:02:12.720 and how it compares with where we were pre pandemic um. 0:02:12.840 --> 0:02:15.120 It has probably the demand has probably increased by at 0:02:15.200 --> 0:02:20.680 least thirty or for the pandemic um. What's specifically different, Yeah, 0:02:21.600 --> 0:02:24.280 ahead in a few metrics. So one is that we're 0:02:24.280 --> 0:02:28.440 seeing that nurse turnover, So nurses quitting um has gone up. 0:02:28.440 --> 0:02:31.880 It used to be seventeen annually. That's an annual turnover 0:02:32.160 --> 0:02:34.280 that has gone up to more like two percent now. 0:02:34.680 --> 0:02:36.519 And then the other big change we're seeing is the 0:02:36.639 --> 0:02:39.760 days to fill, So the number of times that the 0:02:39.800 --> 0:02:41.840 amount of days it takes to higher a nurse has 0:02:41.880 --> 0:02:45.800 extended from the eighty two day average to closer than 0:02:45.880 --> 0:02:48.600 ninety days now on average across the country. You know, 0:02:48.600 --> 0:02:50.280 it's so it's it's so interesting. I'm just thinking. We're 0:02:50.280 --> 0:02:52.040 talking about the Federal Reserve. We talked about the idea 0:02:52.040 --> 0:02:55.520 of things being transitory chip shortages, shipping container shortages, and 0:02:55.600 --> 0:02:57.880 demand exceeding supply. Right now we're seeing the same thing 0:02:58.120 --> 0:03:00.480 when it comes specifically to to nursing talent. And I 0:03:00.520 --> 0:03:02.760 wonder what this solution is here, Dr Apps. Is it 0:03:02.800 --> 0:03:05.640 all about it? Is it about raising wages? Is about 0:03:05.760 --> 0:03:09.519 paying paying these nurses more? Yeah, so certainly that's already 0:03:09.520 --> 0:03:13.560 been happening. Wages over the last twelve months have increased 0:03:13.960 --> 0:03:17.400 over twelve percent UM, which is a big which is 0:03:17.400 --> 0:03:20.600 a big increase in the twelve month period UM. And 0:03:20.639 --> 0:03:23.720 then there's two you know, there's two issues to resolve here. 0:03:23.760 --> 0:03:26.480 One of the improving the efficiency of hiring and the 0:03:26.520 --> 0:03:30.920 second is increasing the underlying supply. UM. On the efficiency piece, 0:03:30.960 --> 0:03:33.720 we're like seeing that a lot more hospitals and healthy 0:03:33.720 --> 0:03:37.600 spines are embracing any kind of technology and marketplace technology 0:03:37.640 --> 0:03:40.680 that that can UM that is to their advantage. Right. So, well, 0:03:40.880 --> 0:03:43.240 what we're seeing if we've just hit an exciting milestone 0:03:43.280 --> 0:03:48.320 ourselves in our mission where we're partnering with over of 0:03:48.800 --> 0:03:51.000 the best hospitals on the US News and World Report 0:03:51.160 --> 0:03:55.560 list UM and that's very rapid growth for a team, 0:03:55.560 --> 0:03:57.840 that for a company that only just started a couple 0:03:58.040 --> 0:04:00.880 a few years ago, and that's UM. We've just seen 0:04:01.040 --> 0:04:04.560 a substantial increase in growth in the last eighteen months. 0:04:04.640 --> 0:04:07.720 So you mentioned also increasing supply, and I do wonder 0:04:08.280 --> 0:04:11.240 who typically becomes nurses, and I do wonder in terms 0:04:11.280 --> 0:04:16.440 of immigration restraints, is that part of the problem. It is, 0:04:16.520 --> 0:04:19.840 so you know that the underlying supply shortage is has 0:04:19.960 --> 0:04:23.960 is a multi fascinate problem. Um. First, first and foremost, 0:04:24.000 --> 0:04:27.120 we can't act. We're struggling to train more nurses. So 0:04:27.240 --> 0:04:30.440 nursing schools are completely full. Um. There they have very 0:04:30.480 --> 0:04:33.560 long waitlists because they simply can't get in more faculty 0:04:33.600 --> 0:04:37.760 to train more nurses. Um. And so there's a bottleneck there. 