that's a failed vision of the last 100, 50, 20, 10 and couple years at citigroup this idea that citigroup was going to serve that global traveler and service all their banking needs, that you have a customer in hong kong who sends their kids to boarding school in london and they ski in aspen and they're going to be your super wealthy customer that's been a fail eed experime over any time frame. that's why we called for more restructuring. the concern with the stock trading so far below tangible book, is a concern can they generate concerns above the cost of capital which is a function of their business max, which ix >> mike, thank you >> tim seymour, do you like citi more, less, or the same? >> love the social change here i love the fact that citibank's board is going to be 50/50 gender male/female this is a move that should not be seen as extraordinary, but it is it will be great when this is common place i'm long citibank, i'm long jp morgan, i'm long bank of america. i think the drivers today for citibank longer term are where they're going to extract the most value it does seem that t

citigroup has named a new ceo. jane fraser will become the first female to lead a wall replacing the ceo retiring in february, after eight years on the job. candace, thank you for joining us this morning. what does the appointment say about how far wall street has come on gender issues? many are obviously welcoming this move, but still some say it is a be steps, not the high water mark just yet. >> first and foremost, let's give credit where it is due, citigroup has certainly made history with this announcement. it is part of a creeping change across corporate america, 31 women already lead s&p 500 companies. so it is really great news to see a woman in the top job of up our for wall street bank. that said, it will emphasize how rare the situation remains. the finance industry in the u.s. and really in march of the world -- much of the world still has a long way to go when it comes to gender equity, not just in ceo jobs but equally among the ranks of senior management. example,he u.s., for the top groups that overs

citigroup names its next ceo. he is the first -- she is the first woman to take the role that a major global bank. we will discuss the challenges ahead for her. citigroup and other banks are planning to return of their selloff. i speak with the ceo looking to clear the air literally for employees. let's get a quick check of the market. despite the choppy session after the ecb announcement and it has been quite choppy in the u.s., equities are now lower. all three indices are down. the dow and s&p down by .4%, nasdaq down .1%. the 10-year yield at 70 basis points. little movement but enough to show there is some kind of reaction. the euro continuing to strengthen. above 118. we will stay on the euro. surgeine lagarde say the in currency must be monitored. that only called for the european to strengthen further. our first guest is lena komileva . a lot to unpack out of the meeting but how is the european economy doing? economy wasropean recovering quite strongly from the effect of the lockdowns. it is the balance ef

it is being massaged by citigroup, massaged by everyone. you know what, it is a reprimand from the federal reserve system and the office of comptroller. that is what is speculated. francine: this is what is getting a lot of attention today. later on bloomberg, we will hear from ray dalio, bridgewater founder and chief executive officer, at 2:30 p.m. in new york, 7:30 p.m. in london. let's get to first word news with ritika gupta. ritika: the west coast wildfires have become a campaign issue. president trump and california state officials sparred over whether climate change is contributing to the blazes. the president insists that poor management is the culprit, joe biden called him a corporate arsonist. mexico, the hurricane has now been downgraded to a category one mexico. sally will make landfall tonight or early tomorrow, but where is difficult to say. hurricane warnings extend from new orleans to the florida panhandle. there he kaine is feared to bring deadly storm surge and flooding. boris johnson's lawbreaking brexit bill has cleared

i guess citigroup -- i guess citigroup's control functions that persisted even after the lender spent $1 billion in that area this year. the bank remains in discussions with the fed and no imminent expected. ubs has been studying the feasibility of a megamerger with rival credit suisse. there have been no formal discussions held. talk about consolidation in the european banking space has been heating up, as the pandemic ads challenges already weighing on profitability. pop is excited to be as the prime minister. we are joined from tokyo by our correspondent. what do we know so far? >> now that suga has been elected, he will form a new covenant and names of the likely prime -- likely ministers have been trickling out. so far, here is what we know. local media is reporting that he plans to retain the finance minister the foreign minister,, the secretary-general, and the diet a fair chair in a sign of maintaining that stability lgp.in the within the reshuffle, he also plans to name a former into the affairs and communications minister as chairman of the party general counsel. the current

citigroup has named jane fraser as its ceo. she has been with the bank since 2004 after a decade with mckinsey. shewill replace mike corbat will join the board immediately. after shares falling information was leaked to a security firm. data on 275 companies was leaked. information on dealings in ets. been hold already over -- work from home has come to an end for senior staff in new york. andmanaging director subordinates must return to the by september 21. people with medical conditions are exempt. >> week pre-sales numbers mulan's remake -- disney's mulan remake is in for a tepid opening. it has been at the center of controversies. there are many challenges the film is facing as disney tries to use this as a litmus test to how its new model will work. mulan is facing a lot of challenges right now globally. found mulan saying -- government department where muslim leaders have been led to a global boycott of mulan. boycott a separate movement against mulan because the main actress supported hong kong police during antigovernme

