a wells fargo customer. i'm wondering with all that is would it be it -- smart to switch financial institutions? if you i answer more have another question, happy to start with that one if you'd like. ahead, laura. guest: okay, yeah, i wouldn't have advice about that, i've lot of people that either right away in september announced nes were and the scandal came to light or even now that have switched banks. know, there's certainly others out there that would be your business. i'm sure the c.e.o. at wells fargo would not be happy to see you leave and the company has there aren't too many people anymore switching banks, but we have seen, they report how many new checking accounts and credit cards are opened and also how and the omers leave numbers have been getting better, but certainly other the u.s., we have a lot of them out to get your business. host: okay, jerry from chandler, arizona, on the republican line. hi, jerry. morning.es, good what happened is when i first to chandler, i opened up an account wit

and wells fargo bank is one of open houses oldest and longest ongoing fiscal sponsors thank you wells fargo over the course of a decade as openhouse has expanded and grown wells fargo has been there supporting our mission and expansion of our program we are grateful to wells fargo for the continued investment in open house and in san francisco's lgbt community another benefit of partnering with wells fargo is getting to know people like martin martin is a former board member and vice president of the openhouse a senior executive at well martin is a business and community leader that values people and relationships and is passionately committed to improving the lives of lgbt seniors i'm glad i know him and honored to serve with him unfortunately his current robot has managing director of client services at wells fargo advise is required him to be on the east coast we're thrilled that he's here with us today representing wells fargo martin. >> (clapping.) >> i did not expect that marcie thank you. congratulations this is a fantastic day i'm martin with wells fargo advisors and i live in

did the cfpb ever contact wells fargo about its fraudulent branch sales practices before wells fargo informed the cfpb on may 4, 2015? yes or no. mr. cordray: we had had supervisory activity prior to that time and subsequent to that time -- mrs. wagner: i take that as a yes. are you aware the earliest correspondentence you have produced is the edwin letter of may 8, 2015? mr. cordray: there was supervisory activity prior to that time. mrs. wagner: is this the earliest correspondent between the cfpb and wells fargo pertaining to the practices? mr. cordray: i don't know exactly. mrs. wagner: did the cfpb depose or interview only three wells fargo employees in connection with the fraud lent accounts? mr. cordray: they took the only depositions that occurred in the case. mrs. wagner: were they three? were they three, sir is that correct? that is correct, then. yes. wow. you tell cfpb's investigation both independent and comprehensive. director cordray, only interviewing three employees for such widespread cases of fraudulent practices where 5,300 employees were fired does not seem very c

jpmorgan chase, wells fargo, citigroup among others. lea: orders for the galaxy and have been strong. the exploding phone fiasco in the rearview mirror. lauren: boston celtics beat the milwaukee bucks are in the top seed in the nba playoffs in the hockey playoffs the new york rangers in their first playoff game. train 25:01 a.m. in new york. thursday, april 13th. welcome to "fbn:am," your first look at morning markets and breaking news. lauren: almost friday. raking us this morning. president trump offering better trade terms for north korea. in an interview, and this is what the president said. that's worth having deficit and that's worth having not as good a trade deal as i would normally be able to make. in the same interview, the president said he will not label china a currency manipulator, but he said the u.s. dollar is getting too strong. on those comments, the dollar dropped sharply. trump said he would prefer the federal reserve to keep interest rates low. lea: satellite images shows north korea's plate is ready for new tests.

it was wells fargo. it was wells fargo that has been fined and penalized on $185 million and listening to my colleagues, one would think it is the consumer protection bureau, the agency that is there to protect consumers that is the culprit. it is wells fargo, quite frankly, that ought to have somebody prosecute it. to date has anybody been prosecuted for what happened over at wells fargo, mr. cordray? >> i'm not aware of any charges, although i believe that a number of different agencies and prosecutors at different levels of the government have said they have opened investigations so i don't know where those stand. >> i think that investigations ought to be opened. and i think somebody ought it be prosecuted. we can't have a circumstance where you open up millions of accounts without authorization and the guy at the top gets a golden parachute and he's out and the people at the bottom, the entry level employees may end upholding the bag and they may be prosecuted. my hope is that some of these people i

esta forma de buscar clientes complica aÚn mÁs el escándalo para wells fargo.l banco eran enviados a la calle a buscar jornaleros y ofrecer cobrar su cheque gratis a cambio de que abrieran cuentas caras. las acusaciones eran de distintas partes del paÍs. un empleado california dijo que se les daba instrucciones para acechar al grupo de trabajadores indocumentados y llevarlos a abrir cuentas. otra es tÍpico que los empleados latino le pedÍan que patrullar las calles buscando clientes potenciales. el abogado que representa accionistas de la demanda dice que los indocumentados eran perfectos porque difÍcilmente iban a reportar los abusos. wells fargo respondiÓ en un comunicado diciendo: " con respecto a las delegaciones que describen, esta declaraciÓn son ofensivas porque van en contra de las expectativas de wells fargo y serÍa una violaciÓn de las reglas que tenemos establecida para proteger contra los abusos del cliente", las acusaciones una nueva mancha para el banco. aÑo pasado wells fargo advirtiÓ que sus enviados habÍa abierto mÁs de 2 millones de cuentas fr

