00:00
Speaker A
You also talked about small business, right? Um, which is obviously a big uh customer constituent of the bank. Um, and he seems to be seeing a lot of strength there.
00:11
Speaker B
Yeah, I mean they're uh in the midst of this uh kind of bigger uh small business push. It's sort of a bigger part of this uh consumer push that the bank is doing. Uh JP Morgan has had a ton of growth over the last five years. You can look at part of that due to the pandemic and sort of what happened there with fiscal policy and you you can also look at the fact that they acquired First Republic Bank. So they're really trying to uh pull out all the stops in the next couple of years in order to continue their growth rate. Um so on small businesses, he pointed specifically to the fact that business formation has been up uh a lot this year in terms of new application filings. And he said that he thinks that that has to do with artificial intelligence and how it's playing a role. and he doesn't think that the cost of AI is going to trickle the trickle down to small businesses. Like for example, um most of them can get a lot of what they need out of just sort of using free versions of of uh LLM on the internet.
