BofA's Moynihan Says Bank Is Planning for Hard Brexit

The transcript discusses the complexities and costs involved in creating different legal entities and broker dealers, emphasizing the importance of thorough planning and preparation. It highlights the need to anticipate worst-case scenarios and adapt plans accordingly, noting that such processes can be time-consuming and costly. The discussion underscores the necessity of readiness for unexpected events and the value of scenario planning.

What is one of the key tasks mentioned that is necessary for business preparations?

• Launching a marketing campaign

• Developing a new product

• Creating different legal entities

• Hiring new employees

According to the transcript, what is a common outcome of working on a project for a long time?

• Decreased costs

• Increased efficiency

• Increased costs

• Decreased interest

What is a truism mentioned in the context of long-term projects?

• Projects always finish on time

• Planning is unnecessary

• More work leads to more costs

• Costs tend to decrease over time

Why is it important to plan for the worst-case scenarios in business?

• To reduce the need for resources

• To increase profits immediately

• To ensure readiness for any situation

• To avoid hiring more staff

What is suggested as a benefit of planning for the hardest outcomes first?

• It makes it easier to handle simpler situations

• It eliminates all risks

• It guarantees success

• It reduces the need for planning