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Gian Mossa
Chief Executive Officer and General Manager, Banca Generali

Gian Maria Mossa e Davide Oldani in "Ricette per la Ripresa"

🎥 Apr 07, 2020 📺 Banca Generali ⏱ 20m 👁 1956 views
Gian Maria Mossa, Amministratore Delegato di Banca Generali, con lo chef stellato Davide Oldani in dialogo per cercare e individuare le ricette vincenti da cui ripartire al termine del difficile momento che stiamo vivendo. A moderare l'incontro c'è il giornalista e conduttore televisivo Nicola Porro.
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About Gian Mossa

Gian Maria Mossa, CEO and General Manager of Banca Generali, has commented on the bank's financial performance and broader economic trends. In May 2021, he described the first quarter as "one of the best quarters ever," citing record net profit, revenues, and total assets. He attributed much of the quarter's inflows to existing advisors who have embraced the bank's strategy and to the recruitment of new professionals, noting that total assets had grown to over 77 billion euros. Mossa also highlighted the bank's focus on sustainability, stating that "more and more the interest and the result of a company will be used not only for the bottom line but also for the ability to create value for all stakeholders." During the COVID-19 pandemic, Mossa discussed the crisis's impact on investors and the economy. In an April 2020 interview, he stated that the crisis was unique because market declines were not driven by retail investor panic, as "people are worried about not dying, not about what is happening to their investments." He expressed concern that Italian portfolios were "loading up on risk in a not too conscious way" due to the search for yield in a low-interest-rate environment. Mossa has also spoken about regulatory changes, describing the MiFID II directive as an opportunity for transparency but expressing concern about its timing, as markets "have already done a lot" and investors might face higher disclosed costs during a less supportive market phase. He has characterized fintech as "not a problem but a great opportunity," particularly for improving operational efficiency and client platforms.

Source: AI-verified profile updated from Gian Mossa's recent appearances. Browse all interviews →

Transcript (12 segments)
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Davide Oldani0:04
Good morning Gianmaria, good morning to Davide Oldani, good morning Gianmaria Mossa. In my opinion, having been sick for 40 days, I can't wait to get back to work, but I'm one of the few lucky ones because I'm immune. In reality, Italy is at a standstill. And now, jokes aside, Gianmaria, Italy is at a standstill. And in your opinion, the first question I ask you, then from Davide's point of view, how much can we afford to remain as we are now? Very little, in the sense that our economy has recovered in recent years thanks to the export sector, and where there is a production chain and where we export, we have fierce competition that hasn't stopped. So it's a matter of days, not weeks. Once we come out of the fair, we have to restart. Obviously, priority number one is attention to health protection, and we need to be good at restarting.
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Gian Mossa1:04
If we want to talk about economics again, Davide, certainly with economic spirit. Davide, you have a particular sector, excellences of Made in Italy, but also an excellence that needs a physicality and sociality that is a bit different from that of the service of the traditional factory. Your point of view on this topic: when can we, how much can we afford to stay still, Davide? From my point of view, with personal experience, I can say that I have gathered some raw material of economics over the years by managing my company and my activity in an entrepreneurial way, as well as being a chef. So I thought it wise to save, as they used to do, keep some aside and invest the rest with this more artisanal method, not high finance, managing an activity that still has over 40 collaborators. This has brought me now to have psychologically a bit more tranquility.
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Davide Oldani2:13
Then if I have to be there, I was there. It's a profession of hospitality, a profession of sharing. So I probably have some concern, but certainly the wait will be for reopening. When I have guaranteed the health benefit of my guys, of the suppliers, of the people who will come to the restaurant, then I must say that the point of view of conviviality at the table will change absolutely. Friends, it will be different. In my opinion, we have been good as men to do many things in restaurants just for peculiarities, but from my point of view, in my restaurant, the situation where I worked, a table of 20 people is not for conviviality, it's for making noise, which is another type, another human approach. That's why I have always cited tables that went beyond 6-7 people, precisely because when I want conviviality at the table, I have to talk to the other person. So it's something already written that we have forgotten, due to the eagerness to do everything without knowing how to search, renouncing things that weren't worth it. But just like washing hands, sometimes as kids we were told to wash hands when entering the house, we never washed hands. Now sanitize, sanitize, they have become important rules because of this problem, but it was already written. This is the fact of conviviality in a restaurant of hospitality, and large tables in my opinion will be abolished, and it's right to do so because I want to be with people and talk to people. So all these new-old rules that were there will be imposed under the sign of product quality. I tell you about many situations of payment in restaurants these days. In some restaurant chains, we see someone using vouchers. But I want to say, there's nothing against it, but we know very well that that payment method has led to the failure of many activities because they collected and then had to wait 90, 100, 120 days to get the money. So all this fluff that was given to the fact that I have to stay on the market, it doesn't matter if I make profits, but they have to stay on the market. Then I say, we don't have to think only about profits, but we have to think about putting hay in the barn. That is what allows a small entrepreneur like me now to be, look, with crossed fingers, with a psychological tranquility and respect. I want to clarify that in my case, my guys will have salaries, they will have advances on everything, and then they will have a full reintegration at the end of the quarantine. Because you know that we will pay with the layoff fund at 80%, and of my own free will, I will reintegrate everything when we restart. This type of thing does you honor, and it is anyway, I would like to say it. But excuse me, Davide, because you are an excellence, recognized, and you have reasoned in very entrepreneurial terms. Unfortunately in Italy, there are millions of very small businesses, also in your trade, in restaurants, bars, services, that I fear will have market situations a bit more difficult in the future. So let's talk never, never, never. Can I do one last thing? It is that everyone must do their own job. FIPE and other associations, including those of chefs, were complaining until last year because there were some entrepreneurial situations for bars that did restaurant. Then a license allowed us to do many things, so you take away for a sandwich, most of the time badly made, for all that food we see in many situations that really turns the stomach. For all those situations where they didn't have the license, they took away the trade from what is the restaurateur's trade. So it was a whole chain of things that happened incorrectly. Eventually now we need to fix these things. Well, Gianmaria, they want to know two things. First, if Banca Generali is working, the markets work, the markets unfortunately work, one would say. But Banca Generali works in this period? Yes, look, we work, we work intensely with two priorities.
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Gian Mossa6:44
One would say, but Banca Generali works in this period. Yes, look, we work, we work intensely with two priorities. The first is to continue doing what we have done, which we were, and the second is to be a bit closer to the country. On the first, I will say that this is the first crisis where the market collapse is not driven or induced by the panic of the final investor, the small investor. Because the small investor in this case is a health crisis, so the greater evil drives out the lesser evil. People worry about not dying, not about what is happening to their investments, unless they need it to live. It's a very bad thing we are fighting. For example, you know that we have a fairly high clientele on average, but we also have many families with 40, 50, 100 thousand euros. Two numbers: we have substantially bought from 2020 with about 3 billion euros in liquidity from families under 100 thousand euros. Today they have become 2 billion, while the liquidity of families above 100 thousand euros has increased by 1 billion. That means everyone is a bit more cautious and holds more liquidity. Those who can afford it, those who can't are taking the money to eat, to help their own business. And the real drama is touched well today. The drama where we can't reach is the small shopkeepers, VAT numbers, merchants. The state can't reach them, the traditional financial system, the banks, can't reach them because there is too much need. You start from large companies, you hear how to help first the large companies. But then if you talk to entrepreneurs, the big ones, the strong ones, they are very worried about the downstream distribution because if the chain breaks, it's bad for everyone. So in this sense, we, for example, are trying to get very close to these merchants who are hardly even our clients, but it's not even our typical clientele, but there is an absolute need to help our country. It's a very nice initiative we are doing together with a partnership, a digital platform called Finte, which is to help the very small merchants to have access to the guarantee fund as established by MIUR and Mediocredito. Perfect, we accept all these financings and we make the money of the private investor arrive. We bring together the financing needs with the beginning of savings. In the middle of this sandwich, there is the risk. Who takes it? A piece Mediocredito, the state, and a piece the institutions that take the so-called first business risk. And in this case, we did the first one with Generali, which accepted with great enthusiasm and sense of responsibility to take a piece of risk to enable the meeting of demand and supply. This is important because it is also a way to test alternative financing channels, a system worth three built of principal. Then I return to you on savings, Davide. I want to ask you another thing: the market that will be, that is, the market that will be in a month, two months, when we reopen, will it be, let's say, the logistics of what we talked about, consumption we talked about? Will it be a market also of rebound, or that famous phrase: if I haven't had 5 coffees in the last weeks, it's not that I'll have 5 when I return to buy and consume? Did you understand the question? That is, will Italians go to restaurants? Yes, yes, yes, I understood very well.
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Davide Oldani10:30
In my opinion, on this case, I am very optimistic. In my case, it works in my favor because I am already used to planning what is my idea of work and life. I had already planned in the last year and a half to remove two tables from my restaurant. But I wanted an even more concentrated, more elegant work, so I had already planned that. And upon return, certainly a table, I was still there precisely so that the guys can interact well with the guests. But the thing that makes me even more optimistic is that now I am in my study, in my office, and I hear the restaurant phone ringing. And there are 6, 7, 8, 10, 15 days of bookings from when we closed almost a month ago. So I hear the phone ringing these days. Under a permit, I answer out of curiosity. The phone continues to ring. There must be a reason. Certainly, more than one person told me: look, we never manage to eat there. In this dark moment, I want to be optimistic and book a table for September, October, November at your place. I swear, it's not just one, they keep coming. Even now, I don't know the stand because I have headphones, but the sense of optimism is in the practicality that evidently having sown well before brings you the rest of the days to have the phone hammering because people want to be reassured, a bit like saying: will you have the table? Naturally, I can't give it to them because I don't know how it will be, I don't know when in September. Davide, in September you can't give it. I ask you, Davide, but September, can you give the table? I am very cautious now. So we are grown, if you don't give it, we are dead. Twenty tables in September, we can't resist until September without Oldani, are you joking? For the soldiers, without all the others. Look, my mother said, a bit more philosophical: man proposes, God disposes. Everything was written. We should have only followed with respect all those written rules. More is never good. So to these ladies who call, they still feel reassured because I answer the phone. So just give a thread of psychological tranquility, and then the money. I have seen that the good Lord has put us so, we must in one way or another wait.
And instead of money, Gianmaria, here I want to understand now, explain well what the devil it is. I think your phone rings 500,000 times a day because your activity is in this moment, markets are crashing, BTPs are rising and falling, and I almost don't know what question to ask you because I don't know which of the 100 questions I would like to ask you. If this 1,400 billion liquidity in current accounts that we have obtained in this phase, maybe it went well for us, I don't know. The markets had reached their highs, so a bit of recovery. Look, a so-called thing: as a journalist with a straight back said, Prime Minister, ask yourself a question and give yourself an answer.
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Gian Mossa13:52
Look, I believe, I agree, it's a particular moment where you don't know where to turn. We receive a lot of phone calls, all of us. Surprisingly or fortunately, the phone calls I receive are about concerns on how to help restart the system. I note that I do the job of wealth management, and they ask me how to get messages across. It gives an idea of the sense of responsibility and urgency to restart regarding investments. The worst surprise we all had came from the bond market. We Italians on average love bonds a lot, 85% of the market. The bond market lost when it went well 10 points, when it went badly 20, then it did really badly. It gave some certainties, and we sought it a bit because it yielded one, two, more to guarantee returns. All managers moved to the riskier part. So I believe that this crisis will lead the saver to want to understand even better where to put money and to be even more distrustful. It's clear that this was a crisis, moreover if you think about it, with great uncertainty and very fast. When you have so much variability and so many uncertainties, then chaos and fear. So the reaction, even uncomposed, was to put a lot of money on the table. I think it's the first time ever that the reaction has been stronger than the action. That is, if you sum up how much money everyone has promised or deliberated, probably ex post we will realize that it will exceed what has bought growth. The problem is to get it to the right places, and because of a bit of chaos and bureaucracy, the money never arrives where it should. So this is the effort, Gianmaria. And I heard you in the past, before this great crisis, saying exactly what you said now about bonds. So I want to say, I must give you credit that you said: look, we are too unbalanced, Italians have too many bonds in their portfolio. The question, let's say from a simpleton, that I ask you now is the following: since people then want to think that sooner or later they must re-enter the market, and in this it can be seen that the bond market has crashed incredibly, and the risk you took with bonds is similar to the risk you took with equities, and all in all, then it's worth today trying to remodel the portfolio a bit. Even if they are different instruments, it has been seen that they are equally risky, equally volatile. So is this a good opportunity to return to the equity market? Question mark: is it too early to say not today, not now, to rebalance the portfolio?
The question is right and the answer is simple. The answer is yes. Then you don't have to put them all today. The world doesn't stop, and business has proven to be more efficient than the public sector. So for me, there is growth. There are sectors that today, think, now they are talking to me with a system called Sun in a sense that none of us knows, at least I personally didn't know. Zoom is listed, there was a rush to buy it. Obviously, the world adapts, bites, and the best companies grow. Let's remember that debt is a bit of a strange beast in the sense that this reduction in rates has meant that everyone could access debt, the good and the less good. It's not said that buying a diversified portfolio of bonds is necessarily safer than buying a good diversified portfolio of equities in the medium to long term. You ask me: will I ever buy? I don't know. But what I know is what we are doing as a bank. Since January, we have lightened the overall risk of the portfolio a bit, with a bit more risky debt, and we are programmatically buying a bit of equities, and we will continue for the next 12-18 months. So you don't have to do everything at once, but if you start an accumulation plan, things can certainly bet a good coffee that we will have more than before.
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Davide Oldani18:01
Then the last question is a question that concerns different sectors, but in its simplicity, I think it tells everything. Davide, do you feel today more like you felt during the great financial crisis of 2008 when markets crashed, or closer to the tragedy of September 11, when all of us were scared and the markets were also scared? More 9/11 or 2008? Davide, maybe more 2008 because I lived it more as an entrepreneur. On 9/11, I was traveling around the world, I was scared for other reasons. So it's more 2008. And for you, Gianmaria? More 2008, a great crisis from which we recovered relatively, or 9/11, that sharp blow that changed the history of the West?
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Gian Mossa18:28
In my opinion, as a paradigm shift, the crisis of the Twin Towers. Because from that moment, everyone felt a bit less secure. And also in this sense, we all feel it and we have changed behaviors. Think that before the Twin Towers, today you explain to someone who has a kid and tell him that we used to carry water in a 1.5-liter bottle on the plane, he looks at you like a madman, just as they looked at those who smoked on the plane as madmen. So behaviors changed. Exactly, exactly. Then it's a bit unique in this because it has affected consumption, the crisis is finding the supply crisis, also the financial system because it has blocked a type of post. Then in my opinion, we must restart and it must be considered, as our friend Davide said very well, something that brings us back to healthy customs and habits and brings us a bit closer to normality. But we must restart because then we can't talk. With due attention, I call Urbani, I book a table for October.
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Davide Oldani19:23
Welcome, a dinner exactly. Como, from the last time I feared it was made by him already, but the only one, there was need. The last dinner Sunday evening, the only one, made by him. When was it, Davide? Two or three days before his death. And kayak, and anyway instead, the only thing we must think at this moment is that the tragedy is health, we must solve it because this is the real great one of the moment. The economic one risks being equally great. Davide, I wish you good luck, obviously also to Gianmaria, and I would say that they gave to profit, conclude it.
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Gian Mossa20:28
Davide, I wish you good luck, obviously also to Gianmaria, and I would say that they gave to profit, conclude it.