via the federal reserve bank of new york and then laundered in the philippines. the money and the thieves then bent. i'm steve on this episode a one on one east we investigate one of the biggest bank robberies a modern times and ask how the cyber hackers got away with it. well you feel good. about. our government money. jacka the capital of bangladesh. a teeming chaotic city and one of the world's poorest. seventy million people live here assertive then surviving on less than two dollars a day. bangladesh has one of the world's fastest growing economies. it's a country on the up but one that could ill afford to lose more than eighty million dollars of taxpayers' money. bangladesh bank the country's central bank is at the heart of its economic system. it overlooks a busy roundabout inductors financial district. high walls and tight security to stop anyone getting in who shouldn't be there. sometimes physical barriers aren't enough for this heist nobody broke in and nobody took anything away in crime was perpetrated elect

the listening post on al jazeera. it was a very real. tens of millions of dollars stolen from bangladesh's central bank via the federal reserve bank of new york and then laundered in the philippines. the money and the thieves then bent. and steve on this episode a one on one east we investigate one of the biggest bank robberies a modern times and ask how the cyber hackers got away with it. well you covered it. our governor. jacka the capital of bangladesh. at teaming chaotic city and one of the world's poorest. seventeen million people live here assertive then surviving on less than two dollars a day. bangladesh has one of the world's fastest growing economies. it's a country on the up but one that could ill afford to lose more than eighty million dollars of taxpayers' money. bangladesh bank the country's central bank is at the heart of its economic system. it overlooks a busy roundabout inductors financial district. high walls and tight security to stop anyone getting in who shouldn't be there but sometimes physical barriers aren't enough. for this heist nobody broke in and nobody took anything away in crime was perpetrated electronical

are also using the guise of protecting community banks to help out the largest banks on wall street. the bill exempts 26 of the largest banks from dodd-frank's act's heightened oversight. since 2007, these samebacks have been sued or cited -- same banks have been sued or cited by the regulators and paid settlements of $40 billion. some of which they can deduct from their taxes. republicans are also using relief for community banks, as their guise, as a way of undermining the volcker rule, threatening the stability of the financial system and the entire economy. republicans' willingness to abandon vulnerable americans and jeopardize our entire financial system to further enrich wealthy wall street banks is astounding. today the fdic reported that banks helped by a massive tax cut earned record profit notice first quarter of this year -- profits in the quarter of this year. they've done that over the past three years as well. time and time republicans put the wall street and rich first and families last. the american people deserve a congress that looks after them. not one that

our regulation of the financial sector and the banking system is the development of rules to ensure the safe sound and efficient operation of the system. then we have supervisory function where we examine all of the banks that are subject to our jurisdiction to ensure they are complying with the rules and operating in a safe sound and efficient manner. >> thank you. having about the first person o fill this role, i appreciate your testimony earlier when we were differentiating guidance from rule making. of course rule making is generally stoudge more oversight from congress, and we kind of struggle with the guidance, and there's little accountability to what guidance is given. it's hard to substantiate and finger pointing. no, it didn't, yes, he did kind of events. but it has a profound effect on the economy. in your role, how do you see you personally and your team being able to contribute to clarity around that? a, i think that there ought to be transparency in all our processes, ought to be something that's a high priority for us. it has been a priority but it becoming a higher prior

these smaller banks we think the the robust nature of community banking will be harmed by this law. bartlett let me ask you had this the one of one of the areas that i thought was particularly important about the rule that i wonder what the impact is of the new law was the capital requirements for banks if we go back to the great recession one of the problems is that they didn't have big capital requirements and when they were tested because of all these bad bets they placed in the housing market taking a terrible tumble a lot of them were either about to go under which was why we had that seven hundred billion with a b. bailout are the capital requirements being reduced with the results of this new law the law itself does not directly reduction in capital however it empowers the regulator to do just the regulators to do just that. there's a very small but important change in the law that says whereas before regulators may tailor the regulations and capital requirements based on the risk profile of the bank now they shall tailor it and t

