WEBVTT - Marianne Lake 0:00:01.680 --> 0:00:05.640 Welcome back to another episode of Big Money Energy, where 0:00:05.640 --> 0:00:09.280 we talked to super successful and self made people to 0:00:09.400 --> 0:00:13.000 find out exactly how they did it, how they went 0:00:13.080 --> 0:00:16.760 from nothing to something. I'm Ryan, Sirhant, and today I'm 0:00:16.800 --> 0:00:21.479 talking to a pioneer in the world of banking, Marianne Lake. 0:00:21.840 --> 0:00:25.280 She's the Chief Executive Officer of Consumer Lending at JP 0:00:25.480 --> 0:00:29.880 Morgan Chase and knows everything there is to know about money. 0:00:30.040 --> 0:00:32.880 We discuss advice for people looking to pay down debt, 0:00:33.080 --> 0:00:36.600 the biggest mistakes people make with their money, what Americans 0:00:36.640 --> 0:00:39.360 take for granted in the banking system, and whether or 0:00:39.400 --> 0:00:43.400 not it's smart to invest in cryptocurrency. So let's get 0:00:43.400 --> 0:00:55.520 into it. Welcome to another episode. Today is a very 0:00:55.640 --> 0:00:59.280 very special day because I finally got the guests who's 0:00:59.320 --> 0:01:01.920 in front of me to agree to sit down with me. 0:01:02.040 --> 0:01:06.000 Her schedule is insane for a lot of different reasons. One, 0:01:06.080 --> 0:01:09.920 she's an absolute icon. She is a mega businesswoman. She's 0:01:09.920 --> 0:01:12.680 the former CFO of JP Morgan and now the CEO 0:01:12.800 --> 0:01:16.640 of Consumer Lending at JP Morgan Chase. Mary Anne Lake. 0:01:16.800 --> 0:01:19.320 She's been with JP Morgan for twenty years, working as 0:01:19.319 --> 0:01:22.160 a senior financial officer in London. Office and managing the 0:01:22.160 --> 0:01:25.720 global financial infrastructure and control programs as a part of 0:01:25.760 --> 0:01:29.080 the Corporate Finance Group. Not to mention she's a champion 0:01:29.160 --> 0:01:32.640 of empowering women in finance. She is the co founder 0:01:32.640 --> 0:01:35.280 of the Women on the Move Initiative, the largest employee 0:01:35.280 --> 0:01:38.679 business resource group at the company. And as if that 0:01:38.800 --> 0:01:41.040 wasn't enough, she also sits on the board of directors 0:01:41.040 --> 0:01:43.720 of the New York City Ballet. She is easily one 0:01:43.720 --> 0:01:47.480 of the smartest and most influential people in the world. Um, 0:01:47.520 --> 0:01:49.400 and that is a statement. I'm gonna leave that there, 0:01:49.720 --> 0:01:53.320 and has had such a dynamic career. Chase Cards Services 0:01:53.360 --> 0:01:56.480 alone is the number one credit card issuer in the nation. 0:01:56.640 --> 0:01:59.280 So I am super excited to be sitting down with 0:01:59.320 --> 0:02:02.640 her today. Out further ado, Hi, Marianne, thanks for doing this. 0:02:03.120 --> 0:02:05.400 My absolute pleasure to do it, and I'm thrilled to 0:02:05.440 --> 0:02:07.760 be here. And that was a big intro, so we'll 0:02:07.800 --> 0:02:10.119 hope to live up to it a bit. Well, there's more. 0:02:10.440 --> 0:02:12.760 You know, when I wrote the intro, it was like 0:02:12.800 --> 0:02:15.280 a full page. You know, it's tough because you do 0:02:15.360 --> 0:02:18.240 so many things and you've had such a really it's 0:02:18.240 --> 0:02:21.520 such an important and impressive career so then I'm like 0:02:21.720 --> 0:02:23.799 trying to figure out with the team, like, Okay, we 0:02:23.840 --> 0:02:25.520 won't go through all this stuff and I just I'll 0:02:25.600 --> 0:02:27.320 just talk to her. How is it being back in 0:02:27.320 --> 0:02:29.560 the city today. It's good. I like you to be here. 0:02:29.880 --> 0:02:31.600 I miss it, if I'm honest with you, you know, 0:02:31.639 --> 0:02:35.560 I think we've become incredibly capable virtually, and there are 0:02:35.600 --> 0:02:37.679 some really big benefits to it, and some of those 0:02:37.680 --> 0:02:40.799 are family related and some of them are, you know, professionally, 0:02:40.880 --> 0:02:43.799 But I miss it. I missed the combustion, the collaboration, 0:02:43.880 --> 0:02:46.520 that kind of bumping into people in the corridor. So 0:02:46.560 --> 0:02:48.560 it's fun to be back for me. You know, back 0:02:48.560 --> 0:02:52.240 then it was, you know, it was very new, scary. 