>> welcome to bloomberg markets. matt: let's get a quick check on what is going on in the markets right now on this side of the border. we see the s&p 500 down 1.7% after 1.8% drop yesterday. traders are concerned the fed will have a higher terminal rate that has been priced in. we have positive data from the jobs market friday and yesterday

positive data from the ism services index, and the good news is bad news for equity indexes. the 10 year yield down to basis points, that would normally be a bit of a tailwind equities. it is not turning out that way today. the dollar index a headwind when it gains strength come up. so far away from the high last month but getting stronger. even as strategists have turned negative on the dollar. crude down 4%, 73.68, atripla where we were last monday where we were at 73 -- a trip from where we were last monday when we were at 73. jon: technology has been an easy target for investors during the selloff. you have names like meta, the parent company of facebook, under pressure to the tune of 6%

as it navigates the possibility of tougher language out of the eu in terms of its business model. the advertising market looking challenged into the final stretch of this year. that was the message from paramount global. those shares under her shirt to 7%. home is higher by 32%, but that is an acquisition story with energy energy -- and are g -- nrg energy. jpm in the red overall so far in the trading session. matt: very interesting. today kicks off the goldman sachs financial services conference where wall street leaders discuss the current state of business and what to expect next european brian moynihan talked about slowing --

expect next. brian moynihan talked about slowing consumer spending. brian: year-over-year spending is up 10% for median income households and down and they are still up there they were at a level and what up to peak in april after tax returns came in and they have been flat and now going down a bit. that is a glass half-full-half-empty consumers are consuming more money and that is good for the question of whether the fed actions are slowing down the economy. there is a time to think when they stop and let it work. that is raging every day in the markets. the enemy -- the data shows that higher interest rates and inflation is eating up more of a person' savings and that it to get that under control. we need a few more months to see

whether this is a trend or not. jon: the bank of america ceo brian moynihan. formal on the goldman financial services conference, we have a downbeat message coming from the financial leaders, which it feels like playing a role in the selloff we are seeing today. >> today is a big day. the conference does gather some of the biggest names on wall street and we have had a parade of them on bloomberg television all day. and you have seen but they had to say, brian moynihan talking about slower consumer spending and caution. goldman sachs ceo talking about a cautious outlook. now we are seeing reports from morgan stanley about them carrying out job cuts. clearly the theme and the beat

across wall street seems to be one of caution and that is filtering through into the markets. matt: we heard brian moynihan talking about shaping, headcount . should ali bassett was talking to dave -- sonali basak was talking to david solomon. we are talking about taking of the underperforming 10%. sridhar: when you have any sort of job cuts, that does play a role into the psyche of how people think about operations and performance but this is not big layoffs. but seeing what is happening the last several years, through 2021, you have had phenomenal growth at these firms. look at goldman sachs and you will see a lot of growth. looking at morgan stanley, look at the headcount, or 80,000 people. when you have had that kind of growth, it is responsible, at

least that is how management sees it, to carry out his school discipline measures and that means some job cuts. matt: thank you for joining us and talking about goldman sachs and the conference. we will hear for -- more from that conference when we talk about -- two the cfo of american express, jeff cambell. digital bridge, formerly known as colony capital manages $50 billion of assets globally across data centers, sell tyler's -- cell towers and completed its takeover of the data center firm switch. joining us is marc ganzi. there has been a bifurcation in terms of data center reports over the last few weeks.

at some of saying the clients are scaling back a little bit and others telling us there is still a ton of growth and they can't hire people fast enough. where are you in that bifurcation? marc: we are growing at an incredible clip. we have had incredible demand. customers are continuing to demand a lot of conductivity and services. we have two secular tailwinds happening at the same time which is the migration to cloud and i that cloud, which is why cash and private cloud, which is why -- and private cloud, which is white we did the switch. -- which is why we did the switch. the newest facilities around the globe, quarter over quarter we have seen demand or data centers of over 34% in terms of organic. you so that you talked to

charles myers and he was feeling the same way. our customers are focused on deploying new technology. we just don't see that abating in the near term or into 2023 as well. jon: you are busy with deployments as you mentioned and busy with an acquisition but you have never shied away from deals. i wonder how you will be looking at this landscape in an uncertain market to possibly continue to bulk of. marc: it is an interesting balance. there is a bit of dislocation between five it markets and public markets. we have had a great year in terms of fundraising. we formed $7 billion of new capital and raised $11.6 billion to close the switch transaction today. we did the deal on time and have the capital and were prepared. we have over $900 million of

