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[MUSIC] Jamie, welcome and thank you very much for coming here today.

[音乐] 杰米，欢迎并非常感谢你今天来到这里。

>> Pleasure to be here, thank you, everybody.

>> 很高兴来到这里，谢谢大家。

I noticed a lot of other folks here I didn't expect to be here, so welcome, friends, from other places.

我注意到这里还有很多我没想到的人，欢迎来自各个地方的朋友们。

>> This is the third you've come to talk to us and I have to ask are we just very lucky to have you or is there some perhaps latent regret in choosing our competitor on the east coast for your own business school?

>> 这是您第三次来与我们交谈，我想问一下，我们是否非常幸运能拥有您，或者在选择我们东海岸的竞争对手作为您自己的商学院时是否有一些潜在的遗憾？

>> [LAUGH] >> [LAUGH] So why, my wife went to Harvard Business School, I went to Harvard Business School, my daughter went to Harvard Business School and two son-in-laws went to Harvard Business School.

>> [笑] >> [笑] 那么为什么， 我的妻子去了哈佛商学院，我去了哈佛商学院， 我的女儿去了哈佛商学院， 两个女婿去了哈佛商学院。

But we love Stanford.

但我们喜欢斯坦福大学。

>> [LAUGH] >> I like to come out here all the time.

>> [笑] >> 我喜欢一直来这里。

When I come out here I realize why you don't work so hard out here.

当我来到这里时，我意识到为什么你不在这里努力工作。

>> [LAUGH] >> [LAUGH] >> Now speaking of business school, we have many people in the room who are trying to decide between entrepreneurship and more traditional paths on leaving.

>> [笑] >> [笑] >> 现在说到商学院，我们房间里有很多人在离开时试图在创业和更传统的道路之间做出决定。

Do you mind talking to the decision you made on leaving Harvard yourself, and if you'd do the same thing today?

你介意谈谈你自己离开哈佛时做出的决定吗？如果你今天也做同样的事情？

>> So when I'd worked at a small really second rate consulting company before business school, back then they had a deferred admit, so I was admitted but I had to work for two years.

>>所以当我在商学院之前在一家二流的小型咨询公司工作时，当时他们有延期录取，所以我被录取了， 但我必须工作两年。

And I did the consulting thing, you learn a lot, I also learned I didn't want to be a consultant.

我做了咨询工作，你学到了很多，我也了解到我不想成为一名顾问。

But I saw a whole bunch of different companies and industries, including badly run political, all these various things, so it was actually a very good experience.

但我看到了一大堆不同的公司和行业，包括管理不善的政治， 所有这些各种各样的事情，所以这实际上是一次非常好的经历。

But when I got to Harvard Business School, I actually worked at Goldman-Sachs the summer of 81 and I was headed back to Goldman, Morgan, or Lehman.

但当我进入哈佛商学院时，81 年夏天我实际上在高盛工作，然后我又回到了高盛、摩根或雷曼。

I was probably going to decide Goldman, and at the last minute, Sandy Weill offered me a job to be his assistant.

我可能会决定选择高盛，而在最后一刻， 桑迪·威尔给了我一份担任他助理的工作。

He had just sold Shearson, which is a brokerage firm with a couple thousand brokers through American Express.

他刚刚通过美国运通出售了希尔森（Shearson），这是一家拥有数千名经纪人的经纪公司。

And it just looked like it was just too good to not to see a large corporation from the inside, how it goes.

看起来，如果不从内部观察一家大公司的运作方式，那就太好了。

My goal in life was to be part of an organization.

我的人生目标是成为组织的一部分。

It wasn't necessarily to be an investment banker or a trader or something like that.

不一定要成为一名投资银行家或交易员或类似的人。

So I took the crap shoot, I figured, worse comes to worst, I can go back to Wall Street.

所以我拍了这个废话，我想，最坏的情况下，我可以回到华尔街。

So I didn't feel like I was going to lose anything but time.

所以我不觉得我会失去任何东西，除了时间。

Yes, I would make the same decision again.

是的，我会再次做出同样的决定。

Maybe not for the same guy again but the same decision.

也许不再是同一个人，而是同样的决定。

>> Now, Samuel Weill obviously saw something in you at the time.

>> 现在，塞缪尔·威尔当时显然在你身上看到了一些东西。

When you meet men and women our age at JP Morgan today, what leadership characteristics are you looking for in them , and how do you identify and bring those people through as the next generation?

今天， 当您在摩根大通遇到与我们同龄的男女时，您希望在他们身上寻找哪些领导特质，以及您如何识别并培养这些人作为下一代？

>> When you're young, it's hard to say leadership characteristics but there's just some basic stuff.

>> 当你年轻的时候，很难说领导特征是什么，但只有一些基本的东西。

There are people who know a lot.

有很多人知道很多。

There's some people walk into your office and say, I'd like to know about the strategy of the company and they didn't bother to read the chairman's letter I wrote which is 30 or 40 pages long.

有些人走进你的办公室说，我想了解一下公司的战略， 但他们懒得看我写的长达30或40页的董事长信。

There are people who walk in and say, you really should be thinking about doing better digital services but they don't look at the ones we do do.

有些人走进来说，你确实应该考虑提供更好的数字服务， 但他们没有考虑我们所做的事情。

The other people walk in and they know everything, and so when they have a conversation, they're actually enhancing your life as opposed to the other way around.

其他人走进来， 他们知道一切，所以当他们进行交谈时，他们实际上是在改善你的生活， 而不是相反。

So character is a sine qua non and by character, I also mean that they tell the whole truth, nothing but the truth.

因此， 品格是一个必要条件， 而就品格而言，我也意味着他们说的是全部真相，除了真相之外什么也没有。

They don't shave the truth and they say the same thing to you that they say to you, because the second I see people doing something different than that, you just go on a list to me, I have no interest.

他们不讲真话， 他们对你说的和他们对你说的一样，因为当我看到人们做与他们不同的事情时，你就给我列出一个清单， 我没有兴趣。

I don't have time for that and I won't have interest in it, and people who are good relate well to other people, so a variety of things.

我没有时间， 也不会对此感兴趣，而优秀的人与其他人关系良好，所以有各种各样的事情。

>> I think when we look at finances, often people concentrate on the competitive leadership characteristics they see there.

>> 我认为， 当我们审视财务状况时，人们通常会关注他们在那里看到的竞争性领导特征。

At the GSB, we have a real folks on the collaborative.

在 GSB，我们有真正的合作伙伴。

How do you see the balance between competitive and collaborative [CROSSTALK].

您如何看待竞争与协作之间的平衡[CROSSTALK]。

>> Competitive inside the company?

>> 公司内部有竞争力吗？

>> Inside and out.

>> 里里外外。

>> I think the things that destroy companies, folks, are bureaucracy and politics.

>> 我认为摧毁公司、人民的因素是官僚主义和政治。

We had an offsite this summer, I asking many times, we gotta make this simple, we gotta make this better, we gotta kill our meetings are too long, and we stand behind regulations sometimes, the regulators are making us do it.

今年夏天我们有一个异地会议， 我问了很多次，我们必须让事情变得简单， 我们必须让事情变得更好，我们必须取消我们的会议太长，而且我们有时会落后于法规，监管机构让我们这样做。

But I said no, we're going to re-imagine all these things the way they should be, not the way they are today and let's take a crack at killing some of this bureaucracy that's grown up recently.

但我说不， 我们将重新想象所有这些事情应有的样子，而不是今天的样子， 让我们尝试消灭一些最近成长起来的官僚机构。

And someone wrote a memo, and we all do pre-reads.

有人写了一份备忘录，我们都做了预读。

In my meetings, you don't flip through a chart, it's all pre-reads, I expect you to do your homework, get the analysis and part it up with people beforehand.

在我的会议中， 你不会翻阅图表，所有内容都是预读， 我希望你做好功课，进行分析并事先与人们分开。

So you don't walk in and say, I want to do a, b, and c but I haven't spoken to this person yet.

所以你不要走进来说，我想做 a、b 和 c，但我还没有和这个人说过话。

I would say, why didn't you speak to this person?

我会说，你为什么不跟这个人说话呢？

The meeting is cancelled.

会议取消。

Go do that first and then come back with a joint recommendation or that you disagree and then we'll talk about specifically why you disagree about something.

先去做，然后回来提出联合建议或你不同意的建议，然后我们会具体讨论为什么你不同意某件事。

Anyway, I'd asked about bureaucracy and the pre-read by saying bureaucracy is a initially a condition at the output of complex businesses operating in complex global environments.

不管怎样，我问过关于官僚主义和预读的问题，我说官僚主义是在复杂的全球环境中运营的复杂企业的最初一个条件。

It's just not true, bureaucracy kills.

这不是真的，官僚主义害死人。

Bureaucracy drives out good people, it drives out innovation.

官僚主义驱逐优秀人才，它驱逐创新。

It makes the person in the office next to you a competitor and not a collaborator and that's a really bad idea inside a company.

这会让办公室里你旁边的人成为竞争对手而不是合作者，这在公司内部是一个非常糟糕的主意。

Now it's okay to compete with ideas but it's really bad idea when you're competing with the person next to you.

现在，与想法竞争是可以的，但当你与旁边的人竞争时，这真的是个坏主意。

It creates politics and if you look at what's killed companies over the years, it was bureaucracy.

它创造了政治，如果你看看多年来杀死公司的原因，那就是官僚主义。

When you look at the Fortune 500 and you did a 1950, 1960, 1970, 1980, look at the companies who failed, it was because they were dumb, bureaucratic, backward and political.

当你看看财富 500 强，看看 1950 年、1960 年、1970 年、1980 年失败的公司，那是因为它们愚蠢、官僚、落后和政治化。

CEOs should never allow that stuff and yet they do, as a normal course, they allow it and you've seen a lot of public companies and boards allow it.

首席执行官们永远不应该允许这种事情发生， 但他们却这样做了，作为正常的过程， 他们允许这样做， 而且你已经看到很多上市公司和董事会都允许这样做。

Boards can create it, by the way.

顺便说一句，董事会可以创建它。

So absolute collaboration, but collaboration does not mean everyone has to agree.

所以绝对的协作，但是协作并不意味着每个人都必须同意。

Collaboration does not mean you go a long to get along, because that's very often what people mean by it.

合作并不意味着你们要长期相处，因为这通常就是人们所说的意思。

He's a good guy, if you walk into me and say I'm going to be loyal to you, l would question what that means because you should be loyal to the institution.

他是个好人， 如果你走进我并说我会忠于你，我会质疑这意味着什么， 因为你应该忠于这个机构。

You should be loyal to the customers, you could be loyal to the principles for which l stand, but being loyal to me usually means you're going to defend my decision whether or not you agree, which I just think is a mistake.

你应该忠于客户，你可以忠于我所坚持的原则，但忠于我通常意味着无论你是否同意， 你都会捍卫我的决定，我只是认为这是一个错误。

>> You're well known for having a very candid and open, forthright style of communication.

>> 您以坦诚、开放、直率的沟通风格而闻名。

It's appreciated by Warren Buffett, he says he loves your chairman letters, and we obviously appreciate it here.

沃伦·巴菲特对此表示赞赏， 他说他喜欢您的董事长信，我们显然对此表示赞赏。

What was it that led you to develop this style of communication early on?

是什么促使您早期发展这种沟通方式？

>> I'm one of those who I don't think I've changed much since I've been eight.

>> 我是那些自八岁以来我认为自己没有太大变化的人之一。

>> [LAUGH] >> When I got to Harvard Business School, some of the advice I got when I was graduating was whatever you do, Jamie, don't go into corporate America, you won't survive.

>> [笑] >> 当我进入哈佛商学院时，我在毕业时得到的一些建议是， 无论你做什么，杰米， 不要进入美国企业界，你将无法生存。

>> [LAUGH] >> And there was truth to that, I was a little too outspoken for some corporations etc, and part of it was Warren Buffet.

>> [笑] >> 这是事实，我对某些公司等有点过于直言不讳，部分原因是沃伦·巴菲特。

When I was in high school or college, I actually read his partnership letters.

当我在高中或大学时，我实际上读过他的合伙人信件。

He would say, I'll speak to you as if you're my smart sister who doesn't know everything I know, so I have to go out of my way to explain it to you.

他会说， 我跟你说话就好像你是我聪明的妹妹一样， 你并不知道我所知道的一切，所以我必须费尽心思向你解释。

Business is not that complicated, we should be able to explain it, I always felt exactly the same way.

业务没那么复杂， 应该能解释清楚，我一直也是这样的感觉。

I always felt as a matter of principle inside a company, if I allow spinning to the public, you are going to spin to me.

我一直觉得作为公司内部的一个原则问题，如果我允许向公众旋转， 你就会向我旋转。

Think of earnings, numbers, how great we are doing when we're not and so I say the same thing to you that I say to my board, that I say to my shareholder, I say to my employee, that I say to my customer.

想想盈利、数字，当我们做得不好时，我们做得有多好，所以我对你们说的也是我对我的董事会、我的股东、我的员工、我的员工说的。顾客。

There is no difference.

没有区别。

I might phrase it differently because you're talking to different group of people and you're trying to explain yourself, but there is no difference, and that clarity, I think, helps a company know what it's trying to accomplish all the time.

我可能会用不同的措辞， 因为你正在与不同的人*交群**谈并且你试图解释自己，但没有什么区别，而且我认为这种清晰度可以帮助公司知道它一直在努力实现什么目标。

When I read annual letters, and it's all gobbledygook in the letter, my respect for the company drops a little bit.

当我读到年度信件时， 信中全是官样文章，我对公司的尊重就下降了一点。

And then you gotta be very specific, because we can all say, the customer is the most important thing, and the customer, the customer.

然后你必须非常具体，因为我们都可以说， 客户是最重要的，客户就是客户。

But it should mean something specific like, do you actually read customer complaints and then you do something about it as opposed to, we put the customer first.

但它应该意味着一些具体的东西，比如，你是否真的阅读了客户的投诉， 然后你采取了一些措施，而不是，我们把客户放在第一位。

A lot of people say that and they don't mean it in any way, shape, or form.

很多人都这么说，但他们并没有以任何方式、形式或形式表达这个意思。

They do no actions that would actually support the statement.

他们没有采取任何实际支持该声明的行动。

>> So this one I'm afraid I'm going to try to sneak in some more career advice.

>> 因此，在这一篇中，我恐怕会尝试偷偷地提供一些更多的职业建议。

I think everyone here is aware that tech is extremely sexy right now.

我想这里的每个人都知道科技现在非常性感。

>> A little bit less so today.

