WEBVTT - The Biggest Changes in Tech Over the Past Decade 0:00:01.800 --> 0:00:04.400 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.440 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanobek. We're here every day bringing 0:00:07.280 --> 0:00:09.760 you the latest news from the world of business and finance, 0:00:09.840 --> 0:00:13.600 plus technology, politics, economics, all harnessing the power of Business 0:00:13.640 --> 0:00:17.119 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:19.600 analyst in more than one and twenty countries. You can 0:00:19.640 --> 0:00:23.200 download Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.120 You can also listen to our radio show at two 0:00:25.160 --> 0:00:27.840 pm Eastern Time on Bloomberg Radio, or watch us on 0:00:27.880 --> 0:00:33.960 YouTube search Bloomberg Clobal News. Well. J and J's COVID 0:00:34.040 --> 0:00:37.680 nineteen vaccine could protect millions more Americans from contracting the 0:00:37.720 --> 0:00:42.040 coronavirus their vaccine, as we know, given emergency youth authorization 0:00:42.080 --> 0:00:44.360 by US regulators. That happened over the weekend. While the 0:00:44.440 --> 0:00:47.560 company Tim we know out in full force today talking 0:00:47.600 --> 0:00:51.159 about the rollout. In fact, our team over on Bloomberg Television, 0:00:51.240 --> 0:00:53.640 David Weston catching up with J and J CEO Alex 0:00:53.720 --> 0:00:57.720 Gorski about that rollout. Check it out. We've got a safe, 0:00:58.000 --> 0:01:01.520 We've got an effective, saying little shot vaccine that can 0:01:01.560 --> 0:01:06.520 be refrigerated using very standard procedures, and that's going to 0:01:06.600 --> 0:01:08.880 be available right here in the United States the tune 0:01:08.880 --> 0:01:13.040 of a hundred million doses by June this year, all right, 0:01:13.040 --> 0:01:16.000 and that was Alex Gorski, Jane Jay's CEO. So let's 0:01:16.000 --> 0:01:18.959 get some thoughts on that latest COVID vaccine, our daily 0:01:19.000 --> 0:01:21.480 check on the virus. Yeah, Michael Dowling as President and 0:01:21.600 --> 0:01:23.959 CEO of north Well Health. He joins us on the 0:01:23.959 --> 0:01:26.680 phone from New Hyde Park, New York. Hey, Michael, great 0:01:26.720 --> 0:01:28.000 to have you back on the show. How are you doing. 0:01:28.640 --> 0:01:31.280 I'm doing well. Thank you so much, appreciate it. What 0:01:31.319 --> 0:01:34.039 are you seeing? What are you seeing across across north 0:01:34.040 --> 0:01:35.679 Well Health right now when it comes to the virus, 0:01:35.800 --> 0:01:38.039 especially with regard to this Jane, janeuse what do you 0:01:38.040 --> 0:01:42.200 make of it? The vis itself? The numbers of decreasing 0:01:42.720 --> 0:01:45.880 now today have about nine hundred COVID patients about three 0:01:45.920 --> 0:01:49.520 weeks ago I found so the number is dropping and 0:01:49.600 --> 0:01:52.400 the positivity in the region is dropping. So the signs 0:01:52.400 --> 0:01:56.120 are all good. And the new gang vaccine, of course, 0:01:56.240 --> 0:02:00.600 is a huge step forward, and we're expecting but I 0:02:00.600 --> 0:02:02.360 have been told that we may get some of the 0:02:02.440 --> 0:02:06.040 J vaccine later this week. The state is going to 0:02:06.040 --> 0:02:09.160 get a couple hundred thousands more doses each week from 0:02:09.160 --> 0:02:12.400 now on, So that just increases the supply. Because the 0:02:12.480 --> 0:02:16.079 supply has been the biggest issue over the last number 0:02:16.120 --> 0:02:19.120 of weeks and months that this infrastructure is there to 0:02:19.160 --> 0:02:22.280 do the vaccination, the supply has been the problem. And 0:02:22.320 --> 0:02:24.920 with Jane J is a one dose vaccine, it is 0:02:25.000 --> 0:02:28.400 just an unbelievable step forward. How do you go ahead? 