, it is waxed and waned with china. i am lost. >> a lot of people are very bullish on china. they say even if it is not great , they have a great handle on it. i am with you. buyers beware. jon, central-bank action will be the other big story. >> things are starting to get interesting at the bank of england. there is a division starting to emerge in the ranks. report.s the inflation june 17 is when the ftc meets. that could give you an idea of when we might get some new rules for the housing market. >> we have the ecb and bank of england, and the other big story, barclays. >> it is probably the single biggest story. the stock is 5% higher.

7000 job cuts to come at the investment bank. that is more than 25%. cuts in the retail bank along with a bad bank. >> let's get on with the details. let's dig deeper into barclays' strategy. the chief executive, anthony jenkins joins us from headquarters in london. thank you for joining us today. this isn't the first strategy overhaul we have had. why should investors believe this one is going to work? >> good morning. firstly, we laid out last year a clear direction for barclays. we wanted barclays to become the goto bank. we wanted to deliver superior returns for our shareholders. there has been significant changes to the regulatory and economic environment. we have the same objectives. this is a different way to get there. i believe investors will have high confidence in our ability

to execute the strategy change. >> are you sticking to your target? are stillned you targeting 12% of return on equity by 2016. what about the rest of them? >> in most cases, the targets have either stay the same or we have improved them. we have a target for the core business of greater than 12% in 2016. dividend commitment remains the same. we have improved our cost 14, 15on targets over and into 16. >> improved to what figure? >> for this year, the original target was 17.5 billion. we are saying that will be around 17 billion pounds for 2015. the original target was 16.8 million. in 2016, we have set a new target for the core of costs that will be below 14.5 billion pounds. andificant cost reductions

an important part of our delivering the returns that our shareholders expect. >> let's get into the job cuts. 7000 job losses at the investment bank. how many of those will be lost this year? a very detailed study of our investment banking activities. we have great strength in the u.k. and u.s. in our advisory business, in global equities and global credit. we call the of what macro business, the rates, affects and so on. you're going to focus on the shorter end of the macro business. we will reduce the size of the investment bank. those 7000 reductions will occur evenly between 14, 15 and 16. we expect to run the investment bank in 2016 with no more than of risk0 billion pounds weighted assets, down from 220

billion pounds in 2013. the investment bank will be no 'sre than 30% of the core total risk weighted assets. it is about focusing the investment bank and rightsizing it inside the total barclays group. bank notre investment representing more than 30%. you are also creating this bad bank. does it mean you can still compete without these businesses? that wesolutely believe will be competitive as we are today. the market, with the clients we choose to serve. we have top three top five positions in the business that we are going to retain. that is where our focus is going to be. we are confident we can continue to compete. barclays noncore, a set of assets which are no longer strategic for the group. we are confident that we can

reduce those assets over time. about 115 billion pounds of risk weighted assets in 2013 down to 50 billion in 2016. >> if you are shrinking by that much, how can you still compete? theare basically saying fixed income business and the downturn that we have seen is not only cyclical but is structural and you want out. >> the essence of this is about focus. that is true for the whole bank, not just the investment bank. competeocusing where we successfully. the parts we are focusing on going forward on the less capital-intensive businesses. that is why we can free up capital in the way i have described, run the bank with less capital and deliver higher returns. we think the strategy is very compelling in the new world we find ourselves in. >> you have lost some of the top anchors in the past couple of weeks. is this what a debt spiral looks

like? isi think what we see there respected colleagues making decisions to do different things with their lives. in many ways, this is a generational shift. the actions we took on competition were exactly the right actions given that we knew we were going to go into this significant transition. i am very confident that we have got the talent to do the job going forward. >> so this wasn't linked to the fact that they knew about the shrinking of the investment bank. >> no. >> mr. jenkins, you seem to suggest that the institution in some cases is much stronger than individuals. if this is the case, why pay them so much and bonuses? institution is a combination of individuals. those individuals have to be paid competitively and have to be paid for performance. that is what our pay policies are about. parts of the some

business, we were paying below the market. that wasn't sustainable given the transition that we are going through and our desire to have a focused investment bank going forward. >> is the bonus controversy now off the table with these layoffs? said at our annual meeting, the structural change will address the bonus question. as i also said, the situation in which bonuses are up and profits are down is not a situation that will be repeated up barclays. >> investors say you have been in the job for only two years so if we don't see a faster turnaround, your job may be at risk. how do you respond to that? >> in the last 18 months that i have been doing this job, we have made huge progress on culture, capital and cost. the is the next stage of journey and i expect to deliver it. i think our shareholders are going to be very happy.

