tv Whatd You Miss Bloomberg December 1, 2021 4:30pm-5:00pm EST
caroline: i'm caroline hyde. it was another day of angst in the market. yields falling as stocks hold off. investors concerned about the variant, the recovery parts of the economy. we take a look at the people who are working in and thriving in this new normal created by the pandemic. it is our annual look at those in business, entertainment,
politics, technology that deserve recognition. jack dorsey not himself on the list this year, but he did buy a company that made the list. dorsey making headlines right now. romaine: the two founders of after pay on the list. dorsey stepping down as twitter ceo. square making news. it will be called block. the company changing its name. it says it will maintain some of the brand names it has, including the square brand name and cash app business name. it will change the name of its crypto initiative. that will be called spiral. it will keep its ticker for now , sq. these changes will go on and around december 10. i wonder what block could be referring to. [laughter] caroline: i wonder. taylor: let's get back in the meantime to the bloomberg 50 list, out with the latest vision
in businessweek. joining us is the man behind the list. maybe first talk to us about what goes into this list. it does span across politics to business to sports. how do you decide who is in the 50? >> that is a great question. we spend a long time trying to figure this out. we start by pulling all the bloomberg reporters across the world and trying to settle into something like the top 2 -- like the top 200 and we whittle it down. we are looking for some way to measure success in the year 2021. not only success, but major success in your category. once we have those, we try to find the most fun people. romaine: while we are speaking, we have some breaking news, this on disney. bob iger will be leaving
december 31, he will be replaced by susan arnold. we knew iger was planning to step down as ceo, now relinquishing the title as chairman. susan arnold will take over as chairman of the board of disney. we know that bob chapek will be officially reported to her. caroline: 14 years on the disney board herself, she's been at procter & gamble. here is a woman who knows the business world in particular. romaine: we will have to check the stats, but this is one of the few female chairmen of a s&p 500 company. with twitter and the rise of a lot of the indian-american, indian immigrant, and hopefully
starting to see more gender diversity over at walgreens. caroline: on the list of 50, one of the key voices on the bloomberg 50 list is the new ceo of cvs, one of the most powerful female executives in the united states now. taylor: it is interesting with these changes we have seen. romaine: we are talking about walgreens, just to be clear. taylor: we talked about some of the big changes we have seen. we were talking about twitter. even the name changes with facebook into meta. some of the changes, founders and the longtime leaders pivoting to a new generation. romaine: this is a broader question, do you think we are in some transformational space in our economy coming out of the covid crisis? we had this tech boom which has matured to a certain level,
where maybe companies need to rethink how they brand themselves, whether it is facebook and meta, square and block, even a stalwart like disney who had a ceo change and has made an interesting move deeper into streaming in a way that bob iger did not embrace years ago. caroline: it is a swansong to a certain extent to bob iger, the chairman of the board since 2012. the things that he changed in terms of the rich history of storytelling, pixar, marvel, lucasfilm, but there has been a pivot to more of the idea of streaming. they say mr. iger may disney an interesting leader through its content. we want to bring in a man who covers disney and will know the rich history that susan arnold has as a board member for 14
years at disney, now taking over the role of chair. seismic as a senior female in american business now. >> yeah, it's for sure. this has been an issue, the separation of the job of chairman and ceo for quite a while at companies everywhere, but particularly at disney. for a while they separated the chairman and had an outside director serving as chairman. bob iger took on that role than julie. it was quite controversial. some corporate experts saying one person should not have both jobs. this was a signal by disney and its board that they want to return to that. taylor: is this an outside oversight of a chief executive or someone that could be seen as a leader? we talked about the pivots to streaming, away from the
traditional business of disney. >> that is a big part. she has been on the board for 14 years, so she is steeped in the culture and decisions made along the way, but not directly tied to the business decisions that chief executive bob chapek has been making. if the board needs to make decisions in a different direction, she will be this lead voice there. caroline: this is a woman who knows business well. p&g, someone who understands a consumer business. >> coincidentally the previous independent chairman was also the former ceo of procter & gamble. they like these big consumer-products brands, people who understand marketing, understand all kinds of people and customers. romaine: when we talk about the potential for this company to
move into a space where it is straddling streaming, is there any sense that what susan arnold would bring to the table would shift the perspective different than what we have seen out of bob chapek? chris: i think that a board wants to let their ceo run the company and set strategy and make important decisions to the best that they can. what the signals is there will be this extra level of oversight there. bob jpeg won't -- chapek won't be able to operate with total autonomy in the way that previous chairmen and ceo's have. there will be this additional check and balance over him. i think that is critical.
