00:00Well, do you think that there is going to be a smaller workforce for each sector?
00:02I mean, for the banking sector, for example, if you can consolidate a lot of market share
00:06and you can analyze things much more efficiently, maybe your overall workforce doesn't shrink,
00:11but your overall book of business expands dramatically.
00:14I mean, how do you see that?
00:16I think there will eventually be some shrinkage in the workforce.
00:18And I think if you're ahead, you have a temporary benefit.
00:22Remember, the competitive capitalist world, people will catch up.
00:26And even smaller banks, we support ourselves, will get the same services directly from Claude
00:31or from FIS or something like that.
00:34So it isn't like you're going to have a permanent advantage.
00:37You have temporary advantages.
00:38And if you stay ahead temporarily, you have an advantage.
00:40But I don't think you can have a winner-take-all thing.
00:43The world is really competitive.
00:45And then look at it also opens up, you know, in a good way, competition.
00:49So fintech, so we now have all the big bank regular competition.
00:52We also have hundreds of fintech companies.
00:54We're using new technologies to sometimes take just a little sleeve of business and then expand it.
01:01And it could be data.
01:03It could be trust.
01:03It could be rent payments.
01:05It could be cross-border payments.
01:07It could be anything like that.
01:08So, and I appreciate that.
01:09But we have to, some of that money is very specific.
01:12We need to do that, too.
01:15Jamie Dimon appreciates stablecoin, but no, thank you.
01:17I will take it back.
01:18We have no problem with stablecoin either.
01:20Okay.
01:21But there is definitely a kind of obligation.
01:23Properly regulated, yeah.
01:24Yeah.
Comments