0:02:29.400 --> 0:02:31.160 How do you determine if you let's say you have 0:02:31.200 --> 0:02:34.960 because you've already been administering vaccine, Michael, If if you 0:02:35.040 --> 0:02:38.040 do have let's say Fiser vaccine and the Derna vaccine 0:02:38.040 --> 0:02:39.839 and j J vaccine, how do you determine who gets 0:02:39.880 --> 0:02:43.600 what vaccine? Well, that US criteria that are being developed, 0:02:43.639 --> 0:02:46.880 which we're getting about what the priorities are for for 0:02:46.960 --> 0:02:49.760 the for the j J vaccine, I think it's for 0:02:49.919 --> 0:02:52.640 people over age six or five. I think it's for 0:02:52.720 --> 0:02:55.280 the younger people would be a priority at the beginning, 0:02:55.480 --> 0:02:59.080 anybody from I believe a eighteen to six to sixty 0:02:59.200 --> 0:03:04.040 five where I haven't seen the definitive final recommendations yet 0:03:04.120 --> 0:03:08.200 from CC from the CDC, but we'll wait for that 0:03:08.320 --> 0:03:10.400 will wait for that directive from both the state and 0:03:10.480 --> 0:03:13.959 the CDC. But whatever it is, it means more more 0:03:14.040 --> 0:03:17.360 shots in Tiber's arms and that's the ultimate right now, 0:03:17.440 --> 0:03:20.600 But there will be it sounds like um specifications for 0:03:20.680 --> 0:03:23.960 each of the vaccine ultimately, Is that fair to say, Michael, Well, 0:03:24.040 --> 0:03:26.120 I think it will become more generical of the time. 0:03:26.240 --> 0:03:28.880 I think at the beginning, I think there'd be more prialitization. 0:03:29.000 --> 0:03:32.120 My guess is that for people, you know, the older 0:03:32.160 --> 0:03:35.119 worlder population might meet had the preference for the five 0:03:35.480 --> 0:03:38.560 Madame and Indian or population for from the J and J. 0:03:39.040 --> 0:03:42.400 But but I do think people there are so many 0:03:42.400 --> 0:03:46.400 people climbing for a vaccine that once you have the 0:03:46.840 --> 0:03:49.080 once you have to supply whatever vaccine, people will want 0:03:49.080 --> 0:03:51.920 to take it. Right I know J vaccine is still 0:03:52.080 --> 0:03:56.680 still seventy two efficacy, which is phenomenal. It's great, right exactly. 0:03:56.760 --> 0:03:59.080 What's interesting now, Michael, and listen, I don't want to 0:03:59.080 --> 0:04:01.160 be like, you know, Tim and I joke were like 0:04:01.400 --> 0:04:05.440 I'll take anyone right now. Um. But complicating matters is 0:04:05.520 --> 0:04:07.880 j J is also testing a two shot version of 0:04:07.880 --> 0:04:11.200 the vaccine, so it does suggest that it thinks adding 0:04:11.200 --> 0:04:14.680 a second shot could improve protection. And I think that's 0:04:14.680 --> 0:04:18.080 where the public gets a little nervous. You're a medical professional, 0:04:18.120 --> 0:04:21.920 you're working within this. How should we read something like that? Well, 0:04:22.000 --> 0:04:25.040 I would say if, for example, the one doors vaccine 0:04:25.080 --> 0:04:28.560 gives you, it gives you the seventy seventy percent efficacy 0:04:28.920 --> 0:04:32.960 and it protects against severe illness and there's a very 0:04:33.000 --> 0:04:35.320 few of cases and it gives you eighty six percent 0:04:35.400 --> 0:04:38.600 efficacy in that regard, I think that's a win. What 0:04:38.760 --> 0:04:41.320 you really want is to protect people from getting really 0:04:41.400 --> 0:04:44.320 sick and to protect pet of them getting into the hospital. 0:04:44.960 --> 0:04:47.920 So if you have a vaccine, just like the flu vaccine, 0:04:48.560 --> 0:04:51.880 doesn't protect the university across the board, but it does 0:04:51.960 --> 0:04:54.920 prevent you from getting really seriously ill. So it's a 0:04:55.000 --> 0:04:58.000 win to have to be prevented from a severe illness 0:04:58.279 --> 0:05:00.840 and keeping out of the hospital. And if any of 0:05:00.880 --> 0:05:03.760 the vaccines do that, um, then I think that's again 0:05:03.800 --> 0:05:05.600 a win win for the public. I do wonder to 0:05:05.680 --> 0:05:07.960 what extent that the general public is focused on that 0:05:08.080 --> 0:05:11.480 number S versus when it comes to m R and 0:05:11.560 --> 0:05:14.279 a go ahead. I honestly don't think that they've spent 0:05:14.320 --> 0:05:17.120 all the same will that been awful lot of attention. 