goldman sachs has raised its growth outlook for the u.s. joe biden unveiled a sweeping revival plan. washington dc is gearing up for wednesdays inauguration with security on high alert. the report from the associated press says officials fear a possible insight attack on the big day. israel's finance ministers is the nation will start opening its economy next month. they already vaccinated around 23% of the population. let's get to the market action in asia and see how the session has fared. juliette saly has the details. >> a little bit of caution in what is an extraordinary big week for central-bank action and the inauguration of joe biden. you are seeing the nikkei 225 extend its declines now having its biggest drop since october 30. big selling in the tech players in taiwan and south korea. this on the news that the trump administration will restrict licenses to several huawei technologies. you can see the taiex up 0.5%. australia's market being dragged lower by weakness in the banking and mining players as well. when it comes to curren

sonali: let me give you an interesting statistic about goldman sachs' investmrny bank. -- goldman sachsment act. two weeks ago it was on capitol hill for support for small businesses. what happens on main street absolutely matters to wall street, including goldman sachs, who you wouldn't consider a main street business at this point, by any jonathan: means. -- by any means. jonathan: sonali, thank you. joining us now is christian lou. give us an update. >> it is a pretty strong set of results. goldman is doing quite well relative to expectations, and also on the efficiency front. i think it is all a really strong set of results this morning. lisa: people talk about strategy. yes, they beat on trading overall. they had a miss in debt trading. what are you looking for in terms of how they are guiding their strategy going forward, trying to shift from an investment banking centric place to something that includes more lending? christian: i think you have to understand the strategy in the broader context. it's almost a decade now, and you see really strong growth in the net interest income.

and i love that story because i was the answer jeffrey sachs gave because it really does reflect theattitude of all development economists and the thing that annoys me the most about it is that the actual imperialist and in the 19th century written and frenchman who they love to denigrate and were not at all like the white man's burden era that kipling would never have said that about india. he never would have said i don't know anything about it. .. >> what he does is so obvious that is analogous that seems deeply offensive and arrogant that the imperialist a lot of people criticize jeffrey sachs. i think he could do a lot of good that way. but to be such a hypocrite of it. >> surprise being a boomer for his good intentions anyway. i have a question i wonder what the shortcomings suggest about their own parents and members of the greatest generation for all the virtues for the worst access of their children's generation? >> that's a great question. and the short answer is no. that the greatest generation spoiled the boomers. had grown up in the great depression and world war ii you

goldman sachs was a small business.hings have changed for david solomon, it is front and center. with esther solomon, our son ali bostick. -- with esther solomon, our cinelli bostick -- sonali bostick . sonali: goldman sachs said more than 30% of businesses didn't know they could survive. what is at stake here? david: thank you for having me. i am thrilled to be with you on the screen morning. small businesses are a vitally important part of our economy and important in terms of how they employ families and communities that we live and operate in. they have been so badly hit by the pandemic and they need help. some help has come and more is needed. one of the things we are trying to do is to let congress know there are a number of things small businesses still need help and support on. they can still see the light at the end of the tunnel but they still need help. sonali: a lot of this is about stimulus and joe biden has called the current package a down payment. what is the david solomon plan? of the things we have don

christian mueller from goldman sachs.the vaccination drive is coming up against rising sections of debt as leaders race against the crop. that is coming up next, and this is bloomberg. ♪ dr. fauci: i take no pleasure at all in contradicting the president, so you didn't feel that you could actually say something and there wouldn't be any repercussions. the idea that you can get up here and talk about what you know, what evidence, what the science is, and let the science speak, it is somewhat of a liberating feeling. francine: anthony fauci, the foremost expert on infectious disease, looking forward to working with joe biden after donald trump tried to sideline him. a variety of vaccines are being rolled out at different pieces across the world as countries battle new variants and a rising death toll. more than 56 million shots have been administered so far. johnson & johnson inspected to apply for market authorization for its vaccine in february or earlier. the road to global recovery is pretty bumpy. joining us is a senio

