manus: good morning from bloomberg's middle east headquarters. i am manus cranny with annmarie hordern with me. your top stories. an optimistic start. global stocks are higher after the doubt books it's -- dow books its best month since 1987. says vaccine despite is positive,

significant challenges. hedges rise, oil falls for a c-plus talks ope are delayed for a third day. crude had capped its biggest monthly increase since may. heading for the exit. unicredit's ceo is stepping down after four years at the top of italy's biggest bank. it comes amid clashes with board members over acquisitions. it is 6:00 a.m. in london, 7:00 a.m. in vienna. we are where we are supposed to be. you wanted to start with oil. i absolutely applaud the decision. there is this line that the prince threatened to resign. my question is simple, is that petulance, posturing, or productive? good morning? -- morning. annmarie: i am certainly sure it is not productive.

they are meeting on thursday. a brilliant note overnight saying that like with everything with opec the first day, there is always drama. she compared it to as much as drama you would see in an episode of "gossip girl." a lot of infighting. usually, you and i will report on it between saudi arabia and russia. this time, it is really between saudi arabia and uae, which are stalwart partners for the most part. manus: absolutely. this is all about complaining about the attribution of the various cuts. just circle back to global markets. i like michael avery who was with me over an hour ago, he said we are in the halo effect, which is we are pricing everything to perfection. global markets are rocking it out. what have you got? annmarie: we are starting december to the upside. chinese equities outperforming after fresh pmi data. factory orders all over asia

doing well. u.s. futures also pointing to a bright sunday. under $48n 0.6%, just a barrel. this comes as opec-plus deals with drama. bitcoin, another record yesterday. today, down 0.4%. we saw this three years ago and then there was a record but then an epic plunge. you usually call this the millennial gold. will it actually stick? manus: i will go all tom keene on you and ask you the question whether it is an existential threat to gold from bitcoin. one breaking news line coming through from credit suisse. we saw them change ceos this year. a new suisse proposes chairman to the board. former life, a

lloyd's. lloyd's announcing charlie nu nn as their new ceo. this is moving to change the top of credit suisse. we will dig into the changes at the top a bit more. let's pause. we will get into the market for a moment. you look at the changing dynamics across the performance. this is a man that led floyd's, had a great deal -- led lloyd's, had a great deal of retail banking experience. the two main stories are that, --ta suisse, and -- being credit suisse, and -- being challenged. a great: there was opinion piece about the fact that this was a french man working in an italian banking industry that may be he did not have the political chops for, but he certainly had the

financial industry chops to do the job. thet of movement within financial industries and services industries this morning. manus: i like it when you bring your inter-american to the show. he just did not have the chops to do the job. we will leave that thought there. let's talk about the risks in the world and in the markets. the prospects for the coronavirus vaccine has caused global stocks to drive 12% higher in november. 20%rna shares rose yesterday after the company moved ahead with plans to request emergency approval for its vaccine in the u.s. and europe. >> i think it's going to be like a typical flu vaccination, just at a scale that has never happened in the world in terms of the number of people being vaccinated at the same time. it's like a regular shop. that shot -- shot. that: jerome powell warned the u.s. economy remains damaged

and in an uncertain state. is the head of global market strategy and investment at natixis. you share the optimism but say we may need to diversify away from the u.s. to achieve same level of returns as this year? . good morning. esty: good morning. i think that is very much a can -- consensus view. we saw in november moving from more defensive sectors, more slick google sectors -- cyclical sectors. other regions such as europe needing to play catch-up, much more cyclical over there. i think we are going to see that rotation continue for some time, as long as the vaccine news stays positive. annmarie: my question is the fact that, are we at a point now

where there is no more vaccine news to be priced in? you saw the moderna news yesterday. that gave a bit of an uptick to the market, certainly from moderna itself. have we reached a point where all of that is priced in? esty: i think that is the big question, right. so many of these views are positive. we have got encouraging news on the vaccines. a number of hurdles and questions remain. logistics still one. there is one of mid-2021 in terms of broad distribution. even at the end of december, they can get a few shots in, we do not know how long immunity lasts. we do not know if the virus can mutate. quite a few questions still. and then, luckily we have a number of different vaccines, but we need a lot of people to

