german, swiss, french banks coming under a bit of selling pressure one bank in focus deutsche bank is due to start share holder meeting after posting a positive net income and set to deliver on the cost despite the outbreak. facing fresh scrutiny over the year's losses and legal charges. he is due to be speaking shortly. we'll bring you his comments live as they come through. trading 1.8% lower this morning. >>> powell and mnuchin defended the government's $3 trillion stimulus to fight the economic fall out and the first of what will be a quarterly testimony before the senate banking committee for the c.a.r.e.s. act. he stressed lending to smaller business was far more complex than the fed's usual facilities indicating that it was tough to get money to main street >> main street is in a class by it self- really. it is a diverse small, medium and large companies different industries different credit needs. some asset base, some cash based. it is a really complex undertaking. steven mnuchin warned the u.s. economy faces permanent damage if they stay closed too long he insisted the treas

or here's my bank. or, here's my bank.ause if you download and use the chase mobile app, your bank is virtually any place. visit chase.com/mobile. as the covid-19 pandemic sweeps the world we urgently need your help. our elderly jewish brothers and sisters who are so precious to god, have no access to food, medicine; or to keep themselves safe from the virus. and right now, we must take extraordinary measures during these extraordinary times to fulfill what it says in god's holy scriptures, comfort ye, comfort ye my people. your $25 will help rush an emergency food box filled with liffe-saving food and germ fighting supplies to an elderly person in israel. when you call right now, all gifts will be matched dollar for dollar doubling your life-saving impact. this is shoshana. she's a 97 year old widow who lives in jerusalem. she tells us about the day joseph mengele sent her parents and grandparents to the gas chambers. her pain is evident even today. right now, our teams are on the ground delivering emergency aid and food

speak for the world bank that the many shareholders of the world with bank have come together -- theank have come together and want to support poorer countries. i think that's in the national interests of the u.s., of europe, of japan. this is a combined effort, and it creates balance in the world. if you didn't have that, that anchor or that, that star to focus on, the world bank wants to, in many cases, give grants to the poorest countries at a time when they're improving their system. a lot of the, a lot of the assistance is provided to improve government systems. for example, e-government meaning countries having to, less inefficient systems. it's a critical part of addressing the health chi sis. crisis. so i think i can say i think it's in u.s.' interests, also u.k. interests, european interests, japanese interests -- [inaudible] gerry: by helping ohs, we actually do help ourselves, is that right? >> that's right. from a terrorism standpoint, an immigration, migration standpoint. but also simply from a human being standpoint. there are billions of people in the world that can do

if that last until the fall or even into next year and the capacity of the phone banks, minority banks and cdfi to overcome the challenges of this crises. i hope to hear from -- about the loan portfolio over the objections of note delegation and in which i be able to make it hard to bring relief to impacted new york city taxi drivers who are already reeling from the pandemic. it is my -- [inaudible] to yield to mr. luetkemeyer. >> thank you, greg. first i like to thank the attendees are being a today and for her tireless efforts for the last two months help the american people respond to the covid-19 crisis. while today's roundtable is no less a hearing is my hope we can have a meaningful discussion on the steps regulars at taken to date to examine what further steps must be taken to ensure the health of the american economy. congress and administration taken drastic measures and responding to both an economic crisis, coronavirus has presented. congress has passed four legislative packages and delivered much needed funding for and healthcare providers, state and local governments, smal

banks. out of the 45 banks in san francisco, 38 banks or ppe are eligible as fba qualified lenders as shown in the top line of table and of the 38, 35 banks participated as described in the second line. and in small fonts, you'll see the numbers for the community banks subslide. community banks are recognised as being local actors and those more likely to serve low to middle-income communities. what's significant here is that the difference between the first and the second lines of the table come entirely from the community bank's subside. so three community banks chose for one reason or another not to participate as pppp lenders even though they were eligible and in total, three fewer banks were counted from the 38 total eligible. and the last line of the table identifies banks in san francisco who deviated from the normal course of action to accept ppp applications from small business owners, not in their existing customer base. as the count shows, six banks in san francisco did not requir

