manus: the german bank deutsche bank cuts john cryan out after less than three years in charge. one lifelong employee will be the new man to steer the troubled bank. nejra: debt the luge. the congressional budget office may increase the forecast for the u.s. budget deficit. how will investors respond? ♪ nejra: welcome to the program. let's recap some highlights that broke a few minutes ago. novartis to buy of excess for billion, $218 per share in cash. we are also hearing from avexis that the transaction is expected to be completed in mid-2018. let's take a look at how markets are responding to this trade skirmish that keeps moving on. we are awaiting a response from china after more developments from the u.s. on writ friday. the msci pacific index shrugging this off, with gains of .8%. chinese markets reopened this session and it is the hang seng that is very much outperforming. we are also seeing u.s. futures edge higher. let's look at the dollar -- in terms of the dollar index what we are seeing is a little bit of consolidation after the weakness on friday. dollar-yen has b

a new man takes over as john cryan is pushed down. executives welcome the new chief executive and a rise in share prices. k balancing act. we with the chinese president's response. -- we await the chinese president's response. wins big in hungary. i'm francine lacqua in london. tom keene is in new york. bigre following two stories, one is deutsche bank. and the other is the economy. tom: international relations are front and center. not only the international relations of deutsche bank, andon new york, but front a center in washington, the israeli attack we saw on syria a few hours ago. francine: methodist or to the bloomberg first word news. syria, starting with president trump warned there would be a big price to pay for a chemical weapons attack. russia says two israeli warplanes carried out the assault. not say anything.xz a suspected poison gas attacks on the rebel stronghold near damascus. deutsche bank has turned one of the veteran employees to revive its fortune. christian sewing's appointment was part of a broader reorganizat

>> not directly linked to john cryan. likenalyst says it looks the german is going up the problem -- chairman is going at the problem with a crowbar and is a sign he is panicking and trying to show impact with big names. the criticism level is both that john cryan and the german. -- chairman. some people say john cryan is not motivating to generate johnue and others say, if cryan is getting pushed out, the chairman should leave at the same time. he oversaw the former ceo as well who strategy did not pan out. criticisms of both and we may know more at the annual shareholder meeting next month. mark: jpmorgan says that deutsche bank needs to scale back its u.s. operations and focus on serving is european companies. will they listen? >> we know that they are reviewing the investment bank. business is one area of key focus, it makes sense. mark: thank you for joining us. the regulation reporter in frankfurt. three minutes away from the end of the session. look at the ftse, turning positive, up a 10th of 1% with gains in frank

john cryan was charged with a turnaround that has had increasing crosswinds. the stock year to date is down 28%. it depends in large part on trading revenue which has been under enormous pressure, and 2015, since then there has been a significant drop in trading revenue. that has increased the drumbeat of powerful investors to make a change and make it quickly. betty: we will get more bank news. we have bank earnings starting this week. what will be the key challenges awaiting him? su: the change was to make an executive dynamic change. if we look at the problems john cryan faced, he was brought in in 2015 to clean up the bank, and there were a number of issues he presided over. yet to cut risk. he had to settle multibillion-dollar cases involving misconduct with the bank. he had to raise capital. his main objective, to raise the revenue for the bank, was not meeting the goals in terms of the immediate pressure that have mounted in recent weeks to change the supervisory board. they met over the last couple hours there they had wanted of course to find new lead

coming up, john cryan's days at deutsche bank may be numbered. we take a look at that next in wall street beat. as you come in today, you can tune in on our radio and listen to tom keene and jon ferro from 7:00 to 9:00. can beerg surveillance" heard across the united states on sirius xm radio. live from new york, this is bloomberg. ♪ >> first word is brought to you by athene. we see you going places you've only dreamt of. we are athene, and we are driven to do more. ♪ kailey: this is "bloomberg daybreak." coming up in the next half hour, bill gross, janice henderson -- janus henderson's fund manager. alix: on wall street beat come up we cover what wall street is buzzing about this morning. cryan's, the search for replacement at deutsche bank heat up. moment been psalm on -- mohammad bin salman on takes corporate america by storm. checkou ever had come to -- kambucha? david: i have not. alix: it has a little bit of hope all in it. it is fermented -- of alcohol limit. it is -- of alcohol in it. it is fermented. david: we have christian meissn e

john cryan failed to deliver on that promise. christian sewing staking his reputation on cutting costs, but will he deliver on growth? the investment saving bank has dropped, to the lowest level, in terms of revenue in a long time. he is working on a restructuring of the investment bank. the outcome is what everyone is waiting for now. arons of bloomberg news, thank you. in the market, a risk on day. that means selling treasury on the mark to -- on the margins. $68 billion worth of treasuries will be auctioned off this week. how do you want to position yourself? waldner,s now is rob strategist at invesco. i want to start with the auctions, because we have the supply. is there going to be the demand as equities continue to find their footing? rob: if the market continues to have the funds to get that supply off. a couple of things are working against supply. one, the fed is reducing the size of their balance sheet, so thesere buying less of quality assets. and foreign investors have less incentive because hedging costs have increa