get vaccinated at the same time, which we have also not really seen in the past so, mostly priced in. i would expect some head caps on hiccups on the way. manus: i am always interested in trying to find the underappreciated and under consensus of use. if i look at tips, inflation bonds relative to treasuries, they have beaten treasuries for the second year in iraq. the breakevens -- in a row. the breakevens are beginning to turn higher. is this an underappreciated risk? if so, how my eye position for it in 2021? esty: the question for inflation is, are we too late or too early? tips have done well for the second year in a row, outperforming. i am not so worried about inflation. as we get vaccines, as we start

to get back to normal, we are likely 12 easthear -- we are likely to at least conversations least heartion -- at some conversations about inflation. at some point, inflation expectations are bound to rise a bit further. talk,ie: expectations of but you are not going to actually start pricing in inflation in 2021 when you write your outlook note, are you? esty: not at this point. we have had qe for a number of years. even if the speed or scale has increased in 2020, that has not really led to much more velocity of money. so not much from an inflation perspective. the second question is inflation

stimulus -- fiscal stimulus. we certainly need the second round from the u.s.. we need the europeans to get together as well. the fact that we did not get the blue wave or it does not look like we are going to get this blue wave, i am not sure fiscal spending will be big enough to boost inflation next year. we will get a bump this year given the shock from covid. on a core measure, i do not think it will not -- it will be enough for 2021. annmarie: we will talk about fiscal stimulus in a moment. esty dwek from natixis investment management stays with us. let's get a recap on her first word news with laura wright. >> opec is delaying talks for two days to give ministers more time to reach a deal. that's after a long and tense meeting on oil production broke down without agreement. the nations are discussing whether to increase production in january as planned or maintained the cuts to help a rally in oil prices. china's economic offensive

against australia could end up backfiring. spat,amid an ongoing beijing has ramped up tariffs on a variety of austrian tariffs. it is a warning for countries not to criticize beijing. it may end up punishing some asians closer to the u.s.. bitcoin has had a record, beating its previous high set in december of 2017. it takes this year's surge to more than 170%. even with the recent rally, bitcoin ownership remains concentrated, with a small number investors. about 2% of accounts control 95% of positive digital assets. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: laura wright in london, thank you so much. we hear from our exclusive interview with michael corbat on

biden's treasury nomination, janet yellen, u.s. stimulus, and bank bonuses. how big will they be this year? stay with us. this is bloomberg. ♪

♪ manus: it's "bloomberg daybreak: europe" with me, manus cranny in dubai and annmarie hordern. staying true to his pledge of a diverse administration, joe biden rolled out his formal nominations for the economic team. janet yellen will lead as treasury secretary. citigroup ceo michael corbat spoke exclusively to david rubenstein about janet yellen's

nomination as treasury secretary and why the u.s. needs more targeted stimulus. >> i would say that not just citi, but i think the banking industry had a good relationship with her. into or if sheed is voted into the seat, i think she will do a great job. i would expect that relationship to continue. anotheralso shout out glass ceiling broken in terms of her then becoming the first female treasury secretary. david: let's talk about the economy for a moment. there are many people around the country who think the economy could use another stimulus bill. we could not get one so far before the election but may be in the lame-duck there might be one, and may be in the new congress. do you have a view that the economy needs a stimulus bill in order to get forward -- go forward before we get a vaccine?

>> it is unclear whether we will get that new stimulus package between now late january. but i think if we do not get something done right now, i think we will get something done in probably fairly early 2021. i think the question is not going to be the if, but i think it's going to be more about the .ize and what can get passed i think that will be largely determined by the outcome of the senate races in georgia. with covid-19 cases on the rise right now, additional stimulus their unemployment checks, ppp loans, rebates are all helpful tools to bolster the economy. while also helping individuals to recover from the economic hardship of the pandemic experience and what we know is that while we are all in the same storm, we are not all in the same boat. i think if we can get these moneys targeted at those most be ated, i think it would

very good thing in terms of helping restore the economy otherwise quicker than it would. david: let's stay we have a stimulus bill. some people have said we could use one, but on the other hand, we cannot ignore the fact that the debt is rising quite rapidly. we are having a budget deficit now of about 3.2 or $3.3 trillion per year. we are borrowing about half the money we spend each year. how much longer can we keep borrowing this money without people in wall street or in the general economy saying this is too much borrowing? are you worried about that? >> i am. i think we should all be worried about that. we have been talking about deficits for a number of years and what is sustainable. i think the consequence and the prospect of lower for longer in terms of interest rates obviously significantly reduces or holds down that borrowing cost. we cannot believe that rates are going to stay necessarily where they are forever, so we've got to be mindful.

