europe's largest bank plans to eliminate 25,000 jobs and sell operations in turkey and brazil. we will look at what is behind all the action. disrupt theple music industry again with its new streaming service that takes aim at competitors such as spotify and pandora? george them are, the former chairman of men's wearhouse who is ousted two years ago, tells us about a new startup that will send a taylor straight to your home or office. ♪ pimm: good afternoon. i am pimm fox. betty: i and betty liu. let us begin with a check of how markets are trading at midday here. equities are slightly mixed at this point. nasdaq really being pulled down -- in loss and share

shares of apple. trading down one quarter of a percentage point lower good the dow is trading slightly higher as is the s&p. the dow at 17,790. over in the oil markets, you can last weeke learned that opec and saudi arabia and the other nations are not going to cut production. oil prices really dropped. they are rebounding slightly here. my max -- nymex is up 3%. and brent is up over 3%. pimm: let us look at the bond markets. a little bit of a selloff with deals moving higher. point 14ar over three -- 3.14. a big selloff in bonds also in europe as well. let us take a look at currencies. the dollar loses some ground against the euro. 112 at 86. losing ground against the

japanese yen. let us take a look at from the top stories that are currently crossing the bloomberg terminal. general electric's retreat from banking is well underway. it is selling a majority of its u.s. private equity lending business to the canada pension plan investment board. the price is about $12 billion. it helps to bind out -- buyout firms. is the first sale of a major business since ge said in april that it would unload $200 billion worth of ge capital assets. and largest bank in europe is looking to increase profits so it is saying that it is going to cut thousands of jobs. and just bc plans to eliminate as many as 25,000 positions over the next two years. those cuts represent 10% of the bank's workforce. chief executive stuart gulliver wants to reduce cost by about $5 billion a year. the bank will also sell its businesses in turkey and in brazil. >> brazil until it.

brazil and turkey have limited value to the franchise and that is why we have made the announcement that we have to 40% of the overturned markets -- we are going to address it separately on the following pages. i think it also proves the fact that there are no sacred cows. pimm: gulliver has also announced 87 thousand job cuts since he took over at hsbc in 2011. yes also reduce the number of countries in which hsbc operates down to 73 from 88. and job openings in the united states rose more than forecast in april. the latest labor department report puts the number of positions waiting to be filled at 5.4 million. that is the highest level in 14 years. rates of hiring and firing decreased and the number of americans quitting their jobs remained unchanged. a sign of confidence on the part of workers that could lead to wage growth. the general motors board

is telling fiat chrysler that it will pass on merger talks. the free chrysler -- the yacht chrysler ceo made the offer in an e-mail. he is pressing for consolidation and the auto industry. the general motors ceo says its own plans can generate more value than a merger. american is the latest airlines to cut revenue forecast. the carriers announcement follows a similar revision last week by delta. americans as revenue each will fall 8% in each quarter. that may reinforce concerns that market made air getting weaker. this box if slumping pointing towards a larger losing streak and more than six month. and call it and call it netflix style and often. kellogg's wants to start a subscription snack service. they have assembled a team and invested in a direct to consumer food business. lastly, general mills ended its offering after 18 months.

another disaster for fee five. fifa. this time it's at the movies. million passion project only made about $900 over the weekend. this is according to the ap citing someone who has seen the box office data from the 10 meters -- theaters. tim roth stars as the party president set bladder. blatparting president sepp ter. those are your top stories at noon. as if the story can get more ridiculous, $900 that they made. pimm: i didn't know the movie existed until now. betty: clearly you and everybody else. next half hour, george zimmerman, the founder and former chairman of men's , talks about a startup that sends a tailored to your

home and office. pimm: how about using icloud to sell coffee? fory: and the battle ahead apple music as it tries to take on competitors in music streaming like spotify. check on get a quick how other movers are trading. we are mixed here on the equity markets. julie hyman as you can -- is here. three let us look at the big performers in the s&p 500 and let us start with h&r block. the largest tax preparer and the united states says that revenue rose for the third straight fiscal year, up i 1.8%. this even as tax filings were down 1%. the company says its customers were hit harder to the informal care act. the implementation related to had customers affected. 16% of the customers affected by that health care law. shares of the by 5% today. let us look at joy global. the stock has not done well as of late. the world's largest maker of

