1 00:00:00,280 --> 00:00:03,159 Speaker 1: Is the easy stuff done? The stock's had a great run, 2 00:00:03,440 --> 00:00:06,320 Speaker 1: You've reorganized the business into four divisions. The market broadly 3 00:00:06,360 --> 00:00:09,400 Speaker 1: has been on board so far. But does the tough 4 00:00:09,440 --> 00:00:11,120 Speaker 1: bit now come. You've got to deal with the expenses, 5 00:00:11,160 --> 00:00:13,080 Speaker 1: You've got to figure out exactly what the wealth's division 6 00:00:13,160 --> 00:00:15,040 Speaker 1: and how it's going to function to become this kind 7 00:00:15,080 --> 00:00:15,880 Speaker 1: of global leader. 8 00:00:16,160 --> 00:00:18,960 Speaker 2: Yeah. No, it's a great question. A lot has been done. 9 00:00:19,000 --> 00:00:20,840 Speaker 3: In fact, I think we're very proud about the speed, 10 00:00:20,920 --> 00:00:22,840 Speaker 3: about the scope of what we've been able to achieve, 11 00:00:23,280 --> 00:00:25,599 Speaker 3: and really a very short time. It's been less than 12 00:00:25,640 --> 00:00:28,120 Speaker 3: a year, and I think no one would argue that 13 00:00:28,160 --> 00:00:30,960 Speaker 3: we probably have done more transformation, more change at ithes 14 00:00:31,040 --> 00:00:33,760 Speaker 3: we see potentially in his history, and so we're very 15 00:00:33,880 --> 00:00:36,400 Speaker 3: very proud of what we've achieved. I would love to 16 00:00:36,440 --> 00:00:38,960 Speaker 3: say the easy things have always been done. There's always 17 00:00:39,040 --> 00:00:42,640 Speaker 3: tougher things to do, and particular in an ever changing environment, 18 00:00:43,120 --> 00:00:45,000 Speaker 3: but we have done it quite a lot, in particular 19 00:00:45,040 --> 00:00:47,560 Speaker 3: around the organizational aspects of the change. 20 00:00:47,720 --> 00:00:48,960 Speaker 1: So what does year two bring? 21 00:00:49,400 --> 00:00:51,640 Speaker 3: Year two, I think, in particular for my business, brings 22 00:00:51,800 --> 00:00:54,640 Speaker 3: much more focus on simplification, much more focus on really 23 00:00:54,680 --> 00:00:58,520 Speaker 3: just efficiencies, and that by meaning not just cost efficiencies, 24 00:00:58,560 --> 00:01:01,680 Speaker 3: but just being a better bank, able to respond quicker, 25 00:01:01,720 --> 00:01:04,800 Speaker 3: to be more agile, all the things that really takes 26 00:01:04,800 --> 00:01:05,360 Speaker 3: a long time. 27 00:01:05,680 --> 00:01:07,040 Speaker 1: Do you think some of that's already in the price 28 00:01:07,160 --> 00:01:08,880 Speaker 1: in terms of the share price performance thus. 29 00:01:08,760 --> 00:01:10,320 Speaker 3: Well, I don't know. I mean I think a lot 30 00:01:10,360 --> 00:01:11,960 Speaker 3: of it is certainly in there. I think you mentioned 31 00:01:12,200 --> 00:01:14,640 Speaker 3: the cost You know, as George has said many times, 32 00:01:14,720 --> 00:01:17,400 Speaker 3: we will achieve the cost savings that we have set 33 00:01:17,400 --> 00:01:20,000 Speaker 3: out to achieve. We're very confidence and manager team will 34 00:01:20,040 --> 00:01:23,280 Speaker 3: do that, and so that's fully in training right now. 35 00:01:23,920 --> 00:01:26,520 Speaker 3: But clearly, you know, we have to respond to the environment, clearly, 36 00:01:26,800 --> 00:01:29,240 Speaker 3: to respond to all of the policy changes that are 37 00:01:29,280 --> 00:01:33,399 Speaker 3: coming out from various places. So yes, I think we 38 00:01:33,560 --> 00:01:36,400 Speaker 3: have done a lot. I think we will do more 39 00:01:36,440 --> 00:01:38,640 Speaker 3: to do. I think it will be focused on really 40 00:01:38,720 --> 00:01:41,959 Speaker 3: making the bank taste better, bank operating more efficiently. I 41 00:01:42,000 --> 00:01:43,880 Speaker 3: think probably the stock market understands it. 42 00:01:43,880 --> 00:01:45,800 Speaker 2: In fact, it's a twenty two year high, is what 43 00:01:45,880 --> 00:01:46,640 Speaker 2: it is. So it's an. 44 00:01:46,560 --> 00:01:49,680 Speaker 3: Extraordinary I think positive response for the market. 45 00:01:50,320 --> 00:01:52,000 Speaker 2: But we clearly will always have more to do. 46 00:01:53,120 --> 00:01:56,559 Speaker 4: HSBC has exit a series of businesses lately to focus 47 00:01:56,600 --> 00:01:59,080 Speaker 4: in on that kind of restructuring that you've just outlined 48 00:01:59,080 --> 00:02:01,760 Speaker 4: and the cost efficiency. As the youth would say, there 49 00:02:01,800 --> 00:02:03,880 Speaker 4: might be a little bit of folmo there. Do you 50 00:02:03,920 --> 00:02:07,640 Speaker 4: think you're missing out on this big moment for Europe, 51 00:02:07,680 --> 00:02:10,200 Speaker 4: this big moment for the UK as people look to 52 00:02:10,240 --> 00:02:11,840 Speaker 4: diversify away from the States. 53 00:02:12,440 --> 00:02:15,640 Speaker 3: No, and I think you're referring to what the investment bank. 54 00:02:15,639 --> 00:02:17,560 Speaker 3: The change is there because we have actually had a 55 00:02:17,560 --> 00:02:20,080 Speaker 3: lot more disposals of various types. 56 00:02:20,639 --> 00:02:21,080 Speaker 2: Not really. 57 00:02:21,200 --> 00:02:23,760 Speaker 3: No, And I think the reason being is that we 58 00:02:23,760 --> 00:02:26,120 Speaker 3: were never a bultch back in investment bank, and that 59 00:02:26,240 --> 00:02:28,680 Speaker 3: is something to everybody understand. We were a good investment 60 00:02:28,720 --> 00:02:31,600 Speaker 3: bank in particular where we have scale and relevance, Asia 61 00:02:31,680 --> 00:02:34,520 Speaker 3: in the Middle East being those regions. And if you 62 00:02:34,560 --> 00:02:38,680 Speaker 3: look at how we really perform and what our value added, 63 00:02:38,960 --> 00:02:41,280 Speaker 3: it is really the cross border nature of our business 64 00:02:41,560 --> 00:02:43,640 Speaker 3: and it is really in regions which we have an 65 00:02:43,720 --> 00:02:47,200 Speaker 3: undeniable leadership position, Asia in the Middle East being those 66 00:02:47,200 --> 00:02:47,840 Speaker 3: two regions. 67 00:02:48,120 --> 00:02:50,880 Speaker 2: And thirdly, those are the reasons for the future. Those 68 00:02:50,919 --> 00:02:51,880 Speaker 2: are the regions that will grow. 69 00:02:52,440 --> 00:02:54,520 Speaker 3: Think about ten years from now, it's not going to 70 00:02:54,520 --> 00:02:56,360 Speaker 3: be the same. And you know, I grew up investment 71 00:02:56,360 --> 00:02:58,760 Speaker 3: bank and I understand exactly what everybody's talking about sixty 72 00:02:58,800 --> 00:03:00,880 Speaker 3: percent of the fees are in the United States. How 73 00:03:01,160 --> 00:03:02,880 Speaker 3: we are in the United States in our debt business. 