guilty as charged goldman sachs is malaysians of sebree admits train charges of bribery it's possible a record settlement over the money laundering at the nation's state investment is also coming up the world is spending billions to shore up supplies of a possible culprit 19 vaccine will africa be left out. and this is not the time to go on holiday as europe recall it's more than 200000 new infections a day to. regions bracing for a tough winter ok. this is due to the business i want to get john's and then to have you with us now it is the 1st criminal settlement in goldman sachs's history as a public company the bank's malaysian subsidiary has pleaded guilty to bribery for its role in a major money laundering scandal at malaysia's state investment fund the guilty plea is part of a $2900000000.00 settlement with u.s. regulators who say goldman played a quote central role in the theft of money from the fund of knowledge ing institutional failures goldman's board of directors has decided to cost pay and bonuses for several executives including this man that is the current c.e.o. david s

with goldman sachs we have been very focused on funding cdfi's. year today we made a commitment to the tune of $750 million to black ands who reach latino business owners and women business owners as well. joe: one of the details that strikes me as interesting as only 29% of black business owners with household income below 75,000 dollars received funding compared to 65% for white business owners. , in banks consider funding guess what type of, what are the justifications used? how do they explain these disparities and what other factors might they look for to justify such an extreme disparity and who gets money? asahi: i think they are not doing a couple of things that i think need to be looked at, which is a second look at the black applicant. because, as you said, your household income seems to matter more if you are a black small business owner your household income seems to matter more. 2/3 of white business owners are able to get the funding where is only 1/3 of black small business owners. additional bias training is really necessary as wel

you saw a lower rise then we saw over at goldman sachs. we will have questions about what kind of market share we think they are gaining, but right now, they are standing in between jp morgan and goldman sachs. jonathan: wrapping up earnings on wall street, morgan stanley unchanged in early trading. interview a timely of foreignister affairs. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. don't count on another pandemic stimulus package before the election. house speaker nancy pelosi told msnbc the two sides are far , school worker safety funding, and a strategic testing plan. meanwhile, treasury secretary steven mnuchin says democrats don't want to give president trump something he can brag about in the last weeks of the campaign. joe biden raked in a record $383 million last month. that broke the mark the campaign set in the month before. in france, president emmanuel macron has imposed a curfew in paris and other major cities. that extraordinary step is part of a series of new measures aimed at containing the

guilty as charged goldman sachs is malaysian subsidiary admits charges of bribery it's part of a record settlement obama laundering at malaysia's state investment fund. also coming up the global workforce is automating faster than expected to displacing 85000000 jobs in the next 5 years as a result of a study by the world economic forum will talk to its energy director. and this is not the time to go on holiday as europe records more than 200000 new infections a day tourists in regions brace for a tough winter ahead. well welcome to the business i want to get johns have been good to have you with us. it's the 1st criminal settlement and goldman sachs is history as a public company now the bank's malaysian subsidiary has pleaded guilty to bribery for its role in a major money laundering scandal at malaysia's state investment fund the guilty plea is part of a $2900000000.00 settlement with u.s. regulators who say goldman plait a quote central role in the safety of money from the fund acknowledging institutional failures goldman's board of directors has decided to cut pay and bonuses for s

sachs of global headquarters in new york hi ends just how badly has this scandal affected goldman sachs its reputation. in general it's a huge and costly scandal already in july goldman agreed to pay $2.00 and a half $1000000000.00 to the government of malaysia so now we have another almost $3000000000.00 on top of that interestingly enough the stock actually did trade to the upside on thursday and there's a good reason for that because it was not goldman the parent company pleading guilty but it was this of sideris from malaysia and that means that goldman itself probably gets away was no criminal charges and that is important because that way goldman will be able to still to do business with some big institutional clients those clients might not have been allowed to do business with goldman if the parent company actually would have to plead guilty itself still in that regard it is a bit of a relief of at least for the parent company goldman sachs for sure and that might explain as well why we're not feeling too much market reaction to this story when our investor i think 5 in about to

it has outperformed goldman sachs 15% on a two-year chart. it takes away regulatory pressure, takes away the balance sheet requirements this is around 4 1/2 trillion dollars of assets. it's massive i think they deserve a premium over others. >> karen, do you think there is another deal in the works when it comes to as set managers? >> yes i think we will see one. invesco, you are already under scrutiny there this adds to it. i don't know who it will be, but i do not think this will be the first and only one we see. >> come on, let's play matchmaker guys, play this game with me >> do you want me to sing? >> not really. you can't unhear things. >> you brought it up i don't think citi will do anything they have their own problems goldman sachs is trying to get away from the way they were 15 or 20 years ago when i was there. i think wells fargo has too many issues so you have to ask yourself who is the next bank to step up. it comes down to goldman sachs or bank of america i have no idea who they pick >> i think maybe they are looking at etf comp

