Speaker 1:
From the Library of the New York Stock Exchange at the corner of Wall and Broad Streets in New York City, you're Inside the ICE House, our podcast from Intercontinental Exchange on markets, leadership and vision, and global business, the dream drivers that have made the NYSE an indispensable institution of global growth for over 225 years. Each week, we feature stories of those who hatch plans, create jobs, and harness the engine of capitalism right here, right now at the NYSE and at ICE's exchanges and clearinghouses around the world.
And now, welcome Inside the ICE House. Here's your host, Josh King of Intercontinental Exchange.
Josh King:
Book-ended by a span of 26 years; two particularly poignant films shot key scenes in the Berkshire Hills of Massachusetts. At the end of 1997's Goodwill Hunting, Matt Damon's title character heads west over the Mass Turnpike in the vicinity of Stockbridge, Lee, and Pittsfield in amorous pursuit of Skyler, played by Minnie Driver. And in the middle of The Holdovers, which is in theaters now, Paul Giamatti, Dominic Sessa, and Da'Vine Joy Randolph drive east along Route 2 from the Greenfield, Millers Falls area toward Boston in a gut-wrenching rendezvous with each of their pasts.
These are roads I know well. I've been driving them most of my life, most recently over the past couple of years, while my son was a student at Northfield Mount Herman School, where many of The Holdover scenes were shot. Director Alexander Payne made a point of showing how people live in the Berkshires and the work that they do, which is often in the education, healthcare services, or the small business space.
Whether a business is big and employs a thousand people or small and employs only 10, integrating with the community is of the utmost importance to achieving success. Companies need to become synonymous with the areas that they serve, whether they're on the east coast, west coast, in New England, or on the plains.
In the last couple episodes we've heard from business leaders like Panera Bread founder Ron Shaich and WEC Energy Chair Gale Klappa, both they, and other guests we've had on previously, focus their home regions to kickstart their success. Whether it's Shaich's initial focus in Boston with Au Bon Pain, or Klappa's focus on Milwaukee in the greater Wisconsin area, these two leaders, among others, strive to become one with where they started.
Originally founded in 1846 in Pittsfield, Berkshire Hills Bancorp, NYSE ticker symbol BHLB, prioritized their home region. That philosophy has led so far to over 175 years of success. Now headquartered in my hometown of Boston, Berkshire Bank has become one of the largest regional banks, making its home in the Bay State.
Our guest today, Nitin Mhatre, is at the forefront of the company's focus on philanthropy and business operations. Whether it's the employees giving their time to others or to the environment, Berkshire strives to make sure that they and the areas that they're in are successful over the long term.
In our conversation, we're going to hit on Nitin's journey to Berkshire and the company's initiatives to promote sustainability and community improvement and build the geography overall through what banking always provides. We'll also discuss his leadership style and Berkshire's diverse team.
Our conversation with Nitin Mhatre is coming up right after this.
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Josh King:
Welcome back Inside the ICE House. Remember to subscribe to the show wherever you listen, and rate and review us on Apple Podcasts.
Our guest today, Nitin Mhatre, has been CEO of Berkshire Hills Bancorp, that's NYSE ticker symbol BHLB, since 2021. Prior to assuming that role, he spent many years as an executive in community banking at Webster Bank, that's NYSE ticker symbol WBS, which was a staple of Hartford, Connecticut, and the Connecticut region, where I spent a lot of years as well. Also at Citigroup, NYSE ticker symbol C, in various leadership roles covering consumer-related banking businesses globally.
Thanks very much for joining us, Nitin. Welcome Inside the ICE House.
Nitin Mhatre:
Good morning, Josh. Good to be here.
Josh King:
You were here back in November 2022, I think, to ring our opening bell. You and I were talking about your conversation with our head of listings, Chris Taylor. It's almost a year ago now since you and I are sitting down here in Lower Manhattan again to record this podcast. What do you remember about that day, coming to the Exchange?
Nitin Mhatre:
Oh, it was an exciting day for me and our teams at Berkshire to celebrate our history of over 175 years and just be there to express ourselves as that purpose-driven community, dedicated institution that we have been for those 177 years now. It was a great day. It was great to see you, and Chris, and Eric, and team there.
Josh King:
You have not spent your whole life in the United States. You were born and raised in India. Came here I think in 2000. In fact, when you started with Citi in 1996 as a card sales manager, your areas of focus were focused back on the west regions of India. How did that upbringing on the other side of the world help you, your personality, your leadership style, for where you find yourself today?