>> is there a time frame? are you confident that you are in it for the long run? >> i am confident we will be able to deliver the strategy. that is what we are going to do. --i also just want to take have your take on the global economy. it seems that things are getting better overall. we see so much uncertainty in the way that a lot of the equities are running. what is your take? is there a false sense of security in the markets? are investors looking at a possible correction? >> we still have a high degree of uncertainty in the global economy. we do see recovery in the u.k. -- there isith our still a sense of, let's just wait and see if this is a sustainable recovery. there are geopolitical events occurring which create

uncertainty in the world. i think that while things are better than they were a year ago , we are still a long way from deep-rooted confidence in the global economy. that drivesence investment and investment that drives jobs. i still think we have got quite a long way to go. there will be some periods of uncertainty. >> in the u.k., are you concerned about housing prices? the have said publicly over last year or so that we have to be careful to avoid a property bubble within the u.k. i have also said that our regulators are acutely aware of the danger of that. i expect them to take the necessary action to ensure that we don't have unnecessary inflation in the housing market leading to a property bubble. >> barclays chief executive antony jenkins, thank you so much for your time. best of luck later for the

presentations. manus cranny is still with us for reaction. it is interesting, talking about the targets. a lot of investors had picked out that there was not much there. he is not only sticking to the targets but in certain cases, possibly improving them. >> he is going after cost. we know the restructuring is over 7000 jobs. overid out cost reduction 2014, 2015 and 2016. the dividend policy stays in place. 40% to 50% of the payout. his return on equity in the core barclays business focused on 12% as the target. the language that jenkins used, very strong. he is a man who wants to choose his customers in investment banking. that is what a ceo would say when he is making a radical change. they are focusing on rightsizing the investment bank. exit, arer structural

you pulling out of fixed income? >> very clear. >> debt spiral, i thought his answer was interesting. 7000 jobs to go, is that a debt spiral? i thought it was emphatic of jenkins that he said the people that have left did not leave because of the changes. this is not a debt spiral. some would say this is jenkins trying to hold onto the reins. investors make this point that this is the first strategy we have seen from antony jenkins. what we saw last year was a mishmash. this is what he is delivering, what he wants. we will see whether this delivers and the revenue comes through. >> correct. culture, capital, cost. you have interviewed a lot of ceos. that is a fairly emphatic man about his strategies.

let's see. promises, delivery. two very different things. >> manus, thank you. we are just over 10 minutes into the trading session. let's check on how the markets are shaping up. jonathan ferro is at the touchscreen with more. >> four days, no gains on the stoxx 600. we are snapping that today. ftse 100 up by about 0.2%. the dax also showing a quarter of one percent gain. in fx, central-bank meanings are going to be key. higher,lar pushing 1.3925. up by another 0.1%. mario draghi said the strength of this one may require further stimulus. talk and talk alone is not pushing this one down. you are seeing a relentless rise year to date. what can they do with the euro?

above 1.39. pretty much every politician in france is complaining about it. can the ecb do anything? we are expecting pretty much nothing in terms of action. this one is going to be a big focus. >> thank you so much, jonathan ferro with all of your central-bank action. these are the bloomberg top headlines. stock markets from the u.s. to asia rose after fed chair janet yellen said the u.s. economy will require stimulus five years after the end of the recession. light of the considerable degree of slack that remains in labor markets and continuation of inflation below the committee's 2% objective, a high degree of monetary accommodation remains warranted. banks,ing with central the ecb president mario draghi will probably leave policy on hold today.

keeping the benchmark rate at a record low one year after saying he could impose a negative rate. inflation remains at less than half the bank's goal. the bank of england is also seen likely keeping its benchmark rate at a record low. investors will be looking for comments from the committee on the u.k.'s surging housing markets. governor warned that it is dangerous to ignore the momentum in home prices. theing us for more is deputy head of asset allocation at ubs investment bank. great to see you. give us a sense of what central banks take left right and center apart from barclays. central banks aren't expected to do much. is there a danger that the ecb will be way out of sync? >> i think we are not concerned about deflation in europe. the policy choices for draghi are either difficult to get past

the germans he goes germans don't want to be liable for loans in the periphery, but also a choice between easy policies which are ineffective and hard policies which are effective. hard policies would be qe. we think it is likely -- unlikely they are going to use qe. we don't think deflation is a real issue in europe. >> what about the high euro? would qe even be an effective tool? >> we are looking at the short end of the u.s. deal. what the u.s. does with its policy rates, we are forecasting they will hike in the middle of next year. possibly sooner. we may see an inflation shock. if the u.s. moves, the short part of the u.s. current will drive euro-dollar. we think it will drive the dollar stronger. >> we have been waiting for that for two years now. >> we are finally going to be right.