that was a little disappointing at wells fargo. did see the slowdown, but may be doing a little bit better than the other emerging area focus is credit. jpmorgan did have higher credit costs a lot of that was driven by specific write-down. everything else seems to basically be in line. we saw at all of the things releases, a lot of that was driven by energy. last year, that was a big headwind for the companies. they were being very conservative in terms of reserving losses, now sing some of that being released since the outlook has improved. vonnie: while the investment banking side did well, the consumer side did not. that has to be troubling giving we have gary cohn talk about returning to some sort of , ass-steagall offor the banks, in terms the breakup, that would be against a lot of the synergy jpmorgan s talked about. honestly, they believe very much in their diversified business model. what we saw this quarter in terms of strength on the investment banking business, last your that was a real soft point. we're seeing good gro

comparable tore them than wells fargo, they could do well. vonnie: all right.check out her stories on bloomberg.com. coming up, an exclusive interview with lisa jackson of apple. the epa.minister for this is bloomberg. ♪ >> it is 1:00 and washington, 6:00 in london and 1:00 in hong kong. >> welcome to "bloomberg markets." a focus on policy during president trump's first 100 days in office. middle.move to the donald trump backs away from one of his key campaign promises to label china a currency manipulator. it is a latest reversal for president trump on a number of issues such as nato, federal reserve chair janet yellen, and the xm bank. a senior white house adviser is leaving the administration to become the second in command at a high-profile business lobby group chaired by jpmorgan's jamie dimon. later this hour, an interview with lisa jackson. she is the vice president of apple's environment, policy, and social initiatives, also former head of the environmental protection agency.

. >>> also, the man at the helm of the embattled banking giant, wells fargo speaking out in an exclusiveview about the fake account scandal that has rocked that bank. >> was it at the core, a system, a culture problem? >> well, those two things that you describe which actually are very important created a culture in the retail banking business that was inappropriate. that covers you part way, so when it comes to pain relievers, why put up with just part of a day? aleve, live whole not part. tell you what, i'll give it to you for half off. it's my decision to make it's nbeauty last.ix. roc® retinol started visibly reducing my fine lines and wrinkles in one week. and the longer i use it, the better it works. retinol correxion® from roc methods, not miracles.™ (de♪p breath) (phone ringing) they'll call back. no one knows your ford better than ford and ford service. right now, during the big tire event, ♪ on a perfect car, then smash it into a tree. your insurance company raises your rates. maybe you should've done more research on them. for drivers with accident forgiveness, liberty mutual

. >>> new details on the tactics wells fargo employees used to create those fake accounts. >>> those stories, and more, tonight on night"nightly busine report" for monday, april 10th. >>> welcome. sue herera is off tonight. with ebegin with a public relations debacle at united airlines that has gone viral. a disturbing video making the rounds, first on social media, now everywhere virtually, showing a man being forcibly removed from an overbooked flight in chicago. last night. >> oh, my god! >> no! this is wrong! oh, my god! look at what you're doing to him! oh, my god! >> the confrontation, which alarmed fellow passengers, as you heard there, has sparked a big debate. over the rights of travelers of airlines to forcibly apply overbooking rules and law enforcement officials who ejected the man. remarkably shares of united airlines ended the day higher. phil lebeau joins us with the very latest. let's start with what happened. as i understand it, the flight was overbooked, and united needed the seats to accommodate crew members who had to be in louisville today. >> correct. and that's

director, did the cfpb ever contact wells fargo about its fraudulent branch sales practices before wells fargo informed the cfpb on may 4th, 2015? yes or no? >> we had had supervisory activity prior to that time and -- >> i'll take that as a yes. are you aware that the earliest correspondence between the cfpb and wells fargo that you have produced is the chao letter of may 8th? >> there was communication subsequent to that time. >> we'll get to that. was -- >> i don't know exactly. >> we'll leave that. did the cfpb depose or interview only three wells fargo employees in connection with the fraudulent accounts? >> the only ones that occurred in this case -- >> were there three, sir? that is correct then, yes, wow, you tout cfpb's investigation as independent a independent. only interviewing three employees does not seem very comprehensive to me, sir. in your letter to this committee, you indicate that bureau staff first became aware of some related issues around wells fargo. this was well over a year before either initiating a supervisory review or containing the bank about fraudulent pra

