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that is for deutsche bank's bad bets they're going to be poor and into a new bank a bad bank that the taxpayers of europe will now be responsible for a 50000000000 euro bad bank soon owned by the german state aka taxpayer finally deutsche bank is facing its future head on what's left of the mighty deutsche bank that's the front page of the financial times on monday and it was that announcing what we suspected would happen 10 years ago when we 1st started for all those happy days ago you know they got the lehman brothers collapse happen you know and that was the result of insolvency but we were told that it was a problem of illiquidity and we were told that lehman brothers and bear stearns and the wall street banks had done nothing wrong that it was just crazy unfortunate freak accident that they ran out of money suddenly because of all the bad loans that they made to people that couldn't possibly pay them back and that they taxpayer in the global economy should take a step back and 17 or 18 trillion dollars needed to be printed to bail out warren buffet to bail out wall street banks s
that is for deutsche bank's bad bets they're going to be poor and into a new bank a bad bank that the taxpayers of europe will now be responsible for a 50000000000 euro bad bank soon owned by the german state aka taxpayer finally deutsche bank is facing its future head on what's left of the mighty deutsche bank that's the front page of the financial times on monday and it was that announcing what we suspected would happen 10 years ago when we 1st started for all those happy days ago you know...
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began bank and j.p. morgan remember have equally size derivatives book you know they're going to go private of course if you were able to get stuff private with the help of the such a bank and we'll never hear from them ever again and they'll be just a bunch of people starving in the wasteland and jamie diamond will be up there filing as nails. who knows what he does and his private time i'm sure it's not wholesome in any way well. i'm going to take a break when we come back much more fun coming your way. at the post there don't go away. what politicians do you should. put themselves on the line to get accepted or rejected. so when you want to be president injury. or something want to. have to go right to the press this is what the 43 in the morning can't be good that i'm interested always in the waters of my house. there should be a. windmill make its manufacture to sentenced him to public wealth. when the rooming closest protect themselves. with the financial merry go round lifts and be the one percent
began bank and j.p. morgan remember have equally size derivatives book you know they're going to go private of course if you were able to get stuff private with the help of the such a bank and we'll never hear from them ever again and they'll be just a bunch of people starving in the wasteland and jamie diamond will be up there filing as nails. who knows what he does and his private time i'm sure it's not wholesome in any way well. i'm going to take a break when we come back much more fun...
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concerns are having to shift the bank away from risky investment banking focus on transaction banking and private wealth management. so let's also look at that what is a bad bank quite simply it's a way to isolate a bank from assets that could affect its financial else that's divides divide assets into 2 groups one is for things like risky securities and non-performing loans the other is for the balance good assets its core business the bank or the government can set up an institution to take over the 1st group so-called bad bank the new institution has management that is specialized in dealing with these problem assets the main bank and then go back to focusing on lending money while the concept is straightforward a whole lot of variables to account for sometimes bad banks have outperformed the good banks and many critics see bad banks as a way of rewarding bad for risky behavior. now let's bring in our financial correspondent from frankfurt where the bank is headquartered i wonder if we can talk to conrad right now yes there is right in front of the towers there orders of course ren
concerns are having to shift the bank away from risky investment banking focus on transaction banking and private wealth management. so let's also look at that what is a bad bank quite simply it's a way to isolate a bank from assets that could affect its financial else that's divides divide assets into 2 groups one is for things like risky securities and non-performing loans the other is for the balance good assets its core business the bank or the government can set up an institution to take...
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Jun 28, 2019
06/19
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CNBC
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banks and not european banks? >> yes i think the u.s. banks are in much better shape than european banks and have more solid footing. the u.s. banks trading typically at price to book value of 1.2 compared to 0.5. there are reasons for that reason is that the business position is in a much better shape. the banks as a percentage of gdp, about 300% of european gdp here they're in a better position to grow that business despite the flat yield curve they have been buying the stock back >> it's an interesting statistic. you said 300% of european gdp is the size of the european banking system, that's why it's so important for our friends at the ecb. this latest announcement, what do you make of it? >> disappointing >> why >> i think one, the size of the banks are huge, they're impacted by the negative rates. i think replacing the previous tltr2 with tltr3 which is smaller in scope and the duration is smaller as well is a negative impact for the banks. it was a great opportunity to surprise the market and make things easier, but we think it's
banks and not european banks? >> yes i think the u.s. banks are in much better shape than european banks and have more solid footing. the u.s. banks trading typically at price to book value of 1.2 compared to 0.5. there are reasons for that reason is that the business position is in a much better shape. the banks as a percentage of gdp, about 300% of european gdp here they're in a better position to grow that business despite the flat yield curve they have been buying the stock back...
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Jun 29, 2019
06/19
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KGO
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there's a bank on every corner. these are big banks. they're beautiful banks.: scott will later tell a reporter that this is his way of motivating his kids. >> needed to do something where they would get a reward and feel good about themselves. and so somehow scott thought, "if i teach them how to rob banks with me, they'll feel this sense of accomplishment they can't get in high school." >> reporter: for their first family outing, they choose the comerica bank. >> picture this. a thursday morning in august, 2012. a strip mall. it's got it all. it's got the doughnut shop. it's got the radio shack. it's got the wedding dress shop. and it has a bank, a comerica bank, wedged in with all the other businesses. >> reporter: now, the getaway driver is abby, and she's just recently gotten her license, barely knew how to drive stick. this is definitely something they do not teach you in driver's ed. how long did it take you to drive from your house to the bank? >> oh, a minute. two blocks away. >> you robbed a bank two blocks away from your own house? >> uh-huh. >> does
there's a bank on every corner. these are big banks. they're beautiful banks.: scott will later tell a reporter that this is his way of motivating his kids. >> needed to do something where they would get a reward and feel good about themselves. and so somehow scott thought, "if i teach them how to rob banks with me, they'll feel this sense of accomplishment they can't get in high school." >> reporter: for their first family outing, they choose the comerica bank. >>...