we think that it is going to be the short term. >> what is your take on the bank of england? is it the right time to deal with rising home prices? >> i think macro policies are going to be the way to deal with it. we are seeing good growth. outside that very odd london market which is very international, for the rest of the u.k., i think there will be a great deal of pain for house buyers. >> what does that mean for your cross asset strategy? if you look at central-bank policy, would you still buy a lot of u.s. equities? they seem to be a good value and then we see the cutoff intact. are we looking at a huge correction? >> what we are worried about at the moment is china. we just lowered our china growth estimate. we set out a tail risk of 15%. in 2015.l be 5% growth less people moving to the

cities. the people moving to the cities are not the ones that can't afford to buy property. we are worried there is going to be a crash in the chinese market. in property or u.s. inflation, those are the likely yshele w you d't believe the chinese government has this at hand. what i usually hear from investors is we are worried about china but the politicians are so smart that nothing really can go wrong. >> what we worry about is there is so much liquidity through the shadow banking market that it will be difficult to clamp down on the chinese to stimulate it if there was some kind of crash. you can reduce this tax on the second homes. that would be one policy change. i think a lack of demand is a real worry. >> thank you so much for now, ramin nakisa of ubs investment bank stays with us. coming up, metro takes a russian

risk. we will discuss whether it is taking off as germany's largest retailer reports. ♪

>> welcome back to "on the move

." i am francine lacqua here in london. this is a stock that is on the move, bt. we had earnings from the company this morning. it beat estimates. estimated -- it is beating estimates for the sixth consecutive quarter. this is the u.k.'s biggest broadband provider. you can see bt group gaining three .5%. another company that is on the move is metro, germany's largest retailer reported a narrower than estimated loss based on strong wholesale food delivery and online sales. on cycles joins us from berlin to break down the numbers. >> the stock is popping this morning. it is up some 4%. numbers were bad but not as bad as analysts were expecting. only a 40 million euros loss. 43 was the expectation. 7.6% but they were

expected to the worst. they came in at 14.3 billion euros in revenue on the quarter. they haven't seen explosive growth in their home market. one of the reasons these numbers moree up, there is optimism about what might be happening in eastern europe. that is where they have so much of their revenue. some 26%. we didn't get an update on what they plan to do with their cash and carry ipo plans for russia. they had that big business there. , 20 have some 131 outlets 8000 employees. a russia-heavy footprint. when we talk about companies like ideas, siemens, you get worried about eastern europe. in some ways what we are seeing here is the barometer that maybe there is a resolution for eastern europe and it won't go entirely south. is the outlook for its

consumer electronics division? theicjols -- based itthe nichols household would be sky high because i keep fighting microwave ovens. these are big consumer electric brands. they have lost their ceo. he left tuesday. revenues are flat. they have got increased competition. it is a very difficult market but i am doing my best. however i am returning them. i may be part of the problem. >> i wouldn't expect anything less. don't put anything aluminum or anything that could explode. that is my advice. stay safe, that is all i am asking of you. hans nichols on metro. here are some companies on the move. has confirmed tony hayward as chairman. hayward had been interim chairman since last may.

parentirman of our company is also a nonexecutive director of glencore. that is a disclaimer. the new chief executive of italy's biggest energy company. shareholders voted at the annual general meeting. replacewas nominated to paulos baroni. the west african miner posted earnings that beat analyst estimates. the company previously said it ands to produce between 1.1 1.3 million ounces of gold this year. told us thiscutive morning that they are well positioned to reach that target. still with us is ramin nakisa. thank you so much for sticking around. before the break, we talked about your main concerns. you say it is a hard landing in china but also inflation in the