john cryan is out. >>> mark zuckerberg heads to capitol hill monday, april 9th. you're watching cnbc. >>> good morning, welcome to "worldwide exchange. i'm mike santoli. >> welcome back. >> thank you >> i'm seema modi. brian sullivan is on assignment. he'll bring us a live report from south carolina where he's looking at tariffs on business there. a big story as we watch this trade dispute between washington and beijing. take a look at where markets are trading. we're halfway through 5:00 a.m dow up 218 points. nasdaq higher by 76. s&p up by 23 take a look at the yield on the ten year treasury note we are at i believe around 2.79%. that's where the ten year note is yielding. >> global markets also in rebound mode asian equities, all to the up side hang seng and hong kong in particular a strong up 1.3% nikkei up half a percent over in europe, of course deutsche bank there, the big story, that stock is helping the german index there you see german dax up almost 1%. france up half a percent slightly smaller gains throughout but globally the market's definitely looki

they have their eyes on magazines to replace john cryan according to those familiar. bloombergs erik schatzker is there with the story. great to have you on the show. seemsuld the man who it was not the right man to run j.p. morgan would be the right ceo to run deutsche bank? erik: let's start with the fact that jpmorgan has been a fruitful training ground and hunting ground for bank ceos. bill hunter who runs standard chartered was former cohead of investment bank j.p. morgan. nonetheless, he's the ceo of a major bank. it wouldn't be crazy to think of someone else like matt zane's becoming the ceo of a bank in need of new leadership. to your point, why if j.p. morgan decided that matt sainz was not the right guy to join the bank, and that is the case -- that is what happened last year, and it's one of the reasons he left the bank -- why would he be an appropriate choice for deutsche's? believe heeasons to would be. one of them is the fact that he has a great deal of experience and fixed income, and that's one of the areas where deutsche bank has gotten themselves in

he will probably be happier to do it then john cryan was. on the other hand, those in the industry and others will be asking what this means for the investment bank headcount. they have over 40,000 employees in the business, a business that a lot of people want to see scaled back. deutsche bank had been really harsh about raining that in over g that in-- reignin over the last few years. unhappy aboutwas the bonuses and the german after at large was angry the third loss. it will be all about headcount and compensation. matt miller is now going to run across the road and up in a lift and join me in a few minutes time on bloomberg radio. he has to go all the way up there. if you want to carry on the conversation with matt, you can find us on your bloomberg player. let us talk about this morning's steel report. novartis of switzerland is going to purchase avexus. i am not sure how to pronounce this. $218 a share. and 88% premium. an awfully lot of -- an awful lot of money for this company. how will management justify and 88% premium? and a new c

on monday john cryan's embattled tenure at deutsche bank came to an end. >> deutsche bank supervisory board has named a new ceo to replace john cryan as part of a sweeping overhaul of senior management. the code deputy ceo christian has spent his entire career at europe's largest investment bank and is currently head of its private and commercial arms. the change. fill us in on why him. >> they have had losses for three years in a row. that is one of the main reasons. but if you dig a little deeper into this kind of feud that started up between john cryan and paul up lightner and really between john and the board, you see that the bonuses he paid to investment bankers last year really did not go down well. it didn't go down well across germany. so this has been you know far and away the biggest story in finance for the last couple of weeks. and it comes to a head today with the replacement of john cryan by an insider, christian saving, who comes from bielefeld, a german who will have to continue the job of shrinking this investment bank. they have got to focus on bread and butter, whi

on monday john cryan's embattled tenure at deutsche bank came to an end. deutsche bank supervisory board has named a new ceo to replace john cryan as part of a sweeping overhaul of senior management. the code deputy ceo christian has spent his entire career at europe's largest investment bank and is currently head of its private and commercial arms. the change. fill us in on why him. >> they have had losses for three years in a row. that is one of the main reasons. but if you dig a little deeper into this kind of feud that started up between john cryan and paul up lightner and really between john and the board, you see that the bonuses he paid to investment bankers last year really did not go down well. it didn't go down well across germany. so this has been you know far and away the biggest story in finance for the last couple of weeks. and it comes to a head today with the replacement of john cryan by an insider, christian saving, who comes from bielefeld, a german who will have to continue the job of shrinking this investment bank. they have got to focu