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Jun 20, 2019
06/19
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BLOOMBERG
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woes mount for deutsche bank. the troubled lender is facing a criminal investigation for potential money laundering lapses as another key player is set to depart among the senior leadership shakeup. ♪ nejra: welcome to daybreak europe. just after 6:00 in london. did powell deliver? the bond market seems to think so. we close tire on the s&p 500 in yesterday's session. we are on the front foot with futures. we will get to that in today's session. yield dipping below 2% for the first time since 2016. down another four basis points. curve flattening. the dollarr and weakened. down for a three day. that following u.s. yield lower. gold jumping to a five-year high. is it overboard? uti firmly on the front foot. 44.pot let's get a check on the markets in asia with juliette saly in singapore. great to have you with us. the divergence between the bond and equity market reaction was intruding -- interesting in the u.s.. i we seeing a similar thing in asia? juliet: bonds moving higher. yes, yields are dropping here. equitie
woes mount for deutsche bank. the troubled lender is facing a criminal investigation for potential money laundering lapses as another key player is set to depart among the senior leadership shakeup. ♪ nejra: welcome to daybreak europe. just after 6:00 in london. did powell deliver? the bond market seems to think so. we close tire on the s&p 500 in yesterday's session. we are on the front foot with futures. we will get to that in today's session. yield dipping below 2% for the first time...
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Jun 18, 2019
06/19
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the delayed bank deleveraging process in the euro bank area began to accelerate with banks further shrinking balance sheets and paying back central bank loans. bank balance sheets declined by 20 percentage points of gdp in 2013 alone and at the end of 2013 credit growth to the private sector was contracting at the rate of 2.4% relative to a year earlier on the demand side risk appetite collapsed with investments subtracting 1.6 percentage points from gdp growth in 2012 the ecb therefore reacted again in 2013 by cutting its main financing rate twice from 0.75 to 0.25, and by seizing the opportunity of the launch of a european banking supervision we carried out a comprehensive assessment of bank balance sheets with the aim of steering balance sheet repair towards a positive macro economic outcome. banks strengthened their balance sheets by over 200 billion euro in advance of the outcome. that put banking sectors in a much stronger position to transmit our policy. but at this point the euro area economy was hit by a further downward shock to inflation in the form of a 60% collapse in oil prices
the delayed bank deleveraging process in the euro bank area began to accelerate with banks further shrinking balance sheets and paying back central bank loans. bank balance sheets declined by 20 percentage points of gdp in 2013 alone and at the end of 2013 credit growth to the private sector was contracting at the rate of 2.4% relative to a year earlier on the demand side risk appetite collapsed with investments subtracting 1.6 percentage points from gdp growth in 2012 the ecb therefore reacted...
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from risky investment banking to focus more on consumer banking and wealth management. donna following this for us from frankfurt where dortch a bank is headquartered warning conrad a bad bank is usually a last resort should we reworked. a very good morning to you know i would not say so you know this new bad bank is quite different to the bad bank that those you had in place between the years to 2012 and 2016 which contained toxic assets you know assets that you cannot sell on the financial markets this new bad bank contains derivatives that you can't sell on the market but it has become obsolete or not a very good idea for the bank to keep them because they've come a drag on the capital of georgia bang as after the financial crisis new stricter regulations had be introduced so the fact that she is now getting rid of those assets is a piece of good news actually it is you know on the path to become a bit more of a secure bank a bit less risky ok so we shouldn't be worried conrad but but what prompted the plan why is moving in this direction you know brian the share pri
from risky investment banking to focus more on consumer banking and wealth management. donna following this for us from frankfurt where dortch a bank is headquartered warning conrad a bad bank is usually a last resort should we reworked. a very good morning to you know i would not say so you know this new bad bank is quite different to the bad bank that those you had in place between the years to 2012 and 2016 which contained toxic assets you know assets that you cannot sell on the financial...
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Jun 14, 2019
06/19
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BLOOMBERG
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as the dream here and american bank buys deutsche bank?rage or troubled european bank? jonathan: no reason whatsoever. the american bank does not want the balance sheet or a retail german bank where you will make 6% to 7% r.o.e.. if you want the people, you take the people. barclays does not have the bad debt problem and did not get nationalized. manageded to use -- it to use qa. the underlying fee margins, look at the fick business. americans have a secret source. tom: we go to where we must go. gerard cassidy will give us a bank in the middle of nowhere in america so jonathan tyce can make some money. what is the bank that has a value and catalyst? gerard: last night i was in paris. keycorp is one of the best regional banks we have in the united states, but i know you and i like to talk about smaller banks. one bank that has done very well in new jersey, snb one. just overan and ceo, one billion in assets. dose are the names that can well along with j.p. morgan. tom: jonathan tyce taking notes on small banks across america. thank you so
as the dream here and american bank buys deutsche bank?rage or troubled european bank? jonathan: no reason whatsoever. the american bank does not want the balance sheet or a retail german bank where you will make 6% to 7% r.o.e.. if you want the people, you take the people. barclays does not have the bad debt problem and did not get nationalized. manageded to use -- it to use qa. the underlying fee margins, look at the fick business. americans have a secret source. tom: we go to where we must...
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Jun 20, 2019
06/19
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BLOOMBERG
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the banks of underperformed. give you an idea of what has been going on to give you an idea of whether rotation has been here. it is interesting in terms of reaction. technology has been an upside move today. we have seen that. it is small in europe read what does heavy waiting effect is oil and gas. what is interesting -- you see a mix of cyclicals. industrial goods has done well today. the mining sector has treated strongly. commodities generally recently gas.along with oil and the bottom end of the market is where we see weakness, the banking sector. there are stories here we will talk about in a moment, which are single stock issues. thanks generally have treated lower on both sides of the atlantic, down by 1.2% here in europe. let's show you the individual names. this is where life gets interesting. after the woodford story, people have been getting nervous about the relationship with liquidity. funds with redemption risk on a daily basis but illiquid assets -- access has been the concern surrounding this st
the banks of underperformed. give you an idea of what has been going on to give you an idea of whether rotation has been here. it is interesting in terms of reaction. technology has been an upside move today. we have seen that. it is small in europe read what does heavy waiting effect is oil and gas. what is interesting -- you see a mix of cyclicals. industrial goods has done well today. the mining sector has treated strongly. commodities generally recently gas.along with oil and the bottom end...