new york city one of the world's biggest financial centers and home to one of its most important financial institutions. the federal reserve bank of new york or defect its manhattan headquarters sit on top of five hundred and eight thousand gold and it handles around eight hundred billion dollars of payments every day. johnson spice reports on its activity which moves markets around the world when no one thinks of the federal reserve in terms of cyberspace usually you think of you know economics you think of labor markets you think of macro models of the u.s. central bank and economists are poring over to try to decide what to do about interest rates it turns out of course that there's about three and a half trillion dollars of foreign funds being held at the new york fed and the fed is basically the account custodian for two hundred fifty foreign entities around the world. and its customers included bangladeshis central bank and it was to the new york fed that the hackers sent thirty five messages requesting payments from the bangladesh bank account. things could have been a lot worse but for an extraordinary coincidence milli

being such an integral part of the bank. guy: when is a recession? in 2019, that is when the ecb might be looking to raise rates. mario draghi wants out of office before anything that needs to happen. issue, quarter for, q1 -- q4, q1 issue. you have seen inflation according to the fed minutes stabilizing. -- youdelinquencies are see the bund going negative, inflation scares are disappearing. we are in the early part of a significant slowdown that has been registered by the bund market. how many emails have you received, u.s. 10 year is going to go to 3.5%, 4%? it is not about inflation anymore, it is about the net issues of debt. we will penalize any country that has too much debt on the balance sheet. guy: quite a few. -- stick around, the cio of saxo bank. a quick look at the markets. weakness in the european auto sector. thisll be watching that morning. maybe the trump administration is putting the idea of using national securities as an excuse to raise levies. the u.k. and germany are flat for the moment. prettye is hav

of the huge, most important concerns of a small business. during a march 26 speech, you discussed the findings of a survey by the 12 reserve banks. can you tell us what that survey revealed in terms of access to capital for small businesses? >> well, i think that the -- without getting into the terms of any particular survey, i think that -- i do think that lending to small businesses is an issue. one of the things that i did earlier in my career -- >> is an issue in that there's a regulatory impediment to the access to capital? >> i think that there is. certainly at the community -- i think that the cost of regulation on community banks -- >> i agree. >> -- has been an impediment. community banks are an important source of credit for small businesses. earlier in my career when i was an investor in smaller banks, you know -- >> and so the lifting of that regulatory burden would allow community banks the ability to lend more and, in turn, growing those communities and, in turn, building a more vibrant and productive economy? >> yes, i believe that. >> and we should be doing what is necessary to see that that's done? >> yes, we shou

the downfall of zhong we. the chinese government seized control of the bank in february and injected $9 million of capital to bolster that is your bloomberg business flash. tom: we are thrilled in london to bring in, with all the em uproar we are seeing, bank of england coming up later and nejra cehic outside the bank of england, with us now john morgan aali.bas i want to go to correlations within em. dollar-yen did not go week and then it did -- weak and then it did for a 110 print. is everything correlating up or are these disturbances discrete? are we on the edge of an ecuadorian moment? john: i don't think we are. i am not sure i know what that means. i think you are talking about a confluence of systemic issues, which is the rate correlation of the dollar with interest rates. that is a pretty negative cocktail. i think u.s. two-year rates are starting to crest because a lot of the tightening is priced for the next 12 months and i think the dollar stabilizes and starts to come off versus a number of emerging markets that have cheapened. it removes the systemic and full and's that has been pushing them down. tom:

bank of the ozarks, 2.5% >> bank of the ozarks getting a shout out on "worldwide exchange." eresting view and different view on the banks and net interest margins chris whalen, thanks >> any time you want me at 5:30. >> this is why we like him >>> the "squawk" team has had their coffee or tea, whatever it is whatever they drink. becky quick, have you had your tea? >> not a single thing to drink very parched any time you want me, i'm here at 5:49 for you. >> i'll be there at 7:01 for you. >> that was going to be the end of my tease. wait we have a lot of things coming up including more talk about what's happening with the markets one thing confounding me, the ten-year yield went up, everybody thought this is horrible for stocks. it's going up too quickly. now that you have the ten-year plummeting back to 2.7 or just above that people are saying this is awful for stocks bad news, bad news have we gone from a goldilocks scenario to a bad news bad news scenario for stocks. also, big day on the shareholder meeting front for two big retailers. walmart and amazon holding shareholder

