tidjane thiam is joining the business.ice over the long-term is up very nicely. -- over the long-term is down, but this morning, it is up very nicely. francine: we will also talk about apple;'s new watch. ♪ tom: the vice president's scathing in criticism of senate republicans. they advise iran on president obama us negotiations in a " remedial civics lesson." american brady dugan exits and will be replaced by tidjane thiam of ivory coast. good morning, everyone. this is bloomberg "surveillance," live from new york. i'm tom keene. joining me olivia sterns. brendan greeley on hiatus. olivia: and administration exposed when accused gop lawmakers are trying to establish a back channel with iran to scuttle the nuclear talks. president obama said the republican move will not stop negotiations. >> i think it is somewhat ironic to see some members of congress

thiam is in. hans nichols, i do not want to spend more on the post mortal of -- the postmortem of mr. dougan. hans co. he survived a lot of the worst of it, right yak of the big calls for him were to step down in 2013, 2014. this is not about the litigation exposure, which is real, it is about the strategy of credit squeeze. are they going to continue to try to make money in debt? tom: is this a board action? mr. ciampa is known for -- this guy lights up insurance businesses. is that the mandate from the board? hans: it is a light of -- is it lighting up better stock returns? i would imagine. tidjane thiam has spent a lot of time there. it really gets down to what is credit suisse going to do? are they going to be a bank to private wealthy investors and private individuals, kind of like the track ubs has taken, or will they -- brady dougan split the difference and has pared back some of the debt trading, but not all the way. it is a strategy question that may be for the board, for the new ceo, but

what is thiam bringing to the table? guest: a good regulatory record and in financial services and through the most important relationships of any financial institution. so, i think that will be very helpful in getting out there and seeing the banking regulators and the parallel over the people and saying, right, let's get this company bedded down and clean up any previous messes. i am sure mr. thiam's first job is to wrap up anything that is still out there and he can look forward to how do i want credit suisse to look five years from now? jonathan: how will it look five years from now? the wealth manager and investment bank and the parallels between insurers and wealth management and i struggle to see the parallels between thiam and insurance and investment bank? andrew lynch: the expectation will be credit suisse, the ubs model downsizing the investment bank. having investment bank services primarily to support and the wealth of the wealth management side of it and grow the wealth management side. if you look at terms

tidjane thiam has a tremendous track record in asia.ly in asia, but in asset management insurance. it can see some link as well. that is very much what investors are asking. and hoping for. francine: i remember we spoke to him about five or six years ago after he tried to buy a part of aig for provincial. you said you have to be bold because investors forget and forgive. if you do both at the beginning, do you think you're going to have a big announcement or will he take his time? >> he's got the reputation for being disciplined asset locator. he has the track record. we know asia is growing of growth for asset managers. that is where his experiences are. guy: would it be better to appoint somebody from a more wealth management background? >> it is an interesting question. we saw the share price performance reaction to the appointment of someone who is seen as perhaps in between the two. not an investment banker, not a wealth manager, but i think the fact that he has a very good track record in execution and has an expertise in the area

head to cnbc.com to get a look at thiam. arsenal fan so he won't just be celebrating his appointment but arsenal's glorious victory. >> wrour an arsenal fan? >> i am indeed. >> i think you know you're an arsenal fan if you spent about five minutes in this newsroom. >> exactly. >> general motors agreed to a $5 million buy back to appease harry j. wilson. he will no longer push for a seat on gm's board. mary bara said they would continue to invest in innovative technologies and world class vehicles. gm stock closing up 3% on the day. >> coming up today harry wilson will weigh in on his discussions with gm and the company's decision to buy back stock. that's today at 8:00 a.m. eastern time. >> now the gm case is part of a growing trend where shareholders are asserting their influence. activist action has surged more than 200% in north america over the last five years in europe action has nearly doubled since 2010. we have more on this. so a lot of action but this recent story we had harry wilson. his motives were questioned a l

mark: how much should we make of the fact that tidjane thiam has never run a bank?e to grasp the intricacies of the investment banking division. is that a negative or a plus? >> i think it is a fair question. for me, it would probably be a negative. i think ultimately they are different businesses. people act differently. the drivers are different. i'm sure he's very experienced so sure, we will also get a lot of help in doing all this. but on balance to me it is more of a risk than an asset. anna: does it suggest they are about to do something quite drastic on strategy? they bring in an outsider who may have more success in bringing -- in being quite ruthless. >> this leadership change would suggest that. credit suisse was already moving in the direction of cutting back substantially in the investment bank. i would imagine if you bring in somebody who's basically made their name growing an asian asset gathering business and replacing somebody who is an investment banker, that's basically all you need to know. mark: what is the right business model in this era of hi

thiam as he comes in? interested, when we get there next earnings report, what fixed incomes, currencies, and commodities, what is their debt trading doing? at is the one part of the bank that mr. dougan refused to shrink as fast as his competitors. is that sector going to be coming back? will that be a potential growth engine for the future? or will mr. thiam have to shrink that further? >> you made an interesting point about thiam's relationship with regulators. when the chief of standard chartered was pushed out, he was replaced with someone who had a good relationship with regulators. that seems to be what matters at the top of big banks these days. >> the problem is there are always more regulators then you can have good relationships with. mr. thiam may be close with jack lew. how about the attorney general in the states, the state of new york? so many want some sort of a billet -- sensor ability on these banks. >> thank you very much. hans nichols reporting from berlin. >> china deflation in februar

credits we's replacing longtime ceo brady dougan with tidjane thiam an insurance executive. spoke to him about that and here's what he said about taking the role. >> it is a really good brand. it means a lot to me because that is something you can work with. you have a lot of good people and a great staff. >> shifting to sports, a former line will be calling miami home. he signed with the dolphin for $114 million for six years. the nfl plus free agency time just got underway moments ago. and this just crossing on espn -- jimmy graham traded from the saints to the seahawks. lots more of this coming in the next goers. my next guest has played 13 seasons in the nfl. robert griffith played in the pro bowl in 2000 and now he is running for executive director of the nfl players association. great to have you. take me behind what is going on for players right now. what is it like behind closed doors? >> there's a lot of excitement and a lot of uncertainty. players have the opportunity to get to free agency have to understand that this is their time to cash in on all the hard work t

tidjane thiam will replace brady dougan. shares are rising on that report. in other news global news a new report suggests that european stocks may surge 70% by the end of 2016. they offer investors a historic yield pick up over corporate and government bonds. the stocks haven't been this cheap for more than 50 years. when yields go negative that's what can happen. dallas fed president richard fisher is calling for the central bank to end it's monetary policy and press ahead with the interest rate hikes. he is steps down after ten years at the fed. >> it's been ten years? >> we know he'll probably be an nbc contributor? i would think. put in a call. really take his career to the next level. >> we should definitely do this. >> definitely. take his career to the next level. really make something of himself. among our stocks to watch this morning, qualcomm announcing it will buy back up to $15 billion of its shares and share it's quarterly dividend. shares of urban outfitters getting a boost. posting better than expected squartly results. same store sales risin