she was such a sweetheart. that's all for this edition of dateline. i'm craig melvin. thank you for watching. welcome to "street signs." i'm arabile gumede we're live from london here are your headlines. >> ubs will hold its first meeting since the takeover of credit suisse was announced and the rival fielded questions from angry investors.

>> the regulateor posed power t create fines french president emmanuel macron visited china as beijing seeks to create distance between europe and the united states, and donald trump pleads not guilty to 34 counts of falsifying business records over alleged hush money pavements the former president tells his supporters he's the victim of election interference. >> incredibly we are now a failing nation we are a nation in decline, and now these left radical lunatics are interfering with elections welcome to the show. of course, we've been previewing it all morning our top story, ubs shareholders will get their first opportunity to grow the banks.

today's is the first since announcing the takeover. the meeting will also mark the return of sergio ermotti as ccf after stepping down in 2020. phew feuds do remain over potential job cuts joumanna, of course, has been joining us from basel to preview this it's what many of you have called a marriage. rather yesterday was pretty much the funeral some might say, today perhaps a rebirth if you want to call it that we're still waiting for the agm to start, but pretty much clarity from the discussion today. >> yeah, and i think it's going to take time for it to come

through. remember, it was only two weeks ago that the deal was announced, and these are two gigantic institutions that are now being passed with then being put together by the returning ceo sergio ermotti all of this has happened in the space of a night there are still a lot of questions of what this is going to look like, what sort of job cuts could be coming as a function of the integration of ubs and credit suisse together we know for a fact they plan to continue with the model of the existing ubs which is an outside management unit, but as they look to restructure and bring on credit suisse, that's going to bring about a lot of business but cutting down a lot of business and wifting down the server which is going to take a lot of decisions, which is why one week ago we found out the

chairman of ubs decided to bring back sergio ermotti, the former ceo, who has really seen a restructuring of the bank already in 2011 and 2020 he's come back to look into further restructures and further decisions that need to be made we're going to be hearing from the chairman, the outgoing chairman and also ermotti himself. there will be a chance to address shareholders and the questions they may have. i think to your point, what you said in the beginning, the mood is so much different around the. there's a feeling of anger they thought it was the end of a chapter. they wonder how an institution

has survived for so long and the bank had fallen so quickly and there was such a rapid demise, there's a feeling of a lot of anticipation of what's to come. >> let's head on straight to that now and head into the agm and listen to it. >> formally open the a fw m, take the chair, introduce the participants who will support me here on the stage today starting on the far left for you is sara youngwood. barbara leavy, our group general counsel, the group's ceo, the vice chairman, and marcus baumann, our group company secretary. i nominate marcus baumann as the sectrary i welcome the board ofd the sole

votes. finally i would like to represent the rep sieves of the auditors, in particular the lead auditors of the 2022 financial year and the notary who will publicly certify certain resolutions of this agm. on the 3rd of january 2023 we published an official note inviting qualifying shareholders to submit their written request for tin collusion of individual additions of the agenda by the 10th of february, 2023 no requests were submitted the submissions today were published on the 6th of march 2023, which is also available on our website. a personal invitation was sent to the shareholders and to the

register i state it was duly conducted in association with the articles and they have a quorum as usual we keep a list of speakers i ask shareholders who wish to take the floor to register at the speak desk at the front left of the hall. you'll recall the agenda item you wish to speak of i would ask the speakers to keep their speaking time to five minutes. time pieces are installed on the lectern to help you keep an eye on the time. in accordance with art cull 17 of the articles of association of ubs, votes will be decided by an absolute majority of votes cast excluding blank and invalid votes. an exception to this is the vote on the agenda item 13-2 for this, also agenda 13-1, a

special majority requirement of at least two-thirds of the votes represented and the majority of the shares represented applies to both resolutions of today's agm. finally i would like to call your attention to the fact that an audio or video recording of the agm will be recorded on the internet ladies and gentlemen, valued shareholders, as mentioned we will address the planned action question sigs of credit suisse under agenda item number 1 of today's meeting. let me nevertheless begin with march 19th when ubs announced it would acquire credit suisse. it was a historic day and a day we hoped would not happen, yet it is a significant milestone, not only for ubs and credit

suisse but also for switzerland and the global financial industry credit suisse will no longer be an independent company it was an icon of the swiss economy, a bank that played a vital role in the economic development of switzerland and a global and respected player. we recognize and honor credit suisse's achievements over its 167-year history at the same time this means a new beginning as a whole. under the ceo sergio ermotti, we will build on the strengths of both firms let me now look back on the past year 2022 was another extraordinary year, one marked by tragedy and