vonnie: quickly, what is the future for john cryan now? >> it is unclear at this point. he came onto the board to have but option to make him ceo, he has been a bigger a long time. you know, this has been a draining three years and i would not be surprised to see him take some time off. shery: michael moore, thank you so much for the breakdown on what is happening with deutsche bank. let's get a check of the markets, because they are trading at session highs with the dow gaining almost 400 points, more than 390 at the moment, while the s&p 500 is also gaining 1.7% and every sector on the s&p 500 is turning green, even telecom, which was lagging the broader market, now starting to turn positive at the moment. and we have seen the run-up in bank stocks since the morning. we have seen financials on the s&p 500 gaining 2.2%, followed by health care, and information tech. -- nasdaqaining 2% gaining 2%, volatility falling, now around the 20 level for the vix, after gaining ground in the last session when we saw the selloff on friday. live from new york, this is bloomberg. ♪

having interviewed on several occasions john cryan over the last two years, it was clear he believed in the investment bank and the opportunity in capital markets and expected at some point that we would see a pick up in activity which would justify his faith on holding on to those business lines. what we have is a pick up in activity if deutsche bank continued with its current structure, that would have begun to show improve emt improvementes. unfortunately or fortunately the new management team has come in and has taken a red pen and saying we will rewind the clock. we will takedeutsche bank to its beginnings, which is corporate finance, ultimately providing businesses with capital for expansion or for starting their ventures, and we'll refocus on europe. pull in our horns internationally. the irony of the announcement is this comes at a point when we're focused on some of the slowing pmi numbers in europe and asking questions about just how much fresh capital the corporate sector is going to be demanding going forward if it doesn't see the opportunity to expand. so a very bold sta

investors are frustrated with the bank under john cryan. his inability to restore revenue growth there. deutsche bank needs stability now. it has gone through three chief executives in six years. this morning's news, people thinking maybe matt zames is the man to induce that stability into the bank. of thensidering in terms ways he does not speak german could be a factor in all of this. let's talk what is happening in the retail space in the u.k.. paul: as you would expect, numbers are week for march. it was a terrible month for retail in the u.k. dan 10% according to bdo. numbers from retailers suggest it has been as bad as that. if we look at the retail stocks, no prize at the monthly numbers. there are weekly numbers in their that show a weak start to the end of the month and the start to april for clothing retail. look for weakness. paul, i will pick it up here and say thank you for joining us. you can get the latest from our equity team by typing first go on your bloomberg. this is bloomberg. ♪ welcome to the xfinity store. i can tel

what does that mean for the future john cryan? the more that their speculation and rumors out there that deutsche bank is looking at this or that executive to replace him, does he get weaker by the day? elisa: it clearly doesn't help. over the last week or so, we have heard a number of reports. we even reported ourselves today that recruiters have been in potentiallyamon to replace john cryan. is word has been that he as committed as ever to the job. the speculation is not doing anything to underline confidence in the bank and the leadership. we have seen that in the share price, which is down again today. francine: are the different factions? if the board once something else , is it a battle inside deutsche bank? is it just deutsche bank against shareholders? elisa: it's apparent that there are factions. we have ambassador to say crya an is the architect of the strategy and there's a chairman in place for six years and who has been through a number of ceos in the strategy is still under question. you have investors pulling in dif

he replaces britain john cryan who arrived in twenty fifteen with the task of steering the embattled bank away from collapse. but after three consecutive years of losses the management's been shaken up sieving has spent almost three decades at the bank beginning as a trainee and working his way up the ranks. germany and france were both affected by public sector strikes this week in germany several hundred flights were canceled as airport staff walked off the job. the strike forced tens of thousands of passengers to make alternative plans some local transport services were also affected and in neighboring france rail strikes continued employees of the indebted state rail operator s.n.c.f. are demanding an end to reforms aimed at making the company cheaper to operate unions are planning to conduct more stoppages over the coming months. ukraine has urged germany to abandon plans to build nord stream to a twelve hundred kilometer pipeline that is to pump russian gas to germany through the baltic sea following a meeting with ukrainian president petro poroshenko german chancellor angela m

he replaces britain john cryan who arrived in twenty fifteen with the task of steering the embattled bank away from collapse. but after three consecutive years of losses the management's been shaken up sieving has spent almost three decades at the bank beginning as a trainee and working his way up the runs. germany and france were both affected by public sector strikes this week in germany several hundred flights were canceled as airport staff walked off the job. the strike forced tens of thousands of passengers to make alternative plans some local transport services were also affected and in neighboring france rail strikes continued employees of the indebted state rail operator s.n.c.f. are demanding an end to reforms aimed at making the company cheaper to operate unions are planning to conduct more stoppages over the coming months. ukraine has urged germany to abandon plans to build nord stream to a twelve hundred kilometer pipeline that is to pump russian gas to germany through the baltic sea following a meeting with ukrainian president petro poroshenko german chancellor angela me

