David Toms
speaker
276 appearances
2 recordings
1 series
first heard Apr 2022
last heard Oct 2022
David Toms’s voice in public audio — every appearance, attributed to the second.
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Appearances
And then we have software on top of that helping us out.
There's a a beautiful expression from Microsoft recently, I think it was from Satya Nadella himself, which was that.
Tech is deflationary in an inflationary world.
We are providing the tools to help people keep to manage their costs to avoid some of the aspects of inflation that otherwise cause pain.
Just like 50 years ago, buying machinery and automating your factories was deflationary in an inflationary environment.
Software is that from the modern world.
Yes, in fact there was a recent statement from um from JP Morgan or some be some recent investor discussions because JP Morgan announced that it's going to ramp up its tech spend even further.
To put this in context, JP Morgan has an an overall expenses base of about eighty billion dollars a year.
And it's gonna ramp its tech spend up from about ten billion a year to fifteen billion a year.
So, you know, it's spending on tech in the way that a software company spends as a percentage of its revenue.
I mean, it's a it's a massive amount of money.
And in fact, one of the comments I saw from an analyst on JP Morgan was that JPM would be potentially outspending the entire global fintech industry with its own IT budget.
So the scale of what is being spent on software and technology solutions is absolutely immense, but it still pales into insignificance compared to
to JP Morgan's overall staff budget, which will be several times the software budget.
So I guess the other thing
You know, to an extent, we we are and we should be the biggest bulls of our sector.
We all love what we do and we love the industry.
And yeah, despite that, it it astonishes us with how good it can be.
If I think back to our 2019 AGM, which was my my first time on stage for HG, and one of the things we talked about was
How we expected there would be a recession in the near term, because we'd had 10 years of great economic environment since the GFC.
Showing 201–220 of 276 · page 11 of 14
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