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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: We begin this out with the leadership shakeup at Bank

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Speaker 2: for America, Brian moynihan recently naming Dean, Athanasia and Jim

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Speaker 2: DeMar as co presidents the firm, writing in a statement

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Speaker 2: quote Athenasia and DeMar will drive company wide initiatives focused

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Speaker 2: on long term growth and returns, and oversee Bank for

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Speaker 2: America's eight lines of business. I'm very pleased to say

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Speaker 2: that joining us now is the Bank for America Chair CEO,

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Speaker 2: Brian moynihan. Brian, of course in London, we're here in

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Speaker 2: New York. You're actually in our home and we're in yours.

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Speaker 2: So thank you, sir for making that happen. Brian. Let's

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Speaker 2: get to this leadership shakeup because we've got a lot

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Speaker 2: to talk about. Eight lines of business. Two very prominent

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Speaker 2: individuals in this bank, at this institution. How do you

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Speaker 2: and the team plan to split up responsibilities.

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Speaker 1: Well, it's good to talk to you both, and thank

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Speaker 1: you for coming to our great corporate headquarters. Hopefully they're

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Speaker 1: treating you nicely out there. Look, this is a recognition

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Speaker 1: of three teammates, said Dean and Jim, and Alistair and

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Speaker 1: the contribution they made to our company and helping bringing

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Speaker 1: Jim and Dean to help me leverage across the businesses.

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Speaker 3: And there's a lot of initiatives.

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Speaker 1: We conduct across the company, our growth work streams, our

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Speaker 1: operational excellence, our AI initiatives and things, and I've asked

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Speaker 1: them to come help me. Meanwhile, it also frees up

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Speaker 1: space for that talent group. And you're talking to a

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Speaker 1: lot of today what's Lindsay or Eric or Wendy and

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Speaker 1: others that continue to drive those eight businesses for us

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Speaker 1: and own the business and owned the responsibility for.

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Speaker 3: P and L. And there's a lot of talent in

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Speaker 3: that level.

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Speaker 1: So the idea is to bring them to help leverage

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Speaker 1: my time, leverage a company's time, leverage the company wide initiatives,

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Speaker 1: and then let that talent that drives those businesses keep

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Speaker 1: making great progress.

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Speaker 2: Brian, there is an obvious I have some comfortable questions.

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Speaker 2: Some people might have responded to this and just thought,

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Speaker 2: is Brian's setting up for succession or is this just

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Speaker 2: about changing how the companies run.

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Speaker 1: Well long term. We have one of the duties that

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Speaker 1: I and the whole management team owes the Board of

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Speaker 1: Directors as a series of candidates had the experience to

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Speaker 1: run this company over time. I'm not going anywhere in

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Speaker 1: the short term, but in the medium term. But it

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Speaker 1: takes a while to set that up and get people

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Speaker 1: used to the size and scale this companies. So you

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Speaker 1: all report all those ins and outs of succession, but

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Speaker 1: the reality is we're a team.

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Speaker 3: And we're driving forward.

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Speaker 1: There's a lot of talent teammates and the board will

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Speaker 1: have to make a decision someday based on the facts

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Speaker 1: and circumstances at the time.

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Speaker 4: Brian, you talk about some of the new initiatives and

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Speaker 4: looking forward to the bank, the Dean and the gym

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Speaker 4: that will be of the future partnering together. I'm wondering

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Speaker 4: what you're hoping they can accomplish, whether it's the AI

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Speaker 4: initiatives or beyond, what kind of projects you're hoping that

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Speaker 4: they will spearhead.

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Speaker 1: Well, we have a lot of things going for the

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Speaker 1: last six last year, we've been working on some work

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Speaker 1: streams to help drive expense sufficiency and implementation new technologies

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Speaker 1: and at the same time drive growth. How we take

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Speaker 1: risk and continue to look at our risk parameters. And

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Speaker 1: so what I'm asking them is to they've helped drive

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Speaker 1: those well, they've been doing their old jobs and I've said,

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Speaker 1: come do this full time and that'll give us more

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Speaker 1: leverage across the platform. Our company has a great reach

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Speaker 1: we have, you know, we're all over the globe and

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Speaker 1: Bernie Men's and the team here and out of London

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Speaker 1: run all the international businesses for us.

