for more banks have reported already goldman sachs j.p. morgan these really big asset managers investment banks are doing very very well they're posting record profits they're expected to earn about $100000000000.00 in trading revenue this year but the other banks the ones that are more focused on consumers on on on sort of day to day retail lending those are getting hit harder here in europe there are many things that are more focused on consumers than on the retail on retail banking and that's where we're likely to see these loan losses and more defaults and that's going to pressure the outside of the big sector so it almost looks like a k. shaped recovery even in the banking system to tell she did ladies thank you so much . other coronaviruses threatening life the hoods and then his fame to center of glass blowing that's morano the island vanished depends on tourism but the pandemic has put a stop to that the artisans there now are hoping it can hold out until the crisis and it's. these days only one furnace is still blazing in the vineyard gl

year-to-date market cap has seen a drop of $133 billion and you can see morgan stanley, goldman sachs, j.p. morganrgan stanley and goldman sachs holding up better. we go get back to that theme again. david: thanks so much. coming up we will talk about the imf, they are saying we need more stimulus. bloomberg senior editor for economic stephanie flanders is here to talk about the state of the global economy and how much we can take on. ons is "balance of power" bloomberg television and radio. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. david: this is "balance of power" on bloomberg television and radio. i'm david westin. for bloomberg first word news, we go to mark crumpton. mark: the head of the world health

j.p. morgan making the precious metals markets that happened to be also warned about to goldman sachs and their crime spree and of course that basically over the past few years they've paid 5000000000 in fines they paid another 2000000000 this past week for their dodgy dealings over in asia and yet they didn't face any jail time now you know because of that crime wave that we've been focusing on in looking at because their markets finance and scandal you know the fed's balance sheet they now own 22 percent of all marketable securities which is from 13 percent last september 2019 so the fed's balance sheet is having to expand as the fraud expands and the fraud can't shrink because you can't taper a ponzi right exactly right that the fraud has been going exponential with goldman sachs j.p. morgan and all the banks and this fed has been soaking up all the bad debt that had they kept on their balance sheet these banks would have had to declare insolvency. and as a result america is now losing out in the global geo political race to china i think there's a direct connection it's a direct conne

j.p. morgan making the precious metals markets that happened we also warned about to goldman sachs and their crime spree and of course that basically over the past few years they've paid 5000000000 in fines they've paid another 2000000000 this past week for their dodgy dealings over in asia and yet they didn't face any jail time now you know because of that crime wave that we've been focusing on and looking at because their markets finance and scandal you know the fed's balance sheet they now own 22 percent of all marketable securities which is up from 13 percent last september 2019 so the fed's balance sheet is having to expand as the fraud expands and the fraud can't shrink because you can't taper a ponzi right exactly right that the fraud has been going exponential with goldman sachs j.p. morgan and all the banks in this fed has been soaking up all the bad debt that had they kept on their balance sheet these banks would have had to declare insolvency. and as a result america is now losing out in the global geo political race to china i think there's a direct connection it's a direct conne

you can't taper a ponzi right exactly right that the fraud has been going exponential with goldman sachs j.p. morgan and all the banks in this fed has been soaking up all the bad debt that had they kept on their balance sheet these banks would have had to declare insolvency. and as a result america is now losing out in the global geo political race to china i think there's a direct connection it's a direct connection and now we're at a stage where frankly we also broke that point in a dollar on the show you know rather right the point now in history where the central bank cannot bellow out itself if it's the only boat in the water in other words america sprung a leak it's sinking i'm geopolitical stage to china and to bail itself out it's it's trying to. you know shovel the water out of the boat and then they put it back into the central bank so they're there doing this that's how they're bailing themselves out and of course they are sinking again we've talked about this in previous episodes it's just an inevitable thing it's not like if it were france who are the empire right now they would be doin