they will not be limited to citigroup. morgan stanley from account was the only one to make that promise into 2021. but 2021 is not that far away. there are concerns about what headcount will look like. -- tour thanks to sonali: sonali bostic with the latest. basak with the latest. coming up, we will be selling -- we will be showing some charts. this is bloomberg. ♪ ♪ caroline: today, we are looking at some of the potentially more permanent changes to the labor market due to the pandemic and recession. i know one part of the labor market you have kept an eye on is freelancers. a lot people positioning themselves as freelancers. some ate a from -- data from upwork shows how extraordinary this year is. are is basically people who working but classify themselves as a business probably for tax reasons. the blue line, way out of scale, more people doing that. you have to figure there will be some return to normal but you also have to figure some people will really like this new arrangement, they will want to make it work. r

and before that she ran a that was less than 15% of citigroup revenue. so it shows that you can look more broadly. tom: that is a fabulous ratio perspective. she come in and be the hatchet? the bottom line is that, here it is. j.p.morgan is price-to-book 1.30. bank of america a little lower, .90. aknow that you have completely unacceptable .61 at citigroup. what is the urgency of ms. ser to write the corporate -- thati: you cannot imagine there investors are super patient. with that said, we are in the middle of a pandemic. banks have taken billions of dollars in positioning and citibank has a huge -- citi has a huge global business. the urgency is there, but it doesn't look so great that the stagnants has been since michael corbat took over in 2012. francine: so as she takes over citigroup, what does she need to do first? sonali: the technology issues are a big question mark. jane did take over citigroup less than one year ago, so while her move to the top was pretty widely telegraphed, the timing is a big head scratcher across all of wall street. why s

citigroup makes history. the ceo retires next year. there will be the first-ever female executive of a wall street bank. more on that next. this is bloomberg. ♪ alix: the big news this morning, the citigroup ceo is retiring this morning. the bank is tapping his successor. she will be the first female chief executive of a major wall street bank stop joining us for more is goobers wall street correspondent. does this put more or less pressure on other wall street firms to match the glass ceiling breaking? >> it puts a lot more pressure on them. let me show you how fast this all happened. generating less than 50% of the banks revenue a year ago. then she was elevated. so citigroup move very quickly here. the numbers under the ranks. there is a big pipeline problem. >> this is a huge glass ceiling being broken. a wall street bank being run by woman. it has been ebbing and flowing for a while. it is a huge moment in terms of implications of what this will mean. it will send a big message to people further down that this is possible. how b

it is being massaged by citigroup,

the folks ate citigroup thinking of the economy? the gdp number the back half of this year into next year. how do you think the recovery might look? andrew: it is looking every bit as bad as the contraction was in it willrebound in q3, not completely make up for that, but we will have a very elevated annualized growth number. spent a lot of time talking about the -30% growth, and annualized number, so you are multiplying the contraction by four, and also some things are transitory that will be reversed, and that reversal coming. you should also be careful with the qfii number. i will tell you that q3 number looks like it will be closer to 30% than 20% annualized. at our first forecast we thought may be more like 20. you're growing from very low levels, i want to emphasize that. trying to get back to more normal activity. it still looks like a powerful growth rate in the fourth quarter. paul: how about 21? is there going to be meaningful growth in 2021 and how much of that is dependent on stimulus? andrew: i think we can continue to

ken: we still have a buy on citigroup, but it is a very different dynamic. a morely, we need to see visible picture in terms of a return to normal u.s. economy, and then global growth, it does benefit goldman or morgan stanley, but citi has a higher percentage of net revenue outside the u.s. the stock markets are where this is interesting. 0.61, yet ang at lot of analysts on the street have a buy, probably for the same reason. this is a great ultra cyclical play once we get in a macroenvironment. tom: i don't do ratios on friday, but i just looked at operating income to employees, and the easiest path is to slash the headcount on an operating income basis. they just can't compete with bank of america or jp morgan, can they? ken: they can't, and this is where jane fraser comes in. i think she's probably going to cut back the capital markets business, and maybe the commercial bank where they do not even have good market share certainty in local areas. that's what i knew ceo does. before yup capital, not just headcount. -- you free up capital, not just headcoun

citigroup is a very controversial bank. if you look at all the banks that may have ignited the 2008 financial crisis, citigroup is probably at the top of the list, although we should point out ray mcguire was not really part of that department that developed the toxic assets that led to citigroup's implosion and several bailouts by the u.s. government. neil: he's a democrat, would run as a democrat, right? charlie: i think so. listen, he could run as an independent, could run as a republican. i don't know if there's a single republican who has announced although the supermarket heir, billionaire -- neil: right. charlie: yeah. he's signaling his intention. i think he will run as a democrat. again, it's not a done deal. i hear it could come as early as this week. the reason why i say that is because new york city politics, presidential politics is rough and tumble, we know that. new york city politics is pretty nasty. him working on wall street is going to open both him and his family up to a lot of scrutiny. neil: all right.