0:05:17.240 --> 0:05:19.000 But I think most people from when I am, when 0:05:19.000 --> 0:05:21.440 I'm out there, they just want to vaccine. Well, can 0:05:21.480 --> 0:05:23.080 I just tell you all that I want to be 0:05:23.160 --> 0:05:25.800 sure that they don't really get Michael February survey found 0:05:25.800 --> 0:05:28.280 only seven percent of people wanted a single dose vaccine, 0:05:28.279 --> 0:05:30.600 compared with fifty eight percent who said they preferred two 0:05:30.640 --> 0:05:33.960 doors series. This was UM a presentation Sunday to the 0:05:34.040 --> 0:05:38.320 Centers for Disease Control UM and some others. So you know, 0:05:38.560 --> 0:05:42.120 we've learned so much about creating a vaccine and about efficacy, 0:05:42.240 --> 0:05:43.839 but at the same time, a little bit of knowledge 0:05:43.880 --> 0:05:47.080 can be dangerous, yes, and you know you know recently 0:05:47.360 --> 0:05:51.840 and I'll alwa was it um spozemic? And even I 0:05:51.920 --> 0:05:55.680 think pies are basically indicating if I'm corrected, you know 0:05:55.839 --> 0:05:58.320 that there is we protection even with the one dolls, 0:05:58.600 --> 0:06:01.280 even though we're giving two dolls. Is I can tell 0:06:01.279 --> 0:06:03.400 you if you want to expand the vaccination to the 0:06:03.440 --> 0:06:07.000 public in general, just giving one dose across the board, 0:06:07.200 --> 0:06:09.600 it just makes life so much easier. We can do 0:06:09.760 --> 0:06:12.320 so much more and it will be a lot better 0:06:12.360 --> 0:06:17.200 having everybody having a se protection against illness instead of 0:06:17.279 --> 0:06:23.240 having a small number having So I just think that 0:06:23.320 --> 0:06:25.479 the more the fact that we can do more people, 0:06:25.520 --> 0:06:29.080 the better. So when you look out for the next 0:06:29.160 --> 0:06:31.640 few months, at the next six months, at the rest 0:06:31.680 --> 0:06:34.480 of the year, how do you see our world reopening. 0:06:34.520 --> 0:06:38.160 What's the timeline that you're thinking about. I think that 0:06:38.480 --> 0:06:43.159 it will be a slow process, be incremental. I think 0:06:43.200 --> 0:06:47.160 we'll be in a pretty good situation by October November, 0:06:47.320 --> 0:06:51.240 is my guest. Once we get everybody vaccinated, hopefully by 0:06:51.320 --> 0:06:54.000 July August. You should see Tim's face. You should see 0:06:54.880 --> 0:06:58.520 the two of us were just but but I think 0:06:58.560 --> 0:07:01.760 we've got to be a little bit practical here because 0:07:01.920 --> 0:07:04.800 we're going to be different. The economy is going to 0:07:04.880 --> 0:07:08.160 come back in a different way. The use of technology 0:07:08.320 --> 0:07:11.720 and the changing nature of work that has evolved as 0:07:11.760 --> 0:07:14.600 a result of COVID is going to make everything different. 0:07:14.720 --> 0:07:16.960 People now realize that they don't have to be coming 0:07:17.000 --> 0:07:19.280 to the office every day to be effective and productive, 0:07:19.360 --> 0:07:21.840 that they can be working remotely, and that's going to 0:07:21.960 --> 0:07:24.880 affect every business that's just health care, about every single business. 0:07:25.480 --> 0:07:28.520 And I do think the economic implications of COVID that 0:07:28.720 --> 0:07:32.400 businesses that are will be less robust. Now I want 0:07:32.520 --> 0:07:35.680 some businesses not coming back at all. That the economic 0:07:35.760 --> 0:07:38.680 implications of COVID I think will even be more difficult 0:07:39.160 --> 0:07:41.920 and more long terrent than actually dealing with COVID itself. 0:07:42.640 --> 0:07:44.600 We had a big crisis for the past twel months. 