WEBVTT - The Debate Over Work From Home Productivity 0:00:00.240 --> 0:00:03.240 This is Bloomberg Business Week. I'm Carol Masser. Every day 0:00:03.279 --> 0:00:05.200 we're bringing you the latest news from the world's of 0:00:05.200 --> 0:00:08.920 business and finance, plus technology, politics. So much going on 0:00:08.960 --> 0:00:12.160 in the world of politics, economics, and it's all harnessing 0:00:12.160 --> 0:00:14.840 the power of Business Week reporters and editors. If you 0:00:14.880 --> 0:00:18.280 can download Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg 0:00:18.320 --> 0:00:20.480 dot com. If you can also listen to our radio 0:00:20.560 --> 0:00:23.439 show at two pm Eastern on Bloomberg Radio and be 0:00:23.440 --> 0:00:26.280 sure to watch us too on YouTube by searching Bloomberg 0:00:26.360 --> 0:00:28.960 Global News. If you're listening to Bloomberg Business Week, Carol 0:00:29.000 --> 0:00:31.720 Masser in our Bloomberg Interactor Broker Studio along with Tim 0:00:31.720 --> 0:00:34.519 Stanovic Bloomberg Quicktake. We've got to talk a little bit 0:00:34.520 --> 0:00:37.160 more about the virus because we just mentioned about BioNTech 0:00:37.400 --> 0:00:40.760 what they said that they're on target with Fightser to 0:00:40.760 --> 0:00:42.760 meet their production targets. We also have a store about 0:00:42.760 --> 0:00:46.360 Anthony Fauci slamming the UK's drug regulators saying that it 0:00:46.440 --> 0:00:50.320 rushed to clear the COVID nineteen vaccine from Fightser and Biotech. 0:00:50.440 --> 0:00:52.360 And then you've got Stage trying to figure out, okay, 0:00:52.360 --> 0:00:54.120 how many doses am I going to get Tim? Yeah, 0:00:54.160 --> 0:00:57.160 I mean that the issue among the many issues is 0:00:57.160 --> 0:00:59.680 that there's no sort of standardized rollout program for this 0:00:59.760 --> 0:01:02.040 and does envision a scenario where, I mean some states 0:01:02.040 --> 0:01:04.160 don't even have the technology right now to keep a 0:01:04.240 --> 0:01:07.000 large number of these visor doses cold for a significant 0:01:07.000 --> 0:01:09.399 period of time. Yeah, So there's so much that we 0:01:09.440 --> 0:01:12.280 still have or that we need answers to. Let's get 0:01:12.280 --> 0:01:14.080 into all of this with Dr Ian LUs Better back 0:01:14.360 --> 0:01:17.720 with us as he is on every Friday, Clinical Associate 0:01:17.720 --> 0:01:20.000 Professor Medicine at n y U Land Going Medical Center 0:01:20.040 --> 0:01:23.039 with us on the phone in New York City. Hey, Ian, 0:01:23.160 --> 0:01:26.040 nice to have you here with Tim and myself. Um, 0:01:26.080 --> 0:01:28.319 so what stood out for you this week because we've 0:01:28.319 --> 0:01:31.320 got a lot of headlines to go through for sure. 0:01:31.360 --> 0:01:34.600 Happy Friday. CONTI hope, I hope you guys are staying 0:01:34.680 --> 0:01:37.760 safe and doing well. Yeah, definitely some challenges. You know, 0:01:37.760 --> 0:01:41.399 we're seeing more cases locally, you know, here in the 0:01:41.440 --> 0:01:45.080 Tri state areas, certainly nothing comparing to the to the 0:01:45.080 --> 0:01:48.920 Midwest and out west, where you know the record recording 0:01:48.920 --> 0:01:52.440 a large number of hospitalizations and deaths and taking you know, 0:01:52.600 --> 0:01:57.960 certainly more extreme measures of shutdown Uh. Locally though, we 0:01:58.040 --> 0:02:03.040 are very excited because we've gotten word that we should 0:02:03.040 --> 0:02:07.080 be expecting the FIS vaccine delivery about mid December, probably 0:02:07.080 --> 0:02:14.320 around December fifty you specifically in ny U landown n 0:02:14.440 --> 0:02:16.959 y U line going is expecting. We got a call 0:02:17.080 --> 0:02:19.840 from you know, one of our senior administrators and uh, 0:02:20.280 --> 0:02:22.680 you know they're sort of working out exactly how that's 0:02:22.680 --> 0:02:26.320 going to be, you know, distributed. My senses, these come 0:02:26.360 --> 0:02:29.520 in you know, large boxes and dry ice and have 0:02:29.639 --> 0:02:32.639 to be kept you know, frozen, so around the country 0:02:32.639 --> 0:02:35.960 and