and also ubs did well, investment bank dealmakers did well, global wealth did well and non-core credit suisse stuff posted in low loss, headwinds. tim: talk us through those headwinds and where were we in terms of building the business? jeff: on the headwinds is the theme, interest rate reductions beginning to feed through simple as that. the bank did warn about risks from u.s. elections, it could be good or bad. bs is ahead of schedule, moving clients on their systems, they've done large packs of that it be finished next year so solid progress. tom: indeed. we will hear from the ubs ceo allete 7:00 a.m. london time, so stay tuned. we got the chemicals giants, basf with exposure to industrials and autos in line with estimates. the redhead, they expect to reach the low end of their earnings foe cast range and in terms of earnings, modestly above estimates in line with expectations. let's cross over to asia with avril hong. avril: yeah, we are seeing chinese equities week on a day when japanese equities are the outlier capping declines. on the benchmark names and chinese or rather japanese yen,

there was a takeover of credit suisse. a moment of banking consolidation, no banking union yet. it seems like they are trying to build it and deutsche bank have to ask what position they want to hold with bigger banks, i think james suggested he is aware and which a bank wants to play a role but not just now. they are executing on the turnaround strategy. he said next year, that will be key. tom: i like -- i like -- i like the framing of that. we will see if we get it in 20 -- in 20 -- in 20 -- in 25. watching the stock move at 8 a.m. u.k. time. maybe that is the catalyst for lackluster markets, the earnings story. more optimism, we will see if the dax gets a lift. action has been in the bond market but it could change. ftse is flat, snp lower after a lackluster story, nasdaq features off, let's flip the board and have a look at u.s. treasuries. yields up on expectations the fed will be moderate, built up 2%. euro-dollar at 108, brent close to $76. inventor restoring adding softness and gold up 1/10 of 1%. arm cancels lice

was founded in 2015 by a guy called nikolay storonsky, who is an ex—lehman brothers trader and credit suisseto start a new kind of financial services company. amy lewin is the editor of sifted magazine. published by the financial times, it reports on europe's tech scene. so i think nikolay thought that banking could be done much better, and much cheaper, and much more digitally. when revolut started, it began with a payment card that you could use to spend in several different currencies. and it very quickly expanded into many different products, including current accounts, insurance and crypto trading. revolut may have started small, but its founder was always dreaming big. when i was seven years old, my dream was to become an astronaut. nikolay storonsky sees revolut as a rocket ship, ready to launch and take on the world of traditional banking. injuly this year, after a three—year—long wait, the uk banking regulator finally granted revolut a provisional banking licence. that means revolut is on its way to becoming a fully fledged bank. but until it gets that full licence, revolut will con

well-functioning international framework for recovery and resolution just last year with the failure of credit suisse we have made it a key priority to work closely with other jurisdictions before, during and after times of financial stress. we strengthened communication with counterparts in other jurisdictions such as the year, u.k. and india, to understand each other's policies, clarify our intentions and expectations and respond to crises. financial stability has also been a key focus of our efforts to build an economic relationship with china. the financial working group we launched and cochairs with the people's bank of china is enabling regular and durable communication. last month we exchanged letters with the pb oc that strengthen information sharing and will make it easier to coordinate in times of financial stress. i will end here today having i hope even some indication of the breadth and depth of our recent and ongoing efforts. work to build and maintain a resilient financial system is never over. we will never be able to just declare victory. successes can be hard to fully appreciate bec

and asked about the issues surrounding credit suisse's collapse >> the banking stability which are theing of the credit situation failure. we believe there has to be a framework in place to prevent another crisis we can talk about the debt level again because the debt level is a threat to the financial stability. we really also need a level playing field with basel iii this is a protection of the investor be it american or swiss or french. in case of an event or crisis of the banking system, i think it is our task to really limit the tail risks especially for the taxpayer he cannot be made responsible for the failure and mismanagement of the bank. >> let me get into the weeds of the dealmaking because you addressed concerns of con consolidating two big banks with high consumer base that risk with unicredit and commerce bank. how do you have enough banks offering enough competition and not minimizing services to key arms of the economy? >> i can only talk for switzerland. we have more than 200 banks. there is, of course, competition. international banks also have a free market access in

into the situation well and the same regulators and politicians who missed what was going on at credit suisseow bemoaning it being too big is nonsense. >> there is a certain understanding when you see banks failing and the same in 2008 where the taxpayer had to step in. >> regulate better. regulate better. internal and external risk management needs to be better. >> undoubt btundoubtedly. regulation needs to improve. the thing that regulators and finance ministers need to understand is the importance of strong banks for a stronger economy. >> stronger telecoms and oil. >> and you just announced novartis. swiss corporate. who was financing them? not ubs ex-inclu exclusively, b contributor. >> you cannot discredit. is he going to be successful in getting commerzbank? is the establishment going to fight back and say we will keep our silos? >> the multiple stemsps in the process. the ecb. will the ecb approve the up crease on increase on the shareholder? there are multiple components that could still go wrong. i think the case for the p pan-european. >> the same for the draghi report and cmu and

and net profit year over year, taking in a new wave of clients following credit suisse.plunged to $3.1 billion. shares slipping half a percent on the year. results coming in september after the company cut its 2024 outlook for the second time in just a few months. >>> elsewhere, china ev, 4.5%. published in the eu hitting tesla with an 8% levy. and xiaomi launching suvs after the first evs. in the plan to deliver 100,000 vehicles next month. >>> and alphabet shares taking off on the back of its latest results. e signals that may offer about another mag seven regroup set t report today. shares up. stay with us. to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. there are some feelings you can get with any sportsbook. ohhh! the highs! new world ideas. no, no, no. the no, no, noooos - oooooooo! the oh, oh, ohhhhs! now whatcha wanna do with this? but the feeling that, no matter what, you're taken care of. ohhh,

such good operating results given the gigantic task they're doing at the same time, integrating credit suissethe second in a year in switzerland, so that integration is going quite well according to the management. the ceo also told me that next year will be the big step. because the big migration, client migration, in switzerland, will start next year. take a listen to what he had to say. >> we are confident in a healthy way. we are not complacent. we've been planning this carefully over the last few quarters. what we see, the migration we did, early on, this month, in luxenburg and in hong kong over the last weekend have been successful. we have learned a lot out of this, now we're going through the migration in singapore. and migration in switzerland in three or four phases. we try to spread the client migration across the next fuel quarters and that's clearly something that we think is more manageable. we are not merging systems, we are migrating client data which also makes it a little bit easier. having said that, of course, this remains the biggest risk. and i'm counfident it is a matt

. >> rich handler had been taking advantage of the weakness of some others, whether it was credit suisseously, when they went down and the opportunity that provided, or whether it's issues at barclay's, if there were any, or anywhere else. he's been aggressive in building their teams, and by the way, that's -- look at that thing. look at that. >> wow. handler's a killer. he really is. >> yeah, wow. >> he's a killer. >> he can buy tillman's boat, which he did. see? now i'm saying something and you have no idea what i'm talking about. i'm talking about tillman had a nice boat. >> i thought you meant tillman, the great election. >> that's what you can do when your stock is you were 100%. >> tillman is the most normal billionaire i've ever met. >> really? the most normal? >> he's the most normal billionaire i've ever met. who's the most normal? >> cuban >> i think that's a go-to. >> but there are a lot of quiet billi billionaires out there who are so normal, you don't know who they are. that's where it's at. >> jensen huang is a wonderful billionaire. just smart, no acting. >> i wouldn't des