Nitin Mhatre:
I was born in Bombay, in India. Did my undergrad in engineering before doing my business school. And somewhere during that journey, I made up my mind that I wanted to live and work in different parts of the world, just learn and appreciate different cultures and, hopefully become a better person for it. When I did land a job at Citibank, it did give me that opportunity where I could work in different parts of India and Singapore and Guam and Missouri and Connecticut, and opportunities to travel in different parts of the world in those roles. I think that really became the point where I became a good banker and, hopefully, a good person along the way.
Some of the learnings that came prior to that was, I think engineering gives you wherewithal to think logically about different sets of problems. Just having been in different parts of the world gives you a better appreciation for how do customers think about same situations and problems from a different perspective, and how do you integrate that into your business model.
I think those two are the key learnings that I bring to practice every day.
Josh King:
A guy I worked for in the early part of the 20th century, Ramani Ayer, who was then President and CEO of The Hartford Financial Services Group, that's NYSE ticker symbol HIG, was a graduate of the IIT, the India Institute of Technology, would always tell me how his parents urged him and his siblings to go out and see the world. Were your parents as influential, or was this your own call?
Nitin Mhatre:
It was largely my own call, but my parents always encouraged me to always think about exploring and learning new things that I enjoyed the most, and I think that came along with it.
Josh King:
Prior to your job with Citi, you worked for Asian Paints, a national paint company headquartered in India. Obviously, long ago, moved away from that field. But for the time that you were there, were there any lessons that did shape what you would actually do when you got into financial services?
Nitin Mhatre:
I did, and I noticed that today's opening bell was Sherwin Williams and-
Josh King:
Absolutely. One of the great names.
Nitin Mhatre:
It is a great name, and another paint company. It brought back the memories.
The one interesting thing I learned about working at a consumer goods company back then was really investing time and energy into understanding the customer needs and spending money on the research, which I think Asian Paints did extensively. The other interesting part was I learned two new languages while I was there in just less than a year, as a result of the travels that it took me within India.
Josh King:
You worked so hard to get that engineering degree, but you also added your business degree on top of that. Did that seem to be the combination that you thought you'd need as the whole package, as you planned for the rest of your career?
Nitin Mhatre:
Yes, I think that was part of my personal evolution, where I thought I was increasingly gravitated towards understanding consumer behavior and building that into a business model. I think the MBA degree certainly helped. And then, in the later part of my journey back in 2016, I got a chance to go back to business school at Howard Business School and complete my general management program. That kind of refreshed that thinking as well.
Josh King:
I also did a program for global leadership at HBS later in my career. It was a great refresher.
You had quite a good long run at Webster. What was the draw to ultimately be taken out of Connecticut and find yourself now downtown Boston with Berkshire?
Nitin Mhatre:
I think it just happened to be at a time when I was thinking about I wanted to go back to a place where I worked for an institution that deeply cared about clients, and customers, and communities in New England, which is where now effectively I've spent the majority of my adult life. Berkshire seemed to be at a spot where they were looking for new leadership, and it felt like I could bring the learnings from both Citi and Webster Bank to a good place here and make a difference.
Josh King:
Let's talk about this company now a little bit. As we talked about earlier, it was founded all the way back in 1846, now moved its headquarters to Boston. I went to your website today, looked where all the locations are, all those Xs on the New England map. As the bank grows, how do you maintain the standards and culture that has allowed it almost two centuries of success? Obviously, it's got to move forward. Obviously, it's got to take care of new types of customers and new types of needs.
Nitin Mhatre:
Yeah, I think it starts with the underlying principle behind everything that we do. The simplest principle is you take care of your customers, and everything else takes care of itself. And within that context, it's about how do you create that personalized, localized service to your clients while providing them with the digital tools that now everybody's getting comfortable with.
I think in terms of the geography, yes, we are in New England, and it goes all the way from eastern New York to Rhode Island and everything in between. We are increasingly focused on how do we deploy technology to provide that service while retaining our personal touch. In fact, we have that as a service mark. We call it Digit Touch, where you provide the digital services that the largest banks can provide you while retaining the personal touch of a community bank or a local bank.
Josh King:
Nitin, I read the company history. I saw a couple of different leaders prior to your arrival. You come in as an outsider in many respects. What's your personal playbook for walking into a new place where you don't know a lot of people and in some ways you come from the competitor, and you've got to win friends and influence people?