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Jun 1, 2019
06/19
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CSPAN3
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in their war against the bank of the united states. hereafter, simply the bank. in march of 1833, as a member of the house ways and means committee, he offered an expose of minority report detailing explosive minority report detailing bank misdeeds, and during the following session, as chairman of the committee, he skillfully outmaneuvered bank supporters and secure passage of a resolution approving andrew jackson's controversial movement of government deposits. months later, during a summer 1834 visits tennessee, jackson famously gushed "polk deserves a -- "polk deserves a medal from the american people." as far as we know, he did not receive a medal. the awards he received were far more substantial. aat he would play such prominent war in the bank war would be something hard to predict, immediately before hand. other than exchange from the occasional letter and social visit, jackson and polk interactions before 1834 -- 1832, were limited. with an exception of a draft for a road veto that was not used, polk country did nothing to policy or the passage of legisla
in their war against the bank of the united states. hereafter, simply the bank. in march of 1833, as a member of the house ways and means committee, he offered an expose of minority report detailing explosive minority report detailing bank misdeeds, and during the following session, as chairman of the committee, he skillfully outmaneuvered bank supporters and secure passage of a resolution approving andrew jackson's controversial movement of government deposits. months later, during a summer...
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Jun 19, 2019
06/19
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speaking with the head central-bank -- finnish central bank.nning from the bank of finland. next, it is "surveillance." ♪ francine: all or nothing, president trump and xi jinping say they will sit down for a meeting at g20. the u.s. places new sanctions on turkey. trump versus powell. the white house asks lawyers to look at the legality of firing the chairman, we get the fomc's latest decision this -- later today. and a vote of confidence, boeing receives an order for 200 max 37 -- 737s, iag's chairman william walsh says he would get on board one tomorrow. francine: welcome
speaking with the head central-bank -- finnish central bank.nning from the bank of finland. next, it is "surveillance." ♪ francine: all or nothing, president trump and xi jinping say they will sit down for a meeting at g20. the u.s. places new sanctions on turkey. trump versus powell. the white house asks lawyers to look at the legality of firing the chairman, we get the fomc's latest decision this -- later today. and a vote of confidence, boeing receives an order for 200 max 37 --...
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Jun 6, 2019
06/19
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BLOOMBERG
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and losing banks?hat will make a difference between the banks, the banks that are going to be able to transform and it is important to look at the bank of the present and the bank of the future. -- i make this difference is our clients are moving and transforming at a different speed by country and we have to make sure that we deliver services that are of higher quality and sufficient as's -- as efficient as possible. that is what we are doing. but ink of the future think that artificial intelligence is something that is much more important to the future >> thank you so much. the chief executive of unicredit. the unicredit max scott -- mascot as well. we will bring you more from the goldman sachs conference here in paris. we will speak with the goldman sachs chief financial officer. is robin niblett of chatham house and neil shearing of capital economics. i'm trying to get through the show without talking about the united kingdom or brexit but i have to talk about it. what a mess, how should listeners
and losing banks?hat will make a difference between the banks, the banks that are going to be able to transform and it is important to look at the bank of the present and the bank of the future. -- i make this difference is our clients are moving and transforming at a different speed by country and we have to make sure that we deliver services that are of higher quality and sufficient as's -- as efficient as possible. that is what we are doing. but ink of the future think that artificial...
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Jun 28, 2019
06/19
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bank. they are such to cut half of the global force in equities trading. they are expected to start informing staff of the cuts next month. the presidential debate may have been the breakout moment for kamala harris. she put joe biden on the defensive over race. she took biden to task for calling on his relationship with segregation senators and she tried to step above the fray as candidates interrupted each other. [crosstalk] what, america does not want to witness a good fight, they want to know how we will put food on the table. >> she has struggled to catch fire in the campaign, she is aggressively courting black voters. and vienna is hoping european countries will step up to help iran save the deal. a handful of nations say there is a get to be finalized trade mechanism. global news, 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists in more than 120 countries. , this isy leinz bloomberg. guy: thank you. final stage,up the stocks and bonds combined at
bank. they are such to cut half of the global force in equities trading. they are expected to start informing staff of the cuts next month. the presidential debate may have been the breakout moment for kamala harris. she put joe biden on the defensive over race. she took biden to task for calling on his relationship with segregation senators and she tried to step above the fray as candidates interrupted each other. [crosstalk] what, america does not want to witness a good fight, they want to...
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Jun 17, 2019
06/19
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BLOOMBERG
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is good bank/bad bank.g to have a lot of -- and this critically it means a lot of trading a broad. that is a monthly chart. -- and ugly chart. "bloomberg surveillance." bloomberg ♪ . >> this is "bloomberg surveillance." let's get to bloomberg this is flash. goldman sachs has been racing its status as a private equity giant. it is looking for ways to raise more funds and rely less on its balance sheet. it will consolidate its activities of multiple units to add more heft to its merchant banking division. deutsche bank is considering setting up a bad bank unit. according to the financial times, they could hold as much as $56 billion of risk-weighted assets. the plan includes shrinking or closing deutsche's equity and rates trading businesses outside of europe. that is the bloomberg business flash. tom: david rally with us. we are thrilled to have with us lisa martinuzzi. , want to cut to the chase there are two key questions. 14% of the balance sheet. you and i went back and forth. when you narrow it down to
is good bank/bad bank.g to have a lot of -- and this critically it means a lot of trading a broad. that is a monthly chart. -- and ugly chart. "bloomberg surveillance." bloomberg ♪ . >> this is "bloomberg surveillance." let's get to bloomberg this is flash. goldman sachs has been racing its status as a private equity giant. it is looking for ways to raise more funds and rely less on its balance sheet. it will consolidate its activities of multiple units to add more...
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Jun 6, 2019
06/19
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BLOOMBERG
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nejra: do those companies include banks? people say they like u.k. domestic banks.e looking at banks today because of more details on tltros. >> what drives banks? two or three things. whether there is long growth, and therefore you raise your income, what happens to your net interest margin, and what happens to innovation and the ability to assess cheaper and deliver services that are wanted. if you backtrack from all of that, you will find demand for loans will be dependent on global demand, net interest margins can be helped with obviously weaker central banks, but it is all about demand. manus: we are going to have to ended there. -- draw line there. let's get a quick snapshot of renault. our reporter on the ground. we heard from bruno le maire in france. --have the very latest on >> good morning. i do not think it is a matter of price that the merger proposal has collapsed. i read the report yesterday highlighting the stakeholders that need to be satisfied, not least the french government, who are requiring guarantees over jobs and corporate governments -- gove
nejra: do those companies include banks? people say they like u.k. domestic banks.e looking at banks today because of more details on tltros. >> what drives banks? two or three things. whether there is long growth, and therefore you raise your income, what happens to your net interest margin, and what happens to innovation and the ability to assess cheaper and deliver services that are wanted. if you backtrack from all of that, you will find demand for loans will be dependent on global...
