YouSaid · the spoken record

Bruce Van Saun

lines on the record: 79
first: 2019-12-27
most recent: 2019-12-27
sittings or episodes: 1
sources: podcast

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“I think it's just a cumulative process where you go through life and you learn things. I don't have any aha moments. I just have gained a lot of wisdom by working in different companies. And I think just that banks have a big role to play in the economy. They have to be run well in a safe and sound fashion. They have to be focused on delivering for customers. And I think you've come to that knowledge over time. I don't know if there's an aha thing that I said, God, I would have run my career differently if I knew it back then. I think I've just evolved with the changes in the industry. And I think I have a pretty good concept of what banking is all about at this point.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“You can't go pursue your own agenda and make the other stuff more important and then see the stock not perform well and the bottom line not perform well it should work together”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think it's been a little controversial because ultimately you're working for your shareholders. You know, management is an agent for the shareholders of the bank. I think all different stakeholders work together. And so you're trying to deliver for customers, for communities, for your colleagues, the three C's, if you're regulated, you've got to run a business the right way for the regulators. You got to deliver for the shareholders. You want to get that flywheel working. But to me, it comes back to the shareholder. If you're running the bank well, you'll have the resources to keep investing in all the deliverables for those other stakeholders. So I like the concept of broadening it out and making sure that people are thinking it's not all about the bottom line, but still I think the shareholder is the one that you have to please first and foremost.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“And so, if you want to have a career where you can learn, be challenged, constantly evolving landscape that you have to contend with, but importantly, you can positively benefit the people that you live with and the local communities and economies that you live in. Banking's a great career.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“I tell them it's a great career. And what I love about it, I think it's a noble profession. So I tell people, look, you get to positively impact people, individuals, communities, local economies by what you do in your day job working as a banker. But then we also have a platform that you can volunteer off that platform and further that impact on local communities. And so, for example, Citizens Bank, when I joined six years ago, we were volunteering about 50,000 hours. We really had a focus on upping that. And today, this year, we're going to hit about 150,000 volunteer hours. We have 700 people serving on local boards around our footprint.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Back and say, gosh, look what we have. So anyway, I think we've lost our soul a little bit. We've lost our spirituality, which I'd love to see that rejuvenate at some point.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'd say, you know, when I look at this country, the US, that we serve, that citizens serve, I think it's the greatest country on the planet. And, you know, we have our troubles. We have our challenges. We're not perfect. But over time, we've continued just to, I think, get it right. And we have an innovative society. We've got the big tech companies. We're trying to improve people's lives. And so I just think about how the quality of life in the country is so much better than it was in 1950, 1975, 2000. Just think where it's going to be going forward. So I'm optimistic about that. I'd say the things that I'm disappointed in are pessimistic about is that people don't feel good about it. So the flip side of that is we have so much to be thankful for and so much to count our blessings for, but everybody seems to be grumpy and angry and not stepped.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“You mentioned your sale? Yeah, I was a Commodore at our sailing club, so love the water and like good dining going out, having a good time with the family and friends.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, he got cut Nah, it's a little risky at this age. But, you know, I still enjoy sports, so golf, tennis, swimming, like to go to the beach.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Was angry, you went through all the emotions that go with that. But I picked myself up and we went a bunch of us went and joined a travel basketball team. And we Played, you know, we had so much fun, and then we got to play the high school team in a kind of just a braggadocio game. I'll bet you were better than you. And we beat the high school team when we got the final. That's great. That's great revenge. That's a little bit of a micro.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“I say getting cut from a sports team was kind of a big moment for me. I was a tall guy. What sport did you play basketball for? I played baseball, basketball, and a little bit of football for a couple years, but I got cut from the varsity team as a sophomore in high school. And I”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“I just read a very interesting book. I don't remember the title, but it was about an elephant trainer who basically led these elephants in World War II in the kind of Burmese jungle, which to me was really fascinating.