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Speaker 3: We're in a lot.

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Speaker 1: Of countries, a lot of teammates around the world. We

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Speaker 1: just announced a thousand more teammates that we're building out

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Speaker 1: here in UK and they can help the company drive

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Speaker 1: that and put the key to the top of big

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Speaker 1: company of guards is to work the seams, work the

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Speaker 1: business connections and so Jimmy and his capabilities as he

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Speaker 1: works for the Wealth Management Group and Lindsay and Eric

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Speaker 1: on the clients that we have, especially in the high

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Speaker 1: you know, the higher end clients that he has relationships

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Speaker 1: with who are hedge fund operators and things like that.

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Speaker 1: So there's a lot of inities, but it's it's really

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Speaker 1: about revenue growth, organic revenue growth and expense efficiency and

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Speaker 1: also thinking through how technology applies. And it just gives

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Speaker 1: me more power at the top of the house to

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Speaker 1: join us. And these teammates have done a great job.

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Speaker 2: I imagine it's going to be united front. The Investor Day

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Speaker 2: in November, the first one in some fifteen years. You

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Speaker 2: mentioned the CFO now Executive vice president Alistair Borthwick said this,

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Speaker 2: the most important thing from our perspective is we feel

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Speaker 2: like we've got an opportunity to close a relative value gap. Brian,

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Speaker 2: can we talk about that relative value gap? Where do

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Speaker 2: you think that comes from? What is it that you

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Speaker 2: think perhaps investors don't fully understand.

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Speaker 1: Well, as you look at the company, you have a

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Speaker 1: greater or grantic growth engine. So we'll do a million

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Speaker 1: new checking households, and our average checking balances are three

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Speaker 1: times four times industry norm and we're building that up.

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Speaker 1: We're trying to showcase is what Bank America is is

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Speaker 1: an organic growth machine on a very steady compounding basis.

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Speaker 1: So if you look at the projection for our earnings

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Speaker 1: growth rates by the Street, they're faster than the average

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Speaker 1: company as the balance reprices and things go on. But

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Speaker 1: what we're really trying to showcase is to put on

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Speaker 1: the table basically the metrics that we run this company

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Speaker 1: by across the eight lines of business and how they

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Speaker 1: work together. And then the international piece, and then AI

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Speaker 1: and some of the other the things we work on

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Speaker 1: the payment's business, which is embedded in the lines of

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Speaker 1: business but is a separate business. It really showed three things.

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Speaker 1: We have a competitive position that no one else has

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Speaker 1: where we just announced yesterday the largest small business lender.

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Speaker 1: We have a competitive growth rate in the organic growth

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Speaker 1: that's there.

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Speaker 3: And then because of our.

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Speaker 1: The dynamics are a NII lift, which it will be

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Speaker 1: growing as we've told people six to seven percent this year.

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Speaker 1: You're going to see the EPs keep kicking in and

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Speaker 1: the operating leverage come into the business and the return

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Speaker 1: on tangible common equity keeps moving up.

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Speaker 3: And that's that's where.

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Speaker 1: We lay up but gears off that good core or

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Speaker 1: granted growth with the right risk that we drive this

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Speaker 1: company by.

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Speaker 4: Brian as John is just mentioning this is the first

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Speaker 4: in fifteen years.

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Speaker 3: Why now, what changed for you?

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Speaker 4: And is this going to be a new annual thing?

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Speaker 1: You know, I think we have thirty five analysts that

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Speaker 1: covers we spend.

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Speaker 3: Time at all the conferences. We spend time individually.

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Speaker 1: But think about putting on a table where the coupy

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Speaker 1: stands right now as we see a after the pandemic

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Speaker 1: and after the interest rate changes and after inflation fights

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Speaker 1: and all that stuff. We see that people putting on

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Speaker 1: a table where we are in organic growth and how

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Speaker 1: it works together is.

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Speaker 3: Critical, and I think, yeah, you should expect us to

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Speaker 3: do it more often.

