1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,800 --> 00:00:09,840 Speaker 2: Jamie, we're talking about the fact that you have lent 3 00:00:09,960 --> 00:00:12,479 Speaker 2: into technology over the last decade, billions of dollars invested 4 00:00:12,520 --> 00:00:15,760 Speaker 2: across the business. When it comes to AI, which parts 5 00:00:15,800 --> 00:00:18,760 Speaker 2: of the JP Morgan business are they'll be most transformed 6 00:00:18,840 --> 00:00:19,400 Speaker 2: by AI. 7 00:00:20,040 --> 00:00:22,200 Speaker 1: So we already we've been doing AI since twenty twelve. 8 00:00:22,440 --> 00:00:24,880 Speaker 1: So people think it's a new thing. Jen AI is 9 00:00:24,960 --> 00:00:26,400 Speaker 1: kind of new, but not all of it. We have 10 00:00:26,440 --> 00:00:29,200 Speaker 1: two thousand people doing it, spend two billion dollars a. 11 00:00:29,200 --> 00:00:29,840 Speaker 3: Year on it. 12 00:00:29,840 --> 00:00:35,479 Speaker 1: It affects everything risk, fraud, marketing, idea generation, customer service, 13 00:00:35,800 --> 00:00:37,760 Speaker 1: and it's kind of the tip of the iceberg. And 14 00:00:37,840 --> 00:00:39,720 Speaker 1: so we know we're deploying it. Every time we meet 15 00:00:39,800 --> 00:00:41,640 Speaker 1: us a business, we ask what are you doing? What 16 00:00:41,640 --> 00:00:43,159 Speaker 1: are you doing to serve your people? Why can you 17 00:00:43,159 --> 00:00:46,080 Speaker 1: do better? What are somebody else doing? So we're freely 18 00:00:46,120 --> 00:00:48,640 Speaker 1: deploying it and safely. We have a lot of rules 19 00:00:48,640 --> 00:00:50,800 Speaker 1: and regulations in place in our own data and how 20 00:00:50,800 --> 00:00:51,640 Speaker 1: we use it, et cetera. 21 00:00:51,840 --> 00:00:54,120 Speaker 2: Is it having a material impacts on revenues for JP Morgan? 22 00:00:54,160 --> 00:00:55,680 Speaker 2: If not now, then when so we have. 23 00:00:55,720 --> 00:00:58,120 Speaker 1: Shown that for that for two billion of expense. We 24 00:00:58,160 --> 00:01:00,960 Speaker 1: have got two billion of benefit. We actually can do 25 00:01:01,040 --> 00:01:01,640 Speaker 1: real detail. 26 00:01:01,680 --> 00:01:02,120 Speaker 3: We did this. 27 00:01:02,200 --> 00:01:05,920 Speaker 1: We wereduced headcount, we saved this time and money. We'duced areas. 28 00:01:05,959 --> 00:01:08,440 Speaker 1: Some of you can't. It's just improved service something like that. 29 00:01:08,440 --> 00:01:11,520 Speaker 1: It's like almost worthwhile worthless to say what's the MPV. 30 00:01:11,640 --> 00:01:14,760 Speaker 1: But we know about two billion dollars of actual cost saves. 31 00:01:14,880 --> 00:01:17,000 Speaker 1: And I think it's the tip of the iceberg. You 32 00:01:17,080 --> 00:01:19,760 Speaker 1: were getting better and better at it. We know how 33 00:01:19,760 --> 00:01:21,600 Speaker 1: to do it. As the managers learn how to do it, 34 00:01:21,640 --> 00:01:23,920 Speaker 1: they're asking more questions why can't it do X? And 35 00:01:23,920 --> 00:01:25,759 Speaker 1: why can't do yx? And then were on on my phone. 36 00:01:25,760 --> 00:01:28,360 Speaker 1: Here we have a suite and all I'm sweet on 37 00:01:28,480 --> 00:01:32,720 Speaker 1: internal data to do research and summarize reports and you know, 38 00:01:33,160 --> 00:01:35,640 Speaker 1: scan contracts and do things like that. 39 00:01:35,800 --> 00:01:37,400 Speaker 3: One hundred and fifty thousand. 40 00:01:37,080 --> 00:01:40,080 Speaker 1: People a week use it, so it's it's quite productive. 41 00:01:40,200 --> 00:01:42,240 Speaker 2: More and more of your employees are using the agentic 42 00:01:42,280 --> 00:01:43,240 Speaker 2: AI our. 43 00:01:43,120 --> 00:01:47,400 Speaker 1: Own our own LLM, and Igentic is just starting, you know, 44 00:01:47,480 --> 00:01:49,960 Speaker 1: but that will be deploying over time too. But it's 45 00:01:50,000 --> 00:01:52,400 Speaker 1: also been used for coding. I mean, it's it's being 46 00:01:52,520 --> 00:01:55,160 Speaker 1: used quite broadly now. And like I said, part of 47 00:01:55,280 --> 00:01:57,680 Speaker 1: is getting your mind working around how you're going to 48 00:01:57,840 --> 00:02:00,320 Speaker 1: use this thing, and so our managers and leaders. 