certainly here distribution will be uh an issue. But 0:02:36.160 --> 0:02:40.119 each box has approximately five thousand, a little under five 0:02:40.160 --> 0:02:44.560 thousand doses, and uh there are so we're in the 0:02:44.639 --> 0:02:48.760 range of practices, you know, uh the faculty group practice 0:02:48.800 --> 0:02:52.320 and of course hospitals and so forth. So I think, um, 0:02:53.080 --> 0:02:55.480 it's going to be a little bit of a logistical challenge, 0:02:55.800 --> 0:03:00.640 you know. Fortunately, UM, it's not an emergency, uh, and 0:03:00.720 --> 0:03:04.320 it's going to be on a voluntary basis. Interestingly enough, 0:03:04.960 --> 0:03:08.320 really it's mandatory to have your flu shot, which is 0:03:08.360 --> 0:03:12.440 only about effective, but it is really everyone who is 0:03:12.440 --> 0:03:16.200 seeing patients is supposed to get a flu shot. Um, 0:03:16.240 --> 0:03:19.600 but it's not yet mandatory, certainly for COVID. I think 0:03:19.680 --> 0:03:22.079 most people, at least the colleagues I speak to, are 0:03:22.200 --> 0:03:25.240 very enthused and are you ready to line up to 0:03:25.480 --> 0:03:29.240 get it? It is going to be two vaccines, two shots, 0:03:30.120 --> 0:03:33.359 approximately a month apart. So well what about you, dr? 0:03:33.400 --> 0:03:36.600 Are you going to get it? You'll be among the 0:03:36.640 --> 0:03:40.360 first in line, uh, if they'll let me. I mean, look, 0:03:40.400 --> 0:03:42.600 you are your your medical provider. You're on the front lines. 0:03:42.640 --> 0:03:46.440 I mean this is this is this shipment's meant for you? Right? Absolutely, yes, 0:03:46.800 --> 0:03:50.240 And that's the understanding. I actually thought the very first 0:03:50.320 --> 0:03:54.120 people who would get it would be the in hospital uh, physicians, 0:03:54.200 --> 0:03:58.640 the hospitalists and critical care specialists, because they are literally 0:03:58.720 --> 0:04:00.720 bathing and COVID you know, in the patients that are 0:04:00.720 --> 0:04:04.560 in the hospital and isolation rooms and so forth. Many 0:04:04.600 --> 0:04:06.720 of those patients are very sick and need you know, 0:04:06.920 --> 0:04:09.640 very close care, the you know, the intensive care nurses 0:04:10.000 --> 0:04:12.760 and so forth. But my understanding is it's really going 0:04:12.800 --> 0:04:15.960 to be apparently available to all of the you know, 0:04:16.080 --> 0:04:19.960 frontline health professionals, which is great. So be for the 0:04:20.040 --> 0:04:23.240 end of December or early January if most of us 0:04:23.279 --> 0:04:26.560 can get it. Again, it's two doses, so a month 0:04:26.680 --> 0:04:29.120 later you'd get the second dose. I think people are 0:04:29.200 --> 0:04:31.240 very enthused about it. Yeah, it sounds a way. I've 0:04:31.240 --> 0:04:32.839 got to ask you a question. It keeps kind of 0:04:32.880 --> 0:04:34.320 coming up at home. Why do they need to be 0:04:34.400 --> 0:04:41.600 kept so cold in this for preservation? This particular formulation 0:04:41.880 --> 0:04:46.599 is you know, minus seventy three you know centigrade. Uh, 0:04:46.640 --> 0:04:48.920 And that makes it very difficult shipped on dry ice. 0:04:49.240 --> 0:04:53.480 The Maderna vaccine, not that we're playing you know, favorites here, uh, 0:04:53.760 --> 0:04:56.040 is it doesn't need to be kept quite as cold. 0:04:56.080 --> 0:05:00.200 That's not going to be probably approved or distributed until later. Well, 0:05:00.200 --> 0:05:03.440 it's very effective both very similar technology this messenger or 0:05:03.480 --> 0:05:06.640 in a technology which is new. Uh. And I think 0:05:06.680 --> 0:05:09.920 people have some concerns, but really all of the data 0:05:09.960 --> 0:05:14.400 we've seen seems to be very encouraging. No vaccine is safe. 0:05:14.440 --> 0:05:17.440 There are and certainly with a flu shot, you know, 0:05:17.520 --> 0:05:21.800 we do see dion Bret syndrome and this transfer smilelitis. 