the city funds. community development banks, sort of the same pattern. smaller institutions. public banks offer something in that they can integrate a business plan and a mission that's consistent with city social policy goals and providing services to the underserved communities and that the primary goal of the city would not be maximizing profits although it would have to be profitable to continue to function, but the focus could be different. risks or limitations associated with that, it's heavy start up, there is no question and you already addressed that in the committee that this is not a minor thing to take on. and of course there's the risk of failure. but i'll address some counterpoints to that a little later. and finally i want to point out, there are city funded community developments, i think supervisor stefani, you mentioned the county clerk program but there are other services in the city for banking services for first time home buyers, school teachers, technical assistance to small businesses, so there are services in place, it's not a lot of money compared to w

bank? >> clearly there is an announcement that the state is looking at a public bank. we're fortunate to have the state treasurer office representative on our task force. it will be something that we also know that berkeley and oakland and others are having the conversation as well. so i think it is an opportunity for us to look at how are we going to address this and not individually invest in this in a faulty manner. >> supervisor cohen: supervisor stephanie. >> i just wanted to bring something to your attention. when i oversaw the county clerk office, for the past two years, one of the programs i was charged with was the city i.d. program and when that was passed in 2008 and launched in 2009, one of the benefits of the city i.d. program was so that someone could get a government issued i.d. and use that as a primary source of identification to open an account. unfortunately, that hasn't happened. it's something i think we need to take a look at when you're looking at a municipal bank, to fold in the city i.d. program because it's a vital to the residents of san franc

>>host: why was the second bank low? >> one reason was the perception it had a key role or perhaps even the main source of the panic of 1819. but history is mixed on how much it did cause. but the other was that precisely at this moment this was happening, the rumors of corruption and theft and misrepresentation on the part of the bank in particular the baltimore were coming to a head. so congress put together a committee that basically documented that they at the baltimore branch was terribly corrupt and inefficient and not an institution that you would trust. all of this was coming out at precisely the same point the case was set up to be argued with the suffering court in february. >>host: dissenters around the bank of the united states particularly the baltimore branch and really it is over the two issues part of the debate since the founding that state supremacy versus the federal supremacy that was a proxy of that conflict. >> absolutely. and then based around the country there was the panic of 1819 then they drive

-- the second bank of the u.s. started because america was having a tremendous problem with fluctuating currency and it was in part because there was no central bank to help rein that in. it a problem of runaway inflation and fluctuation, but the government had no one to borrow money from. the bank of the u.s. was founded to perform four functions, it was intended to loan the government money when it needed testollect the taxes, and state banks to make sure they to what theytrue said they had in their vaults. and establish one unified circulating currency. it did it in ways that the federal reserve does not do and there are things the federal reserve can do which is loaned money to banks and pay interest. what has been consistent throughout the history of these central banks is the realization that when they are well run, they are incredibly useful to society. a collateral thing i have been wanting to put in with regard to banking, it is an except very areawide we have a we call concurrent activity. the banking syst

and closures led to personal bankruptcies, and the whole system collapse. >> so why was the bank -- the second bank loathed? >> well, there were -- one reason was the perception that the bank had a key role and was perhaps even the main source of the panic of 1819. the history's mixed on how much it actually did cause. but the other one was that at precisely the moment all of this is happening, the rumors of corruption and theft and misrepresentation on the part of the bank, in particular the baltimore branch of the bank, were coming to a head. and so congress put together a committee in december of 1818 that issued a report in january of 1819, and basically documented that the bank, in particular the baltimore branch, was terribly corrupt, terribly inefficient. and simply not an institution you would rather -- that you would trust. and all of this was coming out at precisely the same point that the case was being set up to be argued before the supreme court in february. >> so the case centers around the second bank of the united states, particularly the baltimore branch, and it is real

the commercial banks and the ones that the city has been using have extensive service capable. they're highly capitalized and collateralized. it's a charter for additional depository institution such as commercial bank or industrial bank, the banks are required by state law, to get federal deposit insurance. the city of san francisco would be a shareholder in the bank. a credit union charter is a charter for stated credit union which members share a common bond, under this option san francisco would be a member of a credit union with other municipalities. an important note is credit unions are not required by state law to get federal deposit insurance, they can get private share insurance. the problem with both commercial bank and credit union is these entities are like quote, putting a square peg in a round hole in that they would force the city to retrofit their public bank business model into a regulatory system that was designed for private shareholders or credit union members. therefore the memo ultimately recommends a public bank charter and this would require special, spe