guy: a number of publications today coming from the likes of goldman sachs, j.p. morgan, talking about it being good for value and ironically good for europe in terms of the stock market performance. we will have to leave it there. we really appreciate your analysis. thank you for being with us today. we will carry on talking about the market impact this election is having. volatility obviously has been a big story. ironsidesp, economics, is going to be joining us. this is bloomberg. ♪ ♪ london, i'm guy johnson. alix steel over new york. this is "bloomberg markets." the presidential debate and president trump diagnosed with covid have been testing tensions in the market. bloomberg's scarlet fu is digging into all of the details when it comes to volatility. a messy it's been presidential campaign so far, but investors are starting to see a little more clarity here in the outcome. the polls clearly showing joe biden taking the lead and widening his lead. strategists see the odds of a contested election slipping. there's also a chance that the president's illness leading to

creating, and it loans out the money, usually at 1% or 2% interest to leading banks, to goldman sachs, j.p. morgan, bank of america, all of those banks, and they lend it out at a higher rate of interest making profit from the difference to ordinary people like you or businesses, more often or not, they'll use that new must be as created by the federal reserve and lend it to hedge funds, wall street speculators, futures, dand it'sa corner stone of the currency. if you look closely at a $1 bill, it doesn't say u.s. treasury note on the top, does it? it says federal reserve note. same if you look at a $5 bill, right? or a $10 bill or a $20 bill. look at that. there he is. wow. there he is. andrew jackson himself. that's strange. what is he doing on that bill? call me crazy, but that almost looks intentional. am i right about that? that almost looks intentional. almost like a gotcha. we win. kind of like if you -- if you're a big game hunter, if you're a hunter and you kill some big game, you take that head and you mount it on a wall as a trophy, right? or maybe i'm wrong. i might be wrong. maybe they

goldman sachs, j.p. morgan, and wells fargo, have resumed lowering headcounts.ys he has made a pledge and he will be sticking to it. >> we will keep letting attrition -- we will work the headcount into what we need. we are staff a little higher because frankly, for the safety of the teammates that are high-risk risk rather to -- high-risk relative to the covid virus, we had to move them. it took us a while to reapply. we had to hire new people to replace them. we will work it back down. we will stick by that. >> the recent settlement between the u.s. and deutsche bank for violating reporting will be personal for the ceo. it is now required to give an annual guarantee for the terms of the settlement. the constraints will also apply to any future deutsche bank ceo. former citigroup ceo -- says the coronavirus pandemic has forced companies to rethink their business model and focus more on resilience and continuity. he spoke to bloomberg at the year ahead revisited virtual conference about how the virus has changed wall street. >> one of the things we have seen here

lot of bad here so we're told often that financial crime is a victimless crime that when goldman sachs and j.p. morgan are caught breaking the law at def. they pay a fine and that should be sufficient eric holder under barack obama restructured the judicial system in america created a class of protected bankers that were above the law and by by decree and of course that money printing that the us has done has masked the deleterious impact of having runaway fraud and runaway looting in the states here but will often quote the famous boss get quote of when looting became a way of life it trickles down and becomes a permanent structural feature of your economy. so now we're seeing the victims of this by allowing these banks to escape any penalty for 1015 years now we have allowed china to leapfrog with and finance all and everything else to come for that to become the dominant superpower in the world it's not again it's an empire the us umpire committing suicide not it's not that china is being aggressively trying to take over the world they're taking they're becoming the dominant superpower by default b

a value area we can get cyclical growth out of traditional value areas like morgan stanley, goldman sachs, bank of america, j.pmorgan, a lot better than we can i think that's way, way, way too early. >> wow, fascinating, guys. it's quite a day we really appreciate you helping us kick off the 11:00. jack, brian, thanks. >> thank you. >> we mentioned a a moment ago and let's take a look at microsoft a day after its earnings report. the stock is down nearly 4%, but that's not because the news was bad. despite the enterprise and government spending that we saw reflected in reports, microsoftmicrosoft microsoft's azure growth was solid and office 365 and gaming also strong. it's worth noting that pc strength also seems to translate into strength in microsoft's consumer office offering the raw subscriber numbers there have been the best in five years over the past two quarters now, guidance was muted, revenue was light of consensus that can be conservatism because of the enterprise spending issue or it could be uncertainty over how the big xbox launch is going to go. either way, investors digesting that this morning

