jp morgan crushed it, goldman sachs coming in light. that is a mixed bag on goldman sachs.breakout? bill: another trading range. resistance,ou closed yesterday at 205.82. stops fading in the premarket. -- stocks fading in the premarket. your to fail breakout here and in september. alix: let's take a look at citigroup. also mixed bag in earnings. taking a look at net interest margins versus estimates, they came in light and average loans up to percent. wider trading range. bill: wider trading range but the same chart. the 200 day at 65, maybe support around the 100 day around 68, but nothing but a trading range. alix: if we get above the resistance level, is that a record high? brooke: it is not. -- bill: it is not. jp morgan is the best looking of the bank stocks. alix: great to get your set up. you can listen to bill all day starting at 6:00. he will give you his traits in the technical charts throughout the trading day. that doesn't for bloomberg daybreak: americas on this earnings day. goldman sachs, citigroup, j.p. morgan, wells fargo. coming up on "the open" jared wate

but morgan stanley, goldman sachs and citi are trading below book value the market is saying fine the this might being your peak returns on equity. if you look at the whole set up citigroup continues to stay up perhaps looking as most cheap relative to how it's been performing, guys >> interesting on halftime today they think it's a golden age for banking stocks the issue is, okay, the numbers were good. we could say that. the stocks have moved a lot in a short period of time over the long period, no but lately, yes. so how do you deal with that >> it's about positioning. nobody is in these stocks. if you believe in the value to trade these are classic value stocks we're also returning cash. they have dividends. they are buying back stock that's very important. so, i like them. i don't know if it's the golden age at this point but they are cheap enough still and they are returning shareholder -- shareholder returns, i think you pick your spots. >> all right well netflix is one of the best performing stocks in the s&p 500 today after beating earnings expectation. julie boorstin has the

romaine: let's turn to goldman sachs. the company made were winners a quarter ago, but now they are inflicting to end at -- million in pain inflicting $260 million in pain. more is ouror finance reporter. aventura,t with chemical company, debuted at $14 a share, close at $14.01 a share today. run come up atd q3 a disaster. that position alone, goldman sachs had a loss of greater than $100 million. at on top of that the fact that uber lost a third of its value since it was public, there you have two positions with losses of more than $100 million each for goldman sachs, and that will not help entering earnings season. joe: can i ask a stupid question? equity stakes directly taken by goldman, sachs & co.'s -- i thought the volcker rule meant you weren't supposed to take positions on your own balance sheet? is that the way it works? uniqueman sachs has been as a bank from making big directional bets and companies. >> conviction bets, whatever you want to call him. goldman sachs has equity investments of $22 billion, most in

sachs, hear from goldman where we will hear about trading expectations. we also hear from bank of america wednesday, morgan stanley thursday. with that said, all of the major banks are expected to have lower revenue throughout the year. they have all been impacted by tough deal fees. morgan stanley and goldman sachs, investment banks have been impacted most. jpmorgan doing better with a lot of people lending over the year. that said, the yield curve has been pretty tough on all of these banks. jpmorgan, wells fargo, bank of america revising their net interest expectations for the year. also, treating is expected to pick up a little bit.

goldman sachs, choppier results.ase of the consumer business pretty much as expected they're holding their kind of investment banking franchise levels if you look at market share it's not been that great of a quarter. and it trades -- the stock trades at exactly tangible book value. so it shows you the street is very skeptical that they can earn a great return even though they're earning 10, 11% on tangible book. >> jeff, very quickly before we let you go what stock would you be telling investors to buy based on this news >> especially if goldman's weak, you've got to be looking at goldman sachs here the point earlier, 12% roes with a road to higher roes and trading at tangible book value any weakness you get today, especially coming into the season with a strong first quarter, that's a place to be looking. >>> we'll check in with all of you when we get the numbers. >>> we have a lot more coming up in a moment. the push for more taxes on the wealthy. a special guest on the plan we talk a lot about you don't want to m

not good investments for goldman sachs.ership with the new apple card. maria: we called it at the top of the show, this wework situation is impacting things at jp morgan as well as goldman sachs. you're seeing a bigger hit on goldman sachs with the numbers missing estimates. >> the partnership that susan alluded to, with apple and the apple card and our guest from cfra was talking about grueled s move into retail banking for people, not institutions. i felt like that deal with apple was one more way for goldman to get data, for one. maria: that's true. >> for two, let itself be a little bit more known among average consumers and bankers, normal main street people, not institutions. >> another move they made in that vein was to buy united capital, an independent advisory firm, not a big move for gold b man. >> part of that diversification. >> to the man on the street, it's morgan stanley, it's not -- it's a wealthy individual but they've done a brilliant job of they decided at the time of the crash i think that was their fut

