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As global power dynamics shift and capital flows are reshaped, the world’s leading investors and institutions are rethinking how and where value is created — from trade and macro forces to evolving client priorities across Asia and beyond. What defines leadership in wealth today and who’s best positioned to shape the next era of global finance? Join these financial titans for a high-level look at how strategies are evolving across institutional portfolios, private wealth, and emerging markets. 

The New Rules of Wealth

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Mary Suhaan, thank you both so much for joining us here today, um. I'm very aware that as we're talking, uh, there's the headlines that are out there right now have to do with trade talks between Trump and Xi and a bunch of deals that the US has just concluded in Southeast Asia and in Susan's home market, um. This just stresses how much in some ways the geopolitical and the economic order have changed in the past year, and I'm just curious to know each of you has a responsibility over over both institutional and individual wealth. How has all the flux of the past year, how have you managed it? How have you kind of surfed those waters? So let's just put things in context. Do you know how much trade outside the US is of global trade? Trade outside the US, not off the top of my head. 89%. OK. So TOTUS, that's trade outside the US in DBS we call it COTUS as opposed to POTUS. Um, so trade outside the US is 89%, um, and it behooves all people who have supply chains, that's most companies, to look at how they diversify the supply chain. It used to be China plus. One, now it's China plus N because you know, your plus one could also have tariffs and it will still have a high cost of supply. So it's China plus N, which inevitably adds costs. So then in the past, the supply chain was always cost optimized for the most efficient supply chain. Today you are diversified to be just in case rather than just in time. So that does that cost and friction, um, but it also reduces dependency. So that's your supply chain on the upstream. Then the pardon me for interrupting, but that's for you running Southeast Asia's largest bank. This is creating opportunities for investments, for new relationships for ways for you to be involved in paving the way for this kind of capital. Absolutely it's creating trade networks that previously did not exist or it existed, but it was nascent. So for example, as we're in Saudi Arabia between the GCC and the and, and, and Asia, between between China and, and, and Saudi. Uh, Indonesia, Southeast Asia, the, the, the trade and within intraregional trade within ASEAN countries as well, it's gonna go up and it's already going up, uh, and it's so, so how do you fund this because if it's intra-regional trade or it's GCC to to China, for example, um, is there an alternative payment mode other than say just purely relying on the US dollar, for example, other currencies, etc. that can help to, to, to, to, to pay for, for these supply. chains. Then on the demand side, it's also looking at new demand growth areas. In the past there was a strong reliance on the US, uh, and now with Asia growing, uh, with, um, the Middle East growing, with the global South growing, the global South connectivity, the Asia to to to Middle East, Europe to Asia, etc. the trade outside the US, certainly on demand side, I think will grow, uh, and that's where a lot of energies are being focused. That's interesting. So Mary, from your perspective in private wealth management and this what the TOTUS opportunity if you want if you want to call it that, um how's that affecting the way that you and your team? Well, you know, first of all, it's so great to be here in the region and just as Cusson said, this is, this is a time for all of us to be rethinking whether we're properly diversified in our own asset allocation, whether you're a sovereign wealth fund or an individual, you tend to have home country bias. Uh, how do you think about that in today's changing. World order ever changing world order, uh, and we're here in this region, uh, today is a great example of the opportunities that are abound. We just celebrated our 90th anniversary here in Saudi Arabia as JP Morgan and um it was quite a momentous occasion last night. We we just also announced that um Saudi Arabia is going to be the headquarters for our entire Middle Eastern uh efforts here, and there are so many things happening in here in Asia. headed to uh headed uh to her neck of the woods um later this week and to think about making sure that you're seeing the opportunities that are that are that are exist everywhere and you know um when we think about and I'm sure we'll talk about AI and and the like, but the all of the evolutions that are happening from a techno technological standpoint are levelizing the playing field for everyone to have a new opportunity to think about what's next and so that's why flows of. Capital are moving as such um, people are thinking about where it is that they can allocate to both protect their assets as well as have appreciation and of course making sure that you are strategically protecting your assets