Strong execution and highest ethical standards. Hes been a Predecessor Companies since their graduation from Harvard University with a bachelorbachelors degree in ecs in 1983. Cior to the current role, he has held a variety of ceo positions for citigroup including ceo of europe, middle east and africa, ceo of city holding, ceo of the city will pull both Management Unit and the head of the corporate and commercial bank. A separate of trustee for the ski and snowboard association. The moderator is an awardwinning Senior Reporter and im sure many of us see the articles on a regular basis. Hes h covered the Automotive Industry collapse and resurgence have a Global Supplier commonlaw marriage bankruptcy and multibillion dollar mergers and acquisition deals things in this room nobody has become familiar with over the years. He served as an expert source on the National Local television and radio programs. Dustin has also won several awards including the alliance of the publications best local coverage of the National Economic story award for his coverage of manufacturing from overseas in 2012. He attended grand Valley State University and studied journalism. Ladies and gentlemen, i would like to bring mike up to the stage and will come dusti welcor when he squinted at the question and answers. When business and government leaders founded the forum during the depression, the nation faced tensions and the challenges that were exacerbated by both the social and political environment. In many ways it could be said of the country today. Americans have lived through the financial crisis while the government response at least in my opinion was the right one, the crisis has left many feeling as if the system is stacked against them and absolved wrongdoers of accountability. For many people in the country feels like the defining Economic Trends including things like globalization hurt them economically and while we have historically low unemployment, wage growth has been stubborn and many left for the anxiety of having our jobs disrupted by technology. I think that has caused some today to question whether the capitalist system is the right one. For my part i believe in capitalism and i believe in free markets. I believe in the right of the Free Enterprise to conduct business, and i believe in responsible and reasonable regulation. We wouldnt be the countr woulde are today without these. But i c also believe in societye need to help solve the societal challenges that we all face. We cannot be on the sidelines. They dont rely solely on philanthropy to show that we are solid corporate citizens. Creating shareholder value in my opinion will always be necessary, but creating stakeholder value is critical. Today the two goals are more closely connected than ever before. People increasingly are demanding that private enterprise play a role in finding solutions to the challenges that we face. Their part want to work at companies that reflects their values and their priority os. Our approach to solve these issues is that at our core and that our best we work with our clients to problems. With significant Financial Resources to deploy, we are scaled to serve the clients and help them compete in todays economy the clients could be anything from a Multinational Company like ford, it could be one of our commercial banking clients like the legend in Road Construction founded on a handshake between its namesake and henry ford, or it could be a publicsector clients including local governments like the state of michigan. The commitment can be seen through three decisions that we makeke everyday. Who we work with and how we work with them and how we treat the people that work for us. The American Society of Civil Engineers to date estimate we will fall 1. 5 trillion short of the required infrastructure and investment needed by 2025. Not only are there implications for Public Health and there is an Economic Cost to status quo. The estimated cost of the highway congestion and another 35 billion. Thats where a bank like ours could help. The Balance Sheet allows us to finance projects that would be out of the reach of some sort of institution. Just last year the city provided financingld for 26 billion it s we are particularly proud of and that was during the bankruptcy citi committed 60 million from our own Balance Sheet and subsequently another 200 million of bonds on behalf of the Public Lighting Authority of detroit. The funds to finance the installation of over 65,000 efficient streetlights improving the quality of life throughout the city. [applause] another challenge, Affordable Housing. I mentioned the economic pressure to Many Americans feel acutely over 11 million lowincome households in the u. S. Today comprise over a quarter of all rental households. Of those, 70 spend more than half of their income on rent and utilities. City provided 6 billion in financing for the construction and reconstruction of more than 36,000 Affordable Housing units. The level of support not only set a new record for us a citi,f maintained our ranking as the leading financier of Affordable Housing in the u. S. For the ninth year in a row. And how about climatee change . Some data of its existence, we believe it is real and that its accelerated and that our collective efforts to address it are the greatest combination of opportunity and risk that we face. According to some of the most recent compelling scientific assessments, we cant afford to wait to take action. Serious impacts from Climate Change go well beyond extreme weather events like the devastatingnt hurricanes that we have been experiencing in the hepast few years, and at the