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Speaker 1: You know, we have a lot of connectivity to the

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Speaker 1: people actually own our stock and talk to them all

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Speaker 1: the time, but this is a chance to sort of

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Speaker 1: lay it all out so everybody can see it together

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Speaker 1: and to look at some of these initiats are unique,

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Speaker 1: like our employee banking Investment initiative, our continuum, our Marril

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Speaker 1: Edge through Merrill Lynch and a private bank, and the

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Speaker 1: ability for us to take a customer literally from the

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Speaker 1: first bank account their entire life, no matter what happens

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Speaker 1: to them. On an individual side, or a small business

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Speaker 1: for me today that becomes the largest company world, or

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Speaker 1: an individual trader that builds up that capability and becomes

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Speaker 1: a hedge fund manager. The idea of these continuums and

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Speaker 1: things like that are really important, and so we hope

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Speaker 1: to put that on the table and make sure people

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Speaker 1: see it, and then we'd annually update it, but sort

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Speaker 1: of put a baseline on the.

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Speaker 4: Table, so Brian, it seems like you're moving toward great

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Speaker 4: a degree of transparency or at least availability at a

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Speaker 4: time where the President is talking about potentially moving from

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Speaker 4: a quarterly reporting system for public companies to a six

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Speaker 4: month reporting season, do you think that that would be

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Speaker 4: helpful for you as a business manager if you had

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Speaker 4: to report less frequently in terms of filing.

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Speaker 1: Yeah, at the end of the day, we run the

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Speaker 1: company along the principal's responsible growth and how we run it,

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Speaker 1: so it won't change how we run the company, may

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Speaker 1: change how often we have to talk about it, and inherently,

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Speaker 1: if you do two times year versus four times a year,

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Speaker 1: you'd save some money and some effort. But you know,

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Speaker 1: my guess is our investors are going to demand from

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Speaker 1: us more constant reporting.

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Speaker 3: So we'll see it all play out.

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Speaker 1: It's an issue that was talked about over the last

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Speaker 1: several years. If it's going to get done, it has

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Speaker 1: to be done the right way. So it remains in

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Speaker 1: place and we look forward to what comes out of

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Speaker 1: the SEC and the process. But on the other hand,

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Speaker 1: you know, we are very transparent what we do. We've

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Speaker 1: put a lot of information out there, things like our.

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Speaker 3: Digital capabilities that no one else reports on.

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Speaker 1: Frankly, and again with the Investor Day, we'll be able

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Speaker 1: to show that and really challenge people to say, look,

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Speaker 1: if this is what's going on. If you've taken a

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Speaker 1: company at three hundred thousand people fifteen years ago that

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Speaker 1: has two hundred and twelve thousand people today and applied

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Speaker 1: that technology, you just think as we start to apply

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Speaker 1: AI more fully, we already have Erica three billion customer interactions,

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Speaker 1: but as that applies more fully, you'll see the ability

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Speaker 1: for us to continue to manage the headcount and the

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Speaker 1: company well while the revenue keeps growing. And so I

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Speaker 1: think we'll report on that more often than every six months,

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Speaker 1: is my guests, based on the demand of our investors.

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Speaker 2: Lisa I mentioned some CEOs might welcome this, Yes, even

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Speaker 2: if some investors don't.

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Speaker 4: They might welcome this, but will they be allowed to

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Speaker 4: actually follow it by their investors, And that I think is.

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Speaker 3: What Brian is alluding to.

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Speaker 2: I think investors will demand much more transparency. Brian, I

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Speaker 2: want to talk about an initiative close to your heart,

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Speaker 2: the news that we got about fifteen twenty five minutes

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Speaker 2: ago that you're increasing the minimum wage to twenty five

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Speaker 2: dollars per hour. I remember a very early conversation with you,

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Speaker 2: and this is something you're very proud of. This gone

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Speaker 2: up from say fifteen several years ago. Can you talk

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Speaker 2: to us about why you've maintained this commitment to drive

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Speaker 2: in the minimum waye hire at Banks America.

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Speaker 3: Sure. So, let me set two things up.

