this is a holiday gift from citigroup.says, listen, everyone is tired of the year that we had you can take the last few weeks and work from home, you can work remotely from anywhere in the country and what you work. the context of that, the reality it runs through the facts, she has this project bora bora, this re-oral project. >> bora bora? let's think of a worst name to call, a less ominous name to call a corporate restructuring. bora bora? >> you don't think the zero waters of bora bora aren't good for cutting thousands of jobs? >> i know we asked, what was the rationale did we ever find out? >> some consultant knows the answer to that, kelly. >> we got paid for that name. >> i interrupted you, go ahead. >> the context of this two week that you can work remotely as a gift, it's perceived as a park. however, there is the issue that come january you're not sure if you have a seat when you come back to the office, and that's the spasm of anxiety that's running through cities. most of them have ability and can be high bread

. >> citigroup saying july. so further out there. i want to ask about bonds. the action on bond yields, what is your take? yields are lower. give us your sense how this plays out. >> we were surprised, i suppose, by the intensity. rates are what our year end target for next year is. we got there really quick. we do think there's some scope to reverse in coming days. i think fundamentally rates are lower from premeeting makes sense. it was a pretty aggressive move. >> down about 25 basis points where it opened the morning of the fed rate decision. michael, a lot of questions about where this is all going. >> how about qt? when will they address that? suddenly they're not even close to changing their stance on that. >> no, i think that was pretty clear on what both powell and williams said, they are on different tracks. and so our best expectation is that even after we're cutting rates we think the fed will shrink. >> and what about the yield curve? >> we don't think it's as big. as i said, not a big effect. >> michael, what's your call on unemployment? the numb

citigroup rallying today of nearly 3%. what is behind that just ahead.osing bell"ig rht back. >>> tonight cnbc is launching its cross-platform franchise cities of success. explore cities that have transformed into hubs for big business. the first stop is nashville tonight at 10:00 eastern right here on cnbc. >>> next, shares of exxon slumping and we will drill down on the dip and what it might me f tanorhe oil giant as we head into the new year. that and more when we take you inside the market zone. (♪♪) (♪♪) at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated

how do you think about it at citigroup when financing new deals?eon: i don't view it as frustration. i view them as our partners. there are some wonderful firms that have grown up. blue olw, six street, apollo, they have been great partners and filled a void in the marketplace that was very important. i think those businesses will continue to growth, there will be places where they will be very effective in play, places where banks will, and places where we partner together. but it is actually a good development for the market. jon: we appreciate your time, leon kalvaria citi's vice-chairman of client and banking, join us. coming up,, a publicly traded distressed mall investor is surging after filing its second bankruptcy in three years. we will have details on that. and let's take another look at 10-year treasury yield, we are seeing it fall. the auction results. we will continue to track that. this is bloomberg. ♪ insurance cuz i don't need it anymore. my kids are grown, my wife is great, let's settle up the score. it's time to travel to paree, s

sri: let's talk about citigroup for a second.eone like jane fraser, a couple years into her tenure, you still have a stock trading well below price to book. the key metric investors are looking at our not up to mark. she is trying to cut through several management layers, trying to jettison businesses that do not work, and make it a stock that investors can embrace. a few chief executive officers before her have tried, have not really succeeded. the question remains how much of a runway does someone like jane fraser have? lisa: i was looking at the kbw index and we are looking at the second straight down year since 2009. we have seen real cannibalization from the banking sector to the private investment firms we talked to so frequently. i am curious whether people think of next year as the turnaround, or is this sort of the beginning of the utilization, the utility-like aspect of these banks? sri: it is extremely important this year to drill down into the constituents of that index. when you have someone like jpmorgan chase, the

banking committee holds annual oversight hearing of wall street firms with the ceo's of goldman sachs, citigroup, j.p. morgan chase, bank of america and wells fargo. c-span 3, coming up david potreus former cia director and retired commander of u.s. forces in afghanistan. he also discussing ammunitions, the role of diplomacy and need for deterrence between world superpowers, this virtual event was hosted by the atlantic council. >> so good morning, everybody. i'm fred kemp. president and ceo of the atlantic council and i'm pleased to welcome you to atlantic council front page. this is our premier virtual platform for global leaders. and we have a global leader and it's my particular pleasure to welcome you all because our guest of honor is general david petraeus. conflict, the evolution of warfare from 1945 to

the annual oversight hearing of wall street firms but the ceos of goldman sach's, citigroup, j.p. morgan chase, bank of america and wells fargo watch it live beginning at 9:30 a.m. eastern on c-span three. our free mobile app c-span now or online at c-span.org. continues with the presidential primaries and caucuses. the first photo of the country are cast in the upcoming presidential election. louth candidate's features and results beginning with the iowa caucuses on generally 15th and on generate 23rd. campaign 2024 on c-span your view of politics. it's if you ever miss any of c-span's coverage you can find it online at c-span.org that he is of key hearings debates and other events future markers that guide you to interesting and newsworthy highlights. these points of interest markers appear on the right-hand side of your screen when you play on select videos. this timeline told makes it easier to get an idea of what was debated role through spend a few minutes on points of interest. >> coming up tonight on c-span2 a look at how cleges and universities are responding to acts of a