Nitin Mhatre:
Right. I think the personal playbook doesn't change, no matter where you are. I think my leadership style and values haven't changed over the years, and I think they're embedded into being authentic with everybody. Authentic leadership is important and crucial, and in fact, now there are big books being written about it.
I've always been passionate about making things better every day and by that principle into every colleague of mine, be empathetic towards everybody that you work with, be inspirational and draw inspiration every day, and then collaboration. I think those five principles have stayed with me throughout my career journey. I was able to bring them here.
We built a great team. We've had folks that have been with the bank for well over 30 years. We brought in new leadership team members, and it's a great blend of seasoned executives and new leadership that comes in. I know you mentioned in your introductory remarks Panera Breads and the ex-CFO of Panera Breads is on our board now. We brought in a significant number of new board members. Again, a good mix of seasoned directors and new directors. Lieutenant Governor of Massachusetts, Karyn Polito, is on our board, and the previous CEO and President of Federal Reserve Boston, Eric Rosengren, is on our board.
So I think bringing that team together and creating that sense of energy and passion about our purpose and how that purpose can actually drive better outcomes for all stakeholders drives not just me but the entire team, it brings us together and sets us apart.
Josh King:
I was talking about my time spent on your website over the last couple of days getting ready for our conversation. In addition to looking at the locations of Berkshire Bank, I also looked at the mission statement, and I'm going to quote from it. It says, "The company possesses the strength and resources of a big bank combined with the heart and attention of a community bank." With those 100 locations, talk a little bit about the financial strength of the bank, and then how do you make sure that that statement holds true?
Nitin Mhatre:
The best way to describe that would be if we look at the strength of the institution. I think that one of the key variables there is capital. Banks are in the business of deploying capital and allocating back capital to your customers and communities. We rank in the top quartile in our peer group in terms of our capital ratio. So I think that becomes the statement of strength. We have pretty solid liquidity, and we maintain that. We're proud of it. We have a very robust enterprise risk management program that constantly makes sure that position of strength remains.
And then how do you deploy that while retaining that personal touch of a community bank? And how does that translate into client experience with us? We track our, what we call, net promoter scores. This is the percentage of your customers that are super fans, for lack of a better word. We are in the mid-50s. I think anytime you're above 50, you're in a good spot. I think we feel good about where we are and constantly improve that every day.
That's the perfect blend of strength and soundness, and safety and soundness, and, on the other hand, delivering that exceptional client experience.
Josh King:
Exceptional client experience; I've been a longtime customer here in New York City of First Republic Bank, and they've certainly made their brand on customer experience, not necessarily on their capital reserves. When you're in an engagement in one way or another with Berkshire Bank, if I'm walking into a branch or getting on the phone or on the website, what are the things that when you see it you say, "Aha, that's really what I want to be seeing from my bank, from my company towards our customers?"
Nitin Mhatre:
It boils down to something very simple. I think every client, no matter how big or small, wants to be treated with dignity and respect and feel that they're getting personalized service. So when you walk into a branch and you're treated as, "Hello Josh," or, "Hello Mr. King," and, "Here's how I may be able to help you," and, "Here's what I've been thinking about your finances," is the kind of personalization that really doesn't happen across all banks, believe it or not, and I think we take pride in that. Then, if you go onto our mobile application, when you open the app, it'll say, "Good morning, Josh."
I think little things like that matter because that tells the client that they care about me. They think of me as an individual client and not as a number. I think that goes across our channel. That experience is what we call as the omnichannel experience of personalization.
Josh King:
I want to talk about the four key tenets of Berkshire Bank, and starting with the push to fuel small business. Throughout the country, so many of these community institutions were hit hard during COVID-19. Some were able to survive, while others unfortunately closed their doors.
What has Berkshire been able to do to help small businesses recover and thrive in the post-pandemic? Especially as you think about those drives across the Mass Pike or Route 2 that I was talking about. So many restaurants need these services, so many small businesses, and you look at them, and you say it's not the same as it was before the pandemic.
Nitin Mhatre:
It is. I think, just like life, it's all about relationships and how you stay through those relationships in good and bad times. We ran towards our customers when things were tough, whether it was the great financial crisis or the COVID cycle. We were at the forefront of PPP, for example. Our issuance of PPP to help businesses survive through that cycle was at about three times the average bank in the country.