0:02:52.280 --> 0:02:54.200 Nobody knew what they were doing. New York was the 0:02:54.200 --> 0:02:56.040 epicenter of this whole thing. And even though you know, 0:02:56.120 --> 0:02:59.280 nationally it's still um, the pandemic is still an issue. 0:02:59.320 --> 0:03:01.240 I feel like we kind of have a little bit 0:03:01.240 --> 0:03:03.000 of an understanding about how to cope with it here. 0:03:03.040 --> 0:03:06.360 So yeah, it's kind of like anything, right, Like you 0:03:06.360 --> 0:03:09.480 you kind of figure out what your flaws are personally, 0:03:09.520 --> 0:03:12.840 and then you just learn how to amplify your better traits. 0:03:13.200 --> 0:03:14.560 It's like we've all kind of figured out, all right, 0:03:14.560 --> 0:03:17.120 this virus is a flaw. We want to amplify our 0:03:17.120 --> 0:03:20.360 better traits, coping mechanisms, all that. Can you talk to 0:03:20.360 --> 0:03:22.960 me for just for a split second about you know, 0:03:23.120 --> 0:03:26.200 you see all the time hospitals and you know, let's 0:03:26.200 --> 0:03:29.160 say the police force fire department, they run drills all 0:03:29.160 --> 0:03:33.240 the time for you know, terrorist attacks, for anything, anything, anything. 0:03:33.720 --> 0:03:37.480 You are a very very large part of the biggest 0:03:37.520 --> 0:03:41.480 bank in the world. Are there drills for if everyone 0:03:41.520 --> 0:03:44.120 needs to stay home for seven months? What do you do? 0:03:44.440 --> 0:03:48.280 How you operate? Yeah? So, I mean look, business resiliency 0:03:48.560 --> 0:03:51.320 and kind of operational resildiency is a you know, pretty 0:03:51.440 --> 0:03:54.000 critical part of what we do, and we're systemically important 0:03:54.600 --> 0:03:57.600 all around the world to you know, the financial infrastructure 0:03:57.600 --> 0:03:59.920 and all of our clients, and so we do drill 0:04:00.200 --> 0:04:02.840 all of the time in every possible way. To be 0:04:03.000 --> 0:04:06.240 completely candid, you know, many of the resiliency plans that 0:04:06.440 --> 0:04:10.480 companies had in all genres of industry involved failing over 0:04:10.520 --> 0:04:14.320 from one location to another and level loading around the world. 0:04:14.320 --> 0:04:17.240 And clearly I would be misleading you to suggest that 0:04:17.279 --> 0:04:20.560 we had the you know, one year long global pandemic 0:04:20.640 --> 0:04:23.120 work from home drill. So you know, there was a 0:04:23.160 --> 0:04:25.560 lot of lessons to be learned. And you know, my 0:04:25.640 --> 0:04:29.000 hat is off to all the tech and infrastructure folks here, 0:04:29.279 --> 0:04:31.600 you know, at our company, but quite frankly, you know 0:04:31.680 --> 0:04:34.800 everywhere that managed to pull off getting you know, for 0:04:34.920 --> 0:04:37.039 us two d fifty thousand close to two hundred and 0:04:37.040 --> 0:04:41.320 fifty thousand people working from home in weeks and we've 0:04:41.360 --> 0:04:44.560 just gotten better and better and better. And so you know, 0:04:44.839 --> 0:04:47.800 when we look forward now to whatever that looks like, 0:04:48.160 --> 0:04:50.440 resiliency planning for the future, you know, one of the 0:04:50.480 --> 0:04:52.680 things that will be you know, conscious of is you know, 0:04:52.760 --> 0:04:55.480 this whole dynamic of virtual working, working from home, and 0:04:55.520 --> 0:04:58.280 you know, we should never lose this capability now, right, 0:04:58.360 --> 0:05:01.040 One of the things that we're focus on and everybody 0:05:01.040 --> 0:05:03.080 will be focused on, is what does the you know, 0:05:03.160 --> 0:05:06.160 workpace solution look like in the future ways of working? 