underground mining equipment rising today after insider buying. the ceo and chief financial officer both making purchases revealed and filings. you can see the shares up 3%. i saw a on the bloomberg terminal that maps out insider buying and selling. you can see the stock pricing over at joy global. insider selling and the green tags are insider buying. the last time the ceo bought was actually in december. we saw the stock go up at little after that. we did have an analyst saying that this was the most significant insider buying that we have seen at joy global in years and it is a positive sign for the stock. finally rounding out our top three is the minor. morgan stanley says it is a trap and that the company has been experiencing a trough. should copper prices potentially be more supportive

of a completing various projects. those shares are up by 4%. betty: thank you, julie. julie hyman with some of the movers rising into the green. pimm: still ahead on "bloomberg market day," alibaba chairman jeff motte is speaking in new york and we will have the latest on what he is saying and why he says more companies should do business in china. ♪

pimm: welcome back to "bloomberg market day." and pimm fox with betty

liu. let us look at the top stories costing the bloomberg terminal this moment. campbell soup's is adding stocks to its market line. garden fresh is the number one refrigerated salsa brand that makes hamas and tortilla chips. campbell is the latest package food company to try to integrate sales by adding up-to-date products through acquisitions. and chipotles part-time workers are going to get a boost in benefits . the restaurant chain says it will receive paid vacations, sick pay, and tuition reimbursement. those were previously offered only to full-time employees. chipotle has more than 50,000 workers. more fallout from hewlett-packard. the ill-fated acquisition of the software maker autonomy. hp will pay another $100 million as it prepares to settle a class-action litigation with ties to the 2011 deal. hewlett-packard paid 64% share premium for autonomy, but ended

up writing off most of the purchase price after accusing autonomy of misrepresenting his true value. to ays the money will go settlement fund to resolve a lawsuit stemming from the impairment charge. and those are your top stories of the moment. there is a new app that aims to make it easier for young people to invest their money. it is called acorns. betty: here's how it works for users connect their credit and debit cards to this app. acorn automatically rounds of the change from each purchase and adds it to your investment portfolio. i spoke about this yesterday. i spoke with the cofounder and ceo at the summit. >> it is powerful because it is not just a way for people to contribute regularly in the background of life, it is helpful with the initial start of investing. it is a buildup in a big decision historically. people thing they need to start investing with a large lump sum. betty: that is what we are told,

right? when people start with a spare change, it cuts through that. betty: the spare change averages $50,000 a month. portfoliosfive etf and it is very simple. from conservative to very aggressive. it is interesting because as you know, there are stats out there that when you give people too many decisions to make, oftentimes they freeze. and then they don't do anything with their money. this kind of takes that whole decision-making out of their hands. pimm: this is a loose change that would normally be described as underneath the cushions of the sofa. betty: electronically speaking. this is all link to your credit cards. it is your electronically strange. pimm: are you going to sign up for? betty: i have to say it is compelling. i do invest in my retirement portfolio. it took me a while to do it.

i didn't do it right out of college. pimm: the loose change in a jar and at the end of the month, you take the kids to the bank and they figure out how much goes into the account. betty: i don't. clearly, i should have been teaching my kids that, too. clearly this is targeted towards millenials. millenial's have to think about a new way of retiring. pimm: how do they make money doing this? betty: they take a percentage. they take a little bit of a cut from essentially when you place that money into these portfolios. that you cand subscribe to this. you don't actually have to put the money into the investment per folio. annapolis change accumulate. but he says that half of the users right now, which is 800,000, half of them do put that money into investment per folio. it seems to be working perhaps. pimm: if all is the maxim -- always pay yourself first when you're saving.

betty: you could become a millionaire next door. pimm: still ahead on bloomberg market day, the founder of men's wearhouse is back and he has an army of taylor's behind them. where going to speak to george zimmerman about his new tailoring start up next. ♪

this is "convert market day." i'm betty liu pimm fox. pimm: a wave of startup popping up everywhere. icon's new startup wants to be the movers are taylor's. betty: nearly two years after his dramatic exit from men's wearhouse, george zimmerman is back with a new company that has just launched a service that allows customers to book a tail onto handle operations

garments. george zimmerman joins us now. i love the service. you signed up how many to do this? betty: you have 600000 and we will havebetty: -- 600 and 1000 by the end of the summer and 1500 by the end of the year. i have a business card and i put tailor on it because ben franklin always put printer on his card. i do not have the idea of opening it, but i guess there is a platonic form drawing this idea forward. pimm: you said you were fired. just give people a little bit of background. they may not know the details of what happened and how you came to start ztailor. i started men's