We also ran towards our clients post-PPP when they were going through challenges, just like you mentioned the restaurant, the hospitality industry, and worked with our clients to help them stay viable. To that extent, our rate of workouts and loans that were deferred were at the highest amongst our peers and across all banking standards, but that helped customers. We ran towards them, and they'll remember that for years to come. I think that kind of goes to the spirit of who we are, and that's embedded in our DNA
Josh King:
Community, financing, philanthropy are also paramount to the initiative, and one of the pillars in this area is employee volunteer time. How are employees able to step out of the bank setting, maybe take off their tie and jacket, contribute to the betterment of the New England region?
Nitin Mhatre:
We value that tremendously. I think the way we describe it is all about time, talent, and treasure that we can lend into the communities. Time is an important element of it. We actually have what we call Extraordinary Day, where we shut down the bank for-
Josh King:
That's X-Day, right?
Nitin Mhatre:
X-Day, Extraordinary Day, as we call it. The branches close at 12:00, and the entire network of employees, 1,350 of them approximately, we go out in the communities and serve for whatever is your favorite local cause. It brings a lot of energy. I was there even recently at Cradles to Crayons, on which I serve as a board member, to just help those not-for-profits constantly. On average, Berkshire bankers spends about an hour a week giving back time to the communities, and we're proud of it.
Josh King:
Part of that mission statement that we talked about earlier also includes this, "No two customers are alike, and each person has their own unique interests." Often, those interests come in relation, in one way or another, to where folks sit on the socioeconomic strata.
What ways does the best community comeback positively impact those in the low and moderate income neighborhoods, as well as minority mortgage borrowers? So much of your early part of career was in the mortgage space. ICE itself is getting into the mortgage technology space, and helping folks stay in their homes is one of the most important things, or find the best mortgage for them.
Nitin Mhatre:
It is. I think our community comeback program was designed to lend into the communities and invest about $5 billion over that period of time. We also became the first bank under $150 billion of assets to issue a sustainability bond, the proceeds of which were also devoted towards these causes.
So coming specifically to the LMI, low, moderate income neighborhoods or borrowers or minority lending, we start that right at the grassroots level. So first time home buyers seminars, and education, and series. And our business leaders, who run that space, invest their time into doing that across our footprint. We have programs that are specifically designed to help those clients, along with the programs that the states have that we distribute through our channels as well.
So I think it's a combination of education, product programs and awareness that we are able to do a good job there
Josh King:
In so many ways, Massachusetts is a progressive state and is leading the way in environmental issues I've known for my entire life. The final area of what Berkshire Bank is focused on in terms of these four initiatives are protecting and caring for the environment through low-carbon projects, the use of renewable energy. We've certainly seen so much coverage in the Boston area about Cape Wind and the reduction of greenhouse gas emissions.
How can environmental responsibility help a business like Berkshire Bank grow off its success over the past 177 years?
Nitin Mhatre:
I think it's not just the right thing to do, but it's also a viable thing to do to make a greater positive impact for all stakeholders in so many different ways, and it begins at home. So even our own consumption of energy, 99% as of today of the energy that we use is renewable energy, and our goal is to get to 100% by the end of this year. We then support the clients who are making that transition, and help them into that transition, and expedite that transition.
Just to give an example; all of the office buildings that we have in Boston today, there is an effort to retrofit them to be lead-certified and be environmentally friendly. That alone creates an opportunity to be, I think, $10 plus billion of retrofitting that has to happen, and we want to participate in that.
So help the clients, help the communities, help the environment, and also create a tremendous shareholder value.
Josh King:
After the break, Nitin Mhatre and I are going to continue to discuss Berkshire Bank's commitment to the community as well as his leadership journey. That's all coming up right after this.
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Josh King:
Welcome back. If you're enjoying our conversation, you want to hear more from guests like Nitin Mhatre and Berkshire Bank, remember to subscribe to Inside the ICE House wherever you listen and give us one of those five-star ratings and a review on Apple podcasts.
Before the break, Nitin and I were discussing his path to CEO, his time in banking, and Berkshire's commitment to the community. The best community comeback that we were talking about earlier before the break was announced as a multi-year initiative, Nitin. It's now been two years since it's been introduced. Are the four key areas that we talked about still on track to reach their goals laid out back in 2021? You just laid out the environmental one.