uncertainty. the war in ukraine caused immense suffering and loss and it continues to do so. it is a stark reminder of how fragile the world is we also face another area of inflation includes a rise in geopolitical tensions. despite the difficult environmental we reported strong results for 2022 ralph will cover these in more detail let me just say that i'm proud of our results with all figures in line with the targets laid out. our performance last year once again demonstrated the effectiveness of our strategy, which i will briefly outline for you. firstly, we are the leading swiss bank our roots are firmly embedded in switzerland, which will always

be our home market together with credit suisse's franchise, we will continue delivering value to the swiss economy. secondly, we continue to expand opposition as the leading wealth manager, particularly through growth in the united states and asia they are the largest and fastest growing regions in the world, and they have great demand for our world-class services rooted in swiss expertise the credit suisse transaction is expected to accelerate our strategic plans in this area thirdly, we have a focused investment bank. it is highly competitive in the segment wes have chose on the participate in and creates synergies with our other businesses this does not change with the acquisition of credit suisse in fact, we will significantly reduce the amount of capitol involved in the bank to below 25% of risk-weighted assets.

i repeat, our growth ambitions are centered on wealth and asset management this is a business we know well and which benefits from our swiss heritage and expertise it's also a business with relatively low risks it will continue to be our key focus for growth moving forward. having a clear vision and a sound strategy is important, but precise execution is equally critical for success this traction is the first merger of two global systemically important banks this is not in any way an easy deal to do and brings with it significant execution risk the main focus of the board of directors will now be on the integration of credit suisse and this is what has led to our decision to name sergio ermotti as group ceo for the upcoming journey. however, the integration of

credit suisse does not mean that other growth initiatives and our efforts in digitalization and sustainability will come to a standstill equally management control including operational resilience and financial pride remain key focus areas of the board of directors. some words on our share price, our stock has formed well in 2022 it's the highest book price compared to our peers in europe. it's close to the highest in comparison with our u.s. peers we remain committed to restric restricting excess catch tall for shareholders we are proposing a 10% increase to the 2022 dividend, which will bring us to 55 cents per share this adds up to a total

shareholder rush of 7.3 u.s. billion dollars out of the net profit of $7.6 billion that is a payout ratio of 95%. due to the acquisition of credit suisse we have decided to reallocate part of the repurchase shares to share exchange and temporarily suspend our share repurchase program, however, we are committed to resuming it as soon as possible. this is the reason why we have retained the vote on a new share repurchase program on the agenda for today's annual general meeting. also in today's annual general meeting we will ask you for your support for a few recurring and special items such as our nonfinancial reporting, the sustainability report. as in past years, you will also vote on the compensation report and the compensation for the board of directors and the group

executive board. we are convinced that we have achieved a fair and good balance through the interest of our shareholders and our employees let me now conclude firstly our strategy is clear and unchanged by the acquisition of credit suisse secondly, we provide our clients around the globe with the best service, building on traditional swiss values, and thirdly we are laser focused on integrating credit suisse. and be assured we continue to execute and deliver on the other parts of our proven strategy finally i would like to express my gratitude on behalf of the board of directors i first want to extend my gratitude to ralph hamers. i'll come back to that at today's meeting. second i welcome sergio ermotti back to ubs and thank him for

accepting this challenge the board of directors has appointed him group ceo and president of the executive board effective as of tofrmtd sergio ermotti was ceo from 2011 to 2020 he successfully positioned our firm following severe challenges i rising from the global financial crisis he is well placed to lead our combined entity. he has both the unique experience and a deep understanding of the financial services industry in switzerland and globally we are convinced that this decision will help deliver a successful integration i also want to thank our cliejts for their continued trust and confidence in ubs. i want to thank our employees for their dedication and hard work change is never easy and can bring uncertainty. the focus of our clients is more important than ever. i want to thank the group

executive board for its perseverance and i would also like to personally thank my colleagues and the board of directors especially for their exceptional commitment over the last three weeks. and last but not least i would like to thank you, our shareholders, for your continuing support i know everything it takes for future success i'm confident you'll be well rewarded for the trust you put in ubs thank you for your attention of the support and proposals today. let me now hand over to ralph. [ applause ] >> translator: ladies and gentlemen, welcome to basel, for my part as well.