49 00:02:00,080 --> 00:02:00,640 Speaker 3: Have to do it. 50 00:02:01,120 --> 00:02:04,680 Speaker 2: If you look out five years, are there more jobs 51 00:02:04,760 --> 00:02:07,200 Speaker 2: in banking as a result of AI or fewer? 52 00:02:08,680 --> 00:02:10,519 Speaker 1: Look I think is I think people shouldn't put the 53 00:02:10,560 --> 00:02:12,840 Speaker 1: head in the sand. It is going to affect jobs. 54 00:02:13,000 --> 00:02:16,960 Speaker 1: So think of every application, every every service you do, 55 00:02:17,160 --> 00:02:19,320 Speaker 1: will you'll be using AI, some to enhance it, some 56 00:02:19,360 --> 00:02:21,440 Speaker 1: of it will be you doing the same job, You're 57 00:02:21,440 --> 00:02:23,840 Speaker 1: doing a better job at it. There will be jobs 58 00:02:23,840 --> 00:02:26,600 Speaker 1: that it eliminates, but you're better. Have been way ahead 59 00:02:26,600 --> 00:02:29,800 Speaker 1: of the curve and retraining people, so we train and 60 00:02:29,800 --> 00:02:32,320 Speaker 1: redeploy a lot of people. So for JP Moore, if 61 00:02:32,320 --> 00:02:36,239 Speaker 1: we're successful, we'll have more jobs, but there'll probably be 62 00:02:36,320 --> 00:02:37,520 Speaker 1: less jobs and certain functions. 63 00:02:38,520 --> 00:02:43,200 Speaker 2: When you look at the spend on AI infrastructure, chips open, AI, 64 00:02:44,280 --> 00:02:47,519 Speaker 2: not lost, not making a profit, loss making. Dales have 65 00:02:47,560 --> 00:02:49,880 Speaker 2: about of trillion dollars this year. The hyper scale is 66 00:02:49,880 --> 00:02:52,160 Speaker 2: to spend there. What is your reaction when you see 67 00:02:52,160 --> 00:02:54,480 Speaker 2: those numbers crossing? Are you comfortable with that kind of 68 00:02:54,480 --> 00:02:56,160 Speaker 2: spend on the infrastructure around AI. 69 00:02:56,400 --> 00:02:56,960 Speaker 3: It's a lot. 70 00:02:57,120 --> 00:02:59,160 Speaker 1: I'm not sure it's all ever going to be totally spent. 71 00:03:00,120 --> 00:03:02,320 Speaker 1: When you look at big tech, like tech that happens 72 00:03:02,360 --> 00:03:04,480 Speaker 1: like this and you're go look at cars, you click 73 00:03:04,480 --> 00:03:08,040 Speaker 1: at television, you click at internet. Big money's got spent. 74 00:03:08,520 --> 00:03:10,760 Speaker 1: There were a lot of losers, a lot of winners. 75 00:03:10,800 --> 00:03:13,360 Speaker 1: In total, it was productive. So take even take the 76 00:03:13,360 --> 00:03:15,640 Speaker 1: Internet bubble and remember that blew up and amount of 77 00:03:15,639 --> 00:03:17,840 Speaker 1: p I can united by the name one hundred companies 78 00:03:17,880 --> 00:03:21,200 Speaker 1: that you know were worth fifty billion dollars and disappeared. 79 00:03:21,440 --> 00:03:25,200 Speaker 1: But out of it came Facebook, YouTube, Google, you know. 80 00:03:25,320 --> 00:03:28,160 Speaker 1: So there will be real big companies with real big success. 81 00:03:28,400 --> 00:03:30,400 Speaker 1: It will work inspite of the fact that not everyone 82 00:03:30,440 --> 00:03:32,119 Speaker 1: who invested in it is going to have a great 83 00:03:32,120 --> 00:03:32,919 Speaker 1: investment return. 84 00:03:33,080 --> 00:03:35,160 Speaker 2: And of course those investments are part of what is 85 00:03:35,200 --> 00:03:37,560 Speaker 2: powered this bull market in stocks. And on Sunday it 86 00:03:37,560 --> 00:03:39,640 Speaker 2: will be three years of that ballmark. Where do you 87 00:03:39,640 --> 00:03:42,200 Speaker 2: think we are in that ball market? Is this Is 88 00:03:42,200 --> 00:03:46,000 Speaker 2: there any complacency there? Is it underpinned by rational factors? 