goldman sachs brian sing ser going to join us, and name names.nd speaking of power, plug power rallying 80% this year in seven trading days and surging again today on the big new deal, and the ceo is going to join us on the broadcast exclusive and so much to do on this tuesday, and let's talk more about these markets, and your money, and while scott correctly noted that the dominant markets are not moving in a big way either way, it is about the idea of the rotation, and it is about the rising rates, and the domino, and what are you looking at, my friend >> so many cross currents in the market, but as you point out, it is relatively stable, and gains and losses, and right now as the things stand, the industrials are flat and 11 points, and the s&p 500 is off by about five or call it flat. the highs of the day, the s&p 500 was up roughly 10 points, and at the lows, roughly 23, and to give you a idea of the trading range, the s&p 500 is 73 there, and one of the thematic trades playing out for the past few months in a reversal over the last 12 month

goldman sachs races the growth forecast of the u.s. on the basis of joe biden's trillion stimulus plan. more to come, 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 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. >> we're in a very fast nominal gdp growth. we haven't had that during past recoveries. the way you deal with that recovery from a central bank perspective has to be different and clearly the fed is taking all of these inputs and from our standpoint, 150 to 200 companies around the world globally and what we see as an economy that will be poised to grow quite strongly coming into the second half of 2021. manus: harry mc vench -- mcvey talking about his outlook for the

>> logitech is down like goldman sachs.one of the best and hottest areas in e-commerce and gaming i can't wait >> jim, the one thing i wanted to get your temperature on before we close out the hour was denseler and chopra at s.e.c. and the consumer financial protection board, some of the headlines this morning were outlook darkens for wall street, denseler could be the most aggressive regulator in two decades. >> oh, please. he will figure out the right thing for the consumer that's his background. i think we are in good shape for people who own stocks. do not fear gensler. he is too sophisticated. >> so really no sector risk, at least the financials >> no, gensler wants what's good for the consumer maybe not wall street, but sometimes they dovetail. >> all right jim, we will see you tonight. >> thank you >> how about -- and david, we never covered cohn's tweet about the mets. >> which one you mean firing the general manager? >> jared porter, yes >> it's unfortunate, carl. but steve doesn't -- listen he knows how to run his

goldman sachs economic outlook also faces scrutiny as it reports fourth-quarter results. italy's prime minister with a first vote of confidence. the real test comes today in the upper house. the clock ticks down on the capitol in washington. a live shot of the united states , last full day in office. steer away from a controversial pardon for himself. good morning, america. good morning. annmarie: good morning, manus. cnn reporting that there's going to be 100 pardons or so but himself, president donald trump and his family, will not be part of it as we count down. in 35 hours, president-elect joe biden will be raising his right hand and taking the oath of office. he's going to be calling for unity and it's going to be hard for him to actually create that unity when many of the republican party, including president donald trump himself, who will not be at that inauguration, still reject biden's victory. manus: absolutely still denouncing that and never really publicly accepting that. i will put this to you. it's the global insight report. you are an american. there is zer

a couple of things i want to say here for goldman sachs.es trading came in a lot higher because of some intermediation that they're talking about. basically, the revenues and equities, 2.39 billion, a 408% jump for the -- 40% jam jump for the quarter. there was a jump of 23%. so it's the trading story on goldman sachs that really seems to be moving right now. the stock is up about 1%. again, it is a dow come pone co. compensation and benefits expenses, 2.48 billion. a piece of that is tied to covid and the pandemic in the fourth quarter. we've seen them talk about that before. the extra expenses they're paying with personnel, obviously during the time of a pandemic which as we know, maria, has not really eased up if you will, especially in q4. back to you. maria: yeah, really big move in goldman sachs earnings on that beat. cheryl, thanks so much. stock's up about 1%. how much is too much when it comes to debt. treasury secretary nominee janet yellen is headed to capitol hill this morning, she is calling for the country to act big when it c

goldman sachs is raising its outlook for the u.s.omy this year on biden's nearly $2 trillion relief plan. investors now expect growth that 6.6% in 2021, 0.2% faster than thought. the upgrade is based on biden and the democratic-controlled congress being able to deliver higher aid. financial secretary paul chan says he sees more business closures and layoffs after the lunar new year holiday if covid-19 is not brought under control. the latest numbers are due tuesday. the rate in october was highest since january, 2005. the death toll from the weekend death toll in indonesia has risen above 50 with more bodies discovered in the rubble. the tremor hit friday. thousands had to be moved to safety with buildings badly damaged. rescue operations were hampered by a power blackout and mobile phone failure. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm karina mitchell. this is bloomberg. ♪ haidi: anthony fauci says president-elect joe biden's promise

