more under management than the deutsche bank. deutsche bank would be intense position if it was its own ultra rich, sorry, for ultra rich clientele. this german paper, crazy plan a great idea is the headline. the greens propose to make every parking space in a town subject to a fee. it doesn't matter where you park. i hate paying for parking. it is so easy. if you have the app, you hit the button, you have paid. i know, buti the app, you hit the button, you have paid. i know, but i was saying to someone earlier if i could break any law continuously, i wouldn't rob any law continuously, i wouldn't rob a bank oranything... any law continuously, i wouldn't rob a bank or anything... you would not pay for a parking fine. 0ther a bank or anything... you would not pay for a parking fine. other thing is, the idea is about changing our behaviour. if we are forced to pay for parking, maybe we just won't own a car. the part of london i live in the has been consultation about taking away parking on the high street, and every small business h

bank it will be for one of 2 reasons either the behavior of deutsche bank is so much worse than what other banks are doing that it has to be done because of the risk of what it will look like if that bank folds which some people think it will and she will have not done something about it on the other hand she has to be very careful because if she goes after deutsche bank for a whole list of misbehaviors you have to understand that many other banks do dollars things also and then the question will be raised by her subordinates if not by her if we're going after the bad guy what about all the others waiting in the wings how do we justify not going after them and that this point in a fragile global financial system major exposure of misbehavior by banks could be the famous straw that breaks the bank or the back of our economic system fascinating dilemma professor richard wolffe thanks as always for your time. thank you. and in international sanctions news the president of the united states claims that he has tighten the screws once again on iran the u.s. president who earlier this week

deutsche bank completing its deal to transfer its prime brokerage asset to the french bank as part of the largest restructuring in the lender's recent history. you can see deutsche bank shares trading now for seven euros and change. they will not open for trading for another hour here in germany. nejra: that will be one to watch, as well as thomas cook. watching very much when the markets open at 8:00 a.m. if we look at how futures are trading, we did see gains on friday in europe. in the u.s., weakness. ftse futures on the front foot, but only ever so slightly. a bit of red on dexia cac 40 futures, which is interesting. we have seen some weakness in the asian trade. u.s. futures really heading slightly higher. messages.ting mixed we have heard the talks were constructive. visit by the chinese is not going to happen, and it is the u.s. that asked for that. nothing bad we should read into that, because it has nothing to do with the trade talks. we look ahead to the face-to-face meetings in the second week of october. october 10 is the date being floated. treasuries, the cash trade has

i want to bring your breaking on deutsche bank. we have been talking about the fact deutsche bank is going to transfer its prime brokerage unit to bnp paribas. 1000ll with that transfer staff. there will be 1000 employees. deutsche bank is expected to close the deal by the end of this year. 1000 staff, according to staff, will be going with them. anna: another reason to keep an eye on deutsche bank before we get to the start of trade. let's talk about what is to come this week. these are the things we should be watching. continues inrty brighton, where i am this morning. we will be watching for any shift in brexit policy. programon the economic finishes wednesday. the un's general assembly kicks off tomorrow. world leaders are gathering in new york to discuss everything from climate change to geopolitics. in particular focus, the trade war and fallout from the attack on saudi aramco. matt: bloomberg hosts the global business forum on wednesday. speakers include christine lagarde, mark carney, and prime ministers modi and arden. plu

first of all, turn at deutsche bank. goldman sachs gets a rating cut from analyst as the bank continues to shed those topics. and then hundred 50 billion global corporate bonds bend -- and then $150 billion global smashing on binge records -- corporate bond binge smashing records. david:david: -- joining us is bloomberg's sonali basak. leadi: see fixed income said to his employees they would not be losing their jobs, so now we know dozens of people around the world are being cut from their jobs. latin american credit-rating, instance, is being surveyed. this alix: has been the conversation for deutsche bank the whole time -- alix: if you like this has been the conversation for deutsche bank the whole time. sonali: fixed income is supposed to be the big driver of banking revenue going forward, so what is the turnaround plan? we know they are cutting some of the underperformers, but what's left? how do you turn this around? alix: david: golden has part -- hasor: -- david: goldman figured out a way to cut costs, to cut all

nowhere is safe at deutsche bank. the german lender is cutting dozens of sales and trading jobs in its fixed income unit, a unit that was largely spared from the overhaul two months ago. the reductions are mostly tied to the underperformance of divisions such as the latin american credit business, which we learned has been entirely shuttered. is ang us from frankfurt guest to talk more about this. what to be more -- what do we know about the job cut plans? >> the way they tried to spin it was to say, ok, it is equities we are pulling out and they gave a commitment to fixed income traders, saying you guys will be spared. but everybody watching that said, really? they were making comments about trimming their business and focusing on the areas where they are a market leader. so it is clear the fixed income business would feel some pain. is to whatestion degree can they offer continuity to the clients and we have seen on the equity side trying to pull back revenues and continue on a white label basis. something similar w