co-head of the goldman, sachs banking division joins us. netflix, down 6% we breakdown big blue's quarter next stay with us >>> the goldman, sachs summit kicks off this morning, wilfred frost joins us with a special guest ahead of the interview with david solomon this afternoon. hey, will. >> reporter: hey, jon, good morning. i am here with gregg lemcau, head of investment bank at goldman, sachs good morning thanks for having me. >> thanks for having me. thanks to cnbc for being here to shine a spotlight on entrepreneurs and great companies. >> some of whom are joining us throughout the day recent earnings, your department, investment banking, revenues were down 27% year over year, some of your rivals seeing increases year over year what was that down to? >> you saw five major banks reported this week our investment bank results were softer, quarter over quarter, year over year than competitors, due to phenomenal outperformance last year. we look at the absolute results, put up advisory revenues of $716 million, about 40% higher than the ne

goldman sach misses forecast as it endures heavy losses after investments in wework and uber >> a very warm welcome to "street signs. it is just over 24 hours now until the make or break eu summit sterling is under pressure amid uncertainty over a last minute brexit deal can be hammered out. talks have just restarted after stretching late into the night french prime minister said there is a glimmer of hope some members of johnson's conservative party have expressed p doubts about the emerging deal. let's head straight out to willem who joins us live from westminster. break it down for us, which lawmakers matter here? >> you've got boris johnson's party who are very likely to vote for a deal. you have a small number of them who have traditionally voted against the brexit deals one of them has publicly said last night after the group met, the former secretary of state for northern ireland that any deal that involved a border on the irish sea would be unacceptable some seem to be in favor of what they call a tollerable deal. on the labor party side, more than a dozen have talked about a n

we are in a new building with goldman sachs.ters, which is trade concerns. our markets too pessimistic or optimistic about what is going on in the world? >> there is a lot of volatility. we saw that yesterday. it is a good question. underlying economic growth continues to be about 2% or thereabouts, essentially on trend. clearly there is a convergence of issues going on right now. some of the data out of the u.s. has not been good. we've seen bad german data. the issueata, .1, .2, around trade, yesterday the airbus and the tariffs, the trade escalation has gone beyond u.s. china and is now u.s. europe. clearly the market pullback. talking about your commitment to europe, are you hiring anyone to expand? richard: wealth management growth is one of our priorities. coverageue to hire people, client facing people. i was in switzerland last week. we just opened a new office in geneva to expand our wealth management capabilities. wealth management is a huge priority. francine: are you worried about your? -- are you worried about europ

goldman sachs is a premier investment bank am a global dealmaking source.hen you think about the biggest corporate transactions coming together, you usually have a goldman backing. when you have these coming together in a year, it is embarrassing. with a bank the size, are you always going to have an employee out there who may go rogue? is this systemic or just three individual cases? >> there is a bad apple defense, but when you have three bad apples come you start worrying about the cart. there is nothing to suggest something systemic in the bank, ts, when you stack the fac that is where people start asking questions. in the previous case, you have the guy go to court and being sentenced to three months in prison. before that, you had the case of the nfl linebacker conspiring with the banker. romaine: in the latest case, the other side of this involves a restaurant tour. what do we know about him, what do we know about him, what was his relationship with the banker? >> one of his restaurants is about 15 blocks down the road. i went there on friday, it loo

year so that's the efforts that we're sort of referring to that are new, essentially, for goldman sachsthat's why not comp expense will be higher than it otherwise would have been. the question is are you getting a return for what you're spending they would say we already is a bank that has 55 billion in deposits, 5 billion in loans, just to go out and find something like that, you pay more than we have spent. >> the other steadier business that goldman has been trying to refocus on is asset management, been there forever, 20% of revenue. it is like an apple issue. like, when does the market pay a higher multiple for the steady part of the services business and for goldman it will be a while. you're not going to get -- used to be a way to get a premium, now it is not. so it is good, smooths out the business, but 20% is not going to kind of color the entire view of what the company is able to do. >> david mentions cards, jpmorgan card sales up 10. they did say delinquencies are stable all the color we normally look to for jamie dimon on the economy, he says in the u.s. economy, gdp growt