>> 今天稍微少一点。

>> Don't say today.

>> 今天就别说了。

[LAUGH] What do you think is the opportunity in a career in finance that some in audience maybe aren't seeing?

[笑]您认为金融职业中有哪些机会是某些观众可能没有看到的？

>> First of all, one thing about tech, tech is driven I don't think it's different than it was before.

>> 首先， 关于技术的一件事是，技术是驱动的， 我认为这与以前没有什么不同。

It's driven change throughout all of history, and all various forms of technology from the actual chips to Internet.

它推动了整个历史以及从实际芯片到互联网的所有各种形式的技术变革。

But also printing, energy, institutions, schools, the churches, the dissemination of morality.

而且还有印刷、能源、机构、学校、教堂、传播道德。

That's what's always changed society.

这就是一直在改变社会的因素。

It's always at the root, it's at the root of changes in businesses, it's at the root of changes in what companies do well and what companies don't do well, so it's absolutely critical.

它始终是根源， 它是企业变化的根源，它是公司做得好和做得不好的变化的根源，所以它绝对至关重要。

I personally think Silicon Valley kind of got a free ride with Obama in the White House.

我个人认为硅谷在奥巴马入主白宫时搭了便车。

You pandered to him and he pandered to you, now you're seeing a little flip side of that.

你迎合他，他迎合你，现在你看到了事情的另一面。

So the big companies, the successful ones are going to find out, which I've known a long time.

所以大公司、成功的公司将会发现这一点，我很久以前就知道了。

The bigger you are, the more the government's going to get inside what you do, and want to impose on you and set rules and standards, and sometimes for good, sometimes not for good.

你越大， 政府就越会介入你所做的事情，并想强加给你并制定规则和标准，有时是好的， 有时不是好的。

But, so financial services, so I think technology's an absolutely wonderful thing.

但是，金融服务，所以我认为技术绝对是一件很棒的事情。

But financial services, first of all, we are a huge user of technology.

但金融服务，首先，我们是技术的巨大用户。

We spend $9 billion a year, so we're not at the bleeding edge, but we're damn close.

我们每年花费 90 亿美元，所以我们还没有处于最前沿，但我们已经非常接近了。

In terms of what we spend money on, what we do, our data centers, our capabilities, our mobile, our digital.

就我们花钱的地方、我们做什么、我们的数据中心、我们的能力、我们的移动、我们的数字而言。

We move $6 trillion around the world every day digitally, not cryptocurrency, but close to it because it's digital.

我们每天在全球范围内以数字方式转移 6 万亿美元，虽然不是加密货币， 但由于它是数字化的， 所以很接近它。

And we bank 50 million people on our households and soon we're going to have online investing and robo investing and all these various things to link in to our accounts, so we are huge users of that stuff.

我们为 5000 万人的家庭提供银行服务， 很快我们将拥有在线投资和机器人投资以及所有这些各种各样的东西来链接到我们的账户，所以我们是这些东西的巨大用户。

We also use the advertising on Facebook and Google, etc. But financial services is always going to be an interesting business, because it's not the most important business, but it is at the nexus of how a capitalist society functions.

我们还使用 Facebook 和 Google 等网站上的广告。但金融服务始终是一项有趣的业务，因为它不是最重要的业务，但它是资本主义社会如何运作的纽带。

It's part of the spinning wheel.

它是纺车的一部分。

And when I say financial service, I'm talking about all of it, private equity, venture capital, activist, whether you like them or not, banks, nonbanks, individual investors.

当我说金融服务时， 我指的是所有这些，私募股权、风险投资、激进分子，无论你喜欢与否，银行、非银行、个人投资者。

A lot of companies that do things individually, that help change the world a little bit.

许多公司独立做事，帮助改变世界一点点。

But it's always going to this field that when money gets invested, the ideas come together.

但当资金投入时，想法总是会聚集到这个领域。

Things get executed, capital gets executed globally.

事情得到执行，资本在全球范围内得到执行。

So it's always fascinating, it'll always be well paid, whatever some of these folks say in DC.

所以它总是令人着迷，它总是会得到丰厚的报酬，无论华盛顿的一些人怎么说。

It has to be well paid because you can't do it with dumb people making dumb decisions, if you think you can actually run a good economy or something like that.

它必须得到丰厚的报酬，因为如果你认为你实际上可以管理一个良好的经济或类似的东西，你就不能让愚蠢的人做出愚蠢的决定。

It will always be a high tech user, and it will always be complex and global by its nature.

它将永远是高科技用户，并且本质上永远是复杂的和全球性的。

And so it's a fascinating business.

因此，这是一项令人着迷的业务。

When you wake up in the morning, when I read the paper, there's very little in the paper that I'm not reading and thinking about.

当你早上醒来时， 当我读报纸时，报纸上几乎没有什么是我没有阅读和思考的。

It affects our clients, it affects our companies, it affects our risk.

它影响我们的客户，影响我们的公司，影响我们的风险。

It affects our exposure, we should be doing something about it, like just any article.

它会影响我们的曝光度，我们应该对此采取一些措施，就像任何文章一样。

because we do business in well over a hundred countries, and with just about every country and every sovereign wealth, and so it's a fascinating field.

因为我们在一百多个国家开展业务，几乎与每个国家和每个主权财富都有业务往来，所以这是一个令人着迷的领域。

I mean, when you get into it, there are all different parts to it.

我的意思是，当你深入其中时，你会发现它有各个不同的部分。

And you gotta decide if you want to get into it, how you want to get into that.

你必须决定是否想进入它，你想如何进入它。

One of the things we set up, which I really like, is, we hired top-notch people from investment banking, okay, and sales and trading.

我非常喜欢的一件事是，我们从投资银行、销售和交易领域聘请了顶尖人才。

So we go to the best schools in the world, we hire some of the best people.

因此，我们就读于世界上最好的学校，我们聘请了一些最优秀的人才。

We now do the same thing for general management, about eight or nine or ten a year because we need people who can run the damn joint, too.

现在，我们对一般管理人员做同样的事情，每年大约八、九或十个，因为我们也需要能够管理这个该死的联合体的人。

And I want the same quality and we move around the company, kind of keep an eye on them.

我想要同样的质量，我们在公司里四处走动，密切关注他们。

But the point is, they want to be global, they want to move around, and they want to learn how to manage and run something.

但关键是， 他们想要全球化，他们想要四处走动， 他们想要学习如何管理和运营某些东西。

So the same kind of compensation as investment bankers, same openness to senior people, so that we can get them.

因此， 与投资银行家一样的薪酬，对资深人士同样的开放态度， 这样我们就能得到他们。

Not that if you're an investment banker, you can't move into management or sales and trading, but this is really people want to do more management of financial services.

并不是说如果你是一名投资银行家，你就不能进入管理或销售和交易领域，但这确实是人们想要对金融服务进行更多管理。

>> You mentioned cryptocurrency.

>> 你提到了加密货币。

I know you said you weren't going to talk about Bitcoin anymore, but you're at Stanford.

我知道你说过你不会再谈论*币特比**了，但你在斯坦福大学。

Some of us put all our student loan money into it.

我们中的一些人把所有的学生*款贷**都投入其中。

And I have to ask you anyway, why do you believe that governments and regulators can't allow the existence of a global currency based on [CROSSTALK] >> I've become like a spokesman against BitCoin, I don't care about BitCoin.

无论如何，我必须问你，为什么你认为政府和监管机构不能允许基于[串扰]的全球货币的存在>>我已经变得像反对*币特比**的发言人，我不关心*币特比**。

I could give a shit, to tell you the truth.

老实告诉你，我可以不在乎。

>> [LAUGH] >> And I promised myself I wouldn't talk about it, the next day.

>> [笑] >> 我向自己保证第二天我不会谈论这件事。

There are four things really quickly, blockchain is real, it's technology, it could be public or private, it could be for five people, it could be for 5 million.

很快就有四件事，区块链是真实的， 它是技术，它可以是公共的或私有的， 它可以为五个人服务，也可以为 500 万人服务。

It's going to work.

它会起作用的。

We already use it in a lot of test cases and stuff like that, so we're a supporter.

我们已经在很多测试用例和类似的东西中使用它，所以我们是支持者。

I do worry a little bit about the security because, like I said, we move $6 trillion a day, real time, quite efficiently, effectively and secure.

我确实有点担心安全问题，因为正如我所说，我们每天实时、高效、有效且安全地转移 6 万亿美元。

Before you replace that, you gotta [LAUGH] make sure you can do it right.

在你替换它之前，你必须[笑]确保你能做对。

There are three cryptocurrencies, okay, three types, three separate types.

好吧，共有三种加密货币，三种类型，三种不同的类型。

One is ICOs, ICO and I haven't studied these things, but you're paying for a token that allows you to use a service, which is very different than a currency, but that's what people call cryptocurrencies.

一个是ICO， ICO我没有研究过这些东西，但是你支付的是一种代币， 它可以让你使用一种服务，这与货币有很大不同，但这就是人们所说的加密货币。

And maybe, Jim, maybe you've studied some of these ICOs, I have no idea.

吉姆，也许你研究过其中一些 ICO，我不知道。

Someone gives you cloud services or you invest in services, that's one type.

有人给你提供云服务或者你投资服务，这是一种类型。

The second type you can use cryptocurrency for fiat currency.

第二种类型您可以使用加密货币代替法定货币。

Well, that works because it just uses different technology to move money around.

嗯，这是可行的，因为它只是使用不同的技术来转移资金。

Basically we keep your money digitally anyway, and if you just keep different files in a different way and distributed ledgers, that would work fine.

基本上， 无论如何， 我们都会以数字方式保存您的资金，如果您只是以不同的方式保存不同的文件和分布式账本，那就可以了。

But I've always thought about Bitcoin as a currency and a store value and a payment mechanism is that governments, and this is my belief and I'm maybe wrong.

但我一直认为*币特比**是一种货币、一种存储价值和一种支付机制， 是政府的，这是我的信念， 我可能是错的。

I'm not telling you you can't go to $100,000. That governments are going to crush it one day for three reasons, okay?

我并不是告诉你你不能达到 100,000 美元。 政府有一天会因为三个原因而粉碎它，好吗？

One is when it's used for terrorist activities, okay?

一是用于恐怖活动，好吗？

It'll happen, it's a matter of time, it'll go back to a Bitcoin and then all of a sudden, the DOJ, the United State government, all these people in Washington who profess to love technology and the novelty of Bitcoin are going to change their mind.

它会发生，只是时间问题，它会回到*币特比**，然后突然间，司法部、美国政府、所有这些自称热爱技术和*币特比**新颖性的华盛顿人会改变他们的想法。

Number two, when a lotta little old ladies lose their money.

第二，当很多小老太太失去了钱时。

Because the speculative vehicle is allowed to exist by the United States government.

因为投机工具是美国政府允许存在的。

And they're going to lose their money, they're going to be pounding.

他们会赔钱，他们会遭受重创。

You should of done something about it.

你应该对此做点什么。

And number three is the most important.

第三点是最重要的。

Whenever a government forms itself, and you go to any country in the world, pull out the currency, look at the date, that fiat currency was formed by that government with the central bank.

每当一个政府自行组建时， 你去世界上任何一个国家，拿出货币， 看看日期，法定货币都是由该政府与中央银行组建的。

Because governments like to control their currency.

因为政府喜欢控制本国货币。

They like to know who has it, where it's going, why it's going, when it went, etc., and right now, Bitcoin's a novelty.

他们想知道谁拥有它、它要去哪里、为什么会去、什么时候去等等，而现在，*币特比**还是个新鲜事物。

It's $100 billion and $1 billion a day trades hands.

这是 1000 亿美元，每天的交易额也有 10 亿美元。

Obviously, mostly speculation, okay?

显然，主要是猜测，好吗？

And obviously, there's a real use case, I'm not making it as a joke.

显然，这是一个真实的用例，我不是在开玩笑。

Venezuela, Cuba, North Korea, criminal, drug money, that will always be true.

委内瑞拉、古巴、朝鲜、犯罪分子、*品毒**资金，这些永远都是事实。

So we'll always have a use case that's valuable to someone because it's better in those countries to have that than currency or money in the bank, because the governments, they take that too.

因此，我们总会有一个对某人有价值的用例， 因为在这些国家， 拥有它比银行里的货币或钱更好，因为政府也接受它们。

And if you go to Argentina, they had effectively savings accounts, the government just went in and took it.

如果你去阿根廷， 他们实际上有储蓄账户，政府只是介入并拿走了它。

They just took it, and of course, everyone took their money out of the bank right after that, and the country basically collapsed.

他们就拿走了， 当然， 之后每个人都把钱从银行里取出来，国家基本上崩溃了。

So that's the reason why.

所以这就是原因。

It's going to get bigger and bigger and they're going to want to control it.

它会变得越来越大，他们会想要控制它。

And it's not the same as a fiat currency.

它与法定货币不同。

A fiat currency, the government says, you must take this as legal tender.

政府说，法定货币，你必须将其视为法定货币。

And at par, effectively cash, at par, and it's always worth par.

按面值计算，实际上是现金，按面值计算，而且它总是物有所值。

And I don't know why a crypto dollar would ever be something that the store value would be worse than a crypto Bitcoin.

我不知道为什么加密美元的存储价值会比加密*币特比**差。

So that's my view and I may be wrong, which I doubt, but- >> [LAUGH] >> I've been wrong before, though.

这就是我的观点， 我可能是错的， 我对此表示怀疑，但是- >> [笑] >> 不过， 我以前也错过。

So, and if I'm wrong, I also don't care very much.

所以，如果我错了，我也不太在意。

It'll never affect my life.

它永远不会影响我的生活。

It's not because they're right, or the bankers are defending their stuff.

这并不是因为他们是对的，也不是因为银行家在捍卫他们的东西。

Absolutely untrue.

绝对不真实。

If Bitcoin works and we have to do something, Bitcoin will do that too.

如果*币特比**有效并且我们必须做某事，*币特比**也会这样做。

>> Kind of a win-win there.

>> 这是一种双赢。

>> [LAUGH] >> JP Morgan's a big investor in blockchain technology, as we've seen from Bitcoin.

>> [笑] >> 正如我们从*币特比**中看到的那样，摩根大通是区块链技术的大投资者。

What do you think the most interesting applications of blockchain are going to be in finance?

您认为区块链在金融领域最有趣的应用是什么？

>> So blockchain, it's not like a faster chip or the Nvidia GPUs and stuff like that, because when you get certain technologies, they just filter through the whole system.

>> 所以区块链， 它不像更快的芯片或 Nvidia GPU 之类的东西，因为当你获得某些技术时，它们只会过滤整个系统。

And they allow you to do things differently everywhere.