the transformation of goldman sachs. and with morgan stanley out this morning, what james gorman has done. ryan, thanks so much for being with us. here is the symbol drill. morgan stanley, coming out of a horrific crisis, we know what the japanese did. up 8% per year. goldman sachs legs up 3% per year. -- lags up 3% per year. our goldman sachs and morgan stanley in a new regime where we can expect much better shareholder return? honestly, great questions, and i think both morgan stanley and goldman sachs companies that are changing faster than the broader financial system, so that puts them into a good place for the future. regulated somewhat slowly, so it will take used to play out, but morgan stanley is further along in the journey. if you look back at the last 10 years, they more recently brought trade, they are really shifting dramatically towards asset and wealth management, steady capital businesses away from the mixed toward the treating and capital markets. goldman is doing the same thing. they are doing it somew

lisa: goldman sachs in particular, and wells fargo. i am interested to hear what their debt trading revenues look like. bank of america underwhelming a touch on that front, with jp morgan and citigroup is overwhelming on that front. also today is another day of fire hose fed speak. rida,e getting cla quarles, and barkan. on the fiscal talk side, u.s. treasury secretary steven mnuchin speaking today at the milken institute conference. interesting to see whether the republican leadership is getting on board with president trump and his proposal at this point. it seems like that fisher is getting -- that fissure is getting more entrenched. jonathan: we understand secretary mnuchin will be going to the middle east week. so if you are hoping for some big talks on capitol hill around the fiscal side of things, secretary mnuchin might be around. tom: but again, i go back to what you said, 20 days to go. every election changes as you get into this stretch in late october. of course, this is a unique election. we can all agree on that. there's

charge goldman sachs's malaysia the factory of miss. charges of bribery as part of a record settlement over money laundering and malaysia's state investment fund. also coming up hoarding toilet paper fears of a stricter dr germ and stocking up on supplies but consumer confidence is down and . i'm shaking things up and start ups are embracing the trend toward known alcoholic beverages. says you don't need business i'm paid ferguson welcome it's the 1st criminal settlement in goldman sachs as history as a public company today the bank's malaysian subsidiary has pleaded guilty to bribery for its role in a major money laundering scandal at malaysia's state investment fund the guilty plea is part of a $2900000000.00 settlement with u.s. regulators who say goldman played a central role in the theft of money from the fund acknowledging institutional failure is goldman's board of directors has decided to cut pay and bonuses for several executives including this man the current c.e.o. david solomon those directly involved in the scandal will als

to a certain extent goldman sachs. i think dan will talk about morgan stanley the sleeper is a name like black stone that reports at the end of the month. not exactly the same, but you talk about a company with significant earnings and reasonable valuation and has traded reasonably well >> the action at wells fargo today was interesting. prior to the conference call it was down 3 1/2%. as the conference call went on it ticked lower and lower, finally down 6%. would you rather, to karen, would you rather citigroup or wells fargo at this point? >> at this point i would rather wells fargo. yesterday we talked about citibank having a different problem than wells fargo, but wells fargo is 2 1/2 years into their problem. one of the things disappointing about today was expenses i think expenses is something they will be able to control i would rather have wells fargo than citi. but i would rather, rather have jamie dimon. >> obviously wells fargo, you mentioned expenses that was one of the problems going no the pandemic. goin

meantime -- >> is that the goldman sachs reunion? >> i'm with you, jim >> all right.promise bank of america, goldman sachs, wells fargo all reporting this morning. q3 was a busy one for wall street's biggest banks and for retail investors that's something that black rock touched on when he joined us yesterday. >> across the board the average investor is putting more and more money to work which is a good outcome. i do believe that pandemic actually has created that fear of the future and a response is now -- say higher savings rate in america, higher investment rate for the long-term >> joining us now is one of those experts on retail investors, anthony nota, an announcement i want to get to. before we get started, what is going on with the retail investor right now and is this -- is this -- is this what we have been waiting for all along? we have been saying where is the retail investor? now they're here, we should be excited or worry that it is a frenzy >> you know, andrew, i think the phenomenon is broader than just retail investi

joining me is jeff currie from goldman sachs. rattle off all the commodities you think stand to benefit here. >> well, when you look at the inventories across the entire commodity complex, it's easier to give you the number that are not bullish. coffee, cocoa and iron ore are the only not in a deficit. that's rare given where we were in the current cycle we were in the trough of a recession six months ago yet we have every market in a deficit with the exception of the three i just ragtsttled off, which underscores the structural supply we have as you mentioned, demand across most of these markets is tepid, even oil is tepid, which underscores supply is really the driving source here. >> that's interesting. i should give you a hat tip because back in spring when oil went to minus 30 a barrel there was a big debate whether it would keep going you came on the program and you said, no, you thought the supply and demand situation would push us back into positive territory, into the 30s ultimately, and that's exactly what happened stic

