WEBVTT - Women, Money and Power 0:00:03.080 --> 0:00:08.400 Bloomberg Audio Studios, Podcasts, radio News. 0:00:08.600 --> 0:00:11.800 We are in the midst of the largest wealth transfer 0:00:11.960 --> 0:00:15.200 in history right at this very moment. So one hundred 0:00:15.240 --> 0:00:18.520 trillion dollars of wealth is going to next gen and 0:00:18.600 --> 0:00:20.160 millennial clients over. 0:00:20.000 --> 0:00:20.880 The next decade. 0:00:21.239 --> 0:00:25.239 So that has some pretty significant implications. But in addition 0:00:25.280 --> 0:00:29.680 to that, women are controlling more and more global wealth. 0:00:30.000 --> 0:00:32.680 Today they control a third of global wealth, but in 0:00:32.720 --> 0:00:35.800 the next five years, thirty trillion is going to pass 0:00:35.840 --> 0:00:38.159 in the hands of women, and they're going to control 0:00:38.240 --> 0:00:42.360 over fifty percent of the global wealth market out there. 0:00:42.240 --> 0:00:47.600 Today, Welcome to the City of London, the City of 0:00:47.600 --> 0:00:49.320 the City, the City of London. 0:00:51.960 --> 0:00:56.640 Please mind the gap between the trial and the financial 0:00:56.760 --> 0:01:00.760 hearts of the country, the. 0:01:02.480 --> 0:01:03.600 City, the city. 0:01:04.000 --> 0:01:05.400 Welcome to in the city. 0:01:07.480 --> 0:01:09.720 Stand clear of the doors. 0:01:09.880 --> 0:01:10.119 Peace. 0:01:11.000 --> 0:01:13.200 I'm front Sine Lacwaw in the London studio. Now on 0:01:13.240 --> 0:01:15.720 this week's In the City, we debrief on Bloomberg's first 0:01:16.080 --> 0:01:19.000 Women Money and Power event in London, which brought together 0:01:19.160 --> 0:01:22.560 senior women across finance globally. You just heard one of 0:01:22.600 --> 0:01:26.319 these women, City Group's private bank head idly now her 0:01:26.360 --> 0:01:29.200 comments on the spike in female fortunes happening right now 0:01:29.600 --> 0:01:32.680 and how that is transforming investing around the world was 0:01:32.720 --> 0:01:35.080 one of the key themes covered across the day, but 0:01:35.200 --> 0:01:38.399 other key topics included the outlook for private markets and 0:01:38.440 --> 0:01:40.399 what the return of Donald Trump to the White House 0:01:40.440 --> 0:01:43.600 means for markets and economies. So for today's episode, we're 0:01:43.640 --> 0:01:45.759 going to unpack these topics and some of the other 0:01:45.880 --> 0:01:48.760 key takeaways from the event. With me to do that, 0:01:48.880 --> 0:01:52.480 EMBA News director Ros Matheson and from our UK and 0:01:52.560 --> 0:01:55.320 Middle East Finance team, Jenny s Sorain. So welcome both 0:01:55.400 --> 0:01:57.560 to in the City. Jenny, you were in charge with 0:01:57.640 --> 0:02:00.200 others of this live blog out of go. 0:02:00.480 --> 0:02:01.240 It was really great. 0:02:01.440 --> 0:02:03.720 There were so many I think surprising moments from the 0:02:03.800 --> 0:02:06.800 day where, you know, kind of heading in, I thought 0:02:06.840 --> 0:02:08.360 we would hear a lot about one thing, and then 0:02:08.360 --> 0:02:10.240 we ended up hearing a lot about another thing. So 0:02:10.840 --> 0:02:12.760 like one of the big takeaways for me was really 0:02:13.919 --> 0:02:16.359 even folks that I think are huge owners of public 0:02:16.360 --> 0:02:19.880 equities or kind of traditional fixed income you know, bonds 0:02:19.880 --> 0:02:22.239 and things like that, they were really big on private 0:02:22.240 --> 0:02:24.600 markets and so we just continuously heard about that all 0:02:24.680 --> 0:02:27.280 day long in terms of how big that market is growing, 0:02:27.360 --> 0:02:30.240 what risks folks are worried about kind of getting embedded 0:02:30.400 --> 0:02:34.960 as that market grows where they're seeing opportunity. So I 0:02:34.960 --> 0:02:36.440 thought that was that was