did the cfpb ever contact wells fargo about its fraudulent branch sales practices before wells fargo informed the cfpb on may 4, 2015? yes or no. mr. cordray: we had had supervisory activity prior to that time and subsequent to that time -- mrs. wagner: i take that as a yes. are you aware the earliest correspondence you have produced is the edwin letter of may 8, 2015? mr. cordray: there was supervisory activity prior to that time. mrs. wagner: is this the earliest correspondent between the cfpb and wells fargo pertaining to the practices? mr. cordray: i don't know exactly. mrs. wagner: did the cfpb depose or interview only three wells fargo employees in connection with the fraud lent accounts? mr. cordray: they took the only depositions that occurred in the case. mrs. wagner: were they three? were they three, sir is that correct? that is correct, then. yes. wow. you tell cfpb's investigation both independent and comprehensive. director cordray, only interviewing three employees for such widespread cases of fraudulent practices where 5,300 employees were fired does not seem very comp

wells fargo is up 2%. board will probably survive a shareholder vote amid protests at their annual meeting. joining me is wells fargo investor who is voting against reelection of 12 of the 15 directors. matt paschi joins me now from boston. paint the picture of today's shareholder meeting. at least five protests a rocket. -- erupted. matt: there is a lot of anger among shareholders for good reason. if you look back five years ago, there was a call for -- from shareholders to separate the chair from ceo and bring about better governance. that received almost 40% positive vote. there was no response from that board. it continues to ignore shareholders. vonnie: it looks like it will squeeze through that all the directors will be reelected. where do you go from here? matt: it is probable a number of the members will receive less than 60% or there about. i would say this than any number of that board who received less than a substantial majority, and i would say 75% or more should consider resigning because tha

wells fargo says it has eliminated sales quotas. the lawsuit seeks damages from the board of directors and senior managers to recover some of the millions in dollars of losses to the back. the money would include the banks bottom line for blisters. wells fargo customers are in line to share $140 million settlement from a separate lawsuit. >>> more trouble for president. trump's ousted national security advisor michael flynn. new documents show flynn had been warned against receiving payments from foreign governments without obtaining proper approval. flynn is being investigated for payment to expect -- excepted from the restaurant state- sponsored tv network and turkish business. >>> house democrats are turning to oppose a deal to fund the government through september for republicans push forward with their effort to repeal obama care. democratic senator. chuck schumer of new york says if the government shuts down, it will be on president. trump for trying to say is 100 days agenda. how speaker paul ryan says republicans will bring

we will have more on the wells fargo shell holders -- shareholders meeting. wells fargo up 2.5%. marie le pen is distancing herself from the national front party while emmanuel macron works hard at maintaining his lead. ♪ vonnie: live from bloomberg world headquarters in new york and in london, i am vonnie quinn. mark: and i am mark barton. this is bloomberg markets. let's check in on first word news. emma chandra has more. trump is setting up a potential battle over texas with house speaker paul ryan. the president will call for cutting taxes on individuals and slashing the corporate rate to 15%. ryan has warned that cutting corporate taxes at less than 20% would add to the deficit and he is opposed to that. president trump has stepped up a trade fight with canada. he has proposed tariffs on lumber. the commerce department says the canadians unfairly subsidized their lumber industry and canada says it is necessary. in turkey the prime minister warns that the country is tired of the way is being treated by the european union. they spoke to you -- to bloomberg in an exclusive inte

overweight wells fargo at this point.ou want to own this stock when it doesn't appear that the clouds are lifted? >> that's the reason. i think there's opportunity to fix. and i bought it. i covered my understo weight th day they reported earningings. i got a good explanation from sloan on the conference call about their cost initiative. that was the thing that was out of whack in their quarter. 62% efficiency. their goal is 55 to 59%. they got a long way to go, but i think they can do it and i think in the may analyst meeting, they're getting -- >> and how did you vote your shares? >> kind of can't go there. >> can't go there. >> can you answer it? what about brand? why not change the name of this bank to something else? it is so hated. reverse the letters. just turn fargo around. >> i understand, but many years ago, they would have said the same about bank of america. you just kind of have to keep to it. >> this is a different kind. >> no, no, bank of america was in all kinds of stuff. come on. wells fargo still has a g

wells fargo falls short.rein media, cable networks teaming up for customers who don't want to pay a premium for sports. how big is the demand for entertainment only packages? i can tell you one person who might be into that. stocks are on where trading. abigail, it looks like we are taking a leg lower. abigail: a sleepy day for stocks earlier. averages slipping between small gains and losses. at declines.king the worst decline since march when he first, more than three weeks, and we have the three major averages on pace for the weekly decline, the second weekly decline in a row. a bearish turn here. we have t-mobile popping higher amid the news that comcast and dish are in the airwaves and we see t-mobile trading up half of 1%. at jpmorganng group, bank of america and wells fargo. jpmorgan group earlier, both of earlier today. wells fargo had actually missed legnues but we see this lower for banks, the second worst drag on the s&p 500, helping to produce that decline. this may reflect action in the 10 year yi