as the chairman has said, march 19th was a shock for all of us, for ubs, for switzerland i know that here at ubs we cut well with change however, we also know that the acquisition of credit suisse will be a major challenge. given the new priorities associated with the takeover of credit suisse, the board of directors wanted a didn't profile to head up the firm. as you know, in the interest of the company and its stakeholders and in the interest of switzerland and its financial sector, i offered to step down intel integrating credit suisse is the most important

i know that with sergio ermotti's success, he'll lead us i am convinced this takeover will bring with it great opportunities. it is expected to create a business with more than 500 trillion u.s. dollars in total investment assets. it will strengthen ubs's position as a leading global wealth manager of bringing northeast attractive growth markets with enhanced capabilities and investment assets of over 1.5 trillion u.s. dollars on a combined basis. in addition there are the two swissbanks this takeover will bring more client assets, more employees, and eve more clients and with all of this more responsibility. however, i know that ubs will deal with this responsibility prudently.

when i look back for the past year i see bottlenecks, high inflation, and banks rapidly increasing their rates above all, however, we are troubled by this travelic horrible war in ukraine, which has brought about so much death and suffering and continuing to 'zo so all of these events have huge implications for companies and individuals and, therefore, also for banking. i have to say that even before this year we were already pretty busy dealing with exceptional extraordinary situation, however, turbulent times are also times in which an organization and its people can prove that they are flexible and resilient. and i am proud to say that we've

delivered. as a team, as one, ubs we have supported private clients in the pursuit of higher returns and when necessary we realigned their portfolios we've been there for our swiss corporate clients by providing liquidity quickly when they suv ired from the rise in costs and energy prices. new clients have come because they trust our expertise at global wealth manhattan we have attracted new fee-g fee-generating assets worth $60 billion. in addition we saw $25 billion in net new money flowing into asset management bottom line is that our results for 2022 were strong we have a net profit of $7.6

billion, a return on common equity of 17%, and a cost income ratio of about 72% that means that we've achieved all of our financial targets i would now ask you to take a quick look at a few specific results. in our core business of wealth management in the u.s. and asia-pacific region, we have further strengthened our one-bank approach for clients. one bank is the corporation across all businesses that we have to offer better advice and solutions especially when it comes to the management of family, buiesy sbusinesses and clients. in switzerland we consolidated

our position as the leading universal bank especially in the digital realm and digital banking where we are the market le le leader with our u bs key four. it's everything to do with investing together on this platform with $4 trillion and soon it will be $5 trillion, we can combine the strength of all of business divisions, and on top of that, credit suisse will bring qualities that further enhance a strong portfolio with this flexible model, we are able to offer ubs customers even better solutions whatever their needs may be, buying a house, increasing their wealth, or investing in a company's growth

when i look back on my arrival at ubs ubs in 2020, i found no reason to rebuild everything there was no need for restructuring but for transformation that's why i initiated a development to make the bank more simpler and more agile for our employees and for our clients because the bank must remain fit and healthy to survive on the international stage and to be flexible, took because the challenges can change so quickly. ubs needs to be more agile because the lines shift and increasingly become blurred. not everything can be dealt with in separate silos as it was the case in the past, and that's exactly why we've had quite a lot of success in recent years with our one bank strategy to continue to be successful, we require a culture in which everyone feels like they can

contribute to make the bank better together regardless of their rank or role and regardless of their country of origin or religion or other kinds of orientation there's even an advantage toward the firm when they come from different backgrounds or universities people from diverse backgrounds often regard and look at problems and solutions in different ways and different perspectives produce better outcomes ubs has made great strides here. for example, in my management team, five of the 12 members of our group executive board are women. the percentage of women in posts above director at ubs level was above 28% worldwide at the end of 2022 and we're working to

increase that further. in addition, the share of ethnic minorities among employees is increasing especially in the u.s. and in the uk the culture is flexible and diverse and creates success and for the integration of credit suisse there's one topic above all others that concerns me and i'm sure the same goes for you we must take better care of our planet than we've done so far. extreme global convenients are becoming more extreme. we can see it more in switzerland. i think of the glaciers that are meeting at an ever-so-fast pace. we see tragedies as well think of if haunting pictures of

the historic flooding in pakistan or the tornadoes in recent weeks in the u.s. that have destroyed villages and towns. whether as individuals or corporate leaders, it is our duty to do everything in our power to avert harm. operating on a sustainable platform is important for our clients and ubs. ubs leads among the service providers on the dow jones sus stanlt list and we have included a ranking of cdp with strides to create more transparency in this field and an a ranking by the way is good. f is bad two-thirds of our clients say sustainability is important to them and nearly 80% of them