this is the goldman sachs most shorted index. you can see the range it was trading in before it plunged before the papdic. to put that plunge in perspective, it dropped to 51% where the s&p only dropped 35. the ricochet back is such an incredible instance of ecovery the market from it's s&p is up 70%. this is up 3306789 most shorting is done at the institutional level. not a retail phenomenon. it's not just this recent period shorts have been getting murdered, which is to say retail has been performing, in many ways, better the second chart, and this is remarkable, this is that same index, the goldman sachs most shorted index juxtaposed against spider, retail etf, xrt. they're a direct overplay. it means you can't even capture this kind of thing by trading xrt. >> like comey, that's a heck of a chart. lot of correlation there but what might it tell you and tell us >> yeah. so, you know, ice kind of interesting. i have think carter actually touched on this. i think a lot of this has been positioned ed as big money aga small money.

we also like goldman sachs funds. a lot of their portfolio analyst teams are very, very strong and they weave esg, kind of metrics, into their due diligence process. they're very thoughtful about that we like them from an investment perspective to invest in the company but we also like how they do business as well >> josh, it sounds to me like you have a bit of a counter view on this wealth management theme and the names that would thrive under whatever is happening in that space >> so i just to like clarify what i'm trying to say, i would buy goldman sachs for a lot of reasons. wealth management would not be one of them. i don't think that there's a lot of organic wealth management growth outside of just market appreciation and acquisitions for the large wall street banks. like they are losing talent. they are not adding new high-powered advisers. those advisers leaving to go to firms like high tower and dine ci -- dynasty to set up their own business i think that the stock market has been great for the last five yea

i don't own goldman sachs, but there's nothing not to hyka and goldman sachs. nearly 50% in lot not a lot of time. their quarters tend to be much more lumpy it doesn't give as much to lumpy earnings than it does to predictable earnings i think it's a delay to get the improvement for bank of america. they had a lot of deposits that they weren't able to earn on and i think they'll be able to expand that margin in the first quarter. there's nothing not to like about goldman sacks for sewer except it's stained a little. i own morgan stanley they're going to report tomorrow that's wealth management and investment banking and i think both of those will do well tomorrow maybe the stock's not too many in front of it >> management at goldman said that 2021 may not be as good in trading. surprised, surprise. guy. >> iwuoma, of course, you mentioned lumpy. i know you know that but that was bill murray's nickname in the movie "scrooged. in terms of goldman sachs, there was a $190 on november 2nd now at about 1.35 times book, you wonder if it's the extended time of pool it

lisa: we have had this rivalry between morgan stanley and goldman sachs.ems like morgan stanley, contrary to goldman sachs, beat on debt trading, eps, equity trading. shares are up more than 3% ahead of the open. what will people be saying when it comes to this rivalry in the wake of these fourth-quarter results? >> check out the market value. morgan stanley rising at a time when they have already surpassed goldman sachs in value. they are the number one equity trading's shop on wall street. j.p. morgan would love to take that year. they outperformed there. citigroup, bank of america, goldman sachs, short on fixed income trading. morgan stanley stepping in with a beat. tom: we will get a compare and contrast on that in a bit. i want to get to what gorman said, significant momentum into 2021. is that standard ceo boilerplate, or is it true? >> in the middle of last year, he was a little bit worried about these pickups we are seeing in the economy, and this is someone who is saying that we should see a v-shape. he was optimistic, changed his tone, and it loo

goldman sachs ceo david solomon speaking to sonali basak earlier.ing to take a look at different areas that could see a lot of change in 2021. today we are going to focus on the fed and financial regular. going us now is the man you want to hear from, former fed governor dan tarullo. he was a memory of the board of governors was possible for as he was a member of the board of governors responsible for regulating -- he was a member of the board of governors responsible for regulating markets. the fed in some ways is going to be paralyzed because they are in essence supporting asset prices. where do you stand on that conversation? dan: well, i don't think there's for of a good option anything but a lot of monetary policy accommodation now and for some time to come. so if one wants to talk about tightening monetary policy to avoid asset bubbles, i don't think that is a direction that many people would want to go. but what it does tell us is that the fed and indeed the rest of the financial regulators do need to be vigilant about financial stresses and

