s so soft and real. josh mankiewicz: and so one sister paid homage to another. it won't bring lesley back, but it makes her loss a little less painful. in this hollywood story, it's the only are good morning welcome to "street signs." i'm joumanna bercetche someone special bis back. >> i'm in london i'm julianna tatelbaum >> the swiss lender reports a net loss of 7.3 swiss francs ceo tells cnbc that the asset dream was not unexpected >> the outflows are not a

surprise if you look at the update we gave in november more than 85% of the outflows which we experienced from october and november. shares surge suddenly and a market takeover from the abu dhabi bank. and hiking the full year guidance for siemens the ceo tells us momentum is building >> we have the strongest start ever revenue grew 8% for the digital industries and structure revenue grew 15% our record high of 102 billion and rising prices push unilever to a quarterly beat

cost inflation will remain high this year. >> the consumer is squeezed and to remain competitive and we want to minimize the pricing i would chara character size asg past peak inflation. good morning great to be back in the studio after a couple weeks off let's get to the top stories credit suisse reporting a 7.3 billion swiss franc loss last year the worst since the global financial crisis also revealing 111 billion swiss francs in outflows it is part of a move to carve out css bank boston.

we have geoff cutmore with more. geoff, we have a selloff in swiss shares trading down 4% talk about the outflows. it is a key reason investors are disappointed with today's results. >> reporter: absolutely. welcome back, julianna good to see you in the studio. let's talk about this. the ceo would characterize this as the october phenomena he would argue most of the damage was done through the third and fourth quarter the reality is the numbers are enormous 110 plus billion swiss francs of assets under management walking out the door if you look across the year as a whole, it is in excess of 120 billion swiss francs the positive, i suppose, he says the picture is stabilizes and there was net inflow in january

which coincided with equity markets and capital markets broadly. it is a question i asked him it is, undoubtundoubtedly, scarg investors. the turn around strategy will impress investors eventually 2023 will be a difficult year in terms of profitability there are a number of changes they announced this morning. one of those, i guess, most importantly being what happens with the credit suisse first boston business, the name they are resurrecting, paying michael klein to bring him and his group into the strategy to carve out a niche in m&a as they continue to de-risk. painful reaction on the stock market to the announcement

i think the bank itself acknowledges it has more work to do let's listen to the ceo. >> i would say the numbers are unacceptable, no question, and we lost end of october with the transformation program if you look at the numbers that tell you how necessary that is to the new credit suisse into a focused and profitable business for the assets and markets >> it's another horrible consecutive net loss for the quarter and year can you promise shareholders you now closed that door no more losses from this business >> we said this is a two or

three year transformation. we said this in october of last year we expect this in 2023 and further. from there on, we will get profitable. >> what about the outflows the market may take the loss because they know that was telegraphed well in advance. the outflows look extraordinary. what does that tell you about the loss of confidence in the bank >> the outflows are not a surprise if you look at the update in november having said that, that's important to understand that more than 85% of the outflows which we experienced stemming from october and november and if you look at october only and that was the time we couldn't speak, more than 60% of the outflows come from october what we did when we announced the new strategy and transform

ma transformation program, we started what colleagues tell me is an unprecedented client outreach program in the meantime, we have spoken individually like we are speaking with more than 10,000 clients globally more than 50,000 clients in switzerland. that has created tremendous mom momentum you can see that momentum. i expect that momentum to travel with us through 2023 you can see it if you look at january. the group is net positive on the deposits and globally and net positive apac is positive on net assets and switzerland is net positive on assets. if you look at that situation in january, i would say the situation has changed completely. >> how confident are you that money will be sticky and

continue to come in? it is no coincidence it has happened at the same time we have seen an improving risk environment in capital markets so one might have expected this to be the case are you confident that you can hang on to those new inflows and build on them? >> i'm confident i think what we see here is given our recent credit situation earlier and i think this is based on our program or outreach program and closeness to clients and last, but not least, it is touchy and i must say the support of our clients this is tremendous tremendous we hardly lost any client and the support is tremendously there. >> reporter: one of the reasons, i think they feel happier about the relationship with clients is when those outflows started to pick up pace back in the third

quarter of last year, they initiated a large outreach program to try to find out why some clients were leaving and what they needed to do to keep other clients. i think that probably meant fees got cut just to tempt the existing clients not to leave. the market reflecting it is impatient for results as always with the restructuring corporate programs it is incumbent on management to deliver early on some results to stabilize the loss of shareholder interest back to you. >> a steep mountain to climb there, geoff we see that reflected in the stock trading. stay with us there is another bank we are talking about. shares of standard an charter have surged as a takeover offer.