0:04:37.800 --> 0:04:41.680 There's another bottleneck happening after nursing school where not enough 0:04:41.680 --> 0:04:45.160 hospitals and healthystons are willing to train nurses new graduate nurses. 0:04:45.760 --> 0:04:48.520 Um and so there's another bottle neck there. And then yeah, 0:04:48.560 --> 0:04:51.360 to your point, there is an an integration bottleneck as well. 0:04:51.400 --> 0:04:54.440 In the past we were able to really welcome nurses 0:04:54.480 --> 0:04:57.240 from all over the world. That's become much more challenging 0:04:57.360 --> 0:05:01.480 as um. You know, the US immigration and rules have changed. 0:05:01.760 --> 0:05:03.680 And also, to be honest, I mean in the U 0:05:03.760 --> 0:05:05.320 S we have a nursing shortage, but there's also a 0:05:05.320 --> 0:05:08.000 global nursing shortage going on as well. That's what I 0:05:08.040 --> 0:05:09.960 was curious if this is U S specific or if 0:05:10.000 --> 0:05:13.240 this is very similar what's happening around the globe. It's 0:05:13.279 --> 0:05:15.760 happening across across the globe. I know you just mentioned 0:05:15.760 --> 0:05:18.320 the UK and new challenges. They have the exact same, 0:05:18.440 --> 0:05:21.120 exact same challenges that we have here in the US. 0:05:21.000 --> 0:05:24.800 As the CEO of this company, Dr Apps, I'm wondering 0:05:24.839 --> 0:05:29.280 how you're thinking about when this gets resolved. What's your timeline? Um, 0:05:29.320 --> 0:05:31.839 there is It's it's perpetual. I mean, there is no 0:05:31.960 --> 0:05:34.719 timeline for how this gets for for this getting resolved. 0:05:34.760 --> 0:05:37.880 I mean, it's a multi faceted problem problem. We're gonna 0:05:37.920 --> 0:05:41.000 need some government intervention. We're ne gonna need hospital and 0:05:41.040 --> 0:05:43.720 health system leaders to take the initiative. We're gonna need 0:05:43.760 --> 0:05:46.680 nursing schools to step up as well, and we're going 0:05:46.720 --> 0:05:49.400 to really have to make nursing as a profession as 0:05:49.440 --> 0:05:53.400 well the other healthcare worker professions appear more attractive UM 0:05:53.480 --> 0:05:56.320 and to attract more and more people into those professions. 0:05:56.320 --> 0:05:58.040 How do we do that? Is it just money or 0:05:58.120 --> 0:06:02.040 is it something more than that. It's it's emphasizing, Yeah, 0:06:02.080 --> 0:06:04.600 this is this is for the amount of education you 0:06:04.640 --> 0:06:07.160 need to become a nurse, which isn't too many it's 0:06:07.200 --> 0:06:10.120 not too many years. UM. The average pay for a 0:06:10.240 --> 0:06:12.800 nurse in the US right now is eighty thousand dollars. 0:06:12.839 --> 0:06:15.520 In states like California and New York, it's definitely well 0:06:15.560 --> 0:06:18.359 over a hundred thousand dollars annually. So this can be 0:06:18.520 --> 0:06:21.160 a lucrative career for for for you know, maybe only 0:06:21.200 --> 0:06:24.039 three or four years of education. UM. And so we 0:06:24.279 --> 0:06:26.680 definitely need to promote the career a little bit more 0:06:27.200 --> 0:06:31.120 and really um make the appear the career, emphasizing the 0:06:31.160 --> 0:06:32.800 mission of the career too. I mean, at the end 0:06:32.800 --> 0:06:35.160 of the day, that care deeply about patient care and 0:06:35.200 --> 0:06:37.679 taking care of people, and that is the ultimate driver 0:06:37.839 --> 0:06:40.880 for why UH individuals enter the nurse and profession and 0:06:40.920 --> 0:06:43.279 other healthcare worker contessionals. What are the changes that you've 0:06:43.320 --> 0:06:45.440 had to make an incredible health as a results of 