sitting with me in new york is alan raskin with deutsche bank -- ruskin with deutsche bank. and qt and we got a new set of options based upon the repo market reality. one was the certitude of qt, one was the flatline, and we may expand the balance sheet. alan: what you saw from chairman powell is a reasonable characterization. repose how effective the are, we have special circumstances now from settlements and treasury bounces. it looks like the excess reserves are not doing their job, and it looks like we need more reserves. the organic force is probably to the topside. tom: speak to the abaci -- academics. guys ashe charms of you you understand there is a market. explain to the academic market purists why to pay attention to the repo market, why this matters. alan: the federal reserve has control of the front end of the curve. that is the anchor to the yield curve so at a minimum, they want to hit their effective funds rate target. it sets the tone for the rest of the curve. you do not want extreme levels of volatility. that sets into questions about effectiveness of monet

congresswoman waters, a strategic thinker, and has her ase before the courts now, the deutsche bank case, along with mr. schiff in that case. chairman neal with his case in the courts on the president's taxes. mr. engel, part of the foreign affairs committee which has jurisdiction in terms of this telephone call as well. but it is an intelligence matter and it is focused in the intelligence committee. i just want to say again on whistleblowers. whistleblowers are important in intelligence -- and intelligence communities specifically have publicly recognized the importance of whistleblowering in pointing out wrongdoing and the importance of protection of

no comments from either deutsche bank or qatar. facebook has agreed to buy control labs, a tech startup that lets people control a digital avatar using only their mind. it uses a bracelet to measure neuron activity, which determines the movement the person the thinking about, even if they aren't moving. we have learned facebook is paying between $500 million and $1 billion for the company. global news, 24 hours a day, on air and at @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> all right, thanks very much. your first word news out of hong kong. a survey by lloyd's of london has revealed the extent of sexual harassment in the insurance industry. members saidhanges they witnessed such behavior in the last year, but only 41% of those who raised the concern said they were listened to or taken seriously. the survey follows a bloomberg businessweek investigation that uncovered evidence of endemic sexual harassment at the world's oldest insurance market, including i

the deutsche bank case. with his case on the president's taxes. the form affairs committee which has jurisdiction in terms of this telephone call as well. it is an intelligence matter and is focused in the intelligence committee. are important in the intelligence community specifically, publicly recognize the importance of whistleblowing in pointing out wrongdoing and the importance of protection of whistleblowers. here we are with another example of violations of the constitution on the part of the president. a continuing discussion we have been having with him, i was pleased that the senate voted to takese their decision to $3.6 billion from military construction and spend it on his wall. we will have that vote today and our caucus for the reversal of that decision. continueforward and with our day-to-day work, we had toig rally, we wore black mourn those lost to gun violence. we asked the president to pay attention to that. i pray for him and his family and their safety. i pray that he cares about the safety of other people's families in our co

still ahead, deutsche bank's top shareholders are taking the search for a new chairman into their hands paired we will have more on this scoop, later in the hour. kathleen: we will be joined by the brazilian environment minister to discuss the burning controversy over the amazon fires. this is bloomberg. ♪ ♪ kathleen: this is "daybreak asia " and i am kathleen hays in new york. paul: still with us is our guest, teresa kong. let's return to our topic that we promised, chinese bonds, and take a look at this chart. it shows the chinese yield advantage over other sovereign debt. to my earlier point about bizarre parallel universes, that bottom line is japan. you say there is some pretty attractive risk-adjusted returns in china bonds. the white line at the top. i have to say, you have a point. teresa: that's right. you know, if you look at chinese yields, especially compared to its g-7 peers, it is offering positive yields. people tend to forget that china can actually be very much compared to emerging markets as ratess compared to developed peers. you might remember that just a couple

be a big bank in germany that's declined their share prices decline deutsche bank is down like 95 percent since the financial crisis even the landis bank and which are the foundation of the middle east middle corporation says the heart of german exports to me that those banks are starting to suffer as well right now by the way all the big banks. and we answer that because. when you make a purchase on amazon you either get a big shock or a little shock depending on your credit rating or you get shocked and population declines anyway we're going to take a break and when we come back much more coming away don't go away. not at me. but if she warned you i do. wish that the. those jeans nudist beach and you see me. in the news i mean that is where that information ball. a lot of you will see sawing your info as if parts about to kids out the bulls are the most cool. doesn't need a list of. these. people . 5 days doing a sit. in english medium people who simply. include in. welcome back to the kaiser report imax keyser time now to turn to nic but to yeah oh open note and tantra labs welcome tha