wearhouse in 1973. i brought the board together and it would my friends and colleagues. some i had known for 50 years and some i had vacationed with . then really out of the blue, they brought me in the day before a shareholder meeting and said to me, george, we would like for you to resign as chairman of the board and become executive -- nonexecutive chairman, but become a figurehead chairman. and i said, i do not think i want to do that. betty: did they really say that though? george: they called it chairman emeritus. they said we put your stuff in storage and you are done. it could not be out of the blue. none of the things that happen are ever out of the blue, george. a couple ofave had conversations going back about 60 days. successor to the ceo position. i have asked that he report to

me as executive chairman. after about a year of that, we started to disagree. and that is what i think the board finally decided -- that they could only be one leader. this man decided that he would make the acquisitions that men's wearhouse has made. and there were things go. betty: just of a bank and that merger. george: those took place after i went. pimm: talk about getting this talent to staff it and how much they earn and what are their job prospects. george: i've often thought of myself as a cross between the godfather of tailoring and the pied piper of taylor's. thousand have a couple that used to work for me. for whatever reason, they always had an affinity for me. in fact, as i was driving over here, i actually stopped at an

raymond -- ran in to use the bathroom, the tailor upon seeing the after not seeing me for a couple years burst into tears. so tailors really feel that somebody like me has their back. corporate america doesn't care. there a route that young people can follow to become a tailor and hang that measuring tape around the neck? arege: most tailors immigrants into america. the american dream often starts with tailoring. and then subsequent generations go to college. your --eorge, is this and i mean this with all due ztailor your

revenge? george: absolutely not. first off, we are way too busy to think about revenge. there is no reason why my former company could not avail themselves of our service. explain how the service would work. let us say that betty needed something tailored. what would be the process? george: on the website, it is being billed into an app out in 30 days. it is very simple. you just indicate the zip code where you want the tailor to come, the day and the hour, and the software that we created matches tailors with client taste on that information. betty: and they come to your home? pimm: come to your home or office. they measure and take the garment away and it comes back. george: you can select the gender of the tailor and we will

send you an e-mail confirmation and a picture of who is coming to your house. betty: you mentioned joseph abood and that men's wearhouse acquired that line in that company. they also have been very aggressive on courting younger male, the younger male customer. again, i'm just saying that when they had ousted you, perhaps in their mind, you don't represent the new customer. you are the old, middle-aged the coreomer that is of men's wearhouse good that is not the new and fresh of men's wearhouse. george: that is what they said. but my experience has been that i am very popular amongst millenial's. of --ook at me as sort betty: where's your evidence? george: my evidence is walking around in my mask every day and

having people come up to me and give me feedback. pimm: tell us about what makes a tailo great. what kinds of skills do you need? key,e: the fitting is the not the selling. much like magic johnson when he entered the nba and created showtime, we tell our tailors that it is not enough to just tailor the garments. they have got to make it entertaining and fun. take: where do you want to ztailor? where do you see in the next 12 months? how many people are working for you? george: we have a number of ideas in the business. outside of new york, nobody knows. we have a lot of very interesting ideas. apparel andonline

everybody orders now online. in the stuff sort of fits. and now here we are at the center of that, able to send tailors to every home in america to make this purchases fit correctly. betty: and not just meant by the yoo.women, to pick and and you own how much of this company? george: i unless the half. -- own less than half. betty: so how much that it cost to start this business? george: we have about $50 million invested in it right now. betty: that is actually quite sizable. george: it is. that is because we decided when they started in san francisco, we decided to start in the entire country simultaneously. ilor is available

in every place in america. pimm: does this highlight the fact that people are not limited t learning how to sew as young adults? george: that is correct. they don't know how to cook either. pimm: another website coming up. betty: george, thank you so much for joining us. fantastic to have you here. the founder of men's wearhouse. pimm: i will talk to george a little more about it. i believe everything in your capable hands. betty: much more ahead in the next half hour. not to be outdone i spotify or pandora, apple is in going to offer music streaming. ♪

betty: down 2% on that news.

