Can I Sign New York Banking Living Will

Can i industry sign banking new york living will

>> Thanks, everyone for breaking weather, and to come up and be here today. We're going to start by just letting each panelist give a little bit about your background, and how you got where you are. Here's maybe what's different for you since we've just heard a lot from Brian, and we're hoping to hear a lot more. Tell us a little bit about what your average day looks like. You get into work. What do you do? Try to give us a sense for all of the different things that you can actually do on the bank. I guess we'll start with you, Brian. >> Is this on? >> It is. >> Great. I'm not going to go a lot on my background. I think you just heard that for 45 minutes. I don't want to bore you anymore. I'll go right into typical day. I'm a portfolio manager, work with some of the wealthiest families actually throughout the US, and the world. Portfolio construction. A typical day, my daughter's always are wondering why I'm listening to the news. Because they try to tell world events. Different events affect markets. What's going on? What's said? What country's doing what? We have a research call every morning where we talk about if needed, different events, different markets, different views of the world on the last two weeks, last three weeks. Obviously, we finally see some volatility in the market, which we haven't seen for the last two years. I'm spending time on that. The volume of calls go up. In the last couple of weeks, I'll have clients call up, asking me about their portfolio, their investment, should they be selling, should they be buying? A typical day I had a conference call. It's not just on the money management side, but when you deal with this wealth, it's more than that. I work a lot. I had a call yesterday with my client, and a trust in state attorney. The way the system setup right now, if you have over $20 million, not 20 used to be 10 if you're married now it's 20. Basically anything over 21 million, you're going to give half of it away to taxes. We spent a lot of time. If you have a $100 million, and you pass away, you don't have $40 million approximately for state tax. We spent a lot of time constructing different portfolios, working with them different trust, different things on that side. A lot of our clients have one thing in common. A large piece of stock will make up a lot of their net worth at a very low cost spaces. You can sell it, but then you pay big tax bill. We'll spend a lot of time. Instead of doing that, we can hedge it. We'll use options strategies, and they coincide with their existing portfolio. Really, I'm spending all day long looking at different asset classes, different scenarios with high net worth individuals, and helping them manage their portfolio. >> My name is Lucas. I'm with SoFi. My day is comprised of managing a pipeline. I work in an operation center, I manage the sales team. Our team at any given time is probably working on to about 150-200 loans person. They can be any different stage. My time is comprised of looking at those loans, and these are mortgage loans, whether it be refinance, cash-out refinance, or purchase transaction, and making sure that everything's going smoothly, and that we're on track to hit all of our timelines. My eyes on every single loan, every single day. We work in a very competitive, very high touch industry. We can't afford for anything to go awry, we damage our reputation, and the customer experience. On stepping in where I need to push the pace, make exceptions, talk to the capital markets team about pricing, underwriting about getting to in through, reviewing a piece of documentation, et cetera. That's the bulk of my day. That's it. >> My name's Mark Nordstrom, work for Zions Bank. I'm a commercial relationship manager there. Here locally, I work on the branch there on Fifth North. I've been with the bank for almost 16 years or a little over 16 years now, mostly doing the same thing. In retail bank you can do a lot of different things. You can manage consumer loans, mortgages, things like that. In my world, we lend money to businesses, and particularly more commercial lending where we're lending million dollars plus to different businesses. Different than small business lending. My job really is a sales job. I'm trying to find people that we want to lend money to, where we can get our money back, and make a return on it. I'm out visiting with customers on a daily basis, trying to get to know them, and build relationships with them, so that we can lend them money. It's very competitive. There's lot of banks with a lot of money that need to get it employed. The differentiating thing for me is trying to set myself apart with the level of customer service that I have, and the value that I can add to my customers, and helping them be successful in their business as they grow. >> My name's Rick. Many of you are my students. I'm on the full-time faculty now, but formerly I was with the Federal Reserve for about 27 years, and after I retired from there, and thought that fly fishing would be my life, I was recruited to assist a new regulator in the Fannie and Freddie world of the mortgage back entities. They're called government sponsored enterprises that failed during the crisis, that was alluded to earlier. A typical day in my career in finance, especially at the Federal Reserve, was thinking about bank regulation, what banks were doing, where there were concentrations of credit, what trends were emerging, what safety, and soundness issues might be present. Also at the same time, you would be reviewing monetary policy, and monetary policy inputs making sure that our economists, and researchers would have dialed in what they think the monetary position or policy making function of the Fed should be. Then of course, lot of people don't know it, but keeping the wholesale payment system running from wire transfer ACH, all the things that really are in the background. Those are the three things that kept me busy every day. All of them were very interesting, and it was easy to make a mistake. You had to work very hard to stay on top of that. >> My name is Joseph Morgan. I started my career at Citigroup in sales