but sitting on top of those state banks is the mother bank, the chief bank, the central bank, the bank of the united states. and this is the second bank of the united states. because as you recall, from earlier in the semester, there was a first bank of the united states, 1791, alexander hamilton, pushes through congress a bank of the united states, this bank, a private bank, with stockholders, and dividends, this bank, hamilton says, will benefit not only financial, private financial interests but will benefit the country, the public. how will it benefit the public? because the treasury, the u.s. treasury will deposit money in the bank, money coming in from taxes, and the treasury can also borrow money from the bank, this bank has a 20-year charter, but it has lots of opponents. you remember, that chief opponent, thomas jefferson hates the bank. the bank, jefferson believes, is an institution that imperils american liberty. by elevating to power a wealthy financial elite. an unproductive elite. jefferson opposes it. jefferson comes to power in 1800. so the bank of the united states, t

banks. pro-jackson state banks. these pro-jackson state banks by jackson's opponents are called pet banks. these are pets for jackson. the whigs are understandably very very furious with jackson. this is a whig cartoon. look at that. king andrew the first, trampling on the constitution. over stepping his constitutional authority. born to command. many people are opposed to jackson. some democrats are opposed to jackson. they thought he had taken some dictator like steps. he was to king like they said. he is driving the bankers out. order of the removal of public money deposited from the u.s. bank. that is in reference to the removal of federal deposits. years later when he was on his deathbed, jackson was asked what was his most proud, accomplishment? jackson had four words -- i killed the bank. his proudest accomplishment. sure enough, from 1836 to 1913, 77 years, no central bank. in 1913, the congress chartered a new central bank, a central bank called the federal reserve. this federal res

central bank digital currency it's. the trends is this is what they've been looking for for a long time so the i.m.f. came out of the last rites and was meeting in 1984 when they removed the gold standard and moved it to a gold dollar debt back standards and then in $71.00 the u.s. decided to take remove the gold standard and move it to a full shia death based ponzi scheme and so i amassed started losing some of their significance on the plan. we now list is the latest moves of making sure that they get 1st to market with the central bank digital currency china's being the test bed at the moment but they don't want china to start getting traction around that and so you i.m.f. world bank bank of international settlements they're getting ready to put together their one global lud digital currency and they're calling for bretton woods 2 so that they can start implementing them. ruling out another way to look at this is to characterize this as caught a great race that the big reset of course bretton woods was the big reset

wall street banks by building a municipal bank that could manage our city's banking needs.our models contemplates three scenarios. the first is a reinvestment model which offers affordable housing and small business loans. the second is a divestment model which operates the city's banking, holds the city's cash, and would also purchase business loans from local banks to allow them to offer more loans in our community. number three is a combination model that combines the social impact lending of model one with the investment and paradigm of model two. what i'm showing now is a breakdown of these three models and their size at break-even and years to break-even and the relative investment that needs to be put in. i first want to recognize that there are a ton of assumptions that go into building each of these models. and the assumptions are stated in both the report itself and the technical appendix. the length of time that a model projects to break-even depends on a variety of factors such as expenses, revenue and growth rates. adjusting any of these levers can shorten or l

central bank digital currency what do we look for you know what i think is going to be a central bank digital currency i think we're going to see as we talked about in one of the previous episodes on call is a report of the absolute toc on the banks and i think this is a central bank led wolves now and central banks are sucking up all the assets all around the world if they're taking on too many of those toxic assets i think the i.m.f. is getting ready to roll up all of the central banks into one i.m.f. central bank digital currency so you trends is this is what they've been looking for for a long time. so the i.m.f. came out of the last breaths and was meeting in 1984 when they removed the gold standard and moved it to a gold dollar debt back standards and in $71.00 the us decided to take remove the gold standard and move it to a full fee of debt based ponzi scheme and so i amassed started losing some of their significance and the plan. we now list is the latest move of making sure that they get 1st to market with the central bank digital currency china's being the test bed at the mo

to take the digital banks, and challenge the banks head-on. banks have been preparing for this eventuality for seven years. some of them are best in class. i am not as nervous. i am agreeing that with every new competitor, the complexity of running the business increases. i think that singapore banks have done a fantastic job, and a do not worry too much about them being sidelined. yes, there will be marginal competition in certain areas. it will become a more vibrant market,. this will bring more to the table. to thating forward competition in some senses, but i'm not getting worried. it is about to get more interesting for your research. thank you, harsh modi from jp morgan. coming up, hong kong investment bankers are losing out to mainland arrivals, and we have more on that story coming up. this is bloomberg. ♪ tom: welcome back. a quick check of the latest ban -- the latest "business flash" headlines. pandemic, light up to sell shares. biotech look and ready to still the ipo pipeline in the future. a rush ofhas seen mainland companies list