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Jun 28, 2019
06/19
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the big banks are all rallying. all 18 banks. passed the stress test.nd receive nice gains for jp sachs. goldman goldman sachs raising its dividend by 4.9%. jp morgan with a $30 billion buyback. getting it not for a few u.s. operations, and bloomberg school today, saying that the tobacco be cutting as much of half of its equities operation. but investors seem to like that. and finally, it is the last day of the trading month. let's take a look at stocks globally going back two years. these are the monthly moves. in yellow, the shanghai composite in china, in blue, the german dax, in white, the s&p 500. would have seen lots of selloffs in the last year. this year, a lot of gains. china was the best month since february. may was very rough for stocks, led by china putting up a small monthly decline in april. but this month, all three of these indexes are higher, led by the s&p 500. the shanghai composite underperforming, but the s&p 500 and the dax doing better in june. guy: interesting stuff, abigail. as she says, the last trading day of the quarter. let
the big banks are all rallying. all 18 banks. passed the stress test.nd receive nice gains for jp sachs. goldman goldman sachs raising its dividend by 4.9%. jp morgan with a $30 billion buyback. getting it not for a few u.s. operations, and bloomberg school today, saying that the tobacco be cutting as much of half of its equities operation. but investors seem to like that. and finally, it is the last day of the trading month. let's take a look at stocks globally going back two years. these are...
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Jun 11, 2019
06/19
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BLOOMBERG
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the retail bank and the corporate banks, in germany have improved performance. they reached 6%. is also a further way go. integration has taken some time but the franchise should be there. anna: thank you very much, christian scarafia, joining us here. let's get a business flash. >> more allegations of sexual harassment involving lloyd's of london. a insurancees at company have resigned following accusations of inappropriate behavior. incidents were said to have happened at a party for employees of tokyo marine group. they came to life after bloomberg businessweek article about an endemic sexual misconduct at lloyds. nokia is winning contracts quite ig networksn new according to the company's chief executive. he said they are doing well against rivals such as huawei and ericsson. they are trying to push back against concerns it has fallen behind its competitors when it comes to the next generation of technology. >> we compete quite favorably with huawei with or without the current security concerns. we have taken some 23 contracts with them in radio in the last two years. theave
the retail bank and the corporate banks, in germany have improved performance. they reached 6%. is also a further way go. integration has taken some time but the franchise should be there. anna: thank you very much, christian scarafia, joining us here. let's get a business flash. >> more allegations of sexual harassment involving lloyd's of london. a insurancees at company have resigned following accusations of inappropriate behavior. incidents were said to have happened at a party for...
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Jun 17, 2019
06/19
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BLOOMBERG
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but the fed, of course, the bank of japan, the bank of japan all expected to be meeting. plenty to go on from a macro perspective. interesting to see a mixed picture coming through in the equity markets. for of the thing -- referencing back to friday, the data big up from retail sales, that raised many questions about how much the fed is going to have to do or not in the months ahead. let's get to the conversation with mark cudmore, our market live managing editor in singapore. good to have you with us. let me start there with fed rate expectations. we sell retail sales number on front that changed the dialogue to get. the market maybe had gotten too carried away, expecting too many rate cuts. what are you expecting? mark: i think the data point did remove the slim chance they might cut this week. it's a minority view, but it removes that. there has been a global thing that despite the fact manufacturing and trade get it everywhere has been lapsing, they are going up well -- collapsing, they are going up relatively -- holding up relatively well. i think that's going to le
but the fed, of course, the bank of japan, the bank of japan all expected to be meeting. plenty to go on from a macro perspective. interesting to see a mixed picture coming through in the equity markets. for of the thing -- referencing back to friday, the data big up from retail sales, that raised many questions about how much the fed is going to have to do or not in the months ahead. let's get to the conversation with mark cudmore, our market live managing editor in singapore. good to have you...
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Jun 11, 2019
06/19
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banks. but we've been told they are still in talks with a lot of banks.e could see more names being brought to the table. david: and it is still this year? >> likely in the next few weeks they will file for a secondary listing. yvonne: checking the free markets as well. david: it was a very good day yesterday. msci china had its best day since january. we are looking at some of the changes in recommendations coming from analysts. unicom, there we go. upgraded by ubs. up, we'rethat board looking at 100 points on the hang seng index. yvonne: after we saw the biggest gains on the hang seng yesterday since mid-january, up 2%. we will continue to see how it plays out but it looks to be risk on with the stronger renminbi. the open is next. this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology...
banks. but we've been told they are still in talks with a lot of banks.e could see more names being brought to the table. david: and it is still this year? >> likely in the next few weeks they will file for a secondary listing. yvonne: checking the free markets as well. david: it was a very good day yesterday. msci china had its best day since january. we are looking at some of the changes in recommendations coming from analysts. unicom, there we go. upgraded by ubs. up, we'rethat board...
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Jun 21, 2019
06/19
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CNBC
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the central bank feels confident that the banking system could withstand a severe recession and continueending during that period fed vice-chairman randall quarles saying in a statement, the nation's largest banks are significantly stronger than before the crisis and would be well-positioned to support the economy even after a severe shock, an indicator of bank's financial strength or their common equity tier one capital ratio declined to a minimum level of 9.2% in the stress scenario among the big six, bank of america was the most capitalized during the test with common equity tier one capital ratio of 9.7% while goldman came in toward the low end at 7.6% but all banks handily surpassed the minimum of 4.5%. a change in the banking law meant only 18 firms were tested, almost half as many as last year comparing the same firms to show how they did last year, the fed says losses in the stress scenario would be about $410 billion compared with $464 billion last year the fed tested a 10% unemployment rate, a decline in the u.s. yield curve and appreciation in the u.s. dollar. now, next thursd
the central bank feels confident that the banking system could withstand a severe recession and continueending during that period fed vice-chairman randall quarles saying in a statement, the nation's largest banks are significantly stronger than before the crisis and would be well-positioned to support the economy even after a severe shock, an indicator of bank's financial strength or their common equity tier one capital ratio declined to a minimum level of 9.2% in the stress scenario among the...