the four major banks have done a lot of work to try and the work that is required by the banks away fromning of the operations in the business. crucial,momentum is and as you pointed out, maintaining profitable growth is bank senior management, but a major distraction, that is for sure. haidi: major business if you are a law firm. talking about this theme of profitability, one of the things in the piece is this quote from citigroup saying there will be material recasting of the economics of the banking industry. what does that look like? >> investors are looking at how probability changes in how they are penalized at the end of all this. >> it is difficult to say how it will happen, the banks, one evidence that the banks' p rofitability is return on equity. not as high as the canadian max -- canadian banks. it comes down to pricing. the core of the prophets is the durability to change prices for customer products like interest rates on home loans and deposits as they see fit. ,f the government somehow through whatever mechanism, is able to control the banks and limit the amount of repric

the challenges. let's do business banking officials say eat. gone away with bribery for years he's a key member of the e.c.b. and governor of latvia's central bank now under investigation is still the only financial scandal to hit the baltic nation one of its biggest banks is accused of busting sanctions on north korea. latvia's top banking official illness from savage arriving at the country's anti-corruption agency rim savage seen here wearing a cap was questioned by authorities after they raided his offices and property already say he is being held for demanding a bribe of at least one hundred thousand euros the news comes a week after u.s. authorities proposed banning one of latvia's largest private banks a.b.l. the bank for alleged money laundering that he has finance ministers sought to offer reassurance. but it's not enough since they are i can assure you that a lot of finance system is stable banks don't have liquidity issues so depositors can feel completely safe. that all of them only use this only about worship of interest in order to

the banks oftentimes, tying up the personnel in the bank and so we agreed. let's not have them come in every 12 months. let's extend that so that 18 months will give some relief to the community banks so that they don't have to deal with the a way that such disturbing the bank. we also moved successfully to eliminate annual privacy notice for community banks and credit unions whose policies have not changed and the consumer is already notified. well, so we did that. we eliminated these annual privacy notices for the community banks and for credit unions. who have not change thared policies an there was no need to have to continue to insist that they have these annual privacy notices. well, we went further with less stringent s.e.c. registration rules for small thrifts, providing parity with other banks. access to credit for privately insured credit union, allowing them to join the federal home loan bank program. improve mortgage licensing for community banks and credit unions by allowing regulatory -- regulator access to the nationwide mortgage licensing syst

the banks pushed back for years the banks had returns on equity that were double that of the rest of the finance sector and why because they were able to lever up far more than they should have been. david thank you so much david of polish securities and you have a great blog to write thank you thank you for being with us sure appreciate it or we take a quick pause for the promotional cause but hang right here because when we return ashley banks tells us just how a new law will change the vehicles that are driven in germany plus we speak with chris martenson about why russia has become a new leader in holding physical gold and here are the numbers that the closing bell all three major u.s. stock markets as well as oil and gold in negative territory today but all those red arrows are back in a minute. from north korea to syria's president donald trump's foreign policy is literally all over the map north korea says it is open to direct talks with washington only to be met with preconditions in syria peace is within view this is not what the trumpet ministration wants. the police. are a

typically that helps the banks, for example. we did not see a move in the bond market presaging this downward move in the stock market. interesting to note there. refreshing this one as well, these are the movers in the s&p 500 on an individual basis. microsoft, facebook, amazon, jpmorgan, intel, jp, some of the biggest drags. watch this up-and-down ratio in the s&p, for stocks down for everyone that is rising. mark? market: the bank of england, holding rates steady today. sterling surging, suggesting they may need to raise rates faster than previously indicated . joining us now from outside the bank of england, what is that feeling outside the market? when will this for rate cycle to send from last year? when is it likely to happen? >> i would say that the market is interpreting this as a hawkish hold. what i found interesting about the reaction today is that when we got that dovish hike, yields dropped right eight basis points and today you are seeing the exact reverse of that in the other direction. markets have started fully