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“I read a wide range of books. I read a lot of business books. I read Tom Clancy, Harlan Coban, those kind of books. Probably the book that's had the biggest impact me my whole life was The Power Positive Thinking by Norman Vincent Peel, that really positive attitude, which I read probably when I was in my early 20s. So I totally enjoy reading. Unfortunately, I have... I have so much reading to do for work in such an extensive 24 7 work agenda that I don't read as much as I could, but I'll still probably read a dozen books a year, I would say.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Two bankers that I would call out, Tom Rennie, was my boss at the Bank of New York for many years. And I think Tom had a just great stoicism to be inflappable under all kinds of scenarios. And kind of, it's always darkest just before the dawn, that kind of mentality, it's not as good as you think it is when it's going really well and just kind of keep that even keel. And then the second one was Stephen Hester when I worked over at RBS, who was under immense pressure to get RBS righted, but just was so unflappable under all that pressure. And again, keeping that even keel and just super, super smart, really good thoughts about how to go about that turnaround, which some of those things I've applied to citizens. on a smaller scale obviously than RBS.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Worked for Bruce Wasserstein, one of the smartest guys on the planet. There were a lot of Bruceisms that I picked up and a lot of wisdom. And so I always found that if you want to move ahead in a career, that you should look for great people to work for that you can learn from. So when they're interviewing you, you should also be interviewing them to make sure that these are people that really are going to have an impact on you.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I always mention my parents because I think they gave me a great foundation and moral compass. But, you know, as you grow up, it's your teachers and favorite sports coaches. And so that all goes into making you who you are. And then I had some great people that I worked for. I had a fellow at General Mills, my first job out of college, who was tall, lanky, athletic guy like me, but really smart, had worked at General Motors, learned a lot from him. He was very decisive.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“One of my early jobs was as a landscaper, summer jobs to make that money for the car. And I still love to garden to this day. So I take great pride in designing a nice landscape and then maintaining.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, had it was the model year was letting out or something. So my father thought he could get a deal on it. Pick it up at the end of the year. I had the $1,200 from working summer jobs, so I put up my share.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Ford Mustang 2. Really? 1974. I was still a year away from my license, but I had worked summer jobs and my dad said, I'll pay $2,000 to any car. You got to come up with a difference. Right. We paid $3,200 for that car. And so when I got my license, I was driving a brand new car.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Be doing as opposed to tax giveaways, right? So that we split the cost with the state, so we paid half and they paid half for that exit ramp, for example, and, you know, some of the local authorities put sewer lines in on an expedited basis so we could get the campus up and running. So, yeah, I think it was the right thing to do, and we didn't have our handout.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Who could cut taxes the most? I'm a big proponent of that. We had an opportunity a couple of years ago. We had a fork in the road. We had a very large leased facility in the greater Providence area. And a couple other smaller leases that meant 3,200 people were kind of going to roll off their current occupancy and we could either renew or do something different. We decided to break ground and build our own campus in a town called Johnston, Rhode Island, which is a little west of Providence. We've got 3,200 people there, 420,000 square feet. Beautiful building. Beautiful campus with sports fields that we share with the local community, walking trails through the woods. And we didn't take any funding. We didn't try to hold up Rhode Island and say, I want you to compete against Massachusetts. We just said this is where we want to be. This is where our history has had us, and we have a great colleague base here. And so, you know, I think the government was helpful in getting things we needed, like an exit. That was my next question. An exit ramp off of the highway into our campus, for example.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“In the United States, some are better, some are worse. This was really kind of pretty low down the totem pull, and there needs to be change. And so the state's going to take over the administration of that school district. And I think make the changes that'll make sure those kids in that community really have a chance to prosper when they come of age and are entering the job market. So those things feel good. Working in collaboration with governors and with the government, bring business influence and money behind things that are going to improve local economies.