cash in our balance sheet and it has never been cleaner in terms of the front and meant, investors went digital infrastructure. if you look around the globe today and we have a ship to the middle east to the united states, we are hearing the same thing over and over, which is even though the denominator is shrinking, asset allocation or what we do as a sector specialist, most large institutional investors, pension funds sovereign wealth funds, allocated to digital infrastructure. this is a real opportunity for us. maybe what is happening for other alternative assets is not happening at digitalbridge. matt: i know the switch as that you acquired, those data centers are powered for the most part by renewable energy, which must be a welcome change for customers who are worried about the grid and relying on utilities that have started charging much higher prices.

that makes me think of europe what is businesslike and can you make acquisitions in europe and they are in a stress situation and the dollar has gotten so strong. marc: we have been against acquisitions in europe for the past year. we have been focused on greenfield deployments in europe. two years ago we made the decision to acquire the right land and letters from utility companies. our ability to deploy power and have the right amount of permanence was really important that is a decision we made over two years ago. we saw the trend toward data sovereignty and we saw cloud accelerating back in 2020. all of those decisions we made two years ago were the right decisions and paying dividends today. our european data centers, we are up 150 8% year-over-year in terms of organic growth in european data centers. being ahead of the curve and having done this for a long

time, building infrastructure for 28 years, what i have learned in moments like 2001 and 2008, you have to be incredibly prepared. having a strong balance sheet, liquidity and capital and great management teams on the ground that understand how to deploy and work for customers, this was our competitive advantage. matt: great to get time for you, marc ganzi, the ceo of digitalbridge talking with us. breaking news. we need to get to apple. headline crossing the terminal, apple scales back self-driving car ambitions, delaying the launch of the apple card until 2026 -- apple car until 2026. our expert on all things apple is on the line. what does this mean? they are going to come out with the car in 2026 but it won't be

self-driving? >> apple was aiming to launch their self-driving car by 2026. the previous target was 25, a slight delay. the big fundamental change is they are no longer targeting a full level five self driving system for the first version of the car. the initial plan was to reinvent the way a cart works, just the way they reinvented touchscreens and smart watches and that meant a cart without a steering wheel, pedals and the passenger faces like a limousine and now they are looking at something more traditional. they are looking at electrical with a steering wheel and ped with full self-drivingals capacities, less complex zones like city streets, mountain

ranges and during bad weather. jon: your story that is just breaking on the terminal is extensive and highlights just how much long-term roadmapping is going into this project. walk us through the other considerations on the timeframe. you have different executives, some who have turned over and people working in different countries, including a team working on this project in a like ottawa in canada. on the design side, it looks like you are now hearing they will likely get there by i believe next year but they are not there with the final designs yet. mark: this car is still in a pre-proto-type. they are aiming to have an industrial design finalized by 2023. much of the engineering to be done next year and the year after and are aiming to get feature completed by the end of

2024. they are trying to get the car up by 2026 after doing extensive testing across 2025. that is the roadmap. initially when they were looking at a car, it was probably going to cost of $120,000 per unit u.s. and out looking for something more in the hundred thousand range which would put it at the low and of the tesla model s and the mercedes. jon: really helpful context on a story so many people have been watching for so many years. we appreciate it as always. we will take a break. the exclusive interview with chief financial officer of american express, jeff campbell. this is bloomberg. ♪

annmarie: -- jon: touring our attention to the goldman sachs conference where sonali basak is standing by with cfo at american express jeffrey campbell. sonali: from amex's perspective, how do you see it never getting a potential recession? jeff: thank you for having me. what we know is what we see in our business. our business is a mixture of very premium consumers around the globe, a select group of small businesses around the globe and in some of the largest corporations around the globe here when you look at the

spending patterns and credit patterns of our base, things continue to look very strong. had 24% volume growth in the third quarter and it has continued through october and november. we had record days in recent days, so we see a strong environment. i do watch bloomberg tv and i hear the word recession a lot and we are not oblivious to the challenges and the geopolitical environment, but when you look at the particular slice of business we operate, it continues to look strong. we know how to pivot the business and certainly the pandemic was a road test of how you quickly pivot to a changing environment. but we also have to operate the business for the long-term, which is what we vocus on and we have to operate the business based on what we see with our customer -- we focus on and we have to operate the business based on what we see with our customer base.