sort of one of the 0:02:36.720 --> 0:02:39.160 more interesting takes from the day in terms of, you know, 0:02:39.200 --> 0:02:43.560 here are these women that are managing humongous portfolios of equities, 0:02:43.560 --> 0:02:46.760 and yet they're looking kind of beyond for what's next. 0:02:47.160 --> 0:02:49.680 We had rolls, you know, senior suite from like City Group, 0:02:50.320 --> 0:02:53.960 Female Leadership, We had to Morgan Stanley, we had Jenny 0:02:54.040 --> 0:02:58.959 Johnson of Franklin Templeton, and we had Santander and I 0:02:58.960 --> 0:03:02.200 guess the common pattern was you have all this money 0:03:02.200 --> 0:03:04.079 that needs to be invested, so it's not that it's 0:03:04.080 --> 0:03:06.200 being taken out of money, it's just shifting around. 0:03:07.160 --> 0:03:08.760 Well, that's right, and that was where it was very 0:03:08.760 --> 0:03:12.560 interesting to see where they're looking to put money. It's 0:03:12.600 --> 0:03:15.000 interesting to see when he was saying the conversation around 0:03:15.560 --> 0:03:17.760 private markets. It was also striking to me the way 0:03:17.760 --> 0:03:21.040 that people talk about passive investing, which is interesting because 0:03:21.080 --> 0:03:22.920 they were also citing the kind of term or that 0:03:22.960 --> 0:03:26.560 the planet is in and how unpredictable things are, and 0:03:26.639 --> 0:03:28.760 yet you know, looking a lot towards the rise of 0:03:28.840 --> 0:03:30.280 passive investment. 0:03:30.320 --> 0:03:31.680 But was really striking to. 0:03:31.760 --> 0:03:35.520 Me was the way that people are very optimistic about 0:03:35.520 --> 0:03:39.880 the US as a market with the incoming presidency of 0:03:39.960 --> 0:03:43.000 Donald Trump for the second time. They're really upbeat about 0:03:43.040 --> 0:03:46.000 the outlook for the markets there for dealmaking there, I 0:03:46.000 --> 0:03:49.560 guess seeing Donald Trump as a very transactional president who'll 0:03:49.560 --> 0:03:52.920 just want business to get on as usual, but alsobeat 0:03:52.920 --> 0:03:55.960 on the US economy and in contrast, by and. 0:03:56.040 --> 0:03:59.320 Large, very downbeat on Europe, worried. 0:03:59.000 --> 0:04:01.440 About the political see situation in Europe, worried about the 0:04:01.440 --> 0:04:04.320 outlet for labor in Europe, and certainly there was a 0:04:04.400 --> 0:04:07.160 very big contrast from some of the senior women yesterday 0:04:07.160 --> 0:04:07.440 on that. 0:04:07.840 --> 0:04:11.960 I completely concur with Allis's perspective around regulation. It's got 0:04:11.960 --> 0:04:13.880 to get obviously better than we've had in the US 0:04:14.120 --> 0:04:17.560 under the prior regime, and I do believe it'll be 0:04:17.680 --> 0:04:20.920 kind of industry specific, because there's certain industries that might 0:04:21.200 --> 0:04:23.920 have slightly different dynamics around m and A and consolidation, 0:04:24.440 --> 0:04:26.160 But in general were quite bullish. 0:04:26.360 --> 0:04:27.960 There was a lot of focus on deal making in 0:04:28.000 --> 0:04:29.920 twenty twenty five, so I don't know whether there was 0:04:30.200 --> 0:04:34.080 almost too much optimism after the last couple of months 0:04:34.120 --> 0:04:35.719 where there was a lot of turmoil in the markets 0:04:35.720 --> 0:04:38.880 and a lot of acts of the Trump tariffs because 0:04:38.920 --> 0:04:41.880 Jenny so they were very bullish on deal making in 0:04:41.920 --> 0:04:45.000 twenty twenty five, and also the tariffs were kind of minimized. 