christine lagarde is urging turkey to maintain the independence of its central bank. president of turkey said he would maintain power over the central bank if he was reelected. the turkish lira plunging. >> in terms of monetary policy, it is always better for all political leaders to let central bank governors do the job they have to do and secure their independence. i think some of the comments may a limited the international community and investors to the fact that suddenly the central bank of turkey could be under instructions, directions, influence. that has created a sense of uncertainty, lack of confidence, which has found its way in the markets. aylor: erdogan has pledged to follow global principles on monetary policy. suggests theunion u.k. is living in a dream world when it comes to brexit. most u.k.dismissing plans for a post-brexit world as fantasy. that is including a so-called hard irish border. 29 nine dollars of cash from a jewelry, and handbags linked to the foreign prime minister of malaysia, wrapping up its investigation into the former prime minister

investment now those were the banks that were doing a lot of that anyway but at the same time it cost them money to have to comply to the regulations so the argument here seems to be that the smaller banks didn't cause the financial crisis and shouldn't have to bear the cost of the corrective regulation that followed it but how much crow doods you can we get through predictions of another pending financial crisis. you know it's not so much of this iteration of the bill that's making people nervous it's the attitude that's driving it this is this has been an administration that has been very trigger happy when it comes to drag this bill does not preclude future action we may still see banks being of big banks be freed from restrictions like borrowing limits and capital requirements as such people who are afraid of the financial crisis are doing so because of this rollback in resilience. in frankfurt for us thank you. hamburg is to become the first german city to introduce a diesel ban albeit only a very limited one from thursday of next week old

the announcement came ahead of deutsche bank's agm today. mped.l it may not be up to service its debt after october 23 and less u.s. sanctions are lifted. that is the deadline washington has given companies. rose biggest aluminum producer outside of china said sections could -- said sanctions could profit -- u.k. businesses could be left up to 20 billion -- left up to 20 million pounds softer. could --ps the plan would not solve the irish border question. partnershipthe new believed to be back by theresa may would cause the maximum tests cost and maximum of 3.4 a maximumunds -- cost of 3.4 billion pounds. global news, 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries. leinz.ley this is bloomberg. francine: thank you so much. these are your markets. a lot going on in the markets. the auto sector, the worst performing on the stoxx 600 this morning. this is on the back of one of our top read stories on the bloomberg terminal, the fact that the u.s. is starting a probe to consider tariffs on cars, but also truck

i mean doesn't the central bank is kind of like able to perform as a central bank but in this trip to space i think of the entire archipelago and you guys a bit are facilitating that world sponsored serves the the old world of central banks as a let somehow of a bridge into crypto and it serves the crypto world because it allows them to have the bridge into the traditional network because you can take cash and convert cash physical dollars easy to pick one or other forms of mathematical programmable currency but in the world of central bank there's zero dollars there's a bridge and a communicational path that can be built right fair enough now you facilitate a relationship with the nance the one year old crypto currency exchange already raking in billions why bermuda bermuda offered regulatory clarity for and i don't want to speak on behalf of binah because it's not my company although i have a lot of respect for the c.e.o. . when bermuda when the premier of bermuda. good on his promises to let me get this straight but if it's moving into permian it doesn't have a single headquarters

stand right now having been at the head of a bank -- practically theank, highest ranking woman on wall street at one point in time on wall street. >> yeah. look, there certainly were some regulations that were overreached. there always are when we come out of a crisis. for all of us regulation that is keep these banks well capitalized baepgs remain pretty leveraged. we really aren't going to know what that really means until we see markets that are worse than the ones we've seen over the past couple of months. i think for us as citizens of the country, more capital at the banks is better because they remain highly leveraged. they are really the heartbeat of the economy. >> all right sallie, thanks so much for joining us we appreciate it. >> thanks for having me. >> sallie, ceo of ellevest on disruptor 50 congratulations, sallie. >> is this an area bigger banks need to get into >> i do. i think it's a tremendous opportunity. i know exactly what she's talking about, women not investing enough i think that's true. that market is gigantic. i'm also very im