74 00:03:02,919 --> 00:03:05,560 Speaker 3: By the way, we've just reduced our m and a 75 00:03:05,639 --> 00:03:09,680 Speaker 3: inequity business there, so we can still utilize the value 76 00:03:09,800 --> 00:03:12,200 Speaker 3: of the capital markets, which are the largest capital markets 77 00:03:12,200 --> 00:03:14,440 Speaker 3: in the world. Obviously very important to be there. So 78 00:03:14,480 --> 00:03:15,920 Speaker 3: we have a lot of deals that go to the 79 00:03:16,000 --> 00:03:20,000 Speaker 3: US capital markets. That's great, but the future is really 80 00:03:20,040 --> 00:03:20,920 Speaker 3: Asia in the Middle East. 81 00:03:21,720 --> 00:03:24,720 Speaker 4: So critics of that argument would suggest that the experience 82 00:03:24,760 --> 00:03:28,840 Speaker 4: of five years ago during COVID, when Asian markets are 83 00:03:29,000 --> 00:03:31,600 Speaker 4: largely closed and a lot of the investors that were 84 00:03:31,720 --> 00:03:34,080 Speaker 4: very bullish on Asia kind of learned their lesson and 85 00:03:34,120 --> 00:03:36,200 Speaker 4: really pulled out from that kind of exposure. It's taken 86 00:03:36,240 --> 00:03:40,080 Speaker 4: a while to even dip a toe back in. Why 87 00:03:40,720 --> 00:03:43,880 Speaker 4: not necessarily in COVID, but in another circumstance, should people 88 00:03:44,280 --> 00:03:47,720 Speaker 4: increase their exposure to a region that is historically not. 89 00:03:47,600 --> 00:03:50,600 Speaker 3: Always been the most sure bet Because I think that's 90 00:03:50,640 --> 00:03:54,720 Speaker 3: an enormous amount of wealth creation occurring right now in Asia, 91 00:03:54,760 --> 00:03:56,000 Speaker 3: whether it be India or China. 92 00:03:56,360 --> 00:03:59,560 Speaker 2: I think Hong Kong will become even. 93 00:03:59,720 --> 00:04:03,080 Speaker 3: More important capital markets or center for capital markets around 94 00:04:03,080 --> 00:04:05,880 Speaker 3: the world. I think that you see a huge amount 95 00:04:05,920 --> 00:04:08,120 Speaker 3: of capital and trade flows going between the Middle East 96 00:04:08,160 --> 00:04:08,560 Speaker 3: and Asia. 97 00:04:08,840 --> 00:04:10,120 Speaker 2: You have two regions that have. 98 00:04:10,120 --> 00:04:13,320 Speaker 3: An enormous amount of capital and they're exchanging capital back 99 00:04:13,320 --> 00:04:13,720 Speaker 3: and forth. 100 00:04:13,760 --> 00:04:15,560 Speaker 4: But as any of it coming from the States or 101 00:04:15,560 --> 00:04:16,919 Speaker 4: from Europe in much. 102 00:04:16,800 --> 00:04:19,960 Speaker 2: Wester well still there will always be Yeah. 103 00:04:19,960 --> 00:04:22,719 Speaker 3: I mean, if you look at where American companies are expanding, 104 00:04:22,920 --> 00:04:24,760 Speaker 3: they're expanding those two regions. If you look at were 105 00:04:24,800 --> 00:04:27,640 Speaker 3: European companies are expanding, they're not expanding in Europe. I 106 00:04:27,640 --> 00:04:30,320 Speaker 3: think the US is largely done. They're expanding in those 107 00:04:30,320 --> 00:04:33,520 Speaker 3: two regions. The interesting thing, however, is the amount of 108 00:04:33,560 --> 00:04:36,320 Speaker 3: money going from the Middle East into Asia and vice versa. 109 00:04:36,760 --> 00:04:39,920 Speaker 3: I think we have underestimated that is a significant and 110 00:04:39,960 --> 00:04:42,440 Speaker 3: I think permanent trend. And that's where we're there is 111 00:04:42,480 --> 00:04:46,080 Speaker 3: to capture those flows as you have a reordering of 112 00:04:46,120 --> 00:04:47,280 Speaker 3: the world's capital flows. 