0:04:45.160 --> 0:04:47.240 You you know, a lot of them on stage said, oh, 0:04:47.279 --> 0:04:49.359 this is a negotiating tactic. It's just to get a 0:04:49.360 --> 0:04:51.720 better deal. It's the art of the deal. We're not 0:04:51.760 --> 0:04:53.440 sure that Donald Trump falls through with it. 0:04:54.080 --> 0:04:57.760 Yeah, that was definitely the main vibe on the tariff front, 0:04:57.800 --> 0:05:00.800 which is interesting because you know, it's hard to know 0:05:01.040 --> 0:05:04.320 if if he really will follow through on on so 0:05:04.360 --> 0:05:05.960 many of us, so much of what he says, but 0:05:06.040 --> 0:05:08.320 definitely folks who were kind of discounting the threat of 0:05:08.360 --> 0:05:11.640 tariffs and absolutely thinking that he will follow through on 0:05:11.680 --> 0:05:15.240 everything he's said on deregulation. So we had a really 0:05:15.279 --> 0:05:18.120 great panel towards the end of the day where I 0:05:18.160 --> 0:05:22.040 think it was Christina Menez from Goldman Sachs, Alison Harding 0:05:22.120 --> 0:05:24.760 Jones from Deutsche Bank, and they were just talking a 0:05:24.760 --> 0:05:27.240 lot about, you know, the idea that so much has 0:05:27.279 --> 0:05:30.320 been on hold under the Biden administration because he's really 0:05:30.360 --> 0:05:32.840 put forward this image of you know, I'm gonna be 0:05:32.880 --> 0:05:34.760 hard on anti trust. I'm going to put every deal 0:05:34.839 --> 0:05:37.200 under review. And these guys are saying, you know, that 0:05:37.320 --> 0:05:39.360 just meant that a lot of clients didn't even bring 0:05:39.480 --> 0:05:42.400 anything to the table. And now, you know, we've got 0:05:42.440 --> 0:05:45.480 this new administration coming in. He's promised so much deregulation. 0:05:45.560 --> 0:05:47.480 We'll see who he puts at the top of all 0:05:47.480 --> 0:05:51.159 these different agencies. We really feel like kind of the 0:05:51.160 --> 0:05:53.520 animal spirits are coming back to life, and and we've 0:05:53.560 --> 0:05:55.800 really had a lot of client inquiries coming in and 0:05:55.839 --> 0:05:58.760 so it'll be interesting to see if that comes true. 0:05:59.520 --> 0:06:00.400 We did have it. 0:06:01.040 --> 0:06:02.800 There was so much back and forth because I think 0:06:02.839 --> 0:06:05.640 so many people are hesitant to say, you know, twenty 0:06:05.680 --> 0:06:08.160 twenty five will be this big, huge deal making frenzy. 0:06:09.200 --> 0:06:11.240 I think it was the former CEO of now West, 0:06:11.279 --> 0:06:13.839 Alison Rose, who she was talking a lot about how 0:06:13.920 --> 0:06:16.800 she thinks that we'll see a couple of one in 0:06:16.880 --> 0:06:19.960 one hundred year events, which is kind of scary. But 0:06:20.040 --> 0:06:21.920 she was basically saying, you know, this year, we've had 0:06:21.960 --> 0:06:25.360 things like you know, the continued you know, invasion of Ukraine. 0:06:25.360 --> 0:06:28.040 We've had so much going on in the Middle East. Obviously, 0:06:28.080 --> 0:06:30.400 we've had in the past couple of weeks with France 0:06:30.400 --> 0:06:33.279 in Germany, so she was just saying, you know, we'll 0:06:33.279 --> 0:06:35.200 have more of those and that could end up actually 0:06:35.240 --> 0:06:38.440 stymying things. So even you know, with this huge agenda 0:06:38.480 --> 0:06:42.800 of deregulation, the geopolitics, Trump's economic in her mind for 0:06:42.839 --> 0:06:43.919 the next twelve months. 0:06:44.040 --> 0:06:46.200 Yeah, And there was an interesting conversation also with the 0:06:46.279 --> 0:06:49.920 US Ambassador to the UK, Jane Hartley, and she kind 0:06:49.960 --> 0:06:51.760 of went through some of the biggest risks. But what 0:06:51.880 --> 0:06:54.919 was interesting it was always with a bit of optimism 0:06:54.960 --> 0:06:55.880 certainly on the UK. 0:06:56.560 --> 0:06:58.680 That's right, and saying that the UK rather could play 0:06:58.800 --> 0:07:01.120 quite a significant role when it comes to Europe. 