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