89 00:03:46,120 --> 00:03:47,240 Speaker 2: Is there more momentum? 90 00:03:47,400 --> 00:03:49,400 Speaker 3: Yeah? You know, look, we're in a ball market. 91 00:03:49,600 --> 00:03:51,920 Speaker 1: It has been clear as a price or high credits, 92 00:03:51,960 --> 00:03:55,400 Speaker 1: breads a low consumers. Still okay, the consumer has jobs. 93 00:03:55,600 --> 00:03:58,840 Speaker 1: Remember the jobs, jobs jobs. That usually starts to force 94 00:03:58,880 --> 00:04:00,960 Speaker 1: people to cut back and change staying a consumers spend 95 00:04:01,040 --> 00:04:02,520 Speaker 1: lesson companies cut back. 96 00:04:02,800 --> 00:04:06,080 Speaker 3: So far, so good. There are a lot of issues. 97 00:04:05,720 --> 00:04:07,760 Speaker 1: Out there that you know, the economy's got to deal 98 00:04:07,800 --> 00:04:11,000 Speaker 1: with from all this geopolitical stuff, maybe they'll sort well. 99 00:04:11,160 --> 00:04:11,880 Speaker 3: Which could happen. 100 00:04:11,920 --> 00:04:14,840 Speaker 1: Inflation, I'm a little more nervous about inflation not coming 101 00:04:14,880 --> 00:04:18,080 Speaker 1: down like people expect. That might be a surprise. And 102 00:04:18,080 --> 00:04:20,159 Speaker 1: then in the hand there's a lot of spending. There's 103 00:04:20,160 --> 00:04:22,880 Speaker 1: a lot of government spending which is inflationary too, by 104 00:04:22,920 --> 00:04:23,799 Speaker 1: the way. 105 00:04:23,200 --> 00:04:26,000 Speaker 3: And so look, I don't know. I hope for the best, 106 00:04:26,279 --> 00:04:27,120 Speaker 3: plan for the worst. 107 00:04:27,880 --> 00:04:29,800 Speaker 2: And you don't worried about a recession in twenty twenty six 108 00:04:29,839 --> 00:04:31,000 Speaker 2: for the US you might not clear. 109 00:04:31,120 --> 00:04:33,640 Speaker 1: Yes, I think it could happen in twenty twenty six. 110 00:04:33,720 --> 00:04:35,680 Speaker 1: I just I'm not worried about it. As a different statement, 111 00:04:36,240 --> 00:04:38,719 Speaker 1: we'll deal with it, We'll serve our clients will navigate 112 00:04:38,760 --> 00:04:40,479 Speaker 1: through it. A lot of it has been through them before. 113 00:04:40,680 --> 00:04:43,000 Speaker 1: You don't wish it because you know certain people get hurt. 114 00:04:43,040 --> 00:04:44,440 Speaker 1: But it could happen in. 115 00:04:44,440 --> 00:04:46,119 Speaker 2: Twenty twenty what's still a coose in the US government 116 00:04:46,160 --> 00:04:46,880 Speaker 2: shot down, But I. 117 00:04:46,920 --> 00:04:50,400 Speaker 1: Do think they're positives, like deregulations are real positive which 118 00:04:50,440 --> 00:04:52,919 Speaker 1: also helps animal spirits that are positive. And you know 119 00:04:53,440 --> 00:04:56,000 Speaker 1: in the one big beautiful build is also more stimulus 120 00:04:56,360 --> 00:04:59,799 Speaker 1: that has positive for the economy, but maybe negatives for inflation. 121 00:05:00,040 --> 00:05:01,480 Speaker 3: So how it all sorts. 122 00:05:01,240 --> 00:05:04,919 Speaker 2: Out, We'll see markets are looking through the US government shutdown. 123 00:05:04,960 --> 00:05:07,400 Speaker 2: Is there a period of time if this shutdown continues 124 00:05:07,440 --> 00:05:10,560 Speaker 2: where markets start to wake up and become concerned? 125 00:05:11,279 --> 00:05:14,200 Speaker 3: I don't think so. Look, I don't like shutdowns. 126 00:05:14,360 --> 00:05:16,080 Speaker 1: I think it's just a bad idea, and I don't 127 00:05:16,120 --> 00:05:17,880 Speaker 1: care what the Democrats republics say. 128 00:05:18,040 --> 00:05:19,760 Speaker 3: It's a bad idea. It's not a way to run 129 00:05:19,760 --> 00:05:20,560 Speaker 3: a railroad. 