Nitin Mhatre:
On a percentage basis, if I were to approximate it, we are about 80 to 90% of the way there, and we should be able to complete that within the expected timelines.
Josh King:
Going back about 16, 17 months in the middle of 2022, Berkshire developed a sustainable financing framework that most notably included a first of its kind $100 million sustainability bond. What's the significance of the bond, and how was it received among your customers and the public generally?
Nitin Mhatre:
It's very significant. As part of our commitment to sustainability, we were the first bank, as I mentioned, under $150 billion in assets sized bank that issued a sustainability bond, and we also were able to deploy those proceeds within the first year anniversary of that bond. I think that certainly helped our mission, and I think this is a core tenet of what we want to do.
In fact, we track our performance on those matrix in part of our ESG rating. As it happens, as we speak today, Bloomberg, which is one of the four rating agencies that we use along with MSCI, ISS, and Sustainanalytics, we are rated number one bank in the country out of roughly four and a half thousand banks on the ESG disclosures, and number two bank in terms of ESG performance on Bloomberg ratings.
We are proud of it, and we believe that's the right thing to do, but also it creates a positive impact and stakeholder value.
Josh King:
That's what Bloomberg is thinking of you. Some other media organizations also have their lens focused on Berkshire Bank. You're ranked among the most charitable companies in Massachusetts by the Boston Business Journal. Also recognized as one of America's most trustworthy companies by Newsweek.
We talked about this basic feeling that a customer gets when they walk into a branch or open up your app, but what does it mean to be recognized broadly in the community by some of these news organizations that put you up on a pedestal?
Nitin Mhatre:
It just feels like a perfect blend of everything when it comes together. In fact, we also were recognized as amongst the best mid-size employers by Forbes. I think what it does is we have happy employees, happy clients, and happier communities, and I think that's the perfect combination that we look for.
Josh King:
Broadly speaking now, if we pivot sort of to the guts and technology of banking. If you think about where you started in this industry at Citigroup and through Webster and now Berkshire and the way we might've interacted with our financial institution, whether it was walking into the branch or getting a statement in the mail and trying to balance our checkbooks or look at all the transactions on a piece of paper and decide what to do that, so much of it is now here. I will never probably walk into a branch again to deposit a check. I will take a photo of it.
Reflect on where you've seen the evolution of the entire business model and the technologies as it relates to the end customer.
Nitin Mhatre:
It has come a long way, and you're absolutely right. I think banking was all about people walking into this grand building with marble flooring and big columns. That has changed. What hasn't changed is customer's desire to be given a personalized service, insights, and manage their finances through a trusted advisor. The way you are able to deploy that, depending on how customers prefer to be banked, is how I think banks succeed. And we've been able to make that evolution, like I was talking about earlier, providing an exceptional digital banking platform but retaining that personal touch.
We also have a unique channel called My Banker, which essentially says that if there are situations where you do feel like you need to come to a bank or a branch, and you are not able to, or if it's not convenient to you, we come to you. So as opposed to you going to a branch, we come to you. We deploy that through My Banker program, which has been incredibly successful.
Josh King:
We've talked about how that bank has evolved in the past 30 years or so since the 90s in terms of its technology and infrastructure. The makeup of the people inside it too has changed. If I think about the progression of Bay Bank to Bank of Boston to Bank of America, people like Chad Gifford, he was the quintessential banker, the white male leader, probably with a largely white male board.
You're a diverse person. Your board has become increasingly diverse. What has been your own journey thinking about the diversification of the people in the banking industry?
Nitin Mhatre:
I think diversification brings diverse perspectives that, one, makes you think and feel like your client base that is increasingly diverse, and it also brings this new perspective that makes your thought process stronger. I think you're right. We're a diverse organization and proud of it. 67 plus percent of our workforce is women. Five out of our 13 board members are women. We are proud of the diversity that comes with it, and we've been recognized as such through Bloomberg and Human Rights Campaign for our diversity and everything that we've done for different communities, including the LGBTQIA community.
Josh King:
We talked about some of those earlier episodes, Nitin, where we've had business leaders such as Ron Shaich and Panera Bread, Verizon Business' CEO, Kyle Malady, Kamran Khan of Deutsche Bank, and others, and we always talk a little bit about what differentiates their leadership style.
You talked earlier about how you try to apply empathy to a lot of the things that you do. Talk about some time where you were just brutally challenged and the decision really didn't come easily to you. How'd you work through the problem? What kind of people did you reach out to for advice and mentorship? And ultimately, how did you assert your leadership in that situation?