113 00:04:47,600 --> 00:04:49,640 Speaker 5: Michael, I want to talk about staffing. You talked about 114 00:04:49,640 --> 00:04:52,960 Speaker 5: some of the headwinds floating around the world diplomatically, put 115 00:04:53,080 --> 00:04:54,920 Speaker 5: many of them come from the White House. We've got 116 00:04:54,960 --> 00:04:58,160 Speaker 5: this change on the H one B visa. How much 117 00:04:58,160 --> 00:04:59,960 Speaker 5: does that affect you because we know, it affects tech 118 00:05:00,000 --> 00:05:02,120 Speaker 5: heavily able, so affects finance, it does. 119 00:05:02,480 --> 00:05:04,440 Speaker 3: You know, our operations in the United States are about 120 00:05:04,480 --> 00:05:07,880 Speaker 3: six thousand people, so relatively, it's much less than if 121 00:05:07,880 --> 00:05:09,680 Speaker 3: you're Microsoft or Google or some of the big tech 122 00:05:09,760 --> 00:05:13,159 Speaker 3: companies or some of our American competitors. We had a 123 00:05:13,160 --> 00:05:16,200 Speaker 3: flurry of activity this weekend like everyone else. I think 124 00:05:16,720 --> 00:05:20,520 Speaker 3: it was unfortunate because the initial policy was unclear as 125 00:05:20,520 --> 00:05:24,760 Speaker 3: to whether it was retroactive or perspective. They've now clarified 126 00:05:24,760 --> 00:05:27,120 Speaker 3: that it is perspective, so that makes it much easier. 127 00:05:27,800 --> 00:05:29,720 Speaker 3: I think it was going to be very disconcerting for 128 00:05:29,720 --> 00:05:32,240 Speaker 3: a lot of people, in particular those holders of those 129 00:05:32,320 --> 00:05:34,080 Speaker 3: visas who were traveling abroad. 130 00:05:34,200 --> 00:05:37,760 Speaker 5: But are you having are you instructing staff to stay put? 131 00:05:37,920 --> 00:05:40,200 Speaker 5: Do you think in the longer term you'll have more 132 00:05:40,240 --> 00:05:42,560 Speaker 5: staff based, say in Asia or in Europe. 133 00:05:43,120 --> 00:05:45,479 Speaker 3: You know, again, we don't have a huge amount of 134 00:05:45,520 --> 00:05:50,160 Speaker 3: the h one visa holders. Yes, I think for all companies, 135 00:05:50,560 --> 00:05:52,400 Speaker 3: you know, to pay an extra one hundred thousand dollars 136 00:05:52,400 --> 00:05:54,359 Speaker 3: on top of everything else, it is going to change 137 00:05:54,680 --> 00:05:55,839 Speaker 3: the way we look at staffing. 138 00:05:56,160 --> 00:05:58,320 Speaker 2: I think it for us, it's manageable. 139 00:05:58,640 --> 00:06:02,520 Speaker 3: I think for maybe other financial services companies. Similarly, I 140 00:06:02,520 --> 00:06:04,920 Speaker 3: think for tech companies that is a much bigger issue. 141 00:06:05,200 --> 00:06:07,080 Speaker 1: Can I just come back to this, this question of 142 00:06:07,720 --> 00:06:10,080 Speaker 1: the relationship between the Middle East and Asia and the 143 00:06:10,200 --> 00:06:14,760 Speaker 1: changing kind of nature of global trade. Crety was critic 144 00:06:14,839 --> 00:06:17,320 Speaker 1: just spent three weeks in DC talks about dedollarization, this 145 00:06:17,480 --> 00:06:19,960 Speaker 1: kind of process that is unfolding, this concern that there 146 00:06:20,200 --> 00:06:24,279 Speaker 1: exists in the United States about that. Do you think 147 00:06:24,279 --> 00:06:28,200 Speaker 1: that Do you think that relationship is is enduring? Do 148 00:06:28,200 --> 00:06:29,960 Speaker 1: you think it's been created to a certain extent by 149 00:06:29,960 --> 00:06:33,200 Speaker 1: the Trump administration. Do you are we seeing a reordering 150 00:06:34,040 --> 00:06:38,160 Speaker 1: in bigger, in bigger in sort of in the sort 151 00:06:38,160 --> 00:06:40,359 Speaker 1: of tectonic plates of the world as a result of 152 00:06:40,360 --> 00:06:43,040 Speaker 1: what is happening out of DC and forcing other people together. 