>> i think that change at citigroup is good and needed. they have improved over the last eight years, but they still have worst in class efficiency, returns, and stock market valuations. they have come away, but not as far as they need to go. jane frazier can give a fresh look. as you know, i went to most of the annual meetings last decade. i would stand up and say why are you not restructuring more? they said restructuring is over. that should not be the case for an underperforming bank. with a new ceo, we think it will give them the chance to have a fresh look at re-examining parts of the franchise that maybe should be shed and reinvested elsewhere. she's a woman, a woman running a wall street bank. you just talked about how if this was any other person running it -- is it significant woman?e's a they have chosen a woman. she has rocketed through the ranks. the business is sending a message not only to kind of the people that work for it, but to wall street more broadly. what do you think the message is? >> citigroup like all of wall str

no specific comments from citigroup. the bank says employees need approval for any outside business activities. global news 24 hours a day on air and at bloomberg to take -- quicktake, powered by journalists and analysts in more than 120 countries. this is bloomberg. annmarie: thank you. tech takes a hit as opposed pandemic world. our guest host says not a time to dig tech yet. that's coming up next. this is bloomberg. ♪ >> the ipo is a price discovery process. we were after a set of institutional investors. people that can hold multibillion-dollar positions for 5-10 years. people that don't chase momentum either up or down. his company's record ipo. bring up the board. snowflake made a name for itself yesterday with the biggest u.s. ipo of the year. the largest ever for a software maker. look at that. up 111% on its debut. manus: it did get higher than that at one juncture. it made it to a $70 billion valuation. we will stay with tech. commentswell, his pushing the sector lower today. the s&p 500 fell aztec stalled --

people are focused on her qualifications she's been at citigroup for a while. she's been in multiple regions and businesses investors don't know her that well yet she hasn't been out in front of the street a whole lot back in may it was going to be the launch point for her with covid that got postponed. from what i'm able the gather from people inside and akrosds the industry in general, she's very well respected. >> $51 share what would make you change that view i'm come back to you >> they are trading at a discount to peers. i think that's largely because they got a big credit card business i think to the extent we can get into a better economy, it keeps things going in the right way. i think they start looking at more i would expect the see the valuation price narrow >> let me ask what is on the surface maybe a juvenile question maybe revealing at the same time why haven't women made more progress in boardrooms at the upper levels of companies? is it a question of pipeline is it a question of discrimination is it a question that women don't get as long -- th

citigroup stock is trading at $50 a share roughly now, but it's really $5 a share. when he took over, it was above $30, really $3. you see what i'm saying, the stock the underperformed and particularly when compared to other major banks. and he received some criticism for that. the other thing is a rot of people think -- a lot of people think this is citigroup saying it wanted to be the first in this race to appoint a qualified woman ceo. and ms. fraser, apparently, is very qualified from people i speak to, very well liked internally, really smart, you know? they're not, they're not -- this is apparently from the people i speak to, this is a move that is replacing competence with competence. and they become the first woman ceo beating out -- first firm to appoint a woman ceo, major firm, beating out jpmorgan. so those are the two overriding factors there. citigroup has not provided a reason exactly why corbat resigned now, but i think the two, the two issues i laid out -- stock price and, again, given the times and given the competence of jane fraser -- this was pro

still with us, catherine mann, chief economist at citigroup. when you look at the world economy right now, where do you see the most scoring, and how deep will that scoring actually carring, and how deep be? that scarring actually catherine: one ofcatherine: the important disconnects is the at which our own economist sadie the level countries get back to pre-covid level of ddp is maybe next year or 2022, but no one is talking about getting to the pre-covid level of unemployment for the pre-covid level of employment, and i think that disconnect between people thinking their economy from the measure of gdp is going to be coming back -- no one says that for unemployment, and that says that there is an extended period of time where we are going to have very high unemployment rates, and we know that the scarring from the global financial crisis, which is a whole lot like this in terms of the gdp dynamics. that scarring was particularly damaging to the younger generations, because they are the ones who are not getting the first job or are not getting