0:07:44.640 --> 0:07:46.800 By the way, the first COVID case that we received 0:07:46.840 --> 0:07:50.760 that not well was a year ago tomorrow, and we've 0:07:50.840 --> 0:07:55.160 seen a hundred and sixty COVID patients since that time. 0:07:55.920 --> 0:07:57.320 So I think it's going to be it's going to 0:07:57.400 --> 0:08:00.960 be incremental. It will be different every organization. Now, if 0:08:01.000 --> 0:08:03.200 you're see of any organization, you've got to be sitting 0:08:03.240 --> 0:08:06.240 back and saying, how do I transform? How do I 0:08:06.320 --> 0:08:10.200 completely we think my business given the new circumstance. And 0:08:10.320 --> 0:08:12.400 quite frankly, I also think some of I think that 0:08:12.520 --> 0:08:15.040 some of this would be good because I do believe 0:08:15.120 --> 0:08:18.200 that we will reconfigure our organizations in a better way 0:08:18.280 --> 0:08:21.920 going forward based upon the lessons of the last year. Um. 0:08:22.200 --> 0:08:25.000 So we'll have to be patient here. The economy will 0:08:25.040 --> 0:08:27.760 stop to come back, and I think by the end 0:08:27.800 --> 0:08:29.640 of the year we will be doing will be in 0:08:29.680 --> 0:08:32.800 a pretty good place, I believe. Um Now, we we 0:08:32.840 --> 0:08:35.240 can't get complacent at the moment because you've got these 0:08:35.360 --> 0:08:38.839 variants out there, and you know you could get a surprise. 0:08:39.320 --> 0:08:41.280 We're just hoping it doesn't happen, but you've gotta be 0:08:41.320 --> 0:08:43.920 ready for if it does occur. But we're going to 0:08:44.040 --> 0:08:46.800 be We're going to be different in the future. We're 0:08:46.880 --> 0:08:49.920 not going back to pre COVID days the way it was. Hey, listen, 0:08:49.960 --> 0:08:51.319 I want to talk about your book, but I do 0:08:51.360 --> 0:08:53.320 want to ask you when you talk about variants, are 0:08:53.480 --> 0:08:57.319 you even a little bit concerned that these variants will 0:08:57.400 --> 0:09:01.600 create another big way for us? I know I don't 0:09:01.679 --> 0:09:04.240 think so. I mean it does mean it could mean 0:09:04.320 --> 0:09:07.960 that well, because the transmission is easier, that more people 0:09:08.160 --> 0:09:11.880 could get a COVID. But if the vaccine keeps you 0:09:12.440 --> 0:09:16.120 from getting severely ill, keeps you out of the hospital, 0:09:16.320 --> 0:09:19.440 that to me is a win. So let's just show 0:09:19.480 --> 0:09:21.319 me get COVID and you feel bad for a week, 0:09:21.360 --> 0:09:25.120 but you're not hospitalized. That's a good outcome. And remember, 0:09:25.400 --> 0:09:28.120 no vaccine is of a full proof, as I said earlier, 0:09:28.760 --> 0:09:30.920 So I think that we deal with that is a 0:09:31.000 --> 0:09:33.839 circumstance acause but I would not get orderly worried about it. 0:09:34.160 --> 0:09:36.120 But I would be cautious. All right, We gotta talk 0:09:36.160 --> 0:09:38.480 about your memoir. It's called After the Roof Caved in 0:09:38.600 --> 0:09:41.720 an immigrants journey from Ireland to America and coming up 0:09:42.120 --> 0:09:43.760 on March eleven, So you're gonna be doing a live 0:09:43.800 --> 0:09:46.520 reading of it from the book review in Huntington, Long Island. 0:09:46.600 --> 0:09:49.360 I know the book review. It is an incredible bookstore 0:09:49.400 --> 0:09:51.760 and they feature the best writers. That's going to be 0:09:51.800 --> 0:09:54.760 at seven pm. You're going to be interviewed by I 0:09:54.880 --> 0:09:59.600 believe is it, Neil O'Dowd, Neil Okay. So tell us 0:09:59.600 --> 0:10:01.640 about this within person. You know, it would be nice 0:10:01.679 --> 0:10:03.599 to be in person. I know, I know that's the 0:10:03.640 --> 0:10:06.960 way the world is. Tell us about this book, well, 0:10:07.160 --> 0:10:10.600 I you know, it's an Immergrant story and it basically 0:10:10.720 --> 0:10:14.280 is a story about what that everything is possible. And 0:10:14.400 --> 0:10:16.600 this is the message I'm trying to convey to people, 0:10:16.640 --> 0:10:19.679 including as the younger people and many employees here that 0:10:19.800 --> 0:10:22.280 I respective of the circumstances you grow up in, it 0:10:22.320 --> 0:10:25.040 should never limit your potential of what you would try 0:10:25.080 --> 0:10:28.200 to achieve. I grew up in severe poverty. I left 0:10:28.240 --> 0:10:30.199 home when I was young. I was sixteen. When I 0:10:30.320 --> 0:10:33.120 left home, I was the oldest. I lived in a 0:10:33.360 --> 0:10:36.600 home that actually the reason for the for the name 0:10:36.640 --> 0:10:38.520 of the book. As the roof caved in with the whole. 