zeven replaces john cryan who took over three years ago the englishman was able to settle numerous legal disputes he downsized the bank's underperforming investment banking division cutting jobs but years of fines and penalties draining business down deutsche bank is in a permanent state of crisis under korean's tenure the banks struggle to contain its losses cutting those losses is kristan the savings top priority now and that means he'll have to untangle his predecessor's mistakes most experts think that means deutsche bank will be returning to its roots in the traditional banking sector. and we can bring in stephanie now from the frankfurt school of finance dr stephan deutsche bank a seen three top media ship appointments in six years amid pressure from investors to improve profitability reverse that share is saving the man for the job. i think saving is probably not the one who will continue with the strategy that the bank is currently following given that he has been basically at the head of the private and corporate bank he would probably mean that that he would shift the focus to

elisa: that was a key pillar of the strategy that was announced a year ago by john cryan was clinching that waiver. at the time the waiver seem to be almost in the bag so it has taken longer than the bank had anticipated. that makes keeping postbank all that much more viable given the competition in the consumer market in germany. the key was to do more with them. work?ell the new model tha a focus on the c rather n ib work? this will become a much more boring institution going forward. you could argue it will be tough to profitability numbers the market is looking for. this -- will this deliver for investors? they have been waiting for a long time. elisa: that is what he is pointing to, investors' patience is wearing thin and this is what he has to do. tell, the trading numbers did look tough, a tough quarter. much more than it was for barclays. the decisions to pull back looked like they are well paced but the devil will be in the details and the numbers. you mentioned earlier that potential growth in southern europe and wealth management, he has talked about that without providing a

he replaces britain john cryan who arrived in twenty fifteen with the task of steering the embattled bank away from collapse. but after three consecutive years of losses the management's been shaken up sieving has spent almost three decades at the bank beginning as a trainee and working his way up the ranks. germany and france were both affected by public sector strikes this week in germany several hundred flights were canceled as airport staff walked off the job. the strike forced tens of thousands of passengers to make alternative plans some local transport services were also affected and in neighboring france rail strikes continued employees of the indebted state rail operator s.n.c.f. are demanding an end to reforms aimed at making the company cheaper to operate unions are planning to conduct more stoppages over the coming months. he crane has urged germany to abandon plans to build nord stream to a twelve hundred kilometer pipeline that is to pump russian gas to germany through the baltic sea following a meeting with ukrainian president petro poroshenko german chancellor angela

it's replacing its ceo john cryan with one of his deputies, christian sewing. the company says the change will take effect immediately. deutsche bank has been struggling to make a profit and its share price has plunged 27% in a year. facebook has suspended another data collection firm over privacy concerns. the company says it has taken the action against analytics company cubeyou, pending an investigation. facebook has lost billions in market value after it admitted that up to 87 million customers may have had their personal information misused by another data firm cambridge analytica. we have our news briefing very shortly. if you want to hear it about the change of the boss at the deutsche bank, lots more details on oui’ deutsche bank, lots more details on our website. a fall afall in a fall in police numbers has likely linked to increases in crime, according to a home office and. the home office says it won't comment, and will set out measures to tackle crime later. jessica parker has more details. a boy goes out to sell drugs in derbyshire. gangs get you

and potentially replacing john cryan, which happened. our story picked that up, taylor: they focused on the new ceo who has grown in the ranks. >> he is a homegrown guy. it could not get more local than this. there is reporting about people internally. it is an interesting choice. deutsche bank has always been hamstrung on this need to have a german ceo, or someone who could speak german. it feels like there are boxes that have to be checked, and this guy checked all of them. maybe it wasn't the best, but it is the next step. carol: it is interesting. the company has gone through a lot. a revolving door. the question is, where does it go? the strategy which john cryan had initiated, and it will double down on it, it is going to be a more deutsche bank. they will look domestically and try to become the german bank. carol: there was a great headline, more deutsche lesson bank. >> across the financial landscape, that is the take away that is happening. it is what the future of banking looks like. this version is especially boring. taylor: w

cryan didn't manage to bring the company out of the red germany's biggest lender is student a battle for survival saving says he wants to revive the bank's hunter instincts he started it deutsche bank nearly thirty years ago as a trainee but will that experience in the trenches help him at the very top of the company. to men why not women when my boss take the helm of two battered old battleships of the german economy well the new commanding officers be able to fix the leaks pump the excess water out and set a new course let's discuss this with thomas duffel bag a longstanding critic of german corporate culture himself a former manager of the car industry here now a member of parliament for the freedom across misses of those two men are coming from inside those organizations is that a good thing. looking at the challenges which are lying ahead of the bank and folks fagging i would say those people are not the right right choice probably you need it specially in the car business you need somebody who is disrupting and breaking up those incestuous structures and power engines which rea

