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Bust idea on a day that was exceptional. Our team really tried to balance for July a Wednesday. There's almost no economic data today, Boom A trade discussion on three fronts yesterday afternoon, Mark Kearney in Canada, right as we went to air the European Union out of Brussels. Thank you Steve Carroll for reporting from Brussels, and of course the bombshell of some form of trade deal. The President
said a massive trade deal with Japan. As the news came out, you know, I'm not sure how massive it was. We were diverted by that. We have Google Learnings technology now, huge curiosity about AI and all of that. Talked to Mike Mayo of Wells Fargo iconic as a bank analyst about AI, and I just said, who's winning the technology race in banking?
He had one name, Kapie Morgan is the Nvidia of banking. They're leading with AI. They have it centralized. They say that you know, most of their employees use it every day to save a bit more productivity. They seem strategically and operationally ahead of the pack. They do spend a lot of money on technology. They spend eighteen billion dollars this year on technology, and you know, the amount to AI continues to increase, so they think it's real. They're
embracing it. You know, it starts more non comfort facing activities, but they're certainly ahead of the game.
Mike Mayo, and I should say his research team is really looking at bank regulation. Mike Mayo appearing yes today at that Capital Markets event that Chairman Powell introduced, and he said very clearly this is an important time in bank regulation for those of you of a global Wall Street mc Mayo associated with it. At some point, somehow, some way City Group would turn around. It's a hockey stick up for Citygroup.
What's underappreciated. They've transitioned from fifty years of a global matrix missmashed structure YEP, to five lines of business payments, banking, markets, consumer and well and each one of those lines of business has a P and L. They have returns, they have targeted returns, and they have a CEO that's in charge of achieving those targeted returns. Now, you say, Jane Frazer, the CEO does not get a Nobel Prize for doing that. But City is now getting operated more like a normal company,
and they're only six quarters into this new structure. Short term people are selling the stock inappropriately due to the terraff City is a tariff beneficiary. They move five trained dollars of money every day around the world. Now it might be moving to different countries. Also, a lot of the customers around the world need trade financee. They need
more trade finante now or in exchange. So this really fits right into cities right, you know, structural positioning while they make the structural change.
Michael Mayo of Wills Fargo there in the bank. So we're really trying to do more of this, and it's sort of a project of Eric and our team here at Bloomberg's Surveillance to really talk to iconic cell side voices here into the end of twenty twenty five and into the next year as well. It's easy to do when it's a bullmarket. Everything seems to be up up, well, not everything. There's healthcare. Maybe we won't talk to any healthcare analysts. It's brutal out there for them, but for
everybody else it's up up in a way. Please stay with us through the week. Just an eventful week to say the least across the nation. Our commute and serious XM Channel one twenty one good Morning in the Corridor from ninety two nine FM Boston down to ninety nine one FM Washington. Good Morning Worldwide is all pro special good Morning for Birmingham in the United Kingdom. IRIDH Jersey was just brilliant comments on the late Ozzie Osbourne on our podcast on YouTube podcast. It's single best idea