130 00:05:20,760 --> 00:05:22,760 Speaker 1: I don't think it's critic We've had I forgot the 131 00:05:22,800 --> 00:05:24,960 Speaker 1: number four or five or six. You know, one of 132 00:05:24,960 --> 00:05:27,600 Speaker 1: them went for thirty five days. I'm not sure anyone 133 00:05:28,120 --> 00:05:30,719 Speaker 1: really affected the economy the market in a real way. 134 00:05:31,960 --> 00:05:33,680 Speaker 2: You mentioned inflation. You said you're a little bit more 135 00:05:33,680 --> 00:05:36,320 Speaker 2: concerned about inflation than maybe some others. Markets pricing in 136 00:05:36,360 --> 00:05:39,000 Speaker 2: about a hundred basis points of cuts between now and 137 00:05:39,040 --> 00:05:41,719 Speaker 2: this time next year from the Fed. Does that therefore 138 00:05:41,760 --> 00:05:44,799 Speaker 2: seem reasonable to you? Or markets are over their skis 139 00:05:44,800 --> 00:05:45,280 Speaker 2: in pricing. 140 00:05:45,960 --> 00:05:48,720 Speaker 1: I think, you know, markets have to make a forecast. 141 00:05:49,160 --> 00:05:51,679 Speaker 1: I want to point out that forecasts have almost always 142 00:05:51,720 --> 00:05:54,560 Speaker 1: been wrong, and the Fed's been wrong too, so it 143 00:05:54,600 --> 00:05:57,200 Speaker 1: doesn't like their forecast is you know, going to be 144 00:05:57,240 --> 00:06:01,240 Speaker 1: accurate if inflation does go up, starts ticking up for 145 00:06:01,240 --> 00:06:03,360 Speaker 1: whatever reason, and it might you know, it's gonna be 146 00:06:03,400 --> 00:06:04,800 Speaker 1: hard to do one hundred points. 147 00:06:05,000 --> 00:06:06,960 Speaker 3: They might do some, you know, and then they. 148 00:06:06,800 --> 00:06:08,479 Speaker 1: Have the battle, you know, the give and take of 149 00:06:08,800 --> 00:06:11,400 Speaker 1: if employer starts going up, we obviously gonna do some. 150 00:06:11,680 --> 00:06:15,120 Speaker 2: So we'll say you've long talked about geopolitics as being 151 00:06:15,120 --> 00:06:17,320 Speaker 2: a risk factor. We're seeing gold at four thousand dollars. 152 00:06:17,360 --> 00:06:20,479 Speaker 2: We're seeing bitcoin at record highs. The dollar, though yet 153 00:06:20,520 --> 00:06:22,920 Speaker 2: to date, down about eight percent on the Bloomberg Dollar Index. 154 00:06:23,000 --> 00:06:25,799 Speaker 2: Are you staying structural shifts out of the US dollar? 155 00:06:26,120 --> 00:06:27,600 Speaker 2: And is that sustained theme. 156 00:06:28,000 --> 00:06:28,520 Speaker 3: A little bit? 157 00:06:28,600 --> 00:06:31,200 Speaker 1: But again I wouldn't have heart burned over it. The 158 00:06:31,320 --> 00:06:34,279 Speaker 1: dollar did well for a long time if you own 159 00:06:34,480 --> 00:06:37,960 Speaker 1: US stocks, So foreigners owned something like thirty five trillion 160 00:06:38,000 --> 00:06:40,400 Speaker 1: dollars of US docks and bonds. And because this dock 161 00:06:40,480 --> 00:06:42,720 Speaker 1: mark's gone up, your allocation the US has gone up. 162 00:06:42,960 --> 00:06:45,719 Speaker 1: I think it's perfectly reasonable for investment committees in Europe 163 00:06:45,760 --> 00:06:47,560 Speaker 1: and around the world to cut back a little bit 164 00:06:47,600 --> 00:06:50,840 Speaker 1: of their equity ownership. We've also seen people changing their 165 00:06:50,839 --> 00:06:53,599 Speaker 1: hedge ratios and stuff like that, so it may just 166 00:06:53,640 --> 00:06:56,239 Speaker 1: be a rational adjustment to you know, I don't expect 167 00:06:56,279 --> 00:07:00,200 Speaker 1: a stronger dollar the tariffs has this effect, but it's 168 00:07:00,200 --> 00:07:02,359 Speaker 1: still if you look at America's still the greatest place. 169 00:07:02,160 --> 00:07:04,120 Speaker 2: In the world to invest in long term and deal 170 00:07:04,160 --> 00:07:06,880 Speaker 2: making seems to be picking up, and of course JP 171 00:07:06,960 --> 00:07:09,680 Speaker 2: Morgan played a significant role in the takeover. The take 172 00:07:09,760 --> 00:07:13,120 Speaker 2: private of EA twenty billion dollars in financing provided by 173 00:07:13,160 --> 00:07:15,400 Speaker 2: JP Morgan. Is that a marker in the sand? 174 00:07:15,480 --> 00:07:15,680 Speaker 3: Is that? 175 00:07:15,800 --> 00:07:17,840 Speaker 2: Is that a one off as a deal of that 176 00:07:17,880 --> 00:07:20,720 Speaker 2: type or is it a sign of a more competition 177 00:07:20,800 --> 00:07:22,640 Speaker 2: between frankly, the banks and private credit. 