i'm in citigroup and goldman sachs. here's the thing, the stocks aren't going anywhere. i look at citi in particular, i say they've got execution problems they have not met expectations with return on common equity if you look at that, are you saying, okay, if they don't fix it right now that value act is going to come in and replace the ceo? >> well, look, citigroup has made progress. gone from 8% returns to 12% returns. they've gone from lousy to okay. all i'm saying okay is not good enough we still think returns move towards 13% next year. that's below their target. even knowing all of that, if you get a 12% or 13% return on equity, you're trading at tangible book value. >> my question is value act the fulcrum upon which that lever moves? >> i think the fall of value act is underappreciated when you look at other companies. >> okay. >> just to be clear, they haven't not moved. a lot of these stocks are up 33% this year. this year, they have started to move >> just from the fourth quarter of last year >> okay, but that's true for the whole market all i'm saying, they m

wall street class especially goldman sachs and the halls of power in washington d.c. at the i.m.f. at the world bank at the e.c.b. at the central banks so there are powerful fees at the i.m.f. at the world bank at the e.c.b. at the central banks so they're powerful firm and hank paulson was at the head of the treasury firm and hank paulson was at the head of the treasury when we hit the financial crisis in 2008 and 9 before that of course he was like when we hit the financial crisis in 2008 and 9 before that of course he was at goldman sachs so here is some of the quote from him matching this exhausted person at the deplorable person that has to work for a living here's goldman sachs so here is some of the quote from him matching this exhausted person at the deplorable person that has to work for a living here's hank paulson describing what happened during the financial crisis how a late paulson describing what happened during the financial crisis how a late night phone call from warren buffett in 2008 may have helped night phone call from warren buffett in 2008 may have helped sav

that is where you will get excited about goldman sachs.e: is talent going to be a problem this time? the stands it -- the standout , can they produce the talent? even in think they can, the tougher backdrop where goldman reported two days ago that it was in line quarter. they still had solid results in investment banking businesses where they needed on the trading side. that again, we think that over time we think maybe the footprint shrinks a bit and the talent that they will be adding is more on the engineer side, the tech side. people don't appreciate about goldman sachs is that over one quarter of the employees are technology engineers. this is a tech firm wrapped in an investment anchor and as these newer initiatives come wealth on the digital management side, i think people will appreciate that. guy: can you ever see banks trading on tech multiples? not necessarily, but what you have to think about is the type of growth and we will see from these firms. goldman sachs, for example, the consumer side of their business is really a start

i think goldman sachs was lighter around three percent. the point is they are buying back shares below tangible book value. that's immediately on the balance sheet. it means more earnings are going to the remaining shareholders. that's something to look for. >> banks >> i say on the banks side it is asymmetric. if we get bad news and don't get good guidance, i think that causes shakiness. i don't know that the banks if they report good third quarter and steepen the yield curve will be leading higher. people concerned about the growth environment are going to stay in those types of industries and companies more than a stable earner like the banks. >> quickly, wells fargo, cramer says is the most interesting of all given the yield four percent and new ceo. is that fair you think of the ones you look at with the banks, financial institutions, wels fargo is the one? >> i purchased on the open that friday i purchased wells fargo. he is understanding of technology, his fantastic history, sitting on the microsoft board. i think he will be able to

aromas from's -- of goldman sachs -- romas from goldman sachs. we have some breaking news?dy's already happen to be .ne rating york, this is bloomberg. ♪ >> the unrest from chilly spilling into the streets, .raffic in a standstill of latinh us, head america research over at goldman sachs. we have seen the protests in chile and some of the day-to-day a issues. we are also seeing protests. when you see these types of outbursts by the public course policies that have largely been well received by markets, but not benefited or the perception they have not benefited the people, how does that get reconciled? i think you raise a very interesting point. i think in general, we live in an age of diminished expectations. the trouble and the angst out there. there, they are looking at low wages, low growth, a political system in which they don't feel represented. there witnessing corruption scandals. now, it is on the authorities to authorities to ease those anxieties, but in a way that everybody enjoys -- in a way that addresses shortcuts and does not undermine the investment into the

