Sign New York Banking Last Will And Testament Now

Industry sign banking new york last will and testament now

[Music] good evening i'm thrilled to be here as we honor two outstanding leaders roger ferguson and brian monaghan roger has proven his commitment to our country time and time again from his renowned leadership at the fed in the aftermath of 9 11 to working every day to secure a better financial future for millions of teachers roger congratulations on receiving the whitehead award for distinguished public service bank of america has a rich history of financial innovation for history buffs bank of america was the first bank to use computers to automate bookkeeping as ceo brian's leadership and vision has kept bank of america on the forefront of financial services brian congratulations on receiving the schwab financial innovation award everyone's support is a testament to the impact museum of american finance has on our country it is a pleasure to be here in support of the museum and in celebration of roger and brian's remarkable achievements [Music] good evening everyone congratulations to our honorees roger and brian are extraordinary leaders their record of accomplishments embodies the very best in finance what this sector can do to support thriving economies and communities smp global is proud to salute their leadership contributions and commitment to stronger financial markets and roger congratulations on your retirement [Music] [Music] so [Music] on behalf of everyone at blackrock congratulations to today's honorees roger ferguson and brian moynihan and to the museum of american finance for the great work done by all of you during this most challenging year please everyone to stay safe and healthy and everyone again [Music] congratulations [Music] thank you to the museum of american finance for its relentless commitment to increase the understanding of the essential role financial institutions play in growing and protecting the us economy brian and roger we appreciate your leadership both in the public and private sectors to create the resilient and innovative financial services industry that we have today [Music] congratulations to roger ferguson and brian moynihan on receiving these distinguished awards both of your contributions to the public and private sectors have significantly strengthened and enhanced the financial services industry the museum's dedication to improving the understanding of financial institutions and capital markets is extraordinary and unwavering and these honors are a testament to your monumental accomplishments we wish you continued success in the future congratulations again [Music] i'm glad that i took this program because it gave me more confidence in making my financial decisions and actually starting a business in the future the most important thing i learned from the finance program was when you get a credit card always pay for everything that's really important to have a good fico score the most important thing i learned in this class is that time is your most valuable asset saving money at an early age would be beneficial towards you when you're older i'm so glad i learned how to handle my money through this program and now going forward i'll be able to confidently make good financial decisions thank you to the museum and thank you to khan edison hello i'm consuelo mack one of the mcs of tonight's wonderful event to celebrate two extraordinary individuals and the nation's only independent museum dedicated to finance and financial history so along with bob possani we'd like to welcome each of you to the museum of american finance 2021 virtual gala now i'm not just a fan of the museum i'm also a trustee and i'm thrilled to be part of this exceptional evening with so many luminaries from the financial world as we celebrate our nation's financial heritage during tonight's program we will acknowledge the support of some of our most important companies that are transforming the financial services industry and contributing to a more equitable and just society our hosts for the evening are chairman and ceo andover national corp and museum chair peter cohen and museum president and ceo david cowan peter became chair of the museum in september and david has led the museum since 2009. the museum's trustees are so grateful for their dedicated leadership particularly in a year as challenging as 2020. we're looking forward to hearing from them both this evening and now it is my great pleasure to introduce peter cohen thank you consuelo israelo mack is an important member of the museum's board of trustees and great thanks to bob zazani for acting as our co-emcee this evening with her welcome to the museum of american finance 2021 gala i wish all of you a very happy and healthy new year and thank you for joining us this evening i am so pleased to co-host this evening with my fantastic partner david cowan president and ceo of the museum david works tirelessly always giving his all and more to make this museum a success in every way tonight is a celebration of our nation's financial heritage and given the current environment it's a celebration of our industry how the financial markets and its intermediaries rose to the challenges presented us facing the global health crisis we had to rethink how we run our businesses and in spite of this the financial markets continue to run seamlessly as we pivoted to virtual organizations the year demonstrated the resiliency of the american financial system the stability of the markets confirmed that we could make this dramatic shift in our capital markets continue to operate efficiently in fact this was a historic year for ipos and capital raised through traditional and non-traditional channels it is a tribute to american technological innovation that the capital markets function in the face of these challenges 30 years ago this could have never happened tonight we honor two prominent figures from the financial industry who successfully exemplify a great response to both the health and social crisis we've experienced roger ferguson shifted tiaa to a virtual work from home environment and became an outspoken leader for social justice within corporate america and society at large he will be retiring from tiaa at the end of march we look forward to his continued presence in our industry brian moynihan continued to navigate b of a in response to the pandemic flawlessly serving his vast client base as a b of a client i can personally attest to this and not only congratulate brian but i personally thank him and his associates brian was also highly effective using the enormous