citigroup continues to expect full your revenue between $78 and $79 billion dollars. it is likely to be at the lower end of that range. haidi: other stories we're following today. bloomberg learned elon musk's spacex started discussions about selling insider shares that values the company at $175 billion or more. the startup is discussing a tender offer of up to $750 million. they say spacex is weighing offering shares at about $95 apiece. global airlines are set to post record revenue this year in the clearest sign yet of the travel industry's post-pandemic recovery. a forecast for global profit to reach $23 billion this year, double the expectation in june. sources say better than expected performances are driven in part by china's reopening boosting demand. much more to come here on daybreak: asia. this is bloomberg. ♪ haidi: you are watching daybreak asia. we are checking on markets half an hour out now from the open for tokyo and seoul in 30 minutes into trading for ozzie stocks. the asx 200 giving us an indication of the direction of travel for the rest of the r

citigroup is just up 2%. so you want to be able to go where the opportunity is and we're covered in the bank of america and berkshires. >> why did you buy disney? >> well, we've been on the network and talking about disney. we were early by buying disney. i still think bob is going to get this thing right. he will create a scarcity proposal, he's already talked about cutting content and cutting the marvel films. only one is coming out next year. i like management teams. i was early buying disney. but i think in communication services, as we want to play more of a bar bell with respect to the high growers like netflix and google and on the other side some of the traditional telecom stocks like at&t and verizon. we think disney in a sweet spot. i believe in bob iger. >> some of the other moves i think are interesting here, so you bought qualcomm and sold cisco. tell us why and then i want jimmy to comment on that. >> i think cisco may be in over its skis a little bit and the stock has slipped. it's a great valu

sally: there are some optics for citigroup which has struggled with an ailing stock price and returnsate it has come out with more positive news. we had mark mason say that the bank despite expecting it's fixed income and equities trading to fall that its overall revenue guidance will likely be in line with guidance. things are not looking so bad as it continues this big restructuring and expects to see the benefit of that into next year. guy: what are bonuses going to look like this year? >> after a relatively disappointing year where they saw job cuts and a number of banks collapsed. it is quite unlikely that we will see the kind of bumper year for bonuses we saw in 2021 where there was a full-blown war for talent. it seems in this environment banks tend to have the upper hand when it comes to negotiating for bonuses so we can perhaps suspect more disappointment on the bonus horizon. guy: thank you for bringing this story to us, sally. let's talk you through the markets. we are all agog with anticipation to find out what the fed says later. volumes are ok which i think is fascinatin

kristin bitterly, joining us from citigroup global wealth.ng with tech. adobe sliding on a weaker sales outlook. we will talk about that, and a new start up. this is bloomberg. ♪ alix: it is 22 past 7:00 on the west coast. you want to get to the top tech stories from the bay area and beyond. joining us now in new york, caroline hyde, on set. adobe shares getting hit pretty hard. what happened here? caroline: tough on a day were everything else was high because of the fed. everyone saw adobe as a big generative ai winner, the way in which we will be using photoshop and use our marketing skills because we can generate new images -- they are still saying revenue will klein 10% -- climb 10% next year, but the market wanted to see more. it's about whether the digital media part of the business will be growing at the rate it has thought. especially for firefly, their ai product. guy: talk us through the s.e.c. problems as well. caroline: this could be a big settlement fee. they are being investigated because basically, it is too hard to cancel. i a

. >>> citigroup winding down the operation in the $4 trillion municipal bond market and what is called the most dramatic move to squeeze better returns from the bank. the exit will impact 100 staffers with many likely to leave the bank by early next year. the bank says the economics of the activities are no longer viable given our ability to increase returns. >> you see a lot of changes in recent weeks. silvana, see you later on. thank you. >>> we have more to come on "worldwide exchange," including the one word that investors have to know today. >>> first, rocket lab takes off in the challenge to industry rival spacex. >>> and mortgage rates doing little to hurt the second largest home builder in the u.s. the big money movers coming up. >>> later, we follow the cross country trip of one iconic toy from factory floor to a retailer near you. a very busy urho when "worldwide exchange" returns. stay with us. i'm a little anxious, i'm a little excited. i'm gonna be emotional, she's gonna be emotional, but it's gonna be so worth it. i love that i can give back to one of our customers. i hop

a group of palestinian supporters protesting the support of the new york times newspaper, citigroup bank and starbucks america. gathering from the zionist regime in front of their office in new york . protesters carry palestinian flags and cloths with inscriptions asking for a cease-fire in gaza they did in washington. a number of pro-palestinian jews in america gathered in front of the white house and demanded a cease-fire in gaza. according to the anti -zionist organization jewish voice for peace. this rally took place in protest of the action of the united states in vetoing the security council's resolution to establish a ceasefire in gaza. the cloth pickers held signs that read stop the genocide and ceasefire now. the minister of foreign affairs warned about the expansion of the scope of the war in the region . mr. amir abdullahian, who traveled to geneva , said in a meeting about the developments in palestine and gaza. immediate action to stop the brutal attacks of the israeli apartheid regime against the citizens of gaza will expand the scope of the war beyond the current situation