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Speaker 1: One over the course of today and tomorrow and yesterday,

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Speaker 1: we've announced a series of in issues. One is to

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Speaker 1: locate one thousand new teammates in the UK that will

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Speaker 1: work in our operations group, and that was announced by

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Speaker 1: Bernie and Tom Scrivener. The second one is toase to

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Speaker 1: commit to our military hiring at Bank of America ten

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Speaker 1: thousand military veterans over the next five years. We've done

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Speaker 1: this from time. We have about twenty thousand working to

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Speaker 1: increase that. Another is to increase eight thousand people from

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Speaker 1: community colleges to print an opportunity at Bank of America

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Speaker 1: to further the career and get into skills based training.

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Speaker 1: That's a doubling or tripling of what we do today.

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Speaker 1: And then we're the seventy five branches that we're deploying

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Speaker 1: and the teammates there and The third piece is the

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Speaker 1: minimum wage. And so we started on a travel a

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Speaker 1: number of years ago with a view that to be

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Speaker 1: we want teammates to come to Bank America with a

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Speaker 1: career mindset, so join us. So today we're announcing twenty

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Speaker 1: five dollars an Hour's just fifty thousand dollars for a

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Speaker 1: starting salary across the country and hire in some places

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Speaker 1: where the prevailing wages are higher. Obviously, but what that

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Speaker 1: gives a teammate the chance to join our company, to

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Speaker 1: spend their whole career here and support their families. So

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Speaker 1: not only is it the twenty five dollars an hour

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Speaker 1: minimum starting wage, it's the benefit structure, which is a

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Speaker 1: full four and K match, a full benefit costs that

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Speaker 1: we for the teammates in the brackets of twenty five

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Speaker 1: dollars an hour. We basically dropped their premium coverage and

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Speaker 1: healthcare in twenty twelve from five hundred dollars a month

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Speaker 1: to two hundred and fifty dollars a month for family.

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Speaker 1: Have never raised it to provide great health care forum

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Speaker 1: and then our childcare benefits. So it's a package. So

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Speaker 1: where's that payback for the investor? Where that pays back

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Speaker 1: to the investor is the turnover rate. And when we

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Speaker 1: started this program in the high volume operations groups and

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Speaker 1: the branches was twenty percent. It's now down to basically

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Speaker 1: tennis percent or.

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Speaker 3: So even below that.

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Speaker 1: That's stability in that career mindset allows us to do

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Speaker 1: a much better job for our clients. And what you've

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Speaker 1: seen is the attrition in the term teammates has gone down.

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Speaker 1: You've seen the attrition the customer's gone down, and you've

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Speaker 1: seen our customer scores dramatically improve over the last fifteen

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Speaker 1: years due to this relentless pursuit to be a career employer.

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Speaker 1: So yes, we're very proud of twenty five dollars an hour,

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Speaker 1: but there's an economic benefit for the shareholder and it's

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Speaker 1: a great positioning for the teammate.

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Speaker 2: At the same time, Brian, I wonder also what it

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Speaker 2: says about the situation, the current environment. It's very strange

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Speaker 2: that we're going into this decision with a federal Reserve

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Speaker 2: talking about twenty five fifty basis points of rate cuts

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Speaker 2: and maybe more. Your team has talked consistently throughout this

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Speaker 2: morning about the amount of resilience they see in the

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Speaker 2: US economy. Payhikes like this aren't the kind of things

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Speaker 2: you would typically see in a recession. What's your sense

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Speaker 2: of just how tight a week loose this labor market

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Speaker 2: actually is right now?

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Speaker 1: Well, I think if you think of twenty three summer,

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Speaker 1: the Great Resignation, it was very tight, then it loosened up,

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Speaker 1: and it's more imbalanced now. So our turn of rate

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Speaker 1: in our company is running about eight percent. It even

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Speaker 1: in places like tech programmers, of which we have thirty

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Speaker 1: forty thousand of them, we're running in double digits is

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Speaker 1: now and three four percent. And what that shows you

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Speaker 1: the bid in the market's different, which then shows you

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Speaker 1: people being more careful at headcount. And heard some of

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Speaker 1: my colleagues talk to you about that. So I think

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Speaker 1: the unemployment rate is still low, but I think businesses

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Speaker 1: are being.

