Robert Kaplan

operational risk matching financial risk.

And we were taught way back when, if operational risk is high, be careful about the financial risk.

And AI and disruption is going to increase operational risk.

Businesses will figure it out, but you don't want to be as highly leveraged.

And so that's something I think people are going to have to go back and scrutinize.

Well, the companies, listen, we would have said in the past four or five times EBITD, that's not over leveraged.

Well, it is if there's a risk that your EBITD might drop 30% because of a new innovation.

That's the issue.

Let's stay close to clients.

Let's understand their needs.

Let's bring the whole firm to bear, including our thought leadership, to help them figure out what's going on.

Corporate clients are very active.

Investing clients across all our sectors are trying to –

figure out and handicap what's going on.

And our job is to understand them, build our relationships, and serve them by bringing the whole firm to bear.

Yeah, so businesses are handling it in the following way.

A typical business has 10 or 15 use cases.

How can we change our controllers department, our marketing department, all the different things that they do.

They're in the middle with partners, outside partners, of going through those use cases.

And I'd say we're in the early innings.