according to the report from bloo bloomberg. first abu dhabi bank is moving ahead. it has told cnbc it has no comment on the story back in january, i had the opportunity to ask the chairman about the speculation and let's listen to what he had to say. >> we learned about it by reading it in the news i can tell you that's it. we don't comment on the thoughts that others way have we are very focused on executing our strategy which is working well we are very happy and as a result we are one of the top performing banks in the stock market in the last year. we are focused on delivers high returns and higher value for the stake holders. that is the main objective i think people are buying shares because the share prices are going up we want to remain committed to

what we're doing in an independent manner that is what we are focused on >> standard charter shares are up i know you spoke to bill winters back in davos as well. i know the chairman and ceo told us at the time this was news to them they were focused on their strategy fast forward a couple weeks, this does feel like the deal is back in play again, geoff. a couple of things i would mention from a positioning standpoint that is worth noting that half of standard charter revenue comes from asia. that is potentially one luring element. the other is the valuation because standard charter is trading cheap given the outlook ahead and the return on tangible kw equity they could come in with an interesting offer especially as far as shareholders are concerned. s e-- as ever, this is importan

with the cross mergers >> reporter: i think this is fascinating. we know that the market was speculating on this last year. so, you know, we both asked the questions, i think it was interesting what jose vinal said and i'm sure bill winters had the same approach. yes, that would be news to us. who knew what and when and how has that changed to get us to this point where shareholders believe there is actually something going on is this a hostile bid or has there been subsequent communication between these two parties? i think the market needs some answers and needs them quickly as we approached the bank this morning, it is a no comment. i don't think they could actually legitimately give a no comment if there hadn't been some discussions taking place that would need to be disclosed

to the relevant stock market authorities. this looks curious to me and i wouldn't rush to the bank and try to take a punt on it until i actually saw a whole lot more detail that is the first point i would make the second point, here i am reporting on a bank this morning where there are significant middle eastern strategic investors. we know the saudis have pledged their support behind this organization we know the qataris think they are prepared to put money into the turn around strategy these are strategic investments. we can understand the recycling of oil based revenues into financial targets in the west to take advantage of, perhaps, the turn around for the global economy when it ultimately comes in improving capital markets do you want to take ownership of

a bank like standard charter at this point which has some challenges let's acknowledge that we are on the cusp of reopening of the chinese economy and nobody knows for sure how strong or resilient that will be. we know that actually a lot of investors -- sorry -- consumers in the west are actually quite tapped out look at the credit card levels that you see in the united states potentially a lot of headwinds still to come for the banking sector even if the net interest margins are perking up on central bank action. so it is a very interesting story. i'm still skeptical until we see some more serious information at this stage i'm not sure a standard charter no comment quite delivers that so far >> very fair of course, investors are forward looking and they are reacting like there is some serious legs to this potential deal

stock up 9 points. we will keep an eye on this story. part in parcel of the fact that the middle eastern investors are turning muscular with involve man -- involvement in the european banks. geoff, thank you for bringing the coverage from zurich. as we head to break, we will give you live pictures from brussels we are awaiting president volodymyr zelenskyy's arrival. you see some pictures there. the president of the european parliament we are waiting for mr. volodymyr zelenskyy and president macron to arrive together that is what we have been told this is on the heels of president volodymyr zelenskyy's double visit yesterday he did a tour of the uk and in the afternoon delivered a speech to westminster hall to uk mps and proceeded to paris and met with macron and this morning traveling to brussels.