jane frazier will take over as ceo of citigroup in february. becoming the first woman to lead a wall street bank. fridayier currently the bank's president and its head of global consumer banking at citi will succeed the retiring manager. watch report. for more, head to cbsmoneywatch.com. at the cbs broadcast center. i'm diane king hall. >>> a startling discovery inside big basin state park this morning. weeks after it was ravaged by the czu lightning complex. at headquarters extreme heat and flames destroyed all the buildings and reached into the canopies of many of the taller trees. other parts of the forest only burned in the understory. preliminary inspection of the 2000-year-old father of the forest redwood shows some flames crept underneath the base but the thick bark made of naturally fire resistant chemicals protected the main body. >> i have to do more careful assessment but i feel pretty good about the father of the forest. trees that are burned even in severe fire intensity. almost 90% of the redwoods do survive. >> rebuilding and rec

citigroup names its next ceo. he is the first -- she is the first woman to take the role that a major global bank. we will discuss the challenges ahead for her. citigroup and other banks are planning to return of their selloff. i speak with the ceo looking to clear the air literally for employees. let's get a quick check of the market. despite the choppy s

citigroup has picked jane fraser as it next to chief executive officer. she will take over for my corvette. let's get over to -- mike ho rvatt. she has broken the glass ceiling and now comes the hard part. tell us about the problems that has ahead of her. broughtel corbat profitability that. to bring thosee back to where they should be. they have to improve their technology systems. they have been on top of the regulators on issues about that for some time now. the job is just starting for jane fraser. it does not really start until early next year when michael corbat officially steps down. >> she rose up the ranks quite quickly as head of consumer banking. tell us a bit more about what she can bring to the table that mike corbat could not. er was named as president late last year. i think the timing surprised people a bit. they do not think it would be this soon but before that she was the head of a latin america business. 15% business is less than of the revenue at citigroup. it shows -- goes to tell you that fostered bank can do more to put people from

citigroup has named a new ceo. jane fraser will become the first female to lead a major wall street that, succeeding michael corbat, who is retiring after eight years on the job. for more, let's bring in bloomberg finance reporter. tom, what does the appointment say about how far wall street has come on gender issues? tom: it is certainly a historic moment for the finance sector. she is the first woman ever to run one of the giant u.s. ranks. in some ways, there that u.s. -- in someme ways ways, it is a breaking of the glass ceiling. but it also tells its own story. when you look at the wider finance sector, it remains very male-dominated. hard toersity -- is ca come by. only a quarter of the industry is female or minority groups. well this is definitely a moment , it is really just the first step, i suppose. matt: she was not chosen -- we don't want to make it sound like she because she is a woman, has a ton of experience from goldman sachs to mckinsey. tell us about her bio. tom: it is an impressive resume. she h

and the acts falls at the -- the citi,lls at citigroup resuming job cuts. anna: absolutely, let's talk about the jobs market, specifically in the u.k., we are getting jobs numbers coming through. jobless claims arising by 73,700 in august. to give you some context to that, that is lower than the previous number. in the prior month, jobless claims numbers rose by 94,000 in july. perhaps if you are looking at that rate of change or the pace of the surge we have seen in jobless claims, it is not as much as last month, but we are living in a very strange o job market in the uk given the furlough scheme that is keeping in a life-support certain businesses thereby limiting the number of jobless claims. in the unemployment rate, the same applies. for threeoyment rate months is in line with estimates, a little higher than the 3.9% we saw the previous month. many economists, we talked to, the bank of england and others forecast been rise. the furlough scheme still seems to end in october. there is reason perhaps in some people's minds to extend it, but that is not t

in wall street, job cuts are coming for citigroup employees. the lender joins rivals like wells fargo, ending an earlier pledge to stop staff reductions pandemic. . dani burger. has been looking at this house deep can we expect these cuts today? deni: they are not particularly steep. globale 1% of cities workforce which is about 200,000, that they will be letting go. but it is significant because they had pledged earlier in the pandemic to give their employees some relief that they wouldn't have any job cuts. but if you look at citi's employee base, we will not see any changes. that is because they have hired 26,000 people so far. so it more washes out the job cuts they will take. doesn't mean they are not important. there is a good reason citi was to get their costs under control. they are likely to see their revenues drop. not have the growth in sales. but interest rates are still very low. we are likely to see loan losses continue to pile as well as consumer spending that has really slowed down. we also learned yesterday that regulators are

citigroup has picked jane fraser as its next chief executive officer. she will take over from michael corbat. we are tracking the story. it is 2020 so this really should not be new. we have a woman heading a major wall street bank. frazier herself talking about -- jane fraser talking about equality in the industry when she spoke to bloomberg in june. 73% of what paid men are. true in our more black population. it is true in different parts of the world with different populations. the piece is to begin moving away from the ills of the past and behaviors of the past and start converging on a positive vision for the future. >> speaking back in june. what does her appointment mean for the industry? >> it is a really good question, and i think it will be interesting to see. we have seen leaders from goldman sachs calling out and saying, this is awesome, and congratulating jane. it was just a couple of years ago that all of the big ceos went to capitol hill. at that time, none of them raised their hand when they were asked. now that a woman has, does this tak