u.s.. where does russia play into this? we look at a lot of german retailers. at some point, will they be hit by this significant slowdown in the russian economy? >> we think that it may lead to a lack of growth in russia. we have downgraded our russian growth estimate. we think this risk is going to be an issue. ukraine does look like it is turning into something which is approaching civil war. there probably will be a splitting up of the country. it is going to take a long time. if you look at the ruble now, it is pretty much stabilized. we don't see a massive risk from ukraine. china is a much bigger problem. >> that means you stay away from retailing exposed to emerging markets. -- we see thea growth unsustainable. who is going to be the retail groups or industry groups that suffer the most? >> we still think you want to

stick with cyclicals, things that have stability. if you go for emerging markets, something that is interesting is looking at countries like poland , the czech republic and hungary. they export to europe and they will benefit from that european recovery. you woulde anything stay away from? >> anything which is exposed to em at the moment in terms of revenue generation. look for something which is exposed to europe. >> valuations? we talk a lot about banks. a lot of people are saying, i want to pick up banks in the periphery. is it too soon? >> go for the national champions. >> great to have you on the program as always. ramin nakisa of ubs investment bank. coming up, carney in control. looks set to key

policies on control at the housing market surges. daly, that is coming up next. back in just a couple of minutes. ♪

>> welcome back to "on the move ." i am francine lacqua at bloomberg's european headquarters in london. we are 30 minutes into the trading day. this is a picture of the markets. we have had a lot of earnings all week. this is what we are seeing in today's trading session. the ftse gaining some 0.3%. the cac 40 gaining 0.5%. this is the first time we are seeing gains across the indices in five days. posting betterp than estimated earnings. investors waiting for two key

policy decisions. little change is expected. let's take a look deeper. manus cranny is at the touch with three stocks to watch. barclays, i bet you, is one of them. >> it is just a question of which percentage is achieved. the three stocks that are moving perhaps the most, barclays up 3.49%. not a gargantuan move. you just spoke to jenkins. cutting costs. choosing what businesses jake and wants to be in as investment banking is concerned. another wholesale exit. telecoms,t comes to internet, mobile and telephone, bt signing up 107,000 new broadband customers. dividend rising by 10% and a share buyback over the next two years. barclays up 3.4%.

when it comes to retail, metro is the winner in germany. they made a loss, 40 million euros, but that is narrower than the market had expected. russia not doing too badly. back to you. >> manus cranny with the latest on the markets. these are the bloomberg top headlines. putinn president vladimir had his troops pull back from the border of ukraine but the u.s. says it sees no evidence of that move. putin called on separatists as he expressed support for a nationwide presidential election. china stocks rose after an unexpected increase in the nation trade in april. exports rose close to eight percent. economists had been expecting a 3% decline. gained 0.8%.

house prices in the u.k. are set to keep rising. prices remain on a firmly upward trend. the group sees values rising an average of 6% a year for the next five years. it is decision day for the bank of england and the european central bank. let's bring in jonathan ferro for a preview. >> on the ecb side of things, they will say it could be a close meeting but we are not expecting anything today. side of things, you have seen a slight improvement in spain, italy. on the inflation side, you can call it lowflation but most people will tell you it is not low enough for the ecb to do anything. there is also the stimulus debate. is there any agreement on the policy talks they are going to use next? you are seeing peripheral yields continue to fall.

bank lending has been contracting. a lot of people say they are going to act. maybe it is in this area. expectation is low but the ecb surprises. >> i know mario draghi would .ike to try to raise the euro >> and every corporate under the sun would like that. every politician in france would like that. he has used a lot of aggressive language over the last six weeks. the euro just has not budged from 1.39. if they don't act and we go into the press conference at 1:30 with no policy move, every time we get near 1.39 and start drawing forward to 1.40, mario draghi tries to hit it back down. a lot of people are saying that euro-dollar has become desensitized to that language. you have got to walk the walk. that is where the expectations are right now. >> for the moment it has just been the talk. the bank of england also meets today.

are we starting to sense some division on the committee? >> we are starting to sense any kind of division. it is on slack. to rise above inflation, if that continues, that debate is going to gain some ground. we know what is making headlines here in the u.k., house prices. i will give you to date where they could possibly do something. 14 you get the inflation report. meets7 is when the fpc and that could be the key meeting. jon, thank you so much. let's stay on the upcoming boe decision with kevin daly, chief u.k. economist at goldman sachs. sense -- you are not expecting any policy change. talk about these non-tested tools to keep down house prices

or bring them down. at the same time, rates aren't going anywhere. >> i would agree with the previous speaker in saying that we think the major action in the coming month is going to be on the fpc. we think there is a high chance of non-profitability that they will tighten macro credential policy in june. theylse equal, the more tighten down the macro credential site, the less it means they have to tighten on the conventional monetary policy side. although the momentum in the economy at the moment is remarkable, we have been above it has exceeded our expectations. risks towards an earlier hike than we have within our forecast are there but we believe there is quite a bit of