a conversation with martin chavez of goldman sachs.he core business model has some challenges that remind me of the pre-regulated banks business model challenges. it is nothing particular to these companies. it is just in the nature of unrestricted profit maximization. if your business model is maximize profits, like every good capitalist enterprise, and if your model is, maximize profits by maximizing revenue, and you maximize advertising revenue by maximizing engagement and time on site and we maximize engagement and time on site i ,aximizing emotional resonance particularly outrage by confirming biases, as we have seen, this has led to all kinds are classicces that externalities. it is no different in principle from a company that is making some chemical product and flushing its waste into a river. that you saying that you are more concerned about the facebooks and twitter's of the world than you are about the amazons of the world? it is my nature to just be concerned about everything and everybody. it is really a classic concern of

wall street is looking at goldman sachs.iew with the ceo david -- urging urging with government aid for small businesses across the united states. he spoke with my colleague in washington. a small businesses are such vitally important part of our economy and are so important in terms of how they take care of families that we all -- and communities that we live and operate in. they were so badly affected by the pandemic and they need help. some help has come, but more is needed. doing by picketing is letting congress know there are a number of things that small businesses need help and support on to get to the other side. they can see a light at the end of the tunnel, but they need help getting to the other side. >> a lot of this is about stimulant -- stimulus. joe biden has called this package a down payment. what does david solomon think we need? that wene of the things have done over the last few months given that we have been -- we have gone out and surveyed them. we have talked to them. we created 10,000 small business v

goldman sachs the conference that was me i used to work at goldman sachs and in 2008 that was a conference that i held there's this absolute into it of the peel that says population growth is outstripping the water supply that must mean companies are engaged in the water business are a sure thing that there can't mess they get mesmerized by these mega trend appeals and water. does water the next oil we set it up as a question and then mostly dismissed it. water does not have sophisticated trading market and has no substitutes. the question is not going to go away we're just probably not ready for it yet. goldman sachs and its investors must wait. public opinion is not ready and. it's not until 2015 and the international climate change conference in paris that the will lead is finally declare a state of emergency. we act here if we act now. of replace our own short term interest behind the air that our young people will bring even the food that they will eat no water that they will drink. in the hopes and dreams that sustain their lives then we won't be too late for them. in the developed w

goldman sachs, peter oppenheimer has his note out, buy the weakness.ary narrative from their highs of goldman sachs. good morning. annmarie: good morning. let's kick it back to soon be president joe biden. he arrived in d.c. ahead of his inauguration today and expect it to be a ceremony unlike any other. the transfer of power happening under tight security just two weeks since trump supporters stormed the capital in a riot that left five dead. more than 20,000 national guard troops have been deployed to d.c., with the mayor asking americans to stay home. joining us as the deputy director of the berlin office of the german marshall front of the u.s. it works on issues impacting the trends look left -- transatlantic relations. thank you so much for joining us again. you are with us the morning after that riot. two weeks on. before i get to biden, i want to jump to a point -- trump's approval, 34%, one of the lowest we have seen given an outgoing president. dow jones is reporting he is having talks with aids about possibly forming his own party. what happ

bank of america's outlook 5% growth in 2021, goldman sachs says unemployment will drop in 2021. others are saying they may have full unemployment in this country by 2021 with the climate change and a stimulus package. how do you understand it? >> greg: i don't. [laughter] i don't buy it. america was sold a bill of goods. biden was supposed to be this benign, middle-of-the-road creature, but we knew and we talked about this on a "the five," that he is an empty vessel for the left. that's why they didn't mind him being nominated, and why bernie was okay with it. remember we were talking about the coming civil war inside the democratic party? it's over. basically, joe biden is wile e. coyote after bugs bunny meets him with this team really. he's flat. he's not even trying to stand up for the average americans, because he can't; he doesn't have the energy, he's feeble, and he's tired. he's perfect for the hard left.