>> this is what the banquet -- bank of england. i would listen to the bank of england. nks it will be 0.3. they put that down -- nothing has changed in the medium-term view. still expected moderate tightening growth above potential. i think it is a hawkish hold. >> a hawkish hold. talked about in the news conference about communication than actually communicating. was talked about in the news conference about communication than actual communicating. made itard guidance monetaryr him to use policy to help the households and businesses that he kept bringing up in the news conference? guidance, itrd serves as a useful tool to smooth the transition of policy changes. that is important and the world of high debt levels, high tail risks, slow potential growth. every 25 basis point hike is a big event. the market was virtually prepared for a mate rate hike five weeks ago. thevacant mixing with -- bank of england was expecting to hike in may. mark is slowly reduced their expectations and the bank of england decided, let's hold for now and make sure there is a rebound. in a way t

the bank of england has denied a report that there is a rift between the central bank and the u.k. treasury. at is after the financial times reported institutions are at loggerheads over the future of regulations after brexit. financial stability. concerns will give away regulatory control after the eu rejected the uk's original proposal. asia's new prime minister -- malaysia's new prime minister said he will cancel high need railway to singapore. the move signals a return to rocky ties between the two countries. the decision deals a setback to rail companies in asia, including those from china and japan. the russian billionaire owner of chelsea the ballclub has reportedly he come an israeli citizen. that comes one month after the and delayed his visa, diplomatic tension between london and moscow. withoutravel to britain a visa and can stay for six months. global news, 24 hours a day on air and at tic-toc on twitter, powered by 2700 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . asia, we markets in are seeing selling comi

higher by 2.4%, shy of the forecast for an increase of 2.1% we're looking at sterling here it's falling after the uk inflation data has come in shy of expectations. this follows the bank of england report that didn't sound too upbeat we heard from governor mark carney yesterday saying many of the factors keeping growth muted, he expected them to pass some of those seasonal factors yes, the data picture today is inflation, a bit softer than expected keep in mind when you talk about the annual rates of 2.4%, that would be above the bank of england's target of 2% >> i think it's important to recognize that energy contributed to the number and weaker sterling, i'm sure, contributed to the number as well and i think from a policy point of view, bank of england will probably look through this particular figure and look through the seasonal effects, the volatility associated with the oil market, too. that probably is one reason why we're seeing retracement in the british pound. cable now at a five-month low, 133.49 going forward, higher oil prices, you can say this for global central banks, it is going to present something of a headache for them if this move higher is prolon

my name is paul pester and i'm the ceo of tsb bank. o mp5, but said most people could now use their online accounts. the percentage that are logging in successfully are 95%. now, of course, 5% of customers are not logging in. that is often the case for any bank. but he was told he was trying to defend a bank that was broken. what we are hearing this afternoon is the most staggering example of a chief executive who seems unwilling to realise the scale of the problem that is being faced. and it didn't impress lee, a tsb business customer who runs a delivery company in essex. he's had to pay 16 staff out of his personal account. it makes me feel frustrated. and it makes me feel really, really angry. and if he was in front of me, i's shake him and try and wake him up out of his daydream, because the guy is in cloud nine with regards to what his clients are going through. he doesn't fully understand what we're going through. i feel that our situation should be put on him. with that level of unhappiness, mps wanted to know if the bosses would

the next year or two. a lot of that will depend on the choreography of brexit. it could be a blip. it is likely to be a significant drag on growth. the bankengland's probably right to air on the side of protecting growth rather than on the side of protecting growth rather than inflation. even though most central banks are looking at growth targets for their mandates, they recognize in the developed world that on average they cut rates by 500 basis and no one has room to do that. the bank of england stocks so that when the downturn comes, they need something. if they can justify another one this year, they will go ahead and do it. well, coming up, market unfriendly risks in italy, but no one seems to really care. it's the widest level since march. more on italian politics and why we are not seeing steve are selling. -- steeper selling. this is bloomberg. ♪ in the bond market, it's all about buying, unless you are looking at italian bonds. just three basis points as the country is inching towards forming a populist government. silvio berlusconi dropping his opposition and giving the green light. our rome euro chief joins us now. what happen