bank in germany that's declined their share prices decline deutsche bank is down like 95 percent since the financial crisis even the landis bank and which are the foundation of the middle. middle corporations as the heart of german exports to me that those banks are starting to suffer as well. all the big banks will be on by amazon and we answer that because you know go buying and when you make a purchase on amazon you either get a big shock or a little shock depending on your credit rating or you get shocked and the population declines anyway we're going to take a break and when we come back much more coming away don't go away. and the big pain years in the process started 10 years and i think it's time to shake things up maybe change the branding maybe the format here is what i've been thinking about next season related episodes filmed on an island 10 experts cited out for a trophy what do you think ok a more affordable option $25.00 text birds. and one red rose another suggestion. jeopardy parody no political cookout where we will literally wrote the elite. late night show it's a ra

it is clear deutsche bank wants to be ahead of that curve in order to attract customers in that area. remember deutsche bank is trying to diversify away from volatile business areas into very much stable business areas to transaction banking. that is the big topic of the speech he's going on about risks. geopolitical risks saying he's worried about the growth out look especially in china because so much is depending on china when it comes to global economic growth back to you. >> a crucial time when it comes to that overall restructuring plan i want to talk to you about another company shares of thyssenkrupp are lower after talk of dismissing the ceo the chairwoman is set to be installed as interim ceo it was a rocky ride for the ceo. two profit warnings, four failed restructurings what next for the company? >> absolutely. the ceo was set to be asked for a new strategy as soon as november this year this now is obsolete it's an usual step to oust the ceo and replace him with the head of the supervisory board. this is contradicting the normal efforts. they are saying as well that the ne

no comment from deutsche bank or qatar. credit suisse moving to contain a scandal of the former executive being followed. the board starting and inquiringly into the surveillance of its former top private banker. he defected to ubs. the drama spilled into the open when the investigators attempted to grab his mobile phone. credit suisse chairman and chief executive saying in an internal memo, the truth will emerge. that is your bloomberg business flash. so much.anks now iran's k european partners are fighting with the u.s., in blaming tehran for the strikes, saudi oil facility. france, germany and the u.k. have said quote no other excellent nations possible. the european nation also called for an expanded nuclear agreement. details on the gulf tensions. >> the showdown between the united states and iran moves to manhattan this week. as to how to world leaders and thousands of diplomats gather in york city for the u.n. general assembly. today president drama donald trump speaks in his running counterpart behind it may be fron

here with more is -- what is the latest on deutsche bank? >> the reason this is a big deal is the qatari royal family is taking the search into their own hands. want a newhey may chairman by 2022. caroline: already having his own tenure being questioned. the sales heme of promised. about b.n.p. paribas. sonali: they are moving over a lot of the hedge fund assets. deutsche bank's prime broker business was one of the best on wall street. this is one part of their restructuring. it will be quite costly and quite long. romaine: goldman sachs, a story out saying something like 15% of their partners will be leaving by year end. in, who is out, right? mass, they were both elevated last year to the management committee after sullivan was named. now they are taking over roles as asset manager. it say or what do we know overall about solomon's strategic fits or goals? sonali: one part that is under covered is asset management. sheela patel. luke is also given a new role. investment banker by trade moving over to asset manager. will they make deals in

deutsche bank really complaining about that. there's a question how the ecb would pull this off, whether they would dotiering -- whether and theuld dotiering, would question is -- they do tiering, and the other questions as well. if it ism not sure time to say it didn't work. lori: i think you could add it to the list of uncertainties that have potential to take an equity market that's been very crowded and undervalued another led lower. we still don't know what the ramifications are, but not good for the broad market. . alix: to your point, it is not just the tiering you are talking about. you're making the case that it is just overbankd. -- overbanked. michael: it is a problem they haven't been able to solve. they are working slowly on that. the ecb can't do anything about that right now. that is a domestic problem trying to address issues over. how do they deal with it? they will probably do the tiering. . they just can't do anything else. david: michael mckee, thank you so much. lori calvasina of rbc capital markets will be

deutsche bank follows roughly with 40%. the average is about 15%. that brings in banks that have retail operations. where you can see the impact of what has happened with traders and bankers and less bankers paychecks. with those, you see 50%. vonnie: name names. which banks are faring the worst? retaining the talent has to be a factor. >> goldman sachs has seen the biggest cut. that does not mean it is only because of what traders and bankers are getting paid. it is also a shift in basement -- in business goldman, five years ago, it was an investment bank. now, they offer credit cards. they collect deposits online. you can become a goldman depositor. you can have an account is a retail depositor. they have tried to become more of a regular retail bank they do not have offices around the country. they have added people who help them with that kind of banking. there is a big change. credit sweeps the second one. they have shifted to wealth management from trading. they have located a lot of their back office functions to local countries. deutsche ban