resources of b of a to address the social challenges facing our country tonight i proudly represent our industry and the museum of american finance and bringing you many high-profile individuals participating in the 2020 one gala and as our industry's only museum we are committed to bringing you insights and developments that shape the financial markets and those that influence its past our mission is to expand the public's awareness and understanding of the financial industry's importance to the global economy and the american success story i thank all of you for joining us this evening your support meets a great deal to us especially as we dramatically rethink how a museum can best serve its various audiences outside of its physical walls and in-person programming but these obstacles have provided us with many opportunities you'll hear more about this from david cowan our trustees play a critical role in fortifying the museum and supporting its programming throughout the year the names are displayed as i speak i am recognizing and sincerely thanking those who stepped up to co-chair this scala carmine the civilian ceo ui bill donaldson former chairman of the museum's advisory council and former chair of the sec bill dudley museum advisory council member former president and ceo the federal reserve bank of new york ron falber president and ceo of moody's larry fink chairman and ceo blackrock dina friedman president and ceo of nasdaq james gorman chairman and ceo morgan stanley ken griffin founder and ceo citadel bill harrison former chairman and ceo jpmorgan chase chris perry president broadwood doug peterson president and ceo s p global charlie sharp ceo wells fargo and company charles schwab chairman founder charles schwab corporation joseph tarantino president ceo protiviti paul taylor president and ceo of fitch group anne walker global real estate and strategic initiatives executive new york city market president bank of america and gerald walker ceo ing americas and with my greatest appreciation i highlight this evening's platinum and gold sponsors the of a tiaa kenneth c griffin charitable fund blackrock charles schwab and s p global a very special silver and bronze sponsors are displayed as i speak as well we're most appreciative of the very generous support of all of our sponsors your financial contributions are more important than you may realize given the museum has no endowment each year the gala provides sustainability to the next gala as board chair one of my main goals is with our industry's assistance to put the museum on a firm long-term financial foundation now i turn the program over to david cowan who will share with you how you can contribute to this evening's success and help the museum reach its goal and he will recognize an individual who contributed immensely to the success of the museum over many many years david thank you peter and thank you everyone for joining us this evening it has been a pleasure to work side by side with peter since he assumed board chair last september along with his amazing career he brings wisdom and industry insight as well as a passion for understanding that finance and free enterprise have been instrumental to the success of the american economy with all of you supporting the museum we see a very exciting 2021 those of you who are not sponsors of this evening's gala will have the opportunity to support us through the text to donate which will be scrolling our goal is to match last year's incredibly successful gala of 1.6 million dollars and we hope you will text to help us reach that goal thank you for all those that do now tonight as peter noted is a celebration of our nation's financial heritage and i can think of no one more emblematic of that theme than our own former board chair professor richard scilla he served in that role for 10 years and an incredible 30 years as trustee editorial board member and guest curator his contribution to the museum has been invaluable and tonight we will distinguish with him with a special recognition of service presentation dick it is clear you are universally loved by both the trustees and the staff at times you led us through some tricky waters always remaining calm and professional leading by example with your generosity and importantly with your time dick both personally and from all of us is with a depth of appreciation beyond expression that we say thank you now to introduce professor cilla we are thrilled to be joined by a former museum trustee well-known historian author and professor neil ferguson neil is the milbank family senior fellow at the hoover institution at stanford as well as a senior faculty fellow at the belfor center for science and international affairs at harvard i'll be back after special recognition of service presentation with a museum update and a highlight of our 2021 gala awards and honorees [Music] thank you david it's a pleasure to be part of the museum of american finances 2021 gala in celebration of our nation's financial heritage before i say another word let me pay a warm tribute to this year's whitehead award honoree my very distant cousin roger ferguson and also to our schwab financial innovation award honoree brian moynihan also tonight my old friend richard ziller is being honored for his three decades of service for the museum including a stint as board chair it's a great pleasure as well as an honor for me to be given this opportunity to sing his praises when i first got to know dixilla nearly 20 years ago when we were colleagues at new york university's stern school it sometimes felt like we were the only financial historians in manhattan i vividly recall our conversations about alexander hamilton who we both agreed was the most important of all the founding fathers the one who'd be least surprised by the enormous economic and geopolitical advances the united states has made since his untimely death that was a contrarian view back then it was only years later that lin-manuel miranda would make hamilton a household name with a rap musical something dick and i could have done ourselves if we only thought of it the museum is now more than 30 years old and many people have contributed to its success but i think i can safely say that without dick's leadership and influence it wouldn't have become what it is today the indispensable starting point for anyone who wishes to understand the historical significance of wall street dick more than any other scholar you've helped a generation of historians understand the full importance of finance for american history but you've also done a huge amount to get that knowledge