morgan chase the biggest bank in america and this was a metaphor for the banks being responsible for financialization being responsible for our economy and our societies burning down such oh you know that is part of the global as for action against banker occupation right that's been going on now for 01112 years has growing skirmishes coalesce to a global movement because there is only one issue that anybody concerned about you know society should be thinking about and that is the can't tell me in the can't tell ins that cantillon they get ends the can't they can't tell in that they can't really ins right now the catalonians they live in spray. if they cannot those they also live in france she said they can't the limit can't tell the ins. well they're gross they're a gross population of grubbers well we're seeing their impact in lebanon and this scene i'm going to show you we obviously do not condone any burning down of banks literally but i'm showing you an important moment that is the essentially the cyprus. this round of global financial collapse and this is an image from tripoli

some of the largest banks already have in-house capabilities to deliver the banking services but manysmall banks do not have the things to deliver. consumers of expectations and behavior. we need to work with that. german back in december coming spot at the brookings institute brothers family you stated that a cap on that, with troubled institutions would be part of your regime for the fdic to administer and more directly address the current statutes to prevent troubled institutions fm making deposits to try to grow their way out of financial trou. my question is i'm going to be pushing for a framework the address in your routines institute so that community banks can compete on the living plane filled with the big guys we are short in times of chairman flames i just want to get a civil yes or no answer. would you be able or supportive of an asset growth cap on troubled institutions was included in the future covid-19 legislation. you touch on that earlier. >> yes to the extent that in lieu of the current restrictio restrictions. yes . >> now before i yelled back, i want to give some

and ihe norwegian bank -- don't know how many of you know this -- but the norwegian central bank ledentral banking in clarity of statistics decades fromand governor, you came the statistical division. can you give us the most efficacious oil price for norway? do you have in your head the best price for brent that advantages norway in the microeconomics of oil? oil whichhe price of would damas or which we could whiche -- what damage or we could survive with? tom: which price of oil is best? oystein: that is a difficult question. we benefit from reasonably high costs,ces exceeding risk including capital costs. if we have oil prices in the range of $50 to $60, my rearview of the cost level -- my clear view of the cost level and the prospects on the shelves is that is fine. isolated, higher oil prices could be fine, but we have to take into account the effect of very high oil prices on markets and demand. we have the climate challenge and it is a complicated issue. remainthe possibility to prices coming oil to around $50 or $60. toncine: are there limits what i monetary policy could achi

spoke about how the bank of thailand's actions are sort of mitigating pressure on your bank.ng with margin pressure, given that even record lower rates will not help? is -- given the relief measures from the government and the bank of thailand, the pressure on the asset quality might be lower in the short-term. however, i think there is still portfolio. our loan the covid-19 potential loan almost 20%,around really from the sme segment, which is around 12 billion u.s. dollars. impact toe possible the myanmar portion shery: if you need that -- myanmar portion. shery: if you have to do more cost-cutting, where would that come from? we have seen bonus reductions, for example, for executives. kattiya: for the past few years we have been doing management and productivity improvement. last year for example, we saved almost 7 billion last year. this year, we would continue to do what we plan, and invest more engineeringess, re- our core process, which is fromim credit process, loan origination to collection. and we also want to improve the frontline, our sales staff, to be more effec

is deflationary as it supports zombie banks who choke off all money velocity kill q.e. and you'll get inflation looking to this we. week here is that tweets from sober look a segment on wall street journal live boring observes quote the velocity of money is hitting record lows massive amounts of liquidity but not much economic growth some view this trend as discussed inflationary there is money velocity and it's sinking and collapse right at this point we've talked about many of austerity and how it's a true picture of economic activity and it has steps will be now pro-choice absolute 0 which means the u.s. economy is absolutely a cadaver it's absolutely dead and i love the i you know that the analogy of art i remember in the south of france they had artists so-called on the border of the sea and they were painting and it turns out they send photos to china and china creates thousands of duplicate with chinese workers in factories making thousands of these replicas from a photo sent to them from whatever location you're in and those those paintings are sent to france an