它们让您可以在任何地方以不同的方式做事。

Like more database and more reading different natural language processing.

喜欢更多的数据库和更多的阅读不同的自然语言处理。

You basically have to write code to have a use case for Bitcoin.

您基本上必须编写代码才能拥有*币特比**的用例。

So think of it, it'll be deployed use case by use case.

所以想一想，它将按用例部署。

We're using it to move money inside the bank.

我们用它在银行内转移资金。

Something like 30 or 40% of the $6 trillion we move is just between JP Morgan Chase accounts.

我们转移的 6 万亿美元中，大约有 30% 或 40% 是在摩根大通账户之间进行的。

Okay, that's sort of a marry area.

好吧，那是一个结婚区。

From General Motors to one of your vendors when we have both the accounts, we just move them between our own accounts, basically.

从通用汽车到您的供应商之一，当我们拥有两个帐户时，我们基本上只是在我们自己的帐户之间移动它们。

Loan documents we do a trade, all the paper, all the detail, all this notation, all the covenants, and all that can be kept in a place where you'll have the same files.

我们进行交易的*款贷**文件， 所有的文件，所有的细节， 所有的符号， 所有的契约，以及所有可以保存在一个地方的东西， 你将拥有相同的文件。

They're all kept up to date.

它们都保持最新状态。

You know who owns it, you know who doesn't own it, so that would be one.

你知道谁拥有它，你知道谁不拥有它，所以这就是其中之一。

Equity trading, I don't know the BitCoin takes ten minutes to finish.

股票交易，不知道*币特比**需要十分钟才能完成。

We do thousands and thousands of trades split second equities.

我们瞬间进行了成千上万笔股票交易。

So it may be too late to use for equity trading.

因此用于股票交易可能为时已晚。

It may be okay for end-of-day settlement stuff.

对于日终结算来说可能没问题。

So that's all use case by use case.

这就是所有用例。

You can go through one by one and say it'll work here, it may not work there.

你可以一一过一遍，说这里可行，那里不一定可行。

But again, you gotta kind of write the code, or effectively rewrite the code.

但同样，您必须编写代码，或者有效地重写代码。

>> So we then moved from one hot topic to another.

>> 于是我们从一个热门话题转移到另一个热门话题。

You are part of President Trump's business advisory board.

您是特朗普总统商业顾问委员会的成员。

Should it have been disbanded, and where is that dialogue with the administration are taking place?

它是否应该被解散？与政府的对话在哪里进行？

>> Yeah, so I joined the council, just keep in mind.

>> 是的，所以我加入了委员会，请记住。

So when I joined the council, the President asked, Steve Schwartzman called up actually and said the President would like you to join his council.

因此， 当我加入委员会时， 总统提出要求，史蒂夫·施瓦茨曼实际上打电话说总统希望你加入他的委员会。

I am a patriot, I love the United States of America, okay, and you want to help your country, and I still am going to help my country.

我是一个爱国者， 我爱美利坚合众国，好吧， 你想帮助你的国家，我仍然会帮助我的国家。

So help me God that is what I'm going to do whether or not you all like President Trump.

所以上帝啊，帮助我吧，无论你们是否喜欢特朗普总统，我都会这么做。

And remember, we help presidents and prime ministers all around the world.

请记住，我们帮助世界各地的总统和总理。

I see them we advise them we give them this and we want to help the people of that country too.

我看到他们，我们建议他们，我们给他们这个，我们也想帮助那个国家的人民。

And that is part of your job as a bank and as a individual to try to help to make the world a better place.

作为银行和个人，这是您工作的一部分，努力帮助世界变得更美好。

I joined the council, I did get one very long well written elegant nasty letter from my daughter, basically- >> [LAUGH] >> Basically, how could you Dad?

我加入了委员会， 我确实收到了我女儿写的一封写得很长、优雅、令人讨厌的信，基本上是->>[笑]>>基本上， 你爸爸怎么能？

And my other two daughters were right to the point, ditto.

我的另外两个女儿也说得对，同上。

>> [LAUGH] >> And my wife told me how many of her friends she had to explain it to.

>> [笑] >> 我的妻子告诉我她必须向她的多少朋友解释这一点。

Remember these are all liberal effete New Yorkers, in my opinion.

请记住，在我看来，这些都是自由派、颓废的纽约人。

>> [LAUGH] >> [LAUGH] >> I said I'm a patriot.

>> [笑] >> [笑] >> 我说我是爱国者。

It doesn't mean I agree with everything the man says or the way the man is himself.

这并不意味着我同意这个人所说的一切或他自己的方式。

It's about trying to help the United States of America.

这是为了帮助美利坚合众国。

The council met twice, so think of these councils.

委员会召开了两次会议，所以想想这些委员会。

The truth is they aren't particularly effective.

事实是它们并不是特别有效。

I was at one.

我当时就在其中之一。

I don't know if Mary was at the second meeting.

我不知道玛丽是否参加了第二次会议。

All right and I think the same was a lot like the first.

好吧，我认为这与第一个很相似。

You talk about the infrastructure.

你谈论的是基础设施。

You talk about this and the president is like, that's ridiculous.

当你谈论这个时，总统会说，这太荒谬了。

We get better at this.

我们在这方面做得更好。

All true but at one point that work has got to be done in detail in the agencies.

一切都是如此，但在某一时刻，工作必须在各机构中详细完成。

Okay, not by a bunch of CEOs sitting around the table, telling you that it takes too long to build a bridge and this regulation hurts and we need this in capital markets.

好吧，不是一群首席执行官围坐在桌旁，告诉你搭建一座桥梁需要太长时间， 而且这项监管会造成伤害， 而我们在资本市场上需要这样。

So the effectiveness comes down over time.

因此，随着时间的推移，效果会下降。

And then after, Charlotteville was the last straw but the negatives were going up.

此后，夏洛特维尔成为了最后一根稻草，但负面影响却不断上升。

Most of us really believe in diversity.

我们大多数人都相信多样性。

LGBT, DOCA programs, we're pro immigrant, we're and we certainly wouldn't justify any way shape of form, nazism or white supremacy or stuff like that.

LGBT、DOCA 计划，我们是支持移民的，我们是而且我们当然不会为任何形式、纳粹主义或白人至上主义或类似的东西辩护。

So we found ourselves having to explain to our own people by the way, because the press was always calling me up and saying you should say something.

所以我们发现自己必须顺便向我们自己的人解释，因为媒体总是打电话给我并说你应该说些什么。

I don't remember the press calling me up saying I had to go public every time I disagreed with something Obama did.

我不记得每次我不同意奥巴马的做法时，媒体都会打电话给我说我必须公开。

So the press really is extremely biased and they're going to have to do something about it.

所以媒体确实存在极大的偏见，他们必须对此采取一些措施。

Not all, I mean they're all bias in their own way but having to explain it constantly over and over is just a negative.

并非全部，我的意思是他们都有自己的偏见，但必须不断地一遍又一遍地解释它只是一种负面影响。

We had a conference call.

我们开了一个电话会议。

Steve Swartzman was the chairman.

史蒂夫·斯沃茨曼 (Steve Swartzman) 担任主席。

He ran it, we went alphabetically, everyone on the conference call said let's just disband it.

他运行它，我们按字母顺序运行，电话会议上的每个人都说让我们解散它。

There were two said don't, having a seat at the table is a good thing etc., etc., and we disbanded it.

有两个人说不要， 在桌子上有一个座位是一件好事等等，然后我们就解散了它。

Of course Schwartzman told the President, and the thing that came out was that the President agreed to disband it which wasn't exactly the case.

当然， 施瓦茨曼告诉了总统，结果是总统同意解散它， 但事实并非如此。

But everyone in that room is still working with the people they should be working with to help the United States government do proper things.

但房间里的每个人仍在与他们应该合作的人合作，帮助美国政府做正确的事情。

They need help.

他们需要帮助。

If you think somehow decisions are going to be made properly in Washington without the help of business, they won't.

如果你认为华盛顿无需商界的帮助就能做出正确的决定，那么事实并非如此。

We're all doing it in our own way and obviously, I do a lot with Monahan and Cohen And you have other people deal with other agencies, etc., but is you come up and try to help.

我们都以自己的方式做这件事，显然，我与莫纳汉和科恩做了很多事情， 你还有其他人与其他机构打交道，等等，但你是否站出来尝试提供帮助。

And just because you don't like the president is a really bad idea.

仅仅因为你不喜欢总统是一个非常糟糕的主意。

I think we become far too knee jerk in our politics and to me, you should be willing to help.

我认为我们在政治上变得过于下意识，对我来说，你应该愿意提供帮助。

>> Your name is- >> Sorry.

>> 你的名字是- >> 抱歉。

>> Yeah >> Yeah, I'm sorry go ahead.

>> 是的 >> 是的，抱歉，请继续。

>> Your name was thrown around a lot as a potential Secretary of Treasury.

>> 作为潜在的财政部长，你的名字被广泛提及。

That didn't happen.

那没有发生。

But say you wake up tomorrow as the secretary, what does tax reform or economic policy look like on the secretary diamond?

但是假设你明天醒来时是国务卿，国务卿钻石上的税收改革或经济政策是什么样的？

>> So, I don't want to be Secretary of Treasury.

>> 所以，我不想当财政部长。

>> [LAUGH] >> But we have, and told you this is important this country has the best hand ever dealt any country in the planet.

>> [笑] >> 但我们已经告诉过你，这一点很重要，这个国家拥有世界上任何国家以来最好的牌。

And most people don't fully understand if they never make the list.

如果他们从未上榜，大多数人都不会完全理解。

So I always say we have a problem, make a list and go through what we think matters.

所以我总是说我们遇到了问题，列一个清单并仔细检查我们认为重要的事情。

And I'm going to do it quickly.

我会尽快完成。

We have all the food and water and energy that we need.

我们拥有所需的所有食物、水和能源。

We have the Atlantic and the Pacific which our founding fathers realize how powerful it is to defend this country from wars in Asia, wars in Europe.

我们有大西洋和太平洋，我们的开国元勋们意识到，保卫这个国家免受亚洲战争和欧洲战争的影响是多么强大。

We have the best military the world's ever seen.

我们拥有世界上最好的*队军**。

That's going to be true for a long period of time.

在很长一段时间内都是如此。

I say compare it to China, but do it respectfully.

我说的是与中国比较，但要尊重。

China does not have enough food, water and energy, and it's neighbors happen to be Philippines, Japan, North Korea, South Korea, Indonesia, Vietnam, Pakistan, Afghanistan, India and Russia.

中国没有足够的食物、水和能源，而它的邻国恰好是菲律宾、日本、朝鲜、韩国、印度尼西亚、越南、巴基斯坦、阿富汗、印度和俄罗斯。

And they've had border skirmishes or wars with five or six of those in the last 40 years.

在过去 40 年里，他们与其中的五六个国家发生过边境冲突或战争。

They are in the a tough part of the world.

他们身处世界最艰难的地区。

So those leadership there are saying God, we need food.

所以那些领导说上帝，我们需要食物。

We need access to certain commodities.

我们需要获得某些商品。

We have to have an army just to protect ourselves from the billions of people who surround them that aren't necessarily that happy with them.

我们必须拥有一支*队军**来保护自己免受周围数十亿人的伤害，而这些人不一定对他们感到满意。

So the United States also has and I got out of business school talking about Japan, Japan, Japan, Japan, Japan, Japan.

所以美国也有， 我从商学院出来谈论日本，日本，日本，日本，日本，日本。

Then it was BRIC, Brazil, Russia, India, China.

然后是金砖四国、巴西、俄罗斯、印度、中国。

Then it was Mexico, MIST Mexico, Indonesia, South Africa, Turkey.

然后是墨西哥、MIST 墨西哥、印度尼西亚、南非、土耳其。

But none of them have what I'm about to say, the universities we do, the rule of law like we do.

但他们都没有我要说的，我们的大学，像我们一样的法治。

Low corruption like we do.

像我们这样的低腐败。

The widest, deepest, most transparent markets the world has ever seen, public and private.

世界上最广泛、最深入、最透明的市场，无论是公共市场还是私人市场。

And again, I'm not talking about banks here.

再说一遍，我不是在这里谈论银行。

Okay, and hugely vibrant businesses small to large, and innovation like the world's never seen.

好吧，从小到大的企业都充满活力，还有世界上从未有过的创新。

And I'm not talking about just Silicon Valley.

我说的不仅仅是硅谷。

I'm talking about you go to any company in America and believe me, they're getting productivity up 2% somewhere, okay?

我说的是你去美国的任何一家公司， 相信我，他们在某个地方的生产力提高了 2%，好吗？

And does Brazil have that?

巴西有这个吗？

India, China, okay does most European countries have that whole list.

印度、中国，好吧，大多数欧洲国家都有完整的清单。

Does Mexico have it?

墨西哥有吗？

That's the best hand.

这是最好的一手牌。

But something went wrong, and I do think we left behind a huge segment of sociaty.

但出了问题，我确实认为我们留下了社会的很大一部分。

10 million people left the workforce, but I think they're starting to come back in.

有一千万人离开了劳动力市场，但我认为他们正在开始重返职场。

20 million people are felons, of which a large amount shouldn't be felons.

2000万人是重罪犯，其中很大一部分人不应该是重罪犯。

I tell people if you were caught doing some of the shit you did, you'd be a felon too.

我告诉人们，如果你被发现做了一些你所做的事情，你也会成为重罪犯。

And you can't get a job after that.

然后你就找不到工作了。

Most companies, you're not going to get a job with JP Morgan by law from most of the jobs by regulatory rules and requirements Scotty.

大多数公司，根据监管规则和要求，你不会在摩根大通找到一份工作。

We have the opioid crisis, I think we blamed trade immigration technology, but that's not really the reason.

我们遇到了阿片类药物危机， 我认为我们将其归咎于贸易移民技术，但这并不是真正的原因。

But we have some of these rustbelt towns left behind.

但我们留下了一些铁锈地带城镇。

Our inner-city school kids 50% don't graduate, okay?

我们市中心学校的孩子 50% 没有毕业，好吗？

And most of you didn't go to inter-city school.

你们中的大多数人都没有上过城际学校。

But 50% don't graduate, they're mostly poor, they're mostly minorities in this land of opportunity.

但 50% 的人没有毕业，他们大多是穷人，他们大多是这片充满机遇的土地上的少数群体。

There are 6 million open jobs today, good jobs that you can get out of high school.