>> as part of this initiative at citigroup, the $1 billion they have earmarked for people of customers,inority more than half of the funds go toward supporting homeownership. the homeownership gap in the u.s. and many parts of the world is very stark, starkly divided along racial lines. part of this will go toward developing a pipeline of affordable housing by minority developers, as well as supporting mortgages and other financing that will help people of color own homes. -- some part of the money will be earmarked for black owned suppliers, procurement opportunities, and other opportunities. exactly does the report find? where will we be in six months from now? sree: six months is probably not going to move the needle much. over the next five years the citigroup report found that the most forms of economic discrimination, and give a $5 trillion boost to gdp over the next five years. they are viewing this as a step in the right direction. over the next five years, differences could be profound $16n what you cited with trillion in lost gdp that we know race-based inequalities have shav

no specific comments from the employee or citigroup. citigroup says the employee needs approval for any outside business activities. rolls-royce is continuing to think of ways to bolster its coffers after the pandemic slump in aviation revenue. the u.k. maker may issue more debt or equity. it has been particularly hard-hit this year with its share price down over 2/3 and its debt downgraded further into junk. that's your bloomberg business flash. anna: lower right in london. boris johnson has made a key concession to try to get his controversial internal markets bill through parliament. after a meeting with members of his own party, who were threatening to rebel against him, the prime minister agreed to give mp's a veto over whether the government can override parts of the brexit divorce deal. the plan has also come under fire by senior members of the house of lords. let's speak to one of them now. joining us now is michael howard , lord howard, conservative peer and former leader of the conservative party. lord howard, good to speak to

citigroup is resuming job cuts ending an early pledge and citi joins rivals likes wells fargo in the job cuts removing more than 1% of the global work force. down 1% year to date back to you. >> a lot of news around citigroup as well in the last couple of sessions ceo departing. we'll see you and are you ready for trending i have a surprise for you. >> so ready. >> i will look for it. >> bring it. >>> let's get back now to the broader markets and what may be behind the wild volatility we've seen recently. our next guest, he has a column out over the weekend called the wildly popular trades behind the market's swun and surge. he says stocks are all about options right now. wall street journal, greg. it is a pleasure to have you back on. last week, we introduced viewers to the term gamma squeeze and talked about the mechanisms. when you posted the size and volume of options activity, even i got nervous. what can you tell us about how retail investors are really gambling >> sure. historically, the average retail investor, one getting into the market played stocks individual shares incre

i think it has been the case that citigroup has made in this announcement. it is part of a sweeping change in america. 31 women already lead s&p 500 companies. at the same time, i have to say that her presence emphasizes how rare it is. the financial industry in the u.s. much of the world has a long way to go to reach gender equality and equity. that is not just the case for the c.e.o. but ranks of senior management. if you look at the top groups, siti is the only place among s&p 500 banks. what is next for jpmorgan or bank of america or morgan stanley or other banks? francine: what kind of experience does fraser bring to the job? >> she has international experience. he joined citigroup in 2004. the lender faces loan defaults after the coronavirus pandemic. she demonstrated over the past decade that she can manage just about any business. this poim is a testament -- appointment is a testament to her ability. francine: what are the challenges for her ahead? >> the fallout of the pam to ever a gate. -- of the pandemic to avigate. this year, it abandoned the ta

citigroup says the bank remains in discussions with overseers, including the federal reserve, and no imminent action is expected. alibaba said to be in talks to invest as much as $3 billion in grab. the chinese e-commerce giant would be the only investor in the world and would potentially grab some of grab's stocks held by uber. it would give it access to data on tens of millions of users across eight markets. tencent picked singapore as its asian hub, joining alibaba in the race to boost its presence. t currently has dozens of job openings in singapore. billionaire steve cohen has finally reached a deal to buy their new york mets after a nine-month saga. terms of the transaction were not discussed. cohen was in talks to acquire the team late last year but negotiations broke down. the deal isorts valued at around 2.4 billion dollars. softbank will raise more than $10 billion for selling more than one third of its wireless arm. it will also sell softbank court shares at 1204 yen a piece. nvidia willarm to ceo -- as hee considers taking the company private. >> we are seeing u.s. future