expect that they will get higher returns with taking into account sustainability issues, and last year alone invested assets with sustainability focus increased by 11%, esp especially in uncertain times many of us are torn between the desire for security and stability and on the other hand growth and development as well, and i'm convinced that ubs can offer both on solid foundation, solid banking made in switzerland. there is no doubt that security comes first because security brings confidence and without

confidence we have nothing as we have unfortunately seen. most esteemed shareholders, this is my last appearance before you. i will be supporting sergio ermotti on the board for a time to ensure its smooth transition. ubs is a great bank. let's look at what we've achieved together over the past couple of years. quite a lot. >> those are the proceeding right now, of course we have the outgoing ceo offering some reassurance as well throughout the business, indeed even stating how clearly he believes the business will be spearheaded in the right direction. it just needed a new leadership style. joumanna has been joining us with regard to the many questions still needing to be

answered, but at least perhaps this is a start as well with the chairman colm kelleher saying i will be difficult, but they're finding a way through it, even reducing their capital allocated to the investment bank to below 25%. so some direction, joumanna, but still a long way to go >> that is true. it's worth going back and declaring what he said he started off by saying this was a milestone. the tie-up is a significant milestone not just for the swiss banking system but the entire system the tie-up of two of the largest banks coming oath.

of course, they understand what's at play i think he made it very, very clear that the focus of this integrated energy is going to be under the wealth management business, private banking business, and not so on their investment banking business. and they've been saying so from the very, very beginning still don't have a lot of detail as to what that translates to in terms of numbers, cross cuts, revenue reducks, businesses they're going to have to spin out. do know it's going to be the overarching strategy for ubs and the combined entity going forward. so the strategy is un chachange they're laser focused on a smooth integration and executing and delivering this deal so they do understand the challenge, the immense responsibility that they're going to have to be nation over the next couple of months. he spent a couple of moments

changing the outgoing ceos he talked about the performance of the stock price throughout the course of 2022 it was a good year for the stock price but also because they managed to get a lot of capital returns back to the investors. they mentioned as a consequence of this deal they have to suspend the share buybacks there will be a vote on what the future buybacks will look like, but it will be in the work of revenue and profits. that is just one aspect that investors will have to bear in direct consequence of the takeover deal. i think as far as shareholders are concerned, as we were talking about it, the mood today is very, very different from the mood we had at credit suisse yesterday was a bun fooun real of sorts it was the book end of a very, very long chapter of chep ched

it s credit suisse. no one thought it would quite lead to the situation we found ourselves in today is a mood of anticipation. investors are look forward and thing once this integration happens, what does it mean for ubs? what does it mean for the swiss banking system are we going to be in a situation where the banking market is too much concentrated in the hands of this one integrated unit, or are we going to face some competition issues down the line? one thing i would say in terms of the execution of the deal, there were two positive developments overnight, the first being from the eu regulators, the antitrust regulators have given the green light for the deal and the bank offen gland has given the green light for this, so certainly things are in place. >> we're going to follow this.

we're still having the agm continue thank you so much for your coverage this morning. we'll continue to share light on that for now let's have a check with john bolton, the head of global strategy at jpmorgan john, thank you so much for the time the sentiment coming through from the agm is how difficult it will be, yes, trying to put the businesses together is going to be critical and very important for them, but following what seems like a shortened banking crisis but one that is very pivotal and important to note, would you say it's time for spring cleaning particularly when one looks at the banking shares held by some investors. >> i think we've got to look at what happened here the banking sector started out in the u.s., started out with some of the issues around regal banks, particularly depoitss in cases and spiraled from there,

but what it has done is lifted the lid of banking sector strength what's interesting, two things happened number one, banking regular lal regulators moved quickly you look at price sector and banking pricing strength that gives them a lot of flexibility in their tool kit. then over a long period of time, we've had qe, banks building up deposits, holdings, and assets it creates a question mark about the strength in the balance sheet. i think what it's meant is it's prompted the banks to move into a world of balance sheet repair and that's perhaps more the case in the u.s. than it is in europe over here in europe we've had several years of banks trading well below book values they're already priced at a low level and the balance sheets

