caroline: i'm caroline hyde in new york. emily: -- ed: and i'm ed ludlow. caroline: we talk first republic

stock drop. ed: plus what the banking followed means for crypto. caroline: and the latest on job cuts in the world of technology, amazon announces it is laying off an additional 9000 employees, that in more coming up. let's get the read of risk sentiment, if you are looking at the nasdaq, technology outperformed last week, a stellar week on the nasdaq 100, today we digest what has happened over the weekend in terms of crisis and amazon. the bank index on the higher side apart from a name you are going to drill into. people are getting away from some of the haven bids, technology seen as a haven. what has been a haven over the last week, the bid for bitcoin, up almost 14% over the last few

trading days and to gay -- today we do see they 28,000 level. ed: that momentum in the crypto space trance into equity market. this is lower 2.5%, but has since given up gains. bedforms markedly higher -- bitcoin markedly higher, we are trying to see how this will go. you see underperformance in mega caps, they had a long -- a strong week last week. some mega cap names down considerably, down 2%, pared losses on the headline. 9000 and -- additional layoffs, number that always gets me is 9000 plus 18,000 is 27,000 layoffs.

last year they had 1.5 4 million workers globally. it is a drop in the ocean. caroline: but remember, most of those 1.5 million are contract-based. it is about 300,000 or thereabouts. like with meta, a second key round of layoffs, and maybe not happening until april or may. what does that mean for the macro picture, not just technology? ed: mike mckee says it will not show up in the data until later in the year. aws recruitment which, interesting because some are growth areas and some are consistent with what amazon has done. caroline: very painful in hr at these companies. and let's set it back in the acro backdrop. this is jobs having to be sacrificed and a rising interest rate world and what it means for

banks, special coverage on bloomberg and we've got to bring you from a technology context because it has been a frantic weekend. the takeover by rival ubs, what does this mean for the investment landscape? sonali basak has been working outside of the new york headquarters, how does it feel? sonali: this is an iconic moment, i'm in front of credit suisse at 11 madison avenue, a building they have been at since the 90's. not long ago signing a multi-decade lease with people. one of the biggest investment banks in the united states. now there rival less than 30 blocks away, the fate of this building and the people in it, there are anxieties under the surface. remember the memo late yesterday, they told the staff is not a done deal in the sense that it still needs to close, meaning there should not be sharing information with their rivals at credit suisse as it is still -- credit suisse had a

plan to cut about 9000 jobs over time and ubs, while they have not given that sense of how deep the inductions could go, there is a plan to have about a cost-reduction plan annually through 2027 which implies significant job cuts. there is some silver lining here. and folks across wall street look at what is happening, credit suisse has been one of the top investment banks in the world. it presents an interesting opportunity for bs to get even bigger in the united states. there are worries as they roll off some of the more difficult aspects of the investment bank but this is, in addition to a financial story, significant talent one with deep history. ed: the repercussions are being felt in the credit market and the debt market. i will get into later in the show. thank you so much, outside of

credit suisse in new york. the turmoil in the banking sector continues but it sparked the rally in coin and crypto related stocks. katie greifeld here with more. they're talking about a high degree of correlation between real rates coming down and liquidity. using in the markets? katie: crypto broadly but led by bitcoin it, it boils down to two theories. there is the macro narrative, seeing tech rebound mightily. last week was the best week for the nasdaq 100. could be looking at the last rate hike of the fed tightening cycle on wednesday. there's is talk about quantitative tightening. all of that would be good for bitcoin and that is what you are seeing in the prices. the other theory is the original promise of crypto, you want to beat your own bank and get away from the banking system. that is what some of the bitcoin at maximalist on twitter are saying.

you look at the performance of the asset class as a whole. some crypto stocks as well, it seems like it is leaning toward a macro narrative. ed: i'm looking at this on bloomberg and all the other tokens are lower, bitcoin funds higher. caroline: we are going to dig into it in a moment, the worry about u.s. crypto builders being forced to bank outside of the u.s.. signature bank, which had been taken over by regulators was being swept up by a regional bank, a community lender in new york. what are you hearing of residual --resilience in the market? katie: that is been my theory, these e-minis need to use the banking system.