you know we talk a lot about making sure that you have resiliency in your portfolio that you're stress testing. There's a lot of assets that have obviously had a lot of appreciation. Are you ready for a correction if it happens? We're due for a correction at some point. It doesn't mean it's imminent. It just means you have to be ready for it. It's like any good. Management strategy. Are you prepared if something goes down 5, 1015, 20%? Can you survive for how long? Will it give you an opportunity to reset? Do you have cash in your portfolio to take advantage of it when it does happen rather than just sitting there and watching it? And so those are the kind of things that, you know, we're all spending time focused on and doing that while looking at the opportunities that are abound around the world and thinking about you just heard the panel here of the new airlines that was launched, there's there's opportunities everywhere. Yeah, and the broader the base of those opportunities, the more you're cushioned against the impact of any kind of individual correction that happens somewhere on the subject of AI, one question that Fortune is probably visiting editorially at least 3 times a day is AI bubble or no AI bubble. In the S&P 500, which is of course just one part of the global markets, a very high percentage of the gains in the last few years have come from AI and AI adjacent stocks. Morgan Stanley report said it was something like 75% since 2022. Um, from your point of view, uh respective points of view, is there, is there an overconcentration in certain AI stocks at the expense of diversification, and is that a risk? Well, if you look at the Asia like Japan multiples, you know, we're at 12 to 14 times. I think the US marries in the high 20, 30s, AI, you know, uh, uh, astronomical, um, so there is some, there is an AI arbitrage, I guess between Asia and the US, um, and, um, thank God the US market is open so global clients can participate in, in, in, in the US market and And, and take advantage of the momentum there. Um, but, um, I think by and large, whether it's AI stocks, tech stocks, hardware, software. Um, Asia still trades for the discount to, to, to the US, um, and, um, the, the Asian use cases are maybe a little bit more pragmatic, so rather than large language models, you have small language models, you have more use case driven outcomes, and you also have a blend of hardware and software, right? So whether it's robotics, drones, They in China, they call it the low flying economy, uh, biotech, etc. Look, I mean, US and Silicon Valley is the hub of innovation and everybody's super inspired by, by what's going on in the US, um, and, um, Asia with a large population and a very big stem graduate cohort in India, China. Uh, uh, uh, etc. naturally means there will be a lot of innovation and energy and, and, and, and, and startup activity. So I would say, you know, has a global view rather than a kind of um regional view and and look at some of the growth opportunities. I mean, in time to come, I hope East West tech becomes interoperable right now it seems to be a little bit bifurcated. If you will, but um maybe this is the case for somewhere like Singapore being the Switzerland or the east, perhaps to try and make, you know, both sides more interoperable, um, and have your IP set somewhere safe, um, but obviously, you know, with, with the PDPA and and data security and what have you, um, to then bring the best of East and West AI together. I, I think that's exactly right, and I think you asked the question better. Than anyone that's asked it recently just to be, to be truthful because everyone says, is there an AI bubble. That's like saying, is there a computer bubble. That's a crazy question. That's not like, no, there's not an AI bubble. AI has not even been deployed anywhere to the extent that it will be. Less than 10% of companies actually say that it's embedded in the services and the products that they deliver today. There's an enormous amount of opportunity. But what you ask is, are AI stocks having a little too much concentration? Of course, like some do, some don't, some you're trying, you're trying to extrapolate multiples out into the future of something that's only 3 years old from the mass general population. AI has been around for a lot longer than that, but how do you think about it in terms of everyday use, in terms of companies taking away the no joy work to be able to to make workers more efficient, to think of entire. Fairly new ways to run your company and, and so first there's the stages of just like AIing the processes that nobody likes getting rid of the no joy work, but then there's the when you really have time, you step back and you rip apart the whole thing and you say why did we even do it this way? Why did we move something from A to B to C to D? We don't even need to do things that way. That's when you're going to see the power of AI drop to the bottom line of all these companies, and that's going to be the massive. Uplift. That's why you're saying the multiples are the way they are. And the question is how fast will we grow into those multiples. It's not that the multiples are wrong, they will eventually be right. They may not be right for every