sector and we have our eye on a key meeting happening today there you can see the head of deutsche bank speaking he said that we have completely eliminated positions from cash trading and equities and starting to down scale corresponding systems and he also said looser ecb monetary policy may have serious side effects. in terms of the effect from further interest rate cuts by the ecb for the economy as a whole, the effect will be marginal in his view so we'll be keeping an eye on comments as the morning progresses not only on deutsche bank itself but the broader european banking system and germany in particular. >> and it's going to be a big deal for the banking sector, what the ecb decide to do with the interest rate decision on september 12th whether they cut is a big topic of discussion. but first let's talk about markets and the price action over the last 24 hours wall street ended the day in the red. we had the dow close 285 points lower. 1.1% weaker on the session the first print since early 2016 so warning signs in u.s. manufacturing and one of the reasons why u.s. equities did e

deutsche bank calls it a series of missteps in recent years. critics say fedex has not move fast enough to lower capital expenditure and airfreight capacity. david:david: it has not been a good time for we work. issues are piling up for the office sharing startup. in addition to its ipo being delayed, deals for two major properties in london are in doubt. a saudi based company has pulled out of the deal worth about $100 million, and talks have stalled on a property called we work waterloo, which the company calls the largest co-working facility. breaking news. rishaad: bank of japan keeping unchanged forward policy. they stayed pat and they have come early with this as well. the earlier plea,, the least they do. david: they will review the economy and prices at the next meeting. that is something new. we have to double check that as well. they don't normally say that. they come out with a statement and then they flesh it out. we need to play -- pay close attention to the risk momentum. ¥80 trillion target for annual gdp turface is -- gdp purch

off paris and we have asked at deutsche bank to comment on its links to the deforestation of the amps and we will of course bring you any response they give us. i'm resigning or quit and i'll have more of the biggest stories from the past 7 days in about half an hour's time. so what we've got to do is identify the threats that we have it's crazy to. let it be an arms race in. this very dramatic development only really going to exist i don't see how that strategy will be successful very critical time to sit down and talk. thousands of american men and women choose to serve in the country's military and the decision. every song came to a complete. the day that i was right. you know told a shot to kill me and i see how would destroy. any screamed at me and he made me come in and he grabbed my arm and he write me with his birth thinking if you take into account that women don't report because of the extreme retaliation it's probably somewhere near about half a 1000000 women have now been sexually assaulted in the u.s. military is a very very traumatizing have happened but i've never seen

bank . yeah i'm suzy i can avoid it they wanted it too badly and if you invest a lot of time on something this deal was more than 2 years in the making then there's often a tendency to say we've spent so much time and money so even if it's all not perfect now we have to go ahead with it. christiane speaks for many bayer shareholders. not. from the other the shareholders weren't given enough information yet and above all they weren't consulted on whether they approved of such a change to the company and. this after all shifted the company focus from pharmaceuticals to agro chemicals and the shareholders should have had a say in that transformations it's by no means clear whether that was legal or not . d.d. financial oman missed a bomb on thought he could transplant buyers good reputation over to monsanto by covering up its name with buyers but it wasn't that easy and now unfortunately monsanto has arrived in europe and germany. they are stock price and image have been weighed down by the neg

. >>> deutsche bank agrees to sell parts of its equities business but the bank is hoping to close the deal by year end. >>> u.s. sends additional troops to the gulf. iran threats are absurd. >> it's not the first time he said something ridiculous and laughable. the united states is our allies. the attack was against the whole world, not just saudi arabia ♪ >>> good morning welcome to the program. we are closely watching the survey data this morning pmi after a weak read in on germany economy and france the numbers crossing for the eurozone, 50.4 that is 50.4 the flash pmi estimate was seen higher around 52, so it is weaker than anticipated but it is holding crucially above that 50 break even level. when it comes to the comparison to august, you can tell how quickly we have unwound to trade around the 50.4 level today. when it comes to the deep level of pain across the eurozone, the manufacturing flagged up flash estimate at 45.6 this is weaker than the 47.2 anticipated. also down probably 47 that we flashed up in august when it comes to services, and this is quite crucial in some of

staff are considering opening a formal investigation deutsche bank for alleged authorized purchases of their own securities specifically bonds classified as 81 and 82. joining us now to once again orient us to the global event economic events of the day is richard wolfe professor emeritus of economics at the famed you mass amhurst and author of democracy at work.