0:06:45.440 --> 0:06:49.320 this shortage, UM, We've had to really just emphasize operation 0:06:49.560 --> 0:06:53.440 efficiency of hiring. We've had to add, you know, first 0:06:53.440 --> 0:06:57.120 of all, add lots of features that automate the interview scheduling, 0:06:57.440 --> 0:07:01.360 that provide data analytics that help identify any bottlenecks, and 0:07:01.440 --> 0:07:03.719 really really have built quite a little lot of software 0:07:03.760 --> 0:07:06.440 to improve the efficiency of the hiring and then on 0:07:06.480 --> 0:07:08.800 the talent side, we really have to add a whole 0:07:08.880 --> 0:07:11.640 range of features and tools for nurses beyond just getting 0:07:11.640 --> 0:07:14.080 a job. UM. So we've become the place where they're 0:07:14.080 --> 0:07:17.720 managing their career, things like free continuing education for the nurses. 0:07:17.960 --> 0:07:20.520 We've had to add mental health services as well as 0:07:20.800 --> 0:07:23.960 a community for nurses inside our inside the Incredible Health 0:07:23.960 --> 0:07:27.200 apps as well. UM. That's really been paying off. You know, 0:07:27.280 --> 0:07:30.160 over fifty of hospital beds in both Texas and California 0:07:30.240 --> 0:07:34.160 or facilities that use Incredible Health to hire permanent nurses, 0:07:34.560 --> 0:07:37.080 and in some cities like the l A area, in 0:07:37.080 --> 0:07:39.760 the Dallas area, it's almost seventy percent of hospital beds 0:07:39.760 --> 0:07:42.640 are using are using our platform. You know you mentioned 0:07:42.880 --> 0:07:47.240 UM the milestone for you folks about now UM participating 0:07:47.520 --> 0:07:50.760 in over sixty of the top hospitals in the United States. 0:07:51.240 --> 0:07:53.800 And there's a stat you shared with our producer Paul 0:07:53.800 --> 0:07:57.680 Brennon hospital send an interview request every four minutes UM 0:07:57.840 --> 0:08:01.520 their platform, flipping this raftin giving healthcare workers and precedent 0:08:01.520 --> 0:08:04.480 and control over their careers, but an interview request every 0:08:04.520 --> 0:08:07.920 four minutes on the platform. So talk about that is 0:08:08.040 --> 0:08:12.679 wild demand, dr Aposide, It really is. I mean there's uh, 0:08:13.040 --> 0:08:15.680 you know, so every four minutes, another interview request is 0:08:15.720 --> 0:08:18.160 being sent from from an employer to a two talent 0:08:18.200 --> 0:08:21.920 on the platform. UM. And we've really had to, you know, 0:08:21.960 --> 0:08:24.720 step up our operations and make sure that you know, 0:08:24.760 --> 0:08:27.520 both the talent and the employers are having a very 0:08:27.560 --> 0:08:30.760 delightful experience on the platform. And you're right, we are 0:08:30.800 --> 0:08:34.600 seeing more demand than we would have ever expected. UM. 0:08:34.640 --> 0:08:36.400 And the other thing is the product works. I mean, 0:08:36.520 --> 0:08:38.880 we we do very you know, we do an effective 0:08:38.960 --> 0:08:43.880 job of ensuring that hiring happens rapidly as well. Dr Episade. 0:08:43.880 --> 0:08:47.240 One last question here wondering about the patient experience. If 0:08:47.280 --> 0:08:49.800 we're having so much trouble getting nurses, how does that 0:08:49.840 --> 0:08:53.439 translate into what patients experience in the hospital. Yeah, it 0:08:53.720 --> 0:08:56.520 does translate very directly, honestly. When so when a unit 0:08:56.559 --> 0:09:00.400 is understaffed, we see healthcare outcomes drop. So the quality 0:09:00.400 --> 0:09:03.839 of Jerry Cross UM, and so that is something that 0:09:03.960 --> 0:09:07.040 every um, gosh, every every single person on the executive 0:09:07.040 --> 0:09:09.319 team in a hostel or health