these were huge players in instances where crypto companies connected to traditional finance. if you look at the stocks associated with the crypto industry, some of the minors, they are outperforming bitcoin. it is striking that if you look at marathon digital, i had to check the numbers a few times, up 136% this year. even though bitcoin minors as an industry have been struggling with higher energy costs, lower bitcoin prices that has compressed their margins. you are seeing risk on across the space. caroline: we are slipping down by .75%, katie greifeld working through the weekend, she has more source conversations than she does on a daily basis. let's bring in the founder -- you have been writing on your day off and spend.

what is your sentiment like? >> it is a propagated question. there is so much going on. katie identified the main threads driving the bitcoin performance, what is the best one is the macro story but it is even more, arguably the most sensitive asset to shifts in monetary liquidity, there is also the banking crisis. katie mentioned how that ties into the crypto thesis. 14 years ago the creator of bitcoin had a link to the headline. remind just how the macro practice leads into the banking crisis and crypto. they are separate. we have the my just market structure here.

for bitcoin it is unusual and that is a driver, up 70% this year. we have the technological evolution still going on. so many things going on, driving the bitcoin outperformance relative to peers and that is unusual. usually in this market, bitcoin underperforms. caroline: what is interesting is the narrative that is thriving out there that maybe bitcoin weathers crises, chaos, centralized relatively well. ed: you look at what is happening in the banking sector. we are resetting expectations for rates globally, the ecb, that seems to be part of the equation when it comes to bitcoin in particular. noelle: the fact that there are some any parts of the equation gives bitcoin a floor that many other risk assets don't have. when it comes to the banking crisis, it is a factor and

people are paying closer attention but few of us believe bitcoin is going to replace fiat banking. it is convenient. but bitcoin presents for many an assurance asset, a just in case, and ability to transact even when the banking system is not working. i'm not suggesting it is going to stop working but it is the insurance quality many are paying attention to now. ed: what is the biggest headwind to bitcoin from this point? noelle: regulation and the d banking. it is a big blow to the north american crypto industry, the u.s. more specifically. but it is not a death blow and it is not going to hamper much of the innovation. it will go elsewhere. it is mobile. it is so mobile and can work just as well anywhere in the world as it can from san francisco or new york. the u.s. will lose out on talent

and investment capital and innovation potential. but it will eventually realize the mistake it is making and come to its senses and try to scramble to catch up. bitcoin will continue to evolve in terms of technology and adoption and understanding its role. caroline: what about other crypto assets other than bitcoin? are they an insurance contract? noelle: not as simply. d5 has shown it can weather the mother of all stress tests and has done so many times over the past year. d5 even in the dramatic weekend, the one before this past one, continues to work just fine. they got access to the banking. it is definitely something to be looked at. but there is the regulatory overhang. another situation, a big upgrade coming up, bitcoins

outperformance in an upmarket is unusual right now. normally as you mentioned it is the safe and big air quotes, the safe one to has set. others outshine it because they are higher volatility but they are not now because of the -- but bitcoin is doing it anyway. ed: it is regulation where there are still more questions. crypto is macro now, news coming from madrid. coming up, the ai revolution continues, this time coca-cola jumping in. we discuss what that means with the cfo as the company is partnering with open ai. this is bloomberg. ♪ it's easy to get lost in investment research.

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caroline: coca-cola is the latest big-name revealing new ai tools. they announced in ai platform that lets you generate original artwork iconic coca-cola visual assets, having partnered with open ai for the initiative, we are welcoming john murphy into the discussion. you focus on innovation, how it drives revenue. how does a deal like this drive revenue? john: thanks. we are at the forefront of a new knowledge and capability. we believe it is part of our ongoing marketing agenda, the transformation of our marketing

agenda. and any new, exciting engagement with our consumer base is at the core of helping us create new value. caroline: our analysts wrote that the forecast for coca-cola, organic revenue growth, hinges on the success of innovation and marketing. tell us how this ai platform is going to drive marketing in particular. what do you think this will bring to the forefront in terms of innovation? and engagement from your core audience end user base question mark -- ? john: marketing innovation allows us to connect with our consumer base. we are on the journey for digitizing our interactions. we love this new technology as a way to allow us to engage in innovative and exciting way. the program we have just