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Speaker 3: Much more careful in managing your headcount for a number

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Speaker 3: of reasons.

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Speaker 1: One is to get by understanding how all the policies

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Speaker 1: are coming at and fit together. I'm talking about us

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Speaker 1: businesses mainly, and then secondly, they're also making sure that

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Speaker 1: they're careful. And I heard some of my colleagues talk

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Speaker 1: to you about this earlier. As you think about this

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Speaker 1: application of technology. We know what this does. We have

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Speaker 1: half as many people work in the consumer business, and

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Speaker 1: did we did a decade plus ago. We have half

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Speaker 1: as many people work in operations. We know that as

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Speaker 1: these technologies can apply to our legal department, our account

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Speaker 1: our finance department under Alistair, our risk department, teammates. We

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Speaker 1: know that if we manage the headcount carefully, we'll do it.

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Speaker 1: So we look at headcount very carefully and say, don't

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Speaker 1: hire people unless you really need them, not because we're

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Speaker 1: trying to save money, because frankly, from a human management capabilities,

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Speaker 1: we don't want to have people who won't be able

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Speaker 1: to have a career here. So we just hired two

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Speaker 1: thousand plus kids from school, so we brought in all

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Speaker 1: those new talent. We'll hire these ten thousand veterans, we'll

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Speaker 1: hire these eight thousand people from community college. But each

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Speaker 1: month we get the right to make a decision on

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Speaker 1: whether we're going to hire about thirteen to fifteen hundred people.

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Speaker 3: And we're just managing that very carefully.

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Speaker 1: So I think we're an example of what's going on

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Speaker 1: and broad a labor market.

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Speaker 3: You heard Wendy and my colleagues talk about it.

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Speaker 1: All the companies are trying to manage us and make

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Speaker 1: sure they get the headcount right, because that is a

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Speaker 1: major expense for a lot of firms.

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Speaker 4: Brian, about a year ago you were talking to us

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Speaker 4: about the ramifications of AI and the explosion of efficiency,

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Speaker 4: and you said that you think that headcount could remain

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Speaker 4: about the same at the bank even as the business

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Speaker 4: continue to expand, just in total size. I'm wondering if

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Speaker 4: that's shifted, if you still see that as a natural

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Speaker 4: progression of the relationship between the adoption of machine based

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Speaker 4: learning and the relationship to your headcount.

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Speaker 1: So there are two things that One, I think the

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Speaker 1: time we were talking, we were probably closer two hundred

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Speaker 1: and sixteen seventeen thousand people are two hundred thirteen thousand,

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Speaker 1: So I think.

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Speaker 3: We'll be managing this down.

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Speaker 1: But remember, at the same time, we're managing out through

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Speaker 1: operational excellence and efficiencies of applied technology.

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Speaker 3: We are now we are deploying, so we're adding.

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Speaker 1: When He's added commercial bankers and all the markets and

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Speaker 1: sharing the team added business bankers and all the markets,

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Speaker 1: and Katie and Lindsay and Eric adding financial advisors and

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Speaker 1: private bankers. So we're adding front end people, sales traders,

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Speaker 1: et cetera. To keep building out our capabilities, and so

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Speaker 1: there's a reinvestment going on. The key to that is

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Speaker 1: really redeploying people and reskilling them. So when we bring

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Speaker 1: these two thousand plus teammates and who just joined us

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Speaker 1: in the last month and a half, we have to

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Speaker 1: be more mindful about training them along multiple dimensions, and

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Speaker 1: we might have and two or three years ago. So

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Speaker 1: I think, yes, I think ultimately the human being content

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Speaker 1: of our work product would probably come down, but if

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Speaker 1: we manage it right, it'll be flat to the same

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Speaker 1: amount of people, maybe down a little bit, but all

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Speaker 1: paid more and all being applied to the highest value

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Speaker 1: tasks where Frank of the machines can't do the work.