sae time, we need to recognize that many people depend on the fossil fuel industry for their livelihoods. We have clients in this sector and we are not going to walk away from it. Instead, we are working with many of them to support the transition to aof low carbon economy, creating the green color copiers in the process. In 2014, we have made a ten year 100 billiondollar Environmental Finance commitment Funding Clean Energy and other sustainable projects including the first offshore wind farm innd the country. There is great demand and as a result of that we will meet our goal this year which will be four years ahead of the plan. Let me be clear none of these projects are transactions ive described up to this point are primarily rootedpr in ultra basc philanthropic or idealistic intent. They are core banking activities conduct on behalf of citi clients, and yes they all contributed to the bottom line. However thee value and benefits occur to many stakeholders including the communities, society, u. S. Economy and more broadly the Global Economy. In addition, the core activities as a bank, we also advance our economy and society by supporting nonprofit organizations that tackles such challenges headon. We focus on the need to close the gap between the skills of young people and what they need to be able to compete in todays workforce. The u. S. Department of labor released a report last fall that found there are 7 million jobs at any one time today that employers still cant fill. Our pathways to Progress Initiative is designed to help close the job Skills Mismatch by providing 200,000 young people over six years with the tools they need through training, Work Experience and entrepreneurial opportunities. A 100 million, it is the largest philanthropic commitment in our companys history, and i hope it shows our willingness to put our profits back into the communities that we serve. Earlier this year we broadened the scope to help 10,000 Older Workers who feel as if theyve been on the wrong side of the globalization or Digital Innovation to secure employment in the Growth Industries like healthcare, transportation, technology and construction. Several organizations here in detroit are involved in this 10 milliondollar effort. Focus hope is launching a Robotics Program to support people looking to build careers in automation, advanced manufacturing and informationui Technology Fields all helping to grow our economy right here at home. Beyond philanthropy, we also accept and have a responsibilitp to have a point of view on certain issues affecting our colleagues and our communities. One is the epidemic of gun violence. After several city colleagues were directly impacted by the parkland massacre, we decided that we needed to think about where our clients in perspective with this issue. We dont seek to take the place of government, and we have never intended to offer the perfect solution much less a new form of gun control. I own guns for recreational purpose and am a firm believe in the second amendment. Our commercial firearms policyir simply asks the Retail Sector clients to use accepted best practices if they sell firearms. These include age restrictions, completed background checks and no sale of bump stocks or highcapacity magazines. The sales practices are followed by a major retailers including walmart, Sporting Goods and have strong public support even among many gun owners. We also recognize that how we operate as a company is an opportunity to demonstrate our values. We focus on building a better culture making it as free of racial gender and other biases as we can end this year we were the first u. S. Company to disclose what we call our unadjusted overall pay gap in our analysis revealed the median pay for women globally is 71 of the median pay for men showing that we have a significant issue with the representation of women in senior roles atth the firm. While transparency is great, its what you do with your data where the rubber actually hits the road. T we set the goal to have 40 of the midand seniorlevel leaders in the firm globally filled by females by the end of 2021 and we measure our progress against a quarterly. While i focused on the city, i am happy to say that these issues are increasingly affected by the clients in the Business Community more broadly. In august, the Business Roundtable and organization of ceos and major u. S. Companies announced that it had revised its principles of corporate governancepo. The revised statement said that responsible business should also take into account the interest of other stakeholders such as colleagues, clients, suppliers and communities. As an example, i have decided to show its not just the case when other stakeholders when were shareholders lose. Business is not nor should it ever be a zerosum game. Up until recently, business didnt have enough credibility to take on social issues, but earlier this year, some evidence emerged of a new attitude with the public affirmed they published the annual trust barometer and the results revealed i believe a profound shift in the degree of trust that people have for one class of company, and that is o their employers. 