goldman sachs is not as big as jpmorgan.ieve an 80 million dollars writedown that came out in its earnings recently, on its wework work so they are not -- they are much more hesitant to throw good money at bad. they don't have the balance sheet. they don't have the scale to do. that they are allowing jpmorgan to do that. that's where we are right now. we are one of the premier investment banks that was a lead underwriter, this is a pretty big story, is not being part of the financing arrangement, we are told as of now. it may change. i hear it is unlikely to change, just so you know. but this is a big thing. if goldman is not involved, then there's a lot of questions about the future. liz: i think you are right goldman's market cap 74 billion dollars. jpmorgan's 380 -- >> yeah, they have more scale. jpmorgan could lose money on this. goldman sachs if you look at its earnings, you know, it just doesn't need this, if you know what i mean. liz: beguiling. >> too much perks and not enough business. liz: that's called too much si

morgan is now at all-time highs, where goldman sachs was down 3.5% on the day.n though the macro picture continues to be a challenging one for banks, this was expected to be a tough quarter for revenue. however, you still had a great report from j.p. morgan, a solid one from citigroup. a little more of a mixed bag from goldman sachs and wells fargo continues to have its litigation issue. i think it is actually healthy for the market to see some real diversions and share price performance. shery: how challenging could the fee banking environment be as we see tensions weighing on the cross-border dealmaking's? rebecca: markets -- bull markets do not end in fair valuation. they end in euphoria. for somebody who is bullish on u.s. equity markets, i like seeing that some ipo's like getting pulled. frankly, the wework example really pushing the threshold for common sense with regard to some of their financials and the leeway they were taking with regard to how the calculated operating earnings. it is a healthy sign the market said we are not buying this. it resulted i

you know they run they're going to turn to the elite class because of course goldman sachs you know they run they there's a revolving door between the banking wall street class especially there's a revolving door between the banking wall street class especially goldman sachs and the halls of power in washington d.c. at the i.m.f. at the one sacks and the halls of power in washington d.c. at the i.m.f. at the world bank at the e.c.b. at the central banks so they are powerful firm and hank paul the world bank at the e.c.b. at the central banks so they're powerful firm and hank paulson was at the head of the treasury when we hit the financial crisis and. was at the head of the treasury when we hit the financial crisis in 2000. 8 and 9 before that of course he was at goldman sachs so here's 2008 and 9 before that of course he was at goldman sachs so here is some a quote from him matching this exhausted person at the sum of quote from him matching this exhausted person at the deplorable person that has to work for a living here's hank paulson describing the deplorable person that has to

david solomon at goldman sach says more cautious which camp are you in?> i'm probably in the middle. i think all these bears are scratching their head and wondering why the s&p is up. first, we are seeing a nice earnings season. i know the bar has been lowered. secondly, we are see egg the fed policy we are expecting the fed watch tools. third and final is the fact that we have u.s. trade conversation or deal. seeing that come to fruition with all-time high in july >> jeff, there has been a concern that the leadership position has been technology and communication services companies. those are the ones not quite leading the way. more of these defensive names. is that more cost for concern that we don't have the traditional leadership in the market >> we are seeing utilities and the 10-year note proxy you are seeing a lot of people that don't go up in the market technology continues to be number one it has been number one for two years. as we see that surpassing, we are sticking with these themes when you see that global growth specifically coming out, tha

to go back to goldman sach and that hit, almost as much as $300 million. do you think that was a mistake, a bad decision making to get involved in the sector given such a late moment in the cycle and will they be able to give more in these quarters >> on those shares, they take the stakes in part of that i think the listings have been disappointing. you question those values out there. perhaps questioning some of those. perhaps the fundamentals of those stocks and perhaps they need to make money sooner. they need to hold on and take whatever hits to those in the long term. >> how should we think about those at the moment? >> the retail sales has come in much weaker than the previous data had shown suggesting that perhaps the slow down is going to trickle through to the consumer >> if you look at those retail sales in particular, the year-on year numbers are good. every bank has seen an acceleration in credit card spinding consumer confidence still very high i would say in the retail sales is to be expected. >> goldman sach has a strategy coming up for next

a third.express up goldman sachs down .5%. the nasdaq is up as well. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i am guy johnson this is bloomberg markets. let's turn our attention. bill joins us. friday, we thought we had a deal. we thought we had a breakthrough between china and the united states. we get to work on monday morning and we are not for sure. what are people talking about? are they encouraged in any way to take more risk, given the confusion? on friday, there were hopes of an interim deal. china coming out here today, as expected. they said they want to talk again before signing a phase one deal. it has been a good run. it is a headline driven market. we are at the top end which happens to be record highs. it does not make sense taking additional risk at these levels. guy: a bunch of things that contribute to what is going to go on in oil prices as well. has this been a rally? >> it has been a rally to say. we came up $50. i have been a big fan of crude oil. there has been uncertainty with the ira