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Speaker 1: And that's the important thing. We know these We know

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Speaker 1: what this AI can do in today's world. Erica has

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Speaker 1: been out there for seven years, three billion customer interactions,

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Speaker 1: twenty million customers using it all the time. We see

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Speaker 1: what it could do. We took that and put it

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Speaker 1: in our commercial business. We took that and put it

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Speaker 1: in our internal process. We got other models to help

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Speaker 1: in Jimmy DeMar's business in terms of a thing called

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Speaker 1: optimists and things like that.

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Speaker 3: There's a lot of out there, but.

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Speaker 1: What you're learning is is still augmented intelligence and that

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Speaker 1: will be what's driving the near term efficiencies.

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Speaker 3: So yes, I think the headcount management is one of.

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Speaker 1: The core tasks that managers have to take seriously.

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Speaker 4: I'm just wondering, Brian, as you train all of these

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Speaker 4: new students, how do you make sure that they stay

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Speaker 4: with you and don't go to some of your brethren

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Speaker 4: across the way in the private assets sphere.

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Speaker 1: Well, we provide them a good opportunity, and look, they

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Speaker 1: can go other places, but we've been able to retain

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Speaker 1: enough that we're completely happy and look even for our clients.

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Speaker 3: You know, frankly, if.

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Speaker 1: They hire our teammates, it's not the worst thing that

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Speaker 1: happens in all our businesses. But the reality is that

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Speaker 1: we want these teammates to have a career mindset. In October,

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Speaker 1: I'll celebrate our teammates have been with our company fifty years,

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Speaker 1: fifty five years, sixty years, et cetera. And you hear

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Speaker 1: their stories and their stories. I joined this company, I

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Speaker 1: worked in the summer internship, I came may even work

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Speaker 1: part time during college. I became a full time employee

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Speaker 1: and I started doing this and now I do that,

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Speaker 1: and those are wonderful stories, and we have them tell

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Speaker 1: those stories to our teammates to show you that you

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Speaker 1: can have a long term career at a company like ours.

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Speaker 1: And that's what we want our teammates to come in with.

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Speaker 1: They may not stay in trading or investment banking or

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Speaker 1: corporate banking, but they'll have long term capabilities here.

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Speaker 3: And you've seen that. Even top house Alistair was a

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Speaker 3: capital market.

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Speaker 1: Sead and now he's the CFO, and so that goes

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Speaker 1: on throughout the company.

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Speaker 2: They swear an oath of allegiance, yes exactly, and you

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Speaker 2: see them lining up this morning.

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Speaker 3: That game in.

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Speaker 4: Before they come in, I promise on my cappuccino, which

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Speaker 4: is very good.

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Speaker 2: By the way, Brian, I want to talk about the

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Speaker 2: main evan that takes place later on this afternoon.

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Speaker 3: I'm not going to ask for your guests.

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Speaker 2: I know how much you respect the team behind me

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Speaker 2: and some of the official forecast of the bank. I

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Speaker 2: once to understand from your perspective, looking across the eight

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Speaker 2: lines of business, whether you see an economy market activity

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Speaker 2: that demands of rate cut from this federal reserve.

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Speaker 1: Well, you've had the benefit of all our experts, and

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Speaker 1: we have the talent, you know, extremely talented research team,

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Speaker 1: and you also have some on the line of business

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Speaker 1: teammates talking about what they see out there. I think

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Speaker 1: you have to back up if you think about last

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Speaker 1: year this time, the projected growth rates for our team

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Speaker 1: was probably one hundred basis points higher than it is

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Speaker 1: today for twenty five and so that acceleration of growth

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Speaker 1: that their prediction that was largely based on.

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Speaker 3: A couple of things.

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Speaker 1: One, rates would stay higher because inflation was kicking in,

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Speaker 1: the impact of the.

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Speaker 3: Uncertain and terrorists, et cetera, et cetera.

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Speaker 1: All that's coming through the system now, so you're seeing

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Speaker 1: some certainty fall into place on this. And I think

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Speaker 1: also inflation was coming down, and I think so the

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Speaker 1: tension the FED has to deal with, and you've been

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Speaker 1: picking at it all day, is a tension between a

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Speaker 1: higher inflation rate and ultimately where FED funds can settle

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Speaker 1: in at. And so whether they do twenty five basis

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Speaker 1: points today or fifty, people have to keep in mind

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Speaker 1: the growth rate in the economy was brought down and

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Speaker 1: now it's.

