WEBVTT - Businessweek Talks- Synchrony CEO Margaret Keane

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Jason

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<v Speaker 1>Kelly on Bloomberg Radio. I have been so looking forward

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<v Speaker 1>to catching up with our next guest. She's a widely

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<v Speaker 1>admired CEO in a business that is at the crux

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<v Speaker 1>of so many things we care deeply about talking about.

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<v Speaker 1>Margaret Keene, chief executive officer of Synchrony Financial, joining us

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<v Speaker 1>on the phone from Connecticut. Margaret, how are you. I'm good.

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<v Speaker 1>How are you doing. I'm doing very well. You and

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<v Speaker 1>I spent some time together a few years ago now

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<v Speaker 1>at the Economic Club of New York. It seems like

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<v Speaker 1>a hundred years ago. The world was a very different place.

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<v Speaker 1>And I do wonder, because you have such keen insights

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<v Speaker 1>into what's going on with the American consumer. How is

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<v Speaker 1>the consumer doing right now? Well, you know, I think

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<v Speaker 1>going into this is kind of a pre pandemic, and

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<v Speaker 1>I guess pandemic and kind of now we're opening up,

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<v Speaker 1>so we're kind of seeing different fronts, i'd say, going

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<v Speaker 1>into a pandemic. The consumer was very strong. We were

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<v Speaker 1>we were doing really well, Sales were strong, payments were

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<v Speaker 1>coming in. The consumer is really acting very responsibly, and

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<v Speaker 1>we felt like we were going to have, you know,

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<v Speaker 1>a great year. Um, then the pandemic came along and obviously,

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<v Speaker 1>you know, the initial onset of that really shut down

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<v Speaker 1>most of the retail landscape. And you know, we saw

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<v Speaker 1>our sales and we've said this in our earning down

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<v Speaker 1>averaging about thirty two to thirty four percent UM. What

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<v Speaker 1>we've seen since then, though, is definitely a bit of

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<v Speaker 1>a comeback. Our sales are down now ten percent. Uh

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<v Speaker 1>So certainly the consumer is um back out and shopping,

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<v Speaker 1>and uh you know, we're seeing it across the US.

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<v Speaker 1>So it isn't even just in the states that I

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<v Speaker 1>would say are completely open, It's it's across the board.

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<v Speaker 1>Well that's you know, we're going to pay close attention

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<v Speaker 1>to that. Yeah, I mean, because you know, it's interesting.

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<v Speaker 1>We've been having some new conversations, certainly here at Bloomberg.

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<v Speaker 1>You know that it feels like to some extent we're

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<v Speaker 1>flying blind when it comes to the economy. We know

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<v Speaker 1>the past data points looking backwards are not going to

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<v Speaker 1>be good. We get that, right, but we are wondering

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<v Speaker 1>about what kind of a bounce back do we get

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<v Speaker 1>on the other side. So you're saying consumers are coming back.

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<v Speaker 1>I mean, what kind of indications are you know, what

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<v Speaker 1>are they spending and and you said it's up about

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<v Speaker 1>ten percent or what can you tell us in terms

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<v Speaker 1>of well, it's down from where it was at the beginning,

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<v Speaker 1>so we dropped ourselves. We're at about they dropped all

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<v Speaker 1>thirty two is then they come back now they're down

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<v Speaker 1>ten percent from what they were pre pandemic, So that's

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<v Speaker 1>a pretty big swing. Um, what I would say is, um,

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<v Speaker 1>you know, it's the things we're reading about. You know

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<v Speaker 1>we were talking earlier, is that the Burnstein conference. You know,

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<v Speaker 1>for instance, power sports, we're not big in power sports.

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<v Speaker 1>POW power sports sales are off a hundred percents, so

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<v Speaker 1>people are buying things that they can play with at

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<v Speaker 1>home US and we're seeing things related to the home

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<v Speaker 1>be very strong, whether that um home furnishings or or

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<v Speaker 1>things that people are doing to fix up their home.

