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Citizens CEO Van Saun: AI Is Top of Mind for the Market
Citizens Financial Group Chair and CEO Bruce Van Saun joins Ed Ludlow and Caroline Hyde to discuss how the company is incorporating AI into its operations, the Reddit IPO and the takeaways from Silicon Valley Bank's collapse a year ago. He speaks on "Bloomberg Technology." (Source: Bloomberg)
And let's talk about your growth trajectory with Citizens Financial and ultimately how the market is supporting other regional lenders and banks such as yourself, because it is a year almost ago that we were in the crux of the anxiety when it came to regional lenders here in the United States, the explosion of Silicon Valley Bank and ultimately some of the other spillover effects yourself managed to weather that storm had different business models in place, but your share price is still under pressure and there's still anxiety around commercial real estate, for example, which we see front and center with New York Community Bancorp. So last year we spent a lot of time focused on defense and making sure our balance sheet was solid, put away plenty of reserves for areas like real estate, which we think those losses will be manageable for us. The the lesson that I learned out of what happened a year ago was Silicon Valley Bank is how concentrated the access to working capital was for technology companies, you know, SMEs, essentially.
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