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, those are efforts to stimulate the local economy and get business people to work together to help the governors of those states drive pro-business and pro-growth and pro-jobs agendas. And so the one that we've had some really good traction in particular with Partnership for Rhode Island, where we've focused on education and also business attraction and transportation, which are important to improving the Rhode Island economy. One thing we did recently is we funded the Johns Hopkins review of the Providence School System, which I don't know if you've seen that. It caught a lot of national press, but basically was pretty damning of the state of the school system. Couldn't you say that?”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Things that impact the economy and have an ability to effectively operate like a think tank, put out papers, and monitor what the Fed is doing and respond to requests for proposals from the regulatory agencies and have an ongoing dialogue with members of Congress so they were informed on financial issues that impact the real economy.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“And the financial services. So now BPI has effectively succeeded the financial services roundtable. And I think there was a desire at one point to put different industry groups in financial institutions under one roof. So when it was the bankers roundtable, it was just bankers. Then it was financial services. And so asset managers and insurers all got together and we would have meetings and interact on policy and talk to folks down on the hill. A lot of the meetings would be in Washington. But over time, I think the agendas of the different subsectors were different. So under Brian Moynihan's leadership, who runs B of A, it was determined that the banks should split off and keep a kind of larger bank profile minimum asset size 25 billion would throw into this bank policy institute and effectively work on policy matters.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“That institution. So, the Bank Policy Institute is a relatively new creation with a long history and legacy organization before it, which was originally the bankers' roundtable, which became the Financial Services Roundtable. I think what's the core?”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, if you run the company well and you actually think through an activist agenda, like what am I missing in terms of my own plans? If an activist was involved in this company, what would they do? Would they take capital away from these lending portfolios and move it to this lending portfolio? It actually, you can proactively anticipate where they would make suggestions and just get ahead of it. And it's helpful to kind of keep that mindset.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“For the long term, and you say, I'm going to need to invest some money in this, and this is why I'm doing it, and this is how fast I think I'll get the payback. There are long-term investors out there who appreciate that, who want to invest with a growth story, with a management team that's trying to grow the franchise and not just really focus on cost cut and delivering for the next quarter and buying back shares. And so we've tried to balance that. We've tried to make sure that we're executing well and putting points on the board and showing a good trajectory in the short term, but we're also doing significant reinvesting and trying to grow the banks so that we make it stronger five years from now and 10 years from now.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so you know, I actually think it's been very positive for citizens. Part of it is where we came from. We had to turn around the bank. And so having an interested investor community and 22 sell site analysts focused on us and prodding on our long-term strategy and putting estimates as to how fast we could turn around the bank. It certainly raised the level of accountability. And I think our ability to execute improved. When I think about the trade-offs, people say, well, private companies can quote unquote go long. They can think long term and make the investments for the long term and they're not kind of hemmed in by the need to deliver quarterly results. I actually think that if you communicate effectively what you're trying to do,”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think you're reaching a bit. I think if you just look at the trend 20 years ago, there were 14,000 depository institutions in the U.S. Five years ago, it was seven. Today, it's like five. And so you're just seeing that in inevitable consolidation because we still have, I think, a much more fractured banking landscape than any other country.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think the megapanks, most of them are at the deposit cap, the national deposit cap, so they're really not players that can't play. You did see in the super regional space a merger of equal between BB&T and SunTrust, which I think was fairly unique. It created a Southeast champion. And I don't think the other super regionals feel compelled to act in the wake of that. I think right now there's so much change taking place in kind of moving your technology ecosystem to the future that a merger could be a distraction. So if we can be flexible and nimble and good and make the right decisions, I think we can still compete effectively at our size. So I'm not sure you'll see much more in the super regional space this year, but I think the smaller banks who really have to contend with all of the cost of that new technology and some of the cost of regulation, even though the regulators are trying to give them a little slack, I think there's”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“What