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<v Speaker 1>So we're certainly seeing strengths there. Um. You know, we

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<v Speaker 1>were talking about bicycles. Adult bicycles. You can't really get

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<v Speaker 1>sold out. So it's really been I think what's happening

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<v Speaker 1>with the conservatives a couple of things we we believe

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<v Speaker 1>One is people have given up vacations. They're staying at

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<v Speaker 1>home and finding stay at home so they're fixing up

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<v Speaker 1>their homes and doing activities around the house with their

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<v Speaker 1>children and their families. I think, uh, you know, we

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<v Speaker 1>think that's a positive and and I think that's where

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<v Speaker 1>consumers are spending. Obviously, you know, we have very strong

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<v Speaker 1>online partners. We're definitely seeing online being a big part

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<v Speaker 1>of that process as well. Um, but I you know, honestly,

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<v Speaker 1>I think we're we're we're probably um, we're probably a

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<v Speaker 1>bit more positive than we thought we were going to

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<v Speaker 1>be at this point when we first it out here. Yeah,

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<v Speaker 1>I think gives a lot of stimulus out there, and

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<v Speaker 1>that's something we've got to pay attention to. There's still

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<v Speaker 1>a lot of stimulus. And I think what we've been

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<v Speaker 1>saying is we've got to make it through this summer.

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<v Speaker 1>See when that stimulus runs out, and then where do

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<v Speaker 1>we where do we stand? And we probably want to

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<v Speaker 1>have a good read and sulser quarter And so Margaret,

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<v Speaker 1>when you think about the retail environment, obviously, so many

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<v Speaker 1>things have been shut down. You've had well known brands

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<v Speaker 1>UH go bankrupt, and you know, some many restructure, some

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<v Speaker 1>may never come back. What's the net effect of that

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<v Speaker 1>for basically sort of the world at large, but also

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<v Speaker 1>for your business this shift to online where I know

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<v Speaker 1>you're very active as well, but break that down for

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<v Speaker 1>us if you can, sure, you know, I would say, Look,

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<v Speaker 1>retail has been going through a transformation for quite a while.

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<v Speaker 1>I think the pandemic and the fact that people have

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<v Speaker 1>to shut their doors just accelerated some of what was

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<v Speaker 1>going to happen over time. So we're seeing that, you know,

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<v Speaker 1>in some of our partners as well as many the

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<v Speaker 1>retailers that are not our partners. And I think what's

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<v Speaker 1>happening is you're seeing retailers who are strong becoming even stronger,

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<v Speaker 1>and I think that will continue. Um. You know, I

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<v Speaker 1>do believe that there's been a lot of view that

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<v Speaker 1>retail is dead. I do not believe retailer is dead.

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<v Speaker 1>I think people like to shop. I think we will

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<v Speaker 1>over retail, and I think the strong retailers will certainly

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<v Speaker 1>survive this and probably be stronger in the end. I

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<v Speaker 1>do think retail has to have a digital strategy as well.

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<v Speaker 1>They need to be able to be where that customer

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<v Speaker 1>is shopping, and I think from a customer behavior perspective.

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<v Speaker 1>We certainly have seen a continued shift and an acceleration

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<v Speaker 1>of people shopping digitally, and I think that will continue.

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<v Speaker 1>So I think there are certain things that people may

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<v Speaker 1>have never thought of buying online before, but of buying

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<v Speaker 1>online and have not been comfortable with that through this process,

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<v Speaker 1>and that's going to shift consumer behavior. I think going forward,

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<v Speaker 1>what do you think people will still shop? People will

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<v Speaker 1>still shop. Yeah, I agree. I think it's a social

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<v Speaker 1>thing to some extent, and people enjoy actually going out

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<v Speaker 1>and feeling merchandise. And I think, you know, maybe in

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<v Speaker 1>New York it's going to take a little while to

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<v Speaker 1>come back, but you know, until people feel safe safer.

