any you know if you've been here before by the Dean speaker series was created
to bring to our campus
outstanding scholars and leaders from a variety of fields including business
education and government to share their insights and thoughts
with UNC kenan-flagler including our faculty or staff or students and also
we're always happy to have
members of the community at large who often join us for these events
the beans speaker series is made possible through the support of the
archie K Davis
endowment in his minutes primarily by our students who select an invite to
leaders
they're most interested in learning from tonight we welcome steve howe
over Justin young and I'd like to welcome in particularly acknowledge all
love the Ernst & Young employees who joins us this evening
particularly all the UNC kenan-flagler and UNC grad
who are actors Ernst & Young and I'm about to embarrass you
so if you aren't alone in an Ernst & Young employees were you pleased and
we're gonna give you a hand
that probably demonstrates as well as anything the strong partnership between
our two organizations
thank you all for for coming I'd also and I will not and urs you because
you're not studentship but I also would like to point out that we have a number
of
perspective MBA students who were here for the inside keenan Flagler weekend
and have a show which is raise your hand would you do that
all right there they I will give them we are very pleased this evening to have C
Val join us
steve is america's managing partner Ernst & Young
Ernst & Young is of course one of the big four professional services firms
which offers tax assurance transaction and advisory services globally
in the Americas the company operates in 30 countries through 13 business units
these units and the firm's centralized infrastructure in the Americas
all report to Steve he also represents Ernst & Young
in maintaining regulatory relationships and as executive sponsor for
inclusiveness steve has been with the NY for more than 25 years
having served previously as audit partner and senior advisory partner
on many the firm's largest clients including
depressed here UBS Morgan Stanley Walmart nasdaq:
american express general motors and Citigroup some
large responsibilities to save to say the least
he was previously managing partner where the firm's largest business units the
Financial Services Office
from 2000 through June 2006
following tonight's speech John hand
a challenge Andrew distinguished professor and associate dean at the
Masters in accounting program
here at UNC kenan-flagler will offer a vote of thanks on behalf of the faculty
staff
and students bit more background Steve graduated from Colgate University with a
BA
in mathematical economics and also the Stern School in New York University with
an MBA in accounting and finance
he's a member of the board of trustees have Carnegie Hall
the Board of Trustees of Colgate University and the leadership or to the
US Chamber of Commerce Center
for capital markets competitiveness Steve his wife and their four children
provide in place reside sees me in Pleasantville New York please join me in
welcoming to Keenan Flagler
Steve out
thank you jam and
really is a pleasure to be here it has been a spectacular day I asked is the
weather always this nice here
I may come more often at was quite raining called when I left New York
I do visit some campuses a few each year
so our priority campuses in particular but I can tell you this really is
a distinct place bend the rally before
with Bob and others even earlier this year but never
to the campus here and I really have had a wonderful day thank you all for
rolling out
the light blue carpet at
glad I was told to wear a light blue tie as well I
felt a little bit at a place with a light blue socks and
belts and other things but I yeah
with tell you this as well about this campus and
and the amazing people you produce that's become more clear to me
today the students many have you here
so bright energetic the questions you ask
and the way you present themselves and I can tell you I already knew that
because are still young employees
last count 183 you
students former students have UNC many of them stood up
just recently and others are doing great things for our around the country around
the Americas around the world
and Dean use the word partnership that's how we view it as well
are still young believes is a terrific partnership and one
we intend to continue to be invested one amazing thing about
our team these Mario members at Ernst & Young is
they have an instinct I know how to grow a business
and when you consider that their train here on this campus that's not
surprising
thank watching the way you are educating your people
to me it seems like Chapel Hill is really a boiling I
greenhouse for innovation and entrepreneurship
things that are really important to us Ernst & Young
and especially this campus I thank and its MBA programme
you see you know you're ranked at the various
very highest levels on your focus on
entrepreneurship i've seen Entrepreneur Magazine
i've seen fortune the Princeton Review
forbes dot com and we know
because we watched these forms as well that recognition
does not come out of nowhere this school really does have
a firm commitment to building businesses from the ground
up and starting in the classroom
I thank you build tools your students need you have that your MBA
concentration
and the undergraduate concentration entrepreneurship as well
and you boast a lot of extra programs
extracurricular programs focused on entrepreneurship
these include the venture capital investment competition