protected by a series of continuous earth works that stretched from the east side of selma near beach creek in an arc about 3 1/2 miles around to the west side of the city to the bank of the alabama river near valley creek. it was defended on the south side by the river, unapproachable by that way but general forrest was forced to defend the town with a cobbled together group. he only had 1500 men who were dependable troops. then you had militia and state troops, convalescents and he even pressed private citizens into service so general forrest did not have his normal complement of men in which to defend selma whereas general wilson had 9,000 battle hardened troopers equipped with the spencer rifle which allowed them to fire seven shots without reloading whereas the confederates had muzzle loaders so they were at a distinct disadvantage to federal troopers. the battle of selma was a short, intense affair. as wilson's men had come down from the north to selma, they were attacking the city from the north and essentially on the north and east and north and west sides. in the middle was this militia, untried troops, older men, younger boys who were not battle tested. t

let's go back to the bank of england. y surrounding the rate have gone from a near certainty of a rate hike today, to the bank possibility of that happening. g10 is the global head of fx strategy. thatus through the journey has taken us into the 90% probability of a rate hike, to less than 20%. you used that complete about-face line, regarding market expectations for the rate hike. 90% in april. we got there after the last meeting in march. the market decided to interpret that as hawkish. since then, the inflation data is coming a bit soft. gdp growth data coming in at 0.1%. pmi's. also had some people say the slow down might be underlying, rather than just limited to the first quarter. a lot of the banks that were calling for a rate hike are not doing that. there are bloomberg survey's we're going to get a rate hike. >> don't we have some explaining to dale? -- explaining to do? >> we could get a hawkish hold in a number of ways. we could get a split, if we were 6-3, for example. is there going to be a risk of doing that?

of italy, the bank's governor is expected to address this crisis, both political and potentially financial. >> the response is one of the key factors that concerns the market today the two parties reacted with a vibrant and vocal opposition to mattarel mattarella they talked of impeachment, which is unprecedented here in italy. the lega is gaining grounds in the polls. they moved from 17% to 27% so one of the big questions is during the electoral campaigns, in just a few months, will they run together, the to pawo parti or will the lega still run in the middle in general they made no mistake that the electoral campaign will run against the european constraints, and they are already blaming europe, germany and financial markets for the italian economy here and in a few minutes the bank governor will address everyone with a clear message that the country has to press on with its reform agenda. that the reduction of the deficit is a priority of the country and any turning back is risky for the country. there's no space to reduce

the investment banking unit, the bulk of the revenue comes from trading, and they need to turn around the business in the fick trading unit this is crucial for the investment bank. this is also crucial for the share price of the bank. the moment we see weakness in that business, whereas other big players are showing that it's actually a good market to be in, the moment we see weakness at deutsche bank's fick trading busine business, that's when the share price is dipping lower we heard from the bank today and in the morning that they're accelerating their cost saving target, accelerating the cost saving exercise. they're planning on having costs at 22 billion euros in 2019. that's alittle sharper than previous management was meant to be so all in all we can argue that christian sewing understood that he does not have a lot of time to turn around the fortunes of the bank another question is clearly how damaged the chairman, paul achleitner will evolve from today's agm. there is a growing voice, chorus of voices from investors who

the truth. of cases.a number is it impacting the morale of banking? there have been quite a number of cases. of banking? theown the line, across decision-makers, it does impact the decision-making. this is the reality. at the same time, there has to be a system. is that the requirement to fix and to ensure that the system works in a transparent matter -- manner and that there are no wrongdoers in the system, which is not good for any system, but especially the financial system. businessuld impact on -- how would impact business? there is a requirement to grow the business. the bankers main job is to take deposit. -- it becomes slower. the positive side would be when making decisions, people will be more careful. is the important rationale behind the decision has to be documented. , $210ll looming large billion. why is it such a huge problem? why do the goalposts keep changing? >> i do not think the goalposts are changing. , it islast two years almost complete. they should not be using the word almost. march -- tendered in certain circumstances. seen it alleviated. hopefulr, i am really that t