launched goes through to the end of march. it is an open invitation for millions of people to co-create with us to get to know the brand better and ultimately bring awareness to the business and our portfolio. we are excited with learning and understanding how we can continue to build this new capability into the work we are doing going forward. ed: chat gpt has raised concerns around accuracy and responses it has given. how closely are you looking at deepening the integration of the underlying technology and the tool into the coca-cola business more broadly with those concerns in mind? john: any new disruptive technology is going to generate its fair share of controversy and is important to scale it

within an enterprise like ours. it is important to have good governance and protocols, the ability to collaborate with the various stakeholders we have involved. we are looking at this as a bold move versus a reckless one. we think we have in place those protocols that will allow us to incorporate them and advance at a scale across the company. ed: is this relationship with open ai a marketing exercise or is it needle moving when it comes to what coca-cola is doing with tech? john: this is a broader relationship then just a marketing campaign. we look at this as being an opportunity to take any complex business challenge and compress it into a set of solutions that

normally will take a lot longer and more energy and time to deliver. clearly it is in the early stages. we have a test and learn mindset. what we see it as pivotal to the ongoing evolution of how we do business. ed: coca-cola cfo and president john murphy, thank you. caroline: interesting how we talk about innovation and big business. that's top tech. the largest southeast asian internet firm and at one point the best-performing stock in the world emerge--emerging. after months of steep job cuts, the internet giant has changes to market turning point for the company. but the company still needs to prove it can sustain a profit.

writing quote our job is not done yet. a narrow adjusted loss after expected cost cuts. it shrank while revenue tripled, highlighting resilient demand, they have cut 600 rolls from its workforce this month, adding be 1300 jobs last year. let's talk chips. taiwan's exports of integrated circuit chips to china and hong kong falling for a fourth month in a row. washington fishing tensions simmer and demand continues to drop off. it fell earlier, china's market share fell to the lowest level since 2019 according to bloomberg. ed: coming up, the future of vr, from apple to meta, we will

break it down and as we had to break, first republic resumed trading, extended its declines to 46% in the session and has been halted again. a number of ratings agencies cutting the rating on bonds in recent hours. this is bloomberg. ♪ did you ever stress about us having three kids? no, that was always part of the plan. three kids?! this was never part of the plan! these kids order the lobster mac 'n cheese! what if she wants to play golf? we're going to have to outlaw golf. absolutely no golf in this house! not under my roof! since we started working with empower, all of our financial questions have been answered, so we don't have to worry. so you never- nope. always part of the plan. join 17 million people and take control of your financial future to empower what's next. start today at empower.com c'mon ref, that's a foul!

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caroline: we are talking a lot about layoffs, those that are doing them like amazon and trying to avoid them. apple pulling every lever it can to cut costs so it does not have to layoff full time employees. mark has been writing about some of the areas apple is able to compress costs on.

>> thank you for having me. apple is unique among the biggest tech companies. we saw amazon cutting another several thousand jobs, that a done multiple rounds of layoffs, microsoft, google, so apple stands out. how are they avoiding it? you look at their cash balance. they have so much cash and momentum with the stock price. sales are beginning to normalize. from an outside perspective and an internal perspective it would be horrific. it is horrible when other companies do layoffs, but for apple it would be horrific given their momentum and the strategies they have in place, the history they have for them to do layoffs. they are cutting back on travel, requiring senior vice president approval for many budget items. as people are leaving in certain positions, they are not placing them or allowing cross department transfers on the corporate side, they are not

allowing cross tort transfers on the retail side in some cases, firings are up on the retail side, not for layoff purposes but standard reasons about attendance and lying about your hours and such. they are thinking of everywhere they can save money and they are doing it. ed: part of the story is that throughout this area -- era, they hired judiciously compared to peers. mark: they did not do anything different in the pandemic compared to--as they did before. he other tech companies may be doubled and tripled their hiring or r&d spending and now things are normalizing and they have to pull back. apple stayed the course and not much has to change. ed: mark writing. the amazon ceo is announcing more layoffs, shares had some declines, now markedly lower, down 2.6%.

we continue the conversation. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com what does it mean to be ever better? its your customers getting what they ordered when they expect it. discover how ryder ecommerce makes your customer's experience ever better. when people come, they say they've tried