75 or three out of every four people interviewed globally said they trusted their employers to do what is right for them and for society. That is a welcome shift to the perception and the development of businesses should take pride in. I believe if Companies Continue to see their role as creating value for stakeholders as well as shareholders, the country will be stronger, our system will continue to show why it creates more opportunity than any other anywhere. Thank you for having me today and ier look forward to the discussion and i would like to invite dustin on stage. Thank you. [applause] just a second while we get this going. Thank you. That was delightful. I also dont want to show you where the media placed on the trust list. So, i really wanted a deep divep dive into the social topics that yoube spoke of the first thing i would like to kind ofng get your barometer on the economy and where its going. You know, usually when the Global Economy or the National Economy stumbles in detroit, they are leaving this here here we fell down the well, so what are you seeing in the economy that we are seeing some recessionary indicators, what are you thinking the longterm here is this year, next year . Ive talked publicly in my 36 years of being in the industry and kindy of being around companies and the economy more broadly ive never really seen a time like this and when you think about where we are today, we are effectively ten years into the recovery from the great financial crisis. Some people began to say historical standards, thats long. True, but we have to remind ourselves recovery is have no memory. As my friend in australia reminded me 26 years into their recovery and second i think us as we look at the economy today, it cant be looked at through a single lens and that is when we look w at the world we have the combination of economic, social, political and we also have what we would think of as the consumer business and government. And i think to understand where the economy is today in some ways we need to take those apart cause a very simply when you look at the United States today, two thirds of our economy is dictated by the consumer and by the way the consumer is in pretty good shape if we go back to the crisis and think about how intervention was done and where stabilization came from effectively to the consumer, two things that are most. One is their job, do they have a job, can i keep my job and if i dont have one, can i get one. We can argue secondary offense around the wages etc. But as we saw last week weve got to go back to 1969 to find a job market with lower unemployment than we have today. And the second is housing. We think about housing out there today, but we could argue people feel prettypl good about their housing for certainly an american of many consumers around the world are home is the single largest investment often a proxy for their retirement and if you feel pretty good about your job and you feel pretty good about your home the consumer is going to be engaged and that is exactly what we see. Business has been aee bit fligh. Throughout these ten years, business has been engaged, disengaged on the back of tax reform or other things, in and out. But business has probably been more conservative. And i think that the other piece as you know, we are ten years into what i describe as this unprecedented Massive Science fair project called quantitative easing. Like unprecedented in terms of trillions of dollars around the world, and as we look and things we cant escape in this globally linked economy is the impact its had on Interest Rates, like did we ever think any of us in this room would look around and find several Major Economies in the world with negative Interest Rate . We operate in those places into this strange phenomenon. But it will happen and so that volatility has been stabilized to business but fortunately we have the backbone of a healthy and strong and engaged consumer. We are short on times we went to go into the idea of society. Historically has been the governments role. Now that is taken on by corporate america. From our perspective, looking at these issues i talked a bit about guns but with those that we choose to get involved with, it really goes and starts back at home with the expectation of our employees. Of wanting to come work for a company they can be proud of. Most of those stances that are internally focused when we go on those Public Forums but that war that we live in thats really critical. That with this day and age when everything is political but guns are definitely political. How did that conversation cracks i assume you had to go to the board. How did that go quick. We have bankers in the room we are highly regulated. And then to ask the team if you can show me the policy but we really didnt have one. But then my remarks and then to reset boundaries or change things but how do we act responsiblyur with our clients around the things they are doing and how should we use to support those efforts in a positive direction. Very simple we had aid restrictions or training. Dont give them the keys to the car at 60 and say figure it out but we will give you a weapon and background checks in with these modifications and then working with the clients to put those forward. Ntd with that consultation to promote best practices. Was there pushback quick. We didnt expect it too be smooth. Lab response was as predicted. I had people sending emails thats the greatest thing ever done two people with expletives less than thrilled and in general people found our response thoughtful and balance balanced. And with a hot button issue most economist support a carbon tax. But you dont buy into that. It with those other incentives toward sustainability. And you put some texture to it is not that i dont believe in carbon tax break what has been quite effective but i dont think it can be the beall and endall. They have to have a balance in the way we approach these things. And had we get businesses to the table to choreograph or t script their own transitions and then to be in a role of supporting them we dont want to have to take