. >> we are following news regarding citigroup.razier appes to continue. >> the latest from sourc with direct knowledge of the situation at citigroup has decided kill yet another wall street business with many decades, in terms of the markets. it is calling the distre that business. that is essentially the nds and other instruments. companies in bankruptcy or approaching bankruptcy. they have been experiencing a lot of turmoil in the business since '08 pick lots of people leaving to sta their own hedge funds. in the midst of frazier's overhaul of the business, she has decided to cut bait and kill the business you are between 30 and 40 traders and sales people and other highly paid individuals in this business who will the next few days if there being at go. >> thank you for the update. we will continue to watch that stock toward the close. deirdre, i have read all over my screen except alphabet? >> that's right. one of the biggest s&p gainers today on the back of a report that said the company is monetizing i. and is tech business

i like citigroup in particular. people have to understand this is not jpmorgan, not the same company. just an investment banking company this is a security services and cash management company. and what jane fraser, who has been ceo for two and a half years, has done, she started out rationizing international businesses and getting rid of things noncore. that's done. now rationizing domestic business, cutting layers of management. the street is applauding. this is what mike mayo and others have wanted is to get the return on tangible equity up. you do that by cutting expenses. the stock is being bought back below book value. something josh mentioned about as the fed takes its foot off the neck of the economy, this helps on the margins krepd it delinquencies. >> what is the growth story? the stock is down 6% since she took over versus an s&p up 35%. what is the growth story? so we get it, she's restructuring. it sounds like you agree with those moves. then what? how does the stock not be eight times earnings, still s

in speaking of the stock citigroup higher than the premarket and then there's this michelle wu defendeds of color meaning no white members of the city council were invited. watch. >> again this is a group that has been in place for many, many years and we celebrate all kinds of connection and identity and culture and heritage in the city. >> initially all 13 members were invited then invites were rescinded 15 minutes later to the seven white counselors. michelle wu does not think she's doing anything wrong the first e-mail reads on behalf of michelle wu i invite you to the electives of color holiday party the second e-mail went out to white members and said i want to apologize for my previous e-mail regarding the holiday party for tomorrow i did send that to everyone by accident. # you're still not invited. i apologize to my e-mail if it offended or came across for any confusion this may have caused. i asked my report is about the racially segregated party, she refuses to apologize and one white city council member said this reflects a sad state of affairs and we stopped getting to know

sonali: let's listen to the citigroup ceo speaking to congress this week.his time around, it was more of what the banks had to say to the lawmakers. >> most likely result of increasing the cost of banks to offer a variety of products is that it would move more activity into the less regulated nonbank sector which carries its own risk for consumers and the stability of the financial system. it would also diminish our industry's ability to compete internationally especially with their european counterparts. sonali: they fought so hard but do you agree? >> they are upset about the so-called basel three that would raise capital for larger banks. they don't really raise capital on landing. it's more on operational risk and market risk. they are really fighting hard against these rules. i would agree with her that there needs to be a more holistic view of the regulatory community about the risk in the bank sector. a lot of credit is flowing into private credit funds. they are not subject to the same level of capital regulation and they are not as transparent. we

committee holds its oversight hearing of wall street firms, with the ceos of goldman sachs, citigroup, j.p. morgan, chase, bank of america and wells fargo. watch it live, beginning at 9:30 a.m. eastern on c-span three, video now have or c-span.org. >>> the continue with the presidential primaries. watch on c-span networks as votes are cast for the upcoming presidential election along with candidate speeches and results, beginning with the iowa caucuses on january 15th, and the new hampshire primary on january 23rd. campaign 2024 on c-span, your unfiltered view of politics. >>> and now to a discussion on u.s. strategy in the indo pacific region. camille dawson, deputy secretary of state for east asian and pacific affairs speaks at the atlantic council, here in washington, d.c., where she talks about the u.s. relationship with china and the trilateral security partnership of the region between australia, you the united kingdom, and the u.s. ♪♪ >> good afternoon everyone, my name - and a senior nonresident fellow at the evening cattle vendor pacific security initiative which is >>> good

to his work history, citigroup, goldman sachs, which he even testified to under oath.of it true. he also falsely linked himself to various tragedies and identities. >> i've seen how socialism destroys people's lives because my grandparents survived the holocaust. i'm a jew, trust me. >> reporter: he later attempted to clarify his connection to judaism. >> my heritage is jewish, i've always identified as jewish, i was raised a practicing catholic, i've joked with friends, even in the campaign, "i'm jew-ish." >> reporter: he said his mom died from complications caused by 9/11 when she wasn't even in the u.s. at the time of the attacks. >> how do you hope your constituents can trust you even though you've misrepresented your biography to them? >> reporter: his financials traemt attracting the most serious attention. in his disclosure report last year he reported assets between $2 million and $11 million, after a salary of just $55,000 in 2020. in may, federal prosecutors slapped him with 13 charges, including wire fraud, money laundering, theft of public funds, making fal