system is concerned with. 0:09:09.840 --> 0:09:13.600 And so UM, they've there's several different initiatives that base 0:09:13.640 --> 0:09:16.520 put in place in order to kind of mitigate that, um, 0:09:16.559 --> 0:09:19.800 they've added more support staff. So so beyond nurses, you know, 0:09:19.800 --> 0:09:21.600 there's other types of staff that you can add that 0:09:21.640 --> 0:09:24.360 can do some of the kind of lower skill work, um, 0:09:24.400 --> 0:09:26.880 in order to enable nurses to operate at the top 0:09:26.960 --> 0:09:29.920 of their license. UM. But it's definitely, it's definitely a 0:09:30.000 --> 0:09:33.120 challenge that every executive across across the country is facing 0:09:33.200 --> 0:09:35.480 right now. Yeah, this is not a group that's you know, 0:09:35.520 --> 0:09:37.960 we know they've already been stressed and certainly would like 0:09:38.000 --> 0:09:41.880 to lighten the load. Uh, certainly in today's environment. Dr 0:09:42.240 --> 0:09:45.040 Iman abuse Aide, thank you so much. Dr Abuse, great 0:09:45.040 --> 0:09:46.679 to have you back with us. She's co founder and 0:09:46.760 --> 0:09:49.640 chief executive officer at Incredible Health. Joining us once again 0:09:49.640 --> 0:09:52.600 on the phone from San Francisco. You're listening to Bloomberg 0:09:52.600 --> 0:09:56.320 Business Week with Carol Messer and Bloomberg Quick Takes Tim 0:09:56.360 --> 0:10:00.719 Stinovic on Bloomberg Radio. Among our most stories on the 0:10:00.720 --> 0:10:02.800 Bloomberg in fact, I think it might be the number 0:10:02.840 --> 0:10:06.239 one most read story. Who's going back to work exactly? 0:10:06.280 --> 0:10:08.240 And you know what the return to office among the 0:10:08.240 --> 0:10:13.280 Wall Street community. You know, everybody's not saying the same tune. Tim, 0:10:13.400 --> 0:10:16.440 They're certainly not. Some banks are moving faster than others. Fortunately, 0:10:16.480 --> 0:10:19.600 we have Sally Bakewell, Finance team leader here at Bloomberg News, 0:10:19.679 --> 0:10:22.439 joining us right here with us in the Bloomberg Interactive 0:10:22.559 --> 0:10:25.600 Broker Studio. Sally, it's great to have you on the show. 0:10:25.720 --> 0:10:27.960 Let's start with Goldman Sachs, because today is a big 0:10:28.000 --> 0:10:30.120 day for him. Yeah, it is a big day. And 0:10:30.160 --> 0:10:32.439 we have one of our reporters, Shinali Bassack, down there 0:10:32.480 --> 0:10:37.400 today as the employees streamed in in the drizzling rain. Um. 0:10:37.440 --> 0:10:39.600 It's a bit of a tale of two wool streets really, 0:10:39.640 --> 0:10:41.360 because we have Goldman on the one hand that's been 0:10:41.360 --> 0:10:44.959 incredibly ambitious. It wanted everyone back by today. Um. And 0:10:45.040 --> 0:10:46.520 you know there was a bit of fan fast surrounding. 0:10:46.559 --> 0:10:49.400 It had food trucks, there was music, There are coffee machines. 0:10:49.440 --> 0:10:52.880 They're trying to create this very welcoming, exciting atmosphere. They 0:10:52.880 --> 0:10:55.040 have interns coming into right, so I bet it's trying 0:10:55.080 --> 0:10:57.520 to welcome them and make them feel good exactly. Um. 0:10:57.559 --> 0:10:59.720 But then on the other hand you have City Group, 0:10:59.760 --> 0:11:04.080 which taking a slightly more flexible approach. Employees don't have 0:11:04.160 --> 0:11:08.880 to be back in their HQ until July, and even 0:11:08.920 --> 0:11:10.640 when they do return that they're going to be able 0:11:10.640 --> 0:11:14.880 to work on under a flexible schedule. I wonder about 0:11:15.440 --> 0:11:20.040 specifically about what it means for morale and and and 0:11:20.080 --> 0:11:24.320 having employees back in there in some places after being 0:11:24.360 --> 0:11:27.880 a part for fourteen sixteen months in some cases, and 0:11:28.000 --> 0:11:30.800 at the same time Sally where we've heard that so 0:11:30.840 --> 0:11:36.079 many of them have been uh working a lot. Yeah. Absolutely. 