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<v Speaker 1>What are you seeing in terms of delinquencies and people's

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<v Speaker 1>ability to actually pay their credit cards? So this is

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<v Speaker 1>this is probably one of the more interesting things that

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<v Speaker 1>we're trying to figure out. You know, consumers are paying

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<v Speaker 1>their credit card so about of the customers who initially

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<v Speaker 1>put themselves into a deferred payment status have actually come

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<v Speaker 1>out of that and are paying their accounts. So we

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<v Speaker 1>actually are seeing good payments right now, which is another

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<v Speaker 1>thing that I think has us a little bit that

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<v Speaker 1>pause to understand why is that now? Is it the stimulus?

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<v Speaker 1>Is it the fact that people aren't spending money elsewhere

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<v Speaker 1>on discretionaries, so they're paying their credit cards and their

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<v Speaker 1>their obligations. Um, you know, we have a lot of

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<v Speaker 1>people who are receiving benefits, so is that helping. Probably

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<v Speaker 1>all these things are helping, you know. The other is

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<v Speaker 1>a big one is you know, people aren't driving, so

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<v Speaker 1>gas prices are down even if they are driving, so

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<v Speaker 1>this extra dollars there. So right now, our our our

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<v Speaker 1>performance in our book is is good. We're very cautious

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<v Speaker 1>on this though, because we still believe that, you know,

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<v Speaker 1>we got to see how people come out of this

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<v Speaker 1>after the stimulus runs out, and more importantly, what is

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<v Speaker 1>the job market look like, how many people are still

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<v Speaker 1>at work. I think we're still very clautious on this

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<v Speaker 1>particular area. We're talking with Margaret Keene to see have

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<v Speaker 1>Synchrony Financial. She's on the phone for Connecticut where the

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<v Speaker 1>company is based. Margaret, you know, it's interesting what you

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<v Speaker 1>said that that statistics customers who put themselves in a

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<v Speaker 1>deferral payments does have come out of it? Are they

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<v Speaker 1>paying off their balances and spending more paying off their

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<v Speaker 1>full balances? And some are just making what their regular

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<v Speaker 1>payment would be, but some are paying off their balances

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<v Speaker 1>rather than than spending and increasing the balances. Yes, where

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<v Speaker 1>seeing our balances come down as a result of that,

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<v Speaker 1>And so that that I think have surprised us a

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<v Speaker 1>bit because I think we just didn't, you know, you know,

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<v Speaker 1>we have modeled for all kinds of recessions. We don't

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<v Speaker 1>really have a model for a pandemic and conserned behavior

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<v Speaker 1>into something like this. And I think, you know, I

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<v Speaker 1>guess the positive of this is those who have gotten

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<v Speaker 1>stimulus are are being thoughtful about it um and possibly

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<v Speaker 1>using that towards their payments. But I think the real

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<v Speaker 1>test is going to be once we get through all

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<v Speaker 1>of that stimulus, it's not there anymore, how many people

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<v Speaker 1>are employed and what does that look like. So that's

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<v Speaker 1>why I'm saying what I'm saying is great, man is

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<v Speaker 1>good now, but I'm being very cautious because we think

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<v Speaker 1>there might be another another side of this, right, And

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<v Speaker 1>so Margaret, when you think about sort of changing behavior

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<v Speaker 1>going forward, you know, just getting right down to the

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<v Speaker 1>nitty gritty of someone, you know, a human handing another

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<v Speaker 1>human a credit card. All of a sudden, something we

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<v Speaker 1>never thought about. We're thinking about more and more. You know,

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<v Speaker 1>the very few times I venture out, I think about that,

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<v Speaker 1>I think about who's touching my credit card? Are there

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<v Speaker 1>technologies that that you're working on that change the nature

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<v Speaker 1>of how we behave going forward given that we are

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<v Speaker 1>thinking so specifically about literally every single thing we touched. Yeah. Absolutely.