goldman sachs admitting its role in the scandal, we have the latest next. this is bloomberg. ♪ haidi: goldman sachs has admitted its role and now facing fines for the scandal in the malaysian fund. illicit payments in malaysia and the middle east. a blackeye is this for goldman sachs given that this is a long time coming? >> yes, but look at the backdrop. out on a decade-long -- more than $5 billion in fines. the first in history for any unit -- and even recouping millions from executives. that is unusual, but it shows the gravity of the issue at heart here. -- the department of justice language, this is a document that goldman sachs lawyers have signed off. the kind of language used here, --y talk about how goldman that this was never going to be an easy escape for the bank. as an investor, does this impact the outlook for goldman? >> when you look at the stock in new york today, it was up, it was up more than the broader index. analystsinvestors and had been expecting fines. the company was not going to take a guilty plea, which usually means that there

justice department has filed criminal charges against 2 former goldman sachs bankers u.s. and malaysian authorities are seeking malaysian finance though take. was accused of having played a central role in the fraud florence 0. for the 1st time since records began 40 years ago a key source of siberian sea ice has yet to stop freezing the sea is known as the birth place of ice this is the latest it's ever gone without starting to freeze scientists believe it's because of a record breaking heat wave in the region and changing waters in the atlantic ocean they worry the lack of ice will cause chain reactions across the arctic jason vox's an ice climatologist he says a drop in temperature could lead to all the problems in the region. this sea ice has in the last 40 years lost half of its mass half of its that miss and half of its area and this year after extremely persistent heat wave that affected siberia since since britain time that we've the fires are across northern siberia this part of the arctic is especially warm and so we see the sea ice effectively reacting to this e

justice department has filed criminal charges against 2 former goldman sachs bank it's us and malaysian authorities are seeking malaysian finance though take joe known as joe was accused of having played a central role in the fraud florence italy al-jazeera. conservationists in namibia and raising concerns after the death of thousands of seals nearly $7000.00 cape seal pups and fetuses of washed up along the coastline this month actually unclear what's causing it but there are fears the death could affect breeding cycles of the animal for years to come. and yet another warning about the health of the arctic for the 1st time since records began 40 years ago a key source of siberian ice has yet to stop freezing this is on the lot to say known as the birthplace of ice the latest well this is the latest it has ever gone without starting to freeze over scientists believe it's because of a record breaking heat wave in the region and changing waters in the atlantic ocean and why the lack of ice will cause chain reactions across the arctic here's more from jason box who's a climatologist and a

bancorp, goldman sachs out with earnings. now, earlier we asked you a separate question. can you name the best performing s&p 500 stock this month can you? look at that chart it is a mask play. it is etsy up 25% in october and 245% this year if you like random stocks like that, your rbi later will have one stock that goldman sachs says meets tough growth criteria but is still down year to date. but etsy is your mystery chart of the morning turning now to a chart you know, that is apple and the company's highly anticipated push into 5g became a rewrae reality yesterdy the iphone 12 mini starting at 700 bucks all the way to the iphone 12 pro starting at $1100. and don't forget about the mini smart speaker. joining us now is robert muller who covers all things apple. good to have you back on apple is going back to the future i guess with a phone that gets actually smaller, not bigger, a lower price point, will it work >> yeah, we believe it will. you know, especially having the wider range. we've seen with the last adoption of the iphone se, it had pretty good adoption not e

election and goldman sachs saying this sell us $1.05 silver investor should look into selling the u.s. dollar they say and buying silver into the election according to 2 reports from goldman sachs there is a growing risk that the u.s. dollar will plunge to its 2018 lows as democratic candidate joe biden continues to extend his lead in the polls prior to november 3rd so they see that a fight and win would be bad for the dollar i guess they assume a resumption of the china relationship joe biden was quite instrumental in the whole w t o bringing them into the. opening trade relations with there and you know allegedly his son also has big dealings with china so they just see a more favorable relationship with china and therefore a continuing decline in u.s. manufacturing and expansion of the deficit and perhaps m.m.t. in more money printing sort of situation for a role don't blame the pin for the bubble right so there was a bubble building in the u.s. economy the global economy for years now and the virus current virus is potentially the pin anything could have been the pin beginning of

election and goldman sachs saying this sell us $1.05 silver investor should look into selling the u.s. dollar they say and buying silver into the election according to 2 reports from goldman sachs there is a growing risk that the u.s. dollar will plunge to its 2018 lows as democratic candidate joe biden continues to extend his lead in the polls prior to november 3rd so they see that a fight and win would be bad for the da. dollar i guess they assume a resumption of the china relationship joe biden was quite instrumental in the whole w t o bringing them into the. opening trade relations with air and you know allegedly his son also has big dealings with china so they just see a more favorable relationship with china and therefore a continuing decline in u.s. manufacturing and expansion of the deficit and perhaps m.m.t. in more money printing sort of situation for a role don't blame the pin for the bubble right so there was a bubble building in the u.s. economy the global economy for years now and the virus current virus is potentially the pin anything could have been the pin beginning o