and trading. I spent a year in equities, and a year in foreign exchange. I recently had a big career change, and moved to Salt Lake, and had been working for a commercial bank specializing in equipment finance. I'm an asset managers. Most of my day is actually spent trying to determine the assets that we have, the collateral that we have on any loan or risk, what is the value that we could sell it for if a loan went bad? There's a lot of portfolio at the bank of loans, and leases that have titled equipment as trucks. Even loan out equipment like cranes, construction equipment , Ag equipment. My job is to determine what the value of that equipment is, and how, and when, and where to sell it. Usually we work with our legal department and, our portfolio management teaming up, and entirely different portfolio management team than one Goldman doing wealth management with stocks, and bonds. An exciting job. One day I'll have a half a million dollar crane come up, and say this ball went to fault. Where, and how much can we sell this for? Or hey, we have a bunch of trucks, the loan went bad, what should we do? I work along with legal department, and with the credit team trying to evaluate the loans that are going bad. What should we do with them? How can we use the collateral to get a more advantageous position if the company's bankrupt? >> Great, thanks for that, really set of activities, and careers in the banks. Maybe we can build on that, and speak to the students. Let me ask you this, and I'll probably start with you, Joe. Describing the idea of resume, you're looking to hire for the team, and the resumes are coming across your desk. What skills are you looking for? What advice would you give our students in terms of classes they'd be taking, but also the activities they'd be engaging in while they're here at USU? >> Sure. Depending on the role you're applying for in banking, your resume can lock so different. There are roles like mine which just maybe some of you feel like banking. I think the number one thing on your resume is you have to pay attention to detail and makes sure that there are no mistakes on that. When an employee has gone through and looking at resume, he has something that always stands out. My resumes, I know of people telling me they really liked it because there was a bit of blue in my resume. I had my name in the professional dark blue on the top, but whether you can have on there to make it stick out and to make sure that it's totally accurate. In activity, all extracurricular s are good. If you're here and you're part of finance club, or the accounting club, or something outside of class that has really proven that you're in the markets. Something of that will help you stand out rather than just a similar major, or some other GPA that has taken another role then. >> I would say the same thing and its especially coming right out of college. I think it was discussed earlier today, a demonstration of work ethic. It's important to have internships and things like that. >> The ability to demonstrate that you've worked, you know what work is like and that you enjoy work. You have a passion for hard work. If you can convey that on a resume that's important. Then in terms of the coursework, if you navigated a program of study that emphasized especially in finance, quantitative skills, knowledge of accounting, writing skills. I spent more time at the Federal Reserve writing policy statements and letters to CEOs of banks and examination reports, and I really had to step up my writing skills after I had left school to pass master. If you put a letter or a memo in front of a president of the Federal Reserve Bank, you better have made it concise, convincing, and well-balanced so I wouldn't under emphasize that. >> I read it. I'm relatively new as manager so I haven't really had a lot of opportunity to look through a lot of resumes in our particular bank screens, a lot of those before I even see them. You could have 50 people apply for a job and I would see five or six of those resumes and so they're doing a lot of that work for us, or I'm not looking at a lot of those. When they come to me, I look at them and see if they're written in a way that they communicate effectively and what their skills and abilities really are. I think that's important because everything that we do when we're communicating with customers or with each other, and that's super important. I want to see that it's clear, that it's concise, that it makes sense, that I can understand that. I might not know anything about the particular job or whatever, but I can understand what their role and what they learned in that particular role would have been. I would like to see that they do things outside, learn things outside of school. If there's an opportunity for them to take something in Excel where it wasn't the school or activity, but they certified in it or something like that. That's something that stands out because I want somebody who's going to be a learner because you're at a certain level when you graduate and then once you enter the workforce then your employer will want to teach you their way, their culture, how they do it so I feel like that's really important that people have the ability to learn and they're self-starters to learn as well. >> I would say that your resume at least for me it gets you in the door, it definitely doesn't get you the job. I'm hiring for sales position, just like you said, I think that it gets you through the screeners and to me. I look at your resume for less than a minute because all I care about is who you are, your personality. Like you can have a 3.5 GPA and get the job over someone else who has a 4.0. I'm not saying not to study, but I think to me you're real resume is from a time we start interacting to the time we make an offer at that as your resume. Are you professional? Give a firm handshake? Are you dressed well? Those are all things that people will tell you, but really at sales position, you need to be eloquent, persistent to show that you have possible to get it done. Those are things that I care about. Those are the intangibles that you can't show on your resume, but you need to show me to be able to get an offer. I would say