have been gradually repaired through time so outside of a couple of examples, what we have is banks looking at the balance sheets thinking about their long-term strength and if anything the bank shares were relatively well priced. >> does this mean that many have kind of really looked at the businesses and really -- the complacency that hung on over the lat last couple of years could be torn away >> i think it's more the fact that we have the fattest rise in interest rates that we've seen in 30 years brought about by the fed last year. what that's meant is the fed has pushed interest rates up fairly quickly and eventually something was going to crash, issues in the system were going to come out. >> should more people have known about that i say known in the sense that being able to recalibrate because things were moving that quickly? >> i think it's the speed of the movement typically banks are positively

geared to rising interest rates. certainly if you look back a year ago, we would have said negative interest rates, that's a drag on the banking sector that's a bad thing banks have gone up, which means banks have gotten a boost. >> unfortunately because we have colm kelleher speak as chairman, we want to cut back to that. we'll come back, i'm so sorry. let's listen to the ubs chairman. >> it reinforces our position. i will now hand over to our vice chairman who will provide you with additional background inform whogs will then pool our answers to the questions on the credit suisse deal. >> thank you, colm

>> translator: the subject has given rise to many emotions worldwide and especially here in switzerland. i can understand why people are bewi bewildered, even angry to allow me to add a few word of my own the last three weeks have been intense for everyone concerned i myself worked at credit suisse between 1990 and 2009. in that period of time i got to know many outstanding colleagues and i know that especially over recent weeks and months they've been doing their very best i can well imagine many of them are not worrying about their

fu future so we will keep people informed regularly and transparently. the announcement of taking over credit suisse happened just over two weeks ago. on the weekend in question, we had only 48 hours time to carry out our due diligence. so many questions thus remain unanswered we don't have questions. in anticipation of the question of this important context, the future of jobs particularly in switzerland i would like to state the following. all i can say is it's simply too soon for any speculation both banks have to be continuing and integrated in the coming

ye years. this actually is the terms in the short run we'll need more people than future and in the immediate terms we have to weigh the vary use options and in the long run we have to make clear there will be synergies. our priority is to stay the credit suisse client business. we didn't go looking for this transaction, but everyone can agree that a takeover of credit suisse by ubs would minimize the damage switzerland andn interna markets. credit suisse has been stabilized and with it the swiss

financial industry however, until the transaction is complete, uncertainty will remain that's why we have to keep this period as short as possible and complete this transaction as quickly and swiftly. in the best-case scenario, it should happen in a few weeks, but it will probably take a few months so now we need a period of calm. sometimes a well-intentioned suggestion about what should be done can lead to unnecessary uncertainty. relationship managers and advisers need time to concentrate on their work in this very difficult stage and the work is looking after their clients. what does all this mean for switzerland? let me share my views on the two

questions most frequently asked. first, what will happen to credit suisse's business in switzerland, and, secondly, is it the combined bank too big for switzerland? first of all, to address credit suisse's business in switzerland, as i said before, the transaction first needs to be completed successfully. only in the next phase will it be a question of making strategic decisions. essentially everything is on the table. before making any decisions, we want to study everything in detail we're doing this against the background of looking for the best possible outcome for you, our valued shareholders, for customers, for employees, and

for the general interests of switz switzerland. we're proud that ubs is part of the solution ubs was already a strong company, strongly rooted in switzerland, and this new combination will be stronger something else that we're concerned about is it will continue for the foreseeable future the swiss business is stronger and has a strong customer base we see a lot of potential in it. i would like to continue by sharing a few facts with you in switzerland there are around 250 banks. >> that is ubs group's vice

chairman there really detailing some of the measures that we all have been sort of anticipating and really downpouring a little bit, saying all options are still on the table, but it is too soon to make any conclusions or assumptions in this part. it's going to be a herculean task to ensure that this combination of the two banks is sucti successful, that being ubs and having acquired credit suisse. there will be synergies between the two banks in the long run, but it's too soon particularly at this point to speculate on job cuts, also then saying as i said all options still available and on the table for swiss business and the transaction needs to be completed first. the brand continues in switzerland. so there are some interesting

comments to come out from the vice chairman for ubs. so we'll continue to flesh out this as much as we possibly can, of course, throughout the day. unfortunately, though, we do have to say good-bye to you. john, thank you so much for joining us it's one of those crazy days unfortunately when other things take the floor john bilton is with jpmorgan strategy ctie thweonnuwi "street signs" right after this short break do stay tuned. when we started our business