is deutsche bank and . they see that the fed could possibly buy all outstanding equities hans everything and it would be $130.00 trillion dollars right now their balance sheet is between $7.00 and $8.00 trillion you heard it here 1st right i mean i've been saying now for a few years that the goal of the federal reserve bank would be to take the american economy private that is the say it would buy all stocks all bonds all property and now deutsche bank and other banks are saying yeah they're going to print $130.00 trillion dollars they're not go stop at 6 or 7 trillion the number of dollars going to print is going to exceed the g.d.p. of america by a huge factor. and they're going to buy by everything same with the other 3 or 4 major central banks around the world this is what neo feudalism looks like ok if they fuse central banks print hundreds of trillions and take everything off the board and now they own 99.99999 percent of all assets and everyone else is living a subsistence click farm right click on a

next, will it be a no or yes bank -- for yes bank?to see losses when it reports quarterly numbers later. we will have the details. this is bloomberg. ♪ yvonne: the business flash headlines, the coronavirus cost disney as much as $1.4 billion last quarter with one billion of that coming from shuttered theme parks alone. almost every part of its business was hit. earnings plunged by more than half to $.60 a, well down on estimates of $.86. dieter's were shut to disney movies and advertising revenue on broadcast assets fell. one bright spot, shanghai disney reopened monday. singapore united overseas bank reported its first quarterly profit drop since 2016 as charges tripled and credit costs rose in the coronavirus kosice -- crisis. as much as $600 million fall while impairments rose to 200 million in a "challenging environment." airbnb is cutting a quarter of its workforce as the coronavirus ravages global .ravel 1900 staff are affected with the ceo saying the world is living through the most harrowing memory asliving global travel comes

one of the concerns is bank earnings, or bank provisions for bad loans.mbers from rbs showing they were almost 10 times this quarter what they were a year ago in the same period. some of your stocks to watch, joining us is dani burger. from rbs.ly hefty the exact figure is 802 million pounds. they did not give an update on the forecast, calling it inappropriate to do so given how much uncertainty there is. rbs is grappling with the fact it has a corporate business lending program, and taking part in the u.k. government schemes. it is very involved in the mortgage market which has been struggling in recent years and has virtually vanished in the lockdown. we are seeing gains for rbs, according to morgan stanley, who say they be their expectations in terms of first quarter trading by 3%. their trading might help them beat expectations. the other stock to watch is ryanair. it will cut up to 3000 jobs, including pilots and cabin crew. 20%.up to that will also be in the head office and back office team, in another sign of how dire the situation is. boeing will

without the conventional bank as a parent bank for example so they would move towards been sacked for that and the 2nd is the lack of technology innovation by did a slam bang bang as compared to the conventional banks so the customers is actually longing for an innovative solution and i think it's part of a model and in fact could be the bridge to the sufis latest. aren't so sure products differ from from normal loans when when you make a loan. what happens what's different from from a normal bank so i think the main difference is that in islamic finance typically you have the buy and sell structure whereby the financial can buy 1st and felt at the margin so that that margin or net profit is fixed and then the 2nd structure is the profit and sharing structure where the funder would get either the returns or if god forbid the loss so. the key difference for me personally economy really speaking while the interest and come in conventional banks and the margin or profit in islamic bank might be similar but the concept of compounding interest or interest itself but because of the clean th

as you know, banks with deny payment. as you know, banks are on the hook.o it's a chain reaction that would happen, which is why we have encouraged banks to work with their borrows to modify loans and we've engaged the fed to make sure the loans are not clasped at trouble debts, restructuring the so-called p.b.r.'s, which would impact the bank's ability even more. so we are working with the banks and the catting russell. we're -- accounting rules to make sure the banks are able to give these loans so we don't have the i stability that would be more worrisome i think on a financial instability level than even individual refinancing. we're making sure that's communicated to the bamingse and we're working on the rule making that could prevent banks from doing that. >> i proposed a $75 impact fund. much like the hardest hilt fund in 2018. back then they received assistance to helped foreclosures and allowed land lords to pay their banks and how would -- allowed banks to not have to institute extraordinary activity. so i hope in will result in effective activity