the banks pushed back for years the banks had returns on equity that were double that of the rest of the finance sector and why because they were able to lever up far more than they should have been david thank you so much david of polish securities and you have a great blog to write thank you thank you for being with us sure appreciate it or we take a quick pause for the promotional cause but hang right here because when we return ashley banks tells us just how a new law will change the vehicles that are driven in germany plus we speak with chris martenson about why russia has become a new leader in holding physical gold and here are the numbers at the closing bell all three major u.s. stock markets as well as oil and gold in negative territory today and all those red arrows back in a minute. join me every thursday on the alec simon show and i'll be speaking to guests of the world of politics small business i'm show business i'll see you then. when lawmakers manufacture consent to student of public wealth. when the ruling classes to protect themselves. with the financial merry go ro

it will be positive for the bank, but i will let our cfo give you all the details later. you very much. jes staley, barclays ceo, joining us as they produce numbers, boosting their dividend sharehe bank, and buybacks now on the card for the future. let's get a check on these markets. we are expecting to see negative moves at the start of the european trading day. a general downdraft we expect to experience. we are following the united states and asia in that regard. in the trading day yesterday, the comments from the fed, positive around the u.s. economy, but then the market started to realize this might hiking,her, faster rate and that's why we saw some equities coming off the boil a bit. that spread into asia, and today we see it will spread into europe. s&p futures also pointing downwards. lots of individual corporate stories. we will keep an eye out for barclays with the numbers we got, and the update on return of cash to shareholders. shareholders, to something of a theme for the businesses we heard about. centrica, numbers from that business as well, a big focus on w

the u.s. banks because they basically caused the crisis and they did it by manufacturing money and other things over the past decade but they also did it by reaching out to other central banker friends throughout the world particular leave the area p. and central bank the bank of japan on sort of euro banks and they said look we need your help but this was all done in the background what was happening publicly publicly they acted as if they save the system in a period of losing colluding against their. the general public but they colluded with each other to rig rates to keep money at the average zero levels that we have today to buy trillions of dollars worth of bonds from governments and from banks particularly banks and allows them to value all of their bonds up so they basically artificially rigged the entire bond market stock market because all of these institutions now have access to cheap money with which they buy their own shares and effectively just totally change the financial system but wh

tax reform that is hitting the larger banks bottom line here. well jon cryer was very clear that those numbers are certainly under the expectation they were really hoping for more mostly of the fourth quarter was very difficult for georgia bank and yes there is saying that is this is mostly because of the tax reform in the united states without the tax reform they would have made nine hundred million euros but also he was saying that even this would not have been good for the bank as well they are also saying that the market environment right now is very difficult because of very low interest rates he was also stating that the investment banking sector was really suffering because of low volatility in the market so he is clearly under pressure when he came here into office he was supposed to reform the bank all those reforms have been taking a very very long for two thousand and eighteen he is now saying that he's hoping to bring the bank finally back into the winning zone if john cryan and dodger bank for that matter continues to struggle why is

tax reforms really the only one thing the bank can find to blame. they had there been from the frankfurt stock exchange that by the way is today very much under pressure because of those very negative numbers off dacha bank shares are now under the magical line of thirteen thousand points yes the u.s. tax reform that's what georgia bank is saying has been really hurting mostly their fourth quarter without the u.s. tax reform they were saying that they would have made at least nine hundred million a year or so but john cryan was also very frank frankly and he was saying that even this would not have been enough there are other factors for example the very low interest rates then also a problem in the end vesting banking sectors then still lots of pending lawsuits although all of those didn't have a bank at all so a lot of challenges but why why is it taking cry and so long to perform the bank. well he was really facing those tough questions also during the press conference remember that dodger back in the past has been called also the most dangerous b

i believe i am not a friend of the banks. en prepared probably for several years, that they have been going after me, looking for my mistakes, wherever i could be blamed for the smallest things, for misbehavior or misfortune. i think it is also important to mention there was a possibility , when it that very day made an appointment to meet the u.s. ambassador. i thought it would be happening next week. ande was a home search arrest. this is my speculation, of course. there are a lot of things coinciding with that day and with the u.s. sanctions against the bank. silent andobably be not tell anything more but there are a lot of coincidences. guy: as you say, speculation at this point. governor and savage, thank you for speaking with us. back to you. david: terrific interview, fascinating. we want to turn to a different subject, banking regulations here in the u.s. the treasury department to the latest step in president trump's plan to visit making regulations, recommending changes to the organized liquidation authority. we welc