goldman sachs has reached a long-awaited deal with the justice department over its role in malaysia's 1mdb scandal. goldman will pay more than $2 billion. that is broadly and nine with analyst's reserves and

election and goldman sachs saying this sell us $1.05 silver investors should look into selling the u.s. dollar they say and buying silver into the election according to 2 reports from goldman sachs there is a growing risk that the u.s. dollar will plunge to its 2018 lows as democratic candidate joe biden continues to extend his lead in the polls prior to november 3rd so they see that a fight and win would be bad for the dollar i guess they assume a resumption of the china relationship joe biden was quite instrumental in the whole w t o bringing them into the. opening trade relations with air and you know allegedly his son also has big. china so they just see a more favorable relationship with china and therefore a continuing decline in u.s. manufacturing and expansion of the deficit and perhaps m.m.t. in more money printing sort of situation for a role don't blame the pin for the bubble right so there was a bubble building in the us economy the global economy for years now and the virus current virus is potentially the pin anything could have been the pin beginning of this year we outl

omits x has reached a longer way with the justice department -- goldman sachs has reached a long awaited deal with the justice

proprietary to goldman sachs . morgan stanley does not have to lean on that in a big way. guy: in terms of what the long-term trajectory is -- one of the articles i read this morning talked about this is a time when we are working the bigs. a bunch of factors are coming together which means you should probably ignore what is happening, look ahead to next year. is that how analysts are looking at this? credit you know the losses will go well into next year. the uncertain economy is making everyone nervous. you see steep declines in the consumer business and even the strongest banks at j.p. morgan. citigroup also had a steep decline. we will see what is to come. alix: thanks a lot. busy week for you. power,"p on "balance of david westin. not miss that. more tops on stimulus. this is bloomberg. -- more talks on stimulus. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and relia

goldman sachs any substantive moves come january. some breaking lines or the order book of the eu social bonds. they are said to have exceeded 150 billion euros. this is the eu's first social bond sale. that is kicking up a wider sustainable debt bonanza. to reconfirm the order book set to exceed 150 billion euros. talking about an offering of 10 year debt, six basis points over missed the initial price guidance. we will get more reaction later in the program. let's get the first word news with leigh-ann gerrans. leigh-ann: the u.k. is holding out concessions from the eu before restarting brexit talks freedom the chief negotiator says he's willing to intensify talks and begin work on the legal text of an accord but that was not enough for prime minister boris johnson who says a trade deal looks unlikely. still his office feels talks were constructive. india has already seen a peak in the number of new coronavirus infections, according to a government panel of scientists that think the nation may be able to contain the world's second-

sachs and morgan stanley rallied, then goldman gave back all of its gains and then some remember, by the way, they have a window that opens so people can sell it's been happening for -- ever since they came public you know what? the action really doesn't tell you the whole story. when you drill down into the results, we've got three distinct tiers of financials and i've got to tell you, these guys shouldn't even be lumped in anymore with these guys. that's how different their models are at the top you have the investment banks, goldman sachs and morgan stanley we know this is not a great environment for the big money center banks they've got too much to do with that yield curve that's so flat, but the investment banks are having a blast they don't do much lending so they don't have huge loan losses to worry about and their trading operations are on fire and so are their money management businesses. their asset gathering. in the second tier you've got the good money centers, jpmorgan and bank of america. they both reported solid results and they really don't deserve to be lumped in wi

>> the markets have been kind to goldman sachs. cap 49% increase is the biggest jump that -- that 49% increase is the biggest jump. on top of that, one point $4 billion worth of gains. that is more than double what you saw one year ago. on top of that, equity underwritings, huge gains. we will see how this keeps going on. they are seeing -- saying there priceline is strong. a different story than what we are seeing at the consumer banks that have seen many declines. big in terms of ipo trading at goldman. how sustainable is that? sonali: as long as the markets are healthy, this can keep going on. our sources are telling us the election can create a bit of a pause. the pipeline is huge for next year as well. you don't know when airbnb is going to go and there are a lot of unicorns looking to break into the public markets. when the ipo's fail, you know that there is sachs waiting on the sidelines. guy: we are going to leave it there but we will continue the conversation. she will continue to brief us. thank you very much indeed. join

