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Automatic TRANSCRIPT

This is exchanges goldman sachs where we discussed developments shaping markets industries in the global economy objects seward global head of corporate communications here at the firm over the past year the us financial sector has enjoyed a significant rally outpacing the broader s p 500 with investors seeing industries particularly beneficiary of plan d regulation by the new administration and tax reform to find out what's next were fortunate to be joined by richard rampton who's been covering the financial space for the firm for more than twenty years richard covers us banks except for goldman sachs of course and he also serves as business unit leader of the financials group for goldman sachs research richard welcome to the program thank you for having me so you just hosted the goldman sachs financial services conference which brings together investors in the heads of some large companies in the sector what stood out to you from the discuss shen over the two days of that vat so i'd say a full themes that came out of the conference the first is technology and just how rapidly technology is reshaping the financial services sector we're seeing a very rapid adoption of new technologies not just by millennials but by people in their fifties and sixties and that's really getting banks to go back and read think what the value of things like branchbased distribution is so in many ways what we're seeing in the banking sector is very similar to what we've seen in other sectors like retail where consumer preferences in terms of how the interacting with a provide is is just evolving at a very rapid rate the second theme was corporate tax reform is obviously a very important theme not just for banks but for the market more broadly banks though do benefit disproportionately in some ways in that ninety percent of bank earnings a domestic and banks actually do have relatively high tax rates so there was a very healthy debate arou.