we know the eu summit is taking place there. the tour of brussels is about to begin. he is addressing the european parliament later we will keep an eye on that for you. we are keeping a close eye on earnings. when we come back from the break, we will bring you the interview with the unilever leader alan jope and talk about how he is happndling his retirement for later this year has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

welcome back to the show a lot of earnings today. let's take you to siemens which lifted the sales and profit outlook with 2.7 yobillion in er in profits the stock is up 7 points one of the leaders in the stoxx 600. annette asked the ceo for his take on the state of the supply chain. >> we did very well with the

supply chain we have a strong team and good relationship with suppliers. we treat them well it pays off in critical times. we have the easing of commodities and prices are coming down on logistics and easing of the supply chain with semiconductors i would not give out the warning yet. it is still tight. we have parts which are supporting the higher end products in automation which is a positive mix of profitability. i have to say thanks to our great team and strong relationship with suppliers, we did better than others in securing the supply and finally delivering in revenue. you are looking at live shots in brussels as volodymyr

zelenskyy is looking to arrive he will be addressing european o'l leaders. joumanna, one of the goals of the trip is to ask for more support. >> military assistance is key here i think what was key with the speech he gave to westminster hall yesterday, julianna, is he was very tankful for the support of the west. he said thank you numerous times to the prime minister and support of the government. i think one major focus of the trip is to keep ukraine on people's minds and to remind the west how important this war is and how important it is for ukraine to win or defeat putin in the name of democracy that was the cornerstone of the speech yesterday

there were indirects of the military assistance. we know the uk and germany have moved in terms of supplying those heavy weapon tanks that ukraine had been asking for -- heavy weapons -- but a lot of debate now among leaders if they want to supply fighter jets. there was an element of the speech that sylvia talked about which was the significant moment where president zelenskyy handed over a fighter jet helmet to the speaker of the house of commons. he said this was symbolic, the king, king charles, is known to be an air pilot. all air pilots in ukraine are considered to be kings handing of the helmet was an indirect way of system saying we need assistance on the fighter jet side as well that was a notable moment. it is significant that the uk

announced they would start helping with training of further ukrainian army fighter jets. they will teach them in simulators in case the fighter jets get delivered in the future another element of assistance that has come through is the economic assistance. final point, the uk yesterday announced further sanctions applied on russia as well. it is a three-pronged approach now he will be addressing parliament, the european parliament >> it is interesting to think about the sequence of his visits his second state visit to the uk second state visit to the uk visiting the united states before and now moving on to europe because of how much ukraine wants and believes it needs these fighter jets uk is the first port of call the stops went in the sequence of uk and france and now to

brussels >> both trips were deemed to be a surprise definitely the trip to the uk was a surprise when he went to france, some people were saying it wasn't meant to be part of the itinerary. he managed to fit both in. let's get to sylvia in brussels and following the itinerary of president zelenskyy. sylvia, what can we expect today and how will his speech to the european parliament look different from the uk parliament yesterday? >> reporter: in a way, joumanna, we expect this to be similar to what happened yesterday in london quite a lot of words to say and thank you for the support so far and asking for more assistance this is important because ukrainians have been saying they are expecting a new offensive from the russian side. of course, any sort of support, money, military assistance can be critical on the ground.

now we are expecting president zelenskyy to arrive here imminently i can hear a lot of noise in the background he is walking alongside the president of the parliament and they will have a couple of photos and they will go upstairs for president zelenskyy to address lawmakers for the first time president zelenskyy, what is the message to europe? >> you will hear thank you so much for your support. >> reporter: you heard him there. president zelenskyy saying thank you to europe for their support so far we expect him to reiterate that in a couple of minutes when he joins the lawmakers in the main room of the parliament all in all, it is not just about the short-term measures, but medium-term measures and we expect president zelenskyy to address the lawmakers in terms

of ukraine joining the eu in the future let me explain the noise you may be hearing in the background the anthems of ukraine and eu are being played in brussels at the european parliament before president zelenskyy goes into the arena. quite a lot of action on the ground here. i want to make a final comment on sanctions as well the eu is preparing a new package of sanctions against russia and these are now on the anniversary of the war let's not forget we are almost 12 months since that invasion has begun. now let's go back to the studio. >> thank you, sylvia also very keen question out to the president. president zelenskyy. what is the message to europe. thank you for your support that mirrors the messaging he gave to the uk addressing