that your resume is important. One thing I would say that I always going to share is I'm not looking at your GPA or anything like that. As much as I am, what you've done outside because that's what I'm going to start talking about. The only interview question I actually ask is like three words to describe yourself because I want to see you up what you think about, like how you would describe yourself, and then I'm going to call somebody else and ask them what three words they would use and see if they match up. If two or three match up, I know that you are lying and I know that you're there like 15 words I'm looking for and if any of that two out of three are in the 15. Every person than I've hired in the last year has met that and everyone has done very well. That's my philosophy. >> When you put together a resume in competitive job market, unemployment at historically low levels here at four percent on meaning there's a lot of competition. I said earlier, you want to set yourself apart. A lot of times when you look at resumes, your looking for reasons not to hire the person because you've got such a huge stack of them and so you need to do everything you can to set yourself apart. Goldman, for example, it's three, fives the barometer meaning if it's below three, five it's an easy reason that's not going work then you look down the next one. Obviously, good grades part of it I think it would have to be a three, five or higher. Then other than that, what have you done to set yourself apart? Do you have relevant work experience? Did you work 20 hours a week or part-time while you were going to school? Interestingly enough, there's a good work ethic at Utah State where I think it's very typical for students to work their way through school outside of Utah savior. If you go to at Ivy League school, no one there works outside of it. They have awesome summer jobs, but during the school year no one works during the school and that sticks out. You say, "Wow, this person you have got a three, six, working 20 hours a week." It's even better if it's a relevant to your work experience or if you can tie it to what you're applying to, outs of extracurricular anything. I do a lot of cycling. There was someone that I'll interview that said there were a cat to license cyclist. I looked at that, we talked about cycling. If you're someone that's persistent, works hard, focus, anything that can set yourself apart, clubs, finance, marketing, econ, check that box athletics. You want to be able to tell a story, you're a well-rounded person, you're smart, you're hard working, you're focused. Demonstrate that not only in the resume, which will hopefully get you in the door. Then after that, how you can talk about and relate your experiences to the resume and then to the job. >> Excellent. Thanks for that set of responses. I actually want to drill down here just a bit and I wouldn't have to go person by person if you have an opinion on this. Say you hire somebody, but what specific skill you want them to have or develop in the first, whatever, 2-3 weeks? In particular, is there any quantitative skills that the students should be aware of and should be focusing on whether that's Excel skills, or computer programming skills, or financial analysis? What specific skills do you think would really help make for success in this job aside from hard work and our interpersonal skills? Any thoughts from the panel? Go ahead, I'm sure. >> It's not necessarily maybe a technical skill, but I think social skills would be one of the best things because as your new, there's a lot of things that you don't know, and I think if you can develop good relationships with the team and they prefer who your working with. Those people will know it, and if you can become friends with them and learn to trust them, them to trust you, I think you'll be able to learn pretty quickly rather than the inverse being in a bubble and think, "Well, I don't know this. I don't know who I can ask or who's going to help me." I think that's pretty important. It really shows that you are a team player and you're trying to move the needle for the whole team rather than just for yourself. >> Yeah, for me, I would say just being able to hear something once and while you're taking good notes mentally retaining it. The last thing you want to do is come into a job and have to be asked two or three times. I'm not saying that's bad like here or there. If you're doing it on every single thing, I would say most of the people up here are extremely busy. If you're going through our training program and you're not a 100 percent invested, there's a big problem for the beginning. This is something that T. J and I talked about before. You want, for lack of a better term, management, like on your side, because you want someone to take you under your wing like early. We can talk about that later T. J. But if you're not all in in the training program and standing out, they're not going to take five people under their wing. They're going to take one and I can say that from personal experience and you want to be that guy or girl. That was my response to that. >> Anything else? >> Yeah. The one comment I'll make and it goes along with this. When new analyst or wealth management professionals start on my team, up flat out I'll tell them, "Listen, I'm assuming you're here because you're smart and you're hard working, right?" You need to do that. But having said that, you're coming right out of college or your background, I'm going to assume, and this is no offense to whatever college you went to, I'm going to assume you know nothing about what we do, and that's okay. So I'll say, "Be a sponge," is similar to what you're saying. You need to learn this. You can make mistakes because your first number of months you're going to be closely monitored as it's a training process. Don't be afraid to ask questions. I'll have the first number of weeks or months, I'll have new people on my team. They'll shadow me to listen in on mute on conference calls. Sometimes they'll bring it to a meeting because they did all the prep work for it and I'll ask them after the meeting, "Any questions," because the client will ask this one or beat me up over this. Sometimes literally