the u.s. banks and probably puts pressure on the deutsche banks of this world. ancine: is that how you see it? i very happy with the u.s. banks and i think the u.s. economy is ace -- is in a stronger position. this is a mechanism that will support the economy and would allow more liquidity in industrial activities. francine: let's just check on the lira. we have of emerging market news we need to get to, but the plunge is at a new record. another shot exacerbates market conditions and we did see a selloff by japanese investors. at 4.8862. leader is is this a crisis? seeing athink we are resurgence on the dollar on one hand, and a loss of confidence in emerging economies. -- rand is another you currency that will come under pressure. thanks for joining us. we'll keep an eye on the lira and the banks we were just talking about. us, plenty coming up. including hanging in the balance, and nominations of italian prime minister's. the concerns over their suitability, we'll talk crisis next. and nissan plays hard to get, the chief executive says he wants to maintain som

depending on what we really want to get out of the bank, that's going to affect sort of how our cost-benefit analysis gets structured, and ultimately whether the board of supervisors wants to allocate finite city resources to the bank. so about the solutions that we're trying to achieve, one thing that i've worked really closely with the task force on has been really rewarding but also been really difficult is trying to get folks to prioritize what folks want to get out of a municipal bank. you can talk to treasure cisneros who says everybody else wants a different things. banks allow us to do tons of different things, but ultimately particularly when we're thinking about motion denied ellig, we ng -- modelli need to think about this topic. thank you supervisor fewer for asking for the budget and legislative analyst's report. we took everything that members of the public mentioned and we brought that in front of the task force and sort of had the task force pick which things they thought were most important. when we sort of picked five topics. then we made them vote again. we're really mean.

of the republic. and i think that the framework to look at the battle, the constitutional arguments are interesting. but the bank issue has to be examined in the context of the assumption from the previous summer and this growing sense among the partisans of what would become the republican party of jefferson and madison. something profoundly unfair was unfolding before their eyes in the government in new york. and that is to say that well-connected speculators, particularly in the eastern seaboard, and eastern cities of boston, especially new york and philadelphia, had caught wind of hamiltons program before it was actually announced. what hamilton was not actively tipping people off as a matter fact, lee had asked him and december 1899 you have any tips? hamilton told him to go pound sand in so many words. but hamilton had a bad habit of choosing lousy characters to surround himself with. in particular he hires william -- to be the secretary of the treasury while he is simultaneously trying to set up an international banking syndicate. the point is word gets out. why does this matter? because state and federal

via the federal reserve bank of new york and then laundered in the philippines. the money and the thieves then vendor. i'm steve on this episode a one on one east we investigate one of the biggest bank robberies a modern times and ask how the cyber hackers got away with it. well we felt it. was a given not only. jacka the capital of bangladesh. but teeming chaotic city and one of the world's poorest. seventeen million people live here assert have been surviving on less than two dollars a day. bangladesh has one of the world's fastest growing economies. it's a country on the up but one that could ill afford to lose more than eighty million dollars of taxpayers' money. bangladesh bank the country's central bank is at the heart of its economic system. it overlooks a busy roundabout indecorous financial district. high walls and tight security to stop anyone getting in who shouldn't be there but sometimes physical barriers aren't enough for this hi steve. nobody broke in and nobody took anything away in crime was perpetrated

, this was a rescue ofa bank made in the bank, this was a rescue of the brink of total collapse and threatening to take uk economy with it. a brighter ahead. all right, thank you. president trump has personally welcomed home the three american detainees released by north korea. speaking at andrews air force base, he described the men as incredible people and said it was an honour to have played a part in their release. the white house considers the move a gesture of goodwill, in advance of a planned meeting between donald trump and the north korean leader kim jong—un. chris buckler reports from washington. this was a return that only months ago would have been unthinkable. then america and north korea seemed on the verge of war. now the release of these prisoners has been hailed as a gesture of goodwill between the countries. and it is a diplomatic victory for donald trump. i am very honoured to have helped these three folks, they are great people. i got to speak to them on the plane, they have been through a lot. but it is a great honour. the true ho