by did this not because who warned mastercard and visa the banks so the banks again form together and form swift so that they can still have profit making within their institutions and they're currently trying to reinvent the same thing by creating a private block jen and by having creating a settlement and payment mechanism there but that is not going to change anything at all because what they said what they claim they're going to do with the block gente they are already doing anyway so maybe it results in a foster payment and in quick a payment and getting rid of them got us born in banking which they're not interested in because they're the kind of corn and banks so actually does not have the architect the process it does not. it does not create anything new so i would say if you look at it from outside the system looks the same the players within the ecosystem remain the same it's just a big thing there or ledge of it's a new niche. up and it has no impact whatsoever in the financial services architecture so what is about to happen to the banks is a new sort of a player comin

and we had news from hsbc, the biggest bank in europe, profitsjumping hsbc, the biggest bank in europen. doing well in asia. lots of the growth is down to profits made in that part of the world. the latest news also says bhp billiton has come out with earnings as well. the business page on line is all about for you as it breaks. —— has all of that. now it's time look at the stories that are making the headlines in media across the world. we begin with the new york times, and a un report that has found iran is in violation of a united nations weapons embargo and in defiance of security council resolutions that could endanger the iran nuclear deal. the guardian leads with comments from uk brexit secretary, david davis, who said fears the conservatives will plunge britain into a "mad max—style world borrowed from dystopian fiction"

the bank is in a difficult position. nal today that it is absolutely coming. tom: uncomfortable questions for governor carney about market volatility. how will he answer the question that has to be asked about, can equity market volatility creep over into the derivative structures of fixed income in your foreign exchange? he will get the question, how will he respond? >> it is inevitable that in the context of the all ability we have seen, he will be asked that. he will underline the fact that volatility in financial markets are unnecessarily or -- or in a green markets are not reflectively of a sea change in terms of the underlying fundamentals. that thereach the fact backdrop remains reasonably constructive in the context of the brexit uncertainty regarding the u.k. and the global synchronized , thatry, which is in play will be the message he will preach and argue that we should not -- central-bank policy should not be blown off course by market volatility, something similar to the question and answers asked him mr. kap

the resolution is not within the banks control. ach an agreement before it can return dividends to help sell the government's majority stake. we are getting some indications that the stock could open in the red. manus: mcewan has been on the .ape the core bank's performance. aberdeen, with the shocking news last week that lloyd's was fromrawing their business standard life, but a bit of breaking news in terms of restructuring going on. what is it? reporter: we have news scoop frombloomberg yesterday. standard life aberdeen has been in the news a lot. with the merger talks lloyd's fell apart, they were about to merge their insurance businesses, but talks fell apart because it was unclear who would control the new entity. it turns out standard life is selling its insurance unit to phoenix. that should be positive for stocks, so we are expecting it to open in the green. you have one of the worst hurricane seasons in a long time. numbers and the key issue? reporter: quite a resilient message from the company. even though the prophet was

already in the future was called one of the most dangerous banks in the world also because of hundreds division that the bank is having all around the globe crying has been promising and now again to reduce those divisions to make the bank to work more effective to end also with that at the end you know having more money. and then you briefly dodger has had to deal with a number of problems we've heard about them what people in frankfurt think how is john prine the c.e.o. handling these issues. while many are actually disappointed when he came into office he would he was having very big plans to reform the bank all of this has been very slow and now also problems from and h. and a the biggest shareholder with ten per cent of georgia ben we are hearing that there may be also running out of money so yeah still lots of work certainly for mr cry and then you go purported from frankfurt thank you. and of course we'll bring you more on this topic is dr banks board of directors will present their take on the earnings figures later today now us tech giants have also present

we will be live in frank for it at the gic banking series. s a host of great guests tuesday to about the developments in markets, inflation, treasuries, and beyond. it is super thursday in london. what can we expect year from the bank of england? we will get analysis. this is bloomberg. ♪ anna: this is bloomberg daybreak. 40 minutes to go until the start of the equity trading day. we had a host of earnings reports for the markets. the oil sector. keep an eye on all of those. coming fast and furious. we had an expectation that we will move lower at the start of trade. we saw selloff at the end of the u.s. trading day. positiveuld be more later. we will be a touch higher at the start of the trading day. go to manus cranny. have the chair of the gic, he wears a lot of caps during the day and he is the chief economist. let's get right to it. i have had kaplan and dudley and williams all coming out from the fed telling us this is a blip but are we at a moment of repricing volatility in markets 2018? guest: we are clearly at a moment of that sort an