also on deck, goldman sachs, citigroup, wells fargo all reporting. with more analysis is our senior bank analyst allison williams. are reminded of come every quarter, big banks have become very different. the complement of their earnings makeup is different. what are some of the crosscurrents that suggest similarities between what they are saying about the overall economy? some country specific factors in emerging and developing economies. terms of the overall economy, the comments that you showed from jpmorgan, that is generally the feeling among investors. we know a recession is coming, we are not sure when. the big question remains interest rates and the driver there, geopolitical risks are key to asset prices and interest rate environment. those are the two key risks for banks. the differentiation in the quarter is who able to offset those headwinds, and who is having to fight harder. jpmorgan gaining market share, also lowering their cost estimates, so those are positives. citigroup, costs coming in in-line to a little above. on the conference c

like i said i have no exposure to the sector at all right now. >> morgan stanley, goldman sachs over time, i think they will appreciate these are capital market names. >> eight times earnings wait 3% yield. >> capital market names that work right now that do not get discussed enough and it's about this distribution of analytics, distribution of information, take a look at msci, the stock, take a look at moody's, mco, take a look at s&p global all up significant this year. then you also have the digital high yield and emerging markets platform which is market, mktx performing well within the capital markets, four names that will work right now while you're waiting for morgan stanley and goldman sachs to have the eventual turnaround. >> that one up 70% let's go to sue herera who has the headlines for us. >> thank you, scott. here's what's happening. uber and lyft drivers protesting over pay and working conditions bringing traffic in new york city to a nearly dead stop at rush hour this morning some cars attempted at times unsuccessfully to squeeze past the drivers' caravan which appear

goldman sachs off a little bit. boeing off somewhat. beat the top three performers are all those names that have pretty good strong earnings this morning. >>> then there's target. this stock on the minimum wage band wagon. the move hurting many of its employees it was meant to help. details for you right after the break. [ orchestral music playing ] mom you've got to get yourself a new car. i wish i could save faster. you're making good choices. you'll get there. ♪ were you going to tell me about this? i know i can't afford to go. i still have this car so you can afford to go. i am so proud of you. thanks. principal. we can help you plan for that. start today at principal.com. now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call, we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shi

jp morgan, goldman sachs, and wells fargo reported third-quarter results. it is expected to be a challenging quarter from a revenue standpoint. the biggest banks are taking a hit. $13 billion since the start of the year. falling interest rates and yield curves initial inversion are the major headwinds. on fed's cycle has weighed the bank's net income results. today it's going to reveal a lot more. trading revenue might look brighter for some banks, but don't expect trading operations to rescue everyone's earnings. citigroup and morgan stanley are likely to see a decline. they have already lowered expectations. finally, ipo drama. a weaker environment could bite into investment banking revenue. wereal big lenders underwriters for an ipo that was postponed. later today, an exclusive interview with james bullard. that interview on bloomberg surveillance television and radio at 6:30 a.m. new york 11:30 a.m. london. ♪ nejra: this is "bloomberg daybreak: europe." the asian's check on markets with juliette saly. asian stocks higher for a third session, led by japa

morgan research, goldman sachs research as well.irit of the economy given the chinese slowdown? is it half a percentage point, or can it be more? sheila: i think at the moment you take a bit off, and probably you're in that half a percentage point zone or thereabouts. i think the real question is whether -- a trade war escalates, if concerns escalate overall, do you see industry pulling stpwhack you've already seen corporates pulling back, concerned about what they can do, and what becomes a vicious circle. i think we have a lot of concerns about vicious circles forming, particularly with reduced consumer confidence, or rather, corporate confidence. tom: how do you define scale? scale is all the rage, still the rage. does scale mean more m&a and more consolidation given diminished growth, diminished revenue growth? sheila: it could certainly mean that. when i think about scale, i certainly think one of the big questions the market has to resolve for themselves, particularly in the u.s., is this question i mentioned earlier of privat