true is very, the chief financial officer of wells fargo.ou so much again for your time on what is definitely a long day. coming up, the dollar is rebounding just today after president trump's comments that the u.s. currency is too strong. a deeper look, next. ♪ dropped the most powerful none nuclear bomb in its military arsenal for the first time in history today. the bomb struck and islamic state tunnel complex in eastern afghanistan. the moab, which stands for massive ordinance air blast, is also known as the mother of all bombs. during a meeting with first responders at the white house, president trump said he's pleased with the military's actions. >> we have incredible leaders in the military. we have incredible military. we are very proud of them. this was another successful mission. mark: the bomb, known officially 443, releases 11 tons of explosives. cia releases 11 tons of explosives. cia director mike pompeo says wikileaks quote, walks and talks like a hostile intelligence service. you are looking at the director speaking life in w

. >>> new action from wells fargo over former executives. the bank announcing new salary dlau bac claw backs. for more, over to hq. >> i'm joined now by the chairman of we allls fargo, ste sanger. so extensive report has come out as sara mentioned. is it fair to say that the headline takeaway is that the former head of the community bank has the most to blame? >> well, the root cause of the sales practices issue as determined by the investigation was the excessive sales pressure in community bank, excess sif sales goals and failure to escalate the problem appropriately through the structure of the community bank. and the leader of the community bank is responsible for all that. so certainly that was why she was mentioned so prominently as one of the people involved. >> john stumpf faced a lot of criticism, too. what was his main short coming? >> john was not judged to have done anything improper. what john was criticized for, and he would admit this, he acknowledges this, is that he did not press hard enough on carrie for information and to

before the sale, berkshire owned more than 500 million shares of wells fargo.uffett personally owns another 2 million. the sale of 9 highlighting a small sale relative to the stake. berkshire is also likely to vote in support of the wells fargo annual meeting later this month, that's on the 24th or 25th of april coming up. all 15 board members are up for re-election. institutional shareholder services maintain their advice to shareholders to vote against 12 of those -- >> including the director, who you spoke to. >> the chairman, steve sanger. interesting that perspective that they maintain that thought. >>> when we come back, stocks to watch. first, as we head to break, check out the dollar. it is the mover over the last 24 hours. president trump says getting too strong shand that hurts. well, the dollar is back on the rise against the you'euro this morning and the yen. just flipping. he got a mini selloff. that seems to be reversing. you're watching "worldwide exchange" on cnbc. so you're having a party? how nice. i'll be right there. and the butchery begins.

wells fargo's ceo, tim sloan, will, also thunderstorm warnings for the work you did on this as well.>> consumer dollars, now competing for workers'. we'll have more after this. think again. this is the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov hey dad, come meet the new guy. the new guy? what new guy? i hired some help. he really knows his wine. this is the new guy? hello, my name is watson. you know wine, huh? i know that you should check vineyard block 12. block 12? my analysis of satellite imagery shows it would benefit from decreased irrigation. i was wondering about that. easy boy. nice doggy. what do you think? not bad. >>> welcome back. fed chair janet yellen taking questions at the university of michigan's ford school of public policy. our steve leisman listened in with highlights, steve? >> reporter: thank you very much, kelly. fed chair yellen answering questions

why stay in wells fargo?imilar argument to bank of america and jpmorgan, they have the money to lend, they have the deposit base to lend. wells fargo is going to continue to be the primary lender, the number one go to lender on mortgages going forward. they have the money, the breadth, the distribution. they maintain the brand that is a goto brand we think will be important to the consumer. the fact they have been stable during this difficult period of time gives good credence to that brand and the lynn jeopardy -- longevity. you, a shareholder from wells fargo. you can get a roundup of this story and many more to get your day going in today's edition of daybreak. bloomberg subscribers can look on her terminals. it is also available on mobile. customize your settings to get news on the industries and asset to care about. this is bloomberg. ♪ yvonne: earnings that of lg earningsfirst quarter coming in. beat there. over 6 billion won. first-line gross sales short of what analysts were expecting at over 7 billio

.>>> new accusations against wells fargo.employees targeted day laborers and undocumented immigrants for phony accounts.>>> what we learned about a heist that appears to be part of a growing trend. >>> wind gusts up to 44 miles an hour blowing sand at ocean beach and a warm up. i will have all the details here after the break. did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's over 6 times faster than slow internet from the phone company. say hello to internet speeds up to 250 mbps. and add phone and tv for only $34.90 more a month. call today. comcast business. built for business. >>> we are new details on a couple accused of killing an 11- month-old baby inside a mcdonald's. the two suspects appeared in court this morning but did not enter please. accused of conspiring to kill her 11-month-old son. court documents say he wanted the mother to meet them at the mcdonald's last week. he w