今天有 600 万个空缺职位，这些都是你高中毕业就能找到的好工作。

Welding, construction, electrical, coding, automotive, there are automotive jobs everywhere, aviation, and we're not training the kids.

焊接、建筑、电气、编码、汽车，到处都有汽车工作，还有航空， 但我们不训练孩子们。

So that's why and that's also why I took on the chairman of the business round table.

这就是为什么我担任商业圆桌会议主席的原因。

So the question I always have is, how do you fix that stuff?

所以我一直有的问题是，你如何解决这个问题？

In reality I think the fix is actually known.

事实上，我认为修复方法实际上是已知的。

I think the hard part is getting it through Congress.

我认为困难的部分是让国会通过它。

But competitive tax reform has to be done.

但竞争性税收改革必须进行。

It shocks me that my democratic friends, and they say, are you going to change wages on day 1 of the 12 Corbett Tax Reform?

令我震惊的是， 我的民主*党**朋友们说，你们会在第 12 届科贝特税制改革的第一天改变工资吗？

That's their measure.

这是他们的衡量标准。

What happened last time?

上次发生什么事了？

That's their measure.

这是他们的衡量标准。

The measure you should have is the counter factual.

你应该采取的措施是反事实的。

Had you had competitive tax systems 10 years ago, there would probably have been $3 trillion retained here.

如果 10 年前拥有有竞争力的税收制度，这里可能会保留 3 万亿美元。

Companies and capital, 5,000 companies have been bought by foreign companies because it's advantages for them to own an American company now.

公司和资本，已经有5000家公司被外国公司收购了，因为现在拥有一家美国公司对他们来说有优势。

So while our government dawdled on these inversions, 5,000 companies were acquired by foreign companies, net, there's a study that came out by ENY that would have been retained here.

因此， 虽然我们的政府在这些倒置问题上犹豫不决，但有 5,000 家公司被外国公司净收购，ENY 发表的一项研究本应保留在这里。

Think of corporate headquarters and we damaged ourselves and it's permanent.

想想公司总部，我们对自己的伤害是永久性的。

And that's 4 trillion overseas, and it's 4 trillion, someone has been reinvesting hard equipment in plant, and companies.

海外有 4 万亿美元，有人一直在对工厂和公司的硬设备进行再投资。

But there is still 2.5 trillion in cash.

但仍有2.5万亿现金。

That's why it is there.

这就是它存在的原因。

And it's not because these companies are moral, it's because it's so much more advantageous to do stuff over there.

这并不是因为这些公司有道德，而是因为在那里做事更有利。

Microsoft built a research center in Vancouver because they can hire the same kids in Seattle because of our immigration laws.

微软在温哥华建立了一个研究中心，因为根据我们的移民法，他们可以在西雅图雇用同样的孩子。

And so these things have held back America.

所以这些事情阻碍了美国。

And I am absolutely convinced and it's hard to prove it because you can't put a model.

我绝对相信，但很难证明这一点，因为你无法建立模型。

We're growing at 2% in spite of the dumb things government's done for 10 years.

尽管政府在这十年里做了很多愚蠢的事情，但我们的增长率还是 2%。

And had we done the right things around competitive taxes, infrastructure, education, we'd be growing at 3% or more.

如果我们在有竞争力的税收、基础设施和教育方面采取正确的措施，我们的增长率将会达到 3% 或更高。

This recovery, the growth is half of a normal recovery.

这次复苏的增长是正常复苏的一半。

A small business formation, we're down net millions of small companies that normally would have been formed.

作为一个小型企业组织，我们拥有数百万通常会成立的小公司。

And the reason is lack of access to credit, regulations.

原因是缺乏信贷和监管。

And again I can't prove it, I'm trying, we're using big data now to try to get some of the stuff looking backwards.

我再次无法证明这一点， 我正在尝试，我们现在正在使用大数据来尝试让一些东西回顾过去。

And so part of the agenda of the Trump administration is the right stuff, infrastructure, education, competitive tax reform, proper regulation.

因此，特朗普政府议程的一部分是正确的东西、基础设施、教育、竞争性税收改革、适当的监管。

All right, I'll just say proper as opposed to less or more, they massively overdid it.

好吧，我只想说“适当”，而不是“少”或“多”，他们做得太过分了。

You've heard people say that didn't hold back landing, okay.

你听过人们说这并没有阻碍着陆，好吧。

And we did some real analysis and done by economist, not by me.

我们做了一些真实的分析，是由经济学家而不是我完成的。

Mortgages alone, we believe held back by $1-2 trillion because of the cost, lack of securitization, lack of servicing requirements and because of litigation, stuff around it that people are mostly mortgage under rise are willing to make mortgages to first time buyers, young people, immigrants, private defaults and self employed.

仅抵押*款贷**一项，我们认为由于成本、缺乏证券化、缺乏服务要求以及诉讼等原因，人们大多愿意向首次购房者提供抵押*款贷**，因此抵押*款贷**受到了 1-2 万亿美元的阻碍。年轻人、移民、私人违约和自营职业者。

Not going back to the sub-prime of the old age, just open up the credit box a little bit, okay?

不回到旧时代的次贷，把信用箱打开一点，好吗？

$2 trillion of mortgages would've been probably 5% growth in GDP.

2 万亿美元的抵押*款贷**可能相当于 GDP 的 5% 增长。

That one thing.

那一件事。

And yet they say it didn't hold back lending.

但他们表示，这并没有阻碍放贷。

And that would not have changed any risk at all for banks, for the most part we don't keep that stuff.

这根本不会改变银行的任何风险，大多数情况下我们不会保留这些东西。

And it wouldn't have changed the risk for the government.

这也不会改变政府面临的风险。

Actually I think the risk is lower when the economy is stronger.

事实上，我认为经济走强时风险会更低。

And so that's what they should be doing and I think they are going to do some of that stuff I hope.

这就是他们应该做的事情，我认为他们会做一些我希望的事情。

>> Under your management at JP Morgan come from strength to strength but one instance stands out as a negative during your tenure.

>> 在您的领导下，摩根大通的实力不断增强，但在您的任期内，有一个突出的负面因素。

So, in 2012 a London based trader lost over $6 billion for the bank.

因此，2012 年，一位伦敦交易员为该银行损失了超过 60 亿美元。

Are there any lessons for us all on how you dealt with that incident and do you wish you'd done anything differently?

关于您如何处理该事件，对于我们所有人来说，有什么教训吗？您希望自己采取不同的做法吗？

>> Here is an example.

>> 这是一个例子。

This is what our country has come to, okay?

我们的国家已经到了这个地步了好吗？

We had a record profit that year.

那一年我们的利润创历史新高。

We're a big company, hugely embarrassed, and I'll tell you about that mistake in a second.

我们是一家大公司，非常尴尬，我很快就会告诉你这个错误。

No customers were involved.

没有客户参与其中。

Okay, it was originally pronounced a hedge, obviously it didn't work.

好吧，本来就读作对冲，显然是行不通的。

And yet we were punished severely in congress.

然而我们却在国会受到了严厉的惩罚。

$2 billion of fines.

20亿美元的罚款。

It's outrageous.

太离谱了。

It's just outrageous that a company makes a mistake.

一家公司犯错误真是令人愤慨。

My shareholders got hurt by 6 billion.

我的股东损失了60亿。

I hurt my shareholders, I apologize to my shareholders.

我伤害了我的股东，我向我的股东道歉。

And the government fines me 2 billion in addition to that, because they can.

除此之外，政府还对我处以 20 亿美元的罚款，因为他们可以。

Because they said, it's another example of a bank being mismanaged etc. You know, shit happens!

因为他们说，这是银行管理不善的另一个例子等等。你知道，糟糕的事情发生了！

[LAUGH] And it was, we had put on a hedge that was supposed to earn a lot in a recession and basically break even in a normal thing, and lose money in a booming environment.

​[笑]事实上， 我们进行了对冲， 这种对冲本应在经济衰退时赚很多钱， 在正常情况下基本上收支平衡，但在繁荣的环境中却亏损。

Think is, we were short high yield and long investment, something like that.

想想看，我们做空高收益而做多投资，类似这样的事情。

And it wasn't the complex derivatives that mattered.

重要的并不是复杂的衍生品。

Because the fact is that wasn't the mistake.

因为事实证明这不是错误。

The mistake was when we put thing on, I thought and again I blamed myself and I went public right away.

错误是当我们穿上它的时候，我想， 我再次责怪自己， 然后我立即公开了。

Big mistake, 2 billion, could be a lot worse.

20亿是个大错误，情况可能会更糟。

Bad strategy, barely vetted, barely monitored, barely done.

糟糕的策略，几乎没有经过审查，几乎没有监控，几乎没有完成。

My fault.

我的错。

I'm sorry.

对不起。

We're going to fix it.

我们会修复它。

And the details in some ways didn't matter but there was this hugely liquid.

从某些方面来说，细节并不重要，但流动性巨大。

This typical thing in trading by the way.

顺便说一句，这是交易中的典型现象。

When we had asked them to reduce the positions in half, I had asked.

当我们要求他们将职位减少一半时，我也提出了要求。

I'd looked at some very simple numbers has asked me.

我看了一些非常简单的数字问我。

I should have asked a couple more questions.

我应该再问几个问题。

They couldn't do it.

他们做不到。

So instead of reducing it in half and saying we have a problem but if they said at that point in time we lost 500 million, you probably wouldn't have known about it.

因此， 与其将其减少一半并说我们有问题， 但如果他们当时说我们损失了 5 亿，你可能不会知道这一点。

But instead of that, they kind of doubled down.

但他们并没有这样做，而是加倍努力。

They tried to come up with these old cockamamie ways to reduce the risk.

他们试图想出这些老套的愚蠢方法来降低风险。

But they just added more and more liquid positions on top of other liquid positions.

但他们只是在其他流动头寸之上增加了越来越多的流动头寸。

And when you try to unwind that thing, that's how you get killed.

当你试图解开那个东西时，你就会被杀。

But the lesson, there's no lesson to me.

但教训，对我来说没有教训。

I knew the second it happened.

事情发生的那一刻我就知道了。

I've seen it before.

我以前见过。

I got the whole Mazarin team together and all the PR people.

我召集了整个 Mazarin 团队和所有公关人员。

I've said guys, they're going to come after us.

我已经说过了，伙计们，他们会来追我们的。

They're going to say Jamie was like everybody else.

他们会说杰米和其他人一样。

Big banks are too big to manage.

大银行太大而难以管理。

Jamie Dimon is a failure just like these other guys.

杰米戴蒙和其他人一样都是失败者。

He's off his highly holy horse, diamonds do break, diamond in the rough.

他离开了他那匹高度神圣的马，钻石确实会破裂，未经加工的钻石。

I wrote all the headlines.

所有的标题都是我写的。

>> [LAUGH] >> I said forget all of that stuff, we're here to serve companies, serve clients.

>> [笑] >> 我说忘掉所有这些东西，我们来这里是为了服务公司、服务客户。

We're going to do our jobs and hopefully the attack by the, and when something like that happens, and a lot of you have been through this.

我们将做好我们的工作， 希望能够抵御攻击，当类似的事情发生时，你们很多人都经历过这种情况。

That is a letter to every AG, to every newspaper, to every senator, to every congressman.

这是一封写给每一位总检察长、每家报纸、每一位参议员、每一位国会议员的信。

And they'll attack like literary like a bunch of barking hyenas.

他们会像一群吠叫的鬣狗一样像文学一样发起攻击。

And yet we all look it like that's okay but it's not okay.

然而，我们看起来好像没关系，但其实并不好。

It's not the way professionals, people should act when companies have proms and stuff like that.

当公司举办舞会之类的活动时，这不是专业人士和人们应该采取的行为方式。

So the fact is, there was no great lesson learned.

事实是，没有吸取任何重大教训。

Other than follow you, whenever you have a problem and I say Zuckerberg's got one, that's what he going to deal with and I'm not sure he completely understands that.

除了关注你之外， 每当你遇到问题而我说扎克伯格有问题时，这就是他要处理的问题， 我不确定他是否完全理解这一点。

Every AG, every Senator, every Congressman, they'll turn immediately, they'll go on the attack, they'll take advantage of it.

每一位总检察长、每一位参议员、每一位国会议员，他们都会立即转向， 他们会继续进攻，他们会利用这一点。

I'm surprised they are not talking about fining them billions of dollars yet.

我很惊讶他们还没有谈论对他们处以数十亿美元的罚款。

And so and that's just society, you just have to learn how to deal with that stuff.

所以这就是社会，你只需要学会如何处理这些事情。

So and the biggest risk of all, the risk committees, we obviously bear risk all around the world.

因此，最大的风险是风险委员会，我们显然在世界各地承担着风险。

That risk committee which was meeting, had a senior risk officer on it.

正在召开会议的风险委员会有一名高级风险官。

When I asked what about this trade, they said no, that trade was done pretty much between the bunch of those traders who were doing it, and Ira Sho who's our CIO who I respect.

当我问这笔交易怎么样时，他们说不，这笔交易几乎是在那些进行交易的交易员和我尊敬的首席信息官 Ira Sho 之间完成的。

They didn't want to share the risk committee.

他们不想分享风险委员会。

That should never happen, ever, ever, ever, ever.

这种事永远不应该发生，永远，永远，永远，永远。

Okay, our risk committees see everything, my general counsel sees everything, my head of compliance sees everything.

好吧，我们的风险委员会看到一切，我的总法律顾问看到一切，我的合规主管看到一切。

Once someone ever says, well that we're going to do over here, you've got a problem.

一旦有人说，好吧，我们要在这里做，你就有问题了。

And that tends to create an issue that will come back and haunt you.

这往往会产生一个会回来困扰你的问题。

>> To explore leadership in tough situations some more, the Harvey Weinstein's story is very much on people's minds at he moment.

>> 为了进一步探讨艰难情况下的领导力，哈维·韦恩斯坦 (Harvey Weinstein) 的故事目前备受人们关注。

As a leader what do you feel is your role to play in creating a work culture that is very respectful of women?

作为领导者，您认为您在创建非常尊重女性的工作文化方面应发挥什么作用？

>> Well I think it is your role to do that and.

>> 嗯，我认为这是你的职责，并且。

And someone who said to me about that Harvey Weinstein, so Wall Street has been that way.

有人对我说哈维·韦恩斯坦（Harvey Weinstein），所以华尔街一直都是这样。

Wall Street is not that way today folks, not like that stuff.

今天的华尔街已经不是那样了，伙计们，不是那样的东西。

I mean I'm sure there may be harassment somewhere at J.P. Morgan, but if you think it's condoned by anyone at the company in a senior position, absolutely not!