that's why i believe that it is actually very important that we are targeted in terms of getting the moneys to those that are really in need. because we know that the longer this goes on and the more small business, the more individuals, certain geographies, neighborhoods get affected, it just makes the come back from that much more difficult. i think we have seen that and that has been proven from a historic perspective. group ceocitigroup michael corbat. the full interview this friday, you don't want to miss that. , senatewith stimulus majority leader mitch mcconnell has urged congress to pass virus relief legislation covering areas that both sides of the aisle agree on. that's as lawmakers face a rapidly approaching deadline to pass a new round of aid. esty dwek of natixis investment managers still with us. what do you make of the stimulus right now?

are governments losing the firepower? can that have serious impacts as we head towards what many are calling a dark come along winner -- dark, long winter? esty: absolutely. that's one of the questions. we want to make sure that politics does not take over for necessity. in the u.s., we have a number of unemployment benefits that are going to fall off at the end of the. thatee with mr. corbat some targeted measures need to work and we need to work for them. we know we are not getting the 2 + trillion stimulus the democrats were hoping for. they do not want to hold up what is really critical stimulus for a lot of areas of the economy. there are plenty of areas they can agree on, including airlines, including unemployment benefits and consumers. i think we will start to see some of this. we might have to wait until

january, but the problem is right now on both sides of the atlantic, it's a lot about politics. it's about the georgia senate race. it's about which type of strategy or size of stimulus is going to help the different sides the most. in europe, obviously purely about politics and not at all about economic necessity. that narrative is about where the dollar goes. the whole world is short and aggressively short. into hat carry through 2021? esty: it should, at least at the beginning, and at least to some extent. the more risk appetite recovers, the more we think about getting all of that is definitely going to weigh on the

dollar. there is also flip side of other areas, especially emerging markets, starting to recover better and benefiting from this as well. the consensus factor is what troubles me a little bit. i think the fact that growth is going to be probably better in the u.s., the next fiscal impetus is going to come from the u.s., earnings are probably going to be better. ultimately, when you look at the developing world, there are not a lot of areas where you can get positive yielding debt. it is about investment grade come about credit, about picking up -- investment grade, about credit. annmarie: does this mean you are going to head east and look to e.m. in china for that yield pickup in bonds and currencies? esty: absolutely. in terms of currencies or local currency bonds, you have to be selective. there are plenty of idiosyncratic risks.

the chinese growth engine is back to 2019 levels and moving along. the region in general is benefiting from this. it has handled the virus situation a lot better, so there winter is not going to -- their winter is not going to look as tough as ours. china gives you a nice yield on your bonds. we have seen a lot of flows into that and i expect it to continue. manus: those yields at the highest since 2019. esty thank you so much,. esty dwek, head of global microstrategy over at natixis. a multibillion-dollar tesla is set to be added to the s&p 500 -- are you ready? christmas is coming early. it could send a ripple through the entire market. we have the story. this is bloomberg. ♪

♪ manus: it is "bloomberg daybreak: europe." dubai.nus cranny int tesla is to be added to the s&p 500 later this month. it will happen all at once. indices announced the decision yesterday. it had previously been considered that tesla would arrive in two parts, given the massive size. it is coming all at once. it is like christmas, isn't it? dani: exactly. christmas could have been divided into two days. christmas for tesla and s&p 500 happening in one day. jones also surveyed

a lot of other investors. you have to imagine that wall street traders have a massive -- a lot of confidence that they can handle this massive rebalancing cupping -- coming to the market. tesla will be the largest company ever added to the s&p 500. there are a lot of money managers who need to readjust their funds in order to continue to track the portfolio. confident there is enough liquidity in tesla, in the market itself to handle this at just one time on december 21. it is like ripping off the band-aid. either way, there would have been a disruption. it is better to do it all at once than try something new. >> $538 billion worth. what kind of market impact can we expect when we do see the move? dani: on the day that indexes

have to rebalance to include tesla, the market is going to be absolutely flooded with trades. one strategist estimates that $72 billion worth of trades are going to occur on the rebalancing day. let me put this in context. the average rebalancing day is less than half of that. the prior record for a rebalance was $50 billion, so about $20 billion less. the volume is going to look a little bit strange as this happens. either way, this really would have had to happen, it's just whether it happened in one or two parts. passive money managers that track the s&p 500 are going to have to offload other companies in order to make space for tesla. either way, this was set to be a disruptive event. manus: thank you so much. dani burger there in london. you canet our ubers,

get a tesla to come pick you up. we are green. up, greene -- coming schism. oil falling again. aec-plus seeks time to reach new deal. this is bloomberg. ♪ it's moving day. and while her friends