UNC's Carolina Challenge business plan competition
and the Carolina launch pro and
as you might guess I'm gonna speak a bit
more about entrepreneurship because right now it's more important than ever
in this economy and what you're doing here
at UNC is precisely what you should be doing
in continuing your focus their like other great
universities others to produce and attract
great business mines great young minds to be developed
and often they come back to share their insights and
and this is what got me thinking again about
some similarities we have arched and you know I'm and UNC
and there really are some similarities that focus on
on this very issue many abuse tunes
might think that what we do what I'm still young guys is focus on our clients
and that's true you think we focus on audit
tax working transaction work and advisory services
and you're right there as well and structuring complex transactions
these are the things that Ernst & Young does
we help businesses do these things and more become more efficient
and effective and manage their risks while we do all that though
and we do it very well frankly in my opinion
that's not what we are really all about
are still young is increasingly recognized as a market leader
and when I think about our city on some other things that are resonating
in the market right now are these globalization
you know we have believed for some time that we must be
the best global professional services organization
and the economic collapse we've lived through in the last year has
demonstrated
very clearly how global the economy are still young is increasingly being
recognised
as that the most global second
our focus on our culture and our people
just like you re forbes dot com and others to see how they view you
in what you're focused on we're thrilled to see
how the same organizations you culture
first in the what kind of a place it is for people to
began and launch their careers third
we think we're very strong in the market increasingly sees it in execution
execution of execution of our priorities
focus on our clients focus on the marketplace
pure execution and forth is this subject i've been
mentioning already entrepreneurship and innovation
and I really do see that we share a common passion for
and commitment to entrepreneurship and innovation
I'm still young and UNC so today
i really wanna share some thoughts on this thing entrepreneurship and
innovation
we are intensely focused on entrepreneurship and innovation
everyday at Ernst & Young have been for decades
and I know this same focus is really critical today more than ever
not only in this global economy in this country but even in this region right
here
and so what I'd like to do is talk about these subjects and that I would love to
take some questions on these or any others from you
let's acknowledge that talking about economic growth
and opportunity right now is not easy and can be pretty risky
it sounds far of this I'm still
this region knows well the pain we're seeing across the economy
it has banned a very tough period and this has hit companies and households
and individuals
very hard there is no doubt that the economy is still
very rough out there we've seen dramatic layoffs
unemployment at least reported unemployment already a 30-year highs
businesses are still holding off on hiring I think this will continue to be
an issue
companies have cut back become more efficient and even as things begin to
return
they realize they need to stay focused on efficiency
and we've seen that twin engines at this economy credit markets
and the consumer sector hit a wall
over the past year some people look at this and say the glass
is half empty most definitely others might even say where's the class
i would tell you this I thank the glass is more than half of all
and I have some perspectives to share on this
particularly in times like these I entered the workforce
in 1982 83 is actually a time similar to this
what unemployment rates were at their peak
but more importantly it didn't seem like we were ever going to
get back to being the world's economic engine
right here pessimism was enormous
I was lucky to have a job many others told me that
it was hard to look forward with confidence at that time
things as you know did change for the better and change pretty quickly
now years later I spend much of my time
talking to entrepreneurs and innovators
and they are absolutely the best kind of people to talk about
what will turn this economy around. and how do we get businesses growing again
and here's what I'm hearing it's actually a great time
to be a fresh tanker some people really see this
as the best time to be a risk taker
to think about how to move ahead to be an innovator
this is exactly the kind of period when entrepreneurship
and innovation will thrive that dirty secret every sessions we find
as we study them is that they actually wake people up
large and small businesses parked only remaking themselves
this is happening on a global level
the winners are going to be those that transform themselves
that means greater innovation in big companies
and small it means challenging existing business lines
thinking about where new opportunities may lie
capitalizing on emerging markets in
in this country in this region and around the world
at you why we are focused very much
on strengthening during these times were watching clients
or simply trying to get through these times watching
others who know they will strengthen during these times
and we believe that that's exactly the road to pursue
now I wish I could tell you that the innovation
and entrepreneurship I'm seeing translates immediately into stable jobs