0:05:06.440 --> 0:05:10.359 You know, will people be physical virtual hybrid? You know, 0:05:10.400 --> 0:05:12.480 what will that look like? And so you know we're 0:05:12.520 --> 0:05:14.640 working on it too, and it will be different. I'm 0:05:14.640 --> 0:05:18.719 pretty sure would have been the benefits of virtual work 0:05:19.279 --> 0:05:22.880 in a bank is productivity? Still there is the intellectual 0:05:22.920 --> 0:05:27.159 conversation what's tougher like? What do you think that what 0:05:27.200 --> 0:05:28.120 do you think is going to come out of this 0:05:28.200 --> 0:05:30.919 Other than just that you can save on office space, 0:05:30.960 --> 0:05:33.240 which everyone talks about. We're more worried about the things 0:05:33.279 --> 0:05:36.280 that you might lose than necessarily focusing on the benefits. 0:05:36.320 --> 0:05:38.200 But there are some I would say, you know, first 0:05:38.200 --> 0:05:40.640 of all, this has been a deeply human crisis, and 0:05:40.720 --> 0:05:43.760 so you know, we are first and foremost we employ um, 0:05:43.800 --> 0:05:47.200 you know, two human beings who have families that they 0:05:47.200 --> 0:05:51.000 care about, and many of many people have experienced sickness 0:05:51.040 --> 0:05:54.440 and grief. And so the ability to continue to employ 0:05:54.480 --> 0:05:57.039 those people and allow them to have, you know, a 0:05:57.120 --> 0:05:59.840 more flexible working dynamic when they're kind of personal and 0:06:00.000 --> 0:06:05.360 professional life is collided in this un like precedented, completely 0:06:05.400 --> 0:06:08.960 unimaginable way, you know, has been a benefit, of course, 0:06:09.000 --> 0:06:11.440 because you know, otherwise more people would have had to 0:06:11.440 --> 0:06:13.279 put their hand up and say, I'm tapping out. I 0:06:13.320 --> 0:06:16.520 need to go deal with you know, my kids, my family, 0:06:16.680 --> 0:06:20.720 my circumstances, and you know, I think this virtual world 0:06:20.760 --> 0:06:23.640 has allowed a degree of flexibility that we see when 0:06:23.640 --> 0:06:26.800 we measure the statistics. We see some people are working 0:06:26.880 --> 0:06:29.200 later at night and having to take some time off 0:06:29.320 --> 0:06:32.200 during the day to get stuff done. Other people are 0:06:32.240 --> 0:06:34.720 coming in because we need them to. Branches need to 0:06:34.760 --> 0:06:37.000 be staffed to help our customers. The traders are in, 0:06:37.560 --> 0:06:39.600 you know, and other people are working you know, an 0:06:39.640 --> 0:06:43.159 extra hour a day that they're not commuting. So we're 0:06:43.160 --> 0:06:46.840 paranoid about losing productivity. We measure everything we can measure, 0:06:47.120 --> 0:06:49.320 which is not everything. I think that you know, our 0:06:49.360 --> 0:06:52.400 employees have met us more than halfway and are like 0:06:52.480 --> 0:06:55.320 putting in the extra time when they can, and so 0:06:55.520 --> 0:06:58.000 we're just you know, sort of keeping the face. Now. 0:06:58.200 --> 0:07:00.760 What we're worried about, other than just activity, is the 0:07:00.800 --> 0:07:04.120 cultural draw down because you know, you build You're a 0:07:04.120 --> 0:07:07.960 relationship guy, right, You build relationships because you have the 0:07:08.040 --> 0:07:10.320 human interaction and the human factor and you get the 0:07:10.640 --> 0:07:14.760 organic opportunities to sort of understand people and what makes 0:07:14.760 --> 0:07:17.680 them tick. And you know that's hard. So figuring out 0:07:17.720 --> 0:07:21.320 how you can mentor people virtually making the time to 0:07:21.400 --> 0:07:24.200 like hire, how you hire people, how you train them, 0:07:24.200 --> 0:07:26.200 how you mentor them, how you teach them the culture, 0:07:26.480 --> 0:07:28.520 and then how you maintain the culture. That's you know, 0:07:28.720 --> 0:07:31.120 what we're focused on. And you know, so far, so good, honestly, 0:07:31.360 --> 0:07:34.560 like pleasantly surprised, but you know, it's the watch item, 0:07:34.600 --> 0:07:37.680 and we're paranoid about that, so we're focused on over 0:07:37.720 --> 0:07:40.720 compensating for it. We've started to have what we're calling 0:07:40.760 --> 0:07:45.280 like zoom amnesia, because