0:05:22.279 --> 0:05:27.120 There are side effects. So but we're really not seeing 0:05:27.160 --> 0:05:32.479 that much from this particular class of a vaccine. So 0:05:32.480 --> 0:05:34.400 so let's say you do get proved in the UK. 0:05:34.880 --> 0:05:37.479 Let's say you do get this this vaccine, and you 0:05:37.520 --> 0:05:39.440 get it close to mid December, you get it in 0:05:39.600 --> 0:05:41.520 another month for your your second dose. How do you 0:05:41.520 --> 0:05:44.919 anticipate that your behavior is going to change in the 0:05:45.000 --> 0:05:50.440 spring and in the late winter. That's a great question. Uh, certainly, 0:05:50.640 --> 0:05:53.040 I think you know, for me, when I see patients, 0:05:53.360 --> 0:05:57.599 I put on an N ninety mask, goggles, um. When 0:05:57.640 --> 0:06:00.560 we do procedures like colonoscopy. You know we're gowned up 0:06:00.560 --> 0:06:04.920 when gloves um and so it is stressful and uncomfortable 0:06:04.960 --> 0:06:08.520 walking around all day with the mask and goggles um. 0:06:08.600 --> 0:06:11.839 And so I think certainly I would think about switching 0:06:11.839 --> 0:06:14.880 to a surgical mask which fits a lot looser. You know, 0:06:14.920 --> 0:06:18.200 you don't feel quite as restricted. Um. And I think 0:06:18.320 --> 0:06:21.919 is more people get vaccinated, Uh, the level of tension 0:06:21.960 --> 0:06:24.440 will go down. There is a little bit of anxiety 0:06:24.440 --> 0:06:27.760 when you're seeing patients and you realize this person could 0:06:27.839 --> 0:06:29.719 hurt me. I'm here to help them, but they could 0:06:29.720 --> 0:06:33.120 potentially hurt me. That takes a toll when you've been 0:06:33.120 --> 0:06:36.360 doing that month after month. So Dr les Bader Tim 0:06:36.440 --> 0:06:38.520 just shared with me a story, um, and we were 0:06:38.520 --> 0:06:40.719 just talking about it a little bit. How New York 0:06:40.800 --> 0:06:43.599 has one of America's lowest per capita rates of COVID 0:06:43.640 --> 0:06:47.680 nineteen hospitalizations, but it's surrounded by states UM that are 0:06:47.720 --> 0:06:50.160 far worse and that that's pretty much dangerous sign and 0:06:50.200 --> 0:06:52.600 perhaps a sign of what's to come. Do. What are 0:06:52.640 --> 0:06:56.040 you seeing and what are your expectations? So that's really 0:06:56.040 --> 0:06:59.480 a similar question that I and my colleagues have raised. 0:07:00.080 --> 0:07:03.200 Certainly know we're seeing some pockets of outbreaks, you know 0:07:03.240 --> 0:07:07.600 in Brooklyn and UH, some out in Long Island, UH 0:07:07.640 --> 0:07:11.920 and definitely a few more hospitalizations for COVID, but nothing 0:07:12.280 --> 0:07:15.800 like March and April. And we're certainly not seeing the 0:07:15.880 --> 0:07:18.800 huge surge that's going on in the Midwest and out west. 0:07:19.360 --> 0:07:21.560 And we ask, you know, why is this not happening? 0:07:21.600 --> 0:07:24.160 And I think, you know, I'm guessing, but I think 0:07:24.160 --> 0:07:26.760 there are a few possibilities. One is, I think New 0:07:26.840 --> 0:07:30.080 Yorkers have been very meticulous and wearing masks outside of 0:07:30.080 --> 0:07:33.560 a few areas UM too. I think we've had a 0:07:33.560 --> 0:07:37.040 lot of patients who were second have gotten sick during 0:07:37.120 --> 0:07:40.840 really UM March and April, and we're seeing a lot 0:07:40.880 --> 0:07:44.320 of antibody positivity, a number of patients who either had 0:07:44.360 --> 0:07:48.120 mild symptoms or sometimes severe symptoms. And I think the 0:07:48.360 --> 0:07:51.200 estimate is at least twenty of people at least in 0:07:51.200 --> 0:07:54.600 the New York City area that have positive antibodies, and 0:07:54.640 --> 0:07:57.720 we typically think HERD immunity is somewhere in the fifties, 0:07:57.720 --> 0:08:00.560 sixties seventy percent range. But I think when you have 0:08:00.600 --> 0:08:05.880 a large population that is antibody positive and there even 0:08:05.960 --> 0:08:08.720 maybe more than that because the antibodies fade and your 0:08:08.760 --> 0:08:12.400 left with cellular T cell immunity. So I think there 0:08:12.400 --> 0:08:15.400 are a number of people who've actually had this UM 0:08:15.560 --> 0:08:17.720 and that's why I think we're not seeing it spread 0:08:17.800 --> 0:08:21.240 quite like wildfire as