joining us is jeffrey sachs, university of columbia professor .ow an advocate for secretary-general antonio guterres. professor, welcome. give us a sense. as we look back over this enormous growth story, the greatest in history of the world -- and you can look back to the beginning of deng xiaoping 40 years ago. what has driven that growth, what is slowing it down? >> the main thing was catching up. china by 1978 after a century and a half of one disaster after another was impoverished. like other countries of east asia, japan, singapore, korea, china finally got on the right track of market economy globalization, and they absorbed tremendous investment from outside and exported to the world. they achieved about 10% growth per year for nearly 35 years. absolutely extraordinary. that means they increased in total size more than 30 times. they worked hard, saved a lot, and escape from poverty. when you do that, the growth tends to slow down. the head room diminishes. you have adopted the modern technologies, so it was inevitable there would be some

we are not too clear about what will happen to the charges if and when goldman sachs pays up. ♪ we areure why they are talking for less, but we do know they are looking to come to an agreement by the year's end. we are not too clear about what will happen to the charges if and when goldman sachs pays up. ♪ >> you are watching bloomberg best. remain on tensions the risk of recession. we have a perspective on what is ahead in a conversation with jonathan ferro. we have seen the bottom in yields. at one point we had negative yields. we have drifted away over the last couple of months. are you confident we have seen the bottom in global bond yields? >> i am not confident. i would not bought -- not bet on them going low again. there is the policy side pushing rates down and the other is the economic side. i am confident central banks understand that they shouldn't into negatives. i can't move forward and i can't move back and i don't like where i have been. that is not a great place to be. so policy affect is done for now and on the other side, i am not sure the global economy is bottoming

sachs, hear from goldman where we will hear about trading expectations.e also hear from bank of america wednesday, morgan stanley thursday. with that said, all of the major banks are expected to have lower revenue throughout the year. they have all been impacted by tough deal fees. morgan stanley and goldman sachs, investment banks have been impacted most. jpmorgan doing better with a lot of people lending over the year. that said, the yield curve has been pretty tough on all of these banks. jpmorgan, wells fargo, bank of america revising their net interest expectations for the year. also, treating is expected to pick up a little bit. it is still not expected to be enough to turn around the tough year. stanleytalked to morgan earlier today and they believe the consumer may pick up the results of these banks. that see from the data actually loan growth is pretty good. we have a loan growth coming in better than what we are forecasting for the commercial loan portfolios. over the past month or two, consumer borrowing, especially in auto, nonmortgage, has ac

jpmorgan and goldman sachs, chevron on the upside. i want to highlight some small group of retailers at new highs. consistently in the last several weeks. a small group hitting new highs. tjx, walmart, sherwin williams target costco half a dozen seven or eight most of these big retailers outperformed everything else in the retail space and everybody else in that group is lagging this year. back to you. >> we had low volumes yesterday with the holiday where are we standing? >> low volume again today but not as bad as yesterday. what the tendency has been much heavier volume on down days for the market, and modest volume on days when we're on the upside. >> bob, thank you. tech stocks getting a bit of a boost. bertha coombs are tracking the movers >> reporter: it's not really the trade issue today. it really is about analysts notes. apple hit agnew 52 week high couple of dollars shy of it's all time close back on october 3rd. but analysts upgrading the stock on a stronger outlook for iphone sales. but analysts see a halo effect the chip

maybe i'm cynical but i just can't picture a goldman sachs employ walking outside into the this is of late october sunshine and going oh my god i hope we didn't hurt someone. even so long street is a great place for this protest it is unfettered capitalism that is killing all of us by way of the climate crisis the wall street titans are putting short term profit over long term alive miss there was probably a better word to go to yes but you get the point i didn't want to say vitality because that sounds like a ad for a penis pill the. point is keep the buckets of fake blood coming ignore the corporate media as much as they ignore climate change whether our presidential clown gets impeached or doesn't get impeached we're still hurdling towards an on livable planet and an on livable planet has very little. oh why do you think the god did goddess i don't care. i don't care what nobody said i don't care what you know very sad and i knew you could call that a double negative but listen to my voice i am at least double negative. we have to go to a quick break but check out my stand up comed

for the law firm gibson dunn and crutcher which is represent a corporation such as wal-mart goldman sachs and even sea world and dismantling health and safety protections retirement security collective bargaining rights and more for american workers when wal-mart got pissed at maryland legislators for passing a law that said corporations must spend 8 percent of payroll in providing health care for their employees they turn to school leah to take the state to court and get the law tossed out and scalia represented u.p.s. workers said the company didn't accommodate for injuries that occurred on the job but perhaps one of those most ridiculous defenses was of the car company ford after ford denied an employee with irritable bowel syndrome her request of occasional telework to accommodate her condition ford solution was just to move the employee's cubicle closer to the bathroom but when the plaintiff explained that simply standing up can trigger a loss of bow control argued that they should have taken self-help steps such as using the pens a product specifically designed for incontinence and