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ed: welcome back, i'm ed ludlow in san francisco. it is 9:30 on the west coast but 4:30 p.m. in london. stocks zero 600 up. we see a pullback modestly in the bond market, the german tenure burned off by air tenure basis point, the concern around credit suisse, ubs has come into by it. the shares down, ubs group up

1.5% after doing the deal with backstop on the quiddity from central banks. the concern is in the additional tier one bonds, the riskiest bank bonds where we saw a ride down risk. this is where the action has been throughout the monday session, the concern is that similar effects will creep in, with other banks as well. we have some solution in the banking sector in europe, permanency still in question. caroline: we look at what is happening in the u.s. with first republic bank, what it will mean for interest rate setting. the fed coming on wednesday. withing about what higher interest rates means for jobs. that is clear and evident in the world of technology, amazon laying off an additional 9000 employees, adding to cuts that were the largest round of layoffs in the company's history. let's bring in our reporter from

bloomberg intelligence. what was interesting about the memo bloomberg seemed to get ahead of the curve was the fact that they are focusing on areas that are growth drivers, aws, advertising. >> that was the big thing. they are looking at nonretail units where the job cuts are. it indicates there is probably still a downward pressure on growth rates and amazon's cloud unit. that has been the key story for amazon for some time. it is the biggest profit driver. i sure it was the only profit driver for the company and i think it shows that consumption still remains under pressure. ed: andy jassy was talking about uncertainty in the economy and the need to be lean for the rest of the year. 9000 additional layoffs, 27,000 in total. what caroline and i have been discussing is that at the end of last year, 1.5 4 million workers globally, 300,000 corporate

jobs. it seems like a drop in the ocean. do you think they would need to cut deeper later? >> the number you want to focus on is the 300,000 that we heard in january. those of the high-paying jobs and the ones that are more focused. i don't look at the retail jobs as much. but these numbers matter because if you were to take the costs for this, and is a high. the margins have been declining over the past two or three quarters because of inflation and higher energy costs. this is one way for them to get those back in order. ed: analog ronna -- thank you for your analysis. let's bring in the chief people officer at latisse. it is a big headline and it is a week after meta. what is your assessment of the level of layoffs we are seeing in this technology industry? >> we all know the rational

thought here is that it is similar to what happened a few years ago. it should be perceived as a drop in the bucket compared to the total employment we have in silicon valley and our tech companies overall. but it does not feel that way. after the weeks we have had recently with silicon valley bank, first republic bank, we with our 5000 customers are having a lot of conversations about how to keep employees engaged and keep them around at a functional level while everyone is facing these challenges. ed: this latest round of layoffs will not happen until mid april. and if there will be separation packages of course. but what i'm hearing within meta, amazon as well is morale is low. caroline: and amazon are feeling

it will not happen overnight. you are a people driven business at let us -- business. what could be different in terms of medication? cara: it is about proactive as much as reactive. you saw that he struck an -- talking about trying to contain the conversation within the context of larger planning for the organization, doubling down on thoughtfulness that came with these decisions around the job cuts. what we know from being on the ground is that we have a number of organizations where people don't understand why the cuts were made where they were. we know on the hr side that it makes sense during these times to cut recruiters and some other administrative functions. we are hearing now and learning more about what is happening on the cloud side of the businesses within amazon. that is the question. people want to understand why

are these decisions made, why was i affected and why was my coworker affected? that is what our companies are asking about. how do we communicate so we don't create more noise than necessary? caroline: when you are chief people officer of a company like this, is it reality that there is a lot of talent that you could higher up -- higher -- hire up? when does that become a reality, the talent people can get for perhaps cheaper than previously? cara: there are definitely conversations within our networks about what will the impacts be in the broader marketplace. we are starting to see the impact of the layoffs in the fall and it is probably going to be at least a quarter post layoff for we will see people ready to turn back into the market and look for the next jobs. we are challenged with wonderful

exit packages from a lot of these companies when you are trying to rehire folks quickly. but as a chief people's officer and someone who cares about that side of the business, i will take that any day. ed: it is a people management platform and has an element of performance review. what are you seeing in the data and what are you learning about how companies are drawing these lists? they have to draw up lists, in some cases i have reported, in meta there have been widespread layoffs done with a sledgehammer rather than a scalpel. how do you make the decision? cara: each company is different. the best way to make a decision is to be thoughtful and using the scalpel. we are seeing usage numbers increase because the organizations that care about driving the right outcomes for the business are organizations turning back into what we know are good practices.