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Jun 20, 2019
06/19
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CNBC
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joumanna is at the bank of england this morning the bank of england looks set to stand alone today as they expect to rehe affiaffirm plans to rai interest rates any plans to change this message? >> whoever said central banking is boring was wrong. we've had an exciting week within the central bank community with almost all of them turning dovish here the bank of japan easing bias, the fed yesterday. ecb turning more accommodative with the language. with two exceptions, norges hiked and we have the bank of england. what's interesting from the messaging, so far they've been sticking to their hawkish stance we heard from a couple of members in the last couple of weeks. the chief economist wrote a message in the sun saying that a small rise in interest rates may well be needed relatively soon to ensure against the need for bigger rises in the future this echoes some commentary we heard from more hawkish members like michael saunders who also said the market may be underpricing the risk of future rate hikes the market does not quite believe the hawkish commentary if you look at what is pri
joumanna is at the bank of england this morning the bank of england looks set to stand alone today as they expect to rehe affiaffirm plans to rai interest rates any plans to change this message? >> whoever said central banking is boring was wrong. we've had an exciting week within the central bank community with almost all of them turning dovish here the bank of japan easing bias, the fed yesterday. ecb turning more accommodative with the language. with two exceptions, norges hiked and we...
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Jun 23, 2019
06/19
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matt: deutsche bank is reportedly considering setting up a 50 billion euro bad bank unit.is seen as part of an overhaul of their trading operations as ceo christian sewing shifts germany's biggest lender away from investment banking. bfp also reports that their equity in rates treating businesses outside of europe may be severely shrunk or even closed. steven: if you want to cut a certain area of the bank, it's a natural decision to take assets you don't want anymore because that part of the business you are closing or shrinking, you put them into a bad bank, which changes the way you operate with those assets. if they are still in the investment bank people have an , incentive to work within it so they are still profitable. it also changes the way you work with the stuff in there. nicholas: it was clear for a couple weeks that there would be cuts coming, and the equities, in general, especially u.s. equities are a candidate for that. the rates business as well. the question is to what degree do european clients still want to maintain access to the u.s. capital markets? do
matt: deutsche bank is reportedly considering setting up a 50 billion euro bad bank unit.is seen as part of an overhaul of their trading operations as ceo christian sewing shifts germany's biggest lender away from investment banking. bfp also reports that their equity in rates treating businesses outside of europe may be severely shrunk or even closed. steven: if you want to cut a certain area of the bank, it's a natural decision to take assets you don't want anymore because that part of the...
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you know tell me what it says is that banks don't trust each other because the banks know that they're insolvent the federal reserve is flooding the system with cash to avoid a credit for it and they will be unsuccessful the short rates are telling us that the banks are in fall vant my call and that part of the crisis from 2008 is about to hit ok so let's see back in 2007 i haven't dared wait for this and this is absolutely factual so back in june 2007 the amount of so run and mortgage debt was $1.00 trillion dollars out of a pool and 10 trillion dollars worth of us mortgages and went to ben bernanke he say about so prime mortgages back then did he tell you watch out be worried be very afraid because banks owns you was at risk he said that the subprime mortgage crisis if there was a crisis was negligible and we have nothing to fear but i'll tell you one data point. there are. 4 really in dollars worth of corporate debt that is rated triple b. which is just one notch above junk and below so here is the amount of the original homes which are worse than high yield bonds with no come up an
you know tell me what it says is that banks don't trust each other because the banks know that they're insolvent the federal reserve is flooding the system with cash to avoid a credit for it and they will be unsuccessful the short rates are telling us that the banks are in fall vant my call and that part of the crisis from 2008 is about to hit ok so let's see back in 2007 i haven't dared wait for this and this is absolutely factual so back in june 2007 the amount of so run and mortgage debt was...
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who is taking these risks deserves to go bust while banks wrecked big corn or a big coin banks jamie dimon is getting wrecked as we speak nuff said 21010 years into bitcoin and jamie diamond has capitulated he's admitted defeat after years of bashing big coin after years of trying block chain not big coin he capitulates and what does he do he issues his own all to coin j.p. morgan coin as i've been saying you don't change but coin bitcoin changes you so jamie diamond started off as a critic as a bit coin basher now he's trying to imitate bitcoin he realizes it can't be that he's trying to join it i remember i talked about that closed permission system of the central banking fee system and their member banks well j.p. morgan is the number one member bank of that system and who is the central bankers central bank and that's the bank of international settlements so now that they see their members and their permission to network starting to break off and see the glory of because now they're starting to really basket big quince proof of work algorithm needs replacing argues b i s study th
who is taking these risks deserves to go bust while banks wrecked big corn or a big coin banks jamie dimon is getting wrecked as we speak nuff said 21010 years into bitcoin and jamie diamond has capitulated he's admitted defeat after years of bashing big coin after years of trying block chain not big coin he capitulates and what does he do he issues his own all to coin j.p. morgan coin as i've been saying you don't change but coin bitcoin changes you so jamie diamond started off as a critic as...
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Jun 10, 2019
06/19
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and ecb, bank of england, bank of japan.ral banks and smaller economies, they are -- subject to continuous and strong influence by capital movement and the financial markets. these four central-banks, they can, and they can pursue and they can decide their monetary policy on the basis of price stability targets. rateurrency or exchange target. there's bank of japan, federal reserve and the european central bank. if one of the big three starts reviewing the -- because they know we have to change the framework, does that mean the bank of japan also says we are going to review our framework and look at targeting 2%? we're going to say as the fed president said in new york looking at a range around 2%. is that something that doj would do, too? n -- if the fedthe is likely to maintain a 2% inflation target, the only thing they are discussing is how to maintain the inflation target and how to communicate to the people and so on and so forth. has just started [indiscernible] but well before the completion and inflation rate is stil
and ecb, bank of england, bank of japan.ral banks and smaller economies, they are -- subject to continuous and strong influence by capital movement and the financial markets. these four central-banks, they can, and they can pursue and they can decide their monetary policy on the basis of price stability targets. rateurrency or exchange target. there's bank of japan, federal reserve and the european central bank. if one of the big three starts reviewing the -- because they know we have to change...