. >>> a numbeof other banks reported g earnings fordman sachs it was as mixed quaer.rofits fell more than expected hit by aloown in deal making while revenue topped forecasts. coumer banksing powered citi profits. the bank reportedter than expected earnings thanks to growth in credit cardnit and increase in digital deposits. and wells fargo misd third quarter profit estimates, as mortgage income sank. eee bank has working to improve image and operating under heavy regulatory scrutiny. shares of all three banks finished the day higher. >>> let's turn to bill stone for more analysis on bankerank earnings chief investment at alvines ient and advisory bill good to see you again. >> thankme to the con and we hear how they help the reilers and banksel now as aren't they. >> exactly, i mea it's the thing we talk about theu. overa economy. it's really the consumer keeping things together, because manufacturing is you know -- you guably in a recession. seeing a lot of the similar things on the banking side,as n uch m demand from the business side. but the consume see to have n

goldman sachs meanwhile, cited a mass loss associated with we work on its analyst call. >> our private investment portfolio was burdened by certain negative valuations, including a $80 million mark in our position with the we company. taylor: goldman, i think the key is writing down their investment by $80 million. do i have that right? >> you do have that right. it could have been worse. jeffrey had a small stake in wework and they wrote down their investment by $100 million. a much bigger write down when goldman had you take uber and trade web together. that was more than $200 million, in addition to the jp morgan 80 million dollars on we work. jp morgan would not really give us any color on the size of the write-down, but remember that jp morgan's exposure was a lot different. not only was it principal investment here they had funds invested that made them all , together one of the biggest investors. taylor: i want to take a look at jp morgan's exposure. some of the bonds were hitting a record low on this. you had yields at about 13 percent. when you tie in jp morgan's exposure, and

it just secured a $35 million funding round led by goldman sachs merchant banking division.or more, i want to bring in the ceo and founder. talk to me about the funding. congratulations. what are you using the money for? >> thanks so much, taylor. is a pleasure to be here. we are very excited to partner with goldman. both marshall and i are very thankful, but really the big idea is to completely democratize best in class data and privacy security for companies of all sizes, so the funding is going to follow where we will invest in r&d and hiring sales, marketing and expanding on our growth that is happening growth. taylor: and huge investors, horowitz, goldman sachs, big-name backers, why are they interested in you? >> they see a shift in the market coming. one of the biggest issues we see is previously, you had to release data going and an out of data centers and that approach 10 years ago, 15 years ago, but now data, which we called an asset before, is becoming increasingly a liability, so when they see a shift happening, how do you catch up with data in advance and build

so the sad truth is that going into the quarter the expectations for goldman sachs were pretty low.own this one and it's been a little pathetic. we were hoping for some solid numbers for the new lines of business like the apple card and marcus, which is their consumer business that's not quite what we have. i have the apple card and it's not like the visa so get that out of your heads. goldman's business was down 22% because we haven't had as many mergers. they had a decline in underwriting the investing and lending business was rough trading was good, though fixed income currency and commodities were up. investment management was up, up 5% versus last quarter someone stopped me on the street and said i like the fact that you give us a lot of information. so all told, i think goldman delivered some solid numbers in a less than stellar environment. maybe that's what we wanted. that said, david solomon told us some great things about the apple credit card. and what it's doing for the consumer business. as he put it, our competitive advantage is that we have no legacy branch or technol

in line for most of them goldman, sachs shares down, despite headline revenue being in line.ed due to lower than expected buy backs, softer investment banking revenues than expected we reported earlier that jamie dimon sounded more cautious. he was still confident about the u.s. consumer. here's the citi citi ceo. >> we saw them revise growth downward i would describe that as more of a catch up to where many of us had been than necessarily any new information. 3% global growth not as high as we would like it to be, but 3% global growth is still growth >> bottom line, while revenue environment may be getting tougher, the market is saying most banks still have levers to pull to keep eps growing for awhile to come guys >> thank you, very much. we'll continue to follow it all day with your help. >>> shares of roku and amc are surging. julia boorstin has more on the moves. >> roku shares up 7%, bringing the year to date stock gains up 317% today's move higher is on news of apple tv app available on roku streaming players, apple tvs. roku users can immediately use the app to rent,