across to a wider public as a token of gratitude for all your decades of dedication the museum is presenting you tonight with a plaque of recognition which includes highlights of the trustees favorite part of the board meetings your fun with financial history segments many many congratulations dick oh and if you have any good ideas for broadway musicals you know where to find me thank you neil for those kind words coming from the person i regard as the world's preeminent financial historian as well as one of the great general historians of our time they mean a lot to me but seriously my friend do you think you and i really could compete with lin mamo well miranda when it comes to writing musicals i doubt it let me also add my congratulations to our honorees i extend personal thanks to roger ferguson for his careful shepherding of a great company tiaa for many years as a young professor in the 1970s i began to accumulate retirement funds in tiaa the dow was then less than a thousand and now it's over thirty thousand as a result i'm having a comfortable retirement the power of compound interest is something more people especially young people need to learn and appreciate i also congratulate brian moynihan whose shepherding of bank of america i have followed over the past decade he showed me and others that true innovation sometimes consists in getting back to the basics of service to customers clients employees and communities it's a type of innovation too little appreciated neil referred to my 30-year affiliation with the museum it began in 1990 shortly after john herzog founded the museum and i had come to nyu to teach and write about financial history john and i met and quickly discovered that we were birds of a feather in our desire to explain to a wide audience the historic role of finance and building our country so john herzog my friend and benefactor of so many of us i salute you for your foresight in founding the museum it was a great honor for me to succeed john as the chair of the museum's board of trustees and i would be remiss if i did not thank all members of the board past and present for their dedication to the museum's mission of financial education and preservation all of you stepped up to give your time talents and resources to the mission i'm most grateful the mission continues it must we have to teach people that finance is a key technology for moving resources backward and forward in time and that the ability to do that makes our lives better i referred earlier to my tiaa retirement accounts which grew over time as roger and others oversaw them that was using the financial system to transfer resources forward in time specifically to me now in retirement as i and my university save for my retirement i also had several home mortgage loans that was using the financial system to transfer resources backward in time using my future income to make it possible for me and my family to purchase homes in 1970 1994 and 2007. because the financial system allows some individuals entrepreneurs businesses and governments to transfer resources backward in time from the future to the prese t others are able to transfer resources forward in time my own experience with home mortgage loans and retirement savings indicates sometimes we can do these things simultaneously in my view we also downplay the role of finance in building our country economic historians still argue that our country became the richest in the world because it had a transportation revolution and an industrial revolution as well as vast western territories to be opened up for settlement approximately 200 years ago in this rendering of our history little has said that the west itself was added to the country by the use of credit exemplified by the louisiana purchase in 1803 bought from france by issuing millions of dollars of u.s treasury bonds and new york did the same thing when it built the erie canal it used existing bond markets to borrow the money to dig the canal and the railroads were built by issuing bonds and stocks on equity and bond markets that existed manufacturers borrowed from banks to introduce those mass production technologies and they issued equity shares in the securities markets that were already well established in short financial development in our country preceded and did much to make possible our territorial expansion as well as our transportation and industrial revolutions as neil have just said no one did more to begin america's precocious financial development than alexander hamilton and that's a key reason why he and i regard hamilton as the most important of our founding fathers like neil and me hamilton was a student of financial history and he concluded that the ability to transfer resources backward and forward in time was an essential ingredient of both effective government national security and a country's economic growth and development hamilton foresaw a glorious future for the united states and he did much to make that future by doing more than anyone else to establish and nurture our financial system in the 1790s as a result of hamilton's work the u.s economy began to grow by leaps and bounds until in a little less than a little more than a century it was the largest economy in the world hence i'm proud and grateful to see hamilton's visage on the beautiful plaque that the museum has awarded me tonight it's right over my shoulder here on the back it lists with dates the roughly 40 fun with financial history topics that i discussed with the board at our quarterly meetings over the past decade about a third of them relate directly or indirectly to hamilton because of my special interest in his innovations in public services thank you very much for your attention and i now turn the mic back to david cowan for the steadfast leader of our museum for an update congratulations again dick and it'll be great that you'll be remaining on the board as a trustee so we can have some more fun with financial history at the meetings this past year has been a disruptive one for so many organizations and i'm pleased to report that our museum rose to the challenge we doubled our number of events to 40 and being virtual saw a massive increase in turnout many with hundreds of attendees also going virtual was our museum finance academy our free financial literacy certificate program for high school students you saw some of the scholarship winners in the opening in response to the covet pandemic we quickly pivoted to curate an online exhibit pandemics and epidemics financial and economic effects and launched a video series highlighting some of the most