welcome back to "bloomberg market day." i am betty liu. top stories crossing bloomberg terminal at this hour. the trader blamed for helping to cause the 2010 flash crash faces an extradition hearing in september. the british judge made the ruling today. he has been held as is april arrest. the u.s. wants to extradite him and put him on trial or market manipulation and wired fraud .ou former house speaker dennis hastert is inspected to appear in court today. he is accused of breaking banking laws and lying to investigators. the indictment says he agreed to pay someone $3.5 million for past misconduct. the conduct is said to be sexual in nature and dated to his time as a high school teacher and wrestling coach in illinois. the 73-year-old will enter a plea and the judges is excited to set bail. firing the latest shot

between german carmakers in silicon valley. pledged to safeguard customers onboard data rather than trying to profit from it. google chairman eric smith was in attendance. sadler says that car owners want to be in control of their own data and not subject to monitoring. ,oming next spring mercedes-benz has a car that does some of the driving for you. have aclass of band will self driving system can hit 80 miles per hour. however, drivers will still have to keep their hands on the steering wheel. the system will not be able to handle sharp turns by itself it rapper snoop dogg is going to go gangster on taps drinking he is suing on the brand value of the call 45 malt liquor. partnership bought cap last year. cap says it is looking into it. that is a look at the top stories at this hour.

the impact of technology on consumer spending and productivity may seem like an academic matter, but when it comes to the implementation of cutting edge software, the results can be pretty tasty. cory johnson has the story of a tech driven turnaround at each copy in california. cloud optimized logistics never smelled so good. >> fresh coffee means great copy. cory: keeps giant grocery optimizes around technology that does more than cook the. a $5 billion investment into logistics software and they feel they will feel it across all other grocery stores, online, and in retail. are getting demand signals from different channels which are all here. essentially, we aggregate those orders. cory: those real-time signals helps them package and ship within 24 hours of receiving each order. >> we select the beans based on

the order. ship oute and then we to all these different places. cory: the roasting facility processes 3000 orders a day for all channels -- twice what they did five years ago. able to keep up with that growth and anticipated and has become more effective in making a business model go a long way. gives it speed, but creates the opportunity for new products like this blended iced coffee. it is now 4% of u.s. single serve categories. >> we offer far more than we ever could before. cory: asked triple the growth rate at $200 million in sales. the key thing is getting the orders in and making sure we deliver exactly what people look forward to and getting them the freshest possible. johnsonhat was cory reporting from alameda,

california. coming up in the next half-hour, european stocks dropping for a six day. and investors nervously watched the latest foibles from greece just three weeks before its financials internet expires. and then why hsbc is planning to cut on a 5000 jobs as all in turkey ever sell. gm ceo says the automakers board considered a proposal to merge with the chrysler. we will tell you why they decided to pass. so buying and downloading is 2014. we are all streaming our tunes now. apple wants you to abandon spotify and pandora and use their service instead. apple music will offer a library of 30 million songs. a subscription will cost the same as spotify at $9.99 a month. it will offer program radio channels, just like spotify. use one is the first in relation -- beats one is the first station. up andl apple set itself

a heart? joining us now is adam. how is apple going to differentiate itself, other than the fact that it is apple? adam: i think that's how it's going to differentiate itself. the new service is lovely. all the features that they have described are features already in the marketplace. and there doing the right features. however, they have a hundred million credit cards. incrediblen installed base. they probably skew a little older demographically than spotify does. i think there's ashley greene for both of them in the market. i don't think this is a spotify killer. it would be terribly shortsighted not to think that apple is going to make a real -- create a real presence for itself. betty: the older demographic -- is that a good thing? adam: i think it is because it

then does take advantage of what is uniquely apple, which they trumpet yesterday extensively, which is that we are integrated, this sent the best -- synthesized and easy-to-use service. and that we will add the radio and streaming. i think it must of been quite smart on their pricing. they don't have an ad supported peer. there was a survey that came out in like the last 10 days or so that came out and said that thele in spotify will take premium package. nearly 17% of them either by him -- 70% of them either by into a subscription or they don't. apple is giving you three months and it's free. after that, you are in or you're not.

i think that is probably a smart use of information that is there . betty: it is. the the three months since the -- the three months seems to be a cutoff point. even though spotify has users,ng like 15 million it is still a really small portion of the listening population. streaming music hasn't taken off. i think part of the problem is that there is too much of it out there. there is too many choices. i'm sorry. people just can't deal with it. it is like too much. they don't want to do with it. how is apple going to make that better? adam: you are so right. if you take the spotify and their 15 million and figure out how much is amazing, you're down to five or 6 million. i don't know. but it's in that region. i do think what apple does , anyone-- remember

under the age of 35, their primary source of access today is a mobile device. apple really gets these devices. they really understand the software. they really understand or audiences. they have this incredible database and have been working with them for years. personalize and encourage and drive you towards that is probably greater than all the others combined. thei think that some of smaller streaming services are terribly news. some of the smaller ones do get bumped out and i think are left with modified and apple. and pandora serves its own role in the market. betty: if you are the first mover, which modify and pandora both were, you do get to keep that advantage as long as you keep doing things right. adam: correct. betty: the problem i see both is that apple shares have been down the last few days. they were down yesterday after the news and continue to faulted