0:10:38.600 --> 0:10:40.800 The roof of the house fell down onest twice. We 0:10:40.920 --> 0:10:44.280 had not running water, no bathrooms, no heat, and no electricity, etcetera. 0:10:45.080 --> 0:10:47.800 And it was it was a tough environment. But on 0:10:47.880 --> 0:10:50.199 the other hand, it was you know, it motivates you 0:10:50.320 --> 0:10:53.120 to do better with your life. And so the book 0:10:53.200 --> 0:10:55.840 is the story I you know, I kept getting pressure 0:10:55.880 --> 0:10:58.520 from a lot of people to write it. I declined 0:10:58.559 --> 0:11:00.520 for many many years, and then one I stopped it. 0:11:00.640 --> 0:11:04.160 Putting it together, it made sense, and I'm I hope 0:11:04.200 --> 0:11:06.360 it offers a little bit of inspiration to people. It's 0:11:06.360 --> 0:11:08.440 a lot different than a lot of other immigrants stories. 0:11:09.040 --> 0:11:10.600 But the fact that I am doing what I am 0:11:10.679 --> 0:11:13.240 today given where I came from is to me. It 0:11:13.400 --> 0:11:16.000 just proves that if you're positive and you have a 0:11:16.080 --> 0:11:19.360 sense of optimism, and you walk hard, and you and 0:11:19.480 --> 0:11:21.800 and you know, you take advantage of what the United 0:11:21.840 --> 0:11:25.199 States offers to you, and you take risks. You know, 0:11:25.360 --> 0:11:28.240 the sky is the limit, So be upbeat and be positive. 0:11:28.280 --> 0:11:30.400 And that's what the book essentially is about. I love it. 0:11:30.480 --> 0:11:32.559 I love it brings very true and I feel like 0:11:32.600 --> 0:11:35.319 it's a perfect message. On this Monday, Michael Dowling, be 0:11:35.440 --> 0:11:38.800 Well President CEO at Northwell Health, on the phone from 0:11:38.880 --> 0:11:41.200 New Hyde Park, New York. His book After the Roof 0:11:41.240 --> 0:11:44.120 Caved In an immigrants Journey from Ireland to America. This 0:11:44.640 --> 0:11:48.360 is Bloomberg Business Week with Carol Masser and Bloomberg Quick 0:11:48.400 --> 0:11:52.560 Takes Tim Stinovich from Bloomberg Radio. We know this named 0:11:52.600 --> 0:11:56.680 CEO last September, technically though her first day on the job. Tim, 0:11:56.880 --> 0:11:59.160 we're talking about Jane Fraser. She's now in the CEO 0:11:59.280 --> 0:12:01.400 c running the third largest U S bank. We're talking 0:12:01.400 --> 0:12:04.440 about City Bank and getting right to work. So let's 0:12:04.480 --> 0:12:06.800 get into it with Jenny Serene, she's reporting about it 0:12:07.040 --> 0:12:10.000 for Bloomberg Business Week, Finance reporter at Bloomberg News on 0:12:10.080 --> 0:12:12.120 the phone in New York City, joining us along with 0:12:12.120 --> 0:12:14.280 Bloomberg Business Week editor Joel Webber. Joel, I feel like 0:12:14.320 --> 0:12:16.240 there's so much going on when it comes to the 0:12:16.280 --> 0:12:18.800 big Wall Street banks. But this is a big deal. 0:12:19.480 --> 0:12:22.360 Having a woman a top a major Wall Street firm 0:12:23.120 --> 0:12:25.319 big time, and it's been We've been talking about this 0:12:25.400 --> 0:12:28.920 story for for years, maybe even decades, about which bank 0:12:29.040 --> 0:12:30.920 is going to happen at Who's the woman who's going 0:12:30.960 --> 0:12:33.760 to crack the ceiling? And then we found out, you know, 0:12:33.840 --> 0:12:35.440 obviously a couple of months ago that it was going 0:12:35.480 --> 0:12:39.319 to be Jane Fraser at City. And I'm really curious Jenny, 0:12:39.480 --> 0:12:42.520 Like we knew a lot of things that she was 0:12:42.559 --> 0:12:45.280 gonna face and have to deal with. And I want 0:12:45.280 --> 0:12:47.040 to talk about that, But then I also just want 0:12:47.040 --> 0:12:49.079 to talk about day one