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♪ annmarie: good morning from bloomberg's european headquarters. i am annmarie hordern with manus cranny live from dubai. here's what you need to know. optimistic start. global stocks higher after the dow books its best month since 1987. surging kai-chen pmi's at some momentum. significant challenges and uncertainties remain. tensions rise. oil follows for a third day as

opec-plus delays its meeting until thursday to give ministers time to work out their differences. as frustrations mount, crude cap's biggest monthly increase since may. downedit's ceo is stepping after four years at the top of italy's biggest bank. credit suisse proposes a next chairman. manus, very good morning to you. 6:30 in london, 10:30 across the emirates. today, we are dealing with a lot of banking news in europe. we are going to have ex-lloyd's ceo heading over to credit suisse. good body u.k. analyst said when he stepped down as ceo, they were speculating where he could go. one said maybe he would take the top job at unicredit. very interesting what's going on. i know you have covered these banks for decades. what is your take? will come up --

that old, but you are right. i am joking. i am joking. you are right. him taking about over at a time, just think of the disruption you had over credit suisse. leaving.ane thiam he has been around. he is the man. lloyd's, didn't he? he brought it back from a fairly low point. annmarie: coming in after the depths of the financial crisis. michael hewson said he turned around, michael hewson calling lloyd's a basket case, saying he turned around. potentially that's may be what's needed after turbulent times at credit suisse. very interesting.

what happens with unicredit will be also interesting. what happens to the italian lender? i like the opinion article that said this is actually someone who was a great ceo, just it was the political landscape in italy that did not quite fit. manus: what about in terms of the takeover, will it go through? will there be more consolidation? i will tell you what i have been looking at for decades, it is the s&p 500. i was around in 1987. 1987, that was a year. actually, you know what? we have put in the best performers on the s&p 500. since 1928, i was not around in 1928, the market put on over 10.8% then. a warning for everybody. roll it over. have a look at the equity market . higher, is flying

chinese equities are flying higher. the oil market is under pressure. there is angst in the ranks between saudi arabia and the uae. uae unhappy with their quotas. the prince threatened. we understand threatened to step down as the lead of opec. bitcoin flying higher. is it posing an existential threat to gold? bank of america says get ready for a level 1.5% on treasuries. like all good research, you will want to hedge in there. let's dig deeper into the markets. opec-plus trying to reach a deal on the production policy after talks. ministers will now meet on thursday rather than today to allow more time to deliberate whether to delay a planned

increase in output. bob mcnally says he is going for a tweet extension -- tweaked extension. what would that look like? do you agree with that? good morning. >> good morning. since you have been covering opec for decades as well, you definitely know that it is not going to be easy. i have been laughing since this morning since i have been on the show. great to be back. at least we are not in the cold in vienna. i think this is interesting because this is not a dispute between russia and saudi. when we were there in april and going through that. this is different. this is within gcc. i think the market is underestimating a little bit how serious this is. this is one of saudi arabia's biggest allies that is turning around and say no, all of the

laggards have to adhere to their cuts. realnk there are some tensions. as for the deal, saudi arabia is saying look, this is easy. all we need to do is delay this output hike by three months. it is a clean deal. let's get on with it. hopefully, the vaccine will be there in time in april and then we can raise output. russia, we understand, is on board. there has been talks about may be raised by half a million barrels per day or a million barrels per day, so a tapered increase. when you have 20 plus countries, how do you distribute half a million barrels per day of an increase? of asudan increase by 3/4 barrel? that's the problem. it is very small numbers we are talking about. saudi arabia wants a very clean deal, which is just shift it by three months, don't mess with

the numbers. they just want something simple for the markets. annmarie: i am very shocked by the fact that we are going into opec meeting and it is not russia and saudi arabia at odds, it is saudi arabia and the uae. is this bigger than oil? this disruption we are seeing between these two, which for years have been very close partners? amrita: i think this is the biggest concern for the market. forget what happens right now. we have clients asking us all the time, is this uae wanting out? i am sure you have seen reports in various media outlets that about, theyen talk have done studies about, should we be leaving opec? we don't know if those studies were commissioned by the uae. it is raising so many questions about the green agenda. is it that the uae wants to get out and push production higher?