153 00:06:43,240 --> 00:06:44,839 Speaker 2: Yeah, we look. It's a very good question. 154 00:06:45,279 --> 00:06:47,599 Speaker 3: The answer is, I don't know, because I think the 155 00:06:47,600 --> 00:06:48,800 Speaker 3: policy changes quite a lot. 156 00:06:49,360 --> 00:06:50,920 Speaker 2: I think clearly, if. 157 00:06:50,800 --> 00:06:52,720 Speaker 3: You're not going to have the dollar as the reserve 158 00:06:52,800 --> 00:06:57,320 Speaker 3: currency that forces a major reordering of the world's economic 159 00:06:57,640 --> 00:07:00,560 Speaker 3: structure as we know today, I think there is concerned. 160 00:07:00,560 --> 00:07:03,680 Speaker 3: I've talked to many investors, those in Asia and elsewhere 161 00:07:03,880 --> 00:07:06,520 Speaker 3: who are quite concerned as to what this means there 162 00:07:06,640 --> 00:07:07,600 Speaker 3: is no alternative. 163 00:07:08,360 --> 00:07:09,360 Speaker 2: That is the reality. 164 00:07:09,440 --> 00:07:11,760 Speaker 3: There will not be an alternative for many, many years, 165 00:07:11,800 --> 00:07:14,800 Speaker 3: and so tomorrow. If the US dollar is not the 166 00:07:14,840 --> 00:07:18,800 Speaker 3: reserve currency, what is. It's not the Romenbee, it's not 167 00:07:18,880 --> 00:07:21,800 Speaker 3: the euro. I mean the actual relative change between currencies 168 00:07:21,840 --> 00:07:25,320 Speaker 3: reserve currencies has not changed for the last twenty or 169 00:07:25,360 --> 00:07:28,120 Speaker 3: thirty years. In order to have a significant change, I 170 00:07:28,120 --> 00:07:31,040 Speaker 3: think it takes a long time to do so. If, however, 171 00:07:31,200 --> 00:07:33,720 Speaker 3: there is a major policy change. There is, for instance, 172 00:07:34,400 --> 00:07:37,960 Speaker 3: some discussion of taxing holder foreign holders of US treasuries 173 00:07:37,960 --> 00:07:41,080 Speaker 3: as an example, that would send a signal that yes, 174 00:07:41,200 --> 00:07:44,560 Speaker 3: I think you'll have an evolutionary change. Just because of 175 00:07:44,600 --> 00:07:47,200 Speaker 3: practical reality, you can't do it quickly. But that would 176 00:07:47,240 --> 00:07:51,440 Speaker 3: introduce a significant amount of uncertainty in the world's economic report. 177 00:07:52,960 --> 00:07:55,800 Speaker 4: You talk about Asia and the Middle East becoming to 178 00:07:55,840 --> 00:08:00,560 Speaker 4: follow on, guys question, this kind of new sphere of growth, 179 00:08:01,120 --> 00:08:04,560 Speaker 4: can it still hold the level of innovation, financial innovation 180 00:08:04,640 --> 00:08:05,920 Speaker 4: that you still see from the States. I'll give you 181 00:08:05,920 --> 00:08:09,800 Speaker 4: an example. In the private markets for example, Yes they're expanding, 182 00:08:09,840 --> 00:08:14,160 Speaker 4: but the driver of that financial market innovation things like democratizing. 