another fine for goldman sachs -- another fine for goldman sachs. this time regulars in hong kong have find goldman $350 billion. they accuse the firm of failures regarding bond offerings. earlier this week, the u.s. find $1 billion in the imdb case. -- the one and be the case. launching, jeffrey katzenberg raised millions for investors. but it never attracted enough viewers. that is your latest bloomberg business flash. ritika gupta with your business flash. back to data and we have equity markets under pressure, .7%, down for a fourth day in a row. over contested election concerns, probability concerns perhaps for european business, although that was a highlight come and really ongoing virus concerns around europe. data, buttle bit of also an incredibly important headline. they have said that they have done what they said they were going to do. can you imagine if they would do that towards four dollars a shot or five dollars, whatever? that is a really important headline in this pandemic, and we say good morning to peter hotez of baylor in texas,

this is a win for goldman sachs. we have known the number. they have paid for it for years. but it is the biggest fine in history for this type of crime. guy: is there still more to come? we've had the u.s. today, hong kong today. i understand singapore is still to come. are there any be on that? sonali: singapore is the next one to keep an eye on here. beyond the next wave of fines, we want to watch today and see what is in the statements they are giving to the court, and what exactly goldman admitted to , and take it from there. over the last couple of years, you did see an overhang in the stock. you did see them put a lot away for legal charges. that was a lot of the overhang. but ultimately, did it impact their client relationships in the region? this is a relationship business. will it follow them from here on out? right now we can say that they have been able to put the worst behind them. alix: dow jones just reporting that goldman is going to recoup top executives' pay after the fine. sonali: right. this is a lot of money that has been taken out of investors' hands ov

this commentary will be the focus we hear from goldman sachs and bank of america today. francine: citi fell more than two times as much is jp morgan. some of their higher costs and reckitt a tory will not be the next wells fargo in terms of regulatory pressure. another analyst asked why not put the coming ceo in now to show a clear change. some very strong words on the analyst calls. much,ne: thank you very dani burger. yesterday we had the asset manager a blackrock reporting. coming up, are active etf's worth the money? 40% of active funds underperformed in the first half of the year. we will debate active versus passive in our weekly show "etf iq europe." the rest of our focus is on bank earnings. we have more bank earnings today, wells fargo and bank of america later today. european stocks are mixed. travel concerns over further lockdowns. the dollar putting much steady. this is bloomberg. ♪ francine: welcome to bloomberg etf europe. over the next 30 minutes we will be your guide to the region's thriving market and exchange traded funds, everything you need to know

goldman sachs, totally on acceptable, under 4% return per year. olu holding court at bernstein, joining us with autonomous research. how do they do better than the terrible performance of the last 10 years? christian: good morning, tom. i will travel to -- i will try to help you on goldman. i don't know if i can help you with the iphone 12. i think there are many different this -- many differences the cycle versus last cycle, in terms of business mix. onerousthe lack of company's affects the lifecycles. you have seen that somewhat this year in a recession, and a somewhat tough environment. for example, this morning pce whichtting out was best in class relative to the other banks that have reported so far. so i do think, knock on wood, that this time is somewhat different. tom: it starts with management. thatelief over 10 years is they are really in it for themselves. they are really not doing it for the shareholders. what has changed? christian: today's results are a really good example of what has changed. for example, a big part of the strong re

goldman sachs paying a record foreign bribery case. to clawback 170 million in pay from executives including a ceo and his predecessor. welcome to the program. let's get to some breaking news. numbers from barclays. investment banking revenue, two point nine one billion pounds. the estimate was for 2.6 2 billion pounds. investment the banking business, the outlook remains unchanged. there are likely headwinds to the ratio. they will provide an update on policy and dividend at their full year 2020 results. designed to preempt some of the questions what we are going to beingegulators, money returned to investors. talking about the second half of 2020 being materially below the first half. a bad story in the banking industry. be1 impairment charge will so low. there are some headwinds for barclays u.k.. according to the business. to be speaking to the ceo of barclays. that is coming up in around 15 minutes time. an hour away from the start of trading in europe. let's have a look at futures and see what they tell us about where we are head

election and goldman sachs saying this sell us dollar by silver investors should look into selling the u.s. dollar they say and buying silver into the election according to 2 reports from goldman sachs there is a growing risk that the u.s. dollar will plunge to its 2018 lows as democratic candidate joe biden continues to extend his lead in the polls prior to november 3rd so they see that a fight and win would be bad for the dollar i guess they assume a resumption of the china relationship joe biden was quite instrumental in the whole w t o bringing them into the. opening trade relations with there and you know allegedly his son also has big. china so they just see a more favorable relationship with china and therefore a continuing decline in u.s. manufacturing and expansion of the deficit and perhaps m.m.t. more money printing sort of situation for a role don't blame the pin for the bubble right so there was a bubble building in the us economy the global economy for years now and the virus coronavirus is potentially the pin anything could have been the pin beginning of this year we out