important and interesting objects from our collection amid rising social unrest we leveraged our virtual events to foster discussion our magazine to highlight inclusivity and challenges with respect to finance and our social media channels to reintroduce our 2017 2018 exhibit for the love of money blacks on us currency most recently we curated an online exhibit for nasdaq and their 50th anniversary highlighting some 25 milestones in their history we recognize the power of our collection to teach using our original copy of alexander hamilton's report on public credit the economic equivalent of the u.s constitution and many other original hamilton documents we created a class explaining how he formed the capital markets that we some 230 years later still thrive under several firms here tonight have taken advantage of us for that class and please reach out if you are interested now to our future after covid how do we respond bigger better and stronger it's going to be in three ways first in keeping with tonight's theme of celebrating our nation's financial heritage we must digitize our collection it is likely the single finest collection of american finance with many articles and objects from the 18th century and the founding of our nation it's a differentiating factor when we teach financial education classes because not only can we show stock and bond certificates we even possess george washington's treasury bonds second we need to find a new home in new york to create a unique and stunning museum we want to be an integral part of the city's turnaround and are actively looking for affordable space third we are working to create satellite museums in key financial cities around the nation so we can more widely share with the public many of the amazing treasures in our collection and be a part of our nation's turnaround and rebound our country is not just in the middle of a health crisis we are in the middle of an economic crisis there is dissatisfaction with the system and the museum is part of the answer and explains how finance can be an engine for national growth and a wealth creator for all with your help and our incredible board and staff i know we can extend the story of finance and the power of financial literacy to even more americans in 2021 it takes a tremendous amount of work to make that happen as well as an evening like this successful thank you to my team of kristin linda maura sarah ben robert and especially to mindy who has made this evening a success after so many months of hard work and as always thank you to dan simon invested for pro bono pr services this evening we'll hear what makes our two honorees so deserving of the museum's annual awards our whitehead award for distinguished public service and financial leadership was created by john whitehead at our first gala in 2008. roger ferguson embodies the dual mandate of service to country and leadership in the financial world our schwab financial innovation award introduced in 2016 is symbolic of alexander hamilton who demonstrated strong leadership and creativity as our nation's first secretary of the treasury is presented tonight to brian moynihan for his exemplary stewardship of bank of america now let's begin our program and thank you david uh hello everybody i'm bob fasani and i'm thrilled to be joining you all tonight for the museum of american finance 2021 gala this is bound to be a very special evening and we're grateful that you all took the time to join us so that we may celebrate the nation's financial heritage before we begin our awards presentations let's check the donations and see where we're at 1.3 million we're getting close to our goal and remember it's 1.6 billion million so just remember text m-o-a-f gala moaf gala to 44321 that's 44-321 our goal is 1.6 million and i said we're getting close i appreciate any and all donations tonight all of us do we're deeply grateful to anyone who has contributed so far thank you all of you let's turn it over to consuelo to hear more about the first award of the evening consuela bob let's keep it going well our first award the whitehead award honors the dual dedication of advancing the financial world and the world of public service as david cowan just said and the award was first presented in 2008. and it was introduced by another wall street legend john whitehead a former museum advisory council member to pay tribute to those who have demonstrated their professional commitment to a culture of service in both the public and private sectors as he did the museum has recognized many outstanding leaders with the white head award in previous years paul volcker bill donaldson a co-chair of the gala tonight pete peterson felix rohiton bill harrison another co-chair of the gala duncan niederrauer david rubinstein robert rubin larry summers tim geithner janet yellen who is of course our new treasury secretary and james gorman and introducing our honoree for the 2021 whitehead award is someone familiar to all of you jamie dimon jamie is chairman and ceo of jpmorgan chase who has himself achieved legendary status in the world of finance for his leadership of jp morgan chase a giant in just about every area of banking he is also known for his leadership in public policy and corporate governance before we hear from jamie our friends at tia however have put together a tribute to our honoree roger ferguson so take a look [Music] roger ferguson grew up in washington dc part of a moderate income family his mother a teacher instilled a belief in the power of education his father a map maker for the army passed along an avid interest in economics and investing roger was inspired by president johnson's appointment of andrew bremer to the federal reserve the first african american to hold the post roger's academic path led him to harvard where he earned three degrees including a phd in economics he began his career as a lawyer at davis polk and wardwell where he met his wife and met nazareth roger became a partner at mckinsey and company prior to entering public service in 1997 when president clinton appointed him to the fed's board two years later he made history when he became the first african american to hold the fed's number two position as vice chairman alan greenspan has called roger one of the most effective vice chairman in the history of the federal reserve as the only fed governor in washington on 9 11 roger led the fed's initial response to the attacks his actions have been credited with helping to avoid a global financial meltdown in 2008 roger became the chief executive officer of tiaa where he led the firm through the worst