if the place doesn't change, the 0:07:45.360 --> 0:07:47.920 screen doesn't change, and all that's changing, or the little 0:07:47.960 --> 0:07:52.720 squares and faces. You know, I will always remember this meeting, 0:07:52.760 --> 0:07:55.600 sitting down with you. I always remember, you know, good 0:07:55.640 --> 0:07:57.480 times I've had with other people physically, because I haven't 0:07:57.480 --> 0:07:59.480 going to remember these ceilings. You know that whatever the 0:07:59.560 --> 0:08:02.440 zoom always looks the same, and so you know it's like, oh, 0:08:02.560 --> 0:08:07.000 remember that conversation we had, and like I honestly vaguely, 0:08:07.080 --> 0:08:11.640 I mean I remember, I remember the sound, remember exactly 0:08:11.680 --> 0:08:14.840 that specific zoom meeting. Which is which is I think 0:08:14.960 --> 0:08:19.120 tough for tough for growth? Right, Like it's everyone's going 0:08:19.160 --> 0:08:23.040 to become either these these task tickers and doers. Everyone's 0:08:23.040 --> 0:08:24.640 gonna have their little memo pads because they're not going 0:08:24.680 --> 0:08:27.480 to be able to remember specific situations because they will 0:08:27.520 --> 0:08:30.680 have no planting in place. Right, there's no hook. Everything 0:08:30.800 --> 0:08:33.600 is like monochrome. But you know, look, I will say 0:08:33.679 --> 0:08:36.200 one other benefit for me, and you know, I'm like 0:08:36.400 --> 0:08:38.440 thrilled about this is if if you call me on 0:08:38.480 --> 0:08:41.720 the phone these days, like you know, CELLU learned no video, 0:08:41.920 --> 0:08:43.679 I'm like, what are you doing? Why? Why would you 0:08:43.720 --> 0:08:45.400 do that? Why are we not looking at each other? 0:08:45.640 --> 0:08:47.600 Like we can't necessarily be in the same room And 0:08:47.640 --> 0:08:50.360 that's like a given. But now everything I do is 0:08:50.400 --> 0:08:52.600 face to face. And so I'm weaning myself off email, 0:08:52.679 --> 0:08:54.960 not completely, but as much as I can. And that's 0:08:54.960 --> 0:08:58.480 a benefit, so you know, and I'm able to zoom 0:08:58.480 --> 0:09:00.400 you at nine o'clock at night and it doesn't like 0:09:00.480 --> 0:09:02.520 ruined my day. So there are some good stuff and 0:09:02.559 --> 0:09:14.040 dinner with my kids, yes, family time. How stressful was 0:09:14.120 --> 0:09:17.800 March twenty twenty. I think that this company and like 0:09:17.880 --> 0:09:20.560 for me, you know, we rise to a good crisis. 0:09:20.840 --> 0:09:23.360 If I'm honest with you, and you know, I think 0:09:23.400 --> 0:09:25.679 that you feel the stress of it kind of a 0:09:25.679 --> 0:09:28.200 little bit more when you're past the peak, So you know, 0:09:28.240 --> 0:09:30.920 I would say, kind of June maybe felt to me 0:09:31.040 --> 0:09:34.000 like my gosh, this is like, you know, still going 0:09:34.120 --> 0:09:36.240 and here we are now in January. I think in 0:09:36.360 --> 0:09:39.640 March for me it was it was all about our customers. 0:09:40.040 --> 0:09:43.960 You know, we had millions of customers that needed our help. 0:09:44.000 --> 0:09:47.120 In a variety of different capacities and they needed it quickly. 0:09:47.640 --> 0:09:49.679 And when we were all sitting there in March, I 0:09:49.720 --> 0:09:51.959 don't know about you, but you know, we didn't know 0:09:52.000 --> 0:09:53.800 where it was going to end. And you know, we 0:09:53.800 --> 0:09:56.520 were talking about unemployment in the you know above t 0:09:57.520 --> 0:09:59.800 and you know, so if you think about the business 0:09:59.840 --> 0:10:03.560 that we're in in terms of helping people, you know, 0:10:03.640 --> 0:10:06.520 both with their financial lives in terms of their banking investments, 0:10:06.559 --> 0:10:10.160 but also you know, with their lending um you know, 0:10:10.240 --> 0:10:13.280 being able to provide them with quick solutions and you know, 0:10:13.640 --> 0:10:15.920 engage with them digitally. That's the other thing. We're a 0:10:15.960 --> 0:10:18.880 world where you know, our default is, you