because she's come out and 0:12:49.280 --> 0:12:53.160 actually really already sort of caught attention. And what was 0:12:53.200 --> 0:12:56.040 the number one thing she came out of the gate with. Yeah, 0:12:56.120 --> 0:12:59.120 her very first announcement on her first day at CEO 0:12:59.360 --> 0:13:02.880 was that INANC is going to achieve net zero emissions 0:13:03.400 --> 0:13:06.839 by and so she she announced that to employees and 0:13:07.280 --> 0:13:09.719 to the broader public today, And I think it's really 0:13:09.760 --> 0:13:11.679 her trying to put her stamp on this issue and 0:13:12.080 --> 0:13:13.920 and really say, this is going to be what matters 0:13:13.960 --> 0:13:16.959 to me and what matters to city? What are what 0:13:17.040 --> 0:13:19.280 are her other priorities right now? I mean, she's got 0:13:19.360 --> 0:13:21.080 to be hitting the ground running today. What's on her 0:13:21.120 --> 0:13:24.200 to do list? Yeah? Well, so I think she started 0:13:24.240 --> 0:13:27.240 the day actually with kind of a virtual town hall, which, um, 0:13:27.880 --> 0:13:29.800 you know that's part of what's so weird about this 0:13:29.920 --> 0:13:32.880 time is it feels almost anticlimactic to have, you know, 0:13:33.000 --> 0:13:35.240 the first female CEO of a major US bank and 0:13:35.320 --> 0:13:37.959 she's taking over and it's all being done virtually. But 0:13:38.320 --> 0:13:40.200 you know, I think more broadly, she's got a lot 0:13:40.320 --> 0:13:42.679 on her plate in terms of the regulatory homework that 0:13:42.800 --> 0:13:45.080 the O c C and the FED assigned them last year. 0:13:45.440 --> 0:13:49.480 She's got to overhaul all of their internal technology and controls. UM. 0:13:49.679 --> 0:13:52.439 That's work that's going to take years, costs a lot 0:13:52.520 --> 0:13:55.679 of money, and require them to know, hire thousands of 0:13:55.760 --> 0:13:57.920 people for this effort. So I think that's really the 0:13:58.000 --> 0:13:59.959 big thing on her plate right now. Well, and it's 0:14:00.040 --> 0:14:02.400 interesting you write this in your reporting that she has 0:14:02.440 --> 0:14:06.479 said that City Group Strategy doesn't need a massive overhaul 0:14:07.160 --> 0:14:09.280 UM and she's just going to kind of do it 0:14:09.360 --> 0:14:14.480 as she goes along. So do you buy that? You know, 0:14:14.640 --> 0:14:17.640 I think it's I think what she wants is really 0:14:18.000 --> 0:14:20.280 UM to kind of stick with their knitting in terms 0:14:20.320 --> 0:14:23.000 of the things that they're really good at. And because 0:14:23.160 --> 0:14:24.720 you know, they've got a lot on their plate in 0:14:24.840 --> 0:14:27.400 terms of this regulatory work, they've got to find other 0:14:27.480 --> 0:14:31.160 ways to cut UM. They've got really big, ambitious targets 0:14:31.200 --> 0:14:33.360 for getting their returns up to what Jopy Morgan and 0:14:33.440 --> 0:14:35.880 Bank of America look like. So, yeah, she's going to 0:14:35.960 --> 0:14:38.240 be making some changes, but I think what she's been 0:14:38.280 --> 0:14:40.280 trying to communicate is that it's not going to look 0:14:40.400 --> 0:14:42.840 vastly different. There just me, but might be some tweaking 0:14:42.920 --> 0:14:46.960 on the on the margins. There's also, um, this this 0:14:47.280 --> 0:14:50.240 blooper as I've been referring to it, Jenny, which was 0:14:50.800 --> 0:14:54.400 the money that got wired from city to creditors and 0:14:54.480 --> 0:14:57.800 then they managed to get some of it claw Claude 0:14:57.840 --> 0:15:02.000 back but not others. They lie a court case recently 0:15:02.040 --> 0:15:06.080 about this, Um no doubt underway. The appeal is underway. 