we're seeing out west and in 0:08:21.280 --> 0:08:24.680 the Midwest. But fortunately we are we are seeing a 0:08:24.720 --> 0:08:27.040 slight increase but not a huge increase in the number 0:08:27.080 --> 0:08:31.240 of hospitalizations. Do you think that's going to remain like this? 0:08:31.320 --> 0:08:34.080 I mean, obviously you can't make predictions, but but given 0:08:34.080 --> 0:08:36.400 what we saw every Thanksgiving, the way that people were traveling, 0:08:36.640 --> 0:08:39.680 given what people's plans are perhaps for the Christmas holiday 0:08:39.720 --> 0:08:44.480 in late December holidays, I mean this this could go up. Yeah, Tim, 0:08:44.520 --> 0:08:48.080 that's an excellent point. And we do expect, um uh, 0:08:48.600 --> 0:08:52.800 with sort of less social distancing over Thanksgiving and and 0:08:52.800 --> 0:08:56.120 and the December holidays, um that we will see a 0:08:56.160 --> 0:09:01.000 bump is certainly in positive cases usually too three weeks 0:09:01.080 --> 0:09:03.840 after after that time, So there's definitely going to be 0:09:03.840 --> 0:09:06.640 a bump in the number of cases. Will there be 0:09:06.679 --> 0:09:11.640 a bump in the number of hospitalizations, probably somewhat, you know, Again, 0:09:11.640 --> 0:09:14.040 we do have to remember the vast majority of people 0:09:14.040 --> 0:09:17.319 who get this, certainly young people or people below seventy 0:09:17.640 --> 0:09:20.000 you know, may get sick, but they do fairly well. 0:09:20.080 --> 0:09:24.280 They don't all get um hospitalized. Now, if older people 0:09:24.559 --> 0:09:29.679 or people with lung disease, hypertension, obesity, ETCeteras, diabetes, if 0:09:29.679 --> 0:09:32.880 they've been exposed, and they really shouldn't be exposed because 0:09:32.880 --> 0:09:36.320 they should know really to isolate and not socialize. But 0:09:36.360 --> 0:09:39.480 if they've been exposed, we do expect certainly a bump 0:09:39.480 --> 0:09:42.280 in cases. But I think New York has been so 0:09:42.360 --> 0:09:47.200 far the tries this area at least relatively spared because 0:09:47.240 --> 0:09:50.520 a lot of people have already um had it. But 0:09:50.800 --> 0:09:54.160 according to COVID, the COVID Tracking Project, single day case 0:09:54.200 --> 0:09:58.840 records are set yesterday in Vermont, Rhode Island, New Jersey, Massachusetts, Pennsylvania. 0:09:58.880 --> 0:10:01.600 I'm just thinking that's, like, as Tim said earlier, like 0:10:01.679 --> 0:10:05.079 everything around New York um DR Lesbader just seems to 0:10:05.120 --> 0:10:09.760 be increasing absolutely in those areas. You know, Vermont main 0:10:10.040 --> 0:10:13.839 Upper New England was really spared during the March and 0:10:14.000 --> 0:10:16.679 April time period. So I think we're seeing and this 0:10:16.720 --> 0:10:19.160 is what happened in nineteen eighteen. You know, there were 0:10:19.160 --> 0:10:21.560 areas of the country as it went around the country 0:10:21.559 --> 0:10:24.520 in these different waves that thought, oh gosh, we're going 0:10:24.559 --> 0:10:26.840 to escape it. And of course they didn't escape it 0:10:26.880 --> 0:10:30.920 because this is what happens in pandemics. But my sense 0:10:31.080 --> 0:10:33.360 is we are not going to have anywhere near that 0:10:33.520 --> 0:10:38.280 same lethality as um is the Spanish flu in in 0:10:38.400 --> 0:10:41.080 nineteen eighteen. You know, we have vaccines that are going 0:10:41.120 --> 0:10:44.040 to be administered within the next few weeks um. But 0:10:44.320 --> 0:10:47.079 I do think those other areas that were not hit 0:10:47.280 --> 0:10:50.480 are having, you know, terrible surges. Hopefully they've had time 0:10:50.840 --> 0:10:53.680 to prepare, knowing what happened and knowing what they need 0:10:53.679 --> 0:10:57.720 with personal protective equipment, dental lators. Hopefully they're prepared for that, 0:10:57.840 --> 0:11:01.040 and hopefully their population new you know, not to push 0:11:01.080 --> 0:11:04.440 the envelope if you're at risk, don't socialize, don't go out. 0:11:04.679 --> 0:11:07.920 I've got patients who literally have been in homes in 0:11:08.040 --> 0:11:12.400 Massachusetts for you know, eight months now only going out, 0:11:12.520 --> 0:11:16.800 you know, for shopping because they're afraid of exposure. Obviously 0:11:16.840 --> 0:11:20.000 not everyone can do that, but potensible people in those 0:11:20.040 --> 0:11:23.440 areas hopefully have been isolating. Yeah, exactly. Hey, thank you 0:11:23.480 --> 0:11:26.199 so much. As always, stay safe, be well, and we'll 0:11:26.200 --> 0:11:28.280 talk to you next week. Dr Iain Los Beta, Clinical 0:11:28.320 --> 0:11:31.079 Associate Professor Medicine at n y U Land Going Medical Center. 