know, pick 0:10:18.920 --> 0:10:20.600 up the phone and call the call center or go 0:10:20.640 --> 0:10:22.800 into the branch and ask for help. And so we 0:10:22.920 --> 0:10:24.640 rapidly had to turn around and say no, no no, no, 0:10:25.120 --> 0:10:28.560 like we've we've got you covered digitally, and like reabituating 0:10:28.640 --> 0:10:31.040 or obituating people to do things a little differently. So 0:10:31.280 --> 0:10:37.360 I would say March and April it was like you know, execution, execution, execution, 0:10:37.520 --> 0:10:41.240 you know, meeting every day, like solving problems, like figuring 0:10:41.240 --> 0:10:44.520 out the plan, like getting after it, like singularly focused 0:10:44.520 --> 0:10:46.920 on helping customers, and June was more than kind of 0:10:48.200 --> 0:10:50.720 and then you know, you're re up what were some 0:10:50.800 --> 0:10:54.080 of the tough decisions that you all had to make. Honestly, 0:10:54.120 --> 0:10:56.040 if you come at something from a customer lends, decisions 0:10:56.040 --> 0:10:58.200 to kind of become a little easier. But for us 0:10:58.880 --> 0:11:02.640 it was you know that the government obviously has done 0:11:02.640 --> 0:11:05.480 a huge amount to help all Americans at least to 0:11:05.559 --> 0:11:08.360 try to, and you know we wanted to, you know, 0:11:08.360 --> 0:11:10.600 step up and do our part. And so clearly as 0:11:10.640 --> 0:11:14.079 you know, the cares that provided you know, certain protections 0:11:14.080 --> 0:11:17.840 and payment relief for only parts of the mortgage industry. 0:11:18.040 --> 0:11:21.160 And you know, I run not just a government lending business, 0:11:21.240 --> 0:11:24.559 but also proprietary business and also a credit card business 0:11:24.600 --> 0:11:27.160 and auto and auto lending business, and we have you know, 0:11:27.400 --> 0:11:30.360 lending to small businesses, and so you know, we made 0:11:30.400 --> 0:11:32.160 the decision that we were going to provide you know, 0:11:32.240 --> 0:11:36.480 consistent relief across all asset classes from Marche. We had 0:11:36.480 --> 0:11:39.199 it all built up and running digitally for everyone and 0:11:39.240 --> 0:11:42.800 not sort of be led necessarily by just what's required, 0:11:42.840 --> 0:11:45.640 but just you know, full stop, everybody who needs help 0:11:45.840 --> 0:11:49.120 can get ninety days of relief, no questions asked, across 0:11:49.120 --> 0:11:51.840 all asset classes to buy time, you know, for everybody 0:11:51.840 --> 0:11:53.880 to figure out where this was going. And I wouldn't 0:11:53.880 --> 0:11:55.840 say it was hard decision, but it was important to 0:11:55.880 --> 0:11:58.960 make the decision and just do it. Yeah, I will say, 0:11:59.240 --> 0:12:01.960 you know, in the converse stations that I have with salespeople, 0:12:02.320 --> 0:12:07.160 buyer sellers around the country, in Chase was one of 0:12:07.200 --> 0:12:11.840 those companies where everyone felt safe. Like that feeling. Actually, 0:12:11.920 --> 0:12:14.000 I think in hindsight, you guys will see this in 0:12:14.200 --> 0:12:18.880 consumer growth. Probably people always go to what they think 0:12:19.000 --> 0:12:21.600 is safe because you know, they hear it through rumor 0:12:21.679 --> 0:12:23.520 or they got them through that pandemic. I know, with 0:12:23.720 --> 0:12:27.440 kind of the you know, the paycheck protection program, Chase 0:12:27.559 --> 0:12:30.600 was right on top of it and was answering emails 0:12:30.640 --> 0:12:33.080 everything quickly, whereas other banks were having a really really 0:12:33.080 --> 0:12:37.280 hard time either technically or logistically playing catch up. But 0:12:37.320 --> 0:12:39.600 that program ran through. You know, it didn't, but you 0:12:39.600 --> 0:12:42.080 know part of the team that did it. And I 0:12:42.120 --> 0:12:45.760 have a colleague of mine who's like an extraordinary partner 0:12:45.800 --> 0:12:49.880 who spent large portions of her twenty year figuring out 0:12:49.880 --> 0:12:52.120 the p p P program and is now you know, 