while the interest and come in conventional banks and the margin or profit in this climate bank might be similar but the concept of compounding interest or interest itself but because of the clinic compounding part of it is not exist and islamic finance so if i were to borrow $100.00 in any case of late payment you will not get the role then suddenly i $300.00 i still got over. that $100.00 plus $10.00 for example in this $10.00 will be fixed so i think that kind of. the main difference economically from my perspective you mentioned the vice president and his support generally how supportive all of the shariah compliant ecosystem is the government there i think we're seeing a very strong support over the past 11 to 2 years i personally met with the vice president as part of. a couple of months ago and he reiterated that he has some push to to really. spearhead this this in this just defended development. and he's also chairing this case and k.s. which is the new organization formed to accelerate the development syria economy and finance here in indonesia we're seeing a couple of minut

or here's my bank. or, here's my bank.load and use the chase mobile app, your bank is virtually any place. visit chase.com/mobile. ♪ ♪ jer i'm with world bank president david malpass. david, china is a major recipient of world bank lending, has been over the years. still is today. it's the world's second largest economy, soon enough it may well be the world's largest economy. many people think it's got a lot to answer for over this crisis in terms of the way it handled it. do you think it's time maybe to review china's role in the world bank? and more generally, the role that china plays in the world economy? >> yes. and that's happening. you know, there's an evolution of the role within the world bank, so i'm most familiar with that, where china had been a major borrower but is now a major donor to the world bank in the 2019 contributions china increased by 100% while most countries didn't increase at all. and so that's good because of the stage of development of china. so on the other hand, we have to recognize that this

one of these banks is union bank interest in lincoln. this family-owned bank is not in the top 200 banks of assets nationally but after the first 72 hours of the paycheck protection program, they ranked second in the nation for number of loans approved. like many other lending institutions union bank and trust accomplish this while adjusting to working from home for the first time. the remarkable efforts and those of a nether nebraska institution, pinnacle bank covered in a recent post story for leading the way nationally with this program. it's good to see the paycheck protection program working wellin my state and i am pleased that congress came together to further fund this riprogram so more small businesses can receive assistance the drive to support one another, help out and deliver relief to others is something we are seeing all across my state. along with grief, we have seen resilience, along with sadness, we have seen help. i read a story about young children in omaha wanted to visit their grandfather they could not go to his nur

likely form, it would be another bank. we're not bearing off from our strategic direction of wanting to establish a national presence on both retail and cni side. we've been doing that through a digital strategy, primarily digital with a branched in network surrounding it the ability to accelerate that strategic direction through acquisition would be attractive. and it's a game we know well and a game we execute on well and it's a market that's wildly fragmented so i don't know that we need to get off of our game plan given what we've seen thus far just maybe have an opportunity to accelerate. >> and bill, what about the ideal size of target candidate would you ever consider giveren b giving up you and your management team, control or even pnc's name we saw a big merger of equals creating truist last year is a merger of equals on the cards or only you buying a smaller target and keeping that control that comes with it >> i think you're jumping way ahead of yourself. i think we're going to be in a position given our capital

when their bank crisis occurred, when the other banks began failing, this bank could call upon the federaln cleveland and have an armored truck filled with $11 million in cash, driven out here so fast that it got into an accident and had to transfer its entire stock into a different armored car to make the trip. it was putting the depositors at ease that they had money. all of the banks in the city were owned by local investors, and controlled by local directors. the major problem that leads to the bank, is that the directors and owners were also involved in other companies. they were often times the owners of big manufacturing companies in town. often times bank directors would be directors on two or three banks at the same time. all the bank directors were heavily invested in real estate companies because one of the primary contributors to the bank crisis here in toledo in the 1930's, just as it was in america in 2007, was the overinvestment in real estate. real estate speculation reached a mind-boggling rate in the 1920's. for example, by 1925 there was 435 real estate companies in this

banks are losses. there is an additional element in terms of helping the banks to address and confront the difficult situation that we are going through now. >> the ecb has warned of the dangers of soaring government debt the vice president also told us it could be much worse issuing in the financial stability report he called on eu members to call on a strong fiscal response to stimulate the monetary stimulus. >> we have a very good initiative from the french and the german governments that has been very well received by markets and the reaction in terms of not only the spread quite clear and i hope that this will be the starting point on top of that, the commission will have to put forward its plans in order to continue the recovery of the area all in all, when you put together the monetary response and national authority's response in terms of fiscal policy plus, we'll expect to be a powerful pan-european response, that will be able to cope with the crisis we are suffering now. >> let me bring you b