shooting higher on mega merger news how to play it >>> plus our call of the day goldman sachs says buy general electric see if our traders agree >>> and later on, pack your bags because we are riding the rails. why now could be the perfect time to get on board with the train stocks stocks pushed higher again today on renewed hopes that a stimulus deal will finally be on the way. they closed out their best week since early july the strength was broad-based semiconductors, home builders, retail, transportation stocks. all of those hitting record highs in today's session but we are about to kick off earning season as well let's pose this question to you, steve grasso how are you positioned heading into a week, few weeks and maybe a couple of months full of micro economic catalysts >> i was a little toerlz staeart the rotation into value tech now that we see chances of a biden win are increasing, you don't want to be in an inflationary environment you don't want to be in tech with a biden regulation because there is a regulatory risk you will have inflationary risk and cap gains taxes are

goldman sachs grinding higher throughout the session. initial reaction was a minor positive that turned into one point way 5% gain. i want to point to starlink taking back some of its decline, trading at 130.24. 24 hours to go before the deadline. for what it is worth, not much. as mark crumpton mentioned, steve mnuchin saying getting a stimulus deal before the election will be difficult. to -- let'sm burns get to sam burns on more -- with more and how the markets are doing. it is looking unlikely that we will get anything by the election. what about january? will we get anything before january? sam: my guess is that if nothing happens before the end of the year, we will have to wait for a new congress which pushes back the actual implementation of anything that might be passed in the second quarter of next year. i think that is the danger that the stimulus is coming, it just comes later than had originally been anticipated. vonnie: what exactly is this market pricing in because it seems like there is some kind of trigger-happy finger on

>> i'm telling you what goldman sachs is saying. i don't say that they are democrats but i'm just telling you, that's what you're hearing from people who have had tremendous economic success. they want joe biden. >> what do you think, great, about ilhan omar talking about the cohort that is going to be able to push for their policies that they want? >> first of all, i am so disgusted with jesse. so what if omar married her brother. who are you to judge what is love, jesse! love can take any shape or form and just because she married her brother, how dare you-shame her, it's disgusting! by the way, you apologize. >> omar, i apologize. >> i think omar and company assume correctly that joe is a turnstile for leftists. is just there to take the ticket and tear it in half and these people are not going to go away. they are the most vocal of the party and the party is now a tragedy of the commons. the leaders are folding before small group of extreme militants in order to save their own political and career hides. so they've sold citizens

stock is up 2% right now on goldman sachs shares. thank you. coming up, shiny new apa pell, the technology giant debuts the latest iphone, capable of connecting to the 5g network. we're going to take a look right after this break. stay with us. our retirement plan with voya gives us confidence. yeah, they help us with achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement. ..."you have cancer." how their world stopped and when they found a way to face it. for some, this is where their keytruda story begins. keytruda- a breakthrough immunotherapy that may treat certain cancers. one of those cancers is advanced nonsquamous, non-small cell lung cancer where keytruda is approved to be used with certain chemotherapies as your first treatment if you do not have an a

coming up next, a guilty plea and record fine for goldman sachs and its malaysian subsidiary. we will discuss. this is bloomberg. ♪ amanda: time now for stock of the hour. investors seem to like what they see from southwestern. scarlet fu is digging through the numbers. scarlet: the story at southwestern and the rest of the airline property -- the focus turned to each care's financial position. southwest is better positioned than the others. and that the quarter with $15 billion in liquidity. cut thatlooking to even more to 11 million. just to get to breakeven, it needs revenue to be double the $1.8 billion and posted in the third quarter. by contrast, american is spending the most, $44 million a day in the third quarter. southwest is keeping its fleet lien, talking with boeing about changing up its orders for the 737 max. its most recent plan is to take 115firm orders after 2021, optional orders. that is a lot of planes before demand has recovered. cowen had called this a lost order but did say that we are perhaps passed the worst of it. southwest says demand is inconsisten

good morning you know, goldman sachs has reportedly reached a deal with the justice department to pay more than $2 billion for its role in malaysia's investment fund scandal the deal could be announced within days. and will allow goldman to avoid a u.s. criminal conviction the reported deal is broadly in line with the bank's reserves and previous analysts estimates. goldman sachs shares this morning edging higher by 0.6%. >>> aexxonmobil says there was o phone call between their ceo and president trump after the president suggested yesterday that he could get on the phone with any wall street or energy ceo to ask for a donation to his campaign if he wanted to the president naming exxonmobil specifically in a tweet, exxon said we are aware of the president's statement regarding a hypothetical call with our ceo and just so we're all clear, it never happened >>> and pioneer natural is reportedly in talks to buy parsley energy the two oil and gas companies which both operate in the permian basin are discussing an all stock deal that could be completed by the end of the month. parsley has