performance management, talent reviews, engagement, from a surveying perspective, those are things we provide through the platform. those are the companies that are going to weather the storm, that are going to make the right decisions if they have to make a decision about exits, and they will be on the others having made strategic and thoughtful choices. ed: layoffs are never pleasant but we are learning about how these are going about. thank you for your time. coming up, we unpacked the ongoing brent -- ongoing banking crisis and the impact on the vc landscape with kyle york. caroline: and the banking impact on crypto, it has had a phenomenal run, today we pull back slightly, some relief after credit suisse was bought by ubs. faang stocks rising, a key

crypto related stock, bitcoin up, still at the 28,000 level. this is bloomberg. bitcoin up 25%, it is actually only done that 10 times in the last five years. you can look to technology stocks more broadly, they are rallying, the nasdaq up over the last week and that is as people reassess the federal reserve. they think interest rates perhaps can't rise when you are seeing such financial instability. so you buy into those risky assets. then there is the argument from the crypto faithful that this is a hedge against traditional finance. maybe if you see the failure in banks and the centralized banking system, it is all the more reason to buy into a decentralized banking system so it rallies. the crypto faithful are not that optimistic.

the regulatory environment seems to be getting worse, harder and harder to find banking partners and they are seeing fines headed out. credits are being closed, regulators taking aim at stablecoins. at the moment we are going to have to keep an eye on whether this is the time to be getting into crypto. it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david! connect with an advisor to create your personalized plan. let's find the right investments for your goals. okay, great. j.p. morgan wealth management.

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>> i believe in a few months, three to six, business will be back to normal. we of course encourage our founders to leave everything -- lead everything by three months of money in silicon valley bank, they had three months of cash outside. we did not want to cause a bank run. at this point, fbi see money is

safe. we are encouraging founders to put money back. ed: that was the founder of coastal edges. one would say an informed or experienced view is that it would take a few months to unravel. we asked the audience what they thought and the answer is consistent. caroline: it feels that hope is there. but it is evenly split. to have almost a quarter say it is going to take years, this is a major impact and still playing out. there are many still wondering about the banking relationships of first republic even though we've got 30 billion coming in terms of deposits from their own rivals. ed: reported how quickly founders were able to diversify their banking and raise money in just three days. there is nervousness about how psychologically this is momentum in the private market. caroline: we can talk about that

sentiment and we are seeing financial conditions basically tighten, get worse. we are worried about access to finance and there's going to be a lot of worrying from founders who don't know when the next check is coming. no wonder we see companies doing layoffs like today. ed: carl york, managing director of an investment firm, he had this tweet. the business is built to help companies grow are actually failing them. what did you mean by that? kyle: i think the venture capital industry has been around for 40 years and has gotten almost too big to fail. if you think of the mantra, nine of 10 startups fail, how is that good for the arch printer, the founder of the economy, if the client and the venture capital firm is the investors and not necessarily the companies and

people there talking? ed: on the last seven days, they all had strategy. he made into his that she went into his own pockets and made loans out of his own funds. everyone did it differently. caroline: the founders joined us last week after many said maybe they had antagonized some concerns particularly in social media, by the media finding out they were advising the portfolio managers to that portfolio companies to do this. >> if you are an operator, every day is hard at if you have lived through the last few years of covid and the pandemic and now the banking crisis we are dealing with in technology and startups, you really need a warm blanket around you and a helping hand. you need to triage. this is more time for startups. mate -- they need to know they have investors, advisors, people

around them that can help them figure out what to do during these times. a lot of our companies are in early stage. a lot of them have multiple banking relationships, local or regional banks, first republic, chase bank, it has some diversity so it enabled to move funds thoughtfully and collaboratively during the process. we warned our founders, even though it was nice, and ending to a movie, when the gentlemen are playing the violin at the end of the ship in titanic, there was no reward to be that musician on that ship. so just be thoughtful and pragmatic. it's going to shift how companies manage money moving forward. caroline: what about managing business? you have to think who are our winners? who do we offer support to? kyle -- carl: we invest --