0:11:36.120 --> 0:11:39.240 I think Goldman is interesting here because, um I heard 0:11:39.280 --> 0:11:42.800 today that seventy percent of staff are either millennial or 0:11:42.880 --> 0:11:46.600 under thirty. So perhaps the family issue isn't such a 0:11:46.640 --> 0:11:49.320 big issue there, and so it's maybe a bit easier 0:11:49.360 --> 0:11:51.040 for some people to come back, but of course for 0:11:51.080 --> 0:11:53.240 a lot of other people. Um as well as the 0:11:53.320 --> 0:11:56.360 morale issue, and you know this kind of psychological shift 0:11:56.440 --> 0:11:59.440 from being virtual to being in the office. You also 0:11:59.440 --> 0:12:03.320 have the addition childcare element. And perhaps you know City 0:12:03.360 --> 0:12:05.280 is now under Jane Fraser, and just going to ask 0:12:05.320 --> 0:12:07.600 you that I do wonder it with Jane Fraser at 0:12:07.640 --> 0:12:09.800 the top of a City group, whether there's a little 0:12:09.800 --> 0:12:12.480 bit of a different perspective there. It's very interesting question. 0:12:12.520 --> 0:12:13.840 I mean, this has got to be one of the 0:12:13.840 --> 0:12:17.880 biggest decisions for her in her new gig, and so 0:12:18.080 --> 0:12:19.960 how she handles it and what she's done is a 0:12:20.000 --> 0:12:23.960 real differentiator. UM. And you know she she's a brand 0:12:23.960 --> 0:12:26.600 new CEO on a on a Wall Street that's generally 0:12:26.600 --> 0:12:33.640 been white dudes UM for so long. So it does, 0:12:34.120 --> 0:12:36.240 but you know she's charting slightly different course here. The 0:12:36.640 --> 0:12:38.360 thing that I wonder, and I think we've done some 0:12:38.400 --> 0:12:41.600 reporting on this, is all of the all it's going 0:12:41.679 --> 0:12:43.880 to take is for one Wall Street firm to get 0:12:43.920 --> 0:12:46.280 the deal because there was a face to face meeting 0:12:46.880 --> 0:12:50.439 that somebody else didn't do because they were embracing hybrid 0:12:50.559 --> 0:12:52.280 and then I feel like everybody's going to say we 0:12:52.320 --> 0:12:54.400 want you back in the office. Is that I don't know, 0:12:54.520 --> 0:12:57.400 Like what's the conversations around that. I think I recall 0:12:57.800 --> 0:13:01.280 Diamond even saying something to that. You know that they 0:13:01.360 --> 0:13:05.200 have lost out on deals because of the lack of fate, 0:13:05.559 --> 0:13:09.280 face to face interaction. So it's definitely I think it's 0:13:09.280 --> 0:13:11.440 definitely going to be a factor that they'll try to 0:13:11.480 --> 0:13:15.120 mediate and try to avoid. But there is perhaps part 0:13:15.160 --> 0:13:18.000 of the striking of the deal where that really matters 0:13:18.080 --> 0:13:22.720 in and preference will go to those interactions right. Well, Look, 0:13:22.720 --> 0:13:24.400 one of the reasons we talked about this a lot 0:13:24.480 --> 0:13:27.080 in what the banks are doing is because the health 0:13:27.080 --> 0:13:30.960 of the finance industry is inextricably tied to the health 0:13:31.000 --> 0:13:34.080 of New York City and the economics of New York 0:13:34.120 --> 0:13:36.560 City and the economy of New York City. And in 0:13:37.040 --> 0:13:40.040 this story by your own Jenny Serene, she talks about 0:13:40.040 --> 0:13:43.240 how a significant portion of New York City's economy relies 0:13:43.600 --> 0:13:46.040 on the finance industry. There directly or indirectly take us 0:13:46.040 --> 0:13:47.600 into how