0:15:06.200 --> 0:15:08.880 But but how much of that is an impediment to 0:15:08.960 --> 0:15:12.880 sort of her her first um uh, you know you're 0:15:12.920 --> 0:15:16.400 on the job. Yeah, I mean, I think that's just 0:15:16.560 --> 0:15:20.160 a really embarrassing example of the types of work that 0:15:20.240 --> 0:15:21.880 they have to get done in order to just how 0:15:21.920 --> 0:15:24.680 to sign their regulators. So I think, you know, regulators 0:15:24.720 --> 0:15:27.520 have been stepping around and you know, really disappointed with 0:15:27.600 --> 0:15:29.800 the bank for a long time now, and this rev 0:15:29.880 --> 0:15:32.480 line issue where they accidentally sent out nearly a billion 0:15:32.560 --> 0:15:35.320 dollars just kind of shows exactly what these regulators were 0:15:35.360 --> 0:15:37.720 talking about and exactly what they want City Group to fix. 0:15:37.800 --> 0:15:40.960 So I think it's kind of emblematic of really deeper 0:15:41.080 --> 0:15:43.680 issues that city has to fix. And we'll have to 0:15:43.880 --> 0:15:46.920 hire lots of people and you know, change lots of 0:15:47.280 --> 0:15:50.720 executives around probably and and really dig in and fix 0:15:50.800 --> 0:15:54.320 this up. Um. And she said, and she's committed to 0:15:54.400 --> 0:15:58.760 doing that. Um. So when is where is um She's 0:15:58.760 --> 0:16:01.960 going to look for strategy to gross Jenny Where where's 0:16:02.000 --> 0:16:05.560 the Jane Fraser uh future? What is that going to 0:16:05.640 --> 0:16:08.960 look like? So one of the other big things she's 0:16:09.000 --> 0:16:12.160 done in recent weeks was she actually collapsed their private 0:16:12.200 --> 0:16:15.680 banking arm and their wealth management arm and so that 0:16:15.880 --> 0:16:18.200 is now City Global Wealth. And I think they're really 0:16:18.280 --> 0:16:20.800 hoping that this is where they can find growth. You know, 0:16:20.840 --> 0:16:22.760 you don't really think of City as a wealth shop. 0:16:22.880 --> 0:16:25.400 They um got out of that business during the crisis 0:16:25.480 --> 0:16:27.840 and really haven't made any big parades. And then you 0:16:27.920 --> 0:16:31.120 see folks like Morgan Stanley kind of you know, really 0:16:31.200 --> 0:16:33.400 making lots of money there. So I think they're trying 0:16:33.480 --> 0:16:36.000 to kind of, um take a little tab out of 0:16:36.680 --> 0:16:39.120 a bank like Morgan Stanley's book, and we'll see if 0:16:39.160 --> 0:16:42.280 they're successful. Um. But she's also she's got a lot 0:16:42.360 --> 0:16:44.480 of distractions when it comes to really growing that business. 0:16:44.520 --> 0:16:46.800 So it'll it'll be interesting to watch. Hey, Jenny, before 0:16:46.840 --> 0:16:48.560 you go, we gotta ask you about your other story, 0:16:48.840 --> 0:16:51.840 something that's definitely caught our attention. Your story kicks off 0:16:51.920 --> 0:16:54.520 with Walmart just took a step closer to being JP 0:16:54.720 --> 0:16:57.880 Morgan chases biggest Nightmare. There's so much going on with 0:16:57.920 --> 0:17:00.800 the big banks. I feel like, right now, what do 0:17:00.920 --> 0:17:05.000 we need to know? Just got about forty five seconds here. Yeah, Walmart, 0:17:05.160 --> 0:17:07.760 you know, they just um in January announced that they're 0:17:07.760 --> 0:17:10.920 going to start this outside financial technology startups and really 0:17:10.960 --> 0:17:12.959 have been tight lets since then about what that's going 0:17:13.040 --> 0:17:15.359 to look like. Um. And then this weekend we found 0:17:15.400 --> 0:17:18.080 out if they've hired two senior guys from Goldman to 0:17:18.160 --> 0:17:20.520 come in and run it. So definitely I wanted to 0:17:20.560 --> 0:17:22.480 watch and and we'll be really interesting to see what 0:17:22.560 --> 0:17:25.720 they do with it. Yeah. Absolutely, Um, good stuff. Thank 0:17:25.760 --> 0:17:28.600 you so much. Jenny Seraine, finance reporter at Bloomberg News 0:17:28.680 --> 0:17:30.959 on the phone in New York City. Check out all 0:17:31.040 --> 0:17:33.040 of her reporting and of course our thanks to Joe 0:17:33.119 --> 0:17:36.760 Webber editor Bloomberg Business Week on the remote access from Brooklyn. 