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<v Speaker 1>And I think people don't want to touch anything. And

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<v Speaker 1>even when I do go out, if I have if

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<v Speaker 1>I have to hand my card to someone, I actually

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<v Speaker 1>actually like it off after I come home and I

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<v Speaker 1>on it because I think you have to based on

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<v Speaker 1>what what all the experts are saying. Uh, look, I

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<v Speaker 1>think the technology is actually available. So I think we're

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<v Speaker 1>we're looking at doing more contactless cards where you just

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<v Speaker 1>have to you don't even have to, um, you know,

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<v Speaker 1>insert it or you just you know, stop it by

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<v Speaker 1>the actual machine. UM. What really have to shift here

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<v Speaker 1>is and I'm sure you see this particularly in smaller businesses, UM,

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<v Speaker 1>they need to change their point of sale. So I

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<v Speaker 1>think more businesses are shifting to that. In some cases,

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<v Speaker 1>some of the regulation that's sent has in some of

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<v Speaker 1>these things is you have to do contact less. So

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<v Speaker 1>I've even seen in the little stories I shop in

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<v Speaker 1>here and in the town that I live in, people

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<v Speaker 1>have made changes to their point ofself. So I think

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<v Speaker 1>that's going to continue to happen. The technology is there, um,

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<v Speaker 1>it's just a question of accelerating the use of that technology.

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<v Speaker 1>So how does that all impact you? And I also think,

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<v Speaker 1>like in my household, we hadn't signed up for Apple Pay,

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<v Speaker 1>but because of this environment, we're thinking, okay, less back

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<v Speaker 1>and forth transactions where we're giving a card or doing something.

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<v Speaker 1>We really have been thinking about this in a big way.

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<v Speaker 1>So if more people move to platforms like that, how

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<v Speaker 1>does it impact synchrony. Um, It's it doesn't really because

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<v Speaker 1>we can do all those all those we can do

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<v Speaker 1>Apple Pay. We're in Apple pay today, so you can

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<v Speaker 1>use the Apple peg, you can use Samsung Pay. But

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<v Speaker 1>I think also you know master card vs are the

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<v Speaker 1>big um, the big associations are actually moving to contact

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<v Speaker 1>with credit cards themselves. So it could be a digital wall,

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<v Speaker 1>it could actually be the physical cards that that's contactless.

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<v Speaker 1>So France sense, we we just we're preparing for the future.

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<v Speaker 1>We put in on order for plastic that's going to

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<v Speaker 1>be only contact less capable, so that we're ready to

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<v Speaker 1>roll when we we reis for cards and their things

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<v Speaker 1>like that, because we think, as as you said, people

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<v Speaker 1>are not going to want to touch different different points.

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<v Speaker 1>So Margaret, you know, one of the things that we've

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<v Speaker 1>talked a lot about on this program, and I think

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<v Speaker 1>we're all learning in a very profound way, is that

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<v Speaker 1>while the virus doesn't discriminate medically in many ways, it

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<v Speaker 1>does discriminate economically and socio economically, and the impact of

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<v Speaker 1>this on all of our lives is really different depending

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<v Speaker 1>on what you earn and sometimes what your gender is.

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<v Speaker 1>In many cases, what have you identified and what do

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<v Speaker 1>you think we can do about it? As we start

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<v Speaker 1>to assess the impact that this has had societally, and

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<v Speaker 1>especially when it comes to the economics of it. Yeah,

0:12:02.120 --> 0:12:04.880
<v Speaker 1>you know, I think what what's happened in the pandemic.

0:12:04.920 --> 0:12:09.120
<v Speaker 1>It's really bringing to light many of the issues social

0:12:09.160 --> 0:12:11.240
<v Speaker 1>issues that have existed out there for quite a while,

0:12:11.240 --> 0:12:15.160
<v Speaker 1>whether it's you know, you mentioned New York City they

0:12:15.240 --> 0:12:18.040
<v Speaker 1>didn't close schools student en off and you know one

0:12:18.040 --> 0:12:20.959
<v Speaker 1>of the reasons it's because of the students they received

0:12:21.040 --> 0:12:22.800
<v Speaker 1>at least one or two meals there a day, right,

0:12:22.840 --> 0:12:26.280
<v Speaker 1>so they knew that clothing creates this other issue UM.