and a citigroup employee has been placed on paid leave pending an investigation after revelations he operated a prominent qanon conspiracy theory website. a fact checking service identified him as running the site, which has since been shut down. no comment from the employee or citigroup, but the bank says employees need approval for any outside business activities. that is your bloomberg business flash. francine: three more years that the fed predicts rates will stay near zero to help the economy rebound. chair jay powell says while the recovery has been faster than expected, activity remains well below pre-pandemic levels. >> we believe particularly this very strong forward guidance, very powerful forward guidance will provide strong support for the economy. rates will remain highly accommodative until the economy is far along in its recovery. that should be a powerful statement in supporting economic activity. we will aim to achieve inflation moderately above 2% for some time so that inflation averages 2% over time and longer-term inflation expectations remain while anchored at 2%

citigroup have a big piece of research out. 84% are showing extreme caution. citigroup would say that may present a missed opportunity. takessee how the market the comments. have a look at the dollar. charlie evans, the consciousness of the dollar bulls. down, butis rolling get ready for an all-time high. gold moves on of the back of the dollar. there is the pound. down she goes. it is trying to find a new litmus level and a new floor, one could say. to the u.k. government and that story, tightening measures to combat the spread of coronavirus. britons have been ordered to work from home wherever possible. pubs will close each night at 10:00 p.m. prime minister boris johnson has appealed to the public to obey the new restrictions if the country wants to avoid a new national lockdown. >> for those who say we don't need this stuff and we should leave people to take their own risks, i would say these risks are not our own. the tragic reality of having covid is that your mild cough could be someone else's death knell. annmarie: meanwhile, the uk's hospitality indu

citigroup notable section now down more than 5%. every sector is higher after the break, another part of today's merger extravaganza. we'll talk about gilead's $21 billion to bulk up the cancer drug portfolio next. you're watching "closing bell" on cnbc. look here, it's your very own all-in-one entertainment experience: xfinity x1. it's the easiest way to watch live tv and all your favorite streaming apps. plus, x1 also includes peacock premium at no extra cost. this baby is the total package. it streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. yup, the best really did get better. magnificent. xfinity x1 just got even better, with peacock premium included at no additional cost. no strings attached. >>> gilead reaching a deal to buy another company for $21 billion. the major merger expanding gilead's availability of cancer treatments the here to discuss, michael yi from jeffries. what do you mablg make of the deal >> great to be here. there are two important things like a

jonathan: for the open -- tom: for the opening script yesterday, citigroup is down 91% which is not a big deal except if you compare it to other banks , including many european banks, it is an atrocious relative performance. jonathan: we advance extensive 1%. coming up on the program, peter often higher might give you one of those points. joining us very shortly this hour on this day. retail sales around the corner. this is bloomberg surveillance. ♪ ♪ >> hurricane sally is threatening the gulf coast. one forecaster recording historic amount of rain and a potentially deadly storm surge. it made landfall this morning. sally is a category two hurricane with a 100 mile-per-hour wind. president trump is preparing to decide whether to approve oracle's alliance with tiktok. they've examined the company's proposal. the president demanded tiktok salads u.s. operations for national security reasons. federal reserve policymakers are expecting to say interest rates will stay near zero through 2023. chairman will take questions afterward. in japan, the parliament has elected the first new prim

there is important news from citigroup. switzerland we sat down with -- if you would be proud stepping aside and allowing the first female ceo. the ceo of michael corbat bank planning to retire in february 2021, selecting jane fraser to replace him. will not be a surprise to many people is jane fraser. many people believe this is the person who would take over for michael corbat. there it is in print. tom: this is a real change. michael corbat at 60 years old is rather young. he has a legitimate football player. he is one of the few guys in college sports that was quite good at harvard years ago. off of corbat coming in the train wreck of 2009, the reverse split citigroup went through. jane fraser out of scotland and out of cambridge and out of mckinsey's seasoned for her age. jonathan: a strong historic day for wall street and much more coverage ahead. we cross over to a news conference with ecb president lagarde with euro at session highs of 1.1818. here is the president of the european bank. pres. legarde: we intend to c

citigroup was among the first to restart cuts. we are hearing j.p. morgan will be eliminating more than 100 jobs as part of their annual cuts. again, this is a major issue in terms of how the banks embrace this. but goldman was one of the first moratorium,absolute and they say now they are re-examining their need, and announcing according to people close to the matter, a cut that will impact about 400 people. other these cuts come as companies make similar moves. disney yesterday, allstate a few hours ago. what are we expecting going thisrd as far as moratorium period seems to be coming to an end. su: allstate is a good example. they announced after the bell they cut about 3800 jobs. as they are going forward now with a restructuring and revamping of the company, that had earlier been announced and planned. but the ceo said they were waiting for signs that the economy was improving, at least that is the comments we are getting. and they are saying the insurer is going to push forward with plans for more competitive pricing through these kind of reduc