我的意思是， 我敢肯定摩根大通的某个地方可能存在骚扰，但如果你认为公司高级职位的任何人都宽恕了这种行为，那绝对不是！

Okay and we've got strict processes in place to look at what people do, and how they do it, and review it.

好的，我们已经制定了严格的流程来观察人们做了什么、如何做，并进行审查。

And if it involved me in any way, shape, or form, it would go directly to a separate board thing.

如果它以任何方式、形状或形式涉及我，它将直接进入一个单独的董事会。

It wouldn't be like I could go negotiate a settlement on my own or something like that.

我不可能自己去谈判解决方案或类似的事情。

So the first thing to Diversity, and I think it's more important than anything else is that everyone in the company is treated with trust and respect.

因此，多元化的第一件事，我认为比其他任何事情都更重要的是，公司中的每个人都受到信任和尊重。

Any meeting you walk in you feel like you're welcome.

您参加的任何会议都会让您感到宾至如归。

Anyone can speak up.

任何人都可以发言。

You see the subtle guy thing.

你看到了微妙的家伙的事情。

I've seen this, a senior banker once told me Jamie, watch this man who runs a big part of the company walk into the partner's room and he'll walk up to you.

我见过这样的情况， 一位资深银行家曾经告诉我，杰米，看着这个经营公司很大一部分的人走进合伙人的房间， 他就会走到你身边。

Hey buddy, how did you like that football game?

嘿，伙计，你喜欢那场足球比赛吗？

Hey man, what was your score in golf?

嘿，伙计，你打高尔夫球得了多少分？

I mean, and he wouldn't even talk to the women in the room?

我是说，他甚至不和房间里的女人说话？

If you're managing a group of people and I saw you do that, you'd get an earful from me.

如果你正在管理一群人，而我看到你这样做，你就会被我训斥。

You've got to talk to everyone.

你必须和每个人谈谈。

You can like some people more than others, but you've got to talk to everyone.

你可以比其他人更喜欢某些人，但你必须与每个人交谈。

And you have to go out of your way to get the quiet person, the reserved person, the person who doesn't want to be embarrassed to get them to speak up and feel comfortable.

你必须想尽办法去吸引那些安静、保守、不想尴尬的人，让他们开口说话并感到舒服。

And when you have an environment of trust and respect, people can shine.

当你拥有一个信任和尊重的环境时，人们就会闪闪发光。

Okay, now you should have specialized programs and all that, and I'm for those, but they don't work if you don't create that environment.

好吧，现在你应该有专门的程序和所有这些，我支持这些， 但如果你不创建那个环境， 它们就不起作用。

Doesn't matter.

没关系。

You just said you would advise it.

你刚才说你会建议。

I have three daughters.

我有三个女儿。

If they were in a terrible environment, I'd tell them to leave.

如果他们所处的环境很糟糕，我会告诉他们离开。

Go find a place that appreciates your skills.

去找一个欣赏你技能的地方。

And so it will hurt a company ultimately because if I get to pick my team from all people, not just white men, I would pick a far better team.

因此，这最终会伤害一家公司， 因为如果我从所有人中挑选我的团队，而不仅仅是白人， 我会选择一个更好的团队。

I should point out that at JP Morgan Chase, and again, the press doesn't write this, half of my direct reports are women.

我应该再次指出， 在摩根大通，媒体不会报道这一点，我的直接下属中有一半是女性。

Did you hear what I just said?

你听到我刚才说的话了吗？

Every article, even in the Wall Street Journal is always saying, it'll be 30 years before women represent 30% of the executive suite on Wall Street.

每一篇文章， 甚至《华尔街日报》都在说，30 年后女性将在华尔街高管中占到 30%。

50% including the head of tech now, Lori Behr, who's been doing a great job, she's been there a couple of months.

50% 的人包括现在的技术主管 Lori Behr，她的工作非常出色， 她已经在那里呆了几个月了。

20% of my direct reports are LGBT, because they're good.

我的直接下属中有 20% 是 LGBT，因为他们很好。

And 30% of all of the top 200 people in the company are women, and they run major parts of the company, credit card, private banking, global equity, capital markets.

公司200名高管中，有30%是女性，她们负责公司的主要业务，包括信用卡、私人银行、全球股票、资本市场。

An Indian woman is the head of US M&A. And that was the most macho belt and suspenders, smoking cigar in the backroom of all the jobs.

一位印度女性担任美国并购业务负责人。 那是最有男子气概的腰带和吊带，在所有工作的后台抽雪茄。

>> [LAUGH] >> And her father didn't even want her to go to school or college.

>> [笑] >> 她父亲甚至不想让她上学或上大学。

She's actually from India.

她实际上来自印度。

She actually Indian, and so, yeah.

她实际上是印度人，所以，是的。

I think if you do it right you'll have a great environment for everybody.

我认为如果你做得正确，你将为每个人提供一个良好的环境。

And you gotta have your eyes open to it.

你必须睁大眼睛看看它。

What I was worried about is not, we have 5,000 branches.

我担心的不是，我们有5000家分行。

And I just always know that in that branch, that guy or woman but mostly the guy, can be a bully and get away with it because we can't see it.

我一直都知道， 在那个分支中，那个男人或女人， 但主要是男人，可能是一个恶霸， 但因为我们看不到它而逃脱惩罚。

And no matter what we say, the people in that branch, they need their job and they put up with it.

不管我们说什么，那个部门的人，他们需要他们的工作，并且他们忍受了。

Another one you shouldn't allow.

另一种你不应该允许的情况。

And I'm sure you've been in companies, you should never allow, and it came to my attention, you are not allowed to have a golf event, invite the men in the division and not the women, just not allowed.

我确信你曾经在公司工作过，你永远不应该允许， 这引起了我的注意，你不被允许举办高尔夫活动，邀请该部门的男性而不是女性，只是不允许。

My first inclination would be to fire someone on the spot if I heard about that.

如果我听说这件事，我的第一反应是当场解雇某人。

And don't have golf, do something different.

不打高尔夫球，做一些不同的事情。

And go out of your way to make everyone feel accepted, and you'll build a great company.

竭尽全力让每个人都感到被接受，你就会建立一家伟大的公司。

>> One question we often ask female CEOs here is how they manage work-life balance.

>> 我们在这里经常问女性首席执行官的一个问题是她们如何平衡工作与生活。

We rarely ask male CEOs.

我们很少询问男性首席执行官。

But I've heard a story that you once threatened to quit your first job because a partner forced you to work over the weekend unnecessarily.

但我听说过一个故事，你曾经威胁要辞掉第一份工作，因为合伙人强迫你在周末不必要地工作。

We're not suggesting that JP Morgan investment analysts stop doing the same.

我们并不是建议摩根大通投资分析师停止这样做。

>> [LAUGH] >> But do you have any tips for us on structuring our time, balancing demands made of us, and sorting priorities?

>> [笑] >> 但是您对我们安排时间、平衡对我们的要求以及排序优先事项有什么建议吗？

>> When I was an analyst at this consulting company, this consultant had said you've got to do this work.

>> 当我在这家咨询公司担任分析师时，这位顾问曾说过你必须做这项工作。

I need it Monday morning, 9 o'clock.

我周一早上 9 点需要它。

He gave me the assignment Friday, which all the people in Wall Street complain about.

周五他给我布置了一项任务，华尔街的所有人都对此抱怨不已。

The kids are right.

孩子们是对的。

MDs, they come in, partners, and they're not thinking about it till Friday.

医学博士，他们进来了，合作伙伴，他们直到周五才考虑这个问题。

And on Friday, I need this.

星期五，我需要这个。

I need this, I need it Monday.

我需要这个，周一我需要它。

Which means you gotta work all weekend.

这意味着你整个周末都得工作。

And most of the time you could have gotten the assignment on Tuesday.

大多数时候你可以在周二收到作业。

And so we've actually tried to institute some policies like you can't give people assignments on Friday basically anymore unless it's approved by someone senior.

因此，我们实际上尝试制定一些政策，例如除非得到高级人员的批准，否则基本上不能再在周五给人们分配任务。

But I worked all weekend and then I show up at 9 o'clock.

但我整个周末都在工作，然后九点钟才出现。

And I was in the library basically doing research and stuff like that.

我基本上在图书馆做研究之类的事情。

And he wasn't there and he called in at 12 o'clock or 1 o'clock and said, Robin, I worked all weekend.

他不在， 他在 12 点或 1 点打来电话说，罗宾， 我整个周末都在工作。

You said 9 o'clock, it was critical.

你说9点，很关键。

He said I didn't really need it until tomorrow.

他说我直到明天才真正需要它。

I just want to make sure you got it done, to which I was, bye.

我只是想确保你完成了它，我就是，再见。

>> [LAUGH] >> And I told him I'll never work for you again.

>> [笑] >> 我告诉他我再也不会为你工作了。

Now this is not advice, okay?

现在这不是建议，好吗？

>> [LAUGH] >> My advice would be a temper is not a good thing.

>> [笑] >> 我的建议是发脾气并不是一件好事。

[LAUGH] >> [LAUGH] >> And they said, well, you can't tell the consulting firm who you're going to work for.

​[笑] >> [笑] >> 他们说，好吧， 你不能告诉咨询公司你要为谁工作。

I said yes, I can, because they can fire me.

我说是的，我可以，因为他们可以解雇我。

I was quite serious.

我是很认真的。

I never worked for the person again.

我再也没有为这个人工作过。

And I think that was a bully thing.

我认为这是一种欺凌行为。

That was my instinct, that was just bullying me, and it was completely unnecessary.

那是我的本能，那只是欺负我，完全没有必要。

And he knew me well enough to know that I was going to get down when I told them I was going to get down stuff like that.

他很了解我，知道当我告诉他们我会情绪低落时，我就会情绪低落。

You can have work-life balance.

您可以实现工作与生活的平衡。

When I tell people at JP Morgan Chase, it is your job to take care of your mind, your body, your spirit, your soul, your friends, your family, your health.

当我告诉摩根大通的员工时，照顾好自己的思想、身体、精神、灵魂、朋友、家人和健康是你们的工作。

Your job, it's not our job.

你的工作，不是我们的工作。

So I think there's a little bit of misunderstanding that some of the companies.

所以我认为有些公司存在一些误解。

Now we should do everything we can to help you, right?

现在我们应该尽我们所能来帮助你，对吗？

I tell people, we give you medical, shrinks, Pilates, massages.

我告诉人们，我们为你提供医疗、心理咨询、普拉提、按摩。

I mean, we really do try to take care of people, but I can't make up for you not doing those other things.

我的意思是， 我们确实在努力照顾人们，但我无法弥补你不做其他事情。

You really have to do it yourself.

你真的必须自己做。

Most people don't work very smart.

大多数人工作起来都不太聪明。

So first off, work smart.

所以首先，聪明地工作。

I do emails and phone calls generally once, okay?

我一般只发一次电子邮件和一次电话，好吗？

I have three types of reading, very fast, fast, very slow.

我的阅读分为三种类型，非常快、快、非常慢。

So the very slow is the complex.

所以非常慢的是复杂的。

I really need to think about it.

我真的需要考虑一下。

Very fast might be a magazine.

很快可能是一本杂志。

I just want to see if there is something interesting in there or something like that.

我只是想看看里面有没有什么有趣的东西或者类似的东西。

People don't run their lives efficiently.

人们无法有效地管理自己的生活。

And I'm sure you've seen even in school here, people are frenzied, they're always frenzied.

我相信你甚至在学校里也看到过，人们都很疯狂，他们总是很疯狂。

They're late, they can't get back, I'm sorry I didn't get back to you, I couldn't get this done.

他们迟到了，他们无法回来，很抱歉我没有回复你，我无法完成这件事。

I got my cases, I couldn't do this.

我收到了我的案件，我不能这样做。

If you're frenzied, it's you.

如果你疯狂，那就是你。

It's not the school, it's not the job, it's you because a lot of us aren't frenzied.

这不是学校的问题，也不是工作的问题，而是你的问题，因为我们很多人并不疯狂。

>> [LAUGH] >> I'm never late, almost never late.

>> [笑] >> 我从不迟到，几乎从不迟到。

I'm not frenzied.

我没有疯狂。

I have a nice.

我有一个不错的

I know exactly what people are doing.

我清楚地知道人们在做什么。

I schedule time for myself for exercise, and for making my phone calls.

我给自己安排时间锻炼身体和打电话。

And if I didn't do it this morning, I would feel harried if I wasn't all caught up.

如果我今天早上不这样做，如果我没有全神贯注的话，我会感到很烦恼。

So work really smart.

所以工作真的很聪明。

Learn how to work smart.

了解如何聪明地工作。

And then, in [INAUDIBLE] I think it's really difficult when you have children.

然后，在[听不清]中，我认为当你有孩子时真的很困难。

That does burn the candle at both ends.

这确实是蜡烛两头都烧了。

My advice to men, is you better drop watching every football game and playing golf on both Saturday and Sunday.

我对男人的建议是，你最好放弃在周六和周日观看每场足球比赛和打高尔夫球。

Do something with your kids.

和你的孩子一起做点什么。

If you don't, it's neglect.

如果你不这样做，那就是疏忽。

Okay, you call it whatever you want, but I have a lot of friends complain that they have no family time.

好吧， 你想怎么称呼它就怎么称呼它，但我有很多朋友抱怨他们没有家庭时间。

But they go play golf on Saturday and Sunday.

但他们周六和周日去打高尔夫球。

I'm playing golf on Saturday and Sunday means you wake up at 7, right?

我周六和周日打高尔夫球意味着你七点起床，对吗？

You go play golf for three hours.

你去打三个小时的高尔夫球。

You have lunch, usually a Bloody Mary, you go home and take a nap.

你吃午餐，通常是血腥玛丽，然后回家小睡一下。

>> [LAUGH] >> Okay, and then you go to dinner with friends.

>> [笑] >> 好吧，然后你和朋友一起去吃饭。

You should have done something with your family.

你应该和你的家人一起做点什么。

And so you can do it.

所以你可以做到。

And if you're a woman, I think it's even harder.

如果你是女性，我认为这就更难了。

And I think there's some jobs that are really conducive to helping you, and some aren't.

我认为有些工作确实对你有帮助，有些则不然。

And you gotta think that through a little bit.

你必须想清楚这一点。

And one of the greatest speech I ever saw a woman give was, you can have it all, you just can't have it all at the same time.

我见过的最伟大的女性演讲之一是，你可以拥有一切， 但你不能同时拥有这一切。

And just be a little thoughtful how you manage your life.

在如何管理自己的生活时要深思熟虑一点。

That could be a man who's gotta stay at home to take care of kids, or sick parents or something like that.