wells fargo took back $75 million from former ceo john stump and head of wells fargo's banks. said he was too slow to investigator challenge the bank's practices. ceos, anybody on the route to the c suite that is a really compelling story about not listening to your internal messaging when something is going wrong. >>> still watching the situation in north korea. it's escalating there. that country issuing a blistering statement warning that it is ready to retaliate against any aggression. the more... , powerful you'll think they are. it's time to see what power really looks like. new neutrogena® rapid wrinkle repair with accelerated retinol sa. clinically proven to reduce wrinkles in just one week. wrinkles? your time is up! rapid wrinkle repair. and for dark spots. rapid tone repair. neutrogena® see what's possible. >>> a strong message from north korea, saying it will respond in kind to any acts of aggression by the u.s., as u.s. aircraft carrier steams toward the korean peninsula, following last week's missile test by north korea, the u.s. turned the 90,000 ton uss carl vi

lower by .25%.in alix: 8:00 a.m., we get earnings from city and wells fargo -- citi and wells fargo. april's luminary desperate luminary -- april's preliminary university of michigan sentiment. david: welcome back to the program. is it as good as he makes it out to be? >> so far. i haven't been through the full release. the biggest surprise coming from trading, whenever they have a big beat like that, that is the first place i look. fixed income coming in better-than-expected. growth came up 17% year-over-year. analysts expected trading to be down and was actually a bit higher. long growth came in around 9%. trading, weok at focus on the net interest margins. the industry statistics have shown a big slowdown. question andk the there wasn't a solid answer as to why the industry was showing slowdown. some of the regional banks have been sing that they've been saying slower growth -- saying that they've been seeing slower growth as well. david: it is tapering off somewhat. >> yes. last year, a lot of the growth came from mortgages. holding more mortgages on your book. where investors ar

the cio chief investment officer of wells fargo investment institute is here going through bank earnings as well as dollar movements. under secretary of state for political affairs under president george w. bush nicholas burns is at best. former ceo and nominee in the past is at best. john maca seroquel. we will get into regulatory issues with john mack allowed the bacon her. president donald trump is threatening to stop payments to insurers and get democrats to negotiate the legislation. according to "the wall street journal." president trump said during an exclusive sitdown to speak about that. >> health care has been going along with negotiations. it's just a negotiation and it going to take a little while longer. as you probably here in congress is coming along. they want it to happen. we will have no democrats come is zero. that means we have to get close to 100% of republicans. not an easy way to run a government. maria: chuck schumer reportedly responded. president trump is expecting to hold hostage health care for millions of americans, many of whom voted to achieve a political g

the biggest loser is wells fargo.ound revenue because of the fake accounts news -- issue and the legal costs will see their earnings down year on year, which will contrast with a wet -- rest of the sector. matt: you also expect long growth to be week. wells fargo would be a more -- be more affected by that than the other banks. why is that and how week are we talking? chris: this is going to be an interesting one because if we look at the statistics, pretty flat in the first quarter for earnings growth. they were saying before the close they were going to see no ,oan close in the first quarter but i am just wondering if the bigger banks have a cup more of the share. the 28th of february was talking about 10% loan growth this year. it may be the bigger banks around the credit card making as that have big effort in that, we could see surprising loan growth there. guy: let's talk about issuance. the last quarter was pretty strong and you see a seasonal pattern. how does that feed in? who will benefit from that? how does

and wells fargo bank is one of open houses oldest and longest ongoing fiscal sponsors thank you wells fargo over the course of a decade as openhouse has expanded and grown wells fargo has been there supporting our mission and expansion of our program we are grateful to wells fargo for the continued investment in open house and in san francisco's lgbt community another benefit of partnering with wells fargo is getting to know people like martin martin is a former board member and vice president of the openhouse a senior executive at well martin is a business and community leader that values people and relationships and is passionately committed to improving the lives of lgbt seniors i'm glad i know him and honored to serve with him unfortunately his current robot has managing director of client services at wells fargo advise is required him to be on the east coast we're thrilled that he's here with us today representing wells fargo martin. >> (clapping.) >> i did not expect that marcie thank you. congratulations this is a fantastic day i'm martin with wells fargo advisors and i live in

this was not your typical shareholders meeting for wells fargo.us about some of the controversy that was generated there. >> right. this is a very long meeting, very different. three hours about long. that gave opportunity for smart -- small shareholders to break in and say, this is what i would like to talk about, and you need to hear it. that is what they did. for three hours, we had people breaking and out of turn, out of order, and speaking their minds. we started off with this gentleman who is an advocate. he said sort of, i want to hear from these board members about what they knew about this scandal and when. taken out and looked a little haggard with his hands behind his back with security officers. that is what happened to him. some of the speakers did speak howr in the meeting about accountable they would like the board members to be. joe: all of the board members got reelected. what is the perspective on how ultimately the buck does not stop with them, the fault of someone below them. >> they did not necessarily address that directly. t