jp morgan and citigroup have been weighing to cut by that much. something to consider.s is bloomberg. ♪ i don't want you to move. i'm gonna miss you so much. you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place? can katie sleep over tonight? sure, honey! this generation is so dramatic! move with the xfinity 10g network. romaine: a reinforcement of that soft landing narrative. live at bloomberg headquarters in new york, i am romaine bostick. katie: and i am katie greifeld. we are not at a record yet when it comes to the s&p 500 but getting closer and closer. the s&p 500 currently up 0.4%. slightly outperforming big tech. the nasdaq 100 up 0.3%. 10-year yield coming down yesterday. he

we are going to hear from citigroup which has been pretty bullish. he is key on good news is good news and bad news is bad news and stop having that discussion. we cannot wait to speak with him into a new year. it will bit more of a lift. the s&p futures climate further. this is bloomberg. ♪ >> in the conflict between israel and hamas, we will continue to focus on our priorities. it is clear that the conflict will move and needs to move to a lower intensity phase. and we expect to see and we want to see a shift to more targeted operations. lisa: that was antony blinken delivering his end of year press conference addressing the israel-hamas war in an escalating time of conflict and real question marks what we can get past given that congress is in gridlock when it comes to a whole host of issues being tied to financing. this is bloomberg surveillance. tom and jon ditched us to get ready for the holidays and katie did not. this is one of the reasons i have been surprised by the optimism because of the geopolitical backdrop is striking and daunting. kat

morgan stanley, wells fargo and goldman and citigroup are among the top. supplies expected to finish around $23 million. looking at the cost to borrow, u.s. hybrid spreads hit their lowest level since early 2022. this comes after a year that saw the spreads jumped to 1.63% in march, a level rarely seen over the last five years. investors were fearful over how rate hikes would hurt companies but those concerns have mostly dissipated. in high yields, the rally powered by the fed's rate decisions pulled our hours into the market to capitalize on a risk on mood. year-to-date volume is up around 176 billion dollars, up 73% year-over-year, but still trails what we saw in years prior. when it comes to high yields, matt brill lays out his outlook for next year. >> i think the high-yield double b market looks good. the triple b market, the fundamentals are sound. overall, i think you can go down. the triple c sector is still challenged. it has had good returns but there are some landmines there. overall, i think there's a lot of good opportunities. sonali: still wi

., sales this week by the likes of citigroup and home depot helped to drive ig sales to nearly $100 billion when compared to the past 10 years. looking at high-yield, november sales surpassed $19 billion. while the month saw higher sales volumes compared to last year it ranks second to last in the data going back last five years. laura goodwin is weighing in on the bond market. laura: even if we see recession -- which i expect -- you can still gain meaningful yield uptick. what is interesting about high-yield is we see investors and we are doing the same. -- and we are doing the same, taking high risk. you can still acknowledge fed programs early in the pandemic made the credit quality of the sector much more interesting relative to past economic cycles. sonali: u.s. bonds have racked up the largest monthly gain since july 2022. we are going to bring in alberto gallo of andromeda capital management who runs a global credit fund and is the perfect person to talk about what type of risks to take on in this market. when you think about heading into 2024 one of the best buying opportunities goi

joe biden to support a permanent ceasefire in gaza in front of the buildings of the new york times, citigroup and starbucks in new york. there was also a gathering of supporters of palestine. the people of gaza protested. the campaign to boycott zara, one of the companies supporting the zionist regime, reached the uk. a number of supporters of the people of gaza gathered in front of one of the demonstrators to protest against the advertising images of the zara clothing and jewelry company, and said that these images depicted gazan mothers with dead children and their shrouds. embrace they are being teased. they demonstrated with the palestinian people and condemned the crimes of the zionist regime. hebron in the west bank also witnessed a large-scale public march in support of the people of gaza. demonstrators have demanded an end to the crimes of the zionist regime in gaza. puma, a german company that manufactures sports equipment and clothing, announced that it will end its cooperation with the zionist football federation. for a long time, puma has faced widespread requests to boycott the z

when i first started in my career at citigroup, i was told, "oh, you're a really smart guy".ing prestigious universities. he even claimed falsely his grandparents escaped the holocaust and that his mother died from the effects of being in the world trade center on 9/11. she was, in fact, in brazil. i'm very proud of my jewish heritage. after claiming to be a proud americanjew, he produced perhaps the mostjaw—dropping of all his explanations. i'm catholic but i'm alsojew—ish, as an ish. i'mjew—ish. laughs. can you tell us the details of your alleged assassination attempt? but more than the lies, it was the alleged crimes that kept piling up that did for him. he's facing 23 criminal charges. among them, multiple counts of wire fraud, two counts of identity theft, three of money laundering and lying to congress — all designed, say prosecutors, to enrich himself, and some of it spent on botox, fancy clothes and subscriptions to the onlyfans website. he denies all the charges. it's just the sixth time in the 233—year history of the house of representatives that a member has been e