0:07:01.279 --> 0:07:02.760 You know, there is some worry about some of the 0:07:02.800 --> 0:07:05.400 bigger countries in Europe, which is why I do keep 0:07:05.440 --> 0:07:07.760 going coming back to the UK and we need UK 0:07:07.960 --> 0:07:10.400 to lead because as we know, we've seen a lot 0:07:10.440 --> 0:07:14.640 of political instability recently in France, political instability in Germany, 0:07:15.480 --> 0:07:17.120 so the UK has to play a role. 0:07:17.320 --> 0:07:18.920 Obviously they were being a bit careful about this, but 0:07:19.000 --> 0:07:21.720 referring to some of the political turmoil in France and 0:07:21.760 --> 0:07:25.200 Germany and look at these very too significant economic engines 0:07:25.720 --> 0:07:28.680 in Europe and saying, you know, there's question marks there. 0:07:28.800 --> 0:07:31.040 I mean, at the same time, some of the optimism 0:07:31.080 --> 0:07:34.440 on the US was a bit intriguing because even though 0:07:34.440 --> 0:07:37.480 Donald Trump may be loosening regulation, he very much clearly 0:07:37.480 --> 0:07:40.960 wants to do that cutting red tape through DOGE, this 0:07:40.960 --> 0:07:44.320 this job that he's assigned to Elon Musk and I 0:07:44.320 --> 0:07:46.800 don't necessarily that it's going to be waving everything through. 0:07:47.000 --> 0:07:49.760 I mean, you see the big US steel deal with 0:07:49.840 --> 0:07:53.000 Japan and Joe Biden now potentially looking to block that, 0:07:53.000 --> 0:07:55.440 but Donald Trump is made clear he would block it 0:07:55.480 --> 0:07:57.320 either way. I mean, if he thinks a deal is 0:07:57.320 --> 0:07:59.680 not good for the US or not good for the 0:07:59.720 --> 0:08:03.880 US company, he will still potentially get in the middle 0:08:03.920 --> 0:08:04.160 of that. 0:08:04.400 --> 0:08:06.360 So there might be a little bit of risk. 0:08:06.200 --> 0:08:09.360 Still involved when it comes to the upper arrowdness of 0:08:09.440 --> 0:08:12.600 the conversation around the US, and you know, as we're saying, 0:08:12.600 --> 0:08:14.320 we just don't know exactly what he's going to do 0:08:15.000 --> 0:08:18.000 in the rest of the world. But it was intriguing 0:08:18.080 --> 0:08:21.880 to see, you know, people saying, well, Europe and the 0:08:22.000 --> 0:08:26.560 UK not really sure, some uncertainty around the new UK 0:08:26.760 --> 0:08:30.280 government and policy making. But equally, you know, there was 0:08:30.360 --> 0:08:32.520 one outlie I was quite intriguing. It was on Bloomberg 0:08:32.600 --> 0:08:36.360 Radio actually in the morning, and that was from Oachery 0:08:36.360 --> 0:08:40.240 Capital Management, so Daniel Polly and she said, you know, yes, 0:08:40.280 --> 0:08:42.880 the US is looking good, but in all of this, 0:08:42.960 --> 0:08:45.200 maybe we are going to overlook Europe a bit. It's 0:08:45.280 --> 0:08:48.000 not all down arrow for Europe. So there were a 0:08:48.040 --> 0:08:51.560 few voices saying there may be opportunities in Europe and 0:08:51.600 --> 0:08:52.880 the UK in all of this. 0:08:53.280 --> 0:08:55.920 Ros I'm still so surprised about this massive difference about 0:08:55.920 --> 0:08:58.000 geopolitics and how it's playing out on the market. So, 0:08:58.559 --> 0:09:01.040 you know, this was December tenth that we did the conference. 0:09:01.400 --> 0:09:03.480 Usually people say, oh, what are you doing for the holidays? 0:09:03.480 --> 0:09:06.040 I mean, there's no winding down, right, And it was 0:09:06.120 --> 0:09:07.720 very clear from the people in the room, that people 0:09:07.760 --> 0:09:10.480 on the panels and people in the audience. It was 0:09:10.960 --> 0:09:13.319 you know that we're so busy because of geopolitics. I'm 0:09:13.320 --> 0:09:15.480 just trying to say on top of the news, and 0:09:15.600 --> 0:09:18.640 yet nothing is really translating into markets. 0:09:19.240 --> 0:09:19.760 Well, that's right. 