on a two-hour meeting, we'll work out any questions, anything I can help you understand, and some of it will get pretty technical. I've literally had sometimes where someone's been on the job a month and they'll say, "No questions. I'm good. " "Really? Not anything." They're like, "No." You almost have a free pass your first number of months on the job, because this is new to you and that's okay. But if you start asking questions, six months, nine months, 12 months, or something that you should have known day one or day two, that's where we start to have a little bit of a problem. I would take that free pass, take advantage of it, ask questions, learn everything that you can early on. Because that's where it's all going to come together. Because you don't want 12 months down the road say, "I'm not really sure how that works over there," because that's where you're going to stand out. >> Yeah, thanks for that. I actually want to follow up on that again just as something that both Lucas and Brian were alluding to. I apologize guys. We're way off this list of questions I sent you guys. But did you have a mentor in your career and can you tell us about that? Did it make a difference to where you are today and to your success in the industry? That's an open question for the panel. >> One thing that I would encourage all of you to think about because it is a competitive job market, four percent unemployment. You have a lot of selection, the demographics are on your side. A lot of people are leaving the workforce. A lot of employers are looking to hire new people. When I graduated, that wasn't the case. But I did try and find an employer that I wouldn't be ashamed to express that, "Oh, I worked for this firm." So I went to a commercial bank into a commercial loan training program that was very prominent and from there went to the Federal Reserve. I was very pleased that I was with a reputable organization. Then within that organization, there were top experts sitting just across the hall. If you had the nerve and you thought about what you wanted to know more about, approach them at a lunch counter or when they have a few minutes, they like to have that relationship with you. They like that curiosity. Don't pass it up. There are too many good folks in the industry that want to pass that along and so mentorships aren't difficult to develop. >> I would say, I've got a interesting story regarding mentorship when I started at [inaudible] showed up and said, "I'm sure my resume looks like everybody else, good GPA, etc," I just looked her in the eye and said, like, "If you hire me, I am not going to let you down." But let's just say a little bit more firm. I got a call three hours later and said, "You're hired." Then when I got there. I can't say that I had a very good social life. I worked and I supported three directors around the US and one of them was the top producer of the company and I made a internal decision that I wanted to become very close to him and we became very close and we were crushing it. I said, "I don't want to do this forever. " He said, "Get to know Tanenbaum." Tanenbaum was our VP of finance at the time. Not a easy guy to like talk to initially. So I saw him in the gym one time he was on the bike. He's a Goldman guy. He had a tablet and he was like barely biking and so I really gave him a hard time about just go back to the office. Why are you here? He was just like, "Who is this kid that just came and started making fun of me?" That was I guess my way of like getting to know him. >> But could've gone either way. >> I guess that's kind of my style. He smiled. He walked past me, he made a comment, and then we started talking. From there, we worked in the San Francisco office and became close. We got to know each other because I was there late. I'd come from the gym and go work again. So we have that commonality. About three months later, he got topped to be our VP of mortgage and 30 days in, he said, "I've come back to San Francisco if I want to meet," and he said, "Come join me in mortgage." I'm like, "What am I going to do? " He said, "We'll figure out later." I said, "Okay, let me think about it and I'm like, what am I going to do?" He's like, "We'll join the sales team. I need you. Come join my team I'm like, "I've never heard of this position. Who ever thought of going into mortgage?" Anyways thought about it, took the plunge and it was one of the best decisions I've ever made. I went to work for him and went to go build something. When I moved, I lived in San Francisco and office was an hour and a half north and I told him , "I'm not moving up there. It's a long commute. What are we going to do?" He's like, "Well, I'll pay for an apartment and we'll have like a place up there." He was our CEO at the time Mike Cagney came back and said, "I want you to stay in my guest house." We ended up living in our CEO's guest house in like these rolling like vineyards for a year. So a very like a typical story. But without Michael's mentorship, I would not be where I am today at four positions in two and a half years and now I manage the sales team. I think having the mentor allows you to be bolder. I think personally I'm a bold person. That was just my way. But when you're in a company and you have someone that has your back, you can't be reckless by any means, but you're going to, bad and bold, is the right word. If I wasn't bold, I wouldn't have gotten to where I am today and I know that Michael shares the same thing where our CFO was his mentor and he wouldn't be. So I think if you find a mentor early and you really cultivate that relationship, I think it will pay off. Michael now joined or co-founded a payment startup in Silicon Valley and your mentor is going to becoming one of those people where you could walk in the door and you've got a job or they're going to set you up with somebody, so job-wise. I would really encourage you to find someone like early often and set aside time to cultivate that relationship because the dividends it will pay are enormous. >> For me, I interviewed on 911 and I was driving down from Utah say down to Utah County to interview. This was for an underlying position. This was a position that I just wanted to get my