be a big bank in germany that's declined their share prices decline deutsche bank is down like 95 percent since the financial crisis even the landis bank and which are the foundation of the middle. middle corporations as the heart of german exports to me that those banks are starting to suffer as well. all the big banks will be on by amazon and we answer that because you know go like and when you make a purchase on amazon you either get a big shock or a little shock depending on your credit rating or you get shot to death up in life in the line anyway we're going to take a break and when we come back much more coming away don't go away. round up with a little out of. the set of one of my what i would. find i trim 88 to high is not the high i might. get this month when the sun shone. for the sum total of almost mimic the lock of the. theater someone who did the board. welcome back to the kaiser report i'm max keyser time now to turn to nick but to yeah open note and tantra labs welcome thank you max this is fantastic because we've been talking for a long time number of years and we're goin

which used to be a big bank in germany that's declined their share prices decline deutsche bank is down like 95 percent since the financial crisis even the landis bank and which are the foundation of the middle east like those middle corporations as the heart of german export economy that those banks are starting to suffer as well right now by the way all the big banks will be on by amazon and we answer that because seemed like when you make a purchase on amazon you either get a big shock or a little shock depending on your credit rating or you get shocked and the population declines anyway we're going to take a break and when we come back much more coming away don't go away. from the big pain years and cross-talk sort of 10 years i think it's time to shake things up maybe change the branding the format is what i've been thinking about next season's brigs related episodes filmed on an island 10 experts cited out for a stroll through what do you think of a more affordable option 25 text birds. and one red rose another suggestion. geopolitical jeopardy parity no political cookout where we

tom: take deutsche bank with a 5. you get down to where the equity becomes derivative like, optionality and a news event. is deutsche bank at the point where it is an effective call option on corporate action or government action? i am not calling for the german government to bail out deutsche bank. the problem with deutsche bank is that the plan that they boost several months or -- that they produced several months ago is about five years too late. it is possible they could solve their problems, but i think it is unlikely. that mean,hat does steve, that they will go bankrupt? steve: you don't have to go bankrupt. i amt to be very clear, not talking about the bankruptcy of deutsche bank. it has been a slow deterioration in profitability for years, and it is probably going to continue. one of the things we have learned postcrisis is one of the hardest things for banks is to shrink yourself from profitability. that is what they are trying to do. tom: this is really important. deutsche bank has a book value of 0.23. it h

commerce bank which used to be a big bank in germany that declined their share prices the prime deutsche bank is down like 95 percent since the financial crisis even the land bank and which are the foundation of the middle east middle corp says the heart of german exports economy that those banks are starting to suffer as well right now that way all the big banks and beyond. and we answer that. and when you make a purchase on amazon you either get a big shock or a little shock depending on your credit rating or you get shocked into population decline anyway we're going to take a break and when we come back much more coming away don't go away. through our new year to play just one game so i did this. and i didn't know what to do with it you know did a business use to temporize they could gin you on to the next american election. over at least because the democrats disposed towards the islamic republic so you know maybe you go back to the old james. quietly give you consistent as i quietly you believe the impression that i'm not. the tense situation in venezuela is still all over the news

would you buy the banks i think we have to dow fop john said buy deutsche bank. guy buy it if it's headed up. >> on the risk spectrum. but ecb has made a mountain saying we are not letting the banks deteriorate. you've seen a rally in deutsche bank i would look to it regionals if you get the steepening in the yield curve that's bank stocks. >> jp morgue all-time neshd have stopped the fight appear boom it came back you have to respect that message. >> i'd go with the beta names in the banks. not so much the regionals because i want the big boys. bank of america, citi it i own those. >> long jp morning morgan citi. >> i love jamie dimon but i think that's at a value level and the undowngrade going to neutral. but i look at the other two names and runway to the up side. >> this is really easy i mean -- i was like. >> you're good, man. >> yeah. >> you guys. >> like having andrew. >> at some point, though i think it's important to bring in another voice. >> it's really, really easy. >> wetted a big bull on next to me. >> and we've already discussed in nieskes line. i

be a big bank in germany that's declined their share prices decline deutsche bank is down like 95 percent since the financial crisis even the landis bank and which are the foundation of the middle. middle corporations as the heart of german exports. economy that those banks are starting to suffer as well right now that play all the big banks will be on by amazon and we enter the era of the casino go flying and when you make a purchase on amazon you either get a big shock or a little shock depending on your credit rating or you get shocked into the population decline anyway we're going to take a break and when we come back much more coming away don't go away. in 2040 you know bloody revolution to to correct the demonstrations going from being relatively peaceful political protests to be creasing the violent revolution is always spontaneous or is it still or here i mean you are liz put me in the new bill is that i'm new school in the middle of the former ukrainian president recalls the events of 2014. those who to vote had invested over 5000000000 dollars to assist ukraine in these and othe