-- we are on the optimistic side. we believe the inflation outlook is relatively muted. if theyck to that fpc, tighten the macro credential site, we don't see the need for tighter monetary policy this year. in our view, the previous speaker is right. >> what is the biggest risk? is it that these macro credential policies won't work? or is there a risk that the markets will actually price in an interest rate rise before the economy is ready for it? >> i think both are a risk. the case thatly macro credential policies haven't been tested before. this is new territory. fpc, the bank of england will want to move gradually on that. -- good as the

recent growth performance has been, we have only had a year of it. they don't want to choke off the recovery at this stage. we do expect some action but i think it will be gradual rather than dramatic. the effectiveness of these measures are unknown. they will be, conscious of the strength of sterling which is contributing to tighter financial conditions. overwrite want to interest-rate expectations. i think a lot of the market sentiment going into today's and next week's inflation report is pretty hawkish. i wouldn't be surprised if relative to those expectations, the outcome is a little bit more dovish. >> what does it mean for pound? is there a danger it will keep on rising? assuming there is

no action today and certainly ,hat is the broad expectation all the attention will be on next week's inflation report -- if it is broadly unchanged from the february inflation report, then i think in the short term, the market would take that dovishly. looking further ahead, if the economy continues to motor ahead , and our activity indicator is consistent with growth, much stronger than either the u.s. or the euro area. if that continues to be the case, i think sterling will do well. weaker in the short term, stronger further out. >> you were saying in june you expect a lot of these macro credential policies to be taking gradually. what are you expecting as a

first move? >> you could say the first move has already taken place. they have introduced these new mortgage market reviews. the introduction of these long lists of questions that are being asked of potential -- the anecdotal evidence is that banks are already paring back. from the bank's perspective, they do not want the fpc to publicly admonished them for how easy their mortgage conditions are. it makes total sense for them to begin to tighten mortgage availability before they are told by the fpc to tighten mortgage availability. the evidence is already we are beginning to see some small tightening and conditions. that is something i would expect to see over time.

the ideal situation for the bank of england would be to tighten mortgage availability while still continuing to loosen the availability of credit to corporate. that is why they are very keen to use macro financial policy to tighten that side while leaving monetary policy accommodated. >> kevin, thank you so much. program, arethe the world's top real estate markets valued out? we will look at investment opportunities in the rising global cities with nick candy. ♪

>> no place to go but up. that is the latest read on u.k. housing prices. with values soaring in london and other markets, investors might consider turning to alternatives with better values. with all of that house prices around the world, where is the best place to put your money? with some ideas, nick candy is here to tell us where you should be parking your money. great to have you on the program. this is a report that came out and was quite interesting. you talk about the five big ones. london, tokyo, new york. you looked at cities which we all know but are not necessarily seen as huge real estate opportunities. what is your favorite one?

>> we looked at 12 secondary cities where there is a lot of growth potential. they are good investment opportunities. my favorite on the list is -- because my wife is from australia, and secondly, miami. closer to home, i like dublin a lot. the price is very subdued but there is economic growth going on. if you are investing, dublin is a very good opportunity. crashat the bottom of the had 40,000 condos on the market. gone,ly are all those there is another 40,000 in the pipeline that are taken up. maps.see some of these davos asking millionaires and billionaires where they would invest their money. they said, real estate. a lot of them pointed to germany. you see it as potential growth

in terms of country. >> yes. also, germany has the highest number of altra high net worth individuals in the world investing in real estate. total world high net worth individuals in the world invest in germany. those individuals are mainly investing in their own country. frankfurt, hamburg, munich, places like that. >> is there something that surprised you by looking at that map? melbourne, nice city, beautiful weather. miami as well. anything else? >> chicago has done very well. the commandant nominator in these cities is they have a strong financial center, they have a well-educated young population, there is growth potential. some of the surprising ones for

me were lagos. that is why rule of law is great. these are the places i wouldn't feel comfortable investing in. i would feel comfortable investing in chicago, miami, dublin. there is beirut on their. they have more economic issues. i think the report is interesting specifically for the american cities. miami and chicago have been pinpointed as huge growth potential. >> let's say i have a spare 10 million. how do i choose what i buy in the cities? is it prime real estate? be middle-market? >> location, location, location. i prefer to go smaller but location wise rather than bigger outside the center. first of all, location.