那可能是一个必须呆在家里照顾孩子的人，或者生病的父母或类似的人。

And so it's a long race and you can pretty much do it all.

所以这是一场漫长的比赛，你几乎可以完成这一切。

But you gotta make sure you save time for yourself to do those things.

但你必须确保为自己节省时间来做这些事情。

And even the toughest job you can do that.

即使是最艰难的工作,你也可以做到。

>> In 2014 you continued to actively lead JP Morgan despite battling and defeating throat cancer.

>> 2014 年，尽管您与喉癌作斗争并被击败，但您仍继续积极领导摩根大通。

Many people were incredibly impressed by your decision to stay at the helm with the company during that time.

许多人对您在那段时间继续掌管公司的决定印象深刻。

What continues to motivate you under those circumstances?

在这种情况下，是什么继续激励着您？

>> Well, it's not up to me to stand down with the company.

>> 好吧，我不能与公司断绝关系。

You're never quite over with cancer either.

癌症也永远不会结束。

At first, I had to go public with it.

起初，我不得不公开此事。

It wasn't my preference, but I couldn't be seen walking in and out of Sloan Kettering.

这不是我的偏好，但我不能被看到进出斯隆·凯特琳。

And of course I was going to lose weight.

当然，我要减肥。

I didn't lose my hair, but I could have, and all that.

我没有失去我的头发,但我可以有,和所有。

So I just went completely clean.

所以我就彻底干净了。

I did go to work, almost every day.

我去上班了,几乎每天。

But that does not mean I worked every day.

但这并不意味着我每天都在工作。

I mean I was taking four or five naps, I lost like 40 pounds and I didn't want to get close to anyone because your immune system is virtually gone.

我的意思是， 我小睡了四五次，体重减轻了 40 磅， 而且我不想靠近任何人， 因为你的免疫系统实际上已经消失了。

So I didn't even want to get a cold at that point.

所以当时我什至不想感冒。

But people say [INAUDIBLE] so I was sitting at home and I go get my treatment every morning radiation and then I'd go home.

但人们说[听不清]，所以我坐在家里，每天早上都去接受放射治疗，然后回家。

I'd try to exercise, I went from running five miles to walking five, to literally walking for a minute, going on the floor because I was going to pass out, walking a minute, but it made me feel better.

我尝试锻炼身体， 从跑五英里到步行五英里，再到步行一分钟， 躺在地板上， 因为我要昏倒了，步行一分钟， 但这让我感觉好多了。

But if I stayed at home you know what I was doing?

但如果我呆在家里你知道我在做什么吗？

I couldn't read I thought I could read eight hours a day but I just couldn't do it but I was staying home I was watching ISIS and Ebola.

我无法读书，我以为我每天可以读书八小时，但我就是做不到，但我呆在家里看伊斯兰国和埃博拉病毒。

[LAUGH] >> And when I go to the office, I'm surrounded by friends and interesting things and you keep mind well.

​[笑] >> 当我去办公室时，我周围都是朋友和有趣的事情， 你要保持警惕。

I had some meeting and so it was better for me.

我参加了一些会议，所以这对我来说更好。

And the board was fully beefed the whole time and I have unbelievable management team and they were great.

董事会一直在全力加强，我有令人难以置信的管理团队，他们很棒。

And my family is great and so it was in some ways a heart warming experience other than the fact that it's terrifying.

我的家庭很棒，所以从某种程度上来说，这是一次温暖人心的经历，除了它令人恐惧的事实。

>> Jamie thank you so much, I think we'll now turn it over to the audience for Q&A.

>> Jamie 非常感谢您，我想我们现在将其交给观众进行问答。

>> Thank you so much for being here Mister Diamond.

>> 非常感谢您来到这里，戴蒙德先生。

At what level do you think BitCoin has to get to before JP Morgan would embrace it and at what level of demand?

您认为*币特比**必须达到什么水平，摩根大通才会接受它？需求达到什么水平？

You said there is a level and I'm wondering what that would be as look today at the price of $7,000 a coin.

你说有一个水平，我想知道以今天每枚硬币 7,000 美元的价格来看，这个水平会是多少。

>> I doubt we're going to embrace it at any price.

>> 我怀疑我们是否会不惜一切代价接受它。

So I mean to me it's that I'm worried about being caught up in this maelstrom of people losing money, and stuff like that, there's no reason for us to do anything with Bitcoin.

所以我的意思是， 我担心陷入人们赔钱的漩涡中，诸如此类的事情， 我们没有理由对*币特比**做任何事情。

Now, if you're a client, and you're going to trade it on the CMU, or something like that, I'd advise you not to do it, but should we do it and put in trades for a client who asked us, who is sophisticated, and obviously not bright, but sophisticated.

现在，如果您是客户， 并且要在 CMU 上进行交易，或者类似的东西， 我建议您不要这样做，但是我们应该这样做并为提出要求的客户进行交易吗？我们，是老练的人， 显然不聪明，但老练。

Maybe, I don't know.

也许吧，我不知道。

I mean and I told the senior team I don't tell them what to do, I told to place a note to Daniel and I said Daniel I know you heard what I said, it's your job to what you do.

我的意思是， 我告诉高级团队我不会告诉他们该怎么做，我告诉他们给丹尼尔留一张纸条， 我说丹尼尔我知道你听到了我说的话，你所做的就是你的工作。

And if you disagree with me that's completely fine.

如果你不同意我的观点，那也完全没问题。

I'll probably do whatever he wants, inspite what I said.

不管我怎么说，我可能会做他想做的任何事。

Hi, hello, hi thanks for coming.

嗨，你好，嗨，谢谢你的到来。

One thing, I'm I'm a second year MBA. A couple things you said that were quite interesting were that there is no lesson to be learned, and I don't care if I'm wrong.

一件事，我是 MBA 二年级学生。 你说的几件事很有趣， 那就是没有任何教训可以吸取，而且我不在乎我是否错了。

And I guess from a lot of senior leaders I've noticed that self-awareness and learning from mistakes or key characteristics?

我想我从很多高级领导者身上注意到了自我意识和从错误中学习或关键特征？

Do you agree, and if so, do you have an example of a time when you've actually tried to build those?

你同意吗？如果同意，你有没有实际尝试过构建这些的例子？

>> Yeah, so I did mention mistakes I've made.

>> 是的，所以我确实提到了我所犯的错误。

I should have asked some more questions.

我应该再问一些问题。

There's one question I would've known.

有一个问题我本来就知道。

Just one.

只有一个。

There's the one where I said it was a tempest in a teapot.

有一个我说这是茶壶里的暴风雨。

I asked the question.

我问了这个问题。

I got the wrong answer.

我得到了错误的答案。

It was, how liquid are the positions?

问题是，这些头寸的流动性如何？

How many days can you get out?

多少天可以出去？

I was told ten.

有人告诉我十个。

Yeah, it was like hundreds and the second I heard that, I said, shit.

是的，大约有数百个，当我听到这个消息时，我说，妈的。

We have a real problem.

我们有一个真正的问题。

So you learn.

所以你学习。

And I actually wrote about it in my chairman's lever.

我实际上在主席的杠杆上写过这件事。

I said, lessons learned or relearned.

我说，吸取教训或重新学习。

I knew that.

我知道。

It's like you kind of sometimes learn the same lessons over and over.

就好像你有时会一遍又一遍地学习相同的课程。

It's like being in a boxing ring, They say duck, hold your hands up.

这就像在拳击场上，他们说，鸭子，举起你的手。

Yeah, well, That's harder to do than you think.

是的，这比你想象的要难。

So you do learn, you do get better as you get older in management and people and decision making.

所以，随着年龄的增长，你在管理、人员和决策方面确实会学习，你会变得更好。

But I'll tell you what the biggest mistakes I've made are.

但我会告诉你我犯过的最大错误是什么。

They're not the specific one like the London Whale but more the patterns around it.

它们不像伦敦鲸那样具体，而是围绕它的图案。

Temper's a bad idea.

发脾气是个坏主意。

Any decision made out of temper, even treating people with temper you They're always being careful.

任何发脾气做出的决定，甚至是发脾气的人对待你，他们总是小心翼翼的。

While you walk in, which mood is he in, and stuff like that.

当你走进去的时候，他是什么心情，诸如此类。

You don't get the best out of people.

你无法充分发挥人们的潜力。

And sometimes earlier in my life, it was said, it was a well placed blow of anger.

据说，在我生命的早期，有时这是一次恰到好处的愤怒打击。

No, it wasn't.

不，不是。

It was just a welling up of anger.

那只是一股怒火涌上心头。

It usually clouded your judgement, as opposed to.

相反，它通常会影响你的判断。

So, I knew I'd finally matured when about 10 years ago, I said, someone was sitting in front of me talking about something.

所以，大约十年前，我说，当有人坐在我面前谈论某事时，我知道我终于成熟了。

It was about investment banker comp.

这是关于投资银行家的薪酬。

And I was getting so mad.

我变得很生气。

And I said, you know what?

我说，你知道吗？

I'm going to leave the room.

我要离开房间。

You guys stay here for ten minutes.

你们在这里呆十分钟。

I'm going to come back.

我会回来的。

I went out.

我出去了。

I thought about what made me mad.

我想了想是什么让我生气了。

I came back.

我回来。

I told them very politely How offensive what they were saying was to me, etc. But other mistakes, when you don't get the right people involved, plain and simple.

我非常有礼貌地告诉他们， 他们所说的话对我来说是多么无礼，等等。 但是，当你没有让合适的人参与进来时， 还会犯其他错误，简单明了。

Sometimes the answer is waiting to be found.

有时，答案正在等待被发现。

You just have to get the people in the room to work it.

你只需要让房间里的人来工作就可以了。

Making decisions when you're tired.

当你累的时候做决定。

Making decisions on Friday.

周五做出决定。

Not throughly vetting people, the biggest mistakes you make are people mistakes and I've made plenty.

不彻底审查人，你犯的最大错误就是人的错误，我已经犯了很多错误。

The people mistakes really set back an organization because it takes a long time to figure it out.

人员错误确实使组织遭受挫折，因为需要很长时间才能弄清楚。

And a lot of damage can be done, then you have to replace them, so it's like a year and a half.

而且可能会造成很多损坏，然后你必须更换它们，所以大约需要一年半的时间。

A person mistake takes a year and a half of setting the company back.

一个人的错误需要一年半的时间才能让公司*退倒**。

And you may lose good people in the meantime because when you put a person in that job they often drive out some other good people by the time you figured out you made a mistake.

与此同时，你可能会失去优秀的人才，因为当你让一个人担任这份工作时，当你发现自己犯了错误时，他们往往会赶走其他一些优秀的人才。

And you can avoid that because I dont know your name but I can get the whole book on you and never meet you.

你可以避免这种情况，因为我不知道你的名字，但我可以拿到关于你的整本书，但永远不会见到你。

Okay I can find out how smart you are, how you treat people.

好吧，我可以看看你有多聪明，你如何待人。

How you treat your friends, bosses, peers, subordinates, whether you're on time, whether you show up, whether people trust you, whether you shave the truth.

你如何对待你的朋友、老板、同事、下属，你是否准时，是否出现， 人们是否信任你，你是否讲真话。

I get that whole dossier on you.

我拿到了关于你的全部档案。

So we're pretty good now at making sure when we put people on these big jobs that we know they're pretty good.

因此，我们现在非常擅长确保当我们让人们从事这些重要工作时，我们知道他们非常优秀。

You still can make a mistake, but you'd be surprised, the error rate is just dramatically less than it ever was before.

您仍然可能会犯错误， 但您会感到惊讶，错误率比以前大大降低了。

Hello.

你好。

Hi.

你好。

I'm a 2018 Sloan fellow.

我是 2018 届斯隆管理学院研究员。

I was working for JP Morgan in London up until March of this year and I was just wondering where do you see the future of European financial services and particularly JP Morgan in the context of Brexit?

今年三月之前，我一直在伦敦的摩根大通工作，我只是想知道在英国脱欧的背景下，您如何看待欧洲金融服务业的未来，特别是摩根大通的未来？

So Brexit I mean the fact is we're going to be prepared for hard Brexit not because we're predicting, though I think it is pretty likely at this point.

因此，脱欧我的意思是， 事实是我们将为硬脱欧做好准备， 不是因为我们在预测，尽管我认为目前很有可能。

All right I think it's a very complex thing, it's not great for Brittain.

好吧，我认为这是一件非常复杂的事情，这对英国来说并不好。

But the fact is to be prepared all we have to do is have our European subsidiaries get more capital, certain licenses, certain approvals which we're going to get.

但事实是，要做好准备，我们要做的就是让我们的欧洲子公司获得更多的资本、某些许可证和我们将获得的某些批准。

So if you're had the hard Brexit it defaults the next day the existing EU law.

因此，如果你经历了硬脱欧，第二天就会默认现行的欧盟法律。

Under existing EU law we simply have to do certain things contractually in sovereign in entities in the EU.

根据现有的欧盟法律，我们只需在欧盟实体中按照主权合同行事即可。

And we have them we've got licences, proper subsidiaries and In Germany, Ireland, Brussels, it's only about 500 jobs, so it's not that big a deal, but in reality 12,000 people are servicing Europe out of London, even after a hard Brexit.

我们有他们，我们有许可证，有适当的子公司，在德国、爱尔兰、布鲁塞尔，只有大约 500 个工作岗位，所以这没什么大不了的，但实际上，有 12,000 人在伦敦以外的地方为欧洲提供服务，即使是在经历了一段艰难的时期之后。英国脱欧。

And the real issue is what happens to the 12,000 in the 10 years after?

真正的问题是 10 年后这 12,000 人会发生什么？

Because I know it's going to happen Regulators and politicians are going to walk in and say we're uncomfortable.

因为我知道这将会发生，监管机构和政客会介入并说我们感到不舒服。

We know you did the license and you booked the trade of this subsidiary but you know back to back to that subsidiary to risk manage it where you have the banker do the ECM deal here but the research, risk, compliance, audit, trading was all done in London.

我们知道您获得了许可证并预订了该子公司的交易， 但您知道背靠背到该子公司进行风险管理， 您让银行家在这里进行 ECM 交易，但研究、风险、合规、审计、交易都是如此在伦敦完成。

And that's not sufficient we don't want to pretend we can grow this type of business you gotta move it here.

这还不够，我们不想假装我们可以发展这种类型的业务，你必须把它搬到这里。

I think there's going to be huge pressure moving those 12,000 people over time into the EU.