the wells fargo account scandal is rearing its head again. after a six-month independent investigation found that wells fargo's executives shrugged off the scandal. on scandal lays most blame former committee bankhead kerry stole. she struck back in saying "we strongly disagree with the report." for more, let's bring in laura keller who wrote the story. give us a little bit of the background behind this back-and-forth here. what are why did the board say it was primarily hurtful and wif why it wasn't? >> they looked at when they did it and who knew things. one of the main conclusions is that this woman who ran the committee bank said she knew about things, but she was really --s hard person who it now who would not allow a lot of people to make changes in the bank. that was their main conclusion could joh. john stumpf, the former ceo, was her boss directly. she came through all those mergers and had been slow, this report found, to fire her and had not really given us guidance at that time. julie: she is essentially saying no, that's not the

i have to tell you wells fargo i know it's hated. e only number i care, customer loyalty has gotten better versus the previous month. you know, the noninterest income is very good. but look, what can i say? wells is hated so this was -- you know, fine. >> wow. some mornings it's just really nice to have you here -- >> i got up at 3:15. >> to spend so much time on those things. the jpmorgan at 11% -- >> i know. it's a fortuitous bounce. >> i know it's in here about a balance sheet. there was a time when none of us thought that we would regularly see double digit return on equity again from the big banks. that's clearly no longer the case. as you say, return of capital, very significant. citi. but you know as for the stocks themselves 223, on the ten year. >> but you -- >> you'll be fighting from. >> 223 does not matter that much for citi. >> maybe not for citi, but for the group it does. >> i think it -- i think what really matters is that if it's 223 and the fed doesn't raise again, i think people are thinking that the economy is too

also, the wells fargo council. a scathing investigation concluding this morning. it is taking the former ceo to task clawing back millions and pay a live report on that straight ahead. we asked people to write down the things they love to do most on these balloons. travel with my daughter. roller derby. ♪ now give up half of 'em. do i have to? this is a tough financial choice we could face when we retire. but, if we start saving even just 1% more of our annual income... we could keep doing all the things we love. prudential. bring your challenges. only tylenol® rapid release gels have laser drilled holes. they release medicine fast, for fast pain relief. tylenol® stay with me, mr. parker. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... stay with me, mr. parker. ...saving time when it matters most. stay with me, mrs. parker. that's the power of and. the toothpaste that helpstax, prevent bleeding gums. if you

citigroup, jpmorgan and wells fargo in the states. after trump said america's currency was getting too strong with the greenback skidding to a five-month low to the yen. the president said he preferred the federal reserve to keep interest rates low, and also left the door open to renominating fed chair janet yellen once her term comes to an end next year. andrew perry is head of equities at hermes equity management. i was thinking of these u-turns we've been seeing from president trump and whether it matters. looking at some recent ones within the last 48 hours, the dollar, too strong, he would prefer to keep rates low. he likes yellen. he would like to keep her. at the joint press conference with the head of nato. he said now that nato is no longer obsolete, the u.s. export import bank is a good thing. previously he said he would shut it down. the list goes on. is any of this going to have an impact on the market? and will this have any result on the pushing through of tax reforms? >> i think the market has begun to recognize that wh

wells fargo fired back saying this. quote, these assertions are offensive because they run counter to the expectations of wells fargo and would be a violation of policies we have in place to safeguard against abuses. >> a man accused of attempting to kidnap a woman in san francisco is adamant that he's not guilty of the charges. dylan bravo appeared in the san francisco court today. cameras were not allowed inside. prosecutors say witnesses are key in this case. >> there were witnesses where the victim was able to escape. and everyone was doing their part to ensure that this incident transpired in a way where no one was seriously hurt. >> bravo is accused of grabbing a woman last saturday in pacific heights and tried to force her into his truck. a man passing by intervened and scared the attacker away. police used witness descriptions and arrested bravo the next day in petaluma after a short chase. >> new details tonight about a san jose man who is being held in a florida i.c.e. facility. dennis davydov a gay man from r

more headlines on wells fargo now. the shareholder meeting, the annual one has been interrupted at least five times at this point by disenfranchised, unhappy shareholders trying to make a point. we have the ceo tim sloan and also the chairman trying to defend wells fargo, saying they are not at the point of reelecting directors to the board so there is no need for people in the audience to give up that point. you will be able to follow along and watch the webcast. sloan saying the entire board is there with more work to do but they are on the right path. and our reporting says the entire board will probably survive a shareholder vote later today. this is bloomberg. ♪ vonnie: live from bloomberg world headquarters in new york i am vonnie quinn. mark: live from london i am mark barton counting you down to the european close working minutes away. let's get to emerging markets. earl are today -- earlier today we spoke to frank when templeton about where he is shifting his money. >> we have sold out of poland and hungary an