call about trading revenue for goldman sachs.erformance over the last year is just one off and that the industry may be seeing a conner turned versus declining margins over the prior decade. >> thanks for having me on, that's a great question and certainly one that we investors are struggling wii with given 2020 trading strength was so -- the one thing we are encouraged by is that the straight and the analyst community is reflecting aggressive normalization in trading activity which i think is appropriate what they are missing with goldman is the fact this company has transformedish i was in on the trading side which enabled them to gain more market share than anyone else over the past couple of years. that's something i think is getting lost in some of the 2020 i had treeing strength where people are having difficulty unpack that. what it ultimately boils down to is street estimates are too low there is a 10 to 15% upside to numbers. as people continue to trade those numbers, the stock is going to go up. >> what is your price ta

wilf has been digging through goldman sachs numbers. what do you see, wilf?. 12.8 billion coming in 11.5 billion coming in forecast of 12 billion. eps 12.8 that looks like a massive beat have to dive into the individual line items we're getting investment banking revenue 2.6 billion. forecasters 2.2 billion. fixed income trading, 1.9. equity trading, nice beat, 2.4 billion. the forecast 1.9 asset management coming in at 3.2 billion. that's a big beat. the forecast was for closer to 2 billion. trying to find the other line item which is consumer and wealth management revenue is 1.65 billion which is just ahead. the forecast was 1.5 need to dig in a little bit more but steady beats there on each of the lines most notably on asset management also on equity trading leading to a healthy beat. for stock there was at an all-time high recently all of these banks been on a tear since november. the investment banks, this is the first to report it investment banks showing a decent beat on all lines to scale. feels like more of a beat than we saw from some of the rivals

outs yellen earned more than $7000000.00 in speaking fees from firms including citi group goldman sachs and google so this is what is coming a continuation of the swamp a continuation of the corruption continuation of brioche let them eat cake you know throwing it at the people and somewhat remarkable that they don't see what's happening right in front of them with bitcoin it's it's telling them it's it's like on a loudspeaker outside is like you know this is the end yeah i mean there was a cover story in a major publication 3. 4 years ago that had big one on the cover and they called it the truth machine i could have been time magazine and yet nobody saw except for viewers the kaiser report of hundreds of thousands around the world have now become pickling millionaires through the show here welcome we're going to take a break and when we come back much more coming your way. and then as that happens the usual. but if you have australian visual they go this route yet there are people. who are. used to me comes around to the notion. that it's an issue. that he did say they don't believe t

ok ways to end with a permit set it up it was redeemable for physical gold goldman sachs bought it out in the very 1st thing they did was eliminate the ability to redeem it for physical goals and that's kind of what we fight in the gold market i mentioned it earlier this pricing scheme has all of these alternatives to the real thing that are you know made to pass is the real thing and that's what is helpful in suppressing price sammy and this is i think very insightful and it certainly kind of gets sent to i've been saying now for a number of years and that the the paper goal has been increasing every single year and writing new all time highs every couple of months the physical gold prices been relatively stagnant but the paper gold supply has increased almost exponentially and we've been talking about this for a long time j.p. morgan just paid a huge fine for manipulating the price of gold and how they do that they create fake paper gold contracts and they sell them into the market and they put a lot of downward pressure on that price they were signed almost a $1000000000.00 and $2.0

morgan and goldman sachs. those are bank agreements with a great tradition and separate from the cash call. lionel laurent, i want to get back to the social issues as well. this is a learning curve for everyone on social. as i said yesterday, i take great issue with the idea of the boys on the couch. i just flat out disagree with it. what have the sophisticates learned on social that they can do again? lionel: well, if you are an influencer, if you have a lot of followers, right, you can get your trade done. if you are on reddit and you are the first person to say look at this and everyone follows you, you can get in and you can even get out. but for all of the other people who are in the trade, it is a bit like the reverse of melvin. you can have the best trade in the world. how do you get out of it? i'm sure a lot of people have made money from this trade, and other people are wondering how they are going to get out of it. francine: i know we have been looking at some of the movement on silver options. does