when i first started in my career at citigroup, i was told, "oh, you're a really smart guy."t attending prestigious universities. he even claimed falsely his grandparents escaped the holocaust and that his mother died from the effects of being in the world trade center on 9/11. she was, in fact, in brazil. i'm very proud of my jewish heritage. after claiming to be a proud americanjew, he produced perhaps the mostjaw—dropping of all his explanations. i'm catholic, but i'm alsojew—ish, as an ish. i'mjew—ish. laughter. can you tell us the details of your alleged assassination attempt? but more than the lies, it was the alleged crimes that kept piling up that did for him. he's facing 23 criminal charges, among them, multiple counts of wire fraud, two counts of identity theft, three of money laundering and lying to congress — all designed, say prosecutors, to enrich himself and some of it spent on botox, fancy clothes and subscriptions to the onlyfans website. he denies all the charges. it's just the sixth time in the 234—year history of the house of representatives that a member

when i first started in my career at citigroup, i was told, "oh, you're a really smart guy."tending prestigious universities. he even claimed falsely his grandparents escaped the holocaust and that his mother died from the effects of being in the world trade center on 9/11. she was, in fact, in brazil. i'm very proud of my jewish heritage. after claiming to be a proud americanjew, he produced perhaps the most jaw—dropping of all his explanations. i'm catholic, but i'm alsojew—ish, as an ish. i'mjew—ish. laughter. can you tell us the details of your alleged assassination attempt? but more than the lies, it was the alleged crimes that kept piling up that did for him. he's facing 23 criminal charges, among them, multiple counts of wire fraud, two counts of identity theft, three of money laundering and lying to congress — all designed, say prosecutors, to enrich himself and some of it spent on botox, fancy clothes and subscriptions to the onlyfans website. he denies all the charges. it's just the sixth time in the 233 year history of the house of representatives that a member has

citigroup and other brokers said the move can boost sentiment in the battery space.out the latest move by the biden administration and how south korea could benefit. karen: this has been an interesting jump for korean battery stocks for the first day of trading since the biden administration released rules blocking manufacturers from sourcing materials from china and adversaries. it is a highly watched move. these rules establish 25% ownership for companies or groups to be classified as foreign entities. brokerages said the move will boost sentiment in the battery space and we are seeing a huge jump on that news. haidi: what are we expecting when it comes to related china stocks when they come online? karen: ev's have been a huge focus for china. we have seen companies trying to manufacture these. the world is looking at what china is doing in this space and these guidelines are part of a deal to extend a tax credit through bidens climate law. the restrictions will apply to battery components next year, hero materials including nickel and lithium. in this has wide-ra

when i first started in my career at citigroup, i was told, "oh, you're a really smart guy."claimed falsely his grandparents escaped the holocaust and that his mother died from the effects of being in the world trade center on 9/11. she was, in fact, in brazil. i'm very proud of my jewish heritage. after claiming to be a proud americanjew, he produced perhaps the most jaw—dropping of all his explanations. i'm catholic, but i'm alsojew—ish, as an ish. i'mjew—ish. laughter. can you tell us the details of your alleged assassination attempt? but more than the lies, it was the alleged crimes that kept piling up that did for him. he's facing 23 criminal charges, among them, multiple counts of wire fraud, two counts of identity theft, three of money laundering and lying to congress — all designed, say prosecutors, to enrich himself and some of it spent on botox, fancy clothes and subscriptions to the onlyfans website. he denies all the charges. it's just the sixth time in the 233 year history of the house of representatives that a member has been expelled. and in a country that has

when i first started in my career at citigroup, i was told, "oh, you're a really smart guy". lied about attending prestigious universities. he even claimed falsely his grandparents escaped the holocaust and that his mother died from the effects of being in the world trade center on 9/11. she was, in fact, in brazil. i'm very proud of my jewish heritage. after claiming to be a proud americanjew, he produced perhaps the mostjaw—dropping of all his explanations. i'm catholic but i'm alsojew—ish, as in ish. i'mjew—ish. laughs. can you tell us the details of your alleged assassination attempt? but more than the lies, it was the alleged crimes that kept piling up that did for him. he's facing 23 criminal charges. among them, multiple counts of wire fraud, two counts of identity theft, three of money laundering and lying to congress — all designed, say prosecutors, to enrich himself, and some of it spent on botox, fancy clothes and subscriptions to the onlyfans website. he denies all the charges. it's just the sixth time in the 234—year history of the house of representatives that a

economist at citigroup.s fed meeting that we will see today, the boardroom, lots of history there, including world war ii. what is a war that will be fought there today? andrew: they are trying to come to some kind of consensus about when they will guide more clearly towards cuts. it is pretty clear that is the direction of travel. we heard from governor waller the idea that in his public comments in three or five months he would be convinced it's time to start cutting rates. i don't think that that is where the committee's overall. powell said it is premature to discuss rate cuts. we will probably hear something similar today. i don't inc. that that is a message that will be believed by markets. i don't think it is meant to be believed by markets. a little bit of an awkward position, because clearly the next move will be a cut. technically, the bias is a hiking bias. that is what they have to navigate today. jonathan: let's talk about governor waller who said that something is giving at the state of the eco