to disney in particular. romaine: i don't know if we lost him. taylor: are you still there? chris: i can hear you still. taylor: talk to us about where we are in the horse race of streaming. we are talking about management of the board, the fundamentals of the business. where are we in the horserace of streaming versus the traditional businesses, particularly when we are looking at virus headlines again? chris: chapek signaled it is all about streaming. he is a believer in the theatrical movie experience, but it is a changed business. they are looking at much shorter windows of movies today coming out in theaters and going online in 30 or 45 days, that is the new normal. chapek realizes that streaming is the future.
disney plus can continue to grow its subscriber base. romaine: susan arnold, the big news here, being named chairman of the board of disney. we did a quick search on the bloomberg terminal. at the start of this year there were only 15 female chairs of s&p 500 companies. that came with the big announcement with the chair of starbucks named. there are 15 that are named right now. we talk about the bluebird 50, -- bloomberg 50, companies putting pressure on their boards for diversity. caroline: it makes for more diverse leadership. groupthink, you have that are risk-taking. you have etf's plowing money into diverse-led businesses.
you get a better return. taylor: the research has shown it, that diversity across all forms has led to an improvement in the share price along with the bottom line. romaine: i'm wondering why melanie hopson is not on the bloomberg 50. she took over in march. chicago native, by the way. taylor: of course y ou go there. caroline: never without a little bit of love toward chicago. we have a little bit of love for our bloomberg 50, coming up. this is bloomberg. ♪
an annual look at the people and ideas of the year. it is 13 anonymous people. junior investment banker at goldman joining us to talk more about this. in march there was this big slide deck called the working conditions survey were a bunch of junior bankers apparently catalogued and quantified to a certain extent what they were being asked to do and why they were not being compensated enough. >> it was a boring sending survey, but it was this little rebellion that caught fire. what they showcased in the middle of this deal bonanza that there was just way too much work to do. we know wall street people have to spend a lot of time, but it is different in the post-covid environment in the kind of
dealmaking boom we have seen. that is why that survey ricocheted on wall street, because it is the same condition at jp morgan and morgan stanley and several other firms. that is the situation out there. immediately you saw everyone wanting to put forward steps they could show that they care about junior bankers. they realize there is a real want for talent. taylor: it certainly isn't funny, but there were other jokes going around that you will still have all the same mental issues of being overworked, you will just be better compensated. does that mean there was actually any real change? sri: time will tell. that is a boring answer, but nine months in it's hard to say their lives have changed meaningfully. you still have all sorts of crazy deal volumes and volatility in the market, but their hours continue to be crazy. romaine: i thought they did make some concessions like lunch breaks.
didn't citigroup say they are giving people the friday off? sri: let's see how true they are. [laughter] caroline: you are saying it is knee-jerk? sri: we saw a report that talked about even after james fraser came out with the announcement about avoiding meetings on zoom, some managers were saying this does not really apply to your group. that dynamic will expend. you might revert to the mean in the next 12 months. caroline: the response to the survey to a certain extent, they want more pain, but what is the response -- want more pay, but what is the response for the people that have been there for a longer time? sri: they will say the only way to get ahead in this business is to put in the time and the hours now. you will feel like you are being slaved to death, but that is what you need to do.