0:12:26.400 --> 0:12:29.080
<v Speaker 1>And I think for us, it's really about how do

0:12:29.120 --> 0:12:32.640
<v Speaker 1>we continue to drive our diversity and inclusion initiatives inside

0:12:32.640 --> 0:12:35.559
<v Speaker 1>the company. How do we take us stands in certain

0:12:35.600 --> 0:12:38.760
<v Speaker 1>areas where we're going to lift people up UM, making

0:12:38.760 --> 0:12:42.600
<v Speaker 1>sure we're paying good wages, making sure you know, we're

0:12:42.720 --> 0:12:47.120
<v Speaker 1>doing all the right UM activities for For us, for instance,

0:12:47.520 --> 0:12:50.640
<v Speaker 1>we've been really really focused on what I call overall

0:12:50.679 --> 0:12:53.440
<v Speaker 1>wellness and we've been doing a lot for employees in

0:12:53.480 --> 0:12:56.240
<v Speaker 1>that area. We have diversity networks, and so we've been

0:12:56.240 --> 0:13:02.560
<v Speaker 1>doing some extra UM UM work groups. What with with

0:13:02.640 --> 0:13:05.600
<v Speaker 1>our webinars, if you will, with all folks in both

0:13:05.679 --> 0:13:09.600
<v Speaker 1>the the African American, Hispanic and even UM. You know,

0:13:09.640 --> 0:13:12.200
<v Speaker 1>we have a Native American network, which as we know

0:13:12.360 --> 0:13:14.800
<v Speaker 1>that that that group of folks have also been hit

0:13:14.920 --> 0:13:18.040
<v Speaker 1>very hard. So we're trying to make sure that education

0:13:18.520 --> 0:13:23.560
<v Speaker 1>availability UM inside our company is really very focused on

0:13:23.600 --> 0:13:26.400
<v Speaker 1>those groups to really help them UM you know, get

0:13:26.400 --> 0:13:29.520
<v Speaker 1>the right support they need. But what about you know,

0:13:29.720 --> 0:13:32.400
<v Speaker 1>I think about if you look at store cards, I

0:13:32.400 --> 0:13:36.679
<v Speaker 1>think the average rate on it is you know or

0:13:36.679 --> 0:13:39.720
<v Speaker 1>more I mean it's And I do wonder about when

0:13:39.720 --> 0:13:42.160
<v Speaker 1>we think about the vulnerable folks that are part of

0:13:42.160 --> 0:13:45.720
<v Speaker 1>our society often need to do a card because that's

0:13:45.720 --> 0:13:48.679
<v Speaker 1>how they can afford things, but those rates often really

0:13:48.720 --> 0:13:51.960
<v Speaker 1>make it difficult for them. I wonder, you know, because

0:13:52.000 --> 0:13:55.319
<v Speaker 1>of what we're seeing in as a result of the pandemic,

0:13:55.760 --> 0:13:58.520
<v Speaker 1>you know how you guys might be rethinking some of

0:13:58.520 --> 0:14:01.199
<v Speaker 1>that strategy. And I understand, you know, you're set, You've

0:14:01.200 --> 0:14:04.240
<v Speaker 1>got a business to run, UM, but I do wonder

0:14:04.320 --> 0:14:07.920
<v Speaker 1>how you think about something like that. Yeah, you know,

0:14:08.040 --> 0:14:11.240
<v Speaker 1>I I think you know, we always take take you know,

0:14:11.360 --> 0:14:14.520
<v Speaker 1>the rates in the process that we do into UH

0:14:14.720 --> 0:14:18.400
<v Speaker 1>consideration whenever we're originating new accounts. I think part of

0:14:19.080 --> 0:14:21.560
<v Speaker 1>part of how this works is really the mechanism of

0:14:21.960 --> 0:14:24.040
<v Speaker 1>the rewards that people get on the card and how