banking committee holds annual oversight hearing of wall street firms with the ceo's of goldman sachs, citigroup, j.p. morgan chase, bank of america and wells fargo. c-span 3, coming up david potreus former cia director and retired commander of u.s. forces in afghanistan. he also discussing ammunitions, the role of diplomacy and need for deterrence between world superpowers, this virtual event was hosted by the atlantic council. >> so good morning, everybody. i'm fred kemp. president and ceo of the atlantic council and i'm pleased to welcome you to atlantic council front page. this is our premier virtual platform for global leaders. and we have a global leader and it's my particular pleasure to welcome you all because our guest of honor is general david petraeus. conflict, the evolution of warfare from 1945 to ukraine. it's a penetrating and incredibly well written analysis of what we need to learn from past warfare and also what we have to anticipate about the future it's going to be interesting to hear him on gaza although this happened after the book was complete. i'm also incredibly proud to

so >>> sources tell cnbc citigroup is closing the distressed debt business.ouncement last we'ek that wil close the municipal unit last week. it is involving job cuts of at least 10% across the bank's major businesses. >>> the owner who orchestrated a scheme to inflate the value of the small new jersey deli to more than $100 million pleaded guilty to fraud. james patton admitted before the district judge yesterday and one of three men charged in 2022 over artificially inflating the value of the company hometown international with the only asset was the hometown deli in new jersey. i remember that story very well, frank. >> i remember that story. i thought how many sandwiches do you sell? it was a heartwarming story. we will continue to follow that story. silvana, thank you. >>> it was a tale of two halves this year and financials. coming under pressure in the first half from rising rates and collapse of svb and first republic. the banks have bounced back, but l leslie picker has more. >> reporter: financials have been buoyed by declines, but the sector is pois

i'm not as intimately acquainted with citigroup but i did cover munis years ago and citigroup was soi market. the fact that they are completely exiting this business is shocking people in that market, which is sleepy, but we are talking for trillion dollars. damian: there is a scarcity. there has not been much issuance. the reason munis do well is because it's a scarcity play. there are not many municipals out there. the muni guys were once the guys who had ground-floor access. they were separate from the rest of the firm. they had their own place where they hung out and did their thing. the killed it, crushed it -- they killed it, crushed it. lisa: is this resentment? come on, like, they were great? damian: go figure. lisa: there has been restructuring. jane fraser has been reviewing everything and there are no sacred cows. that has been made clear. this story is generating discussion for a lot of people, potentially for mets fans. they feel it's unfair the l.a. daughters have -- l.a. dodgers have such an advantage. ohtani talking about the contract, saying it felt like it was worth

coming up, citigroup institutional clients group joining bloomberg tv. this is bloomberg.tting, receiving a $6 billion buyout bid from an investor group. it is an interesting group. we will talk about that in a moment. we are trying to figure out what this deal is about and why it is being done. let's try to get answers to these questions. $17 price target. oliver, great to talk to you, perfect person. why is this happening? why is there this value in this business the public markets do not see but the private markets do? what is this about? oliver: the macy's story is multifaceted. the real estate could have substantial value, as much as $7 billion or more, that is already $27 per share. furthermore, bloomingdale's, that could be $1 billion. the public markets have had a hard time valuing macy's stock. being private would give this company more room to develop strategically and make different kinds of decisions for the long term. however, there is lots of risk at macy's, too. revenues are negative 7.7% this year. company needs to have younger customer relevance. it has be

jp morgan and citigroup looking to adapt their leveraged lending businesses to capitalize on that boomumber tied to a big trend. vonnie: exactly. let's discuss with ranesh ramanathan. talk about how this is working and how are the banks able to get in on this without making any rules, regulatory wise or agencywide? ranesh: i think we are seeing this at its nascent stage. banks are still trying to figure how they want to play in the market. as paul pointed out in her article, i will give her a shout out, this is a situation where banks are trying to find a way to replace the fees they lost in the leveraged lending business as priv -- private credit becomes the dominant player. finding a way to not deploy your own capital. banks have a significantly higher capital charge being assessed to these riskier assets. it is what they are all trying to do. at this point it is very much a throw the spaghetti against the wall sequence. vonnie: are there any big risks? could anything go wrong that might be systemic? maybe not to the banks but to the plumbing. is it anything like the clo craze? ranes

lied about his employment when he claimed that he worked for two prestigious financial institutions, citigroup and goldman sachs. we know that mr. santos lied about his religious faith when he said he was jewish, and then later when called out said he meant to say he was jew-ish. . we know mr. santos lied when he said he had four employees killed in a mass shooting in florida. but, mr. speaker, those lies, while troubling, those lies did not justify his removal from this body. but these and other misleading statements reflect directly on mr. santos' credibility. . in may, mr. speaker, mr. santos said he looked forward to seeing the ethics process play out, and if the ethics committee find reason to remove him, then that is the process. today, mr. speaker, george santos would have you believe the process he endorsed in may and that he instead is the subject of a political witch-hunt. mr. santos has described the report issued by the ethics committee as slanderous. he said if there was a single ounce of ethics in the ethics committee they would not have released the bias report. he referred to t

citigroup says that nike has a margin inflection here.urn around in the coming year. nike is on an odd reporting schedule, so that's why it's getting some attention. i reports on december 21st, i believe. so, it's underperformed names like lulu, for instance, and there's been macroeconomic weakness in china, and even in north america here, but a lot of the analysts say it's been underappreciated, and even in places like china, nike is still taking share and doing quite well. >> yeah. barclay's best idea, as you say, and then citi goes to buy $135. paris olympics, they point out, leaner inventory, less promotional. >> they say history shows that nike actually does typically see a lift in sales around olympics, and obviously, they're already talking about it on the conference call. ceo john donahoe saying they're ramping up the innovation into that. when they looked at the revenue performance during the summer olympics, they see a several hundred basis-point lift entering the summer games. another potential catalyst for nike there. stock is