0:09:19.800 --> 0:09:22.599 You see it on the energy market too, with the 0:09:22.640 --> 0:09:26.360 events in the Middle East. You're not seeing massive moves 0:09:26.400 --> 0:09:30.520 necessarily in the oil price. And I think a lot 0:09:30.520 --> 0:09:33.160 of places we hear about are now they're listening a 0:09:33.200 --> 0:09:36.560 lot more to the geopolitical situation and they're bringing in 0:09:36.600 --> 0:09:38.880 people to help explain it to them. What does this 0:09:39.000 --> 0:09:42.320 mean tangibly all these things that are going on in 0:09:42.360 --> 0:09:46.199 the Middle East or beyond, but also looking through all 0:09:46.240 --> 0:09:48.079 of that to the realities of what does that mean 0:09:48.120 --> 0:09:51.120 for things like supply and demand. If you look at oil, 0:09:51.280 --> 0:09:55.280 it's really not affecting supply, for example, and so there's 0:09:55.280 --> 0:09:57.800 a lot of things happening in the Middle East, in 0:09:57.840 --> 0:10:01.680 particularly in Syria in recent day, but that doesn't impact 0:10:01.720 --> 0:10:04.839 the supply of oil. And as long as supply doesn't 0:10:04.840 --> 0:10:07.840 get impacted and prices don't move as a result, you 0:10:07.880 --> 0:10:10.040 are seeing a willingness to look suit through some of 0:10:10.080 --> 0:10:12.720 that in the market. And again people seem to be 0:10:12.800 --> 0:10:16.440 hanging their hopes on brighter times ahead for business in 0:10:16.480 --> 0:10:19.880 the US, and even with the unpredictability of Donald Trump, 0:10:20.120 --> 0:10:22.719 because it can be a pretty unpredictable at least as 0:10:22.760 --> 0:10:25.400 a sense of knowing a bit more now about what 0:10:25.440 --> 0:10:28.800 Donald Trump is like as a leader from the first administration, 0:10:29.240 --> 0:10:31.800 and you know, business and markets learning how to deal 0:10:31.800 --> 0:10:31.959 with that. 0:10:32.360 --> 0:10:34.200 Jenny, what's your take on the private credit market. So, 0:10:34.320 --> 0:10:36.360 first of all, it's huge, and it kind of I mean, 0:10:36.400 --> 0:10:37.959 I wouldn't say it came out of nowhere, but it's 0:10:38.000 --> 0:10:40.520 so huge. It's like one point six trillion at the moment, 0:10:40.600 --> 0:10:43.120 and it's been really like a massive change, a massive 0:10:43.120 --> 0:10:45.600 shift over the last couple of years. Many believe it 0:10:45.600 --> 0:10:49.080 could even double. But you know, does it change how 0:10:49.120 --> 0:10:49.840 we price risk? 0:10:49.920 --> 0:10:50.679 We don't really know. 0:10:51.480 --> 0:10:54.120 Is there a concern with valuations? Does that change some 0:10:54.160 --> 0:10:55.480 of the conversations that we're having. 0:10:55.840 --> 0:10:58.160 That was definitely one of the big takeaways from yesterday 0:10:58.360 --> 0:11:01.160 was so I think it was it was Googenheims and 0:11:01.280 --> 0:11:03.800 Walsh that said that she sees this market doubling, the 0:11:03.840 --> 0:11:05.199 private credit market doubling. 0:11:05.200 --> 0:11:10.320 Specifically, I've seen estimates of potentially four trillion dollars in 0:11:10.640 --> 0:11:13.360 private credit going forward relative to where we are now, 0:11:13.360 --> 0:11:16.080 So we could see a doubling of the size. And 0:11:16.120 --> 0:11:18.160 I think one of the elements that would potentially drive 0:11:18.200 --> 0:11:21.280 that is a way for retail investors to somehow move 0:11:21.320 --> 0:11:24.880 into private credit, which right now that's really not happening. 0:11:24.920 --> 0:11:28.000 It's at the very beginning in some cases, but that 0:11:28.040 --> 0:11:33.080 will also drive that development and make it more shall 0:11:33.120 --> 0:11:36.200 we say, the democratization, if you will, of private capital. 