0:14:24.040 --> 0:14:26.880
<v Speaker 1>you pay for those rewards. If you look at most

0:14:26.920 --> 0:14:29.760
<v Speaker 1>of our rewards, they're richer than what a general general

0:14:29.840 --> 0:14:33.120
<v Speaker 1>purpose credit card would be UM. And you know, we

0:14:33.120 --> 0:14:36.840
<v Speaker 1>we pay close attention, and you know, I don't you know,

0:14:36.880 --> 0:14:39.920
<v Speaker 1>we've changed. I think there's a miscond a little bit

0:14:39.920 --> 0:14:43.720
<v Speaker 1>of a misconception that UM private Lebel credit cards are

0:14:43.720 --> 0:14:49.280
<v Speaker 1>mostly UM sub SubTime. That's actually not true. We've changed

0:14:49.320 --> 0:14:53.480
<v Speaker 1>our book dramatically from the last recession, and our book

0:14:53.560 --> 0:14:56.200
<v Speaker 1>is is much much higher cycles than it was back then.

0:14:56.800 --> 0:14:59.880
<v Speaker 1>It's uh, you know, um, I would say, I would say,

0:15:00.040 --> 0:15:03.680
<v Speaker 1>you know, midprime type of customers who, so your point,

0:15:03.680 --> 0:15:06.760
<v Speaker 1>do need these cards, um, And you know, we think

0:15:06.800 --> 0:15:09.400
<v Speaker 1>we manage those those cards well and we treat our

0:15:09.400 --> 0:15:12.080
<v Speaker 1>customers with great respect. You know, it's important for us

0:15:12.120 --> 0:15:15.520
<v Speaker 1>to support the brand. And you know, when we do

0:15:15.600 --> 0:15:18.400
<v Speaker 1>get customers who are in trouble, we we definitely are

0:15:18.440 --> 0:15:20.000
<v Speaker 1>trying to do the right thing to help them along

0:15:20.040 --> 0:15:25.200
<v Speaker 1>the way. And so, from a very practical perspective, Margaret,

0:15:25.240 --> 0:15:28.680
<v Speaker 1>how does your company specifically get back to the office.

0:15:28.920 --> 0:15:31.120
<v Speaker 1>I'm very sensitive about saying, you know, back to work,

0:15:31.120 --> 0:15:35.000
<v Speaker 1>because we know everybody's working hard, uh in many ways.

0:15:35.080 --> 0:15:38.760
<v Speaker 1>But but what does the office look like for you?

0:15:39.000 --> 0:15:41.680
<v Speaker 1>I believe you're probably not coming back to work until

0:15:42.000 --> 0:15:45.000
<v Speaker 1>at least September, Is that right? Yeah? We put to

0:15:45.040 --> 0:15:48.240
<v Speaker 1>September out there. You know. Look, I think, um, we're

0:15:48.240 --> 0:15:50.720
<v Speaker 1>going to be very cautious about this. I think it's

0:15:50.840 --> 0:15:54.080
<v Speaker 1>uh just responsible to make sure we have the right

0:15:54.080 --> 0:15:57.200
<v Speaker 1>protocols in place before we even think about putting people

0:15:57.240 --> 0:15:59.520
<v Speaker 1>back in the office. I do think the mix of

0:15:59.640 --> 0:16:02.800
<v Speaker 1>people in office versus at home has been a dramatically

0:16:02.840 --> 0:16:05.440
<v Speaker 1>change for us. I think we've learned through this process

0:16:05.480 --> 0:16:07.680
<v Speaker 1>that we can work from home, you know. And I

0:16:07.720 --> 0:16:11.160
<v Speaker 1>think probably the the one area that to me has

0:16:11.240 --> 0:16:14.360
<v Speaker 1>been really fantastic to see is, you know, we moved

0:16:14.400 --> 0:16:16.440
<v Speaker 1>We moved all our call center folks to home, work