banks citigroup's stock up about 38% with corbat over the helm over eight years. sandy weill joins us now in an exclusive interview. a very good afternoon you to, sandy. thank you for joining us >> good afternoon you to st. >> what's your take on this announcement you are proud that your alma mater is the first of the big six to announce a female ceo >> i stole my line i was going to say i'm proud to be a citi alum and i think i'm thrill that they chose a woman. but i'm more thrilled that they whose cho chose a woman that has done a phenomenal job over last 16 years at citi aeeverything she d the opportunity to manage. >> why do you think it's taken so long for the big banks to get to this point? >> i think it was an industry that not too many women went into a while ago so it takes time to bull up awe cadre of people where you have an ability to have choices, i think. most of the banks have a lot of choices and women are in important positions on the boards of companies like citi is nearly -- the board is nearly 50% women. tlaen a and there are a lot of women in

jonathan: citigroup global head of m&a. i think we are all trying to figure it out. good morning. alongside tom keene and lisa abramowicz. you can hear tom clearing his throat, as always. equities pushing higher. s&p 500 up by .8%. 8 percent.t up 0.06 yield on the 10-year. euro-dollar, $1.19, up about .25%. bit of dollar weakness this morning for the g10 peer tom: let's look at remember be, -- renminbi, stronger 2, 3 days in a row. strength in china, no question. jonathan: they are tolerating that strength. the economic data is improving peer to what if i'm really interested in the g10, what about rate -- not about rate differentials so much anymore. all about political differentials between the united states and europe inarguably the politics away from brexit, of course. back ofbetter off the the fiscal agreement several months ago. that was the move to 120. it was about politics, not about monetary policy or about race. tom: there are a lot of other things that are good. one of them is trying to add up in the bloomberg terminal, the mergers and acquisition examine we are seeing,

i know everyone at citigroup owns amazon and apple out the eyeballs as well. but what has been the response of your accounts to bonds as a portfolio anchor? >> you know what's interesting? not just bonds, but looking at cash holdings, there is really from an investor standpoint, you have those that come up when they saw the pull back, they dove in full speed into the market, have a lot of risk assets, have been participating in this recovery. on the flipside, what you still see is substantial amounts of cash on the sidelines. we are talking about portfolios sot have up to 30% in cash, one of the things that is interesting is looking at bonds as that counter, the conversation there is how do you have the right amount of cash? you settle on that, but don't make it 10 times that amount. keene hasow that tom an entire mattress stuffed with triple leverage cash, but is it going into money markets? how is it being represented at a time when treasuries are no longer synonymous with cash holdings? kristen: is it that. kristen: it is -- is exactly that. the question is

the commodities strategist from citigroup. why pullback on your forecast when it looks pretty strong? it looks even more robust looking ahead as the comeback that china is actually undergoing seems to be gathering momentum. >> iron ore has been one of the best-performing commodities, given how strong chinese economic recovery has been for intensivethese sectors including real estate and infrastructure massively outperforming. over the summer time period, we have actually seen major year on year growth in demand which has resulted in restocking steel hass for iron ore and that pulled iron ore prices towards the highest level in years alongside supply disruptions coming out of brazil. as we move ahead into the peak season, it seems the market started to get a bit skeptical about the sustainability of chinese steel demand, and therefore, iron ore prices, which is high relative to its cost of production in the scale of $30 to $70. it is due for a pullback given the evaluations. is, if youe thing look at copper, there is even more

it's jpmorgan, citigroup and regent financial. all of them talked about being more cautious in building their reserves in the second quarter. and the portion of their reserves to total loans is a little bit higher than peers' so any improvement in the economic outlook is going to have an outsized effect on those banks. jack: okay. al, warren buffett bought share of five japanese conglomerates. my confidence in the pronunciation, mitsubishi, mitsui, what do you think buffett likes about japan here, and do you think he's right? >> news job on that pronunciation, although i don't know either. you know, for warren i think that it's fairly consistent with his playbook. these are all value-oriented plays. they trade for about ten times earnings so, you know, most famous value investor out there, that's -- check that box. the other thing is this is a play on the global economy. these things are far-flung conglomerates. they do everything. the business description for mitsubishi is like 250 words. they do chemicals, logistics, they do eve