company, but they, yeah, do they reflect 2026 reality or 2036 reality exactly. That's a great way of framing it too. Speaking of AI change in the way these all these other companies work, I'm curious to know from each of you what are you doing now with AI that's in your own work as a leader and as an executive. Well, um, it's, it's, you know, I think people learn best by doing, right? Don't you agree that. And so it's just letting 1000 flowers bloom, right? So for us, the kind of inch deep mild wide horizontal use cases we call the DBS GPT. That all that come from the entrepreneurship. Then everyone tested and it sort of lots of different use cases on the horizontal use case, whether it's just getting policies um summarized and made simpler for people to understand, to helping walking customers or, or, or, or, you know, horizontal uh use cases, then you've got the vertical use cases which are a little bit more specialized and needs a lot more work and, and, and um um vertical insights, whether it could be AML KYC, it could be. Uh, creating pitch books for investment banking, it could be a wealth co-pilot, um, it could be ESG questionnaires answering ESG questions, etc. so or credit dossiers, writing credit memos and getting rid of the no joy work that she's, yeah, yeah, absolutely. So the mundane no joy work as, as, as Mary rightly points out, um, should really save people a lot of time for them to then engage clients more, uh, and do, do more meaningful work. Yeah, but AI, you know, AI is, look, if you're not frustrated. using AI in your company, then you're nowhere near where you should be, and your entire teams need to be highly frustrated with it not moving as fast as your brain is trying to think about it, and that means you have the curious worker who's going to take you to the next generation. And so we talk about the entrepreneurreneurs that we're meeting and the people that are on the forefront of this and so you can just see it in the companies that you interview, the management teams who get it, the management teams who don't. How do you think about that? JPMorgan invests $18 billion a year in technology, of which a large portion of it comes. Uh, into play when we think about optimizing the way we do everything from protecting our clients from cyber and the like, uh, to just making, uh, processes and procedures much better. But we, we talk about AI as an investment, you know, really the world needs investments in all of these things, and we had talked a little bit about security, resiliency, you know, making sure JPMorgan announced 1 trillion.5 dollars of investments back into the security and resiliency initiative that we've launched. We're going to make our first investment public this morning, New York time. Where we're thinking about helping in the defense sector, there are, there are parts of what we do when we think about how we help us and our allied countries that are 100% outsourced to China and Russia right now in terms of the core minerals and materials that are required, that just can't be. How did that happen? And so leaning in and making sure that we're all doing our part to make sure that those investments are in the right places around the world. Um, and that we're investing in technology in, in security and resilience, domestic manufacturing, you know, all things on the technology front to make sure that the world is getting to a better place, a big deal, uh, the I saw a great quote actually, well, not to pat ourselves on the back, but a great quote in a Fortune article from Susan when you began your tenure as CEO this March, and you mentioned to your staff, you know, you better buckle up. It's going to be a volatile year. Since then, 7 months since then, you know, looking back at those 7 months. What's gone better than you thought? What's gone worse than expected. And if you maybe 30 seconds for an answer. Well, the markets have been volatile, but what's gone better than I thought? Well, obviously the equity markets, they've all ratcheted they came down on April 2nd, and then they've all gone up to new heights. That's been gone better than I expected. But interest rate volatility, which you don't look at certainly in Asia, we've had 400% interest rate volatility in some of the key rates, crazy, um, and so that's been, um, you know, that's taken us by surprise, honestly, so we were, you know, right to buckle up and, and when you get these kind of, you know, large moves. Hedge yourself, right? So we were able to capture some of these hedges when it happened and it can go both ways. And so that, you know, in volatility lies opportunity. Hedge yourself, be ready for the volatility, but don't be afraid. You're talking about people that are making very long term investment decisions. Get yourself. Ready for the revolution that we're in the middle of. It's exciting. It's happening globally. Don't miss it. Don't miss it. And especially if you have the, if you can put a cushion that gives you a backstop while you take risks, then the greater rewards you got it. That's a great note to end on. We're so very grateful to have you both here and so grateful to our audience for to you for their time and for yours. So thank you so much. So exciting to be here. Thank you.