this is the power and the danger of mobile banking you are your own bank and if you have bad security practices you lose your phone or something happens then you are the one who is going to suffer the consequences of that like online banking most do you want to use 2 factor authentication for example password and fingerprint what if a transfer fails or though some providers have accommodating rules similar to a bank but that is not a given equal it usually circumvents the middlemen making a profit and if there is no longer an intermediary there who is making money off of you. then you have a danger that you're not going to get that charge back there's nobody to charge it to send it back to you. so. some risks but doesn't money always. how does mobile payment compare to other common methods we took a closer look. how secure is using it compared to using a credit card online the only way to answer that question is it depends it depends on the wallets and on the online payment system there are you wallet systems that are more secure than some of the online payment systems that are in use

if you are going to have some banks cut dividends, you will have some banks with problems. the largest banks, we say goliath is winning. vonnie: i want to play some sound for you from yesterday. i spoke with fiber sanders demi jimmy -- piper sanders' hadan, and this is what he to say about pnc, who raised bunch of cash yesterday. we are talking about $13 billion here. plenty of dry powder to do some kind of a deal. let's listen to what jimmy says. jimmy: i think it makes a lot of sense. i think there's going to be a lot of opportunities over the next three to six months and this is not something he has to do immediately, but he will certainly be ready to act. vonnie: there we have it. he does his deal that has been involved in so many of them. talking about the ceo of pnc. what could he do, should he do? is now the right time to raise that cash? mike: that was a phenomenal move. and extremely savvy move by the ceo of pnc. more about their expectations, their expectations being this could get a little ugly. you can have a v-shaped recovery, we are not assuming that. you coul

banks turnaround plans. it's certainly a blow to the turnaround plans for bank had come into this year thinking quite optimistically if they thought they were going to post their 1st annual profit after 5 years of really steep losses as they worked through this restructuring plan but now they are facing difficulties the biggest problem for deutsche bank in all banks is really going to be bad loans so they've set aside about 500000000 euros to account for people not paying back mortgages people not paying back debt that they owe but they likely are to see more trouble ahead on that on that front as more businesses go bankrupt. joseph the european banking sector was already on shaky head of the pandemic how is it holding up. the european banking sector as you mentioned it had come into this year quite weak after the financial crisis a lot of european banks just got weaker and had a lot more problems with profitability so pretty much every major european bank was already in the midst of a major restructuring bu

so a deutsche bank, a commerce bank i'll look at that. i haven't done anything yet. i don't have positions there, but clearly we've seen how negative rates can hurt banks, right? those are two examples, but they've really just gotten annihilated. they're so cheap the value part of it makes me interested. >> guy adami, i'll go to you so many places to go her. >> hi, mel >> hey, guy. gerard's top pick is bac karen is looking at german financials >> yeah. it's interesting i think karen would agree and i don't necessarily know if a deutsch or commerce bank can be a long-term investment maybe they can, and i've been pretty steadfast in my disbelief and dislike of german banks specifically and deutsch for quite some time. in terms of the bigger banks, citi's trading at a huge discount to book value, i mean a ridiculous one and maybe that's trying to tell you something and j.p. morgan, the reversal today on decent volume and percentage wise that's a pretty significant move so if you're asking me to play the would you rather game, deutsch, commerz, bac, it's jpm. >> we have

we have a changing of the guard at the bank of england.l governor bailey be different from governor carney? ways, weink in some will see some differences and particularly when mark carney started the bank, the bank was in the process of making a structural change. he has been in charge of monetary policy and was also taking charge of financial stability through the committees, and was being handed a good deal more responsibility when it came to bank supervision , so the bank was moving from one pillar to three. structural change to the bank has been completed and as a result, it is moving into a new era where we need steady progress rather than structural change. andrew bailey is an extremely experienced bank old hand, if you like. he spent a good deal of his movingat the bank before on other paths and coming back, and he will provide a good deal of continuity. francine: thank you for joining us, ian mccafferty. do not miss our interview, conversation with the bank of england governor andrew bailey. i just stepped out to do that interview

the bank of england says the u.k.ayment date sees a 30% drop in consumption, which gives us a sense of some of the metrics they will be or have been building into the forecast. housing building activity has practically ceased. business investment about 50% below normal in the second quarter. two policymakers voted to increase the qa target by 100 billion pounds, so that is voting 7-2. the net result was no change in the target, but two dissenters did vote to increase that target by 100 billion pounds. i have seen some investors suggesting the qe program should be increased. they are also saying the bank of england has enough capital to absorb losses. we will see if we get any further insight into scenarios around growth, of interesting to see, they are talking about consumption in the u.k., one of the sort of high-frequency data points i guess they are looking at. a lot of other breaking news let's breakgh, so out this bank of england story a little bit. i-80 -- have i.e.d. -- coming out saying it plans to return to a