you're seeing is very interesting. There's a lot of experimentation going on. So the megabanks like JPMorgan and B of A are saying we're going into all these new cities. They're actually not increasing their branch count. They're thinning branches where they're thick. And they're putting them, if Chase has a big customer base around their Sapphire card in a city. Okay, we should have branches there too so we can do more with those customers. You've seen some super regional competitors like PNC. They now have a digital bank up and running and they're putting thin offices. They've got three in Kansas City. They're putting 10 or 12 in Dallas. And so everybody's attacking this a little differently. We want to get our brand out there. We want to be more national in scope. Do we need the branches or do we not need the branches? That's one of the key questions that'll kind of in the petri dish right now. We'll see how it plays out.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“And offer some things in a bundle to say, hey, that mortgage refinancing, do it with us or other needs that you might have, how to manage your wealth portfolio. We have digital tools that would allow you to do that and be pretty shrewd at how you do it. So that's kind of the next phase for us is we probably don't want to have branches outside of our traditional footprint, but we can, I think, attack the national market digitally.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“On the consumer side, we've attacked our consumer lending operations are national, but in really direct interaction with consumers around deposits, we were the first super regional bank last year to launch a national digital bank called Citizens Access. Online only. Online only focused on savings products after a year. We now have five and a half billion of deposits. And so it's been highly successful. And so what we're thinking about now is we've gotten good at that. If you say that's a deposit mining operation where we track deposits, but what else can we do for those customers? And what else can we do for many of the customers we've now assembled through our lending products who might be thin relationship customers? They may know us like you may know us because your Apple loan is with us, but could I come to you, Barry, digital?”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, there's a couple things. So on the corporate side, as we move to the mid-corporate space, which are slightly bigger companies, 500 to 3 billion, we need to be national in those industry verticals. And so we've planted a flag down in Atlanta. So we have about 25 folks down there at this point, brought a guy out of Sun Trust, and he's built a nice team down there. We've expanded now into Texas, which is another big state economy. We always had an energy practice in Houston, but we put some more commercial bankers in Dallas and in Houston. We just hired a fellow to pull together our team out in California. So he's going to be based in LA. And so we'll be from a corporate bank standpoint more of a national player. And I think you're seeing that as a trend for all of the super regional banks.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“It is. Well, obviously the actions the Fed takes has a direct influence on the economy and on the money supply and the cost of funding. And so it's going to impact banks in a material way. Quantitative easing, I think, was a stimulative measure, which basically the Fed was building up their balance sheet. So taking on securities and buying those with cash and putting cash back into the system so it helped promote liquidity and deposit growth and promote lending. Rates came down as they were buying the long end securities. So we just have to be in tune for where the Fed is going and when we do our forecasting and we do our business planning, we run a bunch of different scenarios. Is it, you know, what happens if this is happening in the economy, then what is the Fed likely to do? But in any case, we just need to be flexible.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“They would take that business elsewhere. And so we said, look, we should be doing that for those customers. We went out and bought a company called Clarfeld Asset Management, which is a highly respected wealth advisor based in Tarrytown, New York. And so we're now able to offer those services. So really not trying to do anything too big, but just hitting the sweet spots with kind of rifle shot acquisition program, which has really been positive.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“These are great opportunities for consumers to put more money in their pocket and lock in lower carrying costs on their debt. And so we make fees when that happens. So fortunately this quarter, we're going to have a really strong third quarter on the fee side, which will offset any of the leakage that we see on the balance sheet income side. And then the last acquisition that we did was we bought a high-end wealth advisor because what we found is in the corporate side, the business owner, the fourth generation family that is very wealthy and occasionally takes out large dividends from their company and puts debt back on the company, we weren't getting the swings at the bat to manage those assets or to do the estate planning for the company. So the folks thought of us as their bank.