Global dynamics are rewriting how companies operate, compete, and create value. From the rapid advancement of artificial intelligence to shifts in economic power and growing energy demands, decision-makers must reassess their productivity, resilience, and growth strategies. In this forward-looking conversation, business leaders examine how global forces are reshaping the business landscape, the opportunities and risks on the horizon, and what it will take to thrive in an era of constant transformation. 

The New Realities of Global Business

As artificial intelligence reshapes global power dynamics, the competition between the United States and China is accelerating. This panel brings together leading experts to examine the strategic ambitions, regulatory approaches, and technological advancements driving this high-stakes rivalry—and what it means for global governance and economic security. 

How are AI Superpowers Navigating the U.S.-China Tech Rivalry?

The rise of AI is reshaping workplace dynamics, creating both opportunities and challenges for corporate leaders. This session provides practical frameworks from two operational experts. Cognizant will share its trusted playbook for building cultures where AI and humans exist in harmony. And, through their unique approach to talent development and organizational design, Zillow will share insights about empowering and upskilling their workforce with AI and digital collaboration. We’ll hear from both how AI tools further their mission of fostering innovation and collaboration across geographically distributed teams.

CREATING CULTURES WHERE BOTH AI AUTOMATION AND HUMAN TALENT THRIVE

Hey, hello again everyone. uh, so I wanna start off with, uh, an interesting fact I just found out. So my colleague Brainstorm editorial director Andrew Neska recently turned me on to an interesting study done by researchers at Carnegie Mellon University who staffed a fake software company entirely with AI agents, and the results were not great. I'm sure you two might know about this, but the best performing agents. struggle to finish just 24% of the jobs assigned to it, so it's clear that we're a long way away from a world in which AI agents entirely take human jobs, uh, but that sets me up to ask you both, how are you preparing for a future where AI agents will be taking on more than ever before and how are you talking about it to your current workforces and June, let's start with you. Yeah, I mean, I'll start off by saying that, you know, while Chat GPT created this massive moment that machine learning is nothing new and at Zillow, this estimate actually was created 15 years ago using machine learning. We created the Zillow showcase product after years of research on computer vision and machine learning. So our employees are pretty familiar with AI as a tool. Now what's new is the generative AI and agentic AI capabilities. Um, and so what we've been doing to prepare, uh, folks is one, recognizing the moment, so making sure that we understand. Uh, to me it's very analogous to maybe the um the introduction of the iPhone and back when that happened, this was actually a pivotal moment for Zillow where we realized that we needed to change how we engineered our products and we went to this mobile first philosophy. If you could not build it on the phone, then you were not going to build it at all. um, so it became this expectation and sort of a cultural norm and we're trying to do the same thing right now with AI where. The idea is that you're going to use AI, um, it's coming, you're going to use it. It's not really a choice, and the question is which tools are you going to use and which problems are you going to solve, how are you going to adopt it. So we've been, um, we introduced something called AI days where employees will come and really showcase their products or that they built so product managers building prototypes and repli and engineers using cursor to to to write code. So, uh, employees really showing how. AI can augment their work and that takes a little bit of the focus away from replacing to augmenting and making humans more effective. That is helpful. And, before you say your answer, can you also just give us a brief overview of what cognizant is and does before you answer too? Yes, so I think Cognizant is a 360,000 people company where we collaborate with our customers in technology landscape, to put it simply. The business which I represent, um, in traditional terms is called BPO. I refuse to call it BPO and I'll give you, uh, I'll tell you why, uh, because if you look at these 93,000 people, we are known for deep industry vertical specific BPO. I have 4000 doctors, nurses, pharmacists amongst these 93,000 people. I have music composers, uh, and you have these AV rooms where they can go and record music. Um, similarly, we have, uh, uh, you