deutsche bank saying get ready for another 100 basis points of cuts from the fed. we will discuss markets in a little but more detail with our guest host. juliette saly has your market check with the asian perspective in singapore. bondtte: we have seen the selloff continue in asia. the yield on australia's 10 year note up. we have seen a big rise coming through in banking stocks in japan. of course, the fact we have a yen closing of the session firmer by 0.4%. the flat in terms of hong kong's stocks today. china lower by a third of 1% as investors start to wonder what kind of stimulus the authorities you have ppi in deflationary territory for the month of august continuing, consumer price at 2.8% year on year for the markets. slightly above estimates. most of that was driven by that surge you are seeing in prices. there has also been disappointing data in terms of auto sales. we have seen car sales fall for the 14th time in 15 months. we have seen sales of sedans, sport utility vehicles, down by 9.9% year on year. this has had an impact in terms of what we are see

deutsche bank initiating coverage of lyft with a buy rating saying the stock may be bottoming out. analyst argues the stock has been weak for various reasons despite what they call robust quarterly results, getting a lift on that upgrade, up 1.4%. deutsche bank initiating with a buy, but look at that, stock has gone from nearly 80 right after its ipo down to 47 >>> still to come, why the fed could be the one thing set to throw some cold water on a recent rally the fed, could it hurt the stock rally? plus, another scandal in japan, misconduct revealed at one of the top of the world's largest automakers that story and much more when we come back right after this so servicenow put your workflows in the cloud, huh? mm-hm. your employees must love you. thank you. ah, you could say that. so how are things with you guys? great. thank you. thank you, sir. lunch next week? terrific. say hi to the team. will do. call my office, i will. -sounds good. alrighty. servicenow. works for you. ♪ ♪ applebee's handcrafted burgers now starting at $7.99. now that's eatin' good in the neighborhood he

old banks, including deutsche bank, have to do more, that's for sure. but i suppose that it be deutsche bank, let it be most of the other banks, they have got the message. it is not just about cost in the very plain sense. it is as much about reviewing the setup of the business model. too much complexity in the new business model -- there are too many particular business minds being kept up which are really not profitable. the lesson we have to learn, these major banks can't stay in particular business lines if you don't move up to number three or five in the global rankings because you will make any profits on those businesses. there has to be more rigidity in reviewing the setup of the business models. so it is more than just doing what you do more efficiently. that is part of it. it goes deeper than that. it has to review how you do things to start with and how your business model is designed. taylor: talk to me more about that business model. do you slim down, focus on what you are really, really good at or bulk up and try to become a global player?

china's bank regulator has given deutsche bank and the new licenses the lenders now for underwriting access to the market for corporate debt china has been previously chided for posing restrictions on foreign banks which critics say has hindered businesses. to cuba now a fashion firm plunder stina has become one of the island success stories since its founding 4 years ago now it says the eye catching slogans that have made its clothes popular are being copied by one of the biggest players in the world of fashion. it has been said that imitation is the sincerest form of flattery but not when you're a small company dealing with a giant on the left is one of the t. shirts that i've made understand his name it says actually i'm in havana. on the right a t. shirt from spanish retail better mazzara it says mentally i'm in heaven a coincidence clandestine a co-founder of danny a del rio doesn't think so she thinks it's a blatant copy i don't watch i went out it's a really serious incident which really affects entrepreneurs small brands and emerging design is again you know nothing out of my

the financial times reports deutsche bank's hiring hundreds of staff in a bid to step up their efforts to attract ultra—rich clientele. in germany, where the hamburger morgenpost leads with a manifesto pledge from the country's green party — do away with free parking bays and charge for every space. and finally, we'll have a look at the new york times website as it pulls out the highlights of the emmys. lots of chitter chatter in social media about the winners. with me is jeremy thomson—cook who's founder of complete currency consulting. let's look at the independent, and what it says about the disaster. every day last week

francine: what happens to deutsche bank? what happens to some of these other banks? elisa: the pressure on cost remains intense. the toplineng details, you have to look at expenses and that is not easy for an industry that needs to invest in tech knology. -- technology. they are caught between having to save and having to invest. is there a financial stability problem for the banks if rates go more negative? derek: at the moment, -- elisa: at the moment, it is more pain for longer. you are looking at that potentially becoming systemic down the line. what would help would be consolidation so it is up to policymakers to make that simple across borders in europe. tom: with us is derek halpenny. he does not want to speak about specific banks, but he can speak about negative rates, where he is truly expert. let's bring up the chart to show how inconsequential the relief rally is that we have seen in a higher negative rate, a better negative rate. we have come up just a little bit. the chronic nature of this is extraordinary. what does chronic nature mean for good cfos of