coming up, bank of america and goldman sachs earnings on deck. how do they stack up to the big lenders we have already heard from? that's coming up next. this is bloomberg. ♪ annmarie: good morning. this is daybreak europe. jp morgan and citigroup reported better-than-expected earnings yesterday but shares in the group fell. you to discuss what they did and what they will do later today, dani burger. liber investors disappointed in the lenders' results, because actually topline, it did pretty well? dani: not just the top line, but the low loss reserves were half of what strategist expected. we saw premarket this year rally but when they turned and investor disappointment said call.s the earnings it was the executive commentary that make clear the loan-loss picture was not because they had a sunny outlook on the economy. instead, they set aside so much in the first half that they built up a significant amount of loan-loss reserves. at the same time, it is not clear whether soured loans and whether we have come to the end of the line. instead, th

the goldman sachs strategist said that if that rate hike were to happen before them, it would not be significant for the front because theuncker first type would be further out past that but you can see higher volatility around the five-year mark and that is because the belly of the part of the yield curve that captures a big part of that hiking cycle. as a result it is more sensitive to changing perceptions around interest rates and as well, the implied volatility is currently at or near record lows. goldman sachs recommends investors use longer options on swaps to position for potential fed rate hikes. of course, all that depends on this conviction that you are going to get massive fiscal stimulus that am point. i struggle to believe that many people can see beyond the end of their nose right now given what is happening in terms of the virus story and hopefully the economic response to it, but good to mention the upcoming election. thank you very much, indeed. let's talk more about what is happening in the week for central banks. bloomberg's chief economic and policy correspondent

but when you look at like goldman sachs, goldman sachs reporting strong market revenue. bond trading, quarterly revenues up -- sorry, 49% from last year. right? so bank of america, their investment banking business had its second highest performing year in its entire history jpmorgan looking at like trading revenue up 32% from last year. fixed income trading up 29% from the year before. we're comparing -- they are posting numbers that are beating last year's numbers when we were not in a pandemic. so i'm really paying attention to that. so i do like those names i like the investment banks, i like the banks with trading revenue. and given the influx of retail investors and really the influx of trading activities over the past, you know, two quarters, these banks are really positioned to do well. >> all right tiffany, it is happy march 282nd. whatever day it is, we're happy to have you on >> thanks, brian >> it is a good day for cozy stocks see you again soon thank you very much. and that does it for us here on "worldwide exchange. dow futures off 300 poirntd o00, nasdaq t

what is the distinction between morgan stanley and goldman sachs? chris: actually, i would put them together, more together than apart in the sense that, compared to the ordinary commercial banks, they have a very small loan portfolio. what is interesting about those companies is that they are benefiting from the very active capital markets and capital raising, so trading this quarter and for each of the first three quarters, trading was up about 20% year on year. for the banks, i think the banks are oversold and people are overly worried about the credit portfolios,r loan but however you feel about that, basically goldman and morgan stanley are going to miss that party for the most part because goldman and morgan stanley have a loan portfolio that is between one and 1.5 times tangible book, whereas most banks have a loan portfolio that is 6, 7, eight times their tangible capital. on top of that, if you are going to compare morgan stanley and goldman, they don't have a lot of credit cards. they don't have any small business lending. goldman sachs an

goldman sachs, bank of america reporting today. we will discuss the results and what they say about wall street and the health of the consumer. the rates for a virus cure hits reality. johnson & johnson vaccine study was paused after a volunteer got sick. eli lilly's antibody study holds an enrollment over a safety concern. the fda is saying that it is all part of the process. we will discuss with dr. jeremy faust of bregman and women's hospital. we will discuss why one electric truck start off is pulling off on many despite the need for millions of daughters to start -- dollars to start producing vehicles. stocks are weak today. we are seeing tach accelerating to the downside as we go along. concern about the stimulus package are heightened after secretary mnuchin said hopes for a deal before november 3 might be overly optimistic. you can see s&p 500 down .8%. there is the nasdaq down more than 1%. energy and industrials are doing well on the broad u.s. market, despite the warning from the iea that we may be heading toward peak oi

sach sachsachs sachs -- that's a heck of a resume let's hear it from mr. grubman. >> i got a couple of great partners >> when i look at the orb in your documents, there is a lot of entertainment and sports. must it be one of the others or are you looking for combinations >> let's talk about that it is sports and bentertainment and the technology and services that's associated with those verticals. if you draw the picture of all of the things that could be in it, it is pretty wide. it is business around what people do in their spare time and for fun or entertainment but all the things that enables them to do that so it could be directly into sports and entertainment or into enabling technology technology >> if that's the case, why not come public and say as a technology company, why did you pick spac? >> what it has to be is a good public company something that when we merge with it, people will recognize the attributes that make them want to own it it is simple as that it could be something else >> how is the fees compare to typical hedge fund >> the fees