lots of opportunity return to stability across the board
unfortunately not that's not the way the economy works
an olive you in this community know it has generated
great pain for Manny but we are starting to see
those sprouts coming out of the ashes people are starting to innovate
and when you see innovation opportunity most definitely falls
a few weeks ago I sat down with the editors business week
to talk about what we are still young are seeing in this economy
and specifically about these subjects entrepreneurship
and innovation we shared perspectives
from around the globe entrepreneurship and innovation has banned for many years
what America does best
you see business week is studying this subject because they believe
entrepreneurship and innovation is the key
to us moving forward coming out of these doldrums
and the other thing that was gratifying to me
was that they recognize that Ernst & Young has been a leader
in serving entrepreneurs for almost 30 years
in focusing on our entrepreneur the year program in recognizing the power
entrepreneurs and that what they bring
to this economy now on this campus in this
setting it's easy to assume
that all the necessary support is there for entrepreneurs
and there are some fantastic success stories we can all point them out
the Research Triangle among them and
our all Entrepreneur of the Year winner
in the US last year rallies on Matthews
lick Red Hat won the whole thing
in the Americas now I recognize
what Matt has done at Red Hat creating a business model
out of collaboration with customers
I wanna say this our economy does not have enough success stories like this
this is a real issue for all of us
and the political dynamics to be focused on
we don't have enough red hats we need to encourage it
and we need we surely need it in the years to come
on a national basis the US is not doing enough
to create a sustainable class have entrepreneurs
let me share your few statistics on this
the information technology and Innovation foundation
it. I am it's headed by Robert Atkins and
recently published a report using 16
indicators to examine the innovation
based competitiveness 40 nations
in the top five today with two Asian Nations
Singapore and South Korea
the US was ranked sex overall
in these forty but amazingly the US was ranked
last in the 40 on progress made towards innovative economy
in the last decade that means that in recent times
the other 39 economies are closing
the innovation gap on us here in the US
China by the way was number one on that basis
now it's true that the US still leads the world in
absolute innovation we've gotten fax till an enormously
built up over several decades but others are catching up fast
and other surely no as well what I'm sharing with you
that innovation is crucial as we move ahead
in a recent Harvard Business Review article
John Cale noted that China currently the world's
Center outsourced manufacturing
will be the next job Abreu force
innovation think about that phrase for a minute
brute force innovation that means China will be
will be moving from being the world's Satter
for call us when you wanna do something cheap
to potentially be coming the center for call us
when you want a lot of the best ideas fast
did you know there are fifty car companies in China now
think what that kinda competition is going to mean
for automobile design and quality
let me paint you a picture of what innovation looks like on that kind of a
scale
in China not too many years ago the rural poor
cook their meals on highly inefficient and dangerous
dole's not too long ago these were
energy guzzling devices that were bad really in every sense of the term
so over the course of a decade and a half China distributed
safer and cleaner stoves 285
million households decided to fix this
in one decade that's like giving away a stalled to
every household in the United States
and then millions more into can startling but it shows you the power if
they get focused and where they could go
now I'll be the first to say that such examples
are more brute force and innovation
example I just shared but it does show you
what can happen when you turn the massive resources
a highly motivated and rapidly growing and
for thinking society to any challenge
and if the challenge is developing in a bed innovative culture
innovative business model if they really see that
as the way forward I can assure you the Chinese we'll figure that out fast to
that doesn't mean we'll be left in the dust here
far from it in fact we hold a commanding
position in entrepreneurship precisely because we don't plan
we don't try to control it at the state level
we try to enable we don't permanently tag some of our students is
innovative and others as unable to innovate
because we know from hard experience that some of the best ideas
will come to those who weren't may be trying to think up
we know that great ideas can also follow great failures
we know that great ideas emerge from unlikely settings
and sometimes unlikely people we know
innovation therefore needs to be
broadly encouraged we can't pick the individual
who will come up with that great innovation that will move us forward
we need a broadly encourage it and that is particularly important
in these times with the balance of my time today
I wanna share with you for critical ingredients
to innovation that we see in today's economy
first innovation fundamentally
is a byproduct human capital
in global information driven economies
what matters most in starting up is actually not
capital is not large factories
it's not even large teams of people what matters