0:17:37.080 --> 0:17:41.080 This is Bloomberg Business Week with Carol Masser and Bloomberg 0:17:41.160 --> 0:17:45.400 Quick Takes Tim Stinovich from Bloomberg Radio. So ten years ago, 0:17:45.480 --> 0:17:48.959 one of our most beloved franchises, Bloomberg TV, kicked off, 0:17:49.040 --> 0:17:52.479 initially known as Bloomberg West, later as Bloomberg Technology, steered 0:17:52.560 --> 0:17:56.560 and shepherded by Bloomberg's Emily Shang, and a lot has 0:17:56.640 --> 0:17:59.159 happened in the past decade. We've seen early trends that 0:17:59.240 --> 0:18:02.200 took off, some things that didn't so much. So we 0:18:02.240 --> 0:18:04.400 thought we'd take a look back at the past decade. Tim. 0:18:04.520 --> 0:18:06.560 We'll joining us now is Emily Chang. She's the host 0:18:06.640 --> 0:18:09.760 of Bloomberg Technology on a Bloomberg Television. Joining us on 0:18:09.840 --> 0:18:15.800 the phone from San Francisco. Emily, ten years wow, ten years. 0:18:16.280 --> 0:18:19.440 I have spent the last week two weeks laughing and 0:18:19.560 --> 0:18:23.159 crying as I've been going through all foot did and Carol, 0:18:23.200 --> 0:18:25.280 I'm so happy to be here with you because I 0:18:25.359 --> 0:18:27.840 have never anchored before. When I came to Bloomberg and 0:18:27.920 --> 0:18:29.720 you showed me the ropes and I still used the 0:18:29.880 --> 0:18:33.399 terminal command would be on that very first day so 0:18:33.600 --> 0:18:37.080 thank you, well, congratulations because I've always loved listening to 0:18:37.160 --> 0:18:39.879 your interviews and you're inside and you just took us 0:18:39.920 --> 0:18:43.160 to places, you know, of trends that we now all 0:18:43.200 --> 0:18:45.840 take for granted today and also uncovered things that you were, 0:18:46.080 --> 0:18:48.159 you know, you would be skeptical about because you're like, well, 0:18:48.200 --> 0:18:49.800 wait a minute, this really going to play out? So 0:18:50.640 --> 0:18:53.920 what what really stands out for you in terms of 0:18:53.960 --> 0:18:56.800 the past ten years. My goodness, it is so hard 0:18:56.880 --> 0:19:01.600 to boil it down. When the show launched, it was February. Um, 0:19:01.760 --> 0:19:05.040 Steve Jobs was still alive. He died later that year. 0:19:05.200 --> 0:19:08.439 Tim Cook became CEO, and since then the iPhone has 0:19:08.520 --> 0:19:13.359 leaked ten generations. That's just one thing. Um. Amazon is 0:19:13.520 --> 0:19:16.320 probably the biggest value creation story of the last decade, 0:19:16.800 --> 0:19:20.600 with the e commerce business exploding, the cloud exploding, Alexa 0:19:21.240 --> 0:19:24.040 now being part of the furniture. Also, there's a lot 0:19:24.080 --> 0:19:26.119 of things that didn't work out, Like you know, we 0:19:26.200 --> 0:19:28.600 went back, we saw some old footage of me wearing 0:19:28.680 --> 0:19:33.760 Google glass that never really became a thing, snaps spectacles, um. 0:19:34.280 --> 0:19:37.119 And of course there's Tesla, which I think has taken 0:19:38.000 --> 0:19:40.600 a lot of people by surprise, and and and a 0:19:40.680 --> 0:19:43.000 good surprise if you're thinking about what it means for 0:19:43.080 --> 0:19:44.679 the planet. I just have to say, for those who 0:19:44.720 --> 0:19:47.040 are watching our show right now on YouTube, they got 0:19:47.080 --> 0:19:49.680 to see you put on those those spectacles. They looked 0:19:49.720 --> 0:19:52.520 kind of cute, kiddo. I'm just gonna say, yeah, you know, 0:19:52.760 --> 0:19:55.720 I thought that they like's not bad. It's a pretty stylus. 0:19:56.080 --> 0:19:57.720 It's a shame they didn't work out. But you know, 0:19:57.800 --> 0:20:01.160 and I'm not counting a r or virtual blog is out. 0:20:01.240 --> 0:20:03.200 I think maybe they just came a little too soon, 0:20:03.440 --> 0:20:07.000 and uh, somebody else may figure out the right form 0:20:07.080 --> 0:20:09.840 factor in the next decade. So Emily, I'm gonna ask 0:20:09.840 --> 0:20:13.520 you to put on your your predictor hat and really 0:20:13.560 --> 0:20:16.240 think about based on what you're thinking about right now, 0:20:16.520 --> 0:20:19.080 the people you're talking to right now, what is it 0:20:19.200 --> 0:20:21.560