overtake the united states much faster than had previously i'm just been anticipated we saw goldman sachs there saying that the commodities bull market is back and you're going to see that ripping the face off the world financial markets and you see of course more stimulus checks going out in america and continuation of lockdowns so we enter 2021 on this and this is why you know max keiser is prediction about 20000 dollars by the end of the year came true and that happened exactly as he had said back of the beginning of the year so that happened and i want to 1st look at i guess i will look at that news about china because i guess that's the most important really the 3 cities trap is that big giant story overarching all economic story is china it's overtake us as the world's biggest economy by 2028 report predicts center for economics and business research says it expects this to happen half a decade. you know or that forecast of a year ago douglas mccloy the c e b r is deputy chairman said the big news in this forecast is the speed of growth of the chinese economy we expected to become a

goldman sachs profits tale that they more than doubled. then you bank of america, charles schwab, mixed picture and in just about 60 minutes netflix unleashes its numbers but shouldn't investors put aside or not ignore earnings but instead go with the momentum names, when we talk about momentum that means you cannot stop it were looking at game stock, game stop is hitting a five-year high at this hour another 13% but year over year this is up 645% investors are looking past short-sellers such terms call that the stock will drop to $20 per share to 40 right now another momentum stock that you don't often hear put with momentum general motors, this is an all-time high after announcing a partnership with microsoft as part of the new $2 billion equity investment in the auto giant startup crew, you have gm up 9% hitting $54.51 and big data software palantir that one is also spiking thing to the new partnership with pg&e to improve the safety of california electric grid. that is up for naprosyn, virgin galactic after investment management may ad

right now jeffrey currie of goldman sachs on the surge in oil.le are modeling this at the top end of the range. can you model a top end of oil through $60? jeff: all of the telltale signs of a bull market at play. not only do you have oil charging toward $60 a barrel, you have metal prices back to super cycle era levels. grain exploding. global liquidity increasing tremendously. at the same time, the dollar broke a multiyear trendline back to 2011. when we think about the potential for a macro repricing across the commodity complex, this is the highest it has been in well over a decade. we think there's a lot of upside risk, not only to oil but the entire commodity complex. tom: i wanted to talk about a wonderful new book. you probably helped write it. for the rest of us it is overwhelming, the dynamics of the u.s. production of oil. are we at risk in the new math that joe biden is writing? jeffrey: no. when we think about the current environment, particularly given the esg overlay, there is only two sources of oil that can be brought on quickly

economic expansion, goldman sachs raising forecast for the u.s.my eyeing 6.6% growth this year and 4 and a half on unemployment as incoming biden administration floats up nearly 2 trillion-dollar stimulus package. china reporting gdp growth for last year for 2020, that includes a 6 and a half percent bump in quarter. only major nation to grow. joining me ken mahoney and fox news contributor brian brenberg and forbes media chairman, former presidential candidate, steve forbes. welcome to all, ken to you first. do you see this as the direction for the economy but have the markets have already factored in that growth for the u.s.? ken: i think so. nasdaq which was a great place to be during the pandemic, you start to see mid-cap and small cap which is multinational. i think the market has been pricing late december, early january. big is not necessarily better. money going to domestic-type companies. dagen: steve forbes, jump in here. >> i'm wondering your use on what the spade of regulation that is the biden administration will be spewing forth, wha

goldman sachs is head of energy research is here plus, the former obama era official, president biden will reportedly tap overseas, the country's biggest banks, and your morning rbi is back, and we talk stocks and the inauguration and why yesterday was indeed historical maybe not for the reason you might think. these days, we want sophisticated but simple. cutting edge made user friendly. in other words, we want a hybrid. and so do retailers. which is why they're going hybrid, with ibm. a hybrid cloud approach with watson ai helps manage supply chains while predicting demands with ease. from retail to healthcare, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. ready to take your immune support to the next level? nature's bounty is here for you. the number one herbal supplement brand has everything you need to help keep your immune system strong. immune support comes naturally with nature's bounty. >>> welcome back to "worldwide exchange." well, all through the show today, we are laying out the top three hottest stocks in the s&p 500 th