is fresh thinking about sometimes
all too familiar problems
you know let me go back to Mat Zo like again he said something recently
to me really struck a chord he decided early on that and software development
the value of putting intellectual property
into the public domain moving to an open source model
would carry significant advantage
more customer involvement in shaping the product
building a sample distribution model in creating
a truly unique relationship with clients
and this is what Matt said and I quote people thought that was the dumbest idea
they had ever heard really he would talk to people talk to
funny answers that dumbest idea I've ever heard
was often his response continue to quote no one had ever done it before
imagine trying to build a business
around free
but it worked matt said most to the people who develop our product
don't work for the company and in that trust them through the power of
collaboration
it has allowed our organization to achieve
unimaginable results in the face
have the greatest have competition
this was an innovator told time and time again stupid
what work won't happen and
we the competition will crush you but look at what happens
and look at what that has become it takes a great mind
to thank up such a business model but in this case
it took many great minds for him to get
rallied around him to make it happen
human capital second innovation takes
teamwork I know there's a popular image
scientists working alone in the lab toiling away those are the great
innovators
figuring out tomorrow solutions
trying to find one thing after another until they have that
Eureka moment some really believe that
we work with some other fastest-growing biotech
and high-tech companies in the world we have dominant market share
in Silicon Valley and have for decades
and I see it up front and i know this much: those labs and offices
are full of people exchanging a lot of ideas
is chaos out there in these buildings if you're looking for peace and quiet
these places trust me are not for you
and something else about these innovation teams
there's not a lot of room for ego we spoke to one
check software developer recently really a bright guy
and he said this look maybe some time ago
I was one of the best programmers in all of the Czech
Republic but now I know I'm not
now I have to hire young smart programmers
and they're much better than me and I'm not bothered by that
the third key ingredient innovation
I called gots especially now
think we must take to start a new business these days
besides the challenge of getting access to the credit markets
still not very easy the challenge
up signing up new customers the challenger making payroll
challenger meeting all those local state and federal regulations
that are out there and proliferating just imagine what it must feel like to
step away
from what one might be doing right now a more sure thing
the decent job with existing salary and benefits
and decide to risk it all
talk to entrepreneurs those who have succeeded
and they will tell you that's precisely what they love the most
they think these sorta bleak moments in economic history
are actually the best times to step out on their own
and you know what they're right we've looked back at this
and we estimate that over half the company's
in the Fortune 500 were started during recessionary periods
for periods of significant economic weakness
and let me tell you again these periods will not last long
entrepreneurs understand that when everyone else is running for the exits
there's a lot more room to operate to show off your smarts
and to win the last thing loyalty your customers
and we see that in every market in every market in this region
and around the world if you want to look for the winners have tomorrow
go look at the startups up today
and that is why are still young has been focused on this space
because it's smart business for us
we serve for example today Google and Apple
we started with each of them when they were no more
than a handful of people in their garage
the fourth and final thing I wanted to share with you is what I call
inclusiveness now let me take a few minutes to explain
what I mean by that you have a unique opportunity here at
Chapel Hill you're constantly interacting with people from different
cultures I've been sitting around tables
all day long each one a group of different cultures different backgrounds
so I love you spoke different languages as a first language
as you grew up so I love you came from a different continent
altogether olive you have very different perspectives from one another
bottom line is this: diversity surrounds
all of us every school
every company every organization today
in every way we believe that it is the responsibility
each one of us to learn from the others
that's when diversity becomes inclusiveness
and inclusiveness leads to better answers
and a better business let me give you a sense that this
to serve a large clients today at Ernst & Young
you have to form relationships even internally
that literally fall the Sun you need to get to know our team in Asia
understand emerging markets in India and China
interact with colleagues in Europe focus on business expansion
down here in Brazil interact with your diverse team
also sitting right here closer to home
this is a reality that did not exist what I graduated
from college but today woe to the organization
that seeks to compete on a global level with the provincial team
you simply can't do it certainly not effectively
so inclusiveness is not just
about being diverse for being unique
it's about putting that diversity work