all of the firms on wall street, goldman sachs, morgan stanley, bear stearns gone, merrill lynch gone, kind of look the same. the two survivors, goldman sachs and morgan stanley look different from one another, and that has much more to do with what james gorman has done than what james solomon and roy blankfein has done. successivedone acquisitions to push morgan stanley into the retail finance business. on the trading side with e*trade and out on the investment management side? what are the realities? when they go in and do a retail synergy, how many bodies go? what percent goes? you: morgan stanley wants to believe not too many bodies go. they are talking about combined cost savings of 4%. they say the deal will be neutral as of the acquisition. i am telling you what they are saying. we will not note the body count for two years. the point is they have identified a firm with which there are very few overlaps. that is the key. you are talking about redundancy. you get redundancy you put your standard aberdeen and janus henderson. those firms desperately need to cut costs. in morgan

morgan, morgan stanley and goldman sachs holding up better. we go get back to that theme again. david: thanks so much. coming up we will talk about the imf, they are saying we need more stimulus. bloomberg senior editor for economic stephanie flanders is here to talk about the state of the global economy and how much we can take on. ons is "balance of power" bloomberg television and radio. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. david: this is "balance of power" on bloomberg television and radio. i'm david westin. for bloomberg first word news, we go to mark crumpton. mark: the head of the world health organization's europe office says the exponential surge of coronavirus cases acros

goldman sachs, you know, you speak to steve scherer, the cfo, it is a rather remarkable quarter. one thing people have to recognize is the amount of -- the amount of business that is being done with zoom is incredible no face to face. just zoom to zoom. and it is working. it is not supposed to. the expense structure is better, simply because people don't go anywhere >> i do want to get to that bernstein call on zoom later, jim. they go to 611 on their target way below where it is now. but zoom minutes year on year, shouldn't be surprising, but it is still astounding, up 30x, that's a reflection of our daily lives, of course, what happened over the last eight months >> look, zoom is a remarkable company. there was competition. webex, cisco, competition. they didn't work because zoom is business to business, and business to consumer that's highly unusual. he is a 24/7 soul who is thinking every minute about how to make zoom into something even bigger how about this how about what he did with do docusign you can watch zoom and sign a deal we'll start seeing things that make it so zo

morgan making the precious metals markets that happened to be also warned about to goldman sachs and their crime spree and of course that basically over the past few years they've paid 5000000000 in fines they paid another 2000000000 this past week for their dodgy dealings over in asia and yet they didn't face any jail time now you know because of that crime wave that we've been focusing on in looking at because their markets finance and scandal you know the fed's balance sheet they now own 22 percent of all marketable securities which is from 13 percent last september 2019 so the fed's balance sheet is having to expand as the fraud expands and the fraud can't shrink because you can't taper a ponzi right exactly right that the fraud has been going exponential with goldman sachs j.p. morgan and all the banks and this fed has been soaking up all the bad debt that had they kept on their balance sheet these banks would have had to declare insolvency. and as a result america is now losing out in the global geo political race to china i think there's a direct connection it's a direct conne

money into b of a and/or goldman sachs? >> you know, i may do it monday. i may have to get there before b of a i'd like to see the economy improve. and really what my trigger is. st if if the economy is improving to jim's point, you'll see the ten year, you'll see the curve steepen. and that's what you really need for the banks to make money. >> yeah. of. >> and right now we'll get -- we're not seeing that. as a matter of fact, the economy is retrenching a little bit. if you get stimulus though, and i think to michael farr's comments, if you get a biden victory, forget the tax consequences look at the massive stimulus you'll get fiscal stimulus and infrastructure that would increase the economic growth so that's what i'm looking for >> the time frame, too, and it's no accident that you're talking about monday trying to get ahead of the bank earnings which start flowing heavily next week. i totally get the point you're trying to make what about this idea of what energy has done this week, jenny? best week for wti since june

. >>> we're watching shares of goldman sachs here still hanging on to some green arrows news, of course, of the record u.s. bribery fine to set this will one mbd scandal admitting wrongdoing we expect a 12:00 announcement on this in the meantime, the wires also saying that goldman sachs will cut some pay and claw back some executive bonuses after those costly fines they're citing sources on that we hope to learn more in a half hour julia? >> thanks, carl. quibi shutting down six months after launching the short form streaming service. quibi founder and chairman jeffrey katzenberg and ceo meg whitman join us now. now quibi was a historic bet on a new type of content and shuttering just six months after launch is a dramatic failure for this jeffrey and meg, you did come on cnbc to announce the company's launch we appreciate you joining us now to talk about this decision. meg, i want to start with you. why did you decide to shut down quibi now rather than at the first signs of problems with the adoption or rather than wait and continue to try for longer >> well, first of all, we're glad to