deutsche bank defending micron, saying of trade eases, that should help micron. ge up 4.7%. citigroup is defending the shares, saying the early stages of the turnaround promises. these are the best stocks for the s&p 500 on the day. david: ge could use it. thanks a much to abigail doolittle. the fed says it is data dependent, but which data is it depending on. we talk with tiffany wilding of pimco. that is next and this is bloomberg. ♪ david: this is "balance of power westin. am david mark: hurricane dorian is menacing the u.s. east coast. the storm is lashing florida after ripping through the beatingin a two day that cause damage that may cost the island billions. dorian has weakened but is still packing winds of 105 miles per hour. forecasters say it could make landfall as a category 1 storm thursday. the european union is warning businesses and people likely to be hit by brexit to prepare for the possibility that britain might leave the block without an agreement next week. as. officials have released checklist for companies to use. they will minimize disruption to trad

europe has not been good about cost, deutsche bank noting overspending on its own air shipment business. this pointing to a lot of management missteps. they say you cannot blame this on the macroeconomy. that is not to say this macro issues do not still hold. -- ie a chart i ballard borrowed from deutsche bank. the white is global trade volume. you can see how fedex has kind of a lead. when fedex peaks, global trade volume peaks. that happened in the past recessions and it happening now. david: thanks a much for being with us. up next, benjamin netanyahu bet big on a new election and right now it looks like it did not work out so well. we talked to the former u.s. ambassador to israel. live from new york, this is bloomberg. ♪ ♪ is balance of power and i am david westin. we go now to mark crumpton. mark: secretary of state mike pompeo says the united states is working with international allies on a coalition to deter iran. the secretary speaking on a plane before arriving in arabia moments ago. this comes as president trump says he plans on ramping up sanctions against iran. on twitt

. >>> we started sending letters to deutsche bank last year. and they were not responsive because they did not feel that we had the authority to demand anything from them. the documents that we wanted. but now that i'm chairing that committee and the democrats are in charge of the house, they've said they'll cooperate. >> the investigation into deutsche bank just got more interesting. in a court ruling relating to two house committees, lawyers for donald trump's longtime bank have confirmed the company holds some tax returns which may be related to trump, his companies and immediate family members. meaning that waters, chair of the financial services committee, could be one step closer to getting her hands on those elusive tax returns. joining us now is maxine waters of california. always great to see you in person. >> delighted to be with you. >> when we started having this conversation with you about the deutsche bank investigations your committee was undertaking, the presumption was you would not be the committee that would wind up with dona

deutsche bank is cutting dozens of salespeople in his global fixed income unit. the business was spared from the first round of reductions two months ago. they are trimming roles and investment-grade debt. softbank and its affiliates owned 29% of wework. not beenle stake has disclosed publicly, and it comes as wework has a valuation well below its last round of private funding. stores every day in china to stay ahead of growing competition. the company posted its fastest in threeles growth years. it sees china as its biggest opportunity, saying no limit to expansion on the mainland. is a huge platform, and rest of my for the lifetime in china, it is that big of an opportunity. >> that is your bloomberg business flash. equities in thel u.s. service sector, trade optimism has not hurt and appears to ease between the u.s. and china. trade uncertainty is the biggest drag on global economic growth. tot: that is according research from the federal reserve, it says the rise in trade conflicts in the first half of 2018 accounts for a decline in global gdp of about the fi

deutsche bank is transferring its prime brokerage business to bnp. the german lender will continue to manage the platform until clients have been migrated over. as part of the deal, 1000 staff will move to bnp. say theynd facebook removed 365 fake accounts linked to spain's conservative popular party. they say the accounts were used to influence public opinion and spread spam. twitter says the accounts were identified as falsely boosting public sentiment online in spain. the accounts were active before spain's april 29 general election. saudi aramco naming more tanks to work as book runners -- more banks to work as book runners on its ipo's. and ubs.ude barclays that is the bloomberg business flash. tom: very good. thanks so much. oury schenker with us come chief content officer, and julia coronado with macropolicy perspectives. she was way out front on calling for dampened gdp. i want to reset for october and get to the october 30 meeting. the reset is the silliness of the dots, all agree. we could talk for an hour about the silliness of the dots, a

alix: what about deutsche bank? sonali: they are blaming it on negative interest rates in europe, already bringing revenue targets through 2020 down quite a bit. it is looking tough for a lot of folks because of negative interest rates. let's see how they change their strategy to respond to that to make sure they can keep the revenue higher. alix: in terms of the u.s. banks and the yield curve here in the rates for the fed here, which banks are more sensitive? which banks are going to feel that the most, and what way? sonali: back to bank of america. wells fargo already gave sort of a tough flow when they said revenue would come down again. holding steadyen on the consumer. david: it is not good news for bank of america at all, but there are fees coming in that could make up some of this. right now they are saying the volume is making up for this. sonali: and jp morgan heavily pushing the digital strategy as well, picking up more consumers. alix: and don't miss our exclusive interview with morgan stanley ceo james g