about getting everyone's unique perspective
to the table and contributing
what should this mean to you students have UNC
well whether you pursue a career in finance or accounting
or something else altogether I want you to know that your intelligence
and your skills will take you for
but what will truly help you stand out
is the way you approach problems the way you bring fresh perspectives
the way you take your creativity and your experiences
and everything that makes you who you are
to the table your individuality is critically important
make sure you do leave an impact where you work and live
at your office at your home in the communities
where you reside and do business
at Ernst & Young we spend a lot of time discovering
what makes our teams are best teams highly successful
and how do we keep creating a winning culture
and we are recognized as being pretty good at this
our experience tells us that steady sustainable success
is realized through this inclusive mindset
commitment to values
and real teamwork and you need all of that
working together I stress inclusiveness even more so because we are coming out
of a period
have economic challenge unprecedented
a crisis never seen before precisely because
I think a lot of people did not act
on their suspicions did not speak up
didn't bring their unique perspectives to the table
or perhaps they were never even at the table to begin
as future managers and leaders make sure you have
a variety of viewpoints and experiences
at the table the danger is my background
at Ernst & Young is largely and financial services
the heart of the problems we've all watched unfold in the last
18 months I served major Wall Street banks for years and the one thing I saw
first-hand looking back is that industry
got stock in group back
it filled its management with people were really bright
but only five the upside potential
investments and never really focused enough on the potential downside
these were some of the smartest people I have ever met
but they didn't have the experience or perspective
someone who really valued thinking through the downside
thinking through the risks putting in place risk management
not enough places they thought alike
they acted alike and as a result day and we
have suffered alike truly innovative
people inclusive teams
we're not burned by that collapse of the credit markets
there were some teams out there who saw the whole field
opportunity as well as risk
their innovation included seeing the downside
as well as the upside and that
I am sure took guts
in conference rooms across the goal
to have someone listen to them that also took
inclusive thinking someone willing to listen to a different perspective
and it meant recognizing good smart idea
when it appeared and not dismissing it because it wasn't in line
with everyone else's think now
I think my time here probably running down I'll do what your professors tend
to do I'm sure
or at least what mine used to do and that is to try and summarize
I talked about the importance of innovation to the future of our economy
more crucial than ever and I focused on the four qualities
innovation that I see is universal
the importance of human capital the importance of teamwork
the importance of gots and the importance of inclusiveness
and if you look at these four qualities
they may be familiar and I hope they are
because these are four qualities ICU
focusing on right here on this campus
you have to be smart to be here you have to work well in teams
teamwork is all over the billboards
right in front of the even that Dean Smith Center I walked into today it's
not
the back shirt it's the fracture
you have to trust also your got and be willing to test ideas
when everyone is petrified a failure
Kenya after value talents and perspectives
%uh everyone around you so to me
you are already on your way to becoming successful innovators
in your own right you already have a tremendous platform
your grounding is set and you have tremendous potential
and you can achieve it consider this guide to be your limit
and go reach for that sky thank you very much for your time and attention
be happy to take some questions
can I yes sure actually got some great questions from some other students today
for asking for advice as they launch a career
and one other things I shared with them were two or three instances in my career
where I was open something new
open to a challenge I think sometimes we we anybody
good what they do teaching businesses got a plan in front of them think they
know where they're heading
might be presented with that a different approach
different idea different alter I talked about a couple a case is in my own
career were actually started in the media and entertainment
industry which I love and then was asked
to move into financial services my first reaction was
why would I want to do that second reaction
this is a pretty senior partner asking me think about it but ultimately
II did move in that direction and spent over a decade
space I also second example I share was a
I was really Foley entry can and excited and satisfied with client service and
then was asked to move into a management role
which was not something I really had on my radar
these are simple examples which happened day
after day after day in our organization and anywhere you'll be presented with
opportunities
do the hard work that's necessary you know
to get yourself recognize to be viewed as a
good performer wherever you go and then be open alternatives that will present
yes
wanna the the real common themes I C and
is is his first passion
I think that people like taking Matthew Zoellick