我认为随着时间的推移，将这 12,000 人转移到欧盟将会面临巨大的压力。

And my goal is to make sure we conserve our clients none stop.

我的目标是确保我们不断地保护我们的客户。

It will cost us more money it's a real pain in the ass.

这将花费我们更多的钱，这真是一件令人痛苦的事情。

But that's not the point I am worried about it.

但这不是我担心的重点。

I want to be able to serve those European clients.

我希望能够为那些欧洲客户提供服务。

And we bank every European country just about Every big European institution, every big European investor that's what I gotta worry about being prepared to do that on the next day.

我们为每个欧洲国家提供银行服务， 几乎为每个大型欧洲机构、每个大型欧洲投资者提供服务，这就是我要担心的， 要做好第二天的准备。

>> Thank you this is a continuation of what you're talking about, but what areas of the bank do you see most exposed to technology disruption?

>> 谢谢， 这是您所讨论内容的延续，但您认为银行的哪些领域最容易受到技术颠覆的影响？

You mentioned sales and trading before Yeah so first of all like I said technology has been changing the world forever, so it's not like it's completely different.

您之前提到过销售和交易， 是的，首先就像我说的那样， 技术一直在永远改变世界，所以这并不是完全不同的。

I think it's faster now, more money is going into fintech.

我认为现在速度更快了，更多的资金投入到金融科技领域。

Agile technology can do things that couldn't be done before.

敏捷技术可以做以前做不到的事情。

And I think it's incompetent upon any business to use technology to do a better for its client.

我认为任何企业都没有能力利用技术为客户做得更好。

Better could be better, faster, cheaper, straight through processing obviously making a digital mobile, stuff like that.

更好可以更好， 更快， 更便宜，直接通过处理显然可以制造数字手机，诸如此类的东西。

I remember banks have been doing that for years and you can buy and sell effects on our on your mobile phone now.

我记得银行多年来一直这样做，您现在可以在手机上买卖效果。

And when some trade, some trader did a $400 million trade and I said, God, $400 million on a mobile phone.

当进行某些交易时，某些交易者进行了 4 亿美元的交易，我说，天哪，通过手机完成了 4 亿美元的交易。

I said we've gotta put breathalyzers on those phones.

我说我们必须在这些手机上安装呼吸分析仪。

I just envisioned some macho trader having two martinis and saying, I'm going to do this.

我只是想象某个有男子气概的交易者喝了两杯马提尼酒，然后说，我要这么做。

But you know what?

但你知道吗？

When I mentioned that to the risk people they said, we do have that.

当我向他们所说的风险人士提到这一点时，我们确实有这样的情况。

And we can actually put that in, so that you can't do a trade without [INAUDIBLE] breathalyzer or something like.

我们实际上可以将其放入，这样您就无法在没有[听不清]呼吸分析仪或类似设备的情况下进行交易。

Anyway.

反正。

So I think, in some ways, always look at a business from the standpoint of the client.

所以我认为，在某些方面，总是从客户的角度来看待企业。

So forget J.P. Morgan.

所以忘记摩根大通吧。

A lot of the things the clients need, they're still going to need.

客户需要的很多东西他们仍然需要。

In fact, they'll need you to go overtime.

事实上，他们需要你加班。

ECM will still be there, DCM will be still there.

ECM仍然存在，DCM仍然存在。

Hedging FX and hedging interest rates will still be there.

对冲外汇和对冲利率仍将存在。

M&A advice will still be there, but we have to use technology to do things better, faster, quicker like everybody else.

并购建议仍然存在，但我们必须像其他人一样利用技术把事情做得更好、更快、更快。

And straight through and all that kind of stuff.

以及诸如此类的直接内容。

But you ask me the thing that's going to be most disrupted, it's going to be payments.

但如果你问我最受干扰的事情，那就是支付。

There are payment systems that you're integrating.

您正在集成一些支付系统。

All the HCh Systems, terrible.

所有 HCh 系统，太糟糕了。

But we just put out a P2P.

但我们刚刚推出了P2P。

You all use Venmo?

你们都用Venmo吗？

We just put out a P2P, it's realtime.

我们刚刚推出了 P2P，它是实时的。

Bank to bank.

银行到银行。

It's safer, it's better, it's realtime, it's not social yet.

它更安全、更好、实时，但还不是社交的。

So I don't possibly understand why you'd want to share all that stuff with your friends, but could be that, it could be in wholesale payments.

所以我可能不明白为什么你想与你的朋友分享所有这些东西，但可能是这样， 它可能是批发付款。

But you could go on screens now move money around the world, convert to different currencies.

但你现在可以在屏幕上在世界各地转移资金，兑换成不同的货币。

And so we're doing it, but if you ask me that's where most of stuff going to take place.

所以我们正在这样做，但如果你问我的话，那是大部分事情发生的地方。

Remember, we've invested in 100 Fintech companies and we're going to compete, build, buy, whatever it is.

请记住， 我们已经投资了 100 家金融科技公司， 我们将进行竞争、建设、购买，无论是什么。

And just give you an example, we're going to have online trading and mobile investing for our clients.

举个例子，我们将为我们的客户提供在线交易和移动投资。

It's in beta today, I'm not sure I'm going to roll it out.

今天它处于测试阶段，我不确定是否会推出它。

We're going to roll it out and test it and test price and all the stuffs like that, but we can analog those things for free if we wanted to.

我们将推出它并测试它并测试价格和所有类似的东西，但如果我们愿意， 我们可以免费模拟这些东西。

So we're not, we're not dead in the water.

所以我们没有，我们没有死在水里。

So when the time comes, you are going to see us being very aggressive to win businesses like we always have.

因此，当时机成熟时，您会看到我们像往常一样非常积极地赢得业务。

We rolled out, it's not being marketed, we rolled out a mobile-only bank in St. Louis recently and we are going to test that.

我们推出了它， 但没有进行营销，我们最近在圣路易斯推出了一家仅限移动银行的银行， 我们将对其进行测试。

More for millennials than anyone else, but from opening the account to moving money, it's only a debit card.

比其他任何人都更适合千禧一代，但从开户到转账，它只是一张借记卡。

And we're going to see how that works and then we are going to try to modify that and then do it in all 50 states.

我们将看看它是如何运作的，然后我们将尝试修改它，然后在所有 50 个州都这样做。

Go ahead.

前进。

They'll get it eventually.

他们最终会得到它。

No, hold it up.

不，坚持住。

>> Jonathan Walden, third year PhD student now and I have a question about how you brought up bureaucracy and politicalization, and the detriments that does to the firm.

>> 乔纳森·沃尔登（Jonathan Walden）， 现在是三年级博士生， 我有一个问题是关于你如何提出官僚主义和政治化，以及它们对公司造成的损害。

And my concern is how do you assess the bureaucratization within J.P. Morgan, compared with your peers.

我关心的是，与同行相比，您如何评估摩根大通内部的官僚化程度。

And how do you trade off the agency that you give to individual portfolio managers with the oversight from compliance?

您如何权衡给予个人投资组合经理的代理权与合规部门的监督？

Well, we're pretty rigorous how we run the company, so we meet all the time, and go through everything top to bottom, and we raises issues and stuff like that.

嗯， 我们对公司的运营方式非常严格，所以我们一直开会， 从上到下检查所有事情，我们提出问题和类似的事情。

So you know who your authorities are if you're a trader.

因此，如果您是交易者，您就知道您的权威是谁。

If you're a bank, you know exactly.

如果你是银行，你就清楚地知道。

You also know he's not supposed to do, and you also when you go to compliance committee, risk committee, an underwriting committee, or a credit committee, there's no mystery to any of that.

你也知道他不应该这样做，而且当你去合规委员会、风险委员会、承保委员会或信用委员会时，这些都没有什么神秘之处。

And it happens every day and we barely make mistakes.

这种事每天都会发生，我们几乎不会犯错误。

And I'm not going to stand behind the regulatory things, and we have a thousand new rules and regular requirements and that does create some of the bureaucracy, but it's not an excuse for us to say, this is a better way to do it.

我不会支持监管事务，我们有一千条新规则和常规要求，这确实造成了一些官僚主义，但这不是我们说这是更好的方法的借口。

We listen to customers all the time.

我们一直倾听客户的意见。

The management team is open, every issue, the agenda is always set by them.

管理团队是开放的，每个问题、议程总是由他们制定。

So it isn't like you walk in the room and I set the agenda.

所以这并不像你走进房间然后我设定议程。

If you work for me, I expect you to raise everything important.

如果你为我工作，我希望你能提出一切重要的问题。

Everything and anything including bureaucracies, cost slow down, bad service, competitors got something better than us.

一切，包括官僚主义、成本下降、服务差、竞争对手得到了比我们更好的东西。

That's your job not my job and, so I mean, I do it with you hoping presumably you're going to do it with your management team.

这是你的工作， 不是我的工作， 所以我的意思是，我和你一起做这件事， 希望你能和你的管理团队一起做这件事。

So you're always airing all this issues.

所以你总是在传播所有这些问题。

We go on bus trips, we go to call centers, we go to op centers, we got client reviews, we got advisory groups, and all those things get circulated all of them.

我们乘坐巴士旅行， 我们去呼叫中心，我们去运营中心， 我们得到客户评论，我们得到咨询小组， 所有这些东西都会被分发。

So all the complaints we're always trying to deal with that become better and faster.

因此，我们一直在努力处理的所有投诉都会变得更好更快。

I think one of the tough things about management is you have to get rid of the bad people.

我认为管理中最困难的事情之一就是你必须摆脱坏人。

So I can say anything I want, but if I have a bunch of goomas, or they're not that good, or they're friends of Jamie type of thing.

所以我可以说任何我想说的话， 但如果我有一群古玛，或者他们不是那么好， 或者他们是杰米之类的朋友。

That is what caused the problem.

这就是导致问题的原因。

And so very well from people who were on going to get rid of the bad people.

那些想要除掉坏人的人做得很好。

Bad could be, because their culture is bad and also because they're not good.

可能很糟糕，因为他们的文化很糟糕，也因为他们不好。

They're not good enough.

他们还不够好。

So in meritocracy people say, Joe deserves the job or good old Joe and spending a long time.

因此，在精英管理中，人们会说，乔值得这份工作，或者是好老乔，花了很长时间。

That doesn't mean they deserve the job.

这并不意味着他们值得这份工作。

And in sports if you're not batting 250 you're not going to be playing second base.

在体育运动中，如果你没有击球 250 次，你就不会打二垒。

And it's very easy, you take out a pitcher that's not doing a good job.

这很容易，你淘汰了一个表现不佳的投手。

In business there are left in those jobs a long time.

在商界，这些工作岗位还剩很长一段时间。

I'm not saying treat them disrespectfully.

我并不是说要不尊重他们。

If you treat people disrespectfully, you're going to lose their hearts and minds too.

如果你不尊重别人，你也会失去他们的心。

So it's gotta be a very respectful, we're going to make a change for the following reasons.

所以这必须是非常尊重的，我们将出于以下原因做出改变。

But you really, if you're going to run a real meritocracy, you've gotta make sure you really do it.

但实际上，如果你要实行真正的精英管理，你就必须确保你真正做到了。

And those people, it should filter through the whole company.

而那些人，应该渗透到整个公司。

Loyalty is such a misnamed thing sometimes.

忠诚有时是一个错误的名称。

What they usually mean is, I was asked when I was a young CEO in a room like this, we had just done a big deal, how can we be loyal to you when you weren't loyal to Joe?

他们通常的意思是， 当我还是一名年轻的首席执行官时， 有人在这样的房间里问我，我们刚刚做了一件大事， 当你不忠于乔时， 我们如何能忠于你？

He's been around.

他一直在身边。

He trained a lot of people in the room and you just demoted him.

他在房间里训练了很多人，而你却把他降职了。

I couldn't answer the question.

我无法回答这个问题。

And I called the person the next day, and I answer every question eventually by the way.

第二天我给那个人打电话，最后我顺便回答了每个问题。

But I called him the next day and I said, I thought about it and you got it backwards.

但第二天我打电话给他，我说，我想了一下，你却搞反了。

If I was loyal to Joe and kept him in the job.

如果我忠于乔并让他继续工作。

And most people thought he just wasn't doing a good job anymore.

大多数人认为他只是不再做得很好了。

Who am I being disloyal to?

我对谁不忠？

Everybody else and the customer.

其他人和客户。

And so it's a hard thing to do but and that's the hardest thing to do in management right there.

所以这是一件很难做到的事情，但也是管理中最难做的事情。

And a lot of you will fail doing it, because you deal the thin hams in management, you're owned by this desk down the hall and they all take care of it.

你们中的很多人都会失败，因为你们在管理部门处理薄薄的火腿，你们属于大厅那头的这张桌子， 他们都会照顾它。

Don't worry I'll take care of it and basically that becomes a club.

别担心，我会处理好它，基本上它就会成为一个俱乐部。

And they're not taking care of it for the company or the client.

他们并没有为公司或客户解决这个问题。

They're taking care of it generally for themselves.

他们通常会自己处理这件事。

And so you have to be very, very careful in management, why you're doing what you're doing, and who gets to speak up and who's in the room and things like that.

因此， 你在管理上必须非常非常小心，为什么要做你正在做的事情，谁可以发言， 谁在房间里等等。

>> We got time for one more question.

>> 我们还有时间再问一个问题。

>> So I worked for J.P. Morgan Chase back in 2012, part of the team that redesigned the chase.com.

>> 因此，我早在 2012 年就在摩根大通工作，是重新设计chase.com 团队的一员。

So I do know Chase is always more towards the technically advanced company.

所以我确实知道大通总是更倾向于技术先进的公司。

And this question is more toward the tech side.

这个问题更多是针对技术方面的。

What is the stand of backing community in AI, artificial intelligence?

支持AI、人工智能界的立场是什么？

Like AI is going to take over automation stuff.

就像人工智能将接管自动化的东西一样。

>> Yeah.

>> 是的。

>> And what does banking community thinks about it?

>> 银行界对此有何看法？

>> Well, I don't care what banking community think, I'll tell you what I think.

>> 好吧，我不在乎银行界怎么想，我会告诉你我的想法。

[LAUGH] Big data, AI, machine learning, chat boxes, roblox, they're all real.

​[笑]大数据、人工智能、机器学习、聊天框、roblox，它们都是真实的。

We have thousands in data scientists and PhDs and not just coding.

我们拥有数千名数据科学家和博士，而不仅仅是编码人员。

And we spent $9 billion a year in technology, $700 million in cyber, probably $1 billion a year now and just some of these stuff just uniquely devoted to that.