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, in the commercial side, we purchased two MA boutiques to broaden out what we can do for our customers. And there's still been good flow of M&A opportunities occurring in the middle market. We bought a mortgage business, which timing was great on that because as rates go down, as the Fed's cutting rates, it maybe crimps your nim a little bit. NIM standing for net interest margin, the spread that you're making on your balance sheet. But there's a refi boom like we haven't seen in years taking place. REITs. Have you refinanced your mortgage bank?”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. Well, it's certainly moved something that's been a tailwind for the last two years. Its rates were going up. Most banks are what's referred to as asset sensitive. So their loans are repricing faster than deposits and spreads are widening when you have the flip and rates start to move down. Then your loans are repricing downward faster than you can reprice your deposits. So it puts a little pressure on your net interest margin. Certainly you try to hedge that to some extent, but you are going to have an impact. And NIM will be contracting somewhat. How do you combat that? I mentioned earlier the expenses focused on expenses. We had launched a very big transformational cost program. We kind of saw the tea leaves about the Fed going to either pause.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“You're seeing stresses starting to form, at least on a small basis, I think? I think a lot of companies are thinking about their supply chains and how to adjust their supply chains to try to minimize the impact from the tariffs. And what it forces everybody to do, including the banks, is how do you get more efficient if you're going to have these costs that come in from external, from some of the administration policies, then how do we protect our growth and our earnings, et cetera? And so deploying artificial intelligence, deploying robotics, finding ways to keep streamlining how business gets done becomes an imperative.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Different sectors differently. Again, the service economy is not that impacted by it, but the manufacturing sector is. And fortunately for us, the service sector dominates our economy. But you guys”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Doesn't mean we don't see it. I'd say there's some recent data that manufacturing sector is a little soft, but you have to remember in the context of the US economy, the economy's powered 70% by consumers, and consumers are in great times. Unemployment's low. People can find jobs, real wage growth. So you've got wages growing at 3.2%, inflation's down at 1.5%, so people are having expanding net pay over inflation, which is great. So I think that consumer is watching some of the current events. They're watching the trade, and they're watching the impeachment proceedings. But I think they're almost inured to that. It's been around for a long time. And it hasn't really caused anything. And so people are aware of it, but it's not holding folks back. Where it is holding people aback a little bit is the kind of middle market companies sitting.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I don't. I think people maybe are holding their cars longer or that's a little more affordable to stretch the payment out over a longer time. And these cars now last pretty much forever. They do. They do.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Still in season. So, in the consumer side, are you seeing migrations into delinquency buckets that people are starting to stretch and have difficulty keeping up with obligations? Same thing on the corporate side of their particular segments of the economy that are starting to stress a little bit. And so to me, that's a key early warning sign.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“To be fair economies, and we cover, as I said earlier, the mid-corporate, middle market all the way down to small business. And then we have a very big consumer business. So the balance of our businesses is roughly 50-50 between corporate and then also the consumer. So we get quite a good read on both data in terms of how our borrowing patterns, how our charge card usage, et cetera. And then also anecdotes just what are we hearing from customers? What's the businessman doing? Are they buying that next piece of capital equipment? Are they holding back because of the trade tension? So I think we get a well-informed view of what's likely to come up in the economy.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Am I overstating it? Yeah, no, look, we're kind of cover three regions of the country. So we have New England, Midlantic, and Upper Midwest within our footprint.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“Price So I think they've thought it through in terms of features and pricing and alternatives, and it's meeting a good reception, which is good for us. That means there's going to be good demand for the phone. People continue to participate in the upgrade program, and so we continue to grow the balances under the program.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“It's always There's a big swell of volume, and it's great for Apple. I think they're pleased with how the 11 is being received in the marketplace. It's got”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a number of data points. We don't want to give away the full secret sauce berry, but I think we feel quite confident of our ability to make good decisions. And I think we now have been at the program now for a number of years. And so we've seen the performance of all the different vintages. And they've performed adder.”
2019-12-27 · Masters in Business · Bruce Van Saun Shares Banking-Industry Insights · IDENTIFIED FROM THE TRANSCRIPT · source