178 00:07:22,840 --> 00:07:26,440 Speaker 1: Well, we're agnostic about private credits, so there maybe competitions 179 00:07:26,520 --> 00:07:28,680 Speaker 1: or not. We want our customers to do with their interests. 180 00:07:28,960 --> 00:07:30,800 Speaker 1: We work for both, you know, and we did that 181 00:07:30,840 --> 00:07:33,320 Speaker 1: whole deal in eleven days, and we didn't do it 182 00:07:33,360 --> 00:07:35,760 Speaker 1: that way to make a point to private credit, you know, 183 00:07:35,920 --> 00:07:37,560 Speaker 1: Dave said do it differently, and we could have done 184 00:07:37,560 --> 00:07:39,520 Speaker 1: it differently too, and so. But there's a lot of 185 00:07:39,560 --> 00:07:43,040 Speaker 1: merger talk, there's a lot of firepower, there's a lot 186 00:07:43,040 --> 00:07:44,920 Speaker 1: of tech. You know, we had a bunch of IPOs 187 00:07:44,960 --> 00:07:47,480 Speaker 1: in the US. I know they've only been a handful here. 188 00:07:48,240 --> 00:07:50,640 Speaker 1: The tech world is still doing quite well. You know, 189 00:07:50,640 --> 00:07:52,920 Speaker 1: the eight hundred companies here, I think it was four 190 00:07:52,960 --> 00:07:55,840 Speaker 1: hundred last year. You know, we have five hundred bankers 191 00:07:55,840 --> 00:07:59,560 Speaker 1: coming the innovation economy globally around the world, including edit 192 00:07:59,600 --> 00:08:03,480 Speaker 1: like fifty your loan here. So you know, look, I'm 193 00:08:03,520 --> 00:08:06,320 Speaker 1: the long term optimist. I do think acid prices are high, 194 00:08:06,360 --> 00:08:08,480 Speaker 1: credits breds are low, and you know you should take 195 00:08:08,480 --> 00:08:10,640 Speaker 1: that in consideration how you think about the future. 196 00:08:10,720 --> 00:08:12,640 Speaker 3: When you talk about credit and you talk about debt. 197 00:08:12,680 --> 00:08:14,240 Speaker 2: I'm thinking of some dates in fact that JP Morgan 198 00:08:14,280 --> 00:08:16,680 Speaker 2: put out on auto loans biggest losses in the most 199 00:08:16,680 --> 00:08:19,280 Speaker 2: recent months, I think since twenty twenty March of twenty twenty. 200 00:08:19,400 --> 00:08:21,800 Speaker 2: Is that idiosyncratic to auto that means in the US 201 00:08:21,840 --> 00:08:23,800 Speaker 2: or you seeing other weak links being stressed. 202 00:08:23,840 --> 00:08:25,880 Speaker 1: I think you know, there were one or two frauds 203 00:08:26,000 --> 00:08:29,320 Speaker 1: which I won't go through, but in general, consumer credit 204 00:08:29,760 --> 00:08:32,880 Speaker 1: was so good. It's basically most of us just normalizing 205 00:08:33,440 --> 00:08:36,959 Speaker 1: for both credit card but subprime order is a little 206 00:08:36,960 --> 00:08:39,880 Speaker 1: bit worse than normalizing. It doesn't look like it's getting 207 00:08:39,920 --> 00:08:40,800 Speaker 1: worse mirror, but it might. 208 00:08:40,880 --> 00:08:41,480 Speaker 3: But a lot of that. 209 00:08:41,559 --> 00:08:43,839 Speaker 1: If you look at the history of credit for consumers, 210 00:08:43,840 --> 00:08:47,960 Speaker 1: it's employment is when employment or home prices go way down, 211 00:08:48,000 --> 00:08:50,520 Speaker 1: which you know we don't maybe not expect that, that 212 00:08:50,720 --> 00:08:52,120 Speaker 1: drives you know, credit. 