183 00:08:14,160 --> 00:08:16,800 Speaker 4: For one k's in terms of getting access to private markets, 184 00:08:16,800 --> 00:08:18,400 Speaker 4: in terms of the IPOs, in terms of some of 185 00:08:18,440 --> 00:08:20,920 Speaker 4: the structured products that are out there, it's still driven 186 00:08:20,960 --> 00:08:23,680 Speaker 4: by the large scale American players. Are you still seeing 187 00:08:24,160 --> 00:08:27,520 Speaker 4: some of that innovation being done more organically from the 188 00:08:27,560 --> 00:08:30,160 Speaker 4: Middle East or Asia? Or is this about adopting what 189 00:08:30,280 --> 00:08:31,120 Speaker 4: starts in the States. 190 00:08:31,200 --> 00:08:31,560 Speaker 2: Yeah. 191 00:08:31,600 --> 00:08:35,120 Speaker 3: Look, I think clearly from the financial perspective, the US 192 00:08:35,240 --> 00:08:37,240 Speaker 3: capital market is still the dominant capital market. It's a 193 00:08:37,280 --> 00:08:39,680 Speaker 3: lot of the financial innovation comes from the US. Having 194 00:08:39,720 --> 00:08:42,760 Speaker 3: been there for most of my career so very well 195 00:08:42,800 --> 00:08:45,520 Speaker 3: aware of that. However, I think you'll see one of 196 00:08:45,880 --> 00:08:48,280 Speaker 3: a very quick adoption of many of those type of 197 00:08:48,360 --> 00:08:51,959 Speaker 3: changes into both the Middle East and particular in Asia. 198 00:08:52,600 --> 00:08:55,079 Speaker 3: I think it's not only by the way financial innovation. 199 00:08:55,200 --> 00:08:58,600 Speaker 3: I think it's also industrial innovation technology, which is coming 200 00:08:58,600 --> 00:08:59,840 Speaker 3: out of places like China. 201 00:08:59,679 --> 00:09:00,560 Speaker 2: Fast and furious. 202 00:09:00,960 --> 00:09:03,960 Speaker 3: I mean, I was also in Silicon Valley the week 203 00:09:04,000 --> 00:09:07,560 Speaker 3: before last, I was in Israel last week. I will 204 00:09:07,600 --> 00:09:10,880 Speaker 3: go to China and just to see all of that 205 00:09:11,000 --> 00:09:13,920 Speaker 3: innovation is pretty extraordinary that's going on, and it's just 206 00:09:13,960 --> 00:09:16,439 Speaker 3: not American innovation anymore. So I think that's one thing 207 00:09:16,440 --> 00:09:19,959 Speaker 3: everyone should understand Financially yes, you certainly benefit in the 208 00:09:20,080 --> 00:09:23,200 Speaker 3: United States by having the largest, most liquid financial markets, 209 00:09:23,679 --> 00:09:25,520 Speaker 3: and you have some middle largest banks in the world, 210 00:09:25,559 --> 00:09:28,800 Speaker 3: so that's very helpful as well. But I don't think 211 00:09:28,840 --> 00:09:30,720 Speaker 3: that we'll be confined to the US, and I think 212 00:09:30,760 --> 00:09:33,840 Speaker 3: more and more you'll see US players focusing on places 213 00:09:33,840 --> 00:09:35,960 Speaker 3: like Asia. We see a huge amount of that the 214 00:09:36,000 --> 00:09:38,880 Speaker 3: enflow of US capital into Asia. They will bring technology 215 00:09:38,880 --> 00:09:40,640 Speaker 3: with their Capitalisma what's. 216 00:09:40,480 --> 00:09:42,880 Speaker 4: The PC doing in the private markets? Are you growing 217 00:09:42,920 --> 00:09:46,040 Speaker 4: as fast as maybe some of your peers states look like. 218 00:09:46,559 --> 00:09:48,480 Speaker 3: Part of our restructing is to put all of our 219 00:09:48,520 --> 00:09:50,360 Speaker 3: private credit activities in one place. 220 00:09:50,760 --> 00:09:52,120 Speaker 2: Is not in one place before. 221 00:09:52,520 --> 00:09:54,200 Speaker 3: So we're doing that as we speak, and that gets 222 00:09:54,240 --> 00:09:55,720 Speaker 3: to your question about what are the things we're going 223 00:09:55,760 --> 00:09:56,679 Speaker 3: to be doing going forward. 