0:12:52.200 --> 0:12:54.320 doing again round two. And there will be you know, 0:12:54.440 --> 0:12:57.640 around three and listen, we moments of truth are important 0:12:57.720 --> 0:12:59.840 that you know, there are like customer experience is important 0:12:59.840 --> 0:13:01.840 all the time, but it's never more important than when 0:13:01.840 --> 0:13:04.080 there's a moment of truth for someone regardless of what 0:13:04.120 --> 0:13:06.400 that is. That's what people remember. You know, you had 0:13:06.480 --> 0:13:08.440 my back when I needed your help. And you know, 0:13:08.440 --> 0:13:10.880 did we do everything right? You know? No? And did 0:13:11.080 --> 0:13:13.360 you know will every customer be you know, we'll be 0:13:13.400 --> 0:13:16.199 equally happy. I'm sure not, but we like definitely tried 0:13:16.400 --> 0:13:18.959 and it is you know, our intention to like meet 0:13:18.960 --> 0:13:22.000 our customers in those moments of truth. So PPP was 0:13:22.120 --> 0:13:25.920 you know a really important program? Wasn't straightforward? It still isn't, 0:13:26.720 --> 0:13:29.920 but you know we did our best. Are you you know, 0:13:30.160 --> 0:13:33.360 motivated because there are so many people looking for home 0:13:33.400 --> 0:13:36.560 loans right now and buying cars and spending money? Or 0:13:36.679 --> 0:13:39.480 is there a worry in the back of your mind 0:13:39.679 --> 0:13:43.040 as someone who runs the entire lending business, that these 0:13:43.080 --> 0:13:46.360 interest rates are just too low? Where does inflation go? 0:13:46.480 --> 0:13:48.480 What are the next couple of years going to look like? 0:13:48.520 --> 0:13:53.560 These valuations, forget New York City, valuations on real estate 0:13:53.559 --> 0:13:57.400 around the country are not making a whole lot of sense. 0:13:58.120 --> 0:14:00.839 Like where we go from here, Disco. Do you think 0:14:00.840 --> 0:14:04.520 it's a kind of roaring twenties into another crisis or 0:14:04.520 --> 0:14:08.000 do you think we are set up as much smarter 0:14:08.120 --> 0:14:11.840 and more capable. And so I think for me, I 0:14:11.840 --> 0:14:14.240 think this is a very different situation than the great 0:14:14.559 --> 0:14:17.640 you know, the recession that we had in the last 0:14:17.880 --> 0:14:19.880 ten years. And I can speak for us, but I 0:14:19.920 --> 0:14:22.600 think it's true, you know, quite broadly that like our 0:14:22.640 --> 0:14:25.720 business is very different today than it was before, and 0:14:25.840 --> 0:14:28.640 you know, we de risked and so and and this 0:14:28.680 --> 0:14:32.720 isn't a consumer lead crisis either, So consumer balance sheets 0:14:32.720 --> 0:14:35.240 are stronger. I mean that's not to say obviously that 0:14:35.280 --> 0:14:37.040 at the margin there are not you know a lot 0:14:37.120 --> 0:14:39.640 of people who are and will struggle and we should 0:14:39.680 --> 0:14:42.840 have like significant empathy and might be there to help folks. 0:14:43.040 --> 0:14:45.160 But you know, it is the case that you know, 0:14:45.240 --> 0:14:48.800 in that kind of ability and willingness to pay spectrum, 0:14:48.840 --> 0:14:51.320 you know, I think that the consumer just generally is 0:14:51.360 --> 0:14:54.640 in a decent spot. And so with interest rates where 0:14:54.640 --> 0:14:56.520 they are, and you know, and the appetite as you 0:14:56.560 --> 0:15:01.480 talked about for home purchases in record purchase volumes in 0:15:01.480 --> 0:15:04.240 this region, we've doubled our mortgage origination year. Every year. 0:15:04.640 --> 0:15:06.400 I do think the next year or two has a 0:15:06.440 --> 0:15:08.920 long way to run. And you know, we pulled back 0:15:08.960 --> 0:15:11.360 a little bit on risk of course, you know, so 0:15:11.520 --> 0:15:13.680 we we are always going to make sure that when 0:15:13.680 --> 0:15:15.800 we do loans, we expect our customers be able to 0:15:15.960 --> 0:15:18.640 unwilling to pay them. Um. So I don't actually see 0:15:18.640 --> 0:15:20.120 that this is going to be something where we're going 