know, geospatial specialist on our workforce. So that's our calling card if I may, and I would describe this business what used to be as human-led and human powered, and we are now pivoting to human-led and AI powered business in this space. See, the, the effort that went in that powered the system of action for our customers was human effort. Now, we will see a world where you will have a blend of human and AI agents working together. And that's why we would, uh, I mean, our business has done well, arguably in the last 5 years, 3 years we were the leading group in the, in the industry. Uh, going forward, we want to be the best in class AI powered BPO company on this planet. How many of you out here feel like your company has a clear AI strategy? OK, all right, a little less than half, I think that's what I figured. I'm curious from both of you what is the hardest pushback you faced from employees or leaders when trying to implement AI and how did you work to overcome that, June? Yeah, I mean, I think for Azilla what what I've seen is that the hardest um. The hardest block is actually inertia and it really is not that different than any new technology that we've asked people to adopt um I remember when we switched from Microsoft Office to the Google Cloud, um, you know, there's there's a learning curve there and there's inertia and I think in general people become, uh, you know, very familiar with certain ways of doing things and breaking habits is really hard and so in that sense getting people to. AI is actually nothing new. It's actually the same, you know, I think of it as a very similar to the problem we have when we're selling software where, um, you know, you can sell the software, but in order for clients to really adopt it, you have to point out the benefits and connect the dots maybe a little bit in an obvious way how it can help them um and then once you focus on the benefits of what AI can do for the humans, then the humans, the light bulb goes off and you'll see the early adopters, um, really take off. And then you'll see other people going, oh shoot, I should, I really need to catch up. And so we're right at that inflection point right now where a lot of the early adopters are doing great work with AI and the rest of the employee base is realizing, oh, I need to catch up. I feel like I need someone to give me an instruction on like, here is how you should do it and here is how it can help your life. Gesh, how do you, how do you figure that out at cognizance? I think I would like to reframe the question. It's not just people, even I'm scared. So when we think that others are resisting and I'm with it, I think that's a fundamentally in my view, a flawed approach that is fear, fear of uncertainty, fear of unknown, fear of ambiguity. In many ways this, this conference is helping me overcome fear because I'm listening to greatspective, great perspective, right? So, um. I, I believe senior leadership does not have monopoly on good ideas. So if we can involve them in our future, if they find their fingerprint in the painting that we are going to create of the future, uh, they get co-opted and it's not just your team members, it's actually customers. It is extremely important for us to co-opt our customers in the journey. Because what we create has to be relevant for our customers. So, uh, the methodology which I adopt is co-opting them. Rather than telling them what to do, and we also have an acronym, sorry, I mean, I, it's a short time, so but I'll, I'll share it with you. We discussed about sculpt the future, and each alphabet has uh S stands for strategy and structure. CU stands for culture and customer. L stands for leadership, P stands for people and process, and P stands for technology. And for a specific reason, P is last. Because there is so much chatter about technology, it, it literally dominates everything, but this is also about strategy, culture, structure, leadership, people, all of the above, and I think it is the biggest opportunity for me. Along with my team in 38 years of being in the industry, it's, I feel like a kid in a toy shop. Yeah, I think culture is so important, and I'm gonna come to the audience in just a second for questions, but I want to touch on culture, and I'm curious how AI has changed each of your cultures for better or for worse, um, in the past couple of months. Ganesh, I'll start with you. I think, um, as I said, if you want to co-opt them, we really need to build a culture of experimentation. Uh, and we need to have a tolerance for failure. Not failing our customers, but failing early internally because we are going to try things and there are things which will not work and uh and we really need to celebrate responsible failures as well. So culture is a tough thing, it's not easy to, to navigate. It's easy to speak about