morgan goldman sachs and citigroup they all saw gains on friday and finally the ts x. in toronto it's also down on the week the as energy stocks actually weighed down the index with oil prices falling to early august lows the index was up on friday on lower unemployment and more jobs added in august now moving into the holiday week here in the united states we will keep an eye on the tech sector to see if that volatility will remain or if markets are going to bounce has been brought up a lot during the pandemic because we saw a lot of films that were originally destined for at the actual. release goes straight to streaming in other words crushing not the actual window but now in this world the longer theatrical window would actually work in the film's favor meaning if you're in new york in l.a. and you can't see this movie this weekend you want it to still be a 1st run movie when you get it down the road so if you have a long the actual window that movie for instance 10 it will still be playing in its 1st run to dree 4 weeks in 2 months and maybe longer and that's good

after 16 years, citigroup's will succeed in february. frazier will be the first woman to lead one of the big six banks, a major milestone in industries long dominated by men. >>> dana rebik, whose career spans six decades has died, she became a style icon during the 19 six these, in the tv series the adventures. she was also a bond girl. more recently she found a new generation of fans as the sharp tongued and fearless matriarch, leaving tyrell on game of thrones. she died peacefully in her sleep this morning after being diagnosed with cancer. she was 82. >>> the smoke is not helping us breathe much easier we saw the cloud of smoke and my heart fell. i knew we'd lose our home... and we did. over 24,000 homes have been destroyed by wildfires in the past few years. wildfire victims need help so i'm voting 'yes' on 19. it limits property taxes on wildfire victims so families can move to a replacement home without a tax penalty. you never know what you'll be faced with. please, vote 'yes' on 19. we've learned a lot more about the covid-19 vi

we're taking a look at citigroup. the bank is trading well below book value, but it's recently gotten some analyst support, and it named a new ceo, jane fraser, who'll be the first woman to lead are a wall street bank, and this could be the beginning of that comeback that investors have been hoping for. jack: and if jeremy siegel is right about interest rates, we'll see better rates from the bank. >> sherwin williams went higher this week. people are painting their houses, they're buying new houses that need paint, and they make pretty good paint. jack: and it's a heck of a company. its advantage over competitors is actually growing. great ideas, thank you for that. to read more, check out this week's edition at barrons.com. week's edition at barrons.com. wear your masks, and we'll be male announcer: coming up next on "leading the way." dr. michael youssef: if 1 corinthians 14 teaches us anything, it teaches us that whenever the self dominates, the gospel is diminished. worshiping god always has purpose. serving god a

we're taking a look at citigroup. the bank is trading well below book value, but it's recently gotten some analyst support, and it named a new ceo, jane fraser, who'll be the first woman to lead are a wall street bank, and this could be the beginning of that comeback that investors have been hoping for. jack: and if jeremy siegel is right about interest rates, we'll see better rates from the bank. >> sherwin williams went higher this week. people are painting their houses, they're buying new houses that need paint, and they make pretty good paint. jack: and it's a heck of a company. its advantage over competitors is actually growing. great ideas, thank you for that. to read more, check out this week's edition at barrons.com. wear your masks, and we'll be (announcer) the following is a sponsored program for prostagenix, furnished by prostatereport.com. (upbeat music) ♪ hi, this is larry king. over 30 million men in america have prostrate problems. i know, i was one of them. and all these natural prostate supplements

we're taking a look at citigroup. the bank is trading well below book value, but it's recently gotten some analyst support, and it named a new ceo, jane fraser, who'll be the first woman to lead are a wall street bank, and this could be the beginning of that comeback that investors have been hoping for. jack: and if jeremy siegel is right about interest rates, we'll see better rates from the bank. >> sherwin williams went higher this week. people are painting their houses, they're buying new houses that need paint, and they make pretty good paint. jack: and it's a heck of a company. its advantage over competitors is actually growing. great ideas, thank you for that. to read more, check out this week's edition at barrons.com. wear your masks, and we'll be ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend, everyone. welcome tom program that helps position you for the week ahead. thanks for joining me this weekend. coming up, the carlisle group's cofounder and

we're taking a look at citigroup. the bank is trading well below book value, but it's recently gotten some analyst support, and it named a new ceo, jane fraser, who'll be the first woman to lead are a wall street bank, and this could be the beginning of that comeback that investors have been hoping for. jack: and if jeremy siegel is right about interest rates, we'll see better rates from the bank. >> sherwin williams went higher this week. people are painting their houses, they're buying new houses that need paint, and they make pretty good paint. jack: and it's a heck of a company. its advantage over competitors is actually growing. great ideas, thank you for that. to read more, check out this week's edition at barrons.com. wear your masks, and we'll be here next week on "barron's roundtable". ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend, everyone. welcome tom program that helps position you for the week ahead. thanks for joining me this weekend. comi