0:11:31.120 --> 0:11:33.240 On the phone in New York City, you're listening to 0:11:33.320 --> 0:11:38.520 Bloomberg Business Week with Carol Messer on Bloomberg Radio. People 0:11:38.880 --> 0:11:43.040 talk about the productivity that comes working remotely. Well, if 0:11:43.080 --> 0:11:45.600 I work seven days a week, you know, fifteen sixteen 0:11:45.640 --> 0:11:48.079 hours a day, I don't take any holidays at least 0:11:48.120 --> 0:11:50.600 for a period of time, I'm going to be more productive. 0:11:50.880 --> 0:11:53.280 But I think there's there's two access to that chart. 0:11:53.400 --> 0:11:56.960 One is certainly the productivity measured over longer periods of time. 0:11:57.320 --> 0:11:59.839 But I also think the other pieces creativity and what 0:12:00.200 --> 0:12:02.600 mindful of which I don't want to wake up as 0:12:02.640 --> 0:12:04.800 a as a as a company. I don't want to 0:12:04.840 --> 0:12:08.480 wake up as an industry and have hollowed our skill 0:12:08.600 --> 0:12:11.400 sets out. All right, If you didn't recognize the voice 0:12:11.480 --> 0:12:14.400 that was City Group CEO Michael Corbett in a televised 0:12:14.440 --> 0:12:16.959 interview with Carlyle's David Rubinstein, host a peer to peer 0:12:17.000 --> 0:12:19.960 on Bloomberg Radio and TV that was at a Bloomberg 0:12:19.960 --> 0:12:22.880 invest Talks event that aired earlier today. Tim, I feel 0:12:22.880 --> 0:12:25.240 like this is gonna be. This is what everybody's discussing 0:12:25.280 --> 0:12:27.920 about working from home. Are we more productive? Less productive? 0:12:27.960 --> 0:12:31.600 Will it continue? He obviously has some second thoughts about it. Yeah, 0:12:31.640 --> 0:12:33.600 and I only have second thoughts about it. I have 0:12:33.640 --> 0:12:35.960 first thoughts about it. Um. I think it's on a 0:12:35.960 --> 0:12:38.800 case by case basis, and of course it changes depending 0:12:38.800 --> 0:12:41.079 on what you do for work. Yeah, exactly. And it's 0:12:41.080 --> 0:12:43.199 a luxury to be able to work from home, right 0:12:43.480 --> 0:12:45.800 as we've seen right in the pandemic that a lot 0:12:45.840 --> 0:12:49.520 of people can't do that. This story, those comments by 0:12:49.559 --> 0:12:52.080 Michael Corbett, it is among our most read stories on 0:12:52.120 --> 0:12:55.840 the Bloomberg and Jenny Seraine wrote about it specifically. She's 0:12:55.880 --> 0:12:58.480 financial porter at Bloomberg News. She's with us on the 0:12:58.480 --> 0:13:00.920 phone from New York City. Hey, Jenny on, nice to 0:13:00.960 --> 0:13:05.920 have you here. So Michael Corbett not holding back there, No, 0:13:06.120 --> 0:13:09.400 definitely not. And you know he's really been um, pretty 0:13:09.440 --> 0:13:13.400 much an advocate for getting his employees back eventually slowly um, 0:13:13.480 --> 0:13:16.679 but really hasn't been um, you know, saying that they 0:13:16.679 --> 0:13:19.120 would be moving towards the more permanent work from home structure. 