the problem is, as soon as you have a dispute, of course it gives rise to rumors, whether true or not. one thing we will say, particularly uae, they are going to launch the mobile futures contract. they need liquidity ahead of it. think that's a big driver behind them saying, look, we do need to increase production. asian demand is doing very well. they can see that. there is a slightly different agenda there. manus: what is the risk, if at breakdownvery messy and not a clean deal? talk me through the risks and the price downside potential on a messy tapering. amrita: i would say this, right. this is not what happened earlier this year. we are not expecting any country to surge production and just

walk away and say the deal is over. phase 3 is an increase from january first is where we are now. the market can -- versus where we are now. the market can absorb that. it's not the end of the world. we might get a five dollar correction. the market is not very long. a lot of people are waiting to go long. may be the downside is more limited than five dollars. do we then end up capping the upside because people are starting to question what the ultimate motive is, what happens in the next opec meeting. if it is a messy outcome, we don't think it's going to happen, then the downside is 10 plus dollars. annmarie: i am interested at what happens in the next opec meeting, when we have vaccines potentially near our doorsteps. at that point, will you see, even if some of the others are saying we should not go too

heavy in terms of bringing more oil back to the market because it is still a precarious situation in terms of how the world is going to look pandemic, is it going to be a much harder meeting trying to get anybody to ratchet back some production? amrita: this meeting is not the challenge. despite the disputes right now, they will get through this one. it is the next one. every country, including the biggest ones, they are struggling in terms of revenues. every single one of them wants to increase production but they understand they need to draw down this inventory. my conversations with saudi arabia suggest they are actually bullish demand. it is just getting through -- bullish demand next year. it is just getting through q1. on our numbers, we are already expecting complaints to start slipping -- compliance to start

slipping. the end of the deal is april 2022. does iran come back in the second half of next year? potentially yes. that's what we think. annmarie: that situation is looking evermore challenging at the moment. thanks for joining us, amrita sen, chief oil analyst at energy aspects. at least we are not out in the cold and vienna. let's get your recap of the first word news. >> president-elect joe biden has chosen janet yellen as his treasury secretary. the former fed chair was widely expected to get the top economic job. if confirmed, she would be the first woman in the world. she tweeted the country faces great challenges but must restore the american dream. federal reserve chair jerome powell is warning uncertainties remain for the economy, despite progress on a vaccine. he says a shot will be positive for the medium-term, but things

will be challenging for the next few months. powell did not give an indication of how the central bank might react, but reiterated it will use all its tools to help the economy. global banks in hong kong are reversing their back to office plans as coronavirus cases surge in the asian have. goldman sachs will go back to working from home, except for staff that have to be in the office. standard chartered is also encouraging staff work remotely one possible -- remotely, one possible. -- when possible. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries.. this is bluebird. manus -- bloomberg. annmarie: thank you. recruiting during a crisis. recentsays the impact of markdowns in europe has had a less than expected impact on demand for their services. we will discuss the outlook for jobseekers next. this is bloomberg. ♪

♪ good morning. 6:45 in london. i am annmarie hordern alongside manus cranny. adecco group prevents dust presents its new -- presents its new plan. they look poised to emerge in good shape from the coronavirus pandemic, with recent lockdowns having a lesser impact than expected. coram williams joins us today for an exclusive conversation. thank you for joining us. we are nearly at the end of 2020. it has been quite a volatile year, given the pandemic. do you think companies are working for more temporary work as they are trying to ride out the crisis? coram: it has been a very challenging year. with the lockdowns imposed in the spring, which had a

precipitous effect on our turnover and on many many companies. seenthink what we have since then is a very consistent improvement, as companies come back and learn how to manage the situation. one of the key parts of that has actually been to make labor forces a little more flexible. we have seen that across-the-board in a number of sectors. obviously, that has benefited staffing organizations like adecco. yes, flexibility is key when there is this level of uncertainty. manus: good morning. the work from home phenomena has exploded. is that going to reduce my ability to earn money as a temporary worker? am i going to have to create better infrastructure to offer a perspective -- prospective employer? what are the consequences of working from home? i think it very much