financial crisis since the great depression under roger's leadership tiaa more than doubled its assets under management to over one trillion dollars and found new ways to deliver guaranteed lifetime income in retirement roger is a passionate advocate and thought leader for higher education notably as the co-chair of the academy of arts and sciences commission on the future of undergraduate education he works tirelessly to increase diversity and inclusion initiatives across corporate america and speaks widely on the impact of systemic racism on the economy health education and society roger ferguson has shown that education leadership and a commitment to serve are a powerful combination and that a person who follows his passion can make an important difference on the world congratulations roger w ferguson jr on the white head award for distinguished public service and financial leadership [Music] hello my name is jamie dimon and i'm really pleased to have the privilege of introducing the honoree and my good friend roger ferguson i can't think of anyone more deserving of this recognition than roger having known roger for years and followed his career from harvard to washington his unwavering commitment to public service is second to none whether through his work to build a stronger economy or by setting an example for how companies can make a difference and even during a year when a global pandemic and social unrest worsened the economic divide at times like these rogers the type of person i would want in charge he moved quickly during the financial crisis of 2008 to make sure retirees were paid when the world was spinning after the attacks of 9 11 roger's early actions at the federal reserve kept our financial system running sending a message of strength and stability to the rest of the world that our us economy would not be paralyzed and his work on president obama's council on jobs and competitiveness is just one of the ways he demonstrates his commitment to get americans back to work and strengthen our economy during his tenure as president and ceo of tiaa the firm added nearly a million new retirement clients developed new lifetime income solutions and began offering financial wellness resources it's not just his impressive business acumen that i appreciate so much i have the greatest respect for roger and his dedication to doing what's right he made sure tiaa corporate responsibility was a top priority by lifting up their global workforce and communities through dialogue education and access to much needed technology by donating laptops to schools and funding internet access he's shown how each of us can make a difference as a passionate advocate and thought leader in higher education roger dedicates his time to serving in several commissions including the academy of arts and sciences commission on the future of undergraduate education and notably roger has been a proud champion of inclusion and diversity that extends far beyond tiaa roger is because of people like you that our country is as resilient as it is you are both a brilliant thinker and an exceptional human being thank you for your service your commitment and your friendship congratulations on this well-deserved recognition please join me in welcoming roger ferguson thank you jamie for those very kind words it's an honor to be introduced by you you've had such an amazing impact as a business and civic leader in new york city but also as one of the most respected and trusted voices in american finance i also want to thank the museum of american finance for this wonderful honor i'm truly humbled to be recognized in this way it's made even more special by the fact that my co-honoree is my friend brian moynihan so congratulations to you as well brian it's an honor to be recognized by an organization charged with preserving such a significant part of american history and also promoting financial literacy which is a passion of mine equally importantly it's an honor to receive an award created to memorialize john whitehead as many of you know john was a long time leader in public service and in the world of finance including as a founding chairman of the 911 memorial and museum and also as the co-chairman of this fine institution john also served as chairman of the federal reserve bank of new york city and the harvard board of overseers these are two organizations that have meant so much in my life so i had that connection directly with john although i'm a washington dc native i've spent so much of my career and so many of my days in new york my work life has always revolved around the financial markets and the financial service in the industry both in the private sector and in public service i started my career right here in new york advising financial firms as a lawyer at the wall street firm of davis polk and wardwell although i quickly decided that law was really not the path for me i still considered the best job i've ever had and that's because it's where i met my wife annette nazareth without whom i would not be speaking with you today so annette thank you very much for 34 years of lovely married life i've been very fortunate in my career in ways i could never imagined when i was just a nerdy little kid talking about interest rates with my father around the kitchen table for one thing i eventually got to get to my teenage dream job which was serving as a federal reserve governor i know you're probably thinking that's a little unusual for a teenager to have that as an aspiration some kids could recite batting orders i could recite the names of the fonc members from 1968. it was a privilege to be a public servant at the federal reserve working with ferociously dedicated team to protect the u.s monetary and financial system and never was that more true and more important than on 9 11 one of the nation's darkest days after the fed and for the past 12 years i had the great fortune to lead tiaa we are a mission-driven company with deep new york city roots let me tell you just a bit of history about my company our company tiaa tia was founded in 1918 it was a vision of andrew carnegie carnegie wanted to help solve on of the big social challenges of his day which was enabling teachers and hired employees to retire with financial dignity and security today our company tiaa we serve the entire not-for-profit sector notably the health care industry that has been so challenging these times as well as higher ed which has also gone through its own rapid and seismic evolution to adapt to current circumstances i've always come to work every day inspired by our clients millions of people and