213 00:08:53,000 --> 00:08:56,200 Speaker 2: The administration is talking about possibly challenging the requirement around 214 00:08:56,320 --> 00:08:59,800 Speaker 2: quarterly earnings, and you've talked about this, You've written about 215 00:08:59,800 --> 00:09:02,720 Speaker 2: this bor and Buffett around the guidance part of earnings 216 00:09:02,720 --> 00:09:05,120 Speaker 2: and quarterly guidance. Would you welcome a change like that 217 00:09:05,120 --> 00:09:07,040 Speaker 2: and would it mean a change to JP Morgan in 218 00:09:07,120 --> 00:09:08,200 Speaker 2: terms of how often. 219 00:09:08,040 --> 00:09:09,760 Speaker 3: You Yeah, I would welcome in. 220 00:09:09,840 --> 00:09:12,720 Speaker 1: We still play update investors quarterly with much less stuff, 221 00:09:12,760 --> 00:09:16,080 Speaker 1: and we just very transparent. I think the bigger problem 222 00:09:16,160 --> 00:09:19,360 Speaker 1: was just reporting quarterly. It was forecasting, where you know, 223 00:09:19,440 --> 00:09:21,280 Speaker 1: CEOs get their backup against the wall. They have to 224 00:09:21,320 --> 00:09:23,959 Speaker 1: meet these things earnings and they start doing dumb stuff 225 00:09:24,000 --> 00:09:26,559 Speaker 1: to meet earnings, and that kind of public pressure. I 226 00:09:26,640 --> 00:09:29,360 Speaker 1: think it's a smaller part of a much bigger problem. 227 00:09:29,640 --> 00:09:32,520 Speaker 1: We've gone from eight thousand public companies in nineteen ninety 228 00:09:32,559 --> 00:09:36,720 Speaker 1: six to like four thousand today, and you know that 229 00:09:36,840 --> 00:09:39,240 Speaker 1: I'm not actually as good. We drive companies out of it. 230 00:09:39,280 --> 00:09:42,839 Speaker 1: We have cookie cutter governance. There are some activists are good, 231 00:09:42,840 --> 00:09:46,720 Speaker 1: but they're activists. There's litigation, there's cookie cutter compensation, there's 232 00:09:46,840 --> 00:09:50,320 Speaker 1: very expensive listing. There's disclosure rules, which you've heard about 233 00:09:50,360 --> 00:09:53,080 Speaker 1: them here, I mean endless rules, and that it makes 234 00:09:53,120 --> 00:09:53,640 Speaker 1: it hard. 235 00:09:53,480 --> 00:09:54,680 Speaker 3: For a small cut to go public. 236 00:09:55,000 --> 00:09:57,080 Speaker 1: So I think, and they're trying to do that here, 237 00:09:57,280 --> 00:10:00,679 Speaker 1: have an active small company going public. You all need 238 00:10:01,000 --> 00:10:03,640 Speaker 1: and create an equity culture, which Rachel Reason is trying 239 00:10:03,640 --> 00:10:05,280 Speaker 1: to do here. And I think they're doing a good 240 00:10:05,320 --> 00:10:08,360 Speaker 1: job reducing regulations, you know, trying to make it easier 241 00:10:08,360 --> 00:10:10,680 Speaker 1: to do business and you know, reducing regular banks, but 242 00:10:10,720 --> 00:10:13,920 Speaker 1: also in business in general, you want an active market 243 00:10:14,200 --> 00:10:17,360 Speaker 1: and we've kind of crushed it and could the research 244 00:10:17,480 --> 00:10:20,760 Speaker 1: laws and miffit and disclosure requires it. So if I 245 00:10:20,840 --> 00:10:23,560 Speaker 1: was a regulator, I would take a step back and 246 00:10:23,600 --> 00:10:25,840 Speaker 1: look at the whole system and say, how can we 247 00:10:25,880 --> 00:10:28,320 Speaker 1: improve it and make it safer, you know not and 248 00:10:28,400 --> 00:10:30,840 Speaker 1: look at it holistically as opposed to know just everything's 249 00:10:30,960 --> 00:10:32,480 Speaker 1: like a one off conversation. 250 00:10:33,080 --> 00:10:35,040 Speaker 2: I need to talk to you about some other changes 251 00:10:35,080 --> 00:10:37,440 Speaker 2: that the Trump administrations take. You are a champion of 252 00:10:37,440 --> 00:10:40,360 Speaker 2: capitalism and free market capitalism. So when you see states 253 00:10:40,360 --> 00:10:42,520 Speaker 2: taken by the administration or the US government's put it 254 00:10:42,559 --> 00:10:45,120 Speaker 2: that way in terms of intel golden share for US 255 00:10:45,160 --> 00:10:49,439 Speaker 2: steel investments in the lithium mind producer, how does that 256 00:10:49,720 --> 00:10:50,240 Speaker 2: sit with you? 257 00:10:50,960 --> 00:10:55,000 Speaker 1: So the first thing is there are legitimate complaints around trade. 