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welcome back to "street signs. i'm arabile gumede these are your headlines >> ubs chair colm kelleher looks at the takeover of credit suisse as a new beginning but the lend letter not be changing the strategy. >> it depend on wealth and management this is a business we know well and comes from our swiss heritage and expertise also a business with relatively

low risks. it will continue to be our key focus. >> so financial regulator calls for the power to impose fines, laying the blame on credit suisse's management. president emmanuel macron visits china. and donald trump pleads not guilty to 34 counts of falsifying business records over alleged hush money payments. the former president tells his supporters he's the victim of election interference. >> incredibly we are now a failing nation we are a nation in decline, and now these radical left lunatics want to interfere with our elections by using law enforcement. now, former u.s. president donald trump has been charged

with 34 felony counts of falsifying business records. trump pled not guilty to his alleged role in orchestrating a hush money scheme during his 2016 presidential campaign it is the first time a sitting or former u.s. president has been charged with a crime. the professor of international politics at the university of london joins us now to unpack this just a little bit further thank you so much for the time how much does this charge for trump kind of limit his abilities to continue to run for 2 2024 this add as big question mark at this time. >> there's no question about it. it doesn't limit him at all. it may to some extent distract, if you like attention from political campaigns per se, but the very case itself is political. so he'll be able to use that to further the charge of him being

persecuted, that he's a martyr for standing up for america and so on, and this is a politically motivated attack on him. >> it has taken us a while to even get to this point, where we've seen donald trump arraigned. many have said this was meant to happen a while ago, but nonetheless it is finally here in a sense what happens next though one can imagine it's a very lengthy process. it's not as if we're going to be seeing donald trump in cuffs or anything like that. >> no. it's going take a very long time even to what was released last night in the news about the further hearing in january and also december, possibly moving the venue of the court to another place, which has got far more trump-type supporters including police and law

enforcement and so on. so this wrangling is going to carry on and it's going to be wrapped neat for donald trump in the kind of claims he's making already, and he has said already he's going to use this to sort of wreak death and destruction on the enemy, retribution on the democratic party and so on, and it's being used by the democratic party in a part of a political calculation as well because the chance p about stormy daniels and the hush payments appears to be anti-sex it, propowerful to the democratic party to both sides, if you'd like, there are some things to be had and something to be gained from these, but overall, i'm not sure that it does any good to hold ideas of america being destabilized, unreliable, an

unreliable ally to others and so on whereas if you look today, china is doing much, much better diplomatically and in other ways as well. so it kind of adds to the feeling that the united states is looking in the wrong direction, that it is distracted by the domestic kinds of affairs and polarization when actually will are a lorj number of domestic issues and problems as well as globally a massive sort of power shift is underway and i don't know if this really deals with that in any way whatsoever nor in any prod productive way. >> trump is said to have at least 45 days following the arraignment yesterday to kind of present pretrial motions he also didn't have much by way of suppoissupport outside the cl

court. is that location or waning support for a man who led the party for quite a few years? >> i think it's a bit of both. there's fatigue around donald trump. if you look, in 2016 he won, he didn't win the popular vote. he lost it it in 2010 he lost the senate and the house in the midterms in 2020, there was no red wave. people are fed up with what he stands for, his personalist kind of style and people like ron desantis in florida have been doing a lot more trumpism without trump and probably doing it much more confidently and more dangerously to the american

democracy. there's that big factor. of course, the court in new york is going to do more and that's probably why trump wants to move the trial to staten island it's more working class, white, and law enforce-month-old and police and other voters are more likely to sort of lean toward the republican party and donald trump. >> quickly as we wrap up this, if the trial does not take place until after the 2024 presidential election, which is certainly possible, it will also loom large over his campaign then do you think it stems him in a negative stead if it looms over him so much? >> i think the first is the chances of him winning the next election, of course, we don't know the problem is he may win the republican nomination if he is the most popular candidate in that race, but if you look at

the big chung of americans, 40%, 41% is independent and half of those lean toward the democratic party in any case. the chances of him winning in 2024 are relatively slim he galvanizes more opposition than he does galvanizing his database this would hang over any president, but trouble seems to follow trump wherever he goes. >> it's certainly one we're going to have to continue to follow for quite some time thank you so much for your time. a quick wrap-up of your european markets, a pretty mixed picture with t bkshean in focus as we continue the economic outlook. thank you so much for joining us for "street signs.

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it is 5:00 a.m. at cnbc global headquarters and here's your top "five@5." we begin with not so fast. dashing expectations in the month ahead. what he said last night that's giving investors pause this morning. >> and firing back and lashing out. former president donald trump having his say in a prime time address after being formally arraigned in a new york court yesterday we'll have the