the bank. clay looks up. the bank? it's funny you mention that, andrew, because i was thinking maybe we would go ahead and just recharter this bank a little early. right? why not? we don't need to wait till the last moment. it's 1832. let's get going. let's recharter this bank. you're on board with that, right, mr. president? jackson says, well, not only am i not on board, mr. clay, but i am ready to wage war against this bank of the united states, and here we have it, the bank war. one of the most dramatic events in united states history. the charter of that second bank will expire very shortly. whigs in congress wish to recharter it early. jackson, to their surprise, they didn't expect this, declares his opposition to the bank. why does this come from? it seems to come out of nowhere. jackson did not run his campaign in 1828 against the bank. in fact, jackson made no mention of the bank during his presidential campaign. there was no hint he was going to do anything like this. now all of a sudden jackson unleashes a t

another is central-bank asset purchases. the scale of such purchases is unprecedented and has successfully propped up global financial markets. this benefits the well-to-do and those with guaranteed pensions, especially in the rich world, but it is not clear either in textbook syria practice, how europe -- textbook theory or percentageave zero rates will translate into new jobs from profitable small businesses, or rising median income, key steps in reversing inequality. poorer economies have fewer macroeconomic tools and stabilizers and suffer from weaker health care systems and social safety nets. for them, there is no faster way to reverse the sudden reduction in their sales to consumers in advanced economies or the almost overnight collapse in tourism nces from family members working abroad. it is clear that sustainable recovery will require both that and if it's all people come -- benefits all people, not just those in positions of power come in an interconnected world where people are more informed than ever before, thi

theumer banking is really redheaded stepchild of banking. as you pointed out, wealth management, capital markets activity, trading, all of these other things seem more glamorous where they brag about today in industries, they will usually mock tomorrow. guy: stick around. we will carry on this conversation and talk about the pharma sector. pharma, we need to talk about what is happening. we need to talk about the political angle as well. that is all coming up. this is bloomberg. ♪ 20 minutes past the hour. welcome back. this is bloomberg markets. complications mounting in the rush to put out treatments and vaccines against covid-19. it isday lily said pausing its antibody trial due to safety concerns. that is after j&j halted its vaccine trial your astrazeneca has halted it and continued elsewhere. we talked with bloomberg reporter. how should we view this? should we view this as normal and in some ways positive because it means the process is working or should we worry about the fact that this is going to delay the vaccine to the world econ

wall street banks by building a municipal bank that could manage our city's banking needs.our models contemplates three scenarios. the first is a reinvestment model which offers affordable housing and small business loans. the second is a divestment model which operates the city's banking, holds the city's cash, and would also purchase business loans from local banks to allow them to offer more loans in our community. number three is a combination model that combines the social impact lending of model one with the investment and paradigm of model two. what i'm showing now is a breakdown of these three models and their size at break-even and years to break-even and the relative investment that needs to be put in. i first want to recognize that there are a ton of assumptions that go into building each of these models. and the assumptions are stated in both the report itself and the technical appendix. the length of time that a model projects to break-even depends on a variety of factors such as expenses, revenue and growth rates. adjusting any of these levers can shorten or l

bank earnings turned sour.inserte citigroup, bank of america and goldman sachs reporting today. clinical complications mount, eli lilly is the latest company to pause is covid-19 trial. we will bring you our interview with rival, johnson & johnson. matt: let's look at european futures. we have stronger gains minutes away -- one minute from the open. you can see ftse futures up 0.6%. dax futures only up 0.25%. let's look at the global macro mover screen. it shows you risk assets. the far left column shows the equity indexes. the ftse open first as usual. up 0.2%. it is easier for british stocks to gain when the british pound falls as it is doing now, under 129. , only 0.1%.as well the cac trading higher, 0.2%. the ftse goes higher, gaining 0.6%. european markets opening higher in the u.k. the market open higher than what we see on the continent. --n as coronavirus continues infections continue to increase, and the problems continue to mount, certainly in terms of debt. cooper,us now is laura mliv's macro strateg