westminster hall and recurring theme is thank you let's keep ukraine on everyone's minds. we need to keep that support and further military assistance as well here he is continuing on his tour around europe as we said in the uk yesterday and in paris in the evening and now in brussels. he is expected to be addressing the european parliament shortly as well. >> you did flag, joumanna, that yesterday the phrase that kept coming up over and over in the uk was thank you clearly that is the central message he is trying to convey if we take this conversation a step further, what will it mean if europe and the uk agree to supply ukraine with more military assistance. specifically fighter jets. what does that mean for russia sylvia said russia is preparing

for another offensioffensive. russia warned if the uk moves ahead with the fighter jets, they would could that ramifications and that could trigger a bigger response from russia >> that is why the hurdle is so high for some of the nato allies to go down the route of supplying the fighter jets that is why it took a long time for deliberations with respect to making decisions on the tanks and fighter jets are one step further. the question is do they want to be quote/unquote, dragged into this and how far are they willing to go in support of ukraine. the messaging yesterday from the prime minister rishi sunak is they want to go all the way. they are seriously thinking about supplying the fighter jets as you have sylvia have been saying is the one-year anniversary of the launch of the russian invasion into ukraine. we could expect to see a further

round of sanctions, but also bigger response from russia. we are coming up to a critical time. coming up on the program, we will be bringing you more of my interview with the unilever ceo alan jope and how he is working with his successor ahead of his retirement later this year stay tuned

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welcome back to "street signs. i'm julianna tatelbaum >> i'm joumanna bercetche. these are the headlines. >> credit suisse shares sink after the lender reports a net loss and outflowing topping $111 billion. the ceo says the asset drain was not unexpected >> the outflows are not a surprise if we look at the update we gave in november more than t85% of the outflows which we experienced stemming from october and november.

and shares of standard charter tells cnbc it has no comment of the takeover report. and siemens at the top of the stoxx 600 after the full year guidaguidance the ceo says momentum is building >> we had the strongest start ever to the fiscal year. our revenue grew by 15%. we are have a record high of $102 billion. and rising prices push unilever to the quarterly sales beat the ceo alan jope says cost inflation will remain high this year. >> we are aware that the co consumer is squeezed and remain competitive, we limit the amount of pricing i would characterize being past peak inflation, but not yet at

the price level. let's get the check on the equities which have been trading for an hour and a half now we are seeing green across the board. ever board is trading higher cac 40 and dax and ftse mib with 1% gains there w we have credit suisse reporting a 1.76 billion franc loss. ftse 100 is trading higher and in spain, it is up as well on a very busy earnings day on that note, unilever sales rose 9.2% in the fourth quarter. the giant says it was helped by higher prices for the package food and home prices and expects

costs to continue this year. earlier, i spoke with the ceo alan jope and talked about the performance. >> it has been a good year for unilever strong sales growth continue against the strategy we grew 9% on the full-year basis. that is the fastest the company has grown in more than a decade. at the same time, we increased investment and markets in r&d our big broands grew 11%. i think the notable thing from last year are two things we shook up the organization and moved to a simpler org structure. the h the second is a year navigating input cost inflation a year we are proud of >> speaking of the cost

inflation and navigating it, to what do you continue to expect that in 2023 and what kind of pricing can we expect from you >> we announced today that we see another 1.5 billion euro of cost inflation coming through in the first half of 2023 we have a good visibility into the second half of the year. we are calling for the first half of cost inflation looking in the rear-view mirror last year, pricing is the last thing we want to do. we want efficiencies in the company. as a result, we pass through 75% of the cost inflation we felt last year in the form of pricing. we are an swearware that the cor is squeezed. i would characterize where we are right now as being past peak

inflation, but not yet at peak pricing. there is more pricing to come. some of it will be rollover effect from last year. there will be modest fresh price increases still to come. >> what does this mean for margins then >> our shareholders carried the burden last year of the input cost pressure. we guided to allow margins to move backwards by a couple of basis points we delivered what we expected in 2022 going forward, we expect modest margin given the p&l and land some pricing and moderation of costs of the we expect modest margin improvement. julianna, unilever's priority is quality organic growth >> very clear.