0:13:19.200 --> 0:13:21.720 So it's very consistent, but this is kind of a 0:13:21.760 --> 0:13:24.800 new tack the productivity questions. That was kind of interesting 0:13:24.840 --> 0:13:26.680 to hear from him today. I think there will be 0:13:26.720 --> 0:13:30.160 this balance though, between what it does to productivity and 0:13:30.200 --> 0:13:32.400 also what it does for when it comes to the 0:13:32.400 --> 0:13:34.720 real estate footprint of these companies, because they can save 0:13:34.840 --> 0:13:38.160 so much money, especially if if these companies do what 0:13:38.320 --> 0:13:41.080 Silicon Valley companies are doing, which is pay people less 0:13:41.200 --> 0:13:44.280 if they leave Silicon Valley for example. Yeah, Michael, you know, 0:13:44.360 --> 0:13:47.200 that's a good point, Jenny, did Michael Did Corbett say, yeah, 0:13:47.200 --> 0:13:49.640 we're ready to have they made any changes in terms 0:13:49.640 --> 0:13:51.520 of real estate needs or it sounds like not because 0:13:51.559 --> 0:13:54.840 he expects everybody or wants everybody to come back. Yeah. 0:13:55.040 --> 0:13:57.439 So they had actually been in the process of kind 0:13:57.440 --> 0:13:59.760 of shrinking their New York footprint already, and so I 0:13:59.800 --> 0:14:02.439 think they had already been on that, on that plan, 0:14:02.559 --> 0:14:06.240 and so this coming definitely accelerated that and and kind 0:14:06.240 --> 0:14:09.040 of helps them maybe consolidate a little bit more. But 0:14:09.120 --> 0:14:11.920 he did say, you know, probably not everyone will have 0:14:12.040 --> 0:14:14.280 been back in the office full time. It probably will 0:14:14.320 --> 0:14:16.800 allow us to think our real estate fook print um 0:14:16.840 --> 0:14:20.040 in some way. But really really help back from saying 0:14:20.040 --> 0:14:22.200 that there was going to be some more permanent wide 0:14:22.200 --> 0:14:24.840 breadgets or about work at any group. Yeah, I feel 0:14:24.840 --> 0:14:28.200 like I'm hearing from more people, especially in the financial community, 0:14:28.320 --> 0:14:31.520 that their expectations are it's going to be him very, 0:14:31.600 --> 0:14:34.040 very different that there they won't need as much real 0:14:34.160 --> 0:14:37.880 estate that they do anticipate that workers. You know, now 0:14:37.880 --> 0:14:40.440 we're nine months in Habits are hard to change, and 0:14:40.480 --> 0:14:42.840 people like the flexibility of being able to work at home. 0:14:42.920 --> 0:14:45.320 I wonder what the implications are of this, though, doesn't 0:14:45.360 --> 0:14:47.800 mean different things for team development and the way that 0:14:47.880 --> 0:14:50.840 people work with teams. Doesn't mean different things for the 0:14:50.840 --> 0:14:53.720 way that mentors work with mentees and are able to 0:14:53.800 --> 0:14:57.240 actually nurture talent development of organizations. I mean, that's a 0:14:57.240 --> 0:14:59.960 really good point, Jenny, and I've heard that about the concerns, 0:15:00.080 --> 0:15:02.680 especially for maybe minorities and women who already have a 0:15:02.680 --> 0:15:07.960 tough time making inroads what that might mean for talent development. Yeah. Well, 0:15:07.960 --> 0:15:11.280 and Corbett brought that up as well, kind of noting that, um, 0:15:11.360 --> 0:15:13.040 he really wants to know what this will mean for 0:15:13.080 --> 0:15:15.320 the creativity that people bring to their roles. You know, 0:15:15.720 --> 0:15:18.080 so much of what happens in an office is just 0:15:18.160 --> 0:15:20.280 those kind of random moments where you run into a 0:15:20.280 --> 0:15:23.520 colleague and come up with an idea and run with it. Um, 0:15:23.520 --> 0:15:27.040 which is really hard to create in this remote virtual environment. Um. 0:15:27.160 --> 0:15:28.640 So I think that's that's kind of what he was 0:15:28.680 --> 0:15:31.280 planting to do with that comment. Um. And another six 0:15:31.320 --> 0:15:33.200 thing is just one of offices look like, you know, 0:15:33.480 --> 0:15:36.640 the group has been moving towards this open floor plan. Um. 0:15:36.680 --> 0:15:39.600 You know, is that really bople in a post pandemic wealth? 0:15:40.120 --> 0:15:42.600 I know, as we look at our open environment, like listen, 0:15:42.680 --> 0:15:44.640 that's been the rage, right, and like all of a sudden, 0:15:44.640 --> 0:15:47.040 everybody's like, ah, yeah, maybe we need some barriers here. 0:15:48.280 --> 0:15:52.280 I wonder though, how how how Corbett's position perhaps differs 0:15:52.320 --> 0:15:54.720 from those of his peer banks and those from his colleagues. 