. >>> the bank of france governor who is also an ecb board member says the central bank's emergency purchasing plan needs to be flexible to be effective suggesting further bond buying could be on the way. >> if we can't to guarantee the maximum efficiency, we shouldn't be bound some capital banks should be able to buy more and others to buy less >>> the world health organization halts trials of hydroxychloroquine over safety certains as studies show it increases death and heart problems >>> happy tuesday, everybody and welcome to "street signs." let's kick off with a top story involving the travel sector. the german government plans to lift the travel warning by mid-june confirmed by cnbc sources. the new measures will allow tourists throughout the union, united kingdom and foreign non-eu countries taking a look at travel and looers stocks. massive rally. those shares up. tui up more than 30% bare in mind, you can markets were closed as the broader uk market rallied a little catch up there. broadly speaking, a very strong bid for the entire european travel sector. let's get to annette with mor

these mega banks for instance j.p. morgan wells fargo b. of a they're being sued in class action tellingly for funding larger small businesses then smaller businesses with this paycheck protection program p.p.p. before that $350000000000.00 in federal funds ran out why has the smallest small businesses don't pay these banks as much in fees as the larger small businesses quote unquote this is yet another unsustainable contradiction in the modern economic system where clear socialistic government handouts are nonetheless being prioritized through private institutions foremost by their profit motives i mean all this stuff begs deeper questions yeah it's a man and you know i hear only a lot about. democratic socialism and all that and i lived in eastern europe during communism and i know what that's about ok so i don't really want to go that direction you know but the interesting thing is here banks are picking winners ok i mean it is very socialistic in that way because it's not the it's not the market picking winners it'

but we stop following government money through these banks to do it that instead of our banks. and losers based on profit and loss and the problem is when you socialize losses through or through the government it's ceased being a profit and loss estimate reallocates resources efficiently so government i think is going up that works in this process now we need to get back to business as usual in order to go hard and that will mean some bankruptcies both the small and large firms the key is that you want to collect the labor and capital market to reallocate those assets to where they can best serve consumers as quickly as possible. ok but i but you know you know in looking at this entire saga over the last few weeks in i think it's absolutely shameful that congress goes on vacation you know will come back when there's an emergency that there's 26000000 emergencies out there right now ok i mean they were very quick to pad their own pockets and their friends and their special interests here and now they're still grieving thinking about how to continue dealing with the other parts o

hard a lot of banks in the u.s. have also given a lot of money to the oil sector so they're likely to see a lot of a lot of stress in that sector as well so u.s. banks are also really steeling for for trouble ahead just a delay me in frankfurt thank you. the voters are going to the polls in a crucial presidential election that could see the 1st across a transfer of power in decades the vote is taking place is fired fears of political violence and this. social distancing of hygiene being. stations government. organization next week criticism of its handling of the pandemic. since 2005 but surprised many by not seeking a 4th term is annoyed its successor ever recent is an army general considered as too close to the government's alleged crimes nor as someone who tried to stop them in other words a compromise candidate. i would like to tell you that since these founding no president has supported his successor because i too have never benefited from the support of my predecessors an american. that sentiment reflects. hi

one of these is union bank and trust the family onk bank and then with assets nationally but after the first 72 hours with the paycheck protection program with a number of loans approved with other lending institutions the bank and trust accomplish this into working from home for the first time. and those of the other nebraska institution bank were covered in a recent "washington post" story it is good to see the paycheck protection program working well in my state and i'm pleased that congress came together so that more small businesses can receive assistance and to support one another and help out and deliver relief to others is something we are seeing all across my state and to see resilience on with the sadness and help. a story about young children in omaha that wanted to visit with her own father but they couldn't go into the nursing home so they spoke to a microphone so they could talk and sing to him but those that stopped holding in person classes weeks ago on top of instituting that are offering free meals. elementary school hs converted old newspaper vending machines into le