我们每年在技术上花费 90 亿美元，在网络上花费 7 亿美元， 现在可能每年花费 10 亿美元， 其中一些只是专门用于此目的。

And it is real it is an amazing thing that you can do, that you can do today in a split second so we just to, when you swiped that credit card, it goes through hundreds maybe a thousand algorithms to test for fraud how you did it where you did it what time.

这是真的，你可以做一件令人惊奇的事情，你今天就可以在瞬间完成， 所以我们只是，当你刷信用卡时， 它会通过数百甚至一千个算法来测试你的欺诈行为它是你在什么时间做的。

We do the same thing for big payments.

对于大额付款，我们也做同样的事情。

So if you run a company, small business large company, like what happened to the Federal Reserve never happened to us.

因此， 如果你经营一家公司， 小企业大公司，就像美联储发生的事情从未发生在我们身上。

Payments at the wrong time, different type, different entry, we're actually monitoring your systems all the time.

错误的时间付款、不同的类型、不同的条目，我们实际上一直在监控您的系统。

If we see anything wrong we're calling you up and stuff like that, so it's real.

如果我们发现任何问题，我们会给您打电话之类的，所以这是真的。

The hardest part about it isn't understanding it or knowing the technology, it's getting the people in the company to understand the power of it.

最困难的部分不是理解它或了解这项技术，而是让公司里的人了解它的力量。

So when we first started big data, and big data and we put it up at the central for standards, and we used Hadoop.

所以当我们第一次开始大数据时， 我们把大数据放在标准的中心，我们使用了 Hadoop。

To make sure that you don't end up with 84 different platforms and stuff like that out of control.

确保您不会最终遇到 84 个不同的平台以及类似失控的情况。

And machine learning has another problem with regulation that I won't go through but we put it at the top.

机器学习还有另一个监管问题，我不会详细讨论，但我们把它放在首位。

And we had to say, hey, you do prospecting, how do you do it, why do you do it?

我们不得不说，嘿，你做勘探，你是怎么做的，你为什么这样做？

We made prospecting ten time more efficient in a commercial bank.

我们将商业银行的勘探效率提高了十倍。

Ten times and don't think, okay, the cost is lower, instead of $30,000 it's $3,000, it also means we can put two more bankers in Grand Rapids.

十次，不要想，好吧，成本更低，从 30,000 美元变成 3,000 美元，这也意味着我们可以在大急流城再安置两名银行家。

It's a huge benefit to the company, and be immediately productive as opposed to take three years to build it up.

这对公司来说是一个巨大的好处，并且可以立即产生生产力，而不是花费三年的时间来建立它。

And then once we did that, we now have it in every division.

一旦我们做到了这一点，我们现在在每个部门都有它。

So every division has a big data, AI, machine learning thing.

所以每个部门都有大数据、人工智能、机器学习的东西。

And we ask every manager, come back and give us the use case that you think is best for you.

我们要求每位经理回来并向我们提供您认为最适合您的用例。

The demand is going up like this.

需求就这样往上走。

But it's one of the areas you want the demand.

但这是您想要需求的领域之一。

You want to spend more money.

你想花更多的钱。

Obviously, you want to spend it wisely but we push people.

显然，你想明智地花钱，但我们会推动人们。

So in technology, I always do that.

所以在技术方面，我总是这样做。

You can't ever say to me you didn't do it because of the budget or you couldn't afford it.

你永远不能对我说你没有这样做是因为预算或者你负担不起。

it is not allowed, you have to put in your budget sort of a reflection of a 12 month of a plan, you have to put in a plan everything you need to do.

这是不允许的，你必须在预算中放入反映 12 个月计划的内容，你必须在计划中放入你需要做的一切。

Going to sales force, going to companies going to technology, do not be a baby about it, because people say, well we did not do it, because we could not afford it, who said?

去销售队伍， 去公司去技术，不要对它太幼稚， 因为人们说，我们没有这样做， 因为我们负担不起，谁说的？

We can afford anything we want.

我们可以买得起任何我们想要的东西。

We spend $58 billion a year, we make $35 billion pretax, if you guys put on the $2 billion to get big data right, we're going to do it.

我们每年花费 580 亿美元， 税前收入为 350 亿美元，如果你们投入 20 亿美元来获得正确的大数据，我们就会这么做。

So it's more about the getting executed right than it is about the money.

因此，更重要的是正确执行，而不是金钱。

>> Everyone, please join me in thanking Jamie Dimon.

>> 大家请和我一起感谢杰米戴蒙。

>> Thank you very much.

>> 非常感谢。

New Words and Expressions 生词和短语

collaborative adjective [ before noun ] UK

/kəˈlæb.ər.ə.tɪv/

involving two or more people working together for a special purpose

合作的；协作的

The presentation was a collaborative effort by all the children in the class. 演出是全班孩子共同努力的结果。

bureaucracy noun [ U or C ]

mainly disapproving UK

/bjʊəˈrɒk.rə.si/

a system for controlling or managing a country, company, or organization that is operated by a large number of officials employed to follow rules carefully

官僚作风；官僚主义；官僚体制

I had to deal with the university's bureaucracy when I was applying for financial aid. 我申请助学金时不得不应对大学里的官僚体系。

have a crack collocation

informal (US also take a crack )

to have or get an opportunity to attempt to do something:

It's time to let someone else have a crack.

We had a crack at surfing during a break in Barbados.

The airport is taking a crack at making security lines a little more bearable.

regulation /ˌreɡ.jəˈleɪ.ʃən/

an official rule or the act of controlling something

规则，条例，法规;控制，管理

safety/health/traffic/fire/security regulations 安全／卫生／交通／消防／保安条例

The correct procedure is laid down in the rules and regulations.

memo noun [ C ] UK

/ˈmem.əʊ/

a message or other information in writing sent by one person or department to another in the same business organization

备忘录;备忘便条

Did you get my memo about the meeting? 你收到我的会议备忘录了吗？正确的程序在规章条例中有规定。

government regulation of inflation 政府对通货膨胀的控制

beforehand

adverb UK /bɪˈfɔː.hænd/

earlier (than a particular time)

事先，预先

I knew she was coming that afternoon because she had phoned beforehand to say so.

recommendation noun UK

/ˌrek.ə.menˈdeɪ.ʃən/

B2 [ C or U ]

a suggestion that something is good or suitable for a particular purpose or job

推荐，介绍

I bought this computer on John's recommendation (= because John told me that it was good).

specifically adverb UK

/spəˈsɪf.ɪ.kəl.i/

for a particular reason, purpose, etc.

特意，专门地

These jeans are designed specifically for women. 这些牛仔裤是专为女性设计的。

[ + to infinitive ] I bought it specifically to wear at the wedding. 我买这个是专为在婚礼上穿的。

We are aiming our campaign specifically at young people. 我们的宣传是专门以年轻人为对象的。我买的这台电脑是约翰推荐的。

I got the job on Sam's recommendation (= because she told her employers that I was suitable for the job). 我是通过萨姆的推荐得到这份工作的。

B2 [ C ]

advice telling someone what the best thing to do is

提议，建议;意见

[ + that ] The report makes the recommendation that no more prisons should be built. 该报告建议不要再建新的监狱。我知道她那天下午要来，因为她事先打电话跟我说过。

innovation noun [ C or U ] UK

/ˌɪn.əˈveɪ.ʃən/ US

/ˌɪn.əˈveɪ.ʃən/

Add to word list

C1

(the use of) a new idea or method

新观念;新方法;（新观念或方法的）创造，使用

the latest innovations in computer technology 计算机技术最新的发展

collaborator noun [ C ] UK

/kəˈlæb.ə.reɪ.tər/

disapproving

a person who works with an enemy who has taken control of their country

通敌分子，*国卖**贼

wartime collaborators 战争期间的通敌者

a Nazi collaborator 与纳粹勾结的人

collaboratornoun[C](WORKING WITH)

a person who works together with others for a special purpose

合作者

a new production by Andrew Davies and collaborators 安德鲁‧戴维斯及其合作者推出的一部新作

forthright adjective UK

/ˈfɔːθ.raɪt/

(too) honest or direct in behaviour

（过于）坦诚的，直率的;直截了当的

His forthright manner can be mistaken for rudeness. 他率直的态度可能会被误认为无礼。

I admire her forthright way of dealing with people. 我钦佩她待人率直。

bleeding-edge adjective [ before noun ] UK

/ˌbliː.dɪŋˈedʒ/

relating to or describing systems, devices, or ideas that are so modern that they are still being developed

尖端的；最新的

bleeding-edge technology 尖端技术

opioid noun [ C ] MEDICAL specialized

UK

/ˈəʊ.pi.ɔɪd/

any drug that has an effect similar to opium, such as morphine

类*片鸦**药物

Constipation is the most common side effect of any opioid.

congressman noun [ C ] UK

/ˈkɒŋ.ɡres.mən/

a man who belongs to a congress, especially a member of the US House of Representatives

国会议员;（尤指美国）众议院议员

subordinate adjective UK

/səˈbɔː.dɪ.nət/

having a lower or less important position

从属的，下级的;次要的

a subordinate role 配角

subordinate status 从属地位

The individual's needs are subordinate to those of the group. 个人需求从属于集体需求。

approval noun [ U ] UK

/əˈpruː.vəl/

the feeling of having a positive opinion of someone or something

赞成；同意；称许

He showed his approval by smiling broadly. 他持赞成的态度，这从他开心的微笑就看得出来。

Alan is someone who always needs the approval of other people. 艾伦这个人做什么事都希望得到别人的赞许。

Sam always tried hard to win his father's approval. 萨姆总是尽一切努力去赢得父亲的赞赏。

formal Does the wine meet with your approval? (= Do you like the wine?) 这酒合您的口味吗？

subsidiary adjective UK

/səbˈsɪd.i.ə.ri/

used to refer to something less important than something else with which it is connected 辅助的；次要的

a subsidiary role/factor 辅助角色／次要因素

noun [ C ]

a company that is owned by a larger company

子公司; 附属公司

compliance noun [ U ]

/kəmˈplaɪ.əns/

formal

the act of obeying an order, rule, or request

服从;遵守;依从

It is the job of the inspectors to enforce compliance with the regulations. 强制人们遵守法规是督察的责任。

The company said that it had always acted in compliance with environmental laws. 该公司称其一向遵守环境法。

mainly disapproving

the state of being too willing to do what other people want you to do

顺从，屈从

Breathalyser noun [ C ]

UK trademark (US breathalyzer ) UK

/ˈbreθ.əl.aɪz.ər/

a brand name for a device like a small bag, with a tube at one end, that the police can ask a driver to blow into to see how much alcohol the driver has drunk

（检验驾驶者呼吸中酒精含量的）呼吸分析器

envision verb [ T ] US

UK

/ɪnˈvɪʒ.ən/

to imagine or expect something to happen, appear, etc. in a particular way

设想;期望

We envision a park with trails and a boating lake.

[ + -ing verb ] No one had ever envisioned attempting such a total transformation.

She envisions the museum displaying religious art and historical artefacts.

[ + that ] I always envisioned that I would return home at some point. 我总是设想我会在某个时候回家。

macho

adjective

informal mainly disapproving

UK

/ˈmætʃ.əʊ/ US

/ˈmɑː.tʃoʊ/

Add to word list

behaving forcefully or showing no emotion in a way traditionally thought to be typical of a man

大男子气的

He's too macho to admit he was hurt when his girlfriend left him. 他太大男子气了，不肯承认女友离他而去让他受到了伤害。

I can't stand macho men. 我受不了大男子主义的人。

assess verb [ T ] UK

/əˈses/

to judge or decide the amount, value, quality, or importance of something

评价;评定;对…估价

The insurers will need to assess the flood damage. 保险公司需要对洪水造成的损失进行估定。

They assessed the cost of the flood damage at £2,500. 他们估定洪水造成的损失为2500英镑。

Exams are not the only means of assessing a student's ability. 考试并不是评定学生能力的唯一手段。

It's too early to assess the long-term consequences of the two countries' union. 现在判定两国联盟的长期影响还为时过早。

[ + question word ] We need to assess whether the project is worth doing. 我们需要评估一下这个项目是否值得去做。

portfolio

noun [ C ]

UK

/ˌpɔːtˈfəʊ.li.əʊ/

portfolio noun [C] (CASE)

a large, thin case used for carrying drawings, documents, etc.

公文包;文件夹

a collection of drawings, documents, etc. that represent a person's, especially an artist's, work

（尤指艺术家的）代表作选辑

She's trying to build up a portfolio of work to show during job interviews. 她正想整理出自己的代表作以便找工作面试时展示一下。

portfolio noun [C] (FINANCIAL)

FINANCE & ECONOMICS specialized

a collection of company shares and other investments that are owned by a particular person or organization

（个人或机构的）投资组合

oversight noun UK

/ˈəʊ.və.saɪt/

a mistake made because of a failure to notice something

失察，疏忽，疏漏

They claimed it was simply (an) oversight. 他们称这不过是个疏忽。

oversightnoun(RESPONSIBILITY)

[ U ]

responsibility for a job or activity and for making sure it is being done correctly

监督；监察；监管

Who has oversight of genetic testing? 谁对基因测试有监管责任？

compliance committee 合规委员会

noun [ C ]

a group of people within a company or organization whose job is to make certain that all laws and rules relating to its activities are obeyed:

Your compliance committee should be setting up, operating, and maintaining your compliance program.

meritocracy noun [ C or U ] UK

/ˌmer.ɪˈtɒk.rə.si/

a social system, society, or organization in which people have power because of their abilities, not because of their money or social position

精英领导体制;精英管理的社会

The company is a meritocracy. Good work is rewarded with promotions. 这家公司施行精英管理，干得好就会被晋升。

demote verb [ T ] UK

/dɪˈməʊt/

to lower someone or something in rank or position

使降职，使降级

The captain was demoted (to sergeant) for failing to fulfil his duties. 上尉因为没有完成任务被降职（为中士）。

algorithm noun [ C ] MATHEMATICS, COMPUTING

UK

/ˈæl.ɡə.rɪ.ðəm/

a set of mathematical instructions or rules that, especially if given to a computer, will help to calculate an answer to a problem

（尤指计算机使用的）算法，计算程序

Music apps use algorithms to predict the probability that fans of one particular band will like another. 音乐应用程序使用算法来预测一个特定乐队的粉丝喜欢另一个乐队的概率。

fraud noun UK

/frɔːd/

the crime of getting money by deceiving people

诈骗（罪）

credit card fraud 信用卡诈骗

He is fighting extradition to Hong Kong to face trial on fraud charges. 他正在力争免于被引渡到香港就诈骗指控接受审判。