0:15:55.000 --> 0:15:58.080 What have you found at your reporting, Jenny, I think 0:15:58.160 --> 0:16:00.240 it's definitely a mix. It seems like the of some 0:16:00.560 --> 0:16:03.040 in financial service tess who are more comfortable with like 0:16:03.080 --> 0:16:07.280 a scheme where employees may work from home three days 0:16:07.320 --> 0:16:08.960 a week and come in two days a week or 0:16:09.040 --> 0:16:12.120 vice versa. UM. But I really haven't heard a lot 0:16:12.160 --> 0:16:14.600 of books and banking talk about, you know, doing the 0:16:14.680 --> 0:16:18.480 more permanent everybody works from home forever. UM. It seems 0:16:18.480 --> 0:16:20.960 like there's there's some desires for either a mix or 0:16:21.000 --> 0:16:24.080 definitely feelings like getting everyone back. UM. There's also the 0:16:24.120 --> 0:16:27.840 regulatory component. You know, banks are heavily regulated, UM. And 0:16:27.960 --> 0:16:31.200 you haven't heard much regulators on this point actually, UM, 0:16:31.240 --> 0:16:34.720 But historically they've definitely really focused on having you know, 0:16:34.760 --> 0:16:37.600 bless and seats as it were. I love this interview, 0:16:37.640 --> 0:16:39.320 and I know you went a couple of places, as 0:16:39.360 --> 0:16:43.040 did David Rubinstein with UM Corbette. But they also talked 0:16:43.040 --> 0:16:48.040 about when Wells Fargo got Wakoba uh and basically away 0:16:48.080 --> 0:16:52.280 from city group. UM. He addressed that, Yeah, it was 0:16:52.320 --> 0:16:55.640 super interesting, UM. And really what's interesting about it is 0:16:55.680 --> 0:16:58.840 he talked about wanting that branch network, which is so fascinating. 0:16:58.840 --> 0:17:00.800 You know, in the middle of HIDEM when lots of 0:17:00.920 --> 0:17:03.720 banks are closing branches, the idea that he would still 0:17:03.800 --> 0:17:06.440 rue or wish that they had that big national branch 0:17:06.520 --> 0:17:10.160 but branch um is kind of unique. So UM. Definitely 0:17:10.160 --> 0:17:13.480 a really interesting interview that Womens Bang had what about 0:17:13.480 --> 0:17:15.320 when it comes to digital banking and the way that 0:17:15.320 --> 0:17:17.680 people are banking differently, not just over the last few years, 0:17:17.680 --> 0:17:19.879 but but in the pandemic. We're talking to Joel and 0:17:19.960 --> 0:17:22.800 Bread earlier at Business Week and they had an executive 0:17:22.800 --> 0:17:25.080 form MasterCard on their list because of the way that 0:17:25.200 --> 0:17:30.520 touched touchless payments just shot up in the last year. Yeah, 0:17:30.640 --> 0:17:33.840 I mean, it's definitely true that UM consumers have really 0:17:33.840 --> 0:17:37.680 moved into roads to adopt mobile and online banking. UM 0:17:37.760 --> 0:17:40.040 and Corbet actually adjusted the fact that, you know, if 0:17:40.040 --> 0:17:41.800 they went out and said we're just we're just study 0:17:41.840 --> 0:17:44.159 to close every branch or we're ready to close you know, 0:17:44.320 --> 0:17:46.680 a lot more branches, a lot of customers would lead 0:17:46.760 --> 0:17:50.200 because even though they really like that mobile and online experience, 0:17:50.560 --> 0:17:53.520 is still has this weird desire to just be able 0:17:53.560 --> 0:17:55.199 to go in person and be able to talk to 0:17:55.200 --> 0:17:57.879 the humans. So UM, even though they're seeing you know, 0:17:58.080 --> 0:18:00.600 lest foot topic and their branches, these those you still 0:18:00.600 --> 0:18:02.680 want to have that option because without it, they really 0:18:02.680 --> 0:18:04.800 feel like consumers would would get to the bank just 0:18:04.800 --> 0:18:06.639 don't lose my money, and I'm okay, I don't need 0:18:06.680 --> 0:18:08.520 to go into the branch. Like I can do everything 0:18:08.520 --> 0:18:10.600 on my phone and I'm happy. All I know is 0:18:10.640 --> 0:18:11.800 I need to go to the A T M. Twice 0:18:11.800 --> 0:18:15.639 a year, four twice a year. Yeah, that's it now, 0:18:15.680 --> 0:18:18.800 it is right. You really don't need to go, all right, 0:18:18.880 --> 0:18:21.080 Jenny Seraine, thank you so much of a great weekend, 0:18:21.200 --> 0:18:24.240 great reporting. Jenny is, of course, finance reporter at Bloomberg 