the bank, partly owned by the uk taxpayer, had been accused of selling risky financial products. hand to the government. another painful reminder of the past, today's £3.6 billion fine another echo of the time rbs stood on the brink of collapse, requiring a massive government rescue. the action we are taking is unprecedented, but essential for all of us. a £16 billion bailout, more money defending a bank than the entire defence budget. that's the cost of historical reckless ambition according to the current chief executive, who said today was a turning point. it does actually mean that this organisation can now move on. we were, at one stage, the biggest bank in the world. when organisations have as their goal growth, and big, they forget that there is a customer that they should be serving, and you end up in these sorts of difficulties. it has indeed been a dark decade for rbs. in the last ten years, it's lost a staggering £57 billion. cost—cutting and a rise in online banking has seen 1,400 branches close and the bank's post—crisis mistreatment of some small businesses has drawn

the city of london. >> this is bloomberg: daybreak europe. hsbc buyback. europe's largest bank says it will buy back up to $2 billion of its own shares if a profit meet expectations. is an opportunity to return to the shareholders up to $2 billion in buybacks. theink that there is out overall strategy of hsbc and also the strength we are seeing in terms of organic growth coming through in a number of our markets. >> trading disappoints. france's second-largest bank disappoints. we break down the numbers with the deputy ceo. we saw today that the outcomes, the final outcomes would be less negative. for me today, the major risk is more operational. growthconomists expect in nonfarm payrolls to rebound in april. the dollar slips ahead of today's report. ♪ anna: good morning, everybody. welcome to daybreak euro. and welcome to everyone across canada. we welcome you in. even though it is very early in the morning. breaking news. >> breaking headlines from b.n.p. paribas. trading disappointed at socgen. first quarter trading revenue came in at a miss. 1.5 billion euros. the estimate

from there, 80 kilometres on rough roads, to the banks of the cauabori river, and ending with another boat journey. the scientists will be here, in a tiny military base in the national park. they will be exploring the area before going up the mountain. our trek begins through nearby jungle. the bait is fresh,

the european close is 16 minutes away. shares of deutsche bankre down after reports of cutting 10,000 jobs. sweeping overhauls -- more clarification on this turnaround time tomorrow at the annual shareholder meeting. joining us right now is our finance reporter, nick. is deutsche bank thinking of erasing its employees from? >> it is important to note that in 9000-10,000 announced 2015, the pile that comes on top clear area is probably the global equities business, which they announced is under review. as far as high paid jobs going in prime finance, hedge funds. they've had a tough time in cash equities, an area which will see headcount go. vonnie: is this much more than anticipated, when you knew that he would decide some major things strategy wise? ick: we didn't have a number not and the bank has confirmed these numbers. we don't have a number yet for how many jobs would be going across the company. there on that. not the level of granularity investors want to have. what they will be looking for tomorrow at the shareholder meeting is whether t

we have a lot of commentary on banks specifically in the wake of yesterday. jeffries is saying that u.s. banks' exposure to italy and european revenue contributions are modest and manageable, creating opportunities to buy dips for patient investors. that seems to be the sentiment of a lot of analysts today. david george said there would be fires of bank weakness and specifically upgrading citizens financial to outperform after the selloff because of its improving operating leverage discount.turn and discount. regions financial and comerica, park a couple of the other regional banks on the rise. take a look at the treasury market. yesterday we saw the plunge and yields of about 15 basis points. today we are reversing to some degree that movement. that also accounts for the move up in banks. finally, we have retail earnings movers worth mentioning as well. 2 down.ok at 2 up and dick's sporting goods coming out with measures that beat estimates. movado, the watchmaker, appears to be doing well. she goes come on the flipside, not doing well. those shares down 22%.

most of them have been mentally prepared for this step now they're only too aware of the problems of dogging deutsche bank about a continued restructure was definitely in the cards so not much talk here emanating from the employees of deutsche bank but certainly quite a strong feel of resignation. talk to stuff that have you heard anything from stuff representatives who sit on the supervisory board and have they agree to the job. you know even before the a.g.m. the representatives of the workers were already talking to the media saying that they felt that the numbers being discussed were not plausible were not realistic and will definitely be the object of a negotiations in the summer between the works council and management it remains to be seen however how tough of a line they will actually take remember that we're talking about workers here across all job categories administration infrastructure banking itself but they tend to have transferable skills and a high degree of employer employee ability so those who can go probably will consider this option in fact saving himself said that six hundred invest

