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00:00You have seen all of the changes in banking and DFW. You've been in Texas for 40 years. You came
00:05with Chemical Bank. You've stayed since all the way through when Chemical Bank actually acquired
00:10JPMorgan Chase. Let's talk about Texas now in the national picture. I think it's interesting.
00:16When I did come down, Texas Commerce Bank, we had 4,000 employees. And today we have 33,000
00:25employees. So really, the bank has grown, but we've also grown with the state. And it's been a
00:33really interesting combination to see the state grow, the bank grow, the bank grew because the
00:37state grew. And it's been a lot of fun. And I was looking at, since 2020, I thought, how many private
00:45bank employees have I hired in Texas? And we are up 54% from 2020 in employee headcount. That's
00:57remarkable. It's the growth that just keeps going. When you talk about the growth, one area you've
01:05really talked about is family offices in Texas and the high net worth individuals. So how has
01:11that changed really how JPMorgan Chase does business here? You know, it's interesting. Our high net worth
01:17individuals, I would say over the past really 15 years, have needed and developed, you know, family
01:27offices. And we said, OK, we need to focus on family offices and what do family offices need? What do our
01:36clients need? And so we have had a huge effort to become excellent at helping our clients with
01:43everything from even lifestyle services. We help them with private aviation, health care, staffing,
01:53bill pay, everything that you need when you suddenly have wealth and you're developing a family office to
02:01really manage it out of. And of course, we help with the investments, et cetera. But it's we've
02:08expanded it because we realized our clients need a lot of things. And your clients in the same family
02:16also probably need different things. So how do you go about navigating that?
02:22You know, we have we really love to start with each individual's wealth plan, you know, what they need,
02:30what they want, what they can afford, what they want to suddenly give away, if anything.
02:37And I think we try to do it really client by client. And I think that's what has been helpful to us is
02:45that we don't we don't put them all together and treat everybody the same. Everybody is an individual
02:50and they definitely need to be treated that way because. They have different needs.
02:56And again, because you're so knowledgeable in the banking world and in the regional banking world,
03:03you've seen a lot of mergers. This week, Huntington Bank shares agreed to buy Cadence Bank to expand in
03:08the south. Fifth Third agreed to purchase Dallas Comerica. How will this affect the overall banking
03:15landscape here?
03:16You know, we're not surprised to see some of these mergers. And I think we'll see some more.
03:25But I don't you know, we still have super regionals. And I think you'll have have still have the the
03:31regional banks that will remain, they'll become bigger. But it's important for a big bank like us
03:38in the system to also have regional banks. We do different things. And we've always felt like you
03:44don't want just three big banks in this country. It's not healthy for the country or the or the
03:49people. And I think it's going to be think it's going to be great. Some of them. There's still
03:55probably too many small banks and you'll see some more mergers.
04:00You're the strategic advisor and member of the Listing Standings and Governance Advisory Council for the
04:06Texas Stock Exchange. That is a big title, Elaine.
04:09And it hopes to begin trading in the first quarter of next year.
04:13What I find interesting is since the Texas Stock Exchange inception, we've seen NASDAQ talk about a
04:19regional office here. We've heard more from the New York Stock Exchange when it comes to Texas.
04:24What do you think about all these different exchanges really, really increasing the visibility here?
04:31Well, one, it shows that the hub, the financial hub that Dallas is, for starters, where we have
04:38huge growth with banks, wealth, people, industries, you name it. And so they're all going to come to
04:51where the growth is. So I'm not surprised. I think that the Texas Stock Exchange is going to be
04:59interesting to watch because it is truly based in Texas. The listings will be here. And I think that
05:09it gives it gives healthy competition to all just like my competitors. We give healthy competition,
05:15which is good for the client and good for the city. What are people saying to you about it? Are you
05:19hearing some good buzz about it? I know we've been hearing for a long time. When are they going to start
05:23trading? Where are their headquarters going to be? So what is the buzz you're hearing about it?
05:27Well, first of all, it's very funny because, you know, Texans and they all go, great. That's fabulous.
05:33The New York, Texas stock. No, which one are you on? So there's still a little confusion about,
05:39you know, is it the New York, Texas Stock Exchange or the NASDAQ? But but they are Texans are very proud
05:46of something being built in Texas, whether they know what a stock exchange is or not. They are
05:52so supportive of this. And I think also it's very interesting. We did get approved.
05:58We will start trading in the first quarter. I think more and more will come out. We've gone a
06:03little bit slow just to make sure we're doing everything right. And then our listings are the
06:08ones we want and quality. And you'll you'll continue to hear about this. And I think it will be really
06:15something that Texas becomes very proud of. Recently, I was in your office and we stood by
06:22the window and you pointed out the window and showed all the financial institutions in the
06:26banks and you really named them. You know, you hear people all around the country now referring to
06:31us as Wall Street South. Is that a good nickname for us? You know, I think nothing will replace Wall
06:38Street. Nothing will ever replace New York. It is fun to be in an area where there's so much growth.