I mean great idea was once a great ideas out there
he was so passionate about it people want the fall
even if they too thought it was a stupid idea but
you know it really I think it take somebody's more somebody who knows
he or she needs to build the team need some help
need some resources lays out a vision is passionate about it
is inclusive about including other is in going after that
vision and doing so in a passionate way
and and that's a common thing
yes
yes I i think questions about china and a very good one
that some are still concerned about quality and China
what kinda marketeers and and we have some %uh those concerns as well just to
give you a sense Ernst & Young
$23 billion dollar organization
148 countries what last year aside for a moment
in the two preceding years we grew an average
forty percent per year in China we grew
globally at about eight to 10 percent to those two years
things were moving very fast
things were moving probably too fast quality
is is not always point
and they don't have the same regulatory oversight
whether that's you know manufacturing FTA
banking financial services but all that I think they increasingly
understand and are focused on and that's why I use the
this goal for example this is a country I think that is going to continue
to deal with their problems and deal with them quickly they still have
challenges in the energy and
environment out there as well but what we're beginning to see
in not only are they dealing with those problems at home
there are also beginning to take their business on the way
I've been visit in the last year and I
really can't recall anytime for the last year
being visited by chinese companies coming into our markets
wanting to be investors maybe recognizing that
you know they will buy up some businesses over here
which are already have figured out the quality controls the
they're also very interested in South America chinese companies very focused
on Brazil
so I think they are solving problems at home
and globalized their business not just by Bill
in China up by understanding how things are done in the Western world in
as well question earlier
that is a that is true I think that large companies out there sometimes we
don't see enough innovation because they're protecting
an existing business that's where I think
why I go back to what I what I said about companies today some
are trying to just hang on manage costs get through this downturn
and thinking perhaps returning to normal
may be normal was eighteen months ago I think the best companies big and small
saying that it has now changed forever they must reset they must restructure
they must innovate
I very G for example
FML you know challenge his entire organization
we need to do the same you know we are hearing from our clients
you know there's be pressure class or businesses
what is your audit methodology how do you provide tax services
you know are you using resources around the world
what what costs are you passing on to us so
I think every company big and small needs to know that they need to be in
the septum all
that our existing businesses are all under challenge
global competitors are emerging the economy
his coming back the sprouts but that returning to the strike that was at two
years ago
so I think leaders need to work through
that reluctance and and push all their people
the Fed think more vigorously about the future
yes right here
well I i still think that we in you
here in the in the university system
USA still think that we have the best
I think that's why others from around the world are still
coming into the system here but I think we need to continue to innovate their
as well I do worry very much a bad
our education systems below the university level
and and wearing that why I think one of the big
unknowns and potential concerns
is the pressure that state and local governments
are going to be under in the years to come as we begin to come out of this
how much help with stimulation how much help was fed policy
and how much of an overhang do we have and if that's big
you know that's going to hurt us in terms you know
rebuilding infrastructure rebuilding education at lower levels
and my fear is that it is potentially pick
you look at some love the pension plans
that are out there in the public sector and weather and that we really have
diagnosed
the extent of the problem so I share your concern
that we do need to revitalize
things like education infrastructure
in this country and I worry about whether we're gonna have the funding
give you more placid
yes
arm the first thing my first piece of advice I
or I really do think that there was regulatory
let down here I i think that our regulatory system
not surprisingly it was was born in 1930
for the capital markets and financial institutions which people
I think our regulatory system is badly outdated
was not in a position to comprehensively
regulate the financial sector I thought that that would have been dealt with
swiftly
and i'm concerned. saying that what's happening
is that there's a right now
a lot of self-protection going and causing
I think the original energy to really put back on the table
regulation my fears gonna Indian
any answer that is no more than
tweaking the edges as opposed to a comprehensive
rework it regulation taken showings for example as well in show just a regular
state level we've got companies doing business not only
globally certainly state we had credit default swaps falling between the cracks
and so I think you're right innovation did happen
it was within the rules
and regulation there were not adequate capital requirements