j.p. morgan. to a certain extent goldman sachs. i think dan will talk about morgan stanley the sleeper is a name like black stone that reports at the end of the month. not exactly the same, but you talk about a company with significant earnings and reasonable valuation and has traded reasonably well >> the action at wells fargo today was interesting. prior to the conference call it was down 3 1/2%. as the conference call went on it ticked lower and lower, finally down 6%. would you rather, to karen, would you rather citigroup or wells fargo at this point? >> at this point i would rather wells fargo. yesterday we talked about citibank having a different problem than wells fargo, but wells fargo is 2 1/2 years into their problem. one of the things disappointing about today was expenses i think expenses is something they will be able to control i would rather have wells fargo than citi. but i would rather, rather have jamie dimon. >> obviously wells fargo, you mentioned expenses that was one of the problems going no the pandemic. going

j.p. morgan and goldman sachs are among banks looking to open up in china.po's and hong kong look set roll-on as company's lineup to sell shares. firms in tech and biotech look ready to -- in the near future as covid-19 boosts investment in r&d. hong kong has seen a rush of mainland companies listing as tensions grow between the u.s. and china. shery: another check at how markets are trading. the asx 200 holding steady. we've seen already the longest winning streak since july but we have the energy and industrial sectors weighing on the index as we are seeing the wti and brent losing momentum. wti holding about $40 a barrel. ,iwi stocks at a record high nine sessions of gains already. the longest winning streak since may. new zealand has a national election on saturday where the prime minister could win a parliamentary majority. nikkei futures holding steady. the japanese yen at 105. kospi futures, the south korea trade data for the first 10 days -- exportscoming in rising 2.8% year on year. already inhave seen september, exports rising for the first time in

j.p. morgan and goldman sachs are among the banks looking to open up in china.to boost demand. the carrier is recruiting pilots, cabin crew, and engineers, and adds four new airbus planes to its fleet. viet jet looks to extend overseas. two more new routes, planned for the end of the year. back attaking a look those pictures in l.a. it is certainly a day for celebration, but cautious as well, as the mayor of l.a. telling people to go home and celebrate us win of the nba championship title. it is the first title that the l.a. lakers beat miami for the first championship in a decade. that is why you are seeing so much fanfare on the streets right now. but certainly, we are watching this as we continue to look ahead to markets and "daybreak: middle east p or this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if

j.p. morgan and goldman sachs are talking about that. why do we have a sustainable move there, and not just the position squeeze? robert: there is some position squeeze think on, no question. i thing it is a both and. if you have been successful in equities, we had technology in health care and not many small stocks, not many cyclicals until the last few weeks. example inrun for cyclicals yesterday. today might be the tech stocks coming on again. we had this rotation with an upward trend that is going to continue. i like some of the consumer cyclical names. best buy, lowe's, target, even some of the homebuilders. i'm not giving up on health care. i think there's good news there regardless of who gets elected. those are the places i would camp out. where's the cash flow? can you reinvest for some growth? are you doing well and making money and cash flow in an environment that is post coronavirus? lisa: the most read story on the bloomberg yesterday had to do with wall street analysts saying that he biden when could be able case -- a biden

banks,seeing a number of goldman sachs now joining the ranks of j.p. morgan, wells fargo and citigroup. we are seeing them resume the cuts that were on hold. reducing 400 positions. ceo, it america's appears the bank will stand by its pledge to avoid job cuts this year. let's listen. >> we will keep working the headcount in what we need. we are temporarily staffed higher because for the safety of teammates who are high risk relative to the covid virus, we had to get them out of the public domain and move them. it took us a while. we had to hire new people to replace them. we will work it back down. we said no layoffs this year and we will stick i that -- by that. moynihan said they will work that down through attrition, reiterating comments he made two weeks ago that he believes the government needs to provide more stimulus to help struggling companies get back on their feet. rish? rishaad: su, that is the story with u.s. banks. how do their european peers compare? su: it seems there layoffs are much greater. three lenders from europe, north america and asia