Nitin Mhatre:
I think there are many examples. The one that will stay with me for a long time is, this was during the 2009 cycle when there was a significant rush by the banking industry for foreclosing on the mortgages to minimize the losses that the sector was anticipating, and I, along with my mentor and my boss, chose not to foreclose any of our customers at that point of time. That was a tough decision because that was against the grain of what is happening in the sector, but it felt like the right thing to do, and it also felt like if we did that and if someone else followed it along the way, it might help the communities better.
This is when you reach out to people that you trust and admire and marry up the right conscience with a sound business decision. Decisions like that stay with you for the rest of your life, that you could look back and be proud of.
Josh King:
Talking about mentorship, and guidance, and counsel, you talked about the refreshment of your board and mentioned a couple of them, among them the former Lieutenant Governor of the Commonwealth, Karyn Polito, and the former President of the Boston Fed, Eric Rosengren. Until 2000, you were in India. You've been in New England for a long time, but a more recent transplant to Boston. How do you rely on them to navigate local politics, navigate local traditions, become a deep and embedded member of that particular community?
Nitin Mhatre:
It is absolutely vital, and this is really in so many different ways. If I just switch gears a little bit; the beauty of America. I think this is the land of dreams where you can come, and if you're hardworking, and if you do the right things, you can succeed no matter what. And then, when you surround yourself with great people like the folks that you mentioned, Karyn Polito and Eric and David Burnell, our board chair, and just everybody around us, it also keeps you grounded and connected and make sure that we do the right things for our employees, customers, and communities.
Josh King:
As we wrap up Nitin, sometime around now at this point in the year, we're in the first week of November, a CEO will maybe on a Sunday get in front of their computer screen and think about communicating to their employees about the way 2023 has gone and their hopes for 2024. In so many ways, for so many people, it's been such a challenging year.
If you and I were sitting in your study on a Sunday and I was looking over your shoulder, and you're trying to think about this last 12 months and where you'd like to go, what would you be trying to say?
Nitin Mhatre:
It's very apparent that the banking industry is going through a significant change. A big part of that is through the interest rate environment that has changed so dramatically and the concerns that the streets have about the commercial real estate and the office space. So I think there are challenges that are there. The regulatory frameworks are changing. There are new rules coming out about CRA and SEC. So it's been a year of dramatic and significant change. It's been challenging to that extent, and we are still not fully recovered from the impacts of COVID and PPP and the stimulus.
I think the simplest way to look at this is it's always going to be challenging, but we can get through all of that and come out stronger if we work together and keep the eye on the ball, which is to always take care of your customers first, and then everything else will take care of itself.
Josh King:
You're three years into your tenure as CEO of Berkshire Bank. As you think about what Berkshire Bank may look like three, six, or nine years from now, where do you see this all going?
Nitin Mhatre:
Stronger, better, and making a larger positive impact in the communities that we work and live in.
Josh King:
Well, it'll be a great story to watch. I'm always happy to come up to Boston to watch it in person. For now, just welcome back to the New York Stock Exchange. It's always great to have you here.
Nitin Mhatre:
Would love to have you there.
Josh King:
All right. That's our conversation for this week. Our guest was Nitin Mhatre, CEO of Berkshire Hills Bancorp. That's NYSE ticker symbol BHLB.
If you like what you heard, please rate us on Apple Podcasts, so other folks know where to find us. And if you've got a comment or a question you'd like one of our experts to tackle on a future show, make sure to leave us a review. Email us also, at [email protected] or tweet at us @ICEHousePodcast.
Our show is produced by Lance Glynn with production assistance, editing, engineering, my friend, Ken Abel. I'm Josh King, your host, signing off from the Library of the New York Stock Exchange. Thanks for listening. Have a great week. Talk to you next time.
Speaker 1:
The information contained in this podcast was obtained in part from publicly available sources, and not independently verified. Neither ICE nor its affiliates make any representations or warranties, expressed or implied, as to the accuracy or completeness of the information, and do not sponsor, approve, or endorse any of the content herein, all of which is presented solely for informational and educational purposes. Nothing herein constitutes an offer to sell, a solicitation of an offer to buy any security, or a recommendation of any security or trading practice. Some portions of the preceding conversation may have been edited for the purpose of length or clarity.