0:16:16.480 --> 0:16:19.040
<v Speaker 1>at home. We had a subset of people who are

0:16:19.080 --> 0:16:22.120
<v Speaker 1>working at home before the crisis, um, but we pretty

0:16:22.160 --> 0:16:24.720
<v Speaker 1>much were able to move everybody home. And look, we're

0:16:24.720 --> 0:16:27.760
<v Speaker 1>gonna be thoughful, we're gonna start out with volunteers, We're

0:16:27.760 --> 0:16:31.080
<v Speaker 1>going to test our processes, um. But I would say

0:16:31.120 --> 0:16:33.800
<v Speaker 1>in general, I think we'll have less a lot less

0:16:33.840 --> 0:16:36.640
<v Speaker 1>people in in our offices and more at home as

0:16:36.640 --> 0:16:38.680
<v Speaker 1>we go through this. So we're looking at our footprint

0:16:39.120 --> 0:16:41.440
<v Speaker 1>what makes sense? I mean an important part here, and

0:16:41.480 --> 0:16:43.480
<v Speaker 1>this is the part I think that's unknown right now

0:16:43.480 --> 0:16:45.480
<v Speaker 1>that we've got to figure out, you know, is how

0:16:45.480 --> 0:16:48.280
<v Speaker 1>do you keep your culture, how do you keep your identity?

0:16:48.800 --> 0:16:50.840
<v Speaker 1>How do you make sure people are feeling belonged to

0:16:51.040 --> 0:16:54.680
<v Speaker 1>something bigger? Um and and how do we make sure

0:16:54.680 --> 0:16:57.360
<v Speaker 1>we have those processes in place? Now? We had that

0:16:57.440 --> 0:17:00.320
<v Speaker 1>in place where the thousand people we had worked at home.

0:17:00.360 --> 0:17:03.080
<v Speaker 1>It's very different when you have seventeen thousand people working

0:17:03.080 --> 0:17:05.240
<v Speaker 1>at house. So you know, we want to make sure

0:17:05.280 --> 0:17:07.520
<v Speaker 1>we're doing this in a in a fawful way. I

0:17:07.520 --> 0:17:10.080
<v Speaker 1>have to say that was the number. That was the

0:17:10.160 --> 0:17:11.919
<v Speaker 1>number one thing that came up on a conversation I

0:17:11.960 --> 0:17:14.159
<v Speaker 1>had with CEOs earlier today. It's all about culture, like

0:17:14.200 --> 0:17:16.439
<v Speaker 1>how do you keep that going? So it's interesting to

0:17:16.480 --> 0:17:18.959
<v Speaker 1>hear that from you as well. All right, Margaret King,

0:17:19.040 --> 0:17:20.760
<v Speaker 1>thank you so much, really good to catch up with you.

0:17:20.800 --> 0:17:23.879
<v Speaker 1>The CEO of Synchrony Financial joining us on the phone

0:17:24.080 --> 0:17:26.800
<v Speaker 1>from Connecticut, A. You know, what are these companies? We've

0:17:26.840 --> 0:17:29.639
<v Speaker 1>been saying this all afternoon, Carol, and some ways used

0:17:29.640 --> 0:17:33.160
<v Speaker 1>to be part of ge uh everybody like so so

0:17:33.200 --> 0:17:36.359
<v Speaker 1>many people touch this company and vice versas. So getting

0:17:36.359 --> 0:17:39.680
<v Speaker 1>her insights into the consumer I think was interesting, and

0:17:39.760 --> 0:17:41.120
<v Speaker 1>I have to say some of the stuff she said

0:17:41.160 --> 0:17:44.560
<v Speaker 1>surprised me. On the upside, Yeah, totally, you know, absolutely

0:17:44.600 --> 0:17:47.560
<v Speaker 1>in terms of you know, consumers spending and where people where,

0:17:47.600 --> 0:17:49.200
<v Speaker 1>you know, where people are committing money at this point,

0:17:49.280 --> 0:17:50.320
<v Speaker 1>a really great conversation