we have a slice of premium consumers who continue to stroll strong spending patterns and credit performance. when we use the word small business which is a very important part of our business, small businesses art what people think of it. it is the contractor, your doctor, your architect, that segment of small business continues to be very strong. we have a small part of business like goldman sachs and we are not representative of the broader economy and we can see in other parts of the economy some challenges in the lower credit and lower economic categories of the consumer. that is just not our customer. jon: are you having to shell out increasingly aggressive perks to win market share?

i recently got an offer for 150 thousand points on a platinum card and i know those customers have been a huge source of growth for you. jeff: i hope you respond to that offer, would be the first point i would make. if you look at the marketing success, over the last couple of years, we have made tremendous strides, particularly in the u.s. consumer market, which are offer is representative of, at attracting a much younger and larger base. if you look at the year to date results, we have brought more new customers into our most premium products like the platinum product in the u.s., then we ever had in our history. 70% of those customers are in the millennial and gen z generations which we think bodes well for the long-term future of the company. it is always better -- been a

competitive market in the u.s. competitive segment, but our value proposition and the kind of offers we make are driven by our own views of what makes economic sense given the fact that once we get a customer into the franchise, they tend to stay a very long time. jon: obviously using their american express if they are traveling, which was happening as much during the pandemic that storyline continues to unfold and what are the travel trends you are seeing into next year? jeff: travel just looks very, very strong is the short answer. i was tenting with sonali and after 2020, nonie thought people would get comfortable getting back on airplanes, but the human urge to gather and to travel is just insatiable.

travel for consumers, small businesses, across the globe with a few exceptions like china which so has some closed borders, has come back very strong. as you know, many travel providers, airlines in particular, are still struggling to replicate the kind of capacity they had before the pandemic. we see lots of still pent-up demand, lots of excess demand but as the industry is able to ramp up capacity, we leave we will keep travel very strong. sonali: if you look across the financial industry, you are hearing firms talking about preparing for they were and starting to downsize, but you are hiring more than 1000 technology workers here. what does that look like in terms of the technology competition for talent, especially when tech firms are starting to lay folks off? jeff: i would point out we have

had six consecutive quarters of growing revenues at least 24%. when you are growing at that kind of rate, clearly we have consistently been hiring people and that continues through today and i expect it will continue right into 2023. it has been a very competitive hiring environment. amex has always been focused on trying to attract and retain the best people. part of how we have done that, even pre-pandemic, is we offer a very flex a work environment and when lots of awards for being a great employer -- flexible work environment and when -- and w in lots of awards for being a great employer. when you look at over 70,000 colleagues in over 35 countries around the globe, you will see most of those colleagues who

have given a choice whether they want to be fully virtual, and the office everyday are what we refer to as hybrid, most of those employees have chosen to be hybrid, because they believe, as we do, in the power of getting together, but you don't need five days a week to do that and we think that produces a result that allows us to attract and retain the best talent and produces a greener result for the planet, and we think it reduces a healthy environment at work and frankly healthier communities where our colleagues are able to spend more time. jon: i wonder what amex thinks about the credit card competition act. i know visa and mastercard are against it but walmart and target say it would lower cost for consumers. jeff: i would make a few comments. that regulation is actually not targeted at american express because we run a very different kind of business.

but regulation is always challenging and i guess we are believers in the free market, and we think that the market, as you pointed out with the offer you just got, is very competitive in the states we are in and i would suggest perhaps the government should keep it as it is today. jon: thanks for joining us. american express cfo, jeff campbell, talking at the goldman sachs conference with our superstar reporter sonali basak grabbing some very exclusive interviews down there. really cool stuff at the conference today and an interesting market move after strong data from the u.s. economy. jon: i think some of those messages, an upbeat tone from the cfo of american express, but still an economic road uncertain. and we are seeing the weakness in the markets today per the s&p under pressure to the tune of

1.5%, and as noted earlier, a 1.8% decline yesterday. we will watch market story. this is bloomberg. ♪

>> now to be you up to date with news from around the world this is the first word i am mark crumpton. in colorado springs the suspect of a deadly shooting at a gay bar was formally charged with hate crimes as well as murder, five people killed and 17 others wounded in the attack. he is not yet entered a plea or spoken about the case. alliancebernstein president president and ceo seth tells bloomberg he predicts a ongoing recession for the nine states next year. >> i