important it is for these people to be 0:13:48.040 --> 0:13:50.160 back in office is when it comes to the city's health, 0:13:50.640 --> 0:13:55.800 super important. And I think Shinali was telling me earlier that, um, 0:13:55.840 --> 0:13:59.880 there were local vendors who noted the employees going into 0:13:59.880 --> 0:14:02.199 the building and we're asking them, how long are you 0:14:02.240 --> 0:14:04.000 going to stay? You open for good? How long you 0:14:04.000 --> 0:14:07.640 staying open? Because it's such a huge force, huge commercial 0:14:07.679 --> 0:14:10.280 force and business force for them. So each one of 0:14:10.280 --> 0:14:13.080 these banks that they have this ecosystem around them which 0:14:13.360 --> 0:14:15.520 is a very um and they're a very powerful force 0:14:15.520 --> 0:14:17.360 in the economy. Well, and it's interesting too that this 0:14:17.440 --> 0:14:20.760 comes on a day where JP Morgan, Jamie Diamond came 0:14:20.800 --> 0:14:23.440 out and talked about wanting of a bigger trading revenue 0:14:23.480 --> 0:14:26.440 drop after the pandemic boom, and you know, he's he 0:14:26.560 --> 0:14:29.400 felt like he was touching upon, you know, the competition 0:14:29.440 --> 0:14:32.040 amongst some of the fintech startups and just whether or 0:14:32.040 --> 0:14:36.360 not competing with it. So, you know, I wonder what 0:14:36.360 --> 0:14:38.720 he's trying to do, whether it's to be like, listen, folks, 0:14:38.800 --> 0:14:42.880 we are to be back at work figuring out, strategizing, 0:14:43.160 --> 0:14:45.000 you know, what's next, because there's a lot of stuff 0:14:45.040 --> 0:14:48.120 coming at us. Absolutely, and actually was quite interesting what 0:14:48.160 --> 0:14:50.840 he said today about their trading revenue. They're expecting it 0:14:50.880 --> 0:14:53.400 and Gorman echoed the sentiment they're expecting it to be 0:14:53.560 --> 0:14:56.280 to be to drop or not to have the gangbusters 0:14:56.440 --> 0:14:59.160 feel that they had in the first quarter. Um, but 0:14:59.200 --> 0:15:01.760 with that was something it was expected, and I think 0:15:01.960 --> 0:15:04.920 Diamond was perhaps quite clever in that he said that, 0:15:05.080 --> 0:15:08.080 Um he kind of reset expectations a bit in a 0:15:08.120 --> 0:15:12.000 way that means they will probably still um not due 0:15:12.040 --> 0:15:16.520 too badly next to analyst predictions. UM. So it was 0:15:16.520 --> 0:15:18.800 a kind of you know, reset expectations a bit about 0:15:18.800 --> 0:15:21.800 their numbers for the second quarter. So how are other 0:15:21.840 --> 0:15:24.880 banks thinking about the summer right now and potentially getting 0:15:24.880 --> 0:15:28.960 people back by Labor Day. Um. So we had Gorman 0:15:29.000 --> 0:15:32.640 Morgan Stanley CEO today saying that they would be disappointed 0:15:32.680 --> 0:15:39.280 if people aren't back by Labor Day. This was Goldman, sorry, yeah, 0:15:39.400 --> 0:15:42.920 And um we have Bank of America said says that 0:15:42.960 --> 0:15:47.560 it's asking it's UM employees that are vaccinated to start 0:15:47.600 --> 0:15:50.720 coming back and giving them thirty days notice. So I 0:15:50.760 --> 0:15:53.760 think there is a kind of expectation that Labor Day 0:15:53.760 --> 0:15:56.680 perhaps is where everyone's galvanizing around. Well, I think it's 0:15:56.680 --> 0:15:59.200 important for a couple of reasons. One is returned to school, 0:15:59.520 --> 0:16:02.280 and people who work for these companies who have kids 0:16:02.400 --> 0:16:04.360 and child care has been such I speak as a parent, 0:16:04.440 --> 0:16:07.040 childcare has been such an issue over the last fourteen 0:16:07.080 --> 0:16:09.560 fifteen months, I mean as as schools have been closed. 