peterg us now is, peter: oppenheimer, chief global equity strategist, goldman sachs. what do you expect? peter: we expect rate cuts of course. our view is that would represent a pause, and there would be no rate cuts through next year. remainser economy robust, and inflation expectations have stabilized. the labor market is strong alongside the consumer. we do not think there will be rate cuts next year, and that is different from what the market is pricing. chartlet me show you a that the team and i are putting together. this is the s&p 500 against the equal weight s&p 500, and the point it makes there are five companies that have lifted the s&p 500 to the new highs by some analysis. how much are we reliant and vulnerable to disappointment from a handful of companies in the u.s.? perhaps less than those charts would suggest. the important thing is earnings are still growing. they are growing on a broad basis, not just a few companies seeing earnings rising. we do think earnings growth will be slow through the course of next year, not just in the u.s. but globally. fo

when it comes to the australia markets, interestingly, goldman sachs making an analysis of what a qeam in australia could look like. what has been the reaction? adam: there has been a reasonable amount of interest in the analysis, in part because it was informed by the rba's own model and kind of an extension of that by the analysts at goldman sachs, and they are really looking for the idea that without going into negative rates, the way that the rba can get back towards their targeted inflation rate would be by doing program of theg value of around 200 billy -- billion aussie dollars. lower hasey driver been the unemployment uptick and the challenge to being able to get any kind of wage growth that is really sustainable, but of course, that is not just an australian problem. that is a problem the world over, this kind of problem has been running for some time, going back in the u.s. to the former fed chair under janet yellen. she talked about it being a conundrum, and it continues to be. the point here is that having brought rates down to 7.5% earlier in the week, the market still p

andrew wilson from goldman sachs stays with us.ond market is about to lose its best friend, mario draghi. but 10 investors expect the same support from his successor christine lagarde? we will talk about draghi's final meeting at the ecb in frankfurt on thursday. this is bloomberg. ♪ matt: >> her deadlock. the eu expected to approve a brexit delay as boris johnson fails to push through the timeline for his plan, though he gets approval on the bill. a fresh u.k. election could be on the cards. china is reported to be planning to replace and battle hong kong leader carrie lam. will it make a difference at all to the protesters? softbank to the rescue. a $9.5 billion payout. you are watching "bloomberg surveillance." let's get your biggest stock movers in today's market. chipmakers oney of the big stories today. disappointing news from texas instruments. all of the big chipmakers fall in today's session. swedbank declining after results saying the cost associated with the probe of the scandal over alleged mishandling of money looks li

nobody puts their hand up who wants to work at goldman sachs? may be one person so what do you want to do? don't ask that. [laughter] they want to work at ngos, startups which is not part of capitalism. [laughter] >> it's not that they want to get rich but they think those kind of companies don't have the moral issues on them. >> how long have you been teaching their? to make eight years are they different now quick. >> not much. >> is this on the exam? [laughter] the. >> i tend not to give exams and grades are like sex the more you worry and focus the less likely you will perform. that is from observation. [laughter] not experience. >> the most popular export from china is the panda bear we have two in the zoo here. why are the pandas used by the chinese as tools of diplomacy? >> it is actually supply and demand just like we try to save the northern white rhino right now there is an effort to breed pandas. [laughter] but the exact origins i think is just a reminder but a lot of chinese use symbolism and you have to differentiate. the rhetoric i

jp morgan jumps, but citi, goldman sachs, and wells fargo all failed to impress. china says it will struggle to agricultural products unless washington rose back tariffs. pricingnvestors know escalation rather than de-escalation -- investors now price in escalation rather than de-escalation from washington? in london come i'm guy johnson. for vonnie quinn in new york, this is the european close on "bloomberg markets." vonnie: here in the u.s., we are just on the cusp of 3000 on the s&p 500. some nice earnings today coming in. morgan up, butjp it is the insurers and medical providers doing so well today. unitedhealth group up 8.6%. medical loss provision was not as bad as anticipated. it was actually better than forecast, and that has all of those insurers higher. johnson & johnson saying it is not setting aside money for those court cases it is going to fight, and will win thousands of them, according to johnson & johnson. the 10 year yield moved quite a bit in the session, back after a holiday yesterday, 1.75% on the 10 year. guy: let'sguy: take a look at where w