they say banking union is not there yet. but whenever i talked to eu leaders, they say they are free to do cross-border deals. which shoe has to drop first? >> yes, we are free to do cross-border deals, but if the right headwind and certain restrictions are also there that for instance the free flow of liquidity or capital is not there to a degree which really makes such a merger reasonable and constructive, than obviously something still needs to happen. i think we need to wait for further developments, but i also know that regulators and governors well understand this issue and i'm confident that we will see progress on the banking markets inside. i know that the german finance minister is working hard on this. so that will come, but for the time being, my view is that you would rather see more domestic mergers before cross-border mergers are happening. >> and you have enough on your plate already, the most audacious transformation plan deutsche bank has seen in decades. does that mean you rule out for now any acquisitions

banks or euro banks to covid? howard: i'm not worried about resilience of u.k. banks.capital ratios. the number was well over 16% last year, really high. banks are not quite as high. there were some reasons we were high. we were expecting to buy back some shares from the government. we had money socked away for that. we were highly capitalize going in, which has turned out to be a good thing. the big u.k. banks are in a solid position, as far as i am aware. we have reports coming up. in europe, the picture is mixed. there are moves to consolidate in order to cope with weaker brethren. you see that in spain/italy. that is likely to continue. it is difficult to give a single answer. there are strongly capitalized banks and weaker ones that cause concern to the ecb. the ecb is often talking about the need for consolidation of the european banking sector. francine: if we have a no deal brexit, what with the u.k. economy look like in three years? -- what would u.k. economy look like in three years? what incentives with the u.k. need to thrive? everyone's analysis is an idea

but what about what about the other part of dodgy banks business the retail banking. well this is the part of the business where cost cutting remains the main driver deutsche bank continues to close branches here in germany it's also trying to sell pot of its i t v so the huge restructuring process at deutsche bank is far from over the share price back has recovered somewhat this year but analysts. still despite today's good news about the earnings report very reluctant to be very. obviously positive about the share on a booze and frankfurt thank you. to the aviation industry now and the sector is still wrestling with the consequences of the cove of 19 ben demick by year end germany's largest airline move tons of will operate just one quarter of the flights compared the time before the coronavirus air france cayle ambra and british airways also reducing their schedules airports or also the european airport body 8 c. eyes as the number of passengers of europe's airports fell 73 percent in september compared to the year before $193.00 mainly small and medium sized airpo

it hasn't been european banks that have been taking the share. it is the u.s. banks. things like advisory, underwriting. all of the deal making is dominated by u.s. banks. what hope is there for european banks? one is the loan-loss picture looks more positive. strategists say that is really what we want to here. the potential is m&a here. some of the recent takeovers . all ears are glued to the earnings statements. the european market is so fragmented and this earnings season might renew those calls for more m&a. >> thanks. digging through banking results near europe. last week it was all about the u.s. results. joining us now is a chief market strategist at hsbc. u.b.s. is looking optimistic this morning. banks have really been unloved around the world this entire year. but we're seeing a strong start to this earnings season. is this a sector investors should maybe start potentially moving some money into? >> potentially, selectively if at all. just looking at evaluations, we are not buying cheap stocks just because they are cheap. you saw in september buying somethi

were collapsing and central banks 1st started doing quantitative easing you know the western banks japan had already started it a few years ago and so in 2008 in december of 2008 the central bank started printing money so big queen emerged since that here that same the end of empire the shift. change the collapse of global debt that just got too much you know there is a sense of a global currency war going on that's part of this trade war part of the hot war with china and i think china was. first that in 2008 to realize it was all over a member medvedev at that time held up a gold coin well china what they did is they leased the credit spigots because i think they realized this whole fear was inevitably over so why not just load up on a whole bunch of debt and build these high speed rails everywhere build a small nuclear reactors build all sorts of infrastructure when that's all going to go to 0 this is a fascinating concept so you're saying similar to an idea that was floated around on the web not too long ago as hey i'm going to my credit card i'm loaded up buying . and then when i de

banks just as it is for the eurozone banks. the banks in france and germany and in the u.k.to -- the swissl model cannot be done overnight. wealth lower amounts of revenue and there is not much baking investment. basically, the cost structure. in order to get the cost structure down, you need restructuring and investment. in the short-term, you have more pain. it is quite a challenging asset. we were argue -- would argue that some of the -- price-to-book's are not factoring in much. it's a little bit of upside in the shares -- upside in the shares could rally. anna: as europe as a whole, the banking sector, is