, the banks index high you nice pacing have the bank of japan getting involved. actual stocks in europe. session.a trickier the equities are being tested by the bond yields. but are they? is it going to unseat the equity markets? that's the question you need to deliberate. up by .05%. that is called margin, that is called profit and dividend. that sets the tone for google and alphabet, which missed on their earnings. we have been through the mufg numbers. let's touch base on deutsche bank every they are doing revenue -- deutsche bank. they are doing revenue at the seven-year low and that's not going to go down low with investors, falling 3.5% in pretrade versus where it was yesterday. we will keep an eye on that one at the start of the trading day. the revenue drop reflects strategic decisions. that's the other side of that story. let's talk about the asia sessions. we have seen bright spots around sony. they changed management and that got a boost in stocks. they are choosing to focus on big questions around rate tightening in the u.s. and what that means in equ

the actions of central banks have to reflect that. re to some extent in march but certainly in april and june. particular you around the language the asset purchases will continue. we think they will go on until the end of the year. they will bring their pricing forward. quick insightet into thinking of france and macron. you are looking at the best year of investments in 2011. how confident are you in your forms? macron inur take on 2017 and 2018? huw: i think the election was a sea change. i think the credibility of a reform and change program in france and the leadership of macron is quite high. that's had a profound effect on sentiment. of the same time, the strategy of mr. macron is, understandably from a political point of view, to pursue a 10 year presidency at a 10 year transition. that has led him to prioritize both. measures that are politically feasible and achievable in the short-term rather than very ambitious short-term in order to build a record of success and have a snowballing effect that will create the underlying rea

does it abandoned the investment banking strategy? last man standing in europe? yielding revenue down the line. the question is whether investors will have patience for dnother backorders -- ba quarter of earnings at berkeley. -- barclays. nejra: hsbc the first of the four to report. is it likely to set any sort of tone? i know the key is the asia business. stephen: that's exactly right. increasingly more of its earnings are coming from asia. it does have strength in the u.k. retail business. what we see happening in margins and profitability on brexit will obviously set the tone for the rest of the week. we've also got a ceo change. andas been there since 2011 is handing it over to another long serving insider. it will be interesting to see what the outgoing ceo has to say about his time there, which was not as always smooth as he helped. he is handing over a bank in pretty good shape so we will see if the new ceo has anything to say about where he plans to take it. nejra: what can we expect from rbs as well, the last report at the e

bill harris and patricia hearst. >> patty did not go into the crocker bank the way she went into the or not prosecuting us until 28 years later. they had a treasure trove of evidence, most of it provided by patricia hearst, and the only explanation that i can imagine -- and i have no evidence of this because there is none -- there had to have been pressure from the hearsts to keep that from being brought. they didn't want her on the witness stand in a trial that would get -- be the number one publicity trial of the moment. and she was going to have to tell this story all over again and she was going to have to try to be honest. >> that's the thing. for all her bull shut she didn't testify, what's that tell you? she had to say that in the book. but she could have testified. she got on larry king and said, we're all a bunch of as holes and she wants to do everything she can to prosecute us. well, girl, all you have to do is testify. >> it was a combination of she didn't want to do it and the d.a. didn't trust her as a witness. charge in the murder case was 7 to life, and we were allowed

sanctions against russia over election meddling could target the banks that are funding a huge buildup of alms they key to the country's weapons exports that are worth billions of euros and of crucial for the economy the kremlin is trying to find ways to protect the state owned lenders from any risk. weapons have traditionally been a booming business in russia. last year russia export a twelve billion euros worth of arms to fifty three nations private banks usually play a key role managing arms exports but many of them are now subject to u.s. sanctions potentially throwing a wrench into russia's well oiled arms industry until moscow repurposed the problem spawn that is the bank manages russian arms transactions and keeps them hidden. though social so that the courts. establishing a network of companies is all you need to transfer money. from the outside it's not at all transparent still it's not the king it was a shell who. until recently. was a private lender catering to the middle class but at the end of last year the bank found itself at the brink of collapse in january moscow respo