it on on the stage, but whether it gets practiced, whether it gets percolated down to to individuals, there will be subcultures. But ultimately, we are going to have a structure where it is not hierarchical so that the culture Uh, also permeates faster in the organization. It's a journey ahead. Are we there? No, we are not there yet, but we intend to be there. June, what's the most surprising way to change Zillow's culture? Um, I'm not sure if it's surprising, but a delightful way that it has changed our culture is that it's, um. You know, uh, it's really enhanced our culture of excellence, and we really, um, you know what AI does is it allows your top performers, uh, your most valuable employees to be more productive. I, you know, I'm not sure about the digital twin technology yet, but, but there is this idea of multiplying. There there's an idea that you can multiply yourself through AI, right? You can take AI to go and use it as a tool for communication, expression. One of the, um, you know, we, we moved to cloud HQ with COVID and stayed there, and one of the skills, sorry, Cloud HQ is basically fully remote work. So all of our employees are fully remote, and we had to relearn how to do a lot of things. One of the things that our employees really had to learn was moving from Um, slides with bullet points that you could voice over to actually being able to write documents so that you can communicate asynchronously with someone in a different time zone and we found that our employees were actually lacking in some of those writing skills. So what AI has been able to do is now, you know, everyone has this employee who has great. Ideas but struggles getting the words out and chat GPT can help them. They can write in bullet points and prompts and now they can write this beautifully worded document. So it's really kind of helped our best employees become better and really extended this culture of excellence that we have. We have time for one question. I see one here in front. Angel, Mike is coming to you. I have a question for you around um like enterprise optimization. So the idea of being able to like augment and get more performance out of individual people makes a ton of sense and I we're doing that quite well today, but when I'm thinking about like what would it look like to have like a, you know, kind of an order of magnitude optimization by with AI, how are you identifying those use cases? Do you feel like you've been able to do that already? And I think there's also so many companies that are starting to spin up with recommendations and offerings. Um, and we're trying to move fast. How are you making those decisions? Yeah, I think the key there, I mean, actually I'll go back to an example that's not even generated AI, the older machine learning, so we have this product called Zillow Showcase where just to describe it, a photographer goes into a home, takes some pictures, 3D home panoramas, and then it gets stitched together into a 3D home tour and an interactive floor plan. And the initial version of this required a lot of human intervention and was very expensive and was never going to be scalable. Traditional coding was not. Help us solve this problem, so the team leaned on AI and we were able to lower the cost of producing these interactive floor plans by something like 90%. So I think if you identify a problem and if you have AI experts in your organization who can look at a problem and say, oh, this is an area where traditional coding is going to fall short, but machine learning will get us an order of magnitude. That's where I would focus the AI efforts. And so a lot of what I try to do is Um, identify the problems where we want to direct the resources because I'm not the AI expert. I, I think there are two spectrum, if I may 1 is this whole concept of productivity. I, uh, and this belongs to our customers. I'll give you an example of Life Sciences customer, the regulatory compliance, what used to take 22 people, 6 months to do. Now 6 people are able to do it in 2 days. So that's the productivity and this is real, live and running. Uh, but the other spectrum, we carry the concept in order to personalize we need to do something, we need a critical mass or certain scale. I think with the advent of agent T KI and if we create micro agents, literally the atomic unit can be one, and you can hyperpersonalize for the unit of one. Without necessarily increasing the cost. So this is going to present tremendous opportunities for all of us to, uh, to capitalize on this ability of agent TKI going forward, and that's what I think would be exciting for all of us. I totally agree, and I wish we had time for more questions because you know I can ask them away, but thank you both for your time and thank you for the great questions.

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