alan, i'm curious to learn what you are seeing and observing with consumer behavior are you seeing down trading across key businesses or any of the key regions? >> the first thing as we discussed is the world is not flat different dynamics in asia versus china and latin america and north america. what we are seeing is actually more volume elasticity in the developed world. europe and north america with more volume elasticity than the emerging markets, which that is not a helpful term secondly, if we look at the portfolio and break it down to the premium brands and market brands and value brands, we see strong growth in the premium brands and value brands. so not particularly strong evidence of down trading in the value segment, unilever is growing fast in the market

and so is private label. there may be some segments to the consumer in the pinch of trading down i was interested to see the portfolio is growing very well >> really interesting color. you talked about the changes happening at unilever at the beginning of the conversation. the portfolio level and also big changes at the management level. unilever announcing the appointment of hines schumacher coming in later this year. why is he the right person to take over the top job? >> hines joined the board last year after the announcement of my retirement, we started a search with a great list of candidates. they went through a thorough process.

he emerged as the next ceo of the company. he is a value leader he knows the industry. he is sharp as a tack. he enjoys the support of the full board i think he is already in internal communication as indicated. his obsession with value and performance and commitment to the organization we put in place. also his passion for unilever t remain a sustainable business. you will see fresh ideas from him and continuity from the fabric of the company. >> in terms of the portfolio, where would you say you are? where are you in terms of handing over in terms of rotating your portfolio to a higher growth portfolio? i know you have made a priority in your last month as ceo. >> unilever has been an activem.

we rotated 20% of sales and disposed of business was better growth prospects as parts in other businesses most recently our tea business we replaced tea with a functional nutritional and health and well being luxury beauty business. it is growing at high double digits we made substantial portfolio changes. going forward, we said we will continue to acquire bolt-on acquisitions in beauty and well being. we will continue in all five of the businesses i would not hold our breath in the change of the portfolio in the foreseeable future. >> alan jope speaking to me this

morning after posting results. there were three real take aways, joumanna, that stood out from the conversation. one is pricing past peak inflation, but not yet at peak pricing. expect more price increases to come two, margins this is linked to pricing. the company said they were willing to let margins go back and eat the cost input pressures. now they are looking to expand margins from here to expect improvement this year. on brand performance, i thought it would be interesting to learn if they are seeing customers trade down and feeling wallets pinched. he said there is no strong evidence of down trading some customers are trading down. premium portfolio is doing well. overall, pretty resilient. >> in davos, i asked similar questions in he has seen a change in what consumers are looking to buy with the cost of living crisis. he said at the end of the day, you still need to wash your hair and hands and clothes, right

people are still buying the staples. there hasn't been as much down trading as he thought. on the price pressure point, interesting as well, the fact that the pressures are still there. the inflation has peaked, but the pass through to consumers hasn't happened yet. in january, he said 70% has been passed on to consumers >> it is tricky. on the one hand, he issing sa -- he is saying he is not at peak pricing, but trying to protect customers from being pinched the reality is they are raising prices and there is such loyalty, the volumes are not hurting. >> that is telling in itself the stock up .50%. let's go back to brussels now. live pictures of the european parliament the ukrainian president

zelenskyy is due anytime to address the european parliament. i think what is interesting, julianna, ukraine is making a bid to join the eu the fact that they are here today and he is here and he has been met with the european council president and commission president before he attended the parliament is a strong signal that europe is in support of ukraine whether or not this actually leads to the de facto membership at some point in the future is significant. >> i just notice on twitter a picture with zelenskyy saying welcome home welcome to the eu. we are going to continue on talking about earnings coming up on the program, the house of mouse is getting reorganized. bob iger's strong numbers and disney after the break