from the cincinnati bank in ohio most recently to the deputy staff director on banking and housing and urbanan affairs and entrepreneurial ship. 2007 through 2010 the federal reserve board there's now three minutes for the introductory remarks. >> chairman and ranking member thank you for the opportunity to participate today and to work at this time and the idea and with the financial system and then to work and increase flexibility for the customers and with those financial options but the brunt of this impact independent contractors and then to encourage banks to work with customers to be mindful you are the most vulnerable that then to contact all of the commissioners and with those provide institutions for the banks. and then across the nation. >> and those we continue to focus the efforts to modernize with that financial system. >>. >> and appropriate at this time. and with those federal regulators. and with that interagency. and those employees and then from the financial system without unwavering commission. thank you again and i look forward to your questions. >> thank you to b

is banking system in toledo similar to the banking system throughout ohio, maybe even the country.chartered by the state government, not the federal government. that means the federal government did not regulate or instead, the inspections and regulations were done by the state of ohio. unfortunately allowed banks atmosphere wild west of investing. they did not have many constraints on the type of roles they would give out. and they did not have constraints on any business decision they made. what happened was that the banks pretty much escaped even state regulation. we know this because, just on the eve of all these banks collapsing, the state inspectors certify them all as being healthy. the bank that is right next door was put on the auto role of ohio banks, even though it had not made a profit in over a year, and even though the inspectors discovered there were -- they were 300,000 short on their accounting, and the bank directors had given themselves dividends, illegally. in spite of that, they put it on the honor roll of banking. that's how weak banking regulations were here.

bank industry?han: i also think it is going to be difficult for many of these names, for people to capitulate on their view of financials at the moment because of their view on rates. what we have seen in the last couple of days, the reopening rotation, is that just a position squeeze, or is that sustainable? i think that is the big question for a lot of people in the equity market. tom: i totally agree. with four minutes to go, we must look at this claims report. let's be clear, it is improving, but at 2.x million, that is not improving. relative to who? it is bad. it is bad for the people that make up the number. you've got the market conversation. is it better or worse? then you've got the economic conversation. who makes up the data? who is in pain? right now, a lot of people in this labor market. that is five minutes away, jobless claims in the united states. ist up, the median estimate 2.1 million jobless claims in america. this is bloomberg. ♪ from new york city for our audience worldwide, th

or here's my bank. or, here's my bank.download and use the chase mobile app, your bank is virtually any place. visit chase.com/mobile. me too. me too. and if you're a small business, we're with you. standing by you every step of the way. bye bye. witpeople at higher riskng, must take extra precautions. you are at higher risk if you are over 65, or if you have an underlying medical condition. please visit coronavirus.gov for more information. ♪ ♪ gerry: it's an uncomfortable thought during these harrowing times to remember some people are benefiting even as so many are suffering. while tens of millions of americans is have lost their jobs and thousands of businesses from restaurants to hair salons, to even large retailers are going under, it's been a boom time for some of america's already largest and most powerful companies. on thursday, amazon reported sales soared 26% to more than $75 billion. profits did fall because of costs of dealing with the virus. 175,000 workers since the crisis began, and it looks set to grow eve

largest banks. more deposits and more loans the largest banks have more capital markets. an extra pillar and you're seeing additional scaled benefits from technology so big bigger is better for the first time like yeah, over the last couple of years like ever. so we would expect a lot of consolidation. i don't see how that would happen the idea of maybe buying a bank, a nongsi b, that's certainly possible and there's a lot of moving parts here so the longer this recession goes on, the deeper it goes on, the more possibility there will be for something like that to happen. but the idea of these megamergers among them, that's not likely >> globally systemically important banks. the biggest six or seven in the country. just really quick because i know we're out of time. which is your top pick >> look, the highest quality bank right now, we love what pnc did. the high beta one would be citigroup. if your willing to take some risk, go with citigroup. it's undervalued if you just want the higher equally, go with pnc >> thanks for joining us >> breaking news on tesla. phil >> ta