depends what kind of employment you are in. in the white collar space, it is having an effect, although it is probably too early to understand just how long-term those effects might be and exactly what the trends might be. we are seeing a move towards more working from home, the need to be flexible, different locations, etc. on the blue-collar side, it is somewhat different. in most cases, that employment is fixed in a particular place. it requires a particular set of equipment. it is less flexible in terms of being able to work from home. what we have seen is those types of organizations have actually learned how to cope. the second set of lockdowns, the second set of restrictions appeared to be having less of an effect on the economy than the first set. it happened so quickly and firms and companies were not really prepared for what they had to do. i think it very much depends

what you do and where you do it what kind of effect this is having on you. annmarie: of course, work from home means you need to be set up quite well digitally, tapping a lot of data. is that a trend that have you been -- you have been equipped to go to? coram: within a week or two of the first set of lockdowns, we had more than 90% of our workforce working from home using laptops, desktops. we were able to move very quickly. that was on the back of the investments that we had been making in our i.t. and digital infrastructure over the last three years. i think that is a trend that is very much here tuesday -- here to stay. we are going to see more flexibility, more remote working, more hybrid situations where people are operating out of remote offices and different locations. that is probably one of the

biggest effects of the crisis. you can already see it very much in evidence. manus: i know you are well prepared for a bloomberg interview. as you set out a strategy for next year, are you ready to do deals? are there going to be opportunities for you to acquire businesses? if so, what sort of size and scale would you have your eyes on? coram: i think it's important. the strategy that we have unveiled this morning is built around three pillars. it is actually built around digitizing our core workforce solutions business, the adecco brand, it is built around moving our engineering and r&d consulting business towards smart industries, and it's about creating the one-stop shop in our talent solutions business, end-to-end solutions for workforce measurement.

each of those is a subtly different strategy linked to the group level. it is differentiated by our digital investment. in terms of deals, our capital allocation policy is unchanged. where there is a business, an acquisition which is likely to advance our strategy, where we believe we can derive synergies in cost and revenue terms and where we think it will be value creating in three years , we will absolutely consider it but it has to be at the right price and right time. annmarie: very briefly, sitting in london, the newspapers this morning will be about arcadia going into administration. they have 13,000 people. how many more arcadias do you think are out there in europe? coram: it's very hard to predict. to be honest, we do not really have visibility into the impact of what is happening right now. as we mentioned at the

beginning, for adecco, the restrictions have had less of an over the last couple of weeks we anticipatedthd. it's very difficult to predict who is going to win and who's going to lose. manus: thank you for your time this morning with annmarie and myself. with the implementation of the new strategy. come back and tell us the numbers. stepping down. unicredit's ceo is leaving after more than four years at the bank. that is after clashes with the board. more on the story. this is bloomberg. ♪

♪ it is it is "bloomberg daybreak: europe." unicredit's ceo, jean-pierre mustier, stepping down after

four years after clashes with the board on strategy. great to have you with us. good morning. >> good morning. it was a pretty unexpected decision. as you say, if you speak to several people involved in the discussion, this follow tensions materializing in the last couple of months. on sunday night, there was this last-minute, informal meeting. if you asked me what the disagreements were about, it's very clear that relations between jean-pierre mustier and members of the board soured over the past few months over three things. first, the plan to spin off italian assets, but also jean-pierre mustier's refusal to buy -- at the italian government's request. a new chairman who was involved in --

because of the fallout after this last-minute meeting on sunday, he decided to step down. unfortunately for him, as people are saying, and there's a great running off a national banking champion in italy added another layer of complexity. annmarie: he's leaving abruptly. what will his legacy we? will he leave the bank in better shape than he found it? >> i would say yes, and better shape -- in better shape. he improved the mountain of bad debt, improved efficiency, sold some of the noncore assets. you have to think about work unicredit was into any 16 -- in 2016 compared to where it was when the pandemic it. -- hit. he was very focused on

shareholders. tostrategy, it was always the benefit of shareholders and maybe some took issue with that. the shares were still languishing. they were not as efficient as the italian banking parent, but he was pretty decisive. only five or six months ago, he was also one of the names that was thrown in as a possible replacement for the hsbc chief executive. he was doing a good enough job at unicredit to be in the running for other potential jobs. annmarie: thanks to francine lacqua. more coverage on this story when she comes up later in the program at 9:00 a.m. u.k. 10. that does it for us. another bit of banking news, lloyds ceo going over to credit suisse to be the chairman. manus:. . absolutely. a new chairman. it is a day of banking. what we need is dividends to return and then you get a fuyll

cyclical tilt. we are going to do it all again tomorrow. anna edwards, she is on her own. this is bloomberg. ♪ are you frustrated with your weight and health?

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