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 does the speaker imply about the necessity of being ready to operate?

Why is it easier to go back to a previous plan rather than moving forward?