258 00:10:55,120 --> 00:10:57,920 Speaker 1: So just take that first somewhere around just unfair trade. 259 00:10:57,960 --> 00:11:01,839 Speaker 1: It's unfair to use, you know, not just tariffs. It's surpluses, 260 00:11:01,840 --> 00:11:04,800 Speaker 1: it's capital, it's quotas, it's just you know, it's the 261 00:11:04,920 --> 00:11:08,040 Speaker 1: non tariff parers. And then there's national security related so 262 00:11:08,080 --> 00:11:10,480 Speaker 1: I think a national security you have to take some 263 00:11:10,520 --> 00:11:12,120 Speaker 1: special thing I called industrial policy. 264 00:11:12,280 --> 00:11:13,319 Speaker 3: But it's not to be done right. 265 00:11:13,559 --> 00:11:17,960 Speaker 1: It's got to come with permitting no virtual signaling. And 266 00:11:18,080 --> 00:11:19,920 Speaker 1: so like the deal it was done for MP, I 267 00:11:19,920 --> 00:11:22,679 Speaker 1: thought they did a very smart thing. They're giving MP 268 00:11:22,880 --> 00:11:24,959 Speaker 1: which we were part of banking. You know, it does 269 00:11:25,080 --> 00:11:27,400 Speaker 1: rare Earth's magnets a chip because they're gonna have a 270 00:11:27,400 --> 00:11:29,360 Speaker 1: long term contract with the government. It gives them a 271 00:11:29,440 --> 00:11:31,880 Speaker 1: chance to survive, to get through it. They call the 272 00:11:31,960 --> 00:11:34,480 Speaker 1: Value of Death, and they bought a piece to go 273 00:11:34,559 --> 00:11:36,400 Speaker 1: into it. So I thought that was really well done. 274 00:11:36,520 --> 00:11:38,440 Speaker 1: I'm not going to comment all of them. I think 275 00:11:38,440 --> 00:11:40,199 Speaker 1: it'd be very careful when you get involved in that 276 00:11:40,320 --> 00:11:40,800 Speaker 1: kind of stuff. 277 00:11:40,800 --> 00:11:42,840 Speaker 3: Why are you doing it? What's the long term benefit? 278 00:11:43,240 --> 00:11:43,400 Speaker 3: You know? 279 00:11:43,480 --> 00:11:45,600 Speaker 1: And then of course you know if Democrats get in powered, 280 00:11:45,600 --> 00:11:47,680 Speaker 1: they're gonna do even more of it, So I would 281 00:11:47,720 --> 00:11:50,520 Speaker 1: be very cautious about how you go about that. I 282 00:11:50,559 --> 00:11:53,360 Speaker 1: do think they need to do more. You cannot do 283 00:11:53,440 --> 00:11:55,760 Speaker 1: certain things in the United States. You think a company's 284 00:11:55,800 --> 00:11:58,280 Speaker 1: gonna do it, they'll be They'll be bankrupt in seven months. 285 00:11:58,720 --> 00:12:02,760 Speaker 1: They either need freelam and cheaper financing. And maybe the 286 00:12:02,760 --> 00:12:06,599 Speaker 1: most important is long term purchase agreements with defense or 287 00:12:06,760 --> 00:12:08,520 Speaker 1: company to something that gives me a real chance to. 288 00:12:08,520 --> 00:12:09,200 Speaker 3: Build a business. 289 00:12:09,920 --> 00:12:11,440 Speaker 2: You touch on the fact that we're here in the UK, 290 00:12:11,520 --> 00:12:13,640 Speaker 2: the chance a little here. She addressed the summit, she 291 00:12:13,760 --> 00:12:16,560 Speaker 2: dress the conference, she's making those changes. Is the UK 292 00:12:16,559 --> 00:12:18,360 Speaker 2: doing enough? They're going to be potentially some changes when 293 00:12:18,400 --> 00:12:20,319 Speaker 2: it comes to listings. They may be announced in the 294 00:12:20,360 --> 00:12:23,920 Speaker 2: budget in November. Is enough being done to make the 295 00:12:24,000 --> 00:12:26,840 Speaker 2: UK to make London an attractive listing destination again. 296 00:12:26,920 --> 00:12:28,360 Speaker 1: Well, at first of all, it's come here. It's a 297 00:12:28,400 --> 00:12:32,400 Speaker 1: wonderful city. It's a melting pot. The brain power is extraordinary, 298 00:12:32,440 --> 00:12:36,560 Speaker 1: and I'm talking about not just financial but lawyers and technology, media. 