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Speaker 3: Starting to go back up.

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Speaker 1: So next year is predicted to be better this year

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Speaker 1: and a year after is better than that. So you

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Speaker 1: hear teammates talk about the economy growing back out, and

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Speaker 1: that then means we're on the other side of it,

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Speaker 1: And so the FED has to adjust to the inflation picture.

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Speaker 1: As it got more in control. They can come down.

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Speaker 1: They came down to one hundred basis points already. It

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Speaker 1: can keep coming down, but they've got to be very

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Speaker 1: mindful of the inflation side. And so I think when

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Speaker 1: the people get in the room and they see the data,

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Speaker 1: they have to think it through. The big news is

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Speaker 1: that you're referenced early was the labor market's gotten softer,

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Speaker 1: So that gave them concerns. So I think, you know,

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Speaker 1: the market believes and our teammates believe the cut rates,

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Speaker 1: but I think the key for people is acceleration and

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Speaker 1: growth and will the growth re accelerate. Our teammates seeing

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Speaker 1: that we're seeing consumer spending strong and all those things

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Speaker 1: which would indicate we'd see the acceleration next year is

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Speaker 1: better than this year. Unemployment is not expected to go

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Speaker 1: up a lot, even though the employee picture may be softer.

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Speaker 1: But the most important thing is the long term interest

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Speaker 1: rate scenario of people projecting is a more normal rate

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Speaker 1: environment that we saw before the financial crisis, say three

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Speaker 1: percent plus or minds on the Fed's fund rate of

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Speaker 1: four to four and a half percent or so on

444
00:19:40,200 --> 00:19:43,639
Speaker 1: a tenure rate, and a curve that's not inverted, that's normalized.

445
00:19:43,640 --> 00:19:44,040
Speaker 3: Between that.

446
00:19:44,440 --> 00:19:46,000
Speaker 1: The important thing is to get back to more of

447
00:19:46,000 --> 00:19:49,000
Speaker 1: a normal environment, frankly, with maybe a little higher inflation,

448
00:19:49,440 --> 00:19:52,399
Speaker 1: because the great debate about two percent is something you

449
00:19:52,400 --> 00:19:52,760
Speaker 1: can get.

450
00:19:52,760 --> 00:19:53,760
Speaker 3: Lots of experts talk.

451
00:19:53,640 --> 00:19:56,679
Speaker 1: About a little higher inflation, a little faster growth, and

452
00:19:56,720 --> 00:19:59,240
Speaker 1: then frankly that'll help with some of the debt carry

453
00:19:59,280 --> 00:20:01,160
Speaker 1: and other things go on the US economy.

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00:20:02,480 --> 00:20:04,320
Speaker 4: Rian it sounds like next year you see the bigger

455
00:20:04,400 --> 00:20:07,960
Speaker 4: risk as potentially a surprising about of inflation and some

456
00:20:08,000 --> 00:20:08,800
Speaker 4: sort of downturn.

457
00:20:08,880 --> 00:20:09,520
Speaker 3: Is that correct?

458
00:20:10,880 --> 00:20:13,199
Speaker 1: Well, I think the question is is how do you

459
00:20:13,240 --> 00:20:15,800
Speaker 1: tolerate the inflation? And you know the nature of it,

460
00:20:15,880 --> 00:20:18,000
Speaker 1: what's come from, but you know, and I think that's

461
00:20:18,160 --> 00:20:20,280
Speaker 1: the tension to all this, I think is next year,

462
00:20:20,520 --> 00:20:22,679
Speaker 1: as you get this second quarter, as these policies are

463
00:20:22,680 --> 00:20:24,280
Speaker 1: now in place and are behind us, are you going

464
00:20:24,320 --> 00:20:27,639
Speaker 1: to see the acceleration and growth and where our businesses

465
00:20:27,680 --> 00:20:30,920
Speaker 1: get start best, even faster if you listen. I think

466
00:20:31,080 --> 00:20:32,639
Speaker 1: if you asked Wendy about it, she would tell you

467
00:20:32,760 --> 00:20:35,720
Speaker 1: her commercial customers that have lines of credit are still

468
00:20:35,760 --> 00:20:39,399
Speaker 1: borrowing less as a percentage of their availability than they did.