thousands of institutions who are making a difference in the world and who dedicated themselves to others our view and let me quote one of my leaders here one of my predecessors is quote a corporation can only continue to be a profitable investment for stockholders if it discharges obligations to society that statement i just quoted first appeared in a 1971 op-ed in the new york times written by my predecessor the iconic tiaa ceo of his day william grino so i'm therefore really proud of the deep roots that we at tiaa have in stakeholder capitalism because companies have an important part to play in making the world a more just and equitable place certainly throughout the challenges of the past year business has served as a force for positive change let's think about what we've seen from businesses accelerated vaccine research quickly pivoting to get employees working remotely and making commitments to end racism private enterprise has often led the way i'm sure many of us here tonight agree that capitalism is without a doubt the best model to generate wealth and to lift people out of poverty but i think many of us would also agree that capitalism is not perfect many people feel left out of a system that seems to produce tremendous and unequal benefits for a relatively few and frankly far more bodies modest benefits for everyone else and listen we really need to fix that business leaders must embrace a new definition of capitalism that puts a greater emphasis on social responsibility and equity the business roundtable took meaningful steps toward that goal when it redefined the purpose of the corporation to include a commitment to all stakeholders and again jamie dimon was in the lead in that business roundtable effort that was a great start but companies now need to move beyond aspiration we need to set clear goals and take specific actions therefore in december i joined with chief executives of several dozen companies including my co-honoree brian moynihan to launch the council on inclusive capitalism with the vatican the council was created as a partnership to foment true systemic change with each member organization making commitments to develop a more equitable sustainable just and ultimately trusted economic system tiaa for example has made commitments ranging from the expansion of diversity and inclusion to tackling climate change through our investments and our business practices but even with the massive commitments already underway all of us can and should do more we have to learn a lasting lesson from the recent crisis a more inclusive a more equitable a more just capitalism is better for business it's better for americans it's better for the world so i encourage leaders at every level to use your power use your platform use your resources to help your employees and your communities overcome the challenges that we face and build a better world for all of us we must ensure that capitalism is representative of response to the needs of real everyday people across the country by creating opportunities for wealth for a much broader cross-section of society creating jobs that pay well and give people dignity and keeping communities strong i'm close to the end of my career in financial services i'm going to retire at the end of march so i've started to reflect on the great good fortune that i've had in my career including the opportunity to talk about indeed the push many of the changes i've just discussed with you and one of the great opportunities and one of the joys of my career is the opportunity to be recognized like this with this great whitehead award so thank you it's very much an honor let me close simply by saying thank you again to the museum of american finance thank you to jamie dimon and congratulations to brian moynihan my friend and fellow honoree thank you so much those were just such thoughtful and thought-provoking and inspiring remarks roger so especially considering the times that we live in now our industry is facing crises in so many areas and roger has very successfully displayed the leadership to address them both within tiaa and as an outspoken advocate for social justice t.i.a will miss him as he retires in march and hopefully we'll see him take on another highly visible and impactful role i have a feeling we will now before we move on to our next award presentation let's check our text to donate progress there's still time to help us beat our goal of 1.6 million dollars tonight and currently we are just over 1.3 we are at 1.302 million so please consider donating tonight and thank you to all who have already contributed once again just text m o a f g a l a moaf gala to 4 4 3 2 1. and bob let's learn a little bit more about our next award thank you consuelo our next award is the schwab award it recognizes trailblazing individuals who've kept the tradition of financial innovation and transformation alive and moving forward in 2016 the museum introduced the financial innovation award and charles schwab was the inaugural honoree he was very generously lent his name to this important award those previously recognized with this award for innovations in new institutions new markets and new financial instruments are joe ricketts ken griffin larry fink and dan shulman to introduce our honoree for the 2021 schwab financial innovation award it's my own pleasure to introduce mark benioff mark an innovator in cloud computing is chair and the ceo and the founder of salesforce under his leadership sales force has become the world's number one provider of customer relationship management he founded salesforce in 1999 it's now a fortune 500 company with 50 000 employees now let's hear more about this year's schwab award honoree mark [Music] hi everyone it's mark benioff i'm the chairman and ceo of salesforce and i'm so excited here to do one thing which is congratulations brian moynihan thank you for everything that you have done for all of us and everything that you do every single day your leadership is exemplary not just at the world's largest bank the bank of america not just in north carolina but all over the world and for so many ceos like me that you have impacted in such a positive way you above all have shown us that we have to think about not just our shareholders but also our stakeholders probably one of the best examples i could illuminate is your tremendous work with the world economic forum with the ibc and what you're doing to illuminate the power of esgs and make them standards and how businesses can operate in a better way for everyone and to achieve the united nations sustainable development goals thank