0:11:36.480 --> 0:11:39.440 And then I think it was Franklin Templeton's Jenny Johnson 0:11:39.440 --> 0:11:43.040 who talked a lot about how she's looking at private 0:11:43.080 --> 0:11:46.000 credit assets that are trading at exactly the same spreads 0:11:46.120 --> 0:11:50.559 as traditional fixed income assets like bonds, and she just 0:11:50.559 --> 0:11:52.840 couldn't believe that because she just thinks that there should 0:11:52.840 --> 0:11:54.800 be a premium for the type of iliquidity that you 0:11:54.840 --> 0:11:58.960 see in these markets. There was an also an interesting 0:11:59.000 --> 0:12:01.640 panel though that that I thought was really fascinating. It 0:12:01.679 --> 0:12:04.720 was about the business of wealth management, and they actually 0:12:04.760 --> 0:12:07.040 were talking a lot about how they were coming up 0:12:07.080 --> 0:12:09.280 with all these new solutions to try to actually introduce 0:12:09.320 --> 0:12:13.520 more liquidity into private markets. So Morgan Stanley Elizabeth Dennis there, 0:12:13.600 --> 0:12:15.679 she basically was saying that they're hearing so much more 0:12:15.679 --> 0:12:18.920 from clients that they want to invest in closely held companies. 0:12:19.480 --> 0:12:21.360 So take like the Revolutes of the world or the 0:12:21.400 --> 0:12:23.960 Monzos of the world here, and she was saying that, 0:12:24.000 --> 0:12:25.680 you know, we see all these clients really wanting to 0:12:25.679 --> 0:12:29.520 pour into these these big, growing startups, but they're just 0:12:29.559 --> 0:12:31.720 they're not going public, and they don't want to go public. 0:12:31.760 --> 0:12:34.280 And we understand all the reasons why that is. And 0:12:34.320 --> 0:12:36.800 so what they've actually been doing is helping these clients 0:12:37.040 --> 0:12:40.760 or helping these companies arrange secondary share sales where you know, 0:12:40.760 --> 0:12:43.360 they go to early investors or early employees who hold 0:12:43.360 --> 0:12:46.000 shares of these privately held companies, they buy those shares 0:12:46.000 --> 0:12:47.560 off of them and then sell it to their their 0:12:47.559 --> 0:12:51.040 wealthy their wealthy clients. And so for the company, you know, 0:12:51.120 --> 0:12:54.679 brings in new new investors, kind of brings in new evaluations, 0:12:54.679 --> 0:12:57.480 some new enthusiasm for their for their stock, and for 0:12:57.520 --> 0:12:59.600 those early employees and early investors, you know, they get 0:12:59.600 --> 0:13:02.000 the liquid that they've probably been long wanting, and so 0:13:02.440 --> 0:13:05.040 it sort of helps this market limp along, It helps 0:13:05.040 --> 0:13:07.640 these companies avoid the IPO markets for a little bit longer, 0:13:08.160 --> 0:13:10.640 and obviously it keeps your wealthy customers happy. And so 0:13:10.920 --> 0:13:12.600 it was sort of interesting to see all the ways 0:13:12.600 --> 0:13:14.679 that these women were kind of coming up with to 0:13:14.840 --> 0:13:17.640 introduce new liquidity into this growing and fast market. 0:13:18.040 --> 0:13:20.360 We also had a pretty special conversation with Jane Fraser 0:13:20.400 --> 0:13:22.319 of City Group. Is she the most powerful woman in 0:13:22.600 --> 0:13:23.760 global banking right now? 0:13:24.160 --> 0:13:28.720 I think so, you know, she's definitely, she's three years 0:13:28.720 --> 0:13:32.560 after from over three years after she was named. You know, 0:13:32.600 --> 0:13:35.000 she's still the only woman atop a major US bank, 0:13:35.040 --> 0:13:39.720 which is kind of sad, but definitely she sits at 0:13:39.720 --> 0:13:41.439 the corner of so many different things. You know, she's 0:13:41.480 --> 0:13:44.440 pulling off this massive transformation of City Group. We had 0:13:44.440 --> 0:13:46.560 a really nice big takeout on that yesterday where she 0:13:46.600 --> 0:13:48.760 talked about, you know, this is a five year process. 