0:18:24.240 --> 0:18:25.560 News on the phone in New York City. Are you 0:18:25.600 --> 0:18:27.159 being serious or you're just like kidding? Is that what 0:18:27.240 --> 0:18:28.960 you do twice a year? This year? It will be 0:18:28.960 --> 0:18:32.479 twice just this year, but it is. I prefer not 0:18:32.600 --> 0:18:34.879 having cash. Yeah, I do too, but it's it's you know, 0:18:34.920 --> 0:18:37.359 it's not something that every everyone is accustomed to at 0:18:37.400 --> 0:18:39.760 this point. But yeah, I mean, I think with the pandemic, 0:18:39.800 --> 0:18:41.720 a lot of people change the way they're handling money. 0:18:41.760 --> 0:18:43.040 I always think about how I grew up and my 0:18:43.119 --> 0:18:45.880 dad had the envelope of cash. It's like where every 0:18:46.040 --> 0:18:47.880 It's like how everything was duld? Did you at some point? 0:18:47.880 --> 0:18:50.159 I have to hide it from you? He had it 0:18:50.200 --> 0:18:51.959 from all of us kids. There was seven of us. 0:18:52.040 --> 0:18:54.320 He had a big time. Only my mom knew where 0:18:54.320 --> 0:18:57.760 it was This is Bloomberg Business Week with Carol Messer 0:18:58.080 --> 0:19:00.800 from Bloomberg Radio. We just have a few minutes left 0:19:00.800 --> 0:19:03.720 in today's trading day. Let's get right to our market gas. 0:19:03.760 --> 0:19:06.040 Time for the Drive to the Close with David Dietz, 0:19:06.280 --> 0:19:09.320 President and chief investment strategist at Point View Wealth Management 0:19:09.359 --> 0:19:12.359 seven point three billion in assets under management. David back 0:19:12.440 --> 0:19:14.680 with us on the phone from some of New Jersey. David, 0:19:14.720 --> 0:19:17.680 good to have you here. President Elect Joe Biden being 0:19:18.400 --> 0:19:22.280 you know, rather um, you know, kind of he said, 0:19:22.320 --> 0:19:24.040 The job's report was graham. I felt like he was 0:19:24.080 --> 0:19:26.520 grimm to and just understanding the plight of a lot 0:19:26.560 --> 0:19:30.359 of Americans and the additional stimulus and aid that they need. 0:19:30.400 --> 0:19:32.760 How do you see it? And if we don't get 0:19:32.800 --> 0:19:35.320 that aid and the right amount of aid, what will 0:19:35.359 --> 0:19:38.560 that ultimately mean in terms of our economy and ultimately 0:19:38.680 --> 0:19:43.040 our financial markets. Well, absolutely, he was. It was appropriate 0:19:43.119 --> 0:19:45.480 to be grim because, of course, the jobs report for 0:19:45.560 --> 0:19:49.480 November came in short of expectations. We still have an 0:19:49.560 --> 0:19:53.480 unemployment rate which is unacceptably high, So you know, that's 0:19:53.520 --> 0:19:56.679 the bad news. Of course, juxtaposed against that is some 0:19:56.800 --> 0:19:59.840 even better news in a way, because we've got terrif 0:20:00.000 --> 0:20:04.480 announcements from not just one but three vaccine producers giving 0:20:04.640 --> 0:20:08.240 US vaccines to have an efficiency rate, and some of 0:20:08.240 --> 0:20:10.199 that's going to be rolled up for the end of 0:20:10.200 --> 0:20:13.359 the year. So we know what the causes, we know 0:20:13.440 --> 0:20:15.399 the problem, but at least we're starting to see a 0:20:15.560 --> 0:20:18.520 very bright light at the end of the tunnel. Nevertheless, 0:20:18.560 --> 0:20:21.760 it's not quite clear exactly when the population will build 0:20:21.760 --> 0:20:24.360 to get vaccinated. So for those poor people who are 0:20:24.359 --> 0:20:27.560 out of a job now or whose businesses on Main 0:20:27.600 --> 0:20:31.040 Street are going south fast, there is certainly a need 0:20:31.080 --> 0:20:35.120 for aid. I wonder how though, you know this aid 0:20:35.200 --> 0:20:39.160 comes with the divided Congress, and what what the expectations 0:20:39.200 --> 0:20:41.640 are from investors right now, especially as we see Vice 0:20:41.640 --> 0:20:44.679 President Pence right now, you know, doing a rally in 0:20:44.760 --> 0:20:48.280 Georgia because that this balance of the Senate actually hangs 0:20:48.800 --> 0:20:51.440 in Georgia. Obamba has headed there this weekend, President Trump 0:20:51.480 --> 0:20:53.920