the bank of england has been in the middle. they telegraphed a lot better than they need to start removing accommodation. the statement came out hawkish, putting a bit and there -- a bid in their currency. probably it puts may back on the table. timeframe wes the are going to see rate rise. it is probably long overdue. the ecb talking about removing some of the quantitative easing program in september. it is the right thing to do. how do we know how smoothly brexit is going to go? to forecast three years out is aggressive. what they need to do is remove enough accommodation so if brexit is not a smooth process, they have something to get back. david: the basis on an assumption, brexit is going to go really smoothly given the news, that seems a little fictional to me. what are the dangers? also for banks just all central banks are 20 get back to a level more normal. if things don't go well. if brexit is not smooth. if the u.s. were to slip into recession, you need to have some dry powder. mark carney has been a good job of commu

royal bank of scotland is back in the black for the first time in a decade, the bank, still majority—ownedade an annual profit ofjust over $1 billion, compared with the $9.7 billion loss the year before. the troubled japanese firm takata has reached a settlement with 44 states in the us over claims it concealed dangerous defects in its exploding airbags. takata's airbags have been linked to more than a dozen deaths and over 100 injuries worldwide. chinese regulators say they're taking over anbang insurance for a year — and that its former chairman will face prosecution. chinese regulators say they're taking over anbang insurance for a year — and that its former chairman will face prosecution. —— 300 billion. the bbc‘s tim mcdonald has been following the story from singapore. this is a bit unusual, the company is in the hands of the chinese regulators who have taken it over and will hold onto it for a year, and there are former chairman has been charged with what is described as economic crimes. the overseas spending sprees are something that the chinese regulators are concerned about, they

which they're not interested in because they're the kind of porn and banks so actually does not pay the architect the process it does not. it does not create anything new so i would say if you look at it from outside the system looks the same the players within the ecosystem remain the same it's just a baiting there or ledge of it's a new niche. and it has no impact whatsoever in the financial services architecture so what is about to happen to the banks is a new sort of a player coming about and creating something which gump legally does away with this kind of a system and in rennes a new kind of system is does not need this go to the our alliance of banks of dong this doesn't have the swift kind of mechanism and creates an entirely different solution for example we're trying to come up with a decent lazed exchange balkanized i.p.o. platform vich can actually replace the existing exchanges which is an alternator which is the next generation exchange on a marketplace if you're up so if i talk to the stock exchanges i have actually spoken to some of the stock

pivotal for the bank. a line on the financials of the bank of ireland and is this the end of the crisis management in your bank? >> i am delighted to be reporting that we had a strong performance and we have weortant results and consider that pivotal for the bank. we have the bank of ireland as the largest lender to the economy for the fourth year in a row, reflecting strong support thehe business sector and significant increase in the mortgage lending here with more than 9000 mortgages sold and it was very important for that segment and we have announced our intention to go back into that market in ireland and we could have a major focus on transformation and upgraded the and i aming systems committed to this program and think that this reflects the overall positive outlook for the economy in the banking sector that the bank of ireland is the bank of ireland. >> in terms of the broader interest rate picture and what that does to your bank and to your margins, do you see the and howtting higher pegged to ar

and you're right the state influence which has increased in the russian banking center is not really effect for the german export was who are active in russia right under the ask now managing partner at accounting audit ing and consulting from google in patna joining us from moscow thank you so much. first of a move to the retail network online and now they bring networking into the retail sector china's internet companies are working on a fully digitalized shopping experience supermarkets without any staff. this in conspicuous structure is actually a mini market located in a commercial district outside beijing it's fully automatic there's no staff. it's a market of the future. here customers use an app to access the store locate products and pay for them so much a venture. there are five security cameras watching the store if a customer shoplifting or tries to leave without paying the customer service center reminds them to pay. the store contains typical many market items snacks drinks and hygiene products customers come from nearby offices during their lunch b

and this has been the result. mega banks have experienced record-breaking profits for the past several years and now they expect us to believe that these commonsense rules that take into account their previous behavior of what's keeping them of providing more affordable credit to hard-working consumers in search of the american dream, as i mentioned earlier, they can make loans to credit-worthy consumers while funding those loans with capital instead of debt. operational capital is not cash locked away at night but the value of its assets. a well capitalized bank that has adequate sources of funding can accommodate losses. in fact, it would lend in good times and bad. we should direct the regulators overseeing mega banks like wells fargo, with its years of , to us consumer abuses ignore these past failures and put our constituents at risk. my colleagues on the other side aisle are rushing through deregulatory measures to help their friends on wall street. the congress must not forget that it was hard-working consumers who pa