congresswoman waters, a strategic thinker, and has her ase before the courts now, the deutsche bank case, along with mr. schiff in that case. chairman neal with his case in the courts on the president's taxes. mr. engel, part of the foreign affairs committee which has jurisdiction in terms of this telephone call as well. but it is an intelligence matter and it is focused in the intelligence committee. i just want to say again on whistleblowers. whistleblowers are important in intelligence -- and intelligence communities specifically have publicly recognized the importance of whistleblowering in pointing out wrongdoing and the importance of protection of whistleblowers. so here we are with another example of violations of the constitution on the part of the president, of continuing discussion that we've been having with him. and i was very pleased that the senate voted to reverse their ecision to take $3.6 billion from military construction and spending it on his wall. we will have that vote today in our caucus, the reversal of that decision. so as we go forward and still continue with ou

coming up, matthew luzzetti, deutsche bank chief u.s. economist, will join us on is call of 100 basis points of a cut. this is bloomberg. ♪ devices are like doorways that could allow hackers into your home. and like all doors, they're safer when locked. that'shy you need xfinity xfi. with the xfi gateway, devices connected to your homes wifi are protected. which helps keep people outside from accessing your passwords, credit cards and cameras. and people inside from accidentally visiting sites that aren't secure. and if someone trys we'll let you know. xfi advanced security. if it's connected, it's protected. call, click, or visit a store today. at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go

it is deutsche bank you are focused on. what about revenue they are? >> he said yesterday the revenue outlook is very great. headwinds continue to be fair and a slowing economy, and he sort of softened the revenue goal for 2020. it is going to impact the stock i am sure. jda: let's talk about sports. some analysts taking a very positive view of these numbers. >> that is right. results this morning are very strong indeed. that is what you expect from a company whose stock is the best performer on the ftse 100 so far this year. performance really is about 5% ahead of market expectations on the profit line. a couple of highlights. in the u.k., sales are up more than 10%. that's pretty remarkable for a in ataylor -- a retailer country facing the challenges that is. u.s., they say encouraging performance to start with. all of this is going to add up to analyst upgrades to expectations. stock picks up 81% so far this year. market values exceeding 6 billion pounds now. certainly these results should support that valuation. trendmaybe the athleisure is bigger

congresswoman waters, a strategic thinker, and has her case before the courts now, the deutsche bank case, along with mr. schiff in that case. chairman neal with his case in the courts on the president's taxes. mr. engel, part of the foreign affairs committee which has jurisdiction in terms of this telephone call, as well. but it is an intelligence matter and it is focused in the intelligence committee. i just want to say again on whistleblowers. whistleblowers are important and intelligence communities specifically have publicly recognized the importance of whistleblowing in pointing out wrongdoing and the importance of protection of whistleblowers. so here we are with another example of violations of the constitution on the part of the president, of continuing discussion that we've been having with him. and i was very pleased that the senate voted to reverse their decision to take $3.6 billion from military construction and spending it on his wall. we will have that vote today in our caucus, the reversal of that decision. so as we go forward and still continue with our day to day w

so now you've got this note by a deutsche bank economist who understands asia, and he is now saying that china no longer sees resolving the trade war as the top issue in the u.s./china relations, they see economic resilience in the, in light of the situation. they are also -- he's also saying, this is the economist at deutsche bank, that the chinese are predicting this to last a decade and they will see it through? >> i think if they can't reach agreement in the relatively near future, this could last a long time. it's not clear what the administration's goals are. do they want a quick agreement? probably not. do they want an agreement before the election? do they want to have this decoupling, the severance of economic ties between the united states and china, or does the administration really want to badly weaken the chinese economy and hurt particularly its high-tech companies? if the chinese perceive that there's not an agreement anytime soon, they're very dependent on the united states, on the u.s. market and on the u.s. for particular inputs, marley high technology -- particularly h

in the casef a deutsche bank, to 10% -- that equates of pretax profits. some of it makes a big difference. difference.makes a but does this prolonged the pain of low interest rates? but on aa plaster gaping wound. those low interest rates which are easing into the profit margins and lending margins for decades to come, does it help all that much? anna:. thanks nick comfort with the latest on the banking sector. the banking sector was up 1.3% and basic rhesus -- resources with the best-performing sector. up next, we speak to the exchequer. that's coming up. this is bloomberg. ♪ francine: the euro rises after the ecb's stimulus package. the qe controversy. governor central bank tells us that the action was possibly a mistake and that christine lagarde can change. and the white house is considering an interim china trade agreement to delay the tariffs. ♪ francine: this is "bloomberg surevillance." good afternoon, i'm francine lacqua in london. we are