foot in the door with in banking. I interviewed for, I got the job, started working in that position and was there for four months and they had fired a loan officer and they said, "Hey, we need somebody who is going to help out, just manage his portfolio while we would find someone else. Will you do that?" Sure. While I was there, I developed a really good relationship with the branch manager. I wasn't really thinking that I was really seasoned enough or had the experience enough to be in that relationship manager position. But he said, "Hey, you've been here for two months, you've done a phenomenal job, why don't you apply for it and I'll support you in it?" I think I lacked the confidence to think, well, "Am I really ready for this? Could I do this?" But he had confidence in me because I think he saw my ability to learn and to work, and my ability to communicate with the customers that were in that portfolio, and he wanted to support me and I worked with him for seven years. He was always helping me try to be successful, introducing me to people that he knew, different leads that would be helpful to me. He was just there, as you were saying, had your back. He was just looking out for me, trying to help me be successful. I think he did that because he could see that I want it to be successful also. >> I'll just make two comments. One, as far as mentors, you can learn good and bad from people which can be very helpful. My first job was a two-year analyst where I was assigned four advisors. There was two different teams of four advisers successful. But one, for example, she was unbelievably good with clients and just an intense, focus, but she worked hard and not smart. I learned from her that client part I get but I'm not going to do that part of. This other advisor, I don't know what he did well that much except for a trading strategy that he used and it's a very big part of my business today. Another one, unbelievably focused on just investments, just which I learned that from him. There were many things that I learned working with people. I said, "That's a great quality. I'm going to try to do that. That's a quality doesn't make as much sense. Try to avoid that." But I think you can learn from a lot of people. The last thing I'll say is, once you get in the business, they're going to be individuals that stand out that are very successful. Find out what they're doing. Ask them to lunch, why can this person given the same set of circumstances rise to the top while others can't or what is he or she doing different than others are and try to learn from them. >> I've got just a couple more questions for the panel and then we're going to open it up to the audience and we really want to hear from you. If you have a question, make sure to jot it down. Don't forget it. We want to leave time for that at the end. Let me ask a question and I guess I'll go back to you Joe, kind of big picture. When you think back about your time working in banking industry, what are some of the most rewarding experiences you've had? What are the things you look back and you think, "Yeah, I'm really glad I chose this career path." >> That's a great question. Surely I started working a few weeks after I graduated and started my first job, had a super smart kid. Had a guy come to me and said he was quitting and I said," He said today is my last day. Are you kidding me?" He said, "Yeah dude. Banking is so passe'. I'm going to Silicon Valley. Wow, I thought I just got to the top of the world. This guy wants to leave. Something that is easy in the financial services industry, especially banking, to view it as the old guard like banks are evil. There are really rewarding things in banking primarily because it touches every industry. Banks make the world go round. An easy answer, what's most rewarding to me about banking is the fact that you get a learn about all these different industries because banks finance literally every developed countries, people and businesses. One day you could be learning about tech companies, or you could be learning about industrial companies. Overall, I would just say the breadth of experience that banking gives you across all different industries wherever those could be. I mean, they're major cycles in the economy and different trends that come up in tech and banking is a part of that. There's no shortage of interesting experiences that will help you touch all different markets within banking. >> I think for me, it was situations where you had the opportunity, whether it was in banking is a lending credit officer or in my case, at the Federal Reserve, banks and corporations get in a little bit of trouble. Sometimes you're in a position where only you are going to make the decision. Everybody's giving you data, everybody's giving you feedback about what can go wrong, won't go wrong, things like that, but ultimately somebody has to say, are we going to keep this bank open and operating? Are we going to shut it down and sell it over the weekend? Are we going to try and work out a program in which they can maybe with special access to the discount window, some liquidity, as was mentioned earlier, will reform itself. One of the rewarding things was whether it was in commercial banking or as a regulator, was taking a firm and seeing it get into a little bit of trouble and making the effort and living with the consequences if you were wrong, to turn that firm around. Those are the high points in my career and the teams that I could trust that worked with me on those decisions. If if you can partner with people that you can trust, you're in good shape. >> When my children get asked what I do for a job, they tell people that I'm a loaner. That's pretty rewarding to be called a loaner. My brother who was skiing in British Columbia and there's a double black diamond hill there called 'kill the banker'. That's some of the sentiment and one thing that I do pretty regularly is go into the elementary schools, and teach people, teach kids how to save money. One thing that I'll ask them is, "How many people in here want to be a banker?" Guess how many hands go up? It's interesting because I don't think it's something that people would really aspire to, especially in elementary