steven: darting strong on jobs day. he is with hsbc. abby, we will be joined by joseph cohenn bloomberg radio and a conversation with william gross of janus capital. bill gross after this morning's jobs report. this is bloomberg, stay with us. ♪ ♪ francine: i am francine lacqua in london. tom keene is in new york. rbs shares trading lower after a bigger loss than estimated. it is owned by the government, the majority owned by the government, it comes after the boe cut interest rates. governor carney said they had no excuse not to pass the rate cut on to customers. stephenson about the tough conditions to lend. >> every think is different. for us, it is more of a demand problem. it is not a supply problem. for some of the other banks, the lending facility. >> will pass through the quarter percent cut? all ofill look across our asset and liability products and do what we think is fair and reasonable. >> the governor made a clear message, you have no excuse. you will pass it on. >> i will not commit that we will pass it on, but we will look at it. >> the one thing that came out