apprentice to the head of auditing to board member so he knows what he's getting into saving replaces john cryan who took over three years ago the englishman was able to settle numerous legal disputes he downsized the bank's underperforming investment banking division cutting jobs but years of fines and penalties dragged business down. deutsche bank is in a permanent state of crisis under cry and ten year the bank struggled to contain its losses cutting those losses is christian savings top priority and that means he'll have to untangle his predecessor's mistakes most experts think that means deutsche bank will be returning to its roots in the traditional banking sector are you didn't monday night's bundesliga match leipzig locked horns with labor who isn't only separated by a point in the standings both clubs currently qualify for europe but both are keen to climb to the top of it the champions league next season it was a four goal thriller the last time these two faced off let's see if tonight's clash was just as exciting. leipzig drew first blood with their fearsome attack marcel beats

rising from financial adviser to board member so he knows what he's getting into the evening replaces john cryan who took over three years ago the englishman was able to settle numerous legal disputes he downsized the bank's underperforming investment banking division cutting jobs but years of fines and penalties drank business down. georgia bank is in a permanent state of crisis under cry and tenure the banks struggle to contain its losses cutting those losses is kristan savings top priority now and that means he'll have to untangle his predecessor's mistakes most experts think that means deutsche bank will be returning to its roots in the traditional banking sector. let's go of the daniel franco correspondent to talk about this daniel we've been talking about cried for years and how he needed more time he obviously brand out of that but was it mission impossible for the c.e.o. . oban one crime came he was hired to reform and to restructure and i guess and that's also what analysts are telling me in many ways he did implemented reforms at germany's biggest lender when you talk about the i

apprentice to the head of auditing to board member so he knows what he's getting into saving replaces john cryan who took over three years ago the englishman was able to settle numerous legal disputes he downsized the bank's underperforming investment banking division cutting jobs but years of fines and penalties dragged business down. deutsche bank is in a permanent state of crisis under cry and ten year the bank struggled to contain its losses cutting those losses is christian savings top priority and that means he'll have to untangle his predecessor's mistakes most experts think that means deutsche bank will be returning to its roots in the traditional banking sector which night police in germany say that three people are still in critical condition after saturday's deadly van attack in the western city of munster investigators say the driver did not have a permit for the gun which he used to kill himself at the driving into a crowd outside a bar in the old town two people were killed dozens more injured police say the forty eight year old attacker appears to have had mental health prob

apprentice to the head of auditing to board member so he knows what he's getting into saving replaces john cryan who took over three years ago the englishman was able to settle numerous legal disputes he downsized the bank's underperforming investment banking division cutting jobs but years of fines and penalties dragged business down. a bank is in a permanent state of crisis under cry and tenure the banks struggled to contain its losses cutting those losses is christian savings top priority and that means he'll have to untangle his predecessor's mistakes most experts think that means deutsche bank will be returning to its roots in the traditional banking sector. let's see what hundreds of things are banking at analyst at the university of her own time investors have welcomed the arrival of this new c.e.o. she is rallying as i pointed out but you celebrate it. well not really but i want to give you people a fair chance and i think you will have a fair chance he's got to condition to get a bank moving now as a roost hopefully is over. so with his fair chance there's a real good perspective

cryan has been criticized for failing to revive the bank securities trading business in. france's rail network is suffering major disruption once again a third of rail workers walked off the job on sunday in protest against the government's planned overhaul of the state's run rail system the strikes are part of an ongoing dispute set to last for three months. in new york one person dies and four firefighters were injured in a blaze on the fiftieth floor of trump tower officials said that the fire in the us president's signature building was quickly caused the victim was a male residents of the building who died after being taken to the hospital. votes are being counted and hungary's parliamentary elections with problem re results expected shortly officials say that high turnout. this has meant long lines and anyone left waiting at polling stations with still being alleged to vote and the ballot is expected to give prime minister viktor orban a third term in power with his right wing anti migration feud has party having polled strongly ahead of its rivals going into today'

cryan has been criticized for failing to revive the bank securities trading business. france's real network is suffering major disruption once again a third of road workers walked off the job on sunday in protest against the government's plan to overhaul of the state run.

cryan has been criticized for failing to revive the bank's securities trading business. france's rail network is suffering major disruption once again a third of rail workers walked off the job on sunday in protest against the government's plan to overhaul of the state's run rail system the strikes are part of an ongoing to speeds set to last for three months. and new york one person dies and four firefighters were injured in a blaze on the fiftieth floor of trump tower officials said the fire in the u.s. president's signature building was. was a male residents of the building who died after being taken to the hospital. well the german city of monster has paid tribute to the victims of saturday's van attack residents packed iseman serious cathedral for a memorial service two people died and many more were injured in the it's hoc well wishers and they flowers outside the restaurant in the town where a forty eight year old german man was his vehicle into diners the interior minister has condemned this as a cowardly and brutal crime. more on the aftermath of this deadly cru