224 00:09:57,120 --> 00:09:59,360 Speaker 2: It's what I call deep bottlenecking. A lot of those 225 00:09:59,400 --> 00:10:00,679 Speaker 2: issues every bank has. 226 00:10:00,679 --> 00:10:02,839 Speaker 3: This is a problem, by the way, is how do 227 00:10:02,880 --> 00:10:05,679 Speaker 3: you respond to private credit, which is a new type 228 00:10:05,679 --> 00:10:08,439 Speaker 3: of financing, which it doesn't really necessarily fit with the 229 00:10:08,480 --> 00:10:09,920 Speaker 3: conventional wave banks have instructuring. 230 00:10:10,040 --> 00:10:12,400 Speaker 4: Is there systemic risk in private credit? 231 00:10:12,640 --> 00:10:13,720 Speaker 2: We looked at it very closely. 232 00:10:13,800 --> 00:10:16,040 Speaker 3: In fact, we've had lots of discussion internally and even 233 00:10:16,080 --> 00:10:18,679 Speaker 3: on our board. You know, there will clearly be always 234 00:10:18,679 --> 00:10:21,480 Speaker 3: systemic risk. The question is how much leverage there is. 235 00:10:21,800 --> 00:10:23,800 Speaker 3: You know, what would be the trigger for that systemic 236 00:10:23,880 --> 00:10:26,160 Speaker 3: risk is something that we look at very quickly. 237 00:10:26,000 --> 00:10:26,800 Speaker 2: Or very closely. 238 00:10:27,240 --> 00:10:30,800 Speaker 5: Michael Guy started by asking about the restructuring. Ran I 239 00:10:30,840 --> 00:10:35,000 Speaker 5: feared he would h's morale. Look, moral's fine, I mean, 240 00:10:35,080 --> 00:10:36,000 Speaker 5: and no one likes. 241 00:10:35,840 --> 00:10:36,760 Speaker 2: To go through restructuring. 242 00:10:36,880 --> 00:10:38,760 Speaker 3: And the reason we've moved as quickly as we have, 243 00:10:39,280 --> 00:10:41,360 Speaker 3: which I must say again is as quick as we 244 00:10:41,400 --> 00:10:45,560 Speaker 3: could possibly do it is very very sensitive to moral issues, 245 00:10:45,640 --> 00:10:47,000 Speaker 3: very sensitive to being distracted. 246 00:10:47,600 --> 00:10:48,800 Speaker 2: That is very distracting. 247 00:10:49,160 --> 00:10:51,240 Speaker 3: I think we're in a position now to say that 248 00:10:51,360 --> 00:10:55,520 Speaker 3: first phase, that organizational change phase, is coming to an end, 249 00:10:55,880 --> 00:10:58,320 Speaker 3: and that's probably the most important things. Not that we 250 00:10:58,360 --> 00:11:01,560 Speaker 3: don't have more to do, is I asked before we 251 00:11:01,600 --> 00:11:04,240 Speaker 3: will continue to. I think improve the place, make it 252 00:11:04,320 --> 00:11:07,120 Speaker 3: easier for our bankers and our traders and our salespeople. 253 00:11:07,480 --> 00:11:09,000 Speaker 2: That's what we're going to focus on going for. 254 00:11:09,480 --> 00:11:13,320 Speaker 3: That's rewiring and replumbing that by its very nature is 255 00:11:13,320 --> 00:11:15,120 Speaker 3: not quick. And I just told the group the other day, 256 00:11:15,360 --> 00:11:17,440 Speaker 3: bear with us. We know what we're doing, but it 257 00:11:17,520 --> 00:11:19,760 Speaker 3: will take a while. But we're doing, I think some 258 00:11:19,840 --> 00:11:22,320 Speaker 3: very interesting things around AI doing it very interesting them 259 00:11:22,400 --> 00:11:26,240 Speaker 3: digitization that will make their jobs easier, but also plays 260 00:11:26,280 --> 00:11:29,120 Speaker 3: through right to the clients. That is really where we 261 00:11:29,160 --> 00:11:30,160 Speaker 3: see a lot of the value going for