and then, quality of the asset. >> what is driving prices? if you look at prices in london, they are incredible. people love this city. it is fun for everyone. a lot of these cities don't really have that wow factor. >> they have weather. an incredible lifestyle. i have friends that live in miami, have the most ridiculous lifestyle. in london, it is raining today. education. chicago, miami, dublin has good education. , it islike panama, lagos questionable how good the education is. they haven't got the heritage of cities like london. but how often does a londoner go to the theater, the museum's? it is more of the taurus that do that.

>> we talked about russian money in the u.k. and london. now that sanctions have been ratcheted up, are you seeing an effect? either russians buying more london property or people trying to repatriate money back? >> london is going to benefit enormously from the scenario that is going on. ukraine already, huge amounts of wealth coming in. that is one of the issues. about 100robably multibillionaire families that are trying to invest in london. with regards to russia, the sanctions, the ultra-elite in russia are still trying to invest in london. whether they will be able to is questionable. benefitlondon will enormously from what is going on. we must remember that the number of russians and ukrainians in

high-end real estate is single digit numbers. it is not going to make a big difference. >> great to have you on the program, nick candy. minutes, we will be joined by my coanchor, guy johnson. we have a very packed show. >> we do. what a show today. the ecb and bank of england, we are going to make sure we have you covered. we are talking about barclays. you have done that great interview with mr. jenkins. we will be disseminating that to everybody. deconstructing what happens next for barclays. we are talking to a couple of c suite guys from two major european companies. we are talking to phillips. its ceo will be joining us from nigeria as the world economic forum gathers there. we will talk about africa, russia, the new energy story going forward. we are also talking to the cfo

of the italian energy company. we are talking to luigi about what happens next here in europe. is the russian story a wake-up call for europe about how it needs to think about its energy policy going forward? a busy show to say the least. i am really looking forward to it. >> me too. a busy show, that is the way we like it. companies on the move in the meantime. deutsche telekom earnings fell nearly 4%. this as europe's largest telecom company boosted spending in the u.s. gaining users from rivals like at&t. deutsche telekom has scaled back its business in an effort to win customers. barclays will cut 7000 jobs at its investment bank by 2017. barclays is cutting 14,000 jobs across the entire bank this year.

up from the 12,000 announced and that you are a. -- coming up, it is quickly gaining momentum. we are talking about the chinese phone maker, huawei. we will tie you why the company has its sights set on paris. as we had to break, we believe you with comments from orissa meyer. she spoke at the techcrunch conference in new york about why she is doubling down on mobile strategy. >> it was one of the biggest missed opportunities that i saw when i came over. there were very few people working on it. peoplehave hundreds of working on it. we have made big advances. to see mobileg approximately doubling along every metric we have in terms of traffic, revenue, users.

we are up to 430 million. we have one of the largest mobile audiences in the world are ready. ♪

>> samsung and apple may dominate the global smartphone market but number three is way way. >> chinese cell phone maker is campaigning to win over western europe. >> [indiscernible]

i think europe is always our key region. >> this new handset will compete with the latest iphone from apple and galaxy from samsung. it is slimmer than its rivals with an eight megapixel front camera. nearly 14 huawei sold million smart phones during the first three months of the year making it the third-largest smartphone manufacturer with china its biggest market. u.s. sales are nonexistent after officials accused the company of spying on american interests. huawei plans not only to sell handsets but also to higher local talents. >> we think europe should be the big center. everybody is watching europe. customers inhoping france and the rest of europe will soon start lining up and falling over themselves for

these new handsets. >> stay with bloomberg tv. guy johnson and i are back with "the pulse" next. we have exclusive conversations with ceos. ♪

>> barclays bashes its investment bank. 7000 jobs will get the ax. ceo antony jenkins tells us the bank still will be competitive on the global stage. day for europe's central banks. draghi and carney are not expected to deliver changes today but the pressure to act is growing. >> two bloomberg exclusives. we are live on everything from energy to emerging markets.