i mean, they coached us because they had to sign off on everything. >> reporter: wells fargo says thisast now. its number one priority is rebuilding trust and the bank has made fundamental changes to reduce the pressure on workers and insure customers are aware of new accounts opened. banks paid $185 million so far in fines. although it still faces more than a dozen investigations and lawsuits. but just like the financial crisis, jail time for senior executives is unlikely. >> one of those investigation at wells fargo is preparing for vul results of an independent probe released later this month. the bank's chairman said that could lead to more disciplinary actions against current employees and executives. >>> next, exploring christianity and st. thomas link to india. what we can expect in the season finale of "finding juices." aa ge the peace of mind and the security just like the marines did. the process through usaa is so effortless, that you feel like you're a part of the family. i love that i can pass the membership to my children. we're the williams family, and we're usaa members

and wells fargo bank is one of open houses oldest and longest ongoing fiscal sponsors thank you wells fargo over the course of a decade as openhouse has expanded and grown wells fargo has been there supporting our mission and expansion of our program we are grateful to wells fargo for the continued investment in open house and in san francisco's lgbt community another benefit of partnering with wells fargo is getting to know people like martin martin is a former board member and vice president of the openhouse a senior executive at well martin is a business and community leader that values people and relationships and is passionately committed to improving the lives of lgbt seniors i'm glad i know him and honored to serve with him unfortunately his current robot has managing director of client services at wells fargo advise is required him to be on the east coast we're thrilled that he's here with us today representing wells fargo martin. >> (clapping.) >> i did not expect that marcie thank you. congratulations this is a fantastic day i'm martin with wells fargo advisors and i live in

wells fargo's board announced monday it took back $75 million from john stumpf and former head of wells community banks. $75 million in compensation they clawed back. board said stumpf was too slow to investigate or critically challenged the bank's sales tactics. a lot of people furious about all of that compensation over a period of time when people were cheating. >> big question now, are we going to see criminal charges. >>> we've been talking about syria, but we haven't forgotten about north korea. they issued a blistering statement against the u.s. warning they will retaliate against any aggression. we'll tell you more about this escalating tense situation when we come back. calcu... shall we initiate the restart sequence? ♪ thrivent mutual funds. managed by humans, not robots. before investing, carefully read and consider fund objectives, risks, charges and expenses in the prospectus at thriventfunds.com. stay with me, mr. parker. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first resp

segun una demanda contra el banco wells fargo, empleados del mismo para cumplir con agresivas cuotas... camilo artiga/abogado equipo demandante 29:28 lo que no les dijeron es que puede ser que cuando salian ellos abrian otras cuenta de banco pero cuentas falsas que no debian existir usando informacion personal de estos jornaleros 29:43 asegura la demanda que a ex- empleados los instruyeron a salir del banco e ir a "acorralar" a grupos de trabajadores o jornaleros en una tienda seven eleven o en un sitios de construccion... mark molumphy/abogado demandante 16:37 ir afuera y acorrarlos cuando ellos ni siquiera estaban buscando estos servicios, abrirles cuentas al lado, tarjetas de credito, y otros productos por los que cobran, cuando ni ellos lo pidieron eso es casi fraude roberto ha sido jornalero por mas de una decada y al escuchar estas acusaciones 3:42 me da frustracion, ira, coraje. impotencia, dice sentirse insultado roberto/jornalero 6:53 he ahi una muestra tambien de que se nos usa solamente cuando se necesita tambien 6:57 estos nuevos testimonios fueron anexados este miercoles

a great field on tap, as always at the wells fargo. out to 11. ch: i'm not too sure he can get it there. 281. ian: that was just earlier and he wasn't happy with it. well out to the right. hole location today front left. so not exactly what he wanted. back to the tee. good, efficient swing this from scott brown. really gets into his extension well now. that's what he's been working on the last year. used to hang that's ideal. dottie: same wind they had yesterday, just a lot less of it. ian: up now to the green. jordan spieth playing his third. rich listen and this is a sexy little number here. 80 yards. ian: he knocked it close at the eighth from a similar number. rich: 89 over there. tee shot in the distance. i mean, there's nobody out here. there are spectators out here, just not a lot of them so any little movement or sound really can throw these players off. >> sit, sit! ian: another lovely shot. exactly what he did at eight. landed it at the cup. bounced it by, spun it back. back at the tee, kevin kisner. dottie: this has been their order all

blanca ---surgen nuevos detalles del juicio que se lleva contra el banco ''wells fargo''.us empleados se les blanca ---surgen nuevos detalles del juicio que se lleva contra el banco ''wells fargo''. take vo ---nuevos documentos revelan que a sus empleados se les orden persuadir a inmigrantes indocumentados para abrir cuentas. ---hoy a las 6 de la tarde nuestra colega ''pilar niño'' nos detallar qu tcticas usaron para abrir cuentas sin el consetimiento de los clientes lo que llev a un escndalo nacional. blanca ---los adolescentes que atracaron masivamente a pasajeros del bart tienen las horas contadas. ---asi lo revelan las recientes investigaciones en donde la polica - gracias a video de vigilancia- ha logrado identificar a varios de ellos. ---el sbado pasado unos 50 jvenes irrumpiendo en la estacin del coliseo en oakland y despojaron de sus pertenencias a 7 pasajeros e hirieron a otros 2. ---esta noche, los funcionarios se reunirn para tomar control. vo/blanca ---esta madrugada, residentes de vallejo vieron su sueÑo truncado tras reportarse un incendio. ---el siniestro de