kyle: we think the bucket companies in different categories, you have your high flyers and stable growers, you have the ones that are struggling. but at this point, to be honest, it was the throes of war and you needed this to support everyone. on the backside, we were definitely focused on what to do now. the funding markets over the last couple of years, you have seen valuations constrain, later stage markets, the ipo market and public tech market come down. there is no denying that more and more applications are needing the cloud and more automation and ai needs it. how long is it going to take to settle? they needed a correction. companies doing $1 million of revenue are being valuated over 100 million dollars and that was

not sustainable. you can play a powerball about long. caroline: the only area people feel they want to write checks for the moment is artificial intelligence. i wonder if the checks get smaller or larger as we think about that. kyle: i think you're going to see valuations that are more sane. we know a good company should be valued at this in the public or private markets and there have been so many tailwinds on the last several years that have made those valuations skyrocket. investors want to invest in good, sustainable, long-term businesses. that has always been the fundamental approach. you're going to see more pragmatists in the market which i think is going to be a good thing for entrepreneurs everywhere. ed: there were big themes and ideas for 2023 we were discussing as recently as the night before the collapse. the idea of fewer checks being

written, the sizes of checks at the start of the year being different to what they were. you're doing 12 to 20 years -- 20 eight year. what is businesslike, what transactions will you be doing and at what cadence? kyle: it has never been better for us. we are early stage. it is nice to be a newer fund where we have constraints to how much capital we can deploy. think about how large the largest funds in the world have gotten. take about how large the funding rounds for those companies they are investing in our and how big the checks need to be to deploy $2 billion. that has played its way into the market problem where so much capital needed to be deployed and the valuation sensitivity and the pragmatism around the business fundamentals mattered less. we are staying the course in this early stage, there is more and more industries now ripe for

disruption, including banking. we are going to look at vertical applications and different things we think have a lot of momentum out of covid, the pandemic, the pandemic, digital health, banking, asset management and those things. caroline: thank you, kyle york, picking the right end of the spectrum to be on at the moment, founder and managing partner of york ie. tiktok ceo about to get grilled later this week. under increasing pressure politically spanking. what the founder has to say about that. >> i think in general tiktok has been used for spying on u.s. citizens, so if that is true and i don't have as much information as administration does, we clearly should penalize that kind of behavior. ♪ what do you see on the horizon? uncertainty? or opportunity.

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ed: let's get to tiktok, the company ceo have to testify before the house energy and commerce committee this week, this is a highly anticipated appearance. >> it is. it is the first time he will testify in front of a congressional committee in the u.s..

according to a statement from the committee, it will be testimony centered around the consumer privacy and data security practices, the impact on kids and the relationship with the chinese commonest party. this has long been a concern of u.s. lawmakers and the idea that tiktok is owned by a chinese company and the data it collects could be inappropriately shared with the chinese government. tiktok has repeatedly says it operates independently and protects u.s. data through an alliance with oracle. i imagine we will hear that multiple times in the hearings thursday. we could get a pushback from lawmakers in that regard. caroline: who are lawmakers listening to? we were speaking to someone -- but they were listening to the young part of the constituency who like the app? kailey: there is difficulty, when younger voters are the ones

using this app, it does make it difficult. but it does seem that the narrative is that national security concerns top that. it is not just on the part of congress. the biden administration is looking at this as well. the administered and is pushing bytedance to sell tiktok or risk being banned and tiktok has set a diverse assure that should divestiture would not solve it. it would not change the rules under which data is collected and used. this brings great difficulty with gen z and young voters. caroline: kailey leinz keeping us up on things happening on the hill. that does it for this edition of "bloomberg technology". you do not want to miss tomorrow, cathie wood of arc invest joining the show, a key conversation about the bank crisis. ed: she is keen to get back to

the discussion around technology. recap a show on our podcast, apple, spotify, and on bloomberg. day one of the busy week. lots more to come. as part -- this is bloomberg. ♪ what do you get from the morgan stanley client experience? listening more than talking, and a personalized plan ♪ to guide you through a changing world. ♪ when covid hit, we had some challenges. i heard about the payroll tax refund that allowed us to keep the people that have been here taking care of us. learn more at getrefunds.com.

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katie: welcome to bloomberg "etf iq." we could not a plan this better for this week after the weekend that we all lived through. >> thank you for having us. appreciate it today. eric: let's get to the biggest stories, the $9 trillion etf industry. banks are rebounding