0:16:09.880 --> 0:16:11.840 And I wonder about flexibility on the other side, and 0:16:12.240 --> 0:16:15.840 you alluded to Jane Fraser, but I'm wondering if there 0:16:15.920 --> 0:16:17.640 is going to be some sort of see change in 0:16:17.680 --> 0:16:20.000 the way that these companies think about work life balance. 0:16:20.280 --> 0:16:22.200 And I'm not talking about balance and I'm talking about 0:16:22.200 --> 0:16:26.680 like you know, being a parent and also being an employee. 0:16:27.640 --> 0:16:29.720 I think it will be what it will be as 0:16:29.760 --> 0:16:34.760 a really interesting leverage element. So depending on what you 0:16:34.840 --> 0:16:37.640 do in the bank, maybe that gives you more leverage 0:16:37.680 --> 0:16:41.240 to be more flexible. Um. There are certain jobs, we know, 0:16:41.560 --> 0:16:44.680 the trading floor, where it will be more difficult perhaps 0:16:44.680 --> 0:16:47.800 to um be a kind of work from home or 0:16:47.880 --> 0:16:50.840 hybrid employee, but I think it will. It would be 0:16:50.880 --> 0:16:56.440 really interesting how that does settles which rank ranks of 0:16:56.480 --> 0:16:59.800 staff are able to kind of get the flexibility that 0:16:59.800 --> 0:17:02.240 they one, and which actually find that they don't, they're 0:17:02.280 --> 0:17:04.840 not afforded it and they want to move elsewhere, And 0:17:04.880 --> 0:17:06.800 that kind of thing we might see in September when 0:17:06.960 --> 0:17:11.080 a lot of these policies really hit flost into place. 0:17:11.160 --> 0:17:13.680 The interesting thing is is just that these banks did 0:17:13.680 --> 0:17:16.240 really well during the pandemic, right, even with everybody working 0:17:16.240 --> 0:17:19.359 at home. They were really productive. But yet we're on 0:17:19.400 --> 0:17:21.560 the other side and things are changing, right, and so 0:17:21.760 --> 0:17:24.680 maybe the differences between firms could give someone an advantage 0:17:24.680 --> 0:17:28.440 of another. Possibly. Yeah, I think that's an excellent point, 0:17:28.440 --> 0:17:29.960 and we'll we'll definitely see that play out. And I 0:17:29.960 --> 0:17:31.600 feel like there's a divide between what's going on in 0:17:31.640 --> 0:17:34.800 Wall Street versus corporate community. Overall, no one knows what 0:17:35.040 --> 0:17:39.119 answer is no, that is that is so clear exactly, Sally. 0:17:39.160 --> 0:17:41.920 Good stuff, great stuff. Thank you so much, Sally Big 0:17:41.960 --> 0:17:44.280 while she's our Finance team leader of Bloomberg News, joining 0:17:44.359 --> 0:17:52.240 us in our Interactive Broker studio. This is Bloomberg Business 0:17:52.359 --> 0:17:56.119 Week with Carol Masser and Bloomberg Quick Takes Tim Stinovic 0:17:56.480 --> 0:18:01.160 on Bloomberg Radio. You are listening to Bloomberg Business Week 0:18:01.160 --> 0:18:04.199 Carl Master along with Tim Stanovik in our Interactive Broker Studio. 0:18:04.240 --> 0:18:06.280 Top of mind for us this Monday, and especially as 0:18:06.280 --> 0:18:10.280 we wait to hear from President Biden from Brussels this 0:18:10.320 --> 0:18:12.959 weekend's gathering at the leaders of the world's richest economies. 0:18:12.960 --> 0:18:16.080 What needs to be top of mind really for them? 0:18:16.119 --> 0:18:18.320 And here to get into it is Bloomberg New Economy 0:18:18.400 --> 0:18:21.000 Editorial Director Andy brown Out with his latest column. He 0:18:21.080 --> 0:18:25.840 joins us in the Bloomberg Interactive Brokers Studio. Andy. They 0:18:25.880 --> 0:18:27.719 talked about a lot of things, but you really kind 0:18:27.760 --> 0:18:29.320 of whittle it down to what they really need to 0:18:29.359 --> 0:18:31.439 be concerned with. Talk to us about this, So we 0:18:31.480 --> 0:18:34.760 need to be concerned about vaccines, And it looked like 0:18:34.880 --> 0:18:38.440 they were concerned about vaccines, and they are concerned about vaccines. 