. >>> the wells fargo scandal going from bad to worst and a new lawsuit showing how far employees were pushed to open accounts. >>> and then the bathroom break that landed one passenger in trouble. trouble. >>> here's a live the energy conscious whopeople among usle? say small actions can add up to something... humongous. a little thing here. a little thing there. starts to feel like a badge maybe millions can wear. who are all these caretakers, advocates too? turns out, it's californians it's me and it's you. don't stop now, it's easy to add to the routine. join energy upgrade california and do your thing. >>> welcome back. take a look here. we're just getting this video from syria into the live desk. a large explosion overnight near the damascus airport, and media is blaming israel right now. it's said to be an attack on a military installation near the airport. so far no deaths or injuries reporte reported. isra israel. reggie, back to you. >>> a man says he was kicked off a delta flight after he got up to go to the bathroom while the to go to the bathroom while the plane was still

wells fargo, let's bring in scott. grit to have you with us. >> melissa, thank you. >> as these guys on set were alluding to, wells fargo does trade at a discount albeit a slight one. at this point do you think most of the troubles are behind and do you think that discount should be lessen ed, should be narrowed? >> i would say at this point most of the bad news is appropriately reflected in the stock. in short, the worst is over. that's not to say it will be completely smooth sailing but investors have taken out a good chunk of the premium, in fact, as you note d it does trade at discount. over time maybe it will grab back a little bit of its relative valuation. at this point investors have appropriately discounted all the sales scandal into the stock price. >> what sort of valuation, it got a premium because it was able to cross sell, considered one of the best bankers on the street. and now that reputation is ta tarnished and their ability to cross sell is perhaps handcuffed? >> no, you're exactly right about that.

is required him to be on the east coast we're thrilled that he's here with us today representing wells fargo martin. >> (clapping.) >> i did not expect that marcie thank you. congratulations this is a fantastic day i'm martin with wells fargo advisors and i live in the same building as mark leno's sister in washington, d.c. we had drinks last month what a small world we have things in which we serve and many key members involved that open house over the years he is a current board member on the chairman and on others development committee i as marcie mentioned on the board and i joined the board because i want to honor those who paved the path of justice that we've been at the front of today and. >> (clapping.) >> yeah - >> (clapping.) >> and as the mayor said they may live in dignity in a beautiful city wells fargos culture is about inclusion and respect for more than 25 years worked with the lgbt community specifically here in san francisco we have 7 thousand key members and 50 pride organizations around the country and with our 14 years of commitment to open house the programs and the eve

. >>> the skrshceo of wells fargo the bank needs to build trust after the high pressure sales scandal resulted in the creation of more than 2 million fake accounts. the bank said it was clawing back $75 million of compensation paid. >> reporter: wells fargo announcing the largest claw backs in financial services history following a board report into the sales practice scandal that deemed it necessary to claim back additional $28 million of pay from former ceo john stumpf after he had already agreed to forgo $41 million when he resigned in october of 2016 and an additional 47 million from carry tolstedt, she had already forgone 19 million last september. to tolstedt was also terminated retroactively for cause. >> the root cause of the sales practices issue, as determined by the investigation, was the excessive sales pressure in community bank, the excessive sales goals, and the failure to escalate the problem appropriately through the structure of the community bank. carrie as the leader of the community bank is responsible for that. >> tolstedt refused to be interviewed but a statemen

the wells fargo call just wrapped up a little while ago. talking about the challenge in trying to improve its efficiency ratio, which the ceo said he was not satisfied with, last quarter. in terms of how the stocks are doing, citigroup the best, then jpmorgan, wells fargo is down. mark: time for the bloomberg business flash. -- has won a crucial backing for its did in the toshiba timmy connector business. the american company has lined up financing from three different japanese banks and a private equity firm still relates broadcom is operating about $18 billion -- offering $18 billion to toshiba. there has been an unusual twist in the high-stakes battle for the dutch paint maker. an activist shareholder has been aggressively pushing them to talk to ppg industries which has made an unwanted $24 billion takeover offer. he inadvertently sent in email outlying it strategy for getting the two sides to the negotiating table. they complained to dutch regulators about information he planned to share with ptg. elliott, which was founded by billiona