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welcome back to "street signs. disney is planning to move into three segments and cuts jobs

it will eliminate 7,000 jobs or 3% of its work force the house of mouse posted first quarter erarnings that beat on the top and bottom line. earnings per share is 99 cents it lost fewer than expected customers. let's take a look at u.s. futures. the picture is positive heading into the session later today the dow is opening up 240 points higher nasdaq opening 40 points higher. i'm happy to say in the studio joining us today is managing cio of cross border capital. great to have you with us. i want to start off with tech earnings and what we have out of some of the big tech companies

over last couple weeks the theme seems to be one of cost cuts, efficiency gains and optimizi optimizing the pressure is on big tech to reduce extra costs good thing for the sector? >> it is a good thing. if you see the amount of jobs in silicon valley, it is 7,000 jobs cut. we have not seen that translate into the job support it is good for earnings and this is where i think if you look at the january jobs report, we will be mistaken to think this is a great jobs report. a lot of the layoffs have not happened it might start happening going down the line. >> you think 517,000 number is not as strong as the headline? the tech space hasn't shown up because it is relatively easier for a high skilled software engineer to get another job. >> that is true.

all of the layoffs haven't happened, but have been announced. if you tie that to what really worried the market was the services number. the services number at 55. it was already at 55 in october and september and november labor was 49 and back to 55. we have toi look at the manufacturing pmi. you have seasonal factors. you should not misconstrue that the jobs market. >> let me link this to fed policy you made the point in the latest note that powell is probably more dovish than consensus expects. what makes you say that? what signals has he given to make you confident he is more dovish >> let's look at the motivation.

they don't want to go back to zero rates what is in his interest? to keep the rates higher when the tightening is over he has to sound hawkish. if you see and your colleague steve liesman who asked, already at pe target unemployment has not gone up, it is going down. what is the fed looking at it is not raising rates and inflation comes down covid was an economic shock. when we come out of it completely, we will go back to the disinflation days in pre-covid days nothing much has changed dem demographics is bad. i don't see the base with the risk staying higher and we will be fine. >> does this mean you want to buy tech stocks? >> long tech stocks. i have a medium-term view.

12-to-15 month view. if you can do a 12-month view, you can buy the selloffs >> let's piece out this narrative a little bit more if we follow your londge logic. do you expect u.s. to enter recession? the data is not as strong as it appears? >> i think the u.s. will enter recession. although inflation is coming down, it is the second the price is not increasing rapidly. the price is already high and that is hurting the consumer >> is that good or bad for stocks for bonds, it is clear where headline inflation has peaked and we go back to prior inflation trends which is bullish for fixed income and we rallied a lot. what happens to stocks >> i think if we take a medium term view, you will be worried what we have seen, the cycle thes have become short-term. you see the quicker response than in the past

that is why we are dealing with inflation. we had rapid fiscal response and that led to inflation. if it starts showing signs of recession, you will see it come in we will see one 50-basis point cut this year. >> where do you expect rates to sit after that rate cut? what do you expect long term >> the pile of debt we have and everything else, i don't see how we can sustain higher than 75. this inflation is a problem and it will reassert itself in the next three quarters. >> take a step back and look at 2023 from a high level what would you say is the biggest risk for risk assets >> something really going wrong in ukraine that is something nobody is pricing in what if putin opens a new front in eastern europe? nobody is pricing that

all wars are preventible, but not prevented. that is the biggest risk we need to worry about we don't know where he will go it is a developing story. >> that is a valid point how do you hedge for that scenario does that tie into dollar u upside >> depends on the time horizon if something goes wrong, you will have a sharp move in the market there will be a response if you are sitting a 12-to-18 trade, you are not worried if you use options, you must be worried. my strategy is medium term i'm less worried about it. >> thank you for the thought provoking conversation great to have you in studio. chief infavestment officer fro

cross border capital. strong start to trade here in europe. joumanna, the u.s. is in for a positive start. >> in europe today, we are focused a lot on single the stocks a couple of names driving the boards astrazeneca doing well today as well on backing of positive results. siemens is strong as well driving the performance. credit suisse is one bank investors will watch closely that is it for "street signs. wonderful to be back in studio. >> wonderful to have you back. >> that is it for us "worldwide exchange" is coming your way next.

it is 5:00 a.m. on wall street here is your top "five@5." there is one market bucking all the trends bob iger dropping the hammer cutting thousands of jobs. should investors like it a warning from jamie dimon over inflation and the policy path going forward communist government taking the ai segment down a peg. some stocks have surged triple digits in a week. coul