0:13:48.800 --> 0:13:52.319 I'm about halfway through. They've still got a lot more 0:13:52.320 --> 0:13:52.640 to go. 0:13:53.240 --> 0:14:00.000 My ambition is to be a high returning, high quality earnings, 0:14:00.600 --> 0:14:04.520 simpler institution that continues to play a shaping role in 0:14:04.559 --> 0:14:08.720 the global financial system. We are truly privileged to be 0:14:09.040 --> 0:14:13.400 as in as many locations as we are, with a 0:14:13.480 --> 0:14:17.880 talent base, with such a global mindset and an ambition 0:14:18.000 --> 0:14:20.600 about it. So I think about we've got the right 0:14:20.640 --> 0:14:24.560 strategy and vision we're executing with the right organization, and 0:14:24.600 --> 0:14:27.760 that we're a simpler, well controlled, modern organization. 0:14:28.280 --> 0:14:30.560 And she was really focused on you know, one key 0:14:30.600 --> 0:14:33.400 metric that they look at as return on tendable common equity, 0:14:33.440 --> 0:14:35.960 which you know sounds like a mouthful, but it's actually 0:14:35.960 --> 0:14:38.760 a really important metric that City Group has long lagged 0:14:38.760 --> 0:14:42.160 behind on and you know they're trying to get it 0:14:42.240 --> 0:14:44.440 up to I think twelve percent. They're sitting at seven 0:14:44.480 --> 0:14:47.760 percent right now. If you look at their peers like 0:14:47.840 --> 0:14:50.200 JP Morgan and Bank of America, those guys are are 0:14:50.280 --> 0:14:52.600 usually in the mid teens with that, And so even 0:14:52.600 --> 0:14:54.280 when they get to where she wants them to get 0:14:54.280 --> 0:14:56.960 to there, they're still pretty far behind their what their 0:14:57.040 --> 0:15:00.600 rivals are notching. And so I think, you know, she 0:15:00.680 --> 0:15:02.840 has one of the hardest jobs in banking, that's for sure. 0:15:02.920 --> 0:15:04.640 So she's I think she's definitely one of the most 0:15:04.640 --> 0:15:07.280 important people. But she's also got a really tough job 0:15:07.280 --> 0:15:10.000 ahead of her. And I don't think she's you know, 0:15:10.080 --> 0:15:12.280 she doesn't have any rose colored glasses on about that. 0:15:12.280 --> 0:15:14.400 I think she's pretty clear i'd about the challenges ahead. 0:15:14.920 --> 0:15:17.640 It's amazing, actually, how you know, after those conversations, so 0:15:17.640 --> 0:15:19.640 many people in the corridors would say, I really hope 0:15:19.680 --> 0:15:23.120 she succeeds because she has seen is you know, a 0:15:23.200 --> 0:15:25.920 kind of female leader that will pave the way for others. 0:15:26.280 --> 0:15:28.880 Absolutely, I mean I think that that's there's like kind 0:15:28.880 --> 0:15:30.640 of so much riding on it in terms of just 0:15:30.720 --> 0:15:33.320 both pulling this off, getting this bank into a place 0:15:33.320 --> 0:15:35.880 where it's actually producing the kind of returns it should be. 0:15:36.440 --> 0:15:39.840 But then obviously, yeah, she's a really visible player and 0:15:40.160 --> 0:15:43.320 a really visible woman on the world stage, and she's 0:15:43.320 --> 0:15:47.560 got a whole you know, thousands of women behind her 0:15:47.600 --> 0:15:49.320 in the finance field that want to want to see 0:15:49.320 --> 0:15:50.800 her succeed and rols. 0:15:50.840 --> 0:15:52.800 I mean, in some of these conversations, we also put 0:15:52.840 --> 0:15:56.520 the spotlight on trying to understand the changes in Blockshaine 0:15:56.680 --> 0:15:59.880 and maybe crypto and AI because of the Trump administration. 0:16:00.440 --> 0:16:01.800 Still really early days. 0:16:02.520 --> 0:16:05.920 It's still really early days, and it's more complicated than 0:16:05.920 --> 0:16:08.360 it may sound. Because people think Donald Trump, Oh, he 0:16:08.440 --> 0:16:11.160 just loves crypto. He will utilize that when he thinks 0:16:11.160 --> 0:16:14.080 it's good for him and his businesses and his family 0:16:14.400 --> 0:16:18.160 and their businesses also, and in general his low regulation 0:16:18.800 --> 0:16:21.960 light touch on different corners of the market, and we 0:16:21.960 --> 0:16:25.320 can expect, you know, him to be fairly light when 0:16:25.320 --> 0:16:26.680 it comes to crypto. 