if you look at some of the credit card data, and there's some realtime data -- citigroup puts out oneeek by week. they did the fourth week of december showed an acceleration from the third week of december, so that was positive. it's still down, though. decreasing 6.4% on the year. but it's better than the week before. and december, positively, is actually poised for an acceleration from november, which is good, and also makes you wonder what's happening with the consumer if things are getting better. i think you have to point to real wages. >> i was just looking at the s&p 500 ticking by on our screen here as we're a little less than 20 points away from a new closing high. 4,796 is the number that you want to keep an eye on as well. some other stocks -- let's get back to microsoft just for a moment, because we didn't really talk about that big story of the morning happened just before we came on the air today that the "new york times" is suing microsoft and openai, alleging copyright infringement, really big story as that whole battle and this whole, you know, brave new world of arti

. >> brian: everything about working at citigroup, goldman sachs, have you been doing this your wholes this the first time you have been forced to pay for this? >> i can go and rehash everything, but it has been loudly documented on all questions you just asked and short answer is would i not have said certain things, absolutely, i'm an adult and mature enough. to think i built my life over the last couple months is not fair, not true and dishonest. i have a life, people that have been around me my entire life who are appalleded at what the media -- >> brian: you don't think you brought this on yourself? >> in some way, we all bring things on ourselves, i just acknowledged, i bear responsibility, what has been made out of mistakes in the past that i admitted to on national television on this network with tulsi gabbard last december, i dare members of congress have the courage to come on here and tell national television what i did and own up to shortcomings and have humility to do so. >> brian: you expect to be expelled today? >> i don't expects, i believe they have the votes. the con

. >> there were tall tales about being a mover and shaker on wall street with jobs at citigroup and goldman sachs. that never happened. then came the brazen attempts to cloak himself in the world's most horrific moments, lies about being descendants of the holocaust, having lost friends in the pulse night club shooting, and shifting claims to the attacks on 9/11. it's astonishing his past did not check up with him sooner. there were active investigations for check fraud in brazil, and his role in what the s.e.c. called a ponzi scheme. and then there are the accusations of funneling charity money into his own pocket, even funds meant for a disabled veteran's dog. woof. but it seemed shamelessness was his superpower. on display time and again, when he was confronted with his lies. >> i lived an honest life. i've never been accused of any bad doing. >> oh, my god, george santos stole money. george santos bought designer clothes. that's what i buy. i just discovered what onlyfans is about three weeks ago when it was brought up in a discussion in my office. >> santos launched 1,000 late night jo

sticking with that space, bloomberg learned citigroup's getting out of debt trading.will remove a key trader in the market. about 20 positions will be affected. it follows the banks decision to get out of municipal bond trading and underwriting. the city undergoing its biggest restructuring in a bid to become more efficient. european banks have been boosted by interest rate hikes from global central monetary policy, but as rates now, the debate shifting a one cut. i'm joined by philip richards who joins us from bloomberg intelligence waking up bright and early. does that theme stick around, that margin of support that those extra interest rates have brought? does that stick in 2024? philip: what the risk is of the last few months is we were expecting gradual rate cuts. as inflation gets more and more under control. the cuts are expected to come through much quicker. there are 150 basis points of cuts across europe. that's a drag on things in terms of their margins. kriti: we were just talking about citi. they are known for having the weakest price-to-book ratio in all

week for technology, in washington the major banks and ceos, jp morgan, bank of america, wells fargo, citigroupnd bny melon set to testify in front of the senate banking committee on wednesday. one issue that is sure to come up, crypto and regulation around digital assets, liz. your thoughts? >> yeah, ryan, i'm stunned by the surge in crypto and i think -- i don't know how much of it is because it seems like regulators are kind of backing off and won't be quite as dray k draconian in regulating crypto as everybody thought. is that every asset class moving together or is something else going on here. >> i know gold is back a little bit. gold is obviously up, crypto is up. there's a lot of liquidity out there. crypto is extremely volatile so careful as you go. we saw cryptos were stronger a couple months ago when the overall stock market was not. it was maybe a clue the end was not coming. we're watching that closely. bottom line, there's a lot of liquidity out there. the markets want to move higher. maria: the house financial services committee on tuesday is going to hold a hearing, how regulato

tune into her interview with the citigroup institutional clients group chairman at 1:45 p.m. up on the european close, blackrock chief strategist. today it feels like a quiet day but it won't be a quite weak. cpi tomorrow then we get into the fed and the bank of england and the swiss national bank and the ecb. all of that will have a big impact on how your money works next year. will get the take on what that story will look like. this is bloomberg. ♪ first time i connected with kim, she told me that her husband had passed. and that he took care of all of the internet connected devices in the home. i told her, “i'm here to take care of you.” connecting with kim... made me reconnect with my mom. it's very important to keep loved ones close. we know that creating memories with loved ones brings so much joy to your life. a family trip to the team usa training facility. i don't know how to thank you. i'm here to thank you. i don't want you to move. i'm gonna miss you so much. you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making