cryan has been criticized for failing to revive the bank securities trading business. france's rail network is suffering a major disruption once again a third of road workers walked off the job on sunday in protest against the government's plan to overhaul of the state run rail system the strikes are part of an ongoing dispute set to last for three months. in new york one person died and four firefighters were injured in a blaze on the fifteenth floor of trump tower official said the fire in the us president's signature building was quickly put out the victim was a mill president of the building who died after being taken to the hospital. elections are underway in hungary where nationals prime minister viktor orban is widely expected to win a third consecutive term post predict or bounce the does party which is campaigned on an anti immigrant euro skeptic platform will win a majority together with the christian democrats but growing unity among opposition parties is putting or beds margin of victory in doubt. it's an election being closely watched across europe will hu

cryan has been criticized for a third of rail workers walked off the job on sunday in protest against the government's planned overhaul of the state's run rail system the strikes are part of an ongoing dispute set to last for three months. in new york one person died and four firefighters were injured in a blaze on the fifteenth floor of the trump tower officials said the fire in the u.s. president's signature building was quickly pushed thanks and it was a male residents of the building who died after being taken to hospital. well the german city of minster has paid tribute to the victims of saturday's bomb attack residents packed a serious policy for a memorial service two people died and many more were injured in the attack well wishers laid flowers they saw at the restaurant in the old town where a forty eight year old german line was his vehicle into diners at the interior minister has contended carriage and brutal line. well for more on the aftermath of this deadly crash correspondent charles impale joins us now from the city of mr charles a vigil in memory of the victims and th

on the other hand, it would've been nice if deutsche bank could have waited longer to let john cryan really do the dirty work and the new boss would have had the chance to develop new things and be like the new leader to new horizons. now i'm afraid the new ceo must be both. you must finish the work of john cryan and at the same time motivate employees of deutsche bank for any future. commerzbank merger more likely now or less likely? hans-peter: it is more likely, but it is still improbable. it is really complicated bringing these two banks together. the problems would not be away. billy thing would be less competition on the local market in germany. commerzbank and deutsche bank responsible for this intense competition on the german market but the existence of many regional banks, which are also in the business of small and medium-sized enterprises. mark: professor, thanks for joining us today. great to chat to you. he is from the university of hot time. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. mark: live from london, i am mark barton. the european clos

matt: what is next for john cryan? what does his future look like? nick: again, the feedback we are getting from many people is that he is doing a great job in restructuring the bank. the revenue side is a problem, and people would like to see more revenue to carry the bank, but you cannot have it all. whether that is enough to get him through is another matter. agenda to come out , that should give us clarity on the rest of the board, the supervisory board. whether they continue with cryan , i have my doubts. if they want to make a change to the top of the bank, it will be something they do before may. nick, thank you very much. we are minutes away from the open. up next we will take a look at the stocks you want to keep an eye on today. that includes sky. the broadcaster is offering to to walt disney and went over regulators. the open is 10 minutes away. ♪ ♪ guy: welcome back. the ftse is down by around 0.9%. we are going to see a negative start. let's talk about the individual names in europe. sam joins us. these are in the last half-hour all

which was about the board reconsidering its ceo, and potentially replacing john cryan, which happened. and our story pick that up. taylor: why did they go internally? they pulled someone from the outside. the new ceo has grown up in the ranks. >> yeah, he is like a homegrown guy. still worked in the same town he was born and raised in. so you cannot get more local than that, right? there is reporting about people internally. it is an interesting choice. deutsche bank has always been somewhat hamstrung of this need to have a german ceo, or at least someone who could speak german. it feels like there are a bunch of boxes that they have had to check, and this guy checked all of them. maybe he wasn't the best candidate, but is the next step. the company has gone through a lot. >> it has been a revolving door. the question is, where does it go? the strategy which john cryan had initiated, and it will double down on it, it is going to becoming more deutsche deutsche bank. they will look domestically and try to become the german bank. carol: there was a great headline, more deutsche, less ba

which was about the board reconsidering its ceo, and potentially replacing john cryan, which happened. and our story pick that up. taylor: why did they go internally? they pulled someone from the outside. the new ceo has grown up in the ranks. >> yeah, he is like a homegrown guy. still worked in the same town he was born and raised in. so you cannot get more local than that, right? there is reporting about people internally. it is an interesting choice. deutsche bank has always been somewhat hamstrung of this need to have a german ceo, or at least someone who could speak german. it feels like there are a bunch of boxes that they have had to check, and this guy checked all of them. maybe he wasn't the best candidate, but is the next step. carol: the company has gone through a lot. >> it has been a revolving door. the question is, where does it go? the strategy which john cryan had initiated, and it will double down on it, it is going to becoming more deutsche deutsche bank. they will look domestically and try to become the german bank. carol: there was a great headline, more deutsche,