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Jun 7, 2019
06/19
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we have to adjust and when you think about banking and the stress it puts on the profitability of banksom an asset manager perspective, we have clients that have long-term dated liabilities which have been discounted in the past at ave to 7% and when you assume long-term low interest rate environment, probably longer than we anticipated 12 months ago, it becomes increasingly difficult for asset owners and pension funds, for example, to generate the kind of long-term they seek and as an asset manager, we need to bring solutions to our clients which is how we are trying to adapt to the environment. nejra: tell me more about that, then. in an investing environment like that, where do you see the best opportunities? jean: we have to look at alternatives where you have a trade-off between liquidity and return or risk-adjusted return. we have to look at alternatives that different sources of revenues in private debt markets, private assets, infrastructure, real estate and real estate related ventures and we have to be imaginative. this is why we are putting a lot of capital at work to launch
we have to adjust and when you think about banking and the stress it puts on the profitability of banksom an asset manager perspective, we have clients that have long-term dated liabilities which have been discounted in the past at ave to 7% and when you assume long-term low interest rate environment, probably longer than we anticipated 12 months ago, it becomes increasingly difficult for asset owners and pension funds, for example, to generate the kind of long-term they seek and as an asset...
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Jun 27, 2019
06/19
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economy and for banks as well.aid that they are undervalued and said their share price is crazy i also would take from that tone, he didn't say anything to me specifically on this, that they will get full approval to return what they want to c shareholders because he seemed very relaxed about that. >> he is not the first bank ceo we have heard voice frustration over the valuation and the share price. >> both of them trading around book value this is much more specific. >> up more than the other years. why is that? >> he had a little bit of concern two years ago but this is specific and he explained the reasons why. >> asset management margins under pressure, pressure in wealth management. the biggest -- by the way, he has done a good job. but the stock is only up 2% in two years and up 25% answer is staring you in the face a lot of the value at businesses that wall street traditionally has been able to charge for, they can't charge as much, investor preference is moving away from those things and they are looking f
economy and for banks as well.aid that they are undervalued and said their share price is crazy i also would take from that tone, he didn't say anything to me specifically on this, that they will get full approval to return what they want to c shareholders because he seemed very relaxed about that. >> he is not the first bank ceo we have heard voice frustration over the valuation and the share price. >> both of them trading around book value this is much more specific. >> up...
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Jun 4, 2019
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we know it's not just the banks i mentioned now. but there's a lot of flow into these names and they still believe that even in the low interest rate environment, it's going to at least track the s&p and that's what it's done. they're both up about 12%, i believe. >> and they're down about 10% from their highs, totally underperformed and they are actually attractively priced >> they've been cheap for ten years. xlf is a hamster wheel >> you can pick a few as your anchors, i think, and you marry that with some of the growth fin tech which have held up remarkably well, although they did get hit yesterday on the whole factor switch but you have to barbell they are values and they do have -- the financials have good capital and they actually now some of them have good dividends. so, it's not exactly the value track that they used to be it's just try to time it and ta tactically make your bets. >> i want to go back to what josh has said. i agree with him that you might not be able to emulate stanley druckenmiller's actual actions in the
we know it's not just the banks i mentioned now. but there's a lot of flow into these names and they still believe that even in the low interest rate environment, it's going to at least track the s&p and that's what it's done. they're both up about 12%, i believe. >> and they're down about 10% from their highs, totally underperformed and they are actually attractively priced >> they've been cheap for ten years. xlf is a hamster wheel >> you can pick a few as your anchors,...
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Jun 5, 2019
06/19
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are the banks ready?rg business flash. >> salesforce has given a quarterly forecast pointing to continued rapid growth. the market leader in customer relations of software says sales will be just under $4 billion for the three months. the company also continues to expand by hiring more workers in offices around the world. ce wantsowner of versa more stores and fast. it plans to open dozens of outlets each year with the goal of doubling annual sales. 'sre than half of versace stores are in asia, with 40 in china alone. venezuela has reportedly defaulted on a gold swap agreement with deutsche bank, prompting the lender to take hold of the precious metal used as collateral. the deal was opened in 2016 and settled early due to missed interest payments. a significant source of uncertainty for china's economy is trade, according to the international monetary fund. government stimulus measures will only partially offset the impact of u.s. tariffs. it cut its forecast for the nation's growth in 2020 to 6%. the im
are the banks ready?rg business flash. >> salesforce has given a quarterly forecast pointing to continued rapid growth. the market leader in customer relations of software says sales will be just under $4 billion for the three months. the company also continues to expand by hiring more workers in offices around the world. ce wantsowner of versa more stores and fast. it plans to open dozens of outlets each year with the goal of doubling annual sales. 'sre than half of versace stores are in...
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Jun 8, 2019
06/19
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francine: you have worked for an american bank, spanish bank, and u.k. banks.it different working for different cultures, banks? antonio: it is different, and it is different not only -- it is not only different to compare spanish culture with an american culture, it is also different to compare the culture 20 years ago with the culture today because things are evolving, values are evolving, and as a leader, you have to adapt yourself to different cultures. the fact that i worked in several countries with different banks made me realize that everything is not absolute, that you have to be relative about your judgments and understand the pros and cons of situations. you use your judgment a lot, because maybe a spanish culture is more prone to take action quickly versus, i would say, a japanese culture, where they take a long time to consider issues. but when they execute, they execute quicker. i think you have to take things into context and what is right in the time, what is right in a geography may not be appropriate in another geography or another context. fr
francine: you have worked for an american bank, spanish bank, and u.k. banks.it different working for different cultures, banks? antonio: it is different, and it is different not only -- it is not only different to compare spanish culture with an american culture, it is also different to compare the culture 20 years ago with the culture today because things are evolving, values are evolving, and as a leader, you have to adapt yourself to different cultures. the fact that i worked in several...
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Jun 7, 2019
06/19
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way we saw the world banking this year. we see a slowdown of the economy , but not a catastrophe. >> the u.k. labour party has defended -- denting the momentum of nigel farage. isnwhile, theresa may officially stepping down as leader of the conservative party today. this kick starts the race to replace her. and prime ministers should be chosen by the week of july 22. global news, 24 hours a day on air and @tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. thank you. coming up on bloomberg, we speak with alexander novak, russia's energy minister live from st. petersburg. don't miss that interview. 3:00 p.m. london time. for that, the panel discussion at the start of the next hour. yourberg radio is live on mobile device or on dab digital radio in the london area. ♪ matt: welcome back to bloomberg markets. let's take a look at futures, up across the board this morning. downbeate get some news out of the german central bank. 2019undesbank cutting its gdp forecas
way we saw the world banking this year. we see a slowdown of the economy , but not a catastrophe. >> the u.k. labour party has defended -- denting the momentum of nigel farage. isnwhile, theresa may officially stepping down as leader of the conservative party today. this kick starts the race to replace her. and prime ministers should be chosen by the week of july 22. global news, 24 hours a day on air and @tictoc on twitter powered by more than 2700 journalists and analysts in more than...