school age, but banking. I would say fulfilling rather than rewarding. The part of my job that I love the most and that keeps me going everyday and excited about my job is meeting business owners in our community. These are some of the people in our community that just make things happen. They're taking calculated risks. They're hardworking, they're very creative, and innovative, and I get an opportunity to know them, to work with them. It's fun to see them in the community and to be part of their success as they contribute back to their community with the things that they're doing. I'm a part of that as I'm helping them finance their company and help them grow. I really enjoy it. I think that's probably the thing that is most fulfilling for me. The lifestyle is a really important part for me. My family comes first, that's where my focus is, and this job allows me. The banker's hours aren't necessarily 9:00-5:00 anymore. You do have to put in the time but you put in the time you need to do your job, and that's really what you do. You are not working 80 hours a week. You do your job, you put your time in and you can be successful what you're doing in my role. >> Lucas, Yeah. >> I guess I could sit up here and say that. This thing is on. That providing loans and helping people get the first home is exciting but the question was, what's the most rewarding? For me personally, that was rising to a spot within the company where I c uld say, I could pitch an idea and create a new position, which is what I did. I was a loan officer and I decided I don't want to do this anymore so I said, " Hey, I want to move up Salt Lake." We're opening up big off-center and I said, "I know we have 70 seats out there. Let me move out there. Let me go and build a training program, recruit, and I want to hire. I want to have another experience and build up from the ground because our first off-center, everyone had a decade of experience, and I would say so far is very different than most lenders, in that, we don't have the opportunity, unfortunately, to know our clients personally, because we don't work in the community to their offices. It's a very fast-paced environment and I basically said I had no experience. I was able to do it. I think I'm intelligent but I'm not the smartest guy out there. Why can't I multiply, every guy going to Silicon Valley? Why can't we do it on a grander scale and it's actually better for the company? That's what I did and I think that's most rewarding, actually, six out 12 were aggies. That's huge number, which I will say if we wouldn't, none of them would have been here without all of you. Thank you, I guess one other thing I would say is that don't discount. I firmly believe that things happen for a reason. I forgot which class it was, but I spoke in a corporate fine class. It's fast hall and I walk there is actually the wrong class. The professor asked me to speak and I spoke to the guys that were hired were in that class. Actually, two of my top reducers. We'll, call it time, they sat right behind me and it's like a joke, what would happen if he didn't talk in the class? That's my story. >> What I would say the most rewarding, it's hard coming out of college without working at a job that's exactly what you want to do. The first couple of years, I was at Goldman a two year position. I had opportunity that you'll look at a lot of different areas like trading is. Do you like numbers? Do you like the credit markets? Do you like investment banking? Research, sales? This gave me ability. I think I can say that for most students, your first job probably isn't going to be what you stick with. It might be, but you'll have a chance to learn and really hopefully what your passions are, what you really like versus what you can end up doing. Most rewarding what I like to things on line one, it combines the financial markets and investing, which I like. There's a lot of jobs you can do with that, but it also has the client contact where I'm working directly with the clients. I got to major in finance and marketing and almost brings those two together and it worked well. The other thing is living in New York, I'm not from there and I don't speak the same language. The tough time fitting in at time. I really liked in this specific area, where whether my boss loves me or hates me, it has zero to do with how well I do. It's meaning you create your own business and that was really important to me because I just didn't want to try to remember my bosses wife's name and their pet's name, that I'm just not good at it. I found a job where you have the ability and it's basically reward on your own merits. >> Excellent, thanks for that. Last question for the panel, and then I think we'll take some questions from the audience. What changes should we be prepared for in the banking sector? They can come from a lot of areas obviously. The regulatory backdrop is changed and maybe it's changing again. Then we have financial technology. New innovations and finance which could completely changed the landscape in the investment and the banking universes. Just give us your thoughts on where the industry is headed and what sorts of surprises we might expect. I'll leave it open for whoever brave enough to jump in first. >> I Propose a question, I thought I'd change my answer to your last question, which is what's most rewarding? In some ways to me, the most rewarding is actually trying to change with the times. I mean, think of Fin-tech, think of all the different ways of disruption that are coming towards the financial services industry. We talked with the wealth adviser and ask them what rob o advisors are doing telemetry or talk to a normal commercial bank and ask them what's so fine. The companies, whether they're marketplace lenders, pure to pure lenders or other types. What are they doing to the industry? What's PayPal to them? Doing the industry, the banks have responded resembling, are there so many changes going on right now. In some ways, to me it's one of the most rewarding aspects of working in this industry because there's a lot of change afoot. I guess things to look out for, other asking definitely, touch on there was better for young people who get technology. I mean, there