which was about the board reconsidering its ceo, and potentially replacing john cryan, which happened. and our story pick that up. because, it is, like, what is deutsche bank on to become? taylor: why did they go internally? they pulled someone from the outside. the new ceo has grown up in the ranks. >> yeah, he is like a homegrown guy. still worked in the same town he was born and raised in. so you cannot get more local than that, right? there is reporting about people is generally who were, like, who? it is an interesting choice. deutsche bank has always been somewhat hamstrung of this need to have a german ceo, or at least someone who could speak german. it feels like there are a bunch of boxes that they have had to check, and this guy checked all of them. maybe he wasn't the best candidate, but is the next step. carol: the company has gone through a lot. >> it has been a revolving door. it go? the strategy which john cryan double down on it, it is going to becoming more deutsche deutsche bank. they will look domestically and try to become the german bank. carol: there was a great

which was about the board reconsidering its ceo, and potentially replacing john cryan, which happened. and our story picked that up. taylor: why did they go internally? they pulled someone from the outside. the new ceo has grown up in the ranks. >> yeah, he is like a homegrown guy. still commutes from work from the town he was born and raised in. there is even reporting about people internally who were like, who? . it is an interesting choice. deutsche bank has always been somewhat hamstrung of this need to have a german ceo, or at least someone who could speak german. it feels like there are a bunch of boxes that they have had to check, and this guy checked all of them. maybe he wasn't the best candidate, but is the next step. campbell: the third ceo in recent years. the company has gone through a lot. >> it has been a revolving door. the question is, where does it go? the strategy which john cryan had initiated, and it will double down on it, it is going to become a more deutsche deutsche bank. they are going to look domestically and try to become the german bank. carol: there was a

as we've been hearing, deutsche bank, has ousted boss john cryan afterjust three years at the helm. but why? well it's all to do with profits. deutsche bank posted an annual loss for 2017 of 500 euros million that followed losses of la billion euros for 2016 f11 and 6.8 billion euros for 2015. our economics editor, kamal ahmed, explained why deutsche bank has been making losses, this morning on business live. i think that deutsche bank like so many banks is suffering about where it is trying to go. if you imagine before the financial crisis in britain, the royal bank of scotland, ba rclays, britain, the royal bank of scotland, barclays, deutsche britain, the royal bank of scotland, ba rclays, deutsche bank britain, the royal bank of scotland, barclays, deutsche bank in germany, ubs in switzerland, they wanted to be big investment banks around the globe, global crisis hits, what they do? most shrink back to look at retail in country, but for deutsche bank that is difficult because retail in germany is mostly down to the other bank. its direction after the other bank. its direction af

. ♪ julia: john cryan's tenure at deutsche bank is over and the embattled britain was ousted in the board meeting on sunday in frankfurt. lifelock board-check employee come a german, is taking his place. michael moore, u.s. finance team leader, it is the most painful period for deutsche bank and the speculation wildly ruling about what is next for this bank. what do we know about this guy and his prospects of leading deutsche bank forward? deutschea lifetime guy. that would indicate more of a focus on germany and the retail side rather than the investment bank that is largely out of new york and london. we see, it has been supportive of cryan's strategy in the past and how he will deviate from that. scarlet:of the day go through te motions of going outside of the company or did they want to get cryan out immediately? on reporting, they did reach out to people outside of the bank. heard names from bank of america and jpmorgan, so there was a search outside. presumably it wanted someone who speaks german and those both sides of the bank and could deal with the regulatory environment. scarle

he is taking overjoh john cryan. he cut jobs. years of lines and penalties drive business down. deutsche bank is in a permanent state of crisis. under cryan's tenure, the bank struggle to maintain its losses. cutting losses is the new top priority and that means you have to untangle his predecessor's mistakes. most experts think that means deutsche bank will be returning to its roots in the traditional banking sector. traveling to turkey is quite a good deal these days. the exchange rate of the turkish lira is hitting all-time lows in advance of new stimulus measures. this monday, a euro was worth more than five liras for the first time in history, despite a strong turkish economy. rates rivaled those in china. the most recent gdp figure was a whopping 7.4%. but experts warn two credits could lead to an overheated economy. president at ondwdwan is pumping money into the programs. turkey is at risk of a recession. sanctions'imposed by the u.s. government to vladimir putins buses circle and their companies are hitting some of the country's private businesses. the latest round of s

john cryan is out and christian center when the former bank code deputy is in what do you think mr sharing this experience will bring he's come from the research retail side of the banking endeavor there is he going to help d.b. get out of the problems. i think we've seen this story over and over in the banking act and we don't have to go too far we can just look at what happened with. the pretty much the same story happening or that i think the news the city is going to look at the entire cost structure and he's going to say i'm not getting much benefit in these so it's time for me to pull out of these markets and we're going to focus more on the cole said and remember he's the guy as you correctly mention is coming within the countries that he doesn't understand the company about evolve but mike and is that yes the talk is all the internal people but they also need a knowledge from someone external so we kind of a lag the last thing but in terms of a buy you play or in fact is i think there is a lot of value with the n.b.a. because there's still a strong company forget about the twenty f