one of the biggest decliners on the nasdaq. clearly investors are not impressed with this. why do you think that is? i think it is a reaction to the total package of stuff presented yesterday. while the commons i read was that until i see the new cell phone or the new mobile, what is going to happen with the next generation of that device, how are they going to move the price? a lot of the stuff yesterday was catch up stuff. they look pretty good, but it was catch up stuff. betty: it was aggregate news. and there was a software update. on the flip side, for m music artists and industry, is this a game changer for them? yes, it is potentially good and here is why i think it is. we all know that over the last surprise,ome people sales of tracks and what have

you continued to decline. it shouldn't surprise as this mass migration into mobile and streaming has crossed the tipping point absolutely. companies,music where is the new source of revenue? can do $15 a month for families, that is a pretty good value. if they can really crank that a to 40 million or 60 million over a couple of years, that is real money for the labels. in that sense, i think they have to be absolutely delighted. , this will bee the rapid demise of the traditional itunes business. it is sort of eating your own young. betty: it is time. the $.99 for a song -- forget it. i am not bought that in ages. adam, thank you for joining me. adam klein of adequately media

on apple music. overhauead, hsbc ls. dumps's largest bank brazil and turkey. more on this strategy in today's global market rent. -- wrap. ♪

betty: welcome back to "bloomberg market day." top stories causing on bloomberg terminal at this hour. jerseyry for new governor chris christie over the state's union. this up in court says it does

not have to fund a 1.6 billion dollars punching budget that -- tension budget gap. the ruling the fuse issue that poses a political challenge for the potential republican president of canada. on the subject of republican hopefuls, jeb bush is shaking up his campaign. bush has named a new campaign manager, danny diaz. the move is seen as assigned as a build to it formal entry to the race. it is not lived up to expectations. using sites to formally declare his candidacy next week. the man who prosecuted charles manson wrote a big about it desperate about it has acted has died. and it is one of the biggest caps on books ever. want to get straight to julie

hyman for some of the big stories of the day including jack ma who is speaking here in new york, trying to recruit businesses to china. there is a little self interest as well. he wants them to be his clients. sell in companies to china. the irony is that part of the reason that he is looking for clients here is that because the economy in china is slowing down to some extent. he is speaking to the economic at the waldorfk her story at today. he says that alibaba may be bigger than walmart globally in 2015. he says that alibaba will sell over a trillion dollars worth of goods in five years. he says the company is seeking to globalize infrastructure in e-commerce. he says his main focus is helping small businesses. he wants 40% of the business to be outside china. as for his countries, he says that china should be focused on importing in the next 10 to 20 years. those are some of the initial comments. you can see the stock is not

doing much today. it is down by about 1%. if you look at how it has done more recently since its ipo, we saw the big increase after the ipo. a record price in november. since then, it is down by 27%, although well above that ipo price. elsewhere in technology today, betty was just talking about the streaming wars. apple has fallen for the second day after its developers conference. we should point out that it is not unusual for the stock to go down when they are holding their conferences. a lot of the news about the conference is lead for him. there aren't any big surprises. pandora, which we noted was falling yesterday amid concerns apple, isetition from falling again today. the shares down by about 3.6%. rounding out some of the stocks that we are watching a technology, we're looking at micron. the chipmakers generally have been down today. this is after analyst commentary

that dram pricing. the pricing is going to continue to be week. we were seeing those micron shares trading lower in today's session. betty: thank you so much, julie. julie hyman, our senior markets correspondent. europeank at how the markets did. here is mark barton from london. mark: six days of decline for stoxx 600. longest run of decline since december. chinesecusing on inflation data. it is pointing to tepid demand both at home and abroad. yesterday, i was telling you about the dax index entering correction territory and consuming its downward slide. it has lost 150 billion euros in value since april record high. summer spike for the aac in athens today. the greek benchmark rising 6/10 of 1%. the international -- the officials within greece