you brian for your leadership your vision your inspiration thank you brian for showing us what it means to be a great chief executive officer we are very grateful to you and we are looking forward to your tremendous vision and leadership and what you're going to do for the world next thank you for showing us how to be a platform for change and thank you for showing us how to be a great global leader thank you mark and thank you for those kind words and thank you for being a great colleague thank all of you for joining us tonight thank you to the museum of american finance i am humbled to receive this award among so many distinguished past recipients i also want to congratulate my friend roger he received much-deserved recognition this evening and i want to join you in thanking him for everything has contributed our industry and to our country now to start off i want to make it clear i accept this award not for me but for the 210 000 plus teammates at bank of america for my management team who lead them well and for the board of directors invest in us every day to help make us successful i also want to extend a special thanks tonight to my teammates who work in our financial centers they have done an extraordinary job helping clients with their day-to-day financial needs during this health and humanitarian crisis the efforts of those teammates underscore over the past year the essential empowering role that financial services plays in society every day i also want to acknowledge and celebrate the museum's important work to build awareness around the critical role that finance and banking plays in society so tonight i'm honored to receive this award for financial innovation so i thought i'd talk just a moment about what financial innovation means to me and what it means to our company financial innovation is essential for what we call responsible growth that's how we deliver for our teammates our clients our communities our shareholders it's how we connect and create and support lifetime relationships for our clients and customers it's how we empower clients letting them choose how to engage with us in a personalized experience for themselves now we spent the past decade focusing very heavily to make all this happen we've invested over 30 billion dollars in the last decade on innovation now for our clients this allows us to deliver a full range of capabilities across integrated high-tech high-touch experience we want them to have it any way they want they can do things faster they can do them more things they can do things more securely it takes a friction out transactions in the end of day it also drives new consumer behavior now on our end it may create efficiencies which help us deliver further to our clients and shareholders now digital lending isn't one of the examples innovation has changed digital lending lasts for years from just to start a couple years ago we now have eighty percent of our direct consumer loans come through digital channels and the payments area is another area of innovation our zell product which we in the industry drive pdp payments and p to b small business payments in particular has 13 million active users they sent 140 billion dollars out last year in payments that grew at 80 percent now that's interesting but what might you find more fascinating is that zell payments are currently running about 40 of the amount of charges made on credit cards at bank of america that's 35 million credit card customers with behavior that's been built up over the years now that shift just doesn't happen on the consumer side through innovation it happens on the commercial side a chief financial officer can use our cash pro mobile platform to manage accounts and make payments from her desktop machine her laptop her phone and even her watch in the same way i could for our personal accounts one of the most important developments the past year has been evolution and integration of artificial intelligence into our business we have an artificial intelligence based assistant named erica it can do all the basics for our clients and customers like tell them their balance get in their routing number or pay a bill for them but importantly erica is also proactive it can reach out to help if it sees spending patterns that may make you feel like you're going to run out of money soon or if a merchant charges you twice for the same item or if a bill is running higher than normal 17 million erica users up from zero three years ago and we apply that same approach on our corporate side using artificial intelligence we can do pure benchmarking and cash flow forecasting for our clients allows them to make predictive forecasts for cash flow needs they have over the next 24 months based on data and society now financial innovation we know is a means by which we can we can help millions of americans connect to the economy and provide them with the tools to help them achieve their financial goals that kind of financial planning embedded our new product just launched in october called life plan gives the power to a client to select what's important to them and personalize our savings and financial planning around it and get the results and insights both through high touch or high tech in just two and a half months we've seen 2.4 million life plans created by our clients to help clients manage budgets we also added balance assist a low cost digital only overdraft to payday loan a client can borrow up to five hundred dollars for a five dollar flat fee and our safe balance checking account allows people to eliminate overdrafts that they just can't occur so these investments in technology have enabled us to be responsive to the rapidly changing needs of our clients now that's also been key in this can pandemic as a health crisis hit we saw a spike in digital adoption among our baby boomer and senior clients cohorts that had not used our services this way before they reach for a reliable way to do banking when when they couldn't go outside and as one client shared last spring quote i'm a 75 year old senior in new york currently sheltering in place at home i received a few checks and i needed to deposit them so i could pay my bills i heard about a way to to deposit using my iphone so i decided the time had come to learn how to do it and that's how customer behavior changes eric also learned 60 000 new pandemic related intents within days changing its behavior based on what was going on in the environment now financial innovation doesn't just apply the client experience it also works for our internal platforms these engines of our operations and engines are our