bank of america and goldman sachs top the earnings report. details next, and this is bloomberg. ♪ francine: economics, finance, politics. this is "bloomberg surveillance." i'm francine lacqua, here in london. let's get the latest on the earnings season. after a long holiday weekend in the u.s., goldman sachs evan bank -- and bank of america are expected to announce quarterly earnings today. so is morgan stanley on wednesday. the results follow citigroup and j.p.morgan, who share prices slid friday after reporting their outlook. joining us to discuss this is dani burger. what should we actually expect from results today? dani: the banks that have a strong president -- presence in capital markets and banking is set to shine, that his government text today, morgan stanley tomorrow, and that is because of the fourth quarter. we saw a sizable pickup when it comes to things like m&a, when it comes to ipo, and when it comes to volatile markets. it means that trading debt is going to be doing better. on the flipside, what you see is some concern abou

in volatility has turned into growth for goldman sachs.avid solomon spoke with bloomberg today about the firm's investment bank. >> we obviously have our big corporate investment bank, with government served institutions, corporate clients, investment sales and trading. there are clients given the uncertainty in the world that has been very active, and we expect that to continue. ritika: that is your business flash. guy: thank you very much, indeed. we went for a very long time in which client activity was incredibly muted, and now completely turning that on its head, accelerating, and that volatility becoming a profit driver for many banks. you do wonder whether or not that continues into next year, and whether we are going to see that being such a big driver. there are some that suggest that elevated volatility is with us for a while. others starting to make that short vol trade again. alix: it is also interesting as you have seen a bank like goldman sachs move towards borrowing and lending because that is where they think it is really g

conversation with goldman sachs in the 8:00 hour.s is bloomberg. ♪ ♪ tom: "bloomberg surveillance." 2021,er news flow in maybe not. francine lacqua, tom keene. francine: i was like, what? tom: francine lacqua yesterday from the wide west a wink of her house in london and today back at qbs. you've got to understand, when we go to break, francine and i are doing nothing but worrying about keeping our kids happy during the pandemic. jane foley knows exactly what we are talking about with rabobank, as she studies foreign-exchange within a lockdown. how is sterling affected by this strange word, a complete lockdown? i think poor old sterling is on the back foot again. at the end of last year, there was hope that with a brexit deal announced before christmas, sterling could get some reprieve. that reprieve has been quite limited. lockdown, which could send england into lockdown measures may be as far as march, we are seeing again this possibility of a double-dip recession. and of course, this discussion about another interest rate cut from

. >> is it moving fast enough you'll be able to bring goldman sachs employees back by the end of theavid: i expect we will have employees back in full by the end of the year. we will get through this and i'm hopeful over the next six months, we see real improvement, but there is still work to be done and once we deal with the people and the virus, feel safe, we are still going to have to deal with the economic consequence of the shutdowns and the impact on our economy this pandemic has had and that, i think, will be a bumpier, longer period of time. annmarie: that was ceo david solomon, goldman sachs chairman and to add a disclaimer, michael bloomberg, founder and majority owner of bloomberg lp is cochair of the goldman sachs 10,000 small businesses advisory council. we had breaking news in georgia. nbc is projecting raphael warnock is going to defeat incumbent kelly loeffler in the georgia senate special runoff, one of the two seats up for grabs. that, he would make history as the first black senator from georgia. this is coming from nbc news. networksaiting other to come with their

you told our editors this week that goldman sachs sees u.s.inuing their climb higher with the s&p 500 hitting 4100 by the end of the year. the valuations are awfully high. won't that hold back returns in the coming year, and are you recommending maybe investors look to overweight cheaper shares? >> jack, that's a very significant number of important questions. [laughter] first of all, the u.s. portfolio strategy team which does the forecast for the s&p 500 thinks that the s&p could, in fact, be higher than 4100. in the second half of this year depending upon the outlook for 2022. but the beginning of this year is certainly very rocky. what we're seeing right now are disappointments with regard to retail sales, employment and, of course, the disease numbers are simply staggering. however, at these valuation levels the u.s. equity market seems to be pricing in a very pleasant scenario, one in which low inflation and low interest rates stay in the course and one in which profits continue to recover in the quarters ahead. jack: so clearly, investo