that were put out there so that's where I would start I'm not sure that we're
gonna see
comprehensive reregulation I think the question
are some of these institutions too big we are seeing
some of that is being attacked now oversees
ING which does a lot of business down here in the southeast
is being forced by the Dutch regulatory authorities to break itself
insurance asset management and banking I think we've seen small changes here
in this country but I think that will continue to be studied
I think I'm I'm of two minds on that because I've dealt with
you look at companies struggling like Citigroup and
and you make that argument I look at JP Morgan
which which was exceptionally well managed through this has absorbed
a lot of integration is running business across all sectors
and actually ended up being a good thing in this collapse in a position to
take on feeling institutions like Washington Mutual and Bear Stearns
so I would start with regulation and then I would study the
the institutions just to break them up in the middle the regulation was looking
at I fear wat
with necessarily lead family
yes
one other things that that we need to do in this is a fair question that
if you look many of the big companies seem to be on their backs
and are we really going to expect them
all this and innovate and find their way forward
a I think some will and some won't
I think we're big company to this is something we need to focus on one of the
things we thinking about
is how to tap in to
generation joining the workforce you know
all love you with new ideas and different ways of thinking different
ways of communicating
how do we reach them should we have our own Twitter
extending at a week capture your ideas
you're out there you know we've cat as I said 40,000 people in the americans we
probably have
20,000 30 at least
and and we need to do a better job capturing their imagination their ideas
and we thank inactivity about that right now
I think I think what what we believe in what I think
so their clients are doing is is sometimes you just have to shake things
up
I think sometimes changes need to be made
people organization structure
in in philosophy I think and
and summer that people get set in their ways
and sometimes as try try as you might you cannot convince
this department led by this manager to begin to do things and
I believe this is a period of time big organizations
way word some changes is fundamental
moving forward and I love that will be to create efficiency
so that will be created me immediate competitive advantage
and some love it will be just to shake things up just a point and
new and fresh bankers to get people focused
and thinking differently about the way
one more I know you got a ball game watch today to
red
at one more year
well I think that it is I look at the Golden where people are focused
where different markets are focused I think the question over here about
financial services
is an important I think that we should be
embarrassed about the performance of financial services
over the last couple years in the questions that were raised about
hell whining in these industries having said that
the United States is dominated the financial services sector
forever and I think you know
it is long past when we will dominate on a global basis
manufacturing for example doesn't mean you're out tirely
but we're not going to be world's manufacturing
so I if I with this administration would be figuring out financial services
how to make it operate again so that that service sector continues to be
dominated
by the United States of America which has the reserve currency which has the
intellectual capital
I'd also stay focused on technology which again i think is an industry
that we can dominate and then I would move towards probably
climate change talk about china they'll be racing along we will figure out
climate change
if we're serious about it before they do we'll figure out how to do business
in a sustainable way our young people want us to
a I think that that's why we
123 thank you very much
some %uh names John hand
I have the privilege of heading up the mast accounting program
and one other things we do at the end of our
talks here is extend a vote of thanks and
I think this couple things I'd like to mention about Steve's talk that really
resonated with me now hoping with with you as well one was the
a partnership that we have
as a Business School with Ernst & Young that's been especially the case in the
master accounting program and
looking back looking now looking to the future we really appreciate to
that relationship the other aspect was on Spanish ship and I think many people
don't necessarily think about faculty
as being entrepreneurs but that's a real big part of our job
our job is to generate new research ideas to teach
in different ways innovate in the classroom and also in our service
opportunities so at least
that's something that resonates with me and hopefully you will find that out as
students here at the business school so I hope you will join with me please and
extending a
around us Thanks to Steve Howe thank you
one additional rounds thanks to Steve
is that we normally provide a gift to
our speaker and St generously said
rather than us give him a gift he would like for the resource that would have
been put State Dept
to be provided to the mast accounting program so thank you for doing that
WEA were taking use that said resources
for benefit the programs teams thank you very much
that's the conclusion of
our time here steve will be sticking around the front if anyone would like to
come and ask questions and
provide comments thank you all for coming thank you Steve