06:43And I think it's great to have all this competition. It's funny that we're all on this
06:48this road that we put a top on that became a park. That's when you think about it, that's even
06:54funnier, which we love. Clyde Warren Park has become incredibly profitable to the city. And then
07:02everybody that came in is built here. You mentioned the Texas Stock Exchange. They're looking for
07:07headquarters. So that will probably come next year or maybe a little bit sooner. But we welcome it. It
07:15is exciting to I think I've mentioned this many times. But when I got here, it was really a, you know,
07:22one horse town. It was oil and gas. Real estate, but oil and gas. And today, oh, my, the diversity and
07:31what is here, everything from huge private equity to restaurants to tech, you name it, we have 13,000
07:42people out in our Plano office. And primarily, you know, they're involved in tech in some way in our
07:51back office. So it's, it's everything. It's, it's food, it's fashion. Speaking of cowboy boots,
08:00it's film. I mean, you know, we're gonna, we're never gonna replace Hollywood, but we're gonna have
08:05a lot of filming here in Texas, thanks to Taylor Sheridan and Ross Perot recently. So I think all
08:11that's a lot of fun when you can start to grow it here. And it's not going to replace anything.
08:18It's just going to be a huge area in the country of growth that I think people will be so attracted
08:22to. And you know, Julie, we talked about why. Well, it's in the middle of the country. It is
08:28affordable. It has great business friendly laws. The state loves business. They want business to come
08:39here. And so I think that people will continue to come. And it's, it's not just Dallas. It's all of
08:46north Texas. It's going west. I see it going west. Big time. So it's exciting. It, and I, and I think
08:54that's why our hiring is so up and, you know, one, you have to hire to make sure you can call on all the
09:01clients that are moving here. But when you're up, you know, 54% since 20, it's because people love to
09:09live here. They find it fun. They, I don't know, I think they buy their first pair of boots and think
09:14that's very cool. But they really love, love the culture, I would say.
09:22We always hear about the Texas economy, but do you think there's a ceiling here? I mean,
09:26what could threaten it?
09:28It's a great question. Right now, I don't see a ceiling, but I think like anything, you have to
09:35watch water, you know, make sure that there's always the question of, do we have enough? Have
09:43we prepared enough? I think we have the affordability of our housing that is kind of
09:51bumped up. I see that sort of leveling out. But honestly, the land is so expansive that we
09:58don't see a ceiling in the near future. Your office there is pretty new, but the biggest
10:05one, CEO Jamie Dimon, officially cut the ribbon on the new New York headquarters last week. I know
10:11you were there. Oh, it's beautiful. Yeah. Tell us a little bit about the building. Bring us inside if
10:16you can. So it is beautiful. It's a great statement how much we believe in New York and we're going to
10:23have 10,000 employees in it. And Jamie does want them there Monday through Friday. So they will be
10:31there. And it is so much fun. It has got a beautiful American flag when you walk in the lobby. And it's
10:38just stunning. The architect's Norman Foster, and he designed the American flag. And it's blowing in the
10:45lobby like it's outside. It's just really breathtaking. And I think the amenities for the employees
10:53there's food. They like to eat. And it helps them not have to go out and find lunch. And they can stay there and
11:01eat and find so many of their colleagues to sit and have conversations with right there. And it sounds, you know,
11:10like simple, but it's very conducive to really bringing and collaborating and all the culture that we have. And that's
11:17that's what really, I think, builds our cultures when we're together like that. The building has beautiful art,
11:23because we've always had a large art collection. And it is built up a little bit. So it's not quite on
11:31the ground. And you don't even hear the subway that much. I mean, you kind of want to move in a little
11:36bit. But it is just, I think every employee at JPMorgan Chase from Europe to Texas to California is so proud
11:47of it.
11:48Do you expect the five day work week to become more and more normal now?
11:55Yes, yes, I really do. I know there are always some industries maybe, you know, that people say they don't need to be. But if you're in
12:02a team environment, the only way you really grow and and help each other is if you're together. If you're not together, you even miss
12:16the jokes, the funny things that happen. And all that is what binds a team together to kind of go through some, you know, funny
12:27examples of, I said a joke the other day, and it's such an old joke that none of my young people got it. And I thought, Oh, my gosh, I've got to
12:36explain this joke. And it's just, it, it, it really brings the generations together. And you can help train each other, both
12:49ways, but especially the young people as they're coming in. And that's what I love the most. And if we weren't together, I don't, I don't know what,
12:56I don't know what bankers would be because you couldn't just zoom all the time with your clients.
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