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lot of banks pay constant fines there was just a fine this week paid my $91000000.00 by the 4 x. market riggers so rigging is part of the economy and that's part of the financial market so without broad there would be no stock market is that you can't seize a fish in a fish bowl yes so surrounded by fraud or you can see the fraud big coin will get rid of jay clayton and the f.c.c. thank god because they're horrible and yeah you know they melt up in the stock market is well under way to say that stocks are some people are bearish on stocks this is new speak from 1904 you can't have people are bearish on stocks while there it's hitting new all time highs and trading adjusted for stock buybacks it's never traded at a higher price earnings multiple in history not even in $1029.00 or stocks trading at those high of a price earnings multiple and they are right now adjusted for jay the illegal stock buybacks there is actually an e.t.f. which is just launching for a trade war it's a trade trade war e.c.f. so you can bet on that but that relates to this 1st headline here druckenmiller dum
lot of banks pay constant fines there was just a fine this week paid my $91000000.00 by the 4 x. market riggers so rigging is part of the economy and that's part of the financial market so without broad there would be no stock market is that you can't seize a fish in a fish bowl yes so surrounded by fraud or you can see the fraud big coin will get rid of jay clayton and the f.c.c. thank god because they're horrible and yeah you know they melt up in the stock market is well under way to say that...
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it's impossible because you have banks like the royal bank of scotland who will come around and just. destroy you as they've done life and they take it and they set their empire that's what the system is not what the system feeds and of course this is also. socialism and absence of risk for any of the top any of the top 10 percent certainly those top one percent in particular and we see this playing out over and over the media shrieks and they can they don't have any answer for what happens in elections across europe or what happens in elections across america or australia and it's all a mystery and they just couldn't shriek about the horrible deplorable zz they are allowed to vote maybe we shouldn't allow deplorable to vote maybe it should just be for the wealthy maybe it should just be for those with our property like this is full circle again to where we began in terms of. you know ordinary person who doesn't have an e.t.f. which they can flip to the government. they're angry to see the those who have the e.t.f. that they can sell at it marked up premium rates to the government you
it's impossible because you have banks like the royal bank of scotland who will come around and just. destroy you as they've done life and they take it and they set their empire that's what the system is not what the system feeds and of course this is also. socialism and absence of risk for any of the top any of the top 10 percent certainly those top one percent in particular and we see this playing out over and over the media shrieks and they can they don't have any answer for what happens in...
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Jun 7, 2019
06/19
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this central bank has been among the least dovish of asian central banks.icial talk about the word stability. this has been their mantra. that is code for indonesia's rising current account deficit. as the interview war on, i detected which there. if idea that it is when, not seems to be a new signal from bank indonesia. shery: thank you so much for your insight. that was our bloomberg opinions columnist. let's get a quick check of the latest business just -- check headlines. steady on his first day of trading in new york. the ceo rushed off worries of an intensifying trade war, saying that demand for education would prevail over any economic or political issues. he raised more than $200 million in his ipo and reported a $2.6 million profit in the first quarter. head of matsui is on the heads for -- on for acquisitions abroad. he is looking to buy banks emerging in asia. he says that if japan's second-biggest lender can keep hitting its income targets, it will have $15 billion available for deals and share buybacks over the next five years. shery: the germa
this central bank has been among the least dovish of asian central banks.icial talk about the word stability. this has been their mantra. that is code for indonesia's rising current account deficit. as the interview war on, i detected which there. if idea that it is when, not seems to be a new signal from bank indonesia. shery: thank you so much for your insight. that was our bloomberg opinions columnist. let's get a quick check of the latest business just -- check headlines. steady on his...
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you know the banks. and to watch the language of the bank money. speaking the truth. that matters. for minds. i'm not laughing at the debt i just sometimes i am but i said nothing which is that the german thinks deep into the german culture of looking at the stereotype question that is think the future of the country that i know not. i'm. prepared for this drama day out to me because it's all that good ok. i'm rachel join me from the general fund you. post. a very warm welcome to arts and culture today a photographer who trains his lens on those fighting to save our oceans also coming up the unique festival in australia combining the arts technology and society. and a composer who gets her inspiration from nothing more than a chair. but we begin with german photographer your coal vest who was living the high life 1st as a male model and then as a top fashion photographer until 8 years ago when he was asked to photograph his holiness the dalai lama joining his visit to germany getting to know him best promised a visit to bret and highlight the problems facing the country then he wen
you know the banks. and to watch the language of the bank money. speaking the truth. that matters. for minds. i'm not laughing at the debt i just sometimes i am but i said nothing which is that the german thinks deep into the german culture of looking at the stereotype question that is think the future of the country that i know not. i'm. prepared for this drama day out to me because it's all that good ok. i'm rachel join me from the general fund you. post. a very warm welcome to arts and...
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Jun 11, 2019
06/19
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as deutsche bank, and other banks, are they heading to a good bank/back bank -- bad bank structure whereue is not the same as it is for monte dei paschi and the italian banks. staff, and inefficient business model, it is not the same that challenges this bank. that is not what we are talking about. francine: what are we talking about? are they losing clients or talent or both? jonathan: both. just is notn assets yielding enough, and that is massively compounded by low rates. they talk about when rates go up, this is what we get. they will not go up and they might come back down. they need to shrink the size of the balance sheet to shrink the expense. francine: given the banking lens bait -- landscape, is there room for deutsche bank? jonathan: absolutely. company a pan-european with a domestic base. they just do not fit and they cannot compete. tom: what do they do? you have been expert at this. you have essentially predicted what we are seeing now. when are they waiting for as they go to a five handle on the shares? barclays had a retail guy, anthony jenkins, the investment bank was the
as deutsche bank, and other banks, are they heading to a good bank/back bank -- bad bank structure whereue is not the same as it is for monte dei paschi and the italian banks. staff, and inefficient business model, it is not the same that challenges this bank. that is not what we are talking about. francine: what are we talking about? are they losing clients or talent or both? jonathan: both. just is notn assets yielding enough, and that is massively compounded by low rates. they talk about...
