Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea On a Friday, it was a snooze fest,
Speaker 2: and the market said something maybe not at nine thirty,
Speaker 2: but at nine forty five and at ten o'clock and
Speaker 2: it was sort of saggy yesterday, and it was sort
Speaker 2: of soggy this morning. Future. You know, we're doing data checks.
Speaker 2: John Tucker's saving us with energy as he tries to
Speaker 2: do with snooze Fest data check, and then the market lifted.
Speaker 2: I don't know where we'll be Friday afternoon, for I
Speaker 2: don't know where we'll be next week, next month, next year.
Speaker 2: But I really have to say the resiliency led by
Speaker 2: JP Morgan's earnings confounding the cautious crew, that's something really
Speaker 2: to watch forward. We got perspective from Gerard Cassidy. He
Speaker 2: is with RBC Capital Markets. Decades of experience at banks,
Speaker 2: success and critically. Gerard Cassidy has been a student of
Speaker 2: endless banking failures. Gerard Cassidy on the new technology.
Speaker 3: They sure do tom as do many of the other
Speaker 3: large banks.
Speaker 1: The banking industry as a whole.
Speaker 3: Is obviously investing billions, hundreds of billions of dollars actually
Speaker 3: into technology. AI of course is the big buzzword, but
Speaker 3: it's the digital technology. When you think back TOIME when
Speaker 3: Apple introduced the iPhone around two thousand and eight, and
Speaker 3: you think how you would do your banking services, and
Speaker 3: how in as little of what fifteen sixteen years, how.
Speaker 1: That has changed dramatically. In JP, Morgan Bank America or
Speaker 1: Wells Fargo are all leading the way with digital technology,
Speaker 1: both of the commercial customer and the consumer customer.
Speaker 2: I can't say how important this is when you're a fossil.
Speaker 2: You look back to E. F. Hutton is one example
Speaker 2: of people that you know, it's not that they got
Speaker 2: technology wrong, but they just didn't persistently invest in the
Speaker 2: technology that makes the platform goal. And there's many others
Speaker 2: besides IF Hutton, but very important comments there from Gerard Cassidy.
Speaker 2: We'll look next week in further announcements from the major banks,
Speaker 2: including City Group, and we'll look at the I still
Speaker 2: call them the brokerages Golden Sachs, but I think they're
Speaker 2: a bank. Morgan Stanley wants to tell me they're an
Speaker 2: asset manager. We'll have to see on that next week.
Speaker 2: One of the best things we do, and this was
Speaker 2: not me, folks. We have a young The oldest person
Speaker 2: on our staff is twenty two. We've got interns glore.
Speaker 2: I don't know. I don't know any of their names,
Speaker 2: but they're with us and they're keep saying, Tom, you
Speaker 2: are so old, you need some young hit people on.
Speaker 2: And I'm really proud of this now that you know,
Speaker 2: we speak to Zillo about digital real estate. They're economist
Speaker 2: out in la is absolutely brilliant. Another one is robin Hood.
Speaker 2: Why would we talk to the chief strategist of robin
Speaker 2: Hood because it's a whole nother world from the day
Speaker 2: to day grind of Wall Street Strategy. Stephanie Guild of
Speaker 2: robin Hood.
Speaker 4: I'm not sure I see exuberance. I still think there's
Speaker 4: a lot of skeptical people, and that to me is
Speaker 4: supportive of the market. There's still a lot of people
Speaker 4: that just don't believe it. Everything's going wrong underneath this is,
Speaker 4: you know, a bubble forming. I just I'm not there yet,
Speaker 4: and I think, you know, if once you get everyone
Speaker 4: jumping in, that's when I get nervous. Like twenty nineteen,
Speaker 4: I remember some of my most skeptical clients were finally
Speaker 4: jumping in and I said, oh, oh, this is this.
Speaker 4: Take a little breather.
Speaker 2: Stephanie Guildt's just fascinating, both on the mic and off
Speaker 2: the mic about what Robinhood's doing. Their average age of
Speaker 2: client is thirty four. All sorts of different things, the
Speaker 2: stereotype of Robinhood and lots of trading, but a lot
Speaker 2: more going on there. We're going to continue to do
Speaker 2: this to try to bring you into twenty twenty five
Speaker 2: younger non Wall Street voices looking at economics, finance, investment,
Speaker 2: and indeed looking at international relations. It's been an extraordinary week.
Speaker 2: We'll keep this short. We're on YouTube. Subscribe to Bloomberg Podcasts.
Speaker 2: Good morning to Switzerland on YouTube, and good morning to
Speaker 2: all in the Philippines. What a joy this week to
Speaker 2: speak to mister Marcus's Sovereign Wealth Fund people. Andrew gone
Speaker 2: there on the Philippines on the resurgence of the Philippines
Speaker 2: with six percent plus economic growth across the nation. Our
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