0:16:27.080 --> 0:16:29.080 Yeah, it was interesting. Anna Button was on fire. She 0:16:29.160 --> 0:16:30.960 was like, let's just take you know, pause a second 0:16:31.040 --> 0:16:33.440 until we know what the US comes up with it's 0:16:33.520 --> 0:16:36.960 supervision regulation, and then Europe can follow suit. 0:16:37.680 --> 0:16:40.560 Yeah, she was. I thought she was on fire. 0:16:40.720 --> 0:16:43.320 I really look like her Van I mean, I always 0:16:43.320 --> 0:16:46.160 like hearing her dog. But I really liked a lot 0:16:46.160 --> 0:16:48.000 of what she was saying, and I thought it was 0:16:48.040 --> 0:16:49.880 interesting some of the things that she was getting really 0:16:49.880 --> 0:16:52.800 fired up about, like the she had that whole little 0:16:52.840 --> 0:16:54.000 diatribe against Apple. 0:16:54.480 --> 0:16:58.120 We want and we welcome competition, but it has to 0:16:58.160 --> 0:17:00.400 be fair. And I've said this many times, not a 0:17:00.400 --> 0:17:04.760 fair level playing field right now on data, on capital, 0:17:05.080 --> 0:17:08.960 on resilience for payments providers that actually compete with us 0:17:09.000 --> 0:17:11.160 on banks, and so that is to me the most 0:17:11.160 --> 0:17:13.040 important aspect. 0:17:12.920 --> 0:17:15.400 You know, saying, you know, they are getting a huge 0:17:15.480 --> 0:17:17.720 chunk of our commissions every time we have a customer 0:17:17.720 --> 0:17:19.560 that puts their credit card into Apple Bay, and that's 0:17:19.560 --> 0:17:21.600 what I want to fight. And so I like how 0:17:21.640 --> 0:17:24.439 firey she was, and I definitely think she, you know, 0:17:24.480 --> 0:17:26.040 she was really trying to be a champion for Europe 0:17:26.080 --> 0:17:28.320 and wanting to see Europe kind of own its moment 0:17:28.400 --> 0:17:30.960 and go up against the US, And I mean, I 0:17:30.960 --> 0:17:33.720 thought it was just fascinating, especially given all the other 0:17:33.880 --> 0:17:36.800 kind of dynamics and definitely all the everybody else being 0:17:36.800 --> 0:17:39.040 really harsh on Europe. It was fun to see a 0:17:39.119 --> 0:17:41.080 champion for it. And at some point in the day. 0:17:41.000 --> 0:17:43.239 Yeah, I think twenty twenty five will probably bring more 0:17:43.320 --> 0:17:46.640 champions or more losers, depending on which way you look 0:17:46.680 --> 0:17:46.959 at it. 0:17:47.320 --> 0:17:49.560 Well, that's the question. We are kind of going into 0:17:49.640 --> 0:17:51.280 a very different world. 0:17:51.320 --> 0:17:54.080 I mean, if I didn't have several things, certainly my 0:17:54.080 --> 0:17:56.840 bingo cow to have to say recently, I mean, Marshal 0:17:56.920 --> 0:18:01.080 Law briefly in South Korea, and anyone expected that the 0:18:01.200 --> 0:18:06.879 rapid rapid fall of the Assad regime in Syria that 0:18:07.040 --> 0:18:10.920 was not on my bingo card either, sore a dramatically 0:18:11.000 --> 0:18:14.600 shifting landscape and overlaying all of it in a way 0:18:14.720 --> 0:18:17.879 despite the fact that Donald Trump will loom very large 0:18:18.080 --> 0:18:19.240 over the world. 0:18:23.640 --> 0:18:26.280 Thanks for listening to this week's In the City from Bloomberg. 0:18:26.560 --> 0:18:28.960 It was hosted by Me from sin Laqua. It was 0:18:28.960 --> 0:18:33.000 produced by Samersati, production support from Moses andm and sound 0:18:33.000 --> 0:18:37.080 design by Blake Maples. Special thanks to Ross Matheson, Jenny Seraine, 0:18:37.119 --> 0:18:42.320 and the organizers of Bloomberg Women Money Power event. Please subscribe, rate, 0:18:42.480 --> 0:18:44.920 and review wherever you listen to podcasts.