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Jun 22, 2019
06/19
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widens the gapr between the bank and other central banks.y other global central banks talking about easing. you are hiking. does that worry you? >> the short answer is no. affected bye are everything happening internationally and we follow closely the expectations going forward. but then the background for the increase is in the policy we have made, that growth in our economy is happening. inflation in our case is above the target. and i will add that monetary policy in our case is expansionary. the policy rate is still quite lower than the neutral rate, normal rate, so we are stimulating the economy and of course our policy rate and rates are definitely affected by what is happening internationally. >> european leaders have abandoned the formal candidate for the next eu commission president and it will start from scratch with less than two weeks before the self-imposed deadline. >> we are back to square one. >> we are back to square one and all the front runners, they are out of the competition. they cannot be the commission president and t
widens the gapr between the bank and other central banks.y other global central banks talking about easing. you are hiking. does that worry you? >> the short answer is no. affected bye are everything happening internationally and we follow closely the expectations going forward. but then the background for the increase is in the policy we have made, that growth in our economy is happening. inflation in our case is above the target. and i will add that monetary policy in our case is...
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bank or your central bank or your national bank or you know all the way up the chain the b.o.'s everything took place to just make more debt papered over loan you know more. morphia basically in the system the reason most people are really misunderstood what took place is because it was sterilized this went to reliquefy the banks but it never really hit main street it went to wall street and the liquefy the banks it didn't go on to the you know the main public with their wages were increased during that type of thing in fact there's pressure on the downside due to china competing currencies in a way the world works now relative to what it was a say the seventy's when i started the workforce and everyone that was in major industries major corporations are given a c o l a cost of living allowance adjustment to our wages i think it happened every quarter every half year or so so we thought at that time that you know as this inflationary pressure continued you had to get hired our wages are kind to go on the lives of the weimer republic where you know you might not. stay exactly wi
bank or your central bank or your national bank or you know all the way up the chain the b.o.'s everything took place to just make more debt papered over loan you know more. morphia basically in the system the reason most people are really misunderstood what took place is because it was sterilized this went to reliquefy the banks but it never really hit main street it went to wall street and the liquefy the banks it didn't go on to the you know the main public with their wages were increased...
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Jun 29, 2019
06/19
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bank. it's really just postal check cashing or money orders, simple banking without the fees. >> if i hear something like that, if it's without the fees, this is not necessarily going to be something that is raising money for the post office. >> we're still talking about a simple bank fee. in the post office it would be lower fees because of economies of scale, you've got cross subsidies and things like that as far as the location, 60% of postal branches are in banking deserts. there's a lot of communities where the banks have long left but the post office remains. >> what would it take to actually train postal workers to be able to do this what are you thinking? >> the same training that walmart employees went to when they went to check cashing these are, again, very simple products the back end would be -- i mean, the post office already does money orders so they already have the safety precautions for transferring cash. that would just be, you know, the same, maybe a little bit more for
bank. it's really just postal check cashing or money orders, simple banking without the fees. >> if i hear something like that, if it's without the fees, this is not necessarily going to be something that is raising money for the post office. >> we're still talking about a simple bank fee. in the post office it would be lower fees because of economies of scale, you've got cross subsidies and things like that as far as the location, 60% of postal branches are in banking deserts....
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Jun 10, 2019
06/19
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let's talk about central banking because we then talk about such a banks coming to the rescue.ode a they can deliver more stimulus if necessary. the economy as a whole is doing well but world economies the number of the companies, sort of local banks faced with this growing threat. so, we could -- we might have the potential risks, but at this , we have to carefully monitor the situation if we control and ease of strengthenexpand or the monetary easing further if we need. kathleen: so in a sense, you're saying you're willing to take on the rising risks if you need to do so to stimulate the economy and keep inflation growing. avoid,, but, in order to as much as possible, the side effects, we may combine various monetary tools to reduce that sort of side effects. kathleen: sounds like an interesting recipe. summary central bankers right noware -- so many central bankers are saying they're aware -- china made that very clear, very strong. fed chairman jay powell said look, we can do it if we had to. mario draghi said he could cut the negative rate further, could buy more bonds. i
let's talk about central banking because we then talk about such a banks coming to the rescue.ode a they can deliver more stimulus if necessary. the economy as a whole is doing well but world economies the number of the companies, sort of local banks faced with this growing threat. so, we could -- we might have the potential risks, but at this , we have to carefully monitor the situation if we control and ease of strengthenexpand or the monetary easing further if we need. kathleen: so in a...
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Jun 28, 2019
06/19
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for deutsche bank.ng us is bloomberg intelligence's senior bank analyst. what were your takeaways from yesterday? one is we think the fact that they are showing progress on their process in the ,.s. is a key posture especially among some any negative headlines and concern over the past year or so. from the u.s. bank perspective, goldman wellhead of estimates. all the banks basically meeting or beating. goldman was the biggest surprise, especially its dividend was really positive, giving support to sustainable earnings confidence for them, and i also think sort of sending a signal to different types of investors that actually look at dividends, dividend yield that is more competitive with the other peers. jp morgan, bank of america, still over 120%. i think the fact that their payout was better than expected is also positive. bank of america's payout ratio perhaps still the most positive. there dividend was a little light, but still a 20% increase. alix: if you are wells fargo, you've got to have some ki
for deutsche bank.ng us is bloomberg intelligence's senior bank analyst. what were your takeaways from yesterday? one is we think the fact that they are showing progress on their process in the ,.s. is a key posture especially among some any negative headlines and concern over the past year or so. from the u.s. bank perspective, goldman wellhead of estimates. all the banks basically meeting or beating. goldman was the biggest surprise, especially its dividend was really positive, giving support...
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system and who is the central bankers central bank and that's the bank of international settlements so now that they see their members and their permission to network starting to break off and see the glory of big way now they're starting to really bashed it big quince proof of work algorithm needs replacing argues b i s study the proof of work p.o.w. algorithm used by big question in some other crypto currencies is not viable in the long term they said it needs to be replaced argues a new study from the bank of international settlements bequia is vulnerable to double spending or a 51 percent attack and also that the system stops awarding big coin as block rewards to minors and then once that happens out in 2140 the system will no longer be secure i don't think it's going to become less secure it will are a certain price action expecting a huge boost in price and it's not a bow the thought of being able to my the bitcoins but it's a boat the transactions on the transaction fees that should make up for the minor rewards that article from the bank of international settlements over who ar
system and who is the central bankers central bank and that's the bank of international settlements so now that they see their members and their permission to network starting to break off and see the glory of big way now they're starting to really bashed it big quince proof of work algorithm needs replacing argues b i s study the proof of work p.o.w. algorithm used by big question in some other crypto currencies is not viable in the long term they said it needs to be replaced argues a new...