469
00:20:39,640 --> 00:20:43,119
Speaker 1: It's sort of the seventeen eighteen nineteen timeframe where rates

470
00:20:43,119 --> 00:20:46,080
Speaker 1: have been have been moved up and the economy is growing,

471
00:20:46,160 --> 00:20:48,680
Speaker 1: and so why is that They're probably not seeing quite

472
00:20:48,680 --> 00:20:51,320
Speaker 1: the opportunity and so they're trying to sort this all out.

473
00:20:51,400 --> 00:20:54,200
Speaker 1: And well, you know, I've got the benefit in the

474
00:20:54,280 --> 00:20:56,600
Speaker 1: honor of leading company, has this talented team behind us,

475
00:20:56,640 --> 00:21:00,200
Speaker 1: and all the talent and money we spend on research

476
00:21:00,200 --> 00:21:02,520
Speaker 1: and everything. If I'm running a company that the three

477
00:21:02,560 --> 00:21:04,480
Speaker 1: of us owned and it was a manufacturing company, I

478
00:21:04,480 --> 00:21:06,840
Speaker 1: got to figure out all myself that tends to hold

479
00:21:06,840 --> 00:21:07,400
Speaker 1: people back.

480
00:21:07,440 --> 00:21:09,520
Speaker 3: So that would be the case for acceleration.

481
00:21:09,720 --> 00:21:11,920
Speaker 1: And then the question is if rate stay a little

482
00:21:12,000 --> 00:21:14,080
Speaker 1: higher and the growth is hired, that's not a bad

483
00:21:14,119 --> 00:21:15,679
Speaker 1: place for America to be.

484
00:21:17,200 --> 00:21:18,960
Speaker 2: Brian, just before you go, wanted to sneak the same

485
00:21:19,000 --> 00:21:21,800
Speaker 2: one final question. Whose door do I need to knock

486
00:21:21,880 --> 00:21:24,160
Speaker 2: for World Cup tickets? Who makes that happen?

487
00:21:24,240 --> 00:21:26,080
Speaker 3: Yeah, well you missed.

488
00:21:26,080 --> 00:21:28,560
Speaker 1: You didn't bring David Tyree on, who's doing all our

489
00:21:28,560 --> 00:21:30,040
Speaker 1: marketing and work, and so.

490
00:21:31,640 --> 00:21:32,320
Speaker 3: He's he's the.

491
00:21:32,320 --> 00:21:34,040
Speaker 1: Guy that's got control of the tickets. VideA has a

492
00:21:34,040 --> 00:21:37,800
Speaker 1: great job. Or is Look our relationship with FIFA. You know,

493
00:21:37,840 --> 00:21:39,920
Speaker 1: we did the you had the Club World Cup, which

494
00:21:39,960 --> 00:21:41,600
Speaker 1: was sort of the warm up and next year and

495
00:21:41,600 --> 00:21:45,399
Speaker 1: you'll see us accelerate our efforts. We have great capabilities

496
00:21:45,400 --> 00:21:48,800
Speaker 1: for our clients. But most importantly, this is a chance

497
00:21:48,800 --> 00:21:52,760
Speaker 1: for America to showcase soccer football soccer as we call it.

498
00:21:52,760 --> 00:21:55,320
Speaker 1: It's a case for these cities that are hosting to

499
00:21:55,320 --> 00:21:57,879
Speaker 1: put on a great show. And I think you know,

500
00:21:58,040 --> 00:21:59,919
Speaker 1: I can see the enthusiasm building and you're not the

501
00:22:00,040 --> 00:22:00,960
Speaker 1: first person this asked for.

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00:22:00,960 --> 00:22:06,480
Speaker 2: Take us John, David Tyree, David Tyree, come on down. Brian,

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00:22:06,520 --> 00:22:09,040
Speaker 2: Thank you, sir, appreciate it. As always, it's good to

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00:22:09,040 --> 00:22:12,400
Speaker 2: see you. Enjoy London. Brian moynihan, there of Bank for America,