0:18:38.480 --> 0:18:43.240 But they fallen short. They promised a billion additional vaccines 0:18:43.280 --> 0:18:46.760 to the developing world, and this it was a big, 0:18:46.800 --> 0:18:51.080 deliberately big splashy number, and it was meant to signal 0:18:51.160 --> 0:18:56.320 the superiority over the of the free market democratic system 0:18:56.359 --> 0:19:00.800 over the autocracies of China and Russia. And the reality 0:19:00.960 --> 0:19:04.160 is they came up short. They didn't have a billion 0:19:04.359 --> 0:19:07.840 new vaccines. They actually had six hundred million. And the 0:19:07.920 --> 0:19:10.000 US came out of this the best looking, the best 0:19:10.040 --> 0:19:14.560 it's it's kicked in five million, UK kicks in one million, 0:19:14.880 --> 0:19:17.879 and the rest was sort of sort of calum it 0:19:18.000 --> 0:19:24.639 up through creative accounting, accounting all of the existing pledges, 0:19:24.760 --> 0:19:28.199 both of doses and of money. But a billion is 0:19:28.280 --> 0:19:32.159 not enough. Yeah, we're a world round eight times that, 0:19:32.359 --> 0:19:34.920 so we need more than that. Um. You point out 0:19:34.960 --> 0:19:38.720 in your peace andy statistic from the Economists to notes 0:19:38.840 --> 0:19:42.240 that uh, seventy percent, or that I should say that 0:19:42.320 --> 0:19:45.200 magazine argues that rich nations are passing up the deal 0:19:45.240 --> 0:19:47.920 of the century. That's that's a quote from the Economist. Um, 0:19:48.160 --> 0:19:51.080 seventy percent of the world to get vaccinated, only fifty 0:19:51.080 --> 0:19:55.320 billion dollars. That's not much money, right, It is not 0:19:55.520 --> 0:19:58.320 much money. So you know what they should have said 0:19:59.640 --> 0:20:03.240 at the meeting in Cornwall is we're the world's richest countries. 0:20:03.600 --> 0:20:07.360 We are just going to underwrite this entire effort, whatever 0:20:07.440 --> 0:20:11.200 it takes, and we will lobby in however many doses 0:20:11.760 --> 0:20:16.879 it is required, because it's in everybody's best interests, including us. 0:20:16.960 --> 0:20:21.760 The I m F says that and the accelerated vaccine 0:20:22.520 --> 0:20:26.200 UH campaign would add something like seven trillion dollars to 0:20:26.240 --> 0:20:29.919 the global economy, four trillion to rich countries. Right, So 0:20:29.960 --> 0:20:31.919 that's why the economy says this is the deal of 0:20:31.960 --> 0:20:34.560 the century, and and it looks it looks like they've 0:20:34.560 --> 0:20:36.960 turned it down. So Andy, it's you know, above and beyond, 0:20:37.000 --> 0:20:38.719 it's the right thing to do right for the developed 0:20:38.720 --> 0:20:40.719 world to help out the developing world. We've talked with 0:20:40.920 --> 0:20:44.320 was it Joseph Steglenn talked specifically about this as well 0:20:44.359 --> 0:20:46.679 on our air. But it's just it's also there's an 0:20:46.720 --> 0:20:49.320 economic cost by this delay, and we continue to talk 0:20:49.359 --> 0:20:53.000 about this being it's a global health pandemic and it 0:20:53.040 --> 0:20:55.520 doesn't know borders, and if we don't eradicate it, it 0:20:55.600 --> 0:20:58.400 doesn't matter. It's going to kind of stay within our world. Look, 0:20:58.440 --> 0:21:00.720 we don't even know what this cost me. The cost 0:21:00.880 --> 0:21:06.480 could be astronomical. What would happen if it already costs? 0:21:06.480 --> 0:21:08.600 But what's going to happen if if if we get 0:21:08.600 --> 0:21:14.400