-- profitability to turn around at the bank. h for deutsche bank to be him over at the open. an lateralk to john cryn and how he thinks the business is developing and when he thinks he will see a turnaround. anna: you are going to be speaking to john cryan in and in the last couple of weeks or so talked about a third phase to what he's trying to do. thatesting to see what means and what detail we get around that because he has spent a lot of time trying to take costs out. what is the third phase entail? you still have to have people work at the banks, robots are not ready to run it yet. i think it's been a real disappointment to investors, as well. let's bring in mark cranfield from our mliv blog. i'm not sure if you saw the deutsche bank numbers, but it's interesting it trades less than half of book value, the worst performer on the 500 banks index. it's really tough for john cryan to turn this around because treading revenue continues to drop. that's not specific to deutsche bank. treading revenue has continued to drop for bank

it one of the larger banks. isks, and secondly, limited to rbi, limited to the national bank, how did this go on for such a long time? the second aspect is who lossese bill for the on the table? cnb take it, or do banks undertake this issue? those are all involved, it's got enough assets to cover liables due to this fraud. so essentially, these two focus of are the investigations right now. haslinda: how are investors reacting? mean, there has been an reaction. they sold shares. really rward, we're unsure as to which of the out and ill come say -- yesterday four banks came out and said another anufacturing company had defrauded them, taking loans and siphoning off the money. if more banks come, there is a possibility that, you banking entire sector will be seen as suspect by the global and you would see massive selling. s of now, it's limited to and foreign ks investors. so haslinda: all right. thank you so much for your insights. today, of course, indian be in focus when india starts trading, very shortly. gains

bank? >> clearly there is an announcement that the state is looking at a public bank. we're fortunate to have the state treasurer office representative on our task force. it will be something that we also know that berkeley and oakland and others are having the conversation as well. so i think it is an opportunity for us to look at how are we going to address this and not individually invest in this in a faulty manner. >> supervisor cohen: supervisor stephanie. >> i just wanted to bring something to your attention. when i oversaw the county clerk office, for the past two

nice plain in this on the bank of england website. interest rates low, it supports the economy by making it easy to borrow money. there is nothing in the way of generating economic activity if they want to. the support of having super cheap credit is no longer as necessary, they think. they have removed some support. we rarely talk about savers, but they have a different ta ke savers, but they have a different take on this. back in 2009 when interest rates were cut to an historic low of 0.5%, the then governor said they would go back up. a decade later, they are at 0.5% and haven't got any higher. the city thinks a rise is likely in may, and there could be another one early next. it could end up higher than was previously thought. you are talking about affordable loans compared to 20 years ago. andy, thank you very much. don't forget — you can let us know what you think tweet us using the hashtag, #afternoonlive. all the ways to contact us on screen right now. staying with the theme... almost all council tax payers in england face high

is a one off investment now it's designed to give the new management company and investment banks the opportunity of securing our franchise and to strengthen our position in key sectors let's give it to shift i'll soon. well let's bring in our correspondent then your corporate data bank headquarters daniel we just heard john prine justifying these bonuses in a somewhat corporate speak can you translate that for us. you know rather difficult to understand right i guess what he really wants to say with is that they are paying this extra bonus to mostly the investment banking sectors because they want to keep those employees there simply warry that they might be going and working for another bank one of their competitors all of this very surprising that has been criticized by many people also keeping in mind that investors banking and vespers banker are known to already make very well money i was doing some reach research usually with an entry position they're already making about seventy thousand euros per year and that can go easily up to two hundred and fifty thousand all of this is s

in fact, the bank has been the fastest-growing bank for the last five years.hieved this regarding the financial numbers -- i am fairly optimistic about 2018 that this growth will continue. yousef: right. when you look at the change in policy from the government, they have moved away from the harsh austerity to more of an expansionary budget for the new year. there's more spending, more investment. was that don't to mean in terms of boosting your bottom line? what kind of lending growth are you looking at? guest: as you said, exactly. is verynt spending central for economy growth. i am believing the budget for 2018 will have many opportunities for us. there are many projects going to well to finish those megaprojects that started a few years ago. yousef: give me a sense of what the impact could be from the ongoing selloff we are seeing in global equities and bonds, especially perhaps the surging bond yields across the globe. could that have an impact on your operations in any shape or form? focusing on the .ocal markets more [inaudible] you see we grew more tha