capabilities are critical and benefit from sustained innovation the infrastructure we built gave us the ability to rapidly transition the majority of our global workforce 90 percent to remote posture 100 000 people receive computers enabled those computers and got back to work in four weeks during the start of the crisis innovation remains embedded in how we work across our enterprise we deliver our programming with agile techniques and that has new software delivered continuously at all times in 2020 we launched 5 000 plus projects more than 30 million development hours innovation is a part of who we are it's in our culture we have the largest intellectual property portfolio in financial services two thousand eight hundred plus granted patents four hundred and forty patents granted a loan just last year now there's an innovation side that people often overlook when they think about new technology applications it's called innovation of process making things simpler and easier is a way to get things done well that helps us drive operational excellence which helps us make additional investments in our teammates our capabilities and communities we serve around the world in 2020 we took some of that savings and invested heavily in other areas we invest in our employees enhancing our benefits to support them through the health crisis moving to 20 starting minimum salary we invest in our clients capabilities with health and safety measures and new digital offerings and importantly especially when the issues of racial social justice emerge in america we committed to one billion dollars to help in that matter including everything from jobs to ppe to help these communities fight off this health care crisis so innovation for me is what we have to do it's what we have to do to have a great company and run the company well so in closing i'd like to thank all my teammates at bank of america and do all the work that takes all these innovations and does a great job for our customers with them i'd also like to thank the board of directors who supports me and the management team and all our teammates and driving innovation in our company i'd like to thank again the museum for this honor and the work the museum does to support and celebrate our industry thank all of you for being here with us tonight i hope you enjoy the rest of the program take care and be safe thank you brian and you shed some light on how critical technology has been during the current pandemic and how it has changed our relationship with money and banking today and in he future these changes make financial services more accessible across generations and throughout society mark benayoff touched on some of your other significant contributions to society as well so congratulations from all of us and you know bob this evening speakers have discussed so many important topics uh social justice democratizing finance esg stakeholder accountability enlightened capitalism they all are impacting the financial industry and also changing the focus of corporate america and affecting society for the better so we've heard thoughts on these topics from financial historians and educators business leaders and financial industry icons and this has been an exceptional evening and a pleasure to be with you consuelo my old friend for so many years we attend the museum's gala every year both of us and we're particularly honored to mc this evening and there are positive aspects to holding a virtual gala this year our speakers joined us from california from montana from new hampshire from massachusetts washington d.c and new york and our guests were able to attend from all over the world over 500 people tuned in they were bob let's take a final look at our progress towards meeting our goal for the gala and we are hovering right now around 1.317 million you know there is still time to make donations they can be made until the end of the program and we hope that you will consider donating this evening and again thank you all who have already donated and now it's time for bob and me to say good night but it's been a most successful and entertaining evening and we thank you for joining us and we also want to take a moment to thank those whose hard work and engaged participation produced this great program but the museum really can't do it without you the supporters the members the trustee all the people that you heard from tonight you provide the financial foundation for the museum's programming and the educational initiatives that raise the awareness of the importance of finance to our global economy we've been talking about this all night now some thoughts finally david cowan and peter cohen to close the program i want to personally thank consuelo mack and bob passani for navigating us through this incredible evening it's been a fantastic gala i also want to thank our illustrious program participants our co-chairs and trustees and all of our sponsors for their incredible support a very special note of appreciation to professor richard scilla who's been my invaluable partner and friend going back 30 years when he was my phd thesis advisor i know we shared our fundraising goal with you throughout the evening those who donated through the text to donate platform thank you for helping us achieve that goal there is still time for those of you who have not given yet our text to donate will be available for weeks to come so please help to make this gala even more successful now i'd like to bring back museum board chair peter cohen to close the program peter has been an incredible asset since he joined his board chair last september we are so appreciative of his contribution to our continued success peter thank you david david successfully steers the museum through these turbulent times we are grateful for his commitment to the museum into financial education i offer a special thank you to our honorees brian moynihan and roger ferguson and for the very very generous support of their organizations we wish roger all the best in his next endeavor which we look forward to hearing more about we wish brian continued success in transforming bank of america into technological powerhouse within financial services special thanks also go to neil ferguson jamie dimon and mark benioff for enhancing this great gala program i closed with our appreciation to all of you who joined us this evening we will begin planning our 2022 annual celebration and look forward to having all of you join us in person at that time good night stay well and great success for the year ahead thank you [Music] [Music] [Music] [Music] [Music] so [Music] foreign