are enough talking heads on CNBC to give you their opinion of Bitcoin and cryptocurrencies are block-chain, but it's just one example of a technology that is really going to come in, disinter-mediate a lot of industries. At least, a lot of the processes that industries have foundational one on. I think without going into much more depth, that is super exciting. You can always try to be ahead of the curve and change how finance happens. >> I'd echo those remarks. Step's specially from a regulatory perspective that technologies have really good labor technology swap. The ability to deliver, whether it's consumer credit, payment systems, to even wholesale credit is going to be much more efficient, competitive and faster. The risks are not going to change. The fundamental risks aren't going to change that much. How do we measure those risks quickly and understand what positions banks are in? Joe mentioned disruption. There's a bank and it's public information. They would tell you the same story here in Salt Lake City, Medallion bank, their name comes from the Taxi Medallion business. They would finance a New York taxi cabs medallion that might be $2 million. Lift and other ride-sharing firms show up. Suddenly, those medallions aren't worth as much as they were. That bank had their whole loan portfolio was based on taxi cab medallions. They're doing fine. Their capital is going to survive but that disruption is healthy for our economy. If you're a bank, but the strategy or a financial services firm with a strategy, how do you transition into that new world? The people who will figure out that first, will be the most successful. >> Locally we just did some remodel-ling on one of the branches that was on its own first north, just thereby the tabernacle on Main Street. As they were doing that remodeling, they pulled out a null-ed newspaper of clipping and it showed a picture of the teller line. You had six or seven tellers and each one of those tellers had a line of about 15 people deep. There were a lot of people there to be helped within the retail branch. Well, that's not that picture today. You know, the accounts of people coming in to that branch to do their banking and their business is way down because people can do it online or on their phones. That part of it is changing and will continually change quite rapidly. As I said before, people are really coming into the bank to get loans. You have to go find them, I mean you have to go and convince them that you're the right bank to lend them the money. It's somewhat other commodity. What does set us apart is the services, the ancillary services that we can provide with treasury management as far as how they collect cash, move cash and disperse the cash. Those things if it's convenient and cheap, then those things can set us apart in a competitive situation and there's a lot of opportunity in that realm in banking. This is because it's going to be the cutting edge of what we're doing and what our customers want is to help them be successful. When Sofi was founded, we were the first ones to refinance student loans. There wasn't any competition, then six months later there was a huge shakeout in 2016 where the credit markets tied in and nobody could sell their loans. We had recently raised a billion dollars, and I'd ask our CFO at the time, we raised a billion dollars, what are we going to do with it? His words, three words, defend and protect. We were really lucky to have the money, so we just continued funding loans and scaling while everyone else laid people off, and reduced the amount of loans that they were able to offer. I think we went from a 50 percent market share to 75 or high 70s in a six month span. That definitely wouldn't have happened if we hadn't raised the money. Since then, there is lot of competition in every market that we work in, or every product line. Marcus, for example, we see bigger banks coming in with a lower cost capital. We've never been the lowest rate. We sell on branded service, and we can fund a loan in like two or three days. It's getting tougher and tougher, and we expect 2018 to get even tougher. What that means for startups or moderate sized companies so far is, you have to continue to innovate. We just launched a new student refi product for med students that are in their residency that no one else has, and I think that's when you can do really well on. We've got a couple other things coming out that we're excited about. One thing I will say, it's not my realm, I see a ton of money going into insurance technology. I have a bunch of buddies that work in that space, so I'm really curious to see where that field goes. I'm from Silicon Valley, so I that's just what I know that are working anywhere from homeowners insurance to microinsurance but I'm really interested to see where that goes, as well as credit cards. I think that Visa, MasterCard, Amex, there are some competitors that are touching some niche spaces. I'm also excited to see where those go. >> I'll just briefly add, you mentioned the two areas, Goldman, that have drawn the fastest over the last 10 years. One of them really good. One of them, in my opinion, not so good. It is the fastest growing area over the last decade at Goldman would be regulatory, compliance and legal. I'm going to be biased when I say this, but, you could argue before the financial crisis, if it's a pendulum, I'll be the first to vent, maybe things were a little loose, but I think it swung way too far over here where you just have regulators roaming the halls of Goldman and other banks, which really made it hard for us to do business in a lot of areas. It's absolutely slowed us down and other banks down. Now, with Trump, you can love him, you can hate him, usually it's one of the other. There's usually not a middle of the road with him. You'll talk to most people in Wall Street and they'll say the one thing that they do like even if they do not like Trump, is that this talk of deregulation can really help the financial industry. It doesn't need to swing way back over this direction, but maybe a little bit more in the center would be very helpful. Second fastest growing area is technology. You will hear our Chairman and CEO call Goldman, not a