0:15:20.160 --> 0:15:21.920 to get through the next couple of years and then 0:15:22.000 --> 0:15:25.920 see a significant consumer stress. But you know, we prepare 0:15:25.960 --> 0:15:27.920 for the worst always. What advice do you give to 0:15:27.960 --> 0:15:32.480 anyone who's listening who might have you know, let's say, 0:15:32.720 --> 0:15:35.880 either lower credit or they've got a student loan that 0:15:35.960 --> 0:15:38.480 they need to pay down. So it makes things hard 0:15:38.520 --> 0:15:41.040 in this idea of the American dream of home ownership 0:15:41.440 --> 0:15:43.640 just seems like it's getting further and further and further 0:15:43.760 --> 0:15:46.960 away from their grasp. Is it? Just listen, go through 0:15:46.960 --> 0:15:48.680 the motions. You gotta make money, they got to be 0:15:48.680 --> 0:15:50.640 able to build up. These are the protocols. You know, 0:15:50.960 --> 0:15:54.000 big banks need to calculate risk because there we we 0:15:54.040 --> 0:15:56.000 deal with a lot of people as well. Um, you know, 0:15:56.040 --> 0:15:59.520 first time homebuyers who have said to us, well listen, right, 0:15:59.600 --> 0:16:01.960 I can't even I have some money, but I've got 0:16:02.000 --> 0:16:03.800 this loan to pay down, I got this to handle, 0:16:03.880 --> 0:16:05.560 I got this. I don't think I'll ever be able 0:16:05.560 --> 0:16:08.160 to buy a home or afford it. Yeah, I mean, look, 0:16:08.320 --> 0:16:09.480 at the end of the day, there are some things 0:16:09.480 --> 0:16:11.520 you can control, and then there are obviously things that 0:16:11.600 --> 0:16:14.520 you can't. And so you know, as an individual, you 0:16:14.560 --> 0:16:18.400 can control like your credit, education, your financial health, doing 0:16:18.440 --> 0:16:21.200 what you can do to make sure that you're positioning 0:16:21.240 --> 0:16:23.800 yourself the best way you can for someone who's gonna, 0:16:24.000 --> 0:16:26.640 you know, potentially assess you, you know for you know, 0:16:27.280 --> 0:16:30.560 credit worthiness in the future. And so you know, everywhere 0:16:30.600 --> 0:16:32.440 that you look, you can find your credit score, you 0:16:32.480 --> 0:16:35.360 can find tips on how to improve it, um and 0:16:35.520 --> 0:16:38.800 just maintain good financial discipline and health in what you do. 0:16:38.800 --> 0:16:43.120 Do pay your bills on time, and don't overreach and 0:16:43.120 --> 0:16:45.480 and and so for me, if you kind of take 0:16:45.520 --> 0:16:49.600 those disciplines um, you know, into account and then I 0:16:49.600 --> 0:16:52.320 would also say for us, we we also build relationships. 0:16:52.320 --> 0:16:53.760 So it's not to say that we don't want to 0:16:53.760 --> 0:16:55.960 make money on a transaction. But for me, if you're 0:16:56.000 --> 0:16:59.680 a customer of Chase, you have had your financial situation 0:16:59.720 --> 0:17:02.160 with us, we know your inflows, we know your outflows, 0:17:02.160 --> 0:17:05.159 we know what you have. We're more inclined to be 0:17:05.240 --> 0:17:07.359 able to lend you because we see risk separation. We 0:17:07.359 --> 0:17:09.520 see that the performance of our own customers is better. 0:17:09.920 --> 0:17:13.640 So I would say, you know, consolidate your financial situation 0:17:13.880 --> 0:17:17.200 with a partner you trust, pay attention to your financial 0:17:17.200 --> 0:17:19.040 discipline and your own financial health, do what you can 0:17:19.080 --> 0:17:22.159 to improve your situation. And then there's an element of 0:17:22.200 --> 0:17:24.560 things you can't control, so you know, patients is also 0:17:24.600 --> 0:17:27.200 a virtue. And then if you can't you know, reach 0:17:27.920 --> 0:17:30.600 the goals of being able to own a home, then 0:17:30.640 --> 0:17:32.680 maybe there's other ways you can invest and continue to 0:17:32.720 --> 0:17:35.399 grow your wealth. I mean, obviously the American dream is 0:17:35.400 --> 0:17:37.840 that you have you know, home ownership and that it's 0:17:37.880 --> 0:17:40.640 able to sort of create generational