israeli under the siege oon jerusalem to transfer the people inside of jerusalem. and then the west bank every day we have strategic for all the parties of israeli to building a world and system within the west bank and the palestinian inspects and 170-- and now the strategic with him how are we going to keep 67, 65 in the land of palestinian on the west bank and older sources in this area like water and animal and other thing and we want to transfer the people who is in there around the jerusalem, this-- other people speak the israeli continue and he's -- how we can -- if we have nip is the people in the field, in gaza and jerusalem in 1948 in west bank, all the people now send a new message, we need to work and build a new strategy against occupation everywhere in palestinian because we cannot wait more with israeli do. the strategy for israel he wants to transfer the people. he wants to be jewish -- the jerusalem and he want to in the history what it means jerusalem for the israel people. know happens now in gaza in jerusalem the israeli, he wants to killed around 75 people in gaza an

of the year. ok, thank you very much. a la economic editor at the bank of england. oducts. the deal removes a stumbling block to government plans to sell its 71% stake. i spoke earlier to our business editor simonjack, and asked him how significant this fine is. it's a very long time coming, and very big payment and it's not often when you of three it's a good reason, it marks the last chapter of paying for the sins of the past, so from now on, they convey the look forward to doing what they are supposed to be doing, lending to you and me and to businesses around the country. it's also good news because as you said in your introduction, this is essentially as far as the starting gun on a process of selling back the 70% stake the taxpayer owns colour back into the private sector. it'll be a gargantuan job, a £20 billion worth of shares, we own, the re—privatisation in history, and we do not get back the £45 billion we put in, but there will be some extra money going into the government and it marks the end of a very long and painful tunnel and this is a little bit of

the big banks have. to crack down on the big banks, lack of relation of the big banks. small banks are not such a problem. that could be fixed in a bipartisan way if we could ever get bipartisanship. vonnie: speaking of which can michele is also getting testimony today. she will be in charge of community banks of the fed. alan blinder, you are sticking with us, coming to us from princeton where he is a professor. he was also in the bill clinton administration. we will be back with more and some of that testimony from which clarida. this is bloomberg. 24mr. chairman, the vote is in favor and 1 opposed. vonnie: we are watching the q&a session with the rich clarida. that is robert menendez, democrat of new jersey. this is the senate housing, banking, and urban development committee, questioning the nominee for the fed vice chairman position. we are back with princeton university professor alan blinder. i want to talk about your book now. whys "advice and dissent: america suffers when economics and politics collide." you essentially say that economists offer policy advice wh

the restrictions of dodd-frank. it reduces the number of bankse facing the tougher to has, smaller banks get relief from volcker, and a relief for custodial banks. >> the negative effects of the regulation in terms of cost, that has been a big one. especially bait for the smaller banks that do not have the leverage so that relief is important. it saves them some of the compliance cost, but the other aspect is, it makes it more beneficial for these banks to emerge. -- to merge.ge smaller banks will get relief under this bill but that does not hide the fact that what this bill does as an unnecessary gift to the larger banks. you are talking about to release up to $250 billion in assets. cutting import duties on cars from 25% to 15%. around the world rallying on the news. which automaker benefits the most? be theill probably makers of the high end, premium car manufacturers. rover, thed manufacturers that do not have a large production facility in place in china and rely more on importing vehicles into the market. one of the highest profile glass ce

of a bank like morgan stanley, where here we're watching all the banks sell off at the lows of the day as we're having this conversation >> this was the co-head talking about transactional revenues within wealth management i have seen a couple flashes extrapolating that to banking management on a days where banks aring off, perhaps an overreaction to the morgan stanley headlines anyway. but the vast majority of the move today is not that morgan stanley conference performance it's what's happened to bond markets globally safe havens have seen yields - >> you have to have been living on mars to think that there is a future for transaction-based revenue within wall street wealth management. literally what planet do you have to have been watching the state of the industry to think the whole thing is not fee-based in the next two ear three years. to me, that's not shocking at all. i agree that's not what's driving large cap u.s. banks today. >> talk about european banks as well >> a good point. i wanted to point out, european bank stocks are having their worst day in a year and a half >> th