financial firm, but a technology firm. It's really taken over the industry in the last decade. If you watch CNBC now, they'll go on the stock exchange floor. They struggle to find people, traders in the background. They have to literally walk around and put the cameras where they can find a trader in the background doing a trade, because technology has literally taken over the trading. They are empty in the New York sections, they have empty rooms now, where they don't even go. Again, you see that changing the industry, not just with the trading, the lending, but everywhere where technology is one of our largest areas of the firm right now. >> Thank you. Fantastic. Let's take some questions from the audience if we can. >> [inaudible] MIS. We talked about innovations in technology for business processes, but a lot of the hiring process is still stuck in the paper, flinging. What innovations would you like to see in the next 10 years, when we have started hiring people, that maybe are hampering finding good talent? >> Your question is? Just so I understand it. >> What innovations would you like to see with the hiring process from the company's perspective, or what we do as we are looking for jobs [inaudible] rather than just throwing a resume and adding to the stuff? >> One, actually spoke about this with Paul earlier, Utah State. I'll speak for Goldman, for example. The greatest thing coming out of the financial crisis for the State of Utah, was the Goldman tax office. In 2007, we went from about 200 employees, to now about 2,000. That was because of the financial crisis where we found it much easier and cheaper, and because of technology, where we don't need to sit in downtown Manhattan, where real estate's high taxes are high, salaries are high, so everyone's looking to cut cost. It's unbelievable the amount of hiring that we've done in the Goldman office. One we have an imprint, and we're fortunate to get in there early enough. As I was saying to Paul right before the start, he was telling me about the great hires coming out of Utah State that are going to start in the next year. If you can build a culture there, where you can continue to help other USU students. When I went back and interviewed for the first time, I went in there and the people in the interview room, they knew the other students, they knew the schools, they knew which is such an advantage as where I think Utah State can become really a cornerstone, which I think they really have in the Salt Lake City office, where you're not just blindly sending in resumes, but you actually leverage the talent that we have in the existing Goldman office. I think that's a huge part to get mentors that are actually working there now to students that really want to do it. They can be so helpful versus just going on the website, which you need to do anyways, you need to do the hard work, but there's so much leverage inside Goldman now, especially with that now. I don't know the final count, there might be a couple of 100 people that work in the Salt Lake office and really find a way to connect it to leverage that. >> I'm not really supposed to say anything because I'm the moderator, but I came out of the financial industry about two years ago, and I entered about 15 years ago. The hiring process, not so much at the beginning, but has dramatically changed. I'll just say this, use social media to your advantage. You hear a lot of stories of people for which the presence on social media has been a disadvantage, but you can really use it to your advantage. For example, we were looking for somebody with an expertise in the Asian technology sector, and the best person out there wasn't at Wall Street firm, it was a blogger. Everyone knew about him. In fact, we would read your roster reports and you'd read this guy who was a blogger and when I said do you want to come, and he said no, because he was making enough money from his blog, and had a freedom, that he didn't want to join a large firm. I think it's already changing dramatically. If you as a student can figure out how to use your social media to your advantage, everyone here is on LinkedIn, and if you're not, get on LinkedIn. The second thing you can do, is publish something on LinkedIn. Let LinkedIn universe know how you are succeeding as a student. We had a great set of students that just won a CFA competition here in Utah. It's all LinkedIn and it should be. I think it's changing, and there is a way to get out of the resume game. >> I have a quick comment on that, actually a good story. Coming out of college, I was interested in venture capital and going to work for a VC firm in Silicon Valley. My dad does business with a company. It's benefits and its so-called sequoia, which is associated with Sequoia Capital, which is one of the biggest funds out there. I said, "Dad, can you introduce me to so and so okay." This is somebody he knows really well. Anyway, I did a research, realized how tough it is, ended up going a different route. Then one of my good friends from college, she was also living in San Francisco and her 10 percent start at one under. She was looking for jobs. She said, "I really want to get to venture cap. I said go back, that's tough." Two weeks late I'm like, "Hey, what are you doing today?" She's, "I'm going to an interview in that Andreessen Horowitz." I'm like "Excuse me?" Andreessen Horowitz is extremely hard to get into. How did you pull that off? I tweeted that so and so. She followed all of them and made a connection. Not just, hey, I want an interview. It was a thoughtful, 140 character tweet and it got her in the door, Andreessen. Then they connected her to other firms. Did you hear what I just mentioned? Usually it's someone that you don't expect to work every time. There are success stories and she now works for a firm which is run by [inaudible] and that VC introduced her. They said, "Hey, I think you should go work for one of our portfolio companies." When they looked at her file, and she didn't even submit a resume. She got interviewed. >> We actually have to get these guys up to a lunch with some of our finance and economics students so we have the resume but if you could help me in thanking them for our insight session today.