watching wall street, goldman sachs, bank of america and wells fargo report later today. this after j.p. morgannd city shares fall despite surprising to the upside. very warm welcome to our viewers just waking up. manus is off this week. a much do holiday and very well-deserved. the pandemic really was maine's front and center. we have the latest projections from the imf, warnings from the u.k. scientific advisor. the netherlands entering a partial lockdown. the pause from eli lilly and johnson & johnson on their latest medical trials serve as a stark reminder that the pandemic is a perennial market driver even amongst the uncertainty of brexit, the tug-of-war over u.s. stimulus, and the noise surrounding the u.s. presidential election which today is now 20 days away. against that backdrop, the markets this morning a little softer in asia. xi jinping speaking in shenzhen, lifting the 300. euro stocks futures point to a brighter start. look at what's going on across assets. we do have euro-dollar and the pound a little bit weaker. 10-year treasury yield's steady. for euro and the pound, tomorrow

j.p. morgan making the precious metals markets that happened to be also warned about to goldman sachs and their crime spree and of course that basically over the past few years they paid 5000000000 in fines they paid another 2000000000 this past week for their dodgy dealings over in asia and yet they didn't face and.

j.p. morgan raking the precious metals markets that happened to be also warned about to goldman sachs and their crime spree and of course that basically over the past few years they've paid 5000000000 in fines they've paid another 2000000000 this past week for their dodgy dealings over in asia and yet they didn't face any jail time now you know because of that crime wave that we've been focusing on and looking at because their markets finance and scandal you know the fed's balance sheet they now own 22 percent of all marketable securities which is from 13 percent last september 2019 so the fed's balance sheet is having to expand as the fraud expands and the fraud can't shrink because you can't taper a ponzi right exactly right that the fraud is.

j.p. morgan, citigroup, wells fargo should see a rebound of their bottom line profit but for the investment banks goldman sachsstanley is expected to see a drop in profit and they will not see the volatility once again in action that you suffer march - june, interest rates close to 0 and said to remain for many years up until 2023, that is going to be a headwind for a lot of the banks because you don't make a lot of margins on the loans that you do allow. higher cost to keep employees and consumers safe during the pandemic but good news for these banks, deposits have surged more than a trillion, i lost count of the first three months because people are keeping their stimulus checks, spending at restaurants and travel and i think it's going to be a great view, overview of how the u.s. economy is doing out of the gate. stuart: a pointer for the economy and profits elsewhere. susan: that's what i'm looking for, sustained recovery to the u.s. economy going forward. stuart: that stock is up preannouncement. i think it's time we got to amazon prime day deals, you got them for us. susan: they convinced apart, very bi

goldman sachs is resuming job cuts, setting to eliminate roughly four hundred positions. the longevity of the position is forcing the biggest bank in the u.s. to wait out the turmoil. wells fargo, citigroup, and j.p. morganll planning cuts. american airlines and united are starting to lay off thousands of staff to reverse the job cuts if the government agrees to provide additional aid in the next few days. american is cutting 19,000 while american is laying off 13,000. the rate pressure. google has line out touched -- has launched new 5g cell phones. changes to its features and a lower price but the handset more directly in competition with the lower end phone. that is your bloomberg business flash. much.thanks very european leaders are meeting in brussels for a two day summit. the growing concerns that the recovery fund could be delayed as the phase stumbles over the rule of law conditions. let's get some explanation now. morning, maria. markets had priced in a win for the recovery fund. is it going to be ready in time? i was speaking to a markets life colleague, laura cooper, who was suggesting that maybe it was surprising about maybe a little bit of a delay. maria: exactly. the idea is that the recove

goldman sachs, wells fargo, what are we expecting? : all three reporting tomorrow, and they are bellwethers for the u.s. economy with huge consumer operations. investors will be looking at whether they match j.p. morganty -- and and goldman, they will look at if they will do what citigroup did today. are bloomberg finance reported with the latest on u.s. banks. coming up, apple's brilliant move. the newat is inside iphone 12 that counts. a guest joins us next. this is bloomberg. ♪ karina: this is "daybreak: asia," and i am karina mitchell. negotiator michael barnier said they have not advanced to enter a tunnel phase, while they say the u.k. is ready to leave the market without a deal. sterling fell on that news. , missing out on the latest bid for power, failing to convince the king he could reform the government, offering proof of majority among lawmakers and repeating calls for the minister to step down, however, they say that anwar failed to present names. arrested thailand have protesters and put pressure on the king. demonstrators say they will press on. they want new elections and a review of the constitution and curbs on the power of the monarchy. the king is protected from criticism by lengt