look at what's buzzing on wall street and the world of banking and finance and today we will look at citigrouphe distressed dress -- distressed trading area. one thing i'm confused about is if citibank exit distressed debt trading, who starts to fill that void? >> the challenge with this business is it has already dwindled. there are only a few big players when it comes to the sell side firms. a handful of players are serious contenders if you go back a year or two, you would easily count them among the top four or five just -- distressed debt operators. you think about the research that comes with it in the idea generation and the ability to take illiquid stuff off your clients and find other willing buyers for that product. not a lot of players there. the ceo has decided to hit the kill switch on another wall street operation. not too long after their decision to get out of there uni franchise business. this goes back to the broader story playing out. they need to do something quick to lift up to their peer levels. guy: when this works it works well but when it doesn't it doesn't and it cons

. >> there were tall tales about being a mover and shaker on wall street with jobs at citigroup and goldman sachs. that never happened. then came the brazen attempts to cloak himself in the world's most horrific moments, lies about being descendants of the holocaust, having lost friends in the pulse night club shooting, and shifting claims to a connection to the attacks on 9/11. it's astonishing his past did not check up with him sooner. there were active investigations for check fraud in brazil, and multiple court dates for failing to pay rent and his role in what the s.e.c. called a ponzi scheme. and then there are the accusations of funneling charity money into his own pocket, even funds meant for a disabled veteran's dog. woof. but it seemed shamelessness was his superpower. on display time and again, when he was confronted with his lies. >> i lived an honest life. i've never been accused of any bad doing. >> oh, my god, george santos stole money. george santos bought designer clothes. that's what i buy. i just discovered what onlyfans is about three weeks ago when it was brought up in

. >> speaking of the banks, watching citigroup. while speaking at a goldman conference, the ceo says he sees about $500 million for bbas uyck and expenses are falling. stock on pace for its best day in a month. we'll be right back. by the five satins ] ♪ ♪ all right. 60 seconds to draw the perfect gift. what's it gonna be? a bottle of don julio, 1942, delivered. delivered with drizly. gifting without the guessing. drizly. [alarm clock ringing] (♪♪) [van engine] (♪♪) [card reader chimes] (♪♪) [inaudible chatter] [kitchen bell dings] [inaudible chatter] [keyboard clicking] (♪♪) [card reader chimes] (♪♪) >>> we are monitoring all the big bank ceos who are testifying in front of the senate this hour. our leslie picker is on capitol hill with the latest headlines. leslie, what have we heard? >> hey, sarah. bank ceos with the assistance of several republican members of the senate banking committee have used today's hearing to criticize newly proposed capital rules, known as basel 3 end game. senator sherrod brown, who chairs the committe

take you so much, beata manthey, head of european equity strategy at citigroup.months of packet -- of haggling, our conversation with nadia calvino is next. this is bloomberg. ♪ we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. ( ♪ ♪ ) ( ♪ ♪ ) ♪ (when the day that) ♪ ♪ (lies ahead of me) ♪ ♪ ( seems impossible to face) ♪ ♪ (a lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ a bank that knows your business grows your business. bmo. sonali: spain's economy minister has won a tough race to become the next president of the european investment bank. it is the world's largest multilateral lender and key to rebuilding ukraine and the region screen transition. mr. -- minister -- the minister spoke in an interview. nadia: spa

former vice chairman of citi, citigroup global. a big fundraiser and. 2009 was appointed by president obama to be the us ambassador to the court of st james, which is kind of a big deal. i think she has a wife, robin carter and a daughter, a grown daughter who lives in new york city. seven blocks from her, which she describes as being perfect and. i have a daughter who lives 1.1 mile from me and i think perfect as well. sally spend a little bit of time in the clinton years ago and so i my former boss donna shalala about her and she said if you've ever those you've ever communicated with donna shalala, you get like it's very few words, punctuation. it's just and so said, she's smart and savvy she's a player with two exclamation points so welcome sally and sally susman. so it's one of the first questions i asked sally when we spoke a couple of ago, and then we're sitting down earlier today was how did you find the to write a book, right? she got this position that one of the most important companies in the world certainly that's been

on c-span3, executives from goldman sachs, citigroup, j.p.merica, and wells fargo testify on a wall street oversight hearing held by t bking committee. and a 2:00 p.m., a look at how seized russian assets could be used to fund ukraine reconstruction. these events will also be streamed live on the c-span now video app and online at c-span.org. announcer: traveling over the holidays? make c-span's bookshelf podcast be part of your playlist. listen to these podcasts that feature nonfiction books in one place. bookshelf features authors discussing biographies, current events, and culture from our signature programs about books. afterwards, book notes plus and q&a. you can find it and all of our podcasts on the c-span now video app or wherever you get your podcasts and on website, c-span.org/podcasts. >> a healthy democracy does not just look like this. it looks like this, where americans can see democracy at work. when citizens are fully informed, the republic thrives. get informed straight from the source on c-span. unfiltered, unbiased, word fo