submitting fresh proposals to unlock fresh bailout funds. one official says the revised plan is "a vague rehash of earlier proposals and isn't considered credible." if you wanted evidence of the breath of decline across european market today, this is the subsectors of the stoxx 600. declining one of them on this tuesday session. this is the big corporate story of the day. hsbc is cutting 25,000 jobs. it is selling operations in brazil and in turkey. those operations when they are sold will reduce the headcount by about another $25,000. what it wants to do is achieve cost savings of 5 billion dollars by 2017. shares down by 1% earlier. stock wise down by 1.5 billion pounds of market value good day quickly, little change. -- stock 600 banks in though

stoxx 600 bank index though is up. back to you in new york. etty: mark barton in london. mcdonald's is reaching back into the early days of the obama administration for its new head of global communications. robertd's named robert gibbs to lead as close medications. he is the former white house press secretary and will report directly to ceo steve easterbrook. mark crumpton is here with me on this. mark: interesting choice isn't it? betty: it's not the first time that consumer brands have had trouble reaching consumers, reaching to government folks to help them. i think about coca-cola when it had real problems with race and the products when they brought on some white house officials as well. mark: we have government folks with powerful connections. you're talking about a man who

served at the highest levels of government. he was a spokesperson for the president of the united states. so naturally he knows some people. i'm sure there might be some lobbying going on as welker, but mr. easterbrook is trying to revamp things because mcdonald's is having some problems. they are bringing back the hamburger. r. hamburgla [laughter] betty: compared to everything else, that is the least of their problems. i think why gives is brought on is the fight for 15. the minimum wage controversy is one of the biggest for mcdonald's. by the way, not their problem alone. this is the entire fast food industry. mark: you're talking about a man who worked for an administration who made it clear -- he kept saying that the president would go out on a stop and give people a living wage and give the money. we just saw last week in los angeles that the mayor and the

city council were trying to work something out where their minimum wage would be $15 an hour. i'm interested to find out what mr. gives his opinions are on that. if you are listening, betty and i would love to talk to you. if you like to come on, be our guest. betty: you are staying on politics and the next hour about jeb bush. mark: the former florida governor and you presidential hopeful is overseas and will be speaking in berlin. baracknds people before obama when he won the presidency, he was in europe you some people say he is measuring the curtains and he is not even moved into the white house ye. t. mr. bush will be in europe and we will speak to some folks in washington about his trip and what he is hoping to gain over there. betty: we are getting a headline and "the washington post" he has filed his official paperwork to run for president. nasa prize clearly, but he is making his move step-by-step.

mark: the former maryland governor martin o'malley says the presidency is not a crown to be given to clean families. he is talking about the clinton's ambushes. betty: mark, i will see you soon. coming up on "bloomberg market day," the gm ceo faced shareholders. hear what she had to say about a possible merger with chrysler. ♪

betty: welcome back to "bloomberg market they." i am betty liu. gm ceo says that they had an offer from fiat chrysler to discuss emerging before deciding no. that is after a wall street journal report saying that there is wire fraud charges against gm. matt miller is here in now with more on all the headlines coming out of the gm shareholders meeting today in detroit. let us talk to wire fraud allegations. about? about -- that

matt: the u.s. attorney here in manhattan will likely bring wire fraud charges to general motors. that is according to "wall street journal." that is what they did with toyota. in the case of general motors, the ignition switch issues that they had -- many more deaths were connected to this issue. good that iscially likely they see that and it will eventually settle with a fine of more than what toyota pay. toyota paid $1.2 billion. more interesting i think because we have already understood that is going to happen and investors --e taken that into account more interesting is that sergio --chionne has his intent this intense push to consolidate in the industry. he was calling on competitors to consolidate. carmakers spent $2.2 billion a week developing new models globally. betty: get out of here.

$2.2 billion a week? 30 carmakers in the world that are legit. they are spending money developing the same topology. -- technology. says their consolidate with themselves and have 10 brands and a half scale. betty: when i read that, i thought it was a bazaar idea to merge gm and chrysler together. it is like merging mcdonald's and burger king together. matt: julie but sergio is makins push. betty: thank you. --ervice big on highs this houses is buying 4200 an of them across the u.s.. ♪

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a majoretty: -- mark:

shakeup at hsbc. europe's largest bank plans to eliminate as many as 25,000 jobs and sell operations in turkey and brazil. we will look at what is behind the action. betty: the private equity firm, cerberus capital is said to be buying homes in the u.s. as it expands its push into the rental business. is -- we will see if he has been able to avoid the gaffe that has plagued other candidates and their overseas trips. betty: good afternoon. mark: thank you for joining us. let's begin with a look at the markets at this moment on tuesday. stocks mostly higher, the market trying to come off a three-day losing streak. wall street's slide has