299 00:12:36,920 --> 00:12:40,840 Speaker 1: It's it's unbelievable. It's a huge benefit to your to UK, 300 00:12:40,920 --> 00:12:43,120 Speaker 1: though I'm not sure the rest of the UK appreciates 301 00:12:43,160 --> 00:12:46,560 Speaker 1: that much. And they are there's saying the right things. 302 00:12:46,640 --> 00:12:49,839 Speaker 1: They're deregging. It's not just banks but business in general, 303 00:12:49,920 --> 00:12:52,880 Speaker 1: reducing red tape. I call it blue tape. Now you 304 00:12:52,920 --> 00:12:54,760 Speaker 1: know they're reducing red tape, blue tape. 305 00:12:54,760 --> 00:12:55,840 Speaker 3: They're you know, they're. 306 00:12:55,640 --> 00:12:59,280 Speaker 1: Trying to create a consolidate the pension and save these schemes. 307 00:12:59,280 --> 00:13:01,240 Speaker 1: So I think it's very smart have a little more 308 00:13:01,280 --> 00:13:03,960 Speaker 1: of an equity risk culture, you know, not to lose money, 309 00:13:03,960 --> 00:13:05,840 Speaker 1: but to take a little more risk. And maybe some 310 00:13:05,880 --> 00:13:08,800 Speaker 1: of these tech companies here. Yeah, I apployed everything they're doing. 311 00:13:09,080 --> 00:13:11,280 Speaker 1: I know the you know, the public here doesn't applaud 312 00:13:11,280 --> 00:13:13,840 Speaker 1: as much as I do. But they have to keep going. 313 00:13:14,960 --> 00:13:17,440 Speaker 2: H one B visas in the US talking about attracting 314 00:13:17,480 --> 00:13:21,400 Speaker 2: talent one hundred thousand dollars, is that a barrier to 315 00:13:21,720 --> 00:13:22,640 Speaker 2: the US tech sector. 316 00:13:22,679 --> 00:13:26,760 Speaker 3: You concerned about it, I'm not. Again. I've got Harpero. 317 00:13:26,920 --> 00:13:29,840 Speaker 3: It's six hundred thousand employees. That's it. 318 00:13:29,880 --> 00:13:32,520 Speaker 1: We have one hundred and sixty million people working. And 319 00:13:32,720 --> 00:13:34,800 Speaker 1: I do think you know, these things happened. I didn't 320 00:13:34,840 --> 00:13:36,800 Speaker 1: like when I first. I still don't particularly like it, 321 00:13:36,840 --> 00:13:39,640 Speaker 1: but but you know what it was being abused. We 322 00:13:39,960 --> 00:13:41,920 Speaker 1: did the analysis and the work. It was not supposed 323 00:13:41,960 --> 00:13:43,920 Speaker 1: to be to bring cheaper workers here to make more 324 00:13:43,920 --> 00:13:46,480 Speaker 1: money for your company. It was meant to bring very 325 00:13:46,559 --> 00:13:49,319 Speaker 1: talented people and you don't necessarily have to for your company, 326 00:13:49,520 --> 00:13:51,520 Speaker 1: and we do. We may have made some mistakes, but 327 00:13:51,800 --> 00:13:54,800 Speaker 1: let's just fix the system. I was with the President 328 00:13:54,800 --> 00:13:57,240 Speaker 1: once and he said, more merit based, more merit based. 329 00:13:57,400 --> 00:13:59,560 Speaker 1: In fact, I heard him say it was just stamp 330 00:13:59,559 --> 00:14:03,080 Speaker 1: of green card and every person in this country who 331 00:14:03,120 --> 00:14:06,280 Speaker 1: went to university or advanced degrees and have him stay 332 00:14:06,280 --> 00:14:08,760 Speaker 1: here and build their career here. That would be my belief. 333 00:14:09,160 --> 00:14:11,400 Speaker 1: I want him to go back to that, not make 334 00:14:11,440 --> 00:14:13,160 Speaker 1: it hard to be or make it easier for real 335 00:14:13,200 --> 00:14:13,800 Speaker 1: merit based it. 336 00:14:14,640 --> 00:14:17,120 Speaker 2: You speak to the President every week, No, okay, I've 337 00:14:17,160 --> 00:14:20,040 Speaker 2: spoken him a couple of times. Jamie Donald, chairman CEO 338 00:14:20,160 --> 00:14:22,600 Speaker 2: JP Morltman, thank you very much and dank I appreciate it.