you have john cryan. they seem to be saying slightly different things. we hear the chairman has reached out to some candidates and key investors have their favorites. you would imagine some of these investors have say in what goes on because of the stakes they own. maybe they have some shareholder position. about people in the u.s. that have u.s. experience. investors are saying deutsche bank should pay out of the u.s.. does anyone want this job? , we seem toreading be getting the sense everybody is thinking this is going to be a really hard job to do. i think if you look at how deutsche bank has been trading, they have had this turnaround plan. we were talking about their big capital increase. but have done those things it does seem like they are lagging to their competitors. , it isiggest businesses down 32%. vonnie: what is wrong with an internal candidate? why are not considering people inside deutsche bank? ,> if things go the way they do speaking to people around the external candidates, they definitely are going to have to deal with somebody inter

cryan who also had to pack his things at his office this week but even though miller was a reformer he managed to get crisis well it seemed that behind closed doors they were lazy not any more that happy with him wary of office arguments with the supervisory board not really having a real visionary idea how to make volkswagen even stronger despite the record sales numbers that's how he was considered at the end and we have to remember the owner family and the state of lower saxony still have a tremendous influence inside of the company and they wanted somebody in. the open front for thank you. french president says he's sticking to his and business plans to reform the french economy even in the face of crippling rail strikes and other protests in a television interview mccann said he was not deterred by the heavy resistance to his plans but asked people to remain calm and to be open for dialogue my own popularity has declined sharply since his election last spring after he initiated a series of tough labor reforms to create more jobs. donald trump has announced that he is considerin

cryan was helpless to bring the company out of massive red ink and now it's in a life or death battle to survive saving says he wants to revive the bank's hunter instincts he started a dog nearly thirty years ago as a trainee but will that experience in the trenches help him at the very top of the company. to new men why not women one might ask take the helm of two battered old battleships of the german economy well the new commanding officers be able to fix the leaks pump the excess water out and set a new course let's discuss this with thomas duffel bag a longstanding critic of german corporate culture himself or manager of the car industry here now a member of parliament for the free democrats misses of the back of those two men are coming from inside those organizations is that a good thing looking good morning first looking at the challenges which are lying ahead of the bank and folks racking i would say those people are not the right right choice probably you need it specially in the car business you need somebody who is disrupting and breaking up those incestuous structures and

cryan even really have a chance. well he had a very difficult position he was hired to make reforms to let people go and he was never the chinese c.e.o. like some of his predecessors so now most likely you will remember for those big losses the lander had throughout the last years this is maybe a little bit unfair because yes he did actually do many reforms he was able to restructure the bank the brand pos bank for example he worked on those many pending losses at the end he also had the problem that he just didn't get along well with the chairman of the supervisory board like the who then you know was looking for a new boss a financial correspondent daniel cope for us in frankfurt at the headquarters of a do it your bank which has a new man at the top thank you very much. meanwhile in london five traders from deutsche bank and british bank barclays take to the stand today in the first euro bore wreaking trial now hirable is the benchmark interest rate is set in brussels and banks charge it to each other to lend your

rising from financial adviser to board member so he knows what he's getting into the evening replaces john cryan who took over three years ago the englishman was able to settle numerous legal disputes he downsized the bank's underperforming investment banking division cutting jobs but years of fines and penalties draining business down. deutsche bank is in a permanent state of crisis under korean's tenure the banks struggle to contain its losses cutting those losses is kristan savings top priority now and that means he'll have to untangle his predecessors mistakes most experts think that means deutsche bank will be returning to its roots in the traditional banking sector. and our financial correspondent is at the door to bank headquarters for us in frankfurt today daniel and the man at the top job effective immediately was the market reaction. now you might be surprised when you have a closer look at your trading av a big plus this morning all for percentage of buying among the top performers in the blue chip index tax and this certainly has not been the case in the past just during the la

apprentice to the head of auditing to board member so he knows what he's getting into saving replaces john cryan who took over three years ago the englishman was able to settle numerous legal disputes he downsized the bank's underperforming investment banking division cutting jobs but years of fines and penalties dragged business down. a bank is in a permanent state of crisis under cry and ten year the bank struggled to contain its losses cutting those losses is christian savings top priority and that means he'll have to untangle his predecessor's mistakes most experts think that means deutsche bank will be returning to its roots in the traditional banking sector let's see what hans capable of things are banking at analyst at the university of whole time investors have welcomed the arrival of this new c.e.o. shares rallying as i pointed out but you celebrated. well not really but i want to give new people a fair chance and i think you will have a fair chance he's got to condition to get deutsche bank moving now as a worst hopefully is over. so with his fair chance there's a real good persp