wealth for you and 0:17:40.640 --> 0:17:42.520 and that's something for everyone should aspire to you, but 0:17:43.680 --> 0:17:46.560 any wealth creation would be helpful. What was your connection 0:17:46.600 --> 0:17:49.040 to money growing up? And as a kid, do you 0:17:49.040 --> 0:17:52.680 remember so my dad he was an electronic engineer, so 0:17:52.800 --> 0:17:56.120 he wasn't like this super ambitious guy, incredibly smart, um, 0:17:56.160 --> 0:17:57.800 you know, had a good job. We were sort of 0:17:57.920 --> 0:18:00.920 very happy and you know, financially healthy, but we didn't. 0:18:01.040 --> 0:18:03.199 We weren't like wealthy by the stretch of imagination. I 0:18:03.240 --> 0:18:06.560 do have a recollection and it's like not particularly clear, 0:18:06.600 --> 0:18:08.280 but I do have a recollection of when I was 0:18:08.720 --> 0:18:11.439 you know, old enough to know and young enough not 0:18:11.480 --> 0:18:14.480 to be worried about it. Of interest rates in the 0:18:14.640 --> 0:18:17.600 UK like hitting double digits and they're being you know, 0:18:17.680 --> 0:18:19.960 a big negative equity wave and it being an actual 0:18:20.080 --> 0:18:24.480 thing that was you know, worrying for my family. So 0:18:24.520 --> 0:18:28.080 I have that recollection. And but other than that, you know, 0:18:28.480 --> 0:18:30.399 it wasn't really something that I paid huge amounts of 0:18:30.440 --> 0:18:33.879 attention to. We didn't have any real challenges, We didn't 0:18:33.920 --> 0:18:36.880 have you know, significant excess either. And I would say 0:18:36.880 --> 0:18:39.920 one sort of formative financial thing for me was when 0:18:39.920 --> 0:18:42.520 I was at college and you know, I worked a 0:18:42.600 --> 0:18:45.119 job as well as being at college and you know, 0:18:46.760 --> 0:18:52.760 has a barmaid pulled pines, um, so yeah, it's fun, 0:18:52.760 --> 0:18:55.000 it's social. Why not. But I did that as well 0:18:55.040 --> 0:18:57.560 as like being at college, and I don't even really 0:18:57.560 --> 0:18:59.399 know or have a clear appreciation of how I did it. 0:18:59.400 --> 0:19:01.720 But I ran up some that's not like huge, but 0:19:01.800 --> 0:19:04.399 like enough that I couldn't you get out on credit 0:19:04.440 --> 0:19:06.760 cards and stuff not on credit cards, but like you know, 0:19:07.160 --> 0:19:10.760 just not not so significant that it would be a thing. 0:19:11.160 --> 0:19:13.879 But I remember being like really embarrassed and just like 0:19:13.960 --> 0:19:17.560 making myself the promise that that's not happening again. And so, 0:19:17.920 --> 0:19:20.200 you know, planning is a big part of what I do. 0:19:27.359 --> 0:19:31.560 It's someone who's advised and is consulted, and it is 0:19:31.560 --> 0:19:34.960 now a part of a very very large bank. What 0:19:34.960 --> 0:19:39.560 what's the biggest money advice that you've either given or 0:19:39.560 --> 0:19:42.760 someone's given to you that that you think everyone who's 0:19:42.800 --> 0:19:45.240 listening could take away from. So I think two things. 0:19:45.280 --> 0:19:49.160 One is like, you know, a little bit more super tactical, 0:19:49.240 --> 0:19:51.120 but I think probably the most important thing. And then 0:19:51.160 --> 0:19:53.000 one may be a bit more strategic. You need to 0:19:53.040 --> 0:19:56.760 have some liquidity. You know, stuff happens and you can't 0:19:56.760 --> 0:20:01.560 control everything clearly, right And you know we have in 0:20:01.760 --> 0:20:04.280 this company, we have the JP Morgan Chase Institute that 0:20:04.320 --> 0:20:07.080 does a lot of kind of research and did some 0:20:07.160 --> 0:20:11.040 research on you know, um savings, and you know what 0:20:11.119 --> 0:20:13.240 you need to be able to weather you know, a 0:20:13.240 --> 0:20:16.320 contemporaneous or a simultaneous you know, decrease in income with 0:20:16.320 --> 0:20:18.800 the spike and expenses. I think you lose your job 0:20:18.880 --> 0:20:21.200 or your hours are curtailed, and you have a medical expense, 0:20:21.280 --> 0:20:24.040