this industry does offer unfathomable riches, especially compared to everything else relatively speaking. their thinking will continue to be, we did it, you have to serve your time as well. romaine: they are on the bloomberg 54 reason because it got everyone -- 50 for a reason because i got everyone talking. it does appear the pay changes would be relatively sticky. it not only caused a lot of other entry-level employees to ask for more money, but now you are seeing people further up the chain saying i deserve more as well. sri: you will likely have that element, for sure. you will see the result in two months. they are all going to be really well compensated this year. the banks have a lot of money to give away. they will make sure on the pay front where the change can be made, they will make that change. romaine: this means it will be harder for me to get a table my
favorite restaurant? sri: considering how famous you are -- [laughter] taylor: there is the reason we keep you on. caroline: always with the great scoops, particularly when it comes to the banks. let's have a feel-good factor if you are invested in turkey. president erdogan of turkey is removing the treasury of finance minister. he has been in the job as minister of finance and treasury since november of 2020. he previously was minister of development. this is not changing the guard of the central bank, which everyone had been conjecture lily concerned about -- been particularly concerned about the ramifications of central bank policy. but this is the man in charge of the purse strings of turkey being removed. romaine: we talked about how economic and monetary policy is being driven from one person or one officeand some of the
deputies beneath erdogan may have not as much control of the market. taylor: it goes against economic theory, that when inflation rises, you cut interest rates. not one, not two, totally blown out multiple sigma events. caroline: i remember the lira crash spurred for the first time in a long time the central bank to intervene to transport the currency. romaine: 13.27 on the lira versus the dollar. caroline: stick with us. this is bloomberg. ♪
roughly monthly people on the roblox platform every month. we are early in this amazing opportunity. i think it's going to change the way we commune again, share stories. -- the way we communicate, share stories. >> facebook doesn't have to come up with solutions, but in a world where they are regulated and mandated, you have to tell us what the plan is on these things. that is the world where facebook has an incentive, instead of investing 10,000 engineers to make the metaverse, you have 10,000 engineers to make us safer. >> it has the characteristics to make us concerned -- omicron has the characteristics to make us concerned for many reasons, but we have been preparing for months. i feel comfortable that the playbook will work. taylor: that was a look at the
bloomberg 50. a wide spanning list. allison felix of the olympics to businessman to politicians. romaine: the person named the head of the ftc. a couple years ago she wrote that fantastic paper with regards to amazon and the antitrust case against it. that raised a lot of concern about the biden administration's approach to some of these large corporations. caroline: there has been focus on crypto, nft's, but the use of cryptocurrencies by central banks. romaine: let's get to our next guest, who has been at the center of that. we want to bring in the governor of the central bank, joining us for an exclusive interview -- the governor of the central bank of the bahamas, joining us now for an interview. can you give us a sense of what the response has been so far? >> i want to thank bloomberg for
the recognition. in the bahamas, we have been on a long journey to modernize our payment system. we identified the value of having a central bank digital currency to provide the connectivity among our payment providers. we have been really pleased by the progress that our financial institutions have made in developing their mobile payment platforms and integrating into the central bank currency. we call it the sand dollar. i hope you can appreciate the significance of the sand dollar to the bahamas and caribbean. caroline: how do you hope it will effect change? is it helping solve long-term issues that people had in terms of accessing cash, being able to
build the economy? john: we have financial inclusion goals in the sense that we need to provide our island communities with access to financial services, and it has to be digital through a connected infrastructure. that is one of the importance of having the sand dollar. the other is to build resilience, particularly post-natural disasters like devastating hurricanes, and recognizing if you have a wireless infrastructure for payment services, it is much faster to get up and running post-natural disaster. this is a public good for the bahamas. having a central bank digital currency is a way of accelerating the infrastructure that will allow financial institutions to provide services and access through those channels. caroline: 300,000 plus sin
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>> from the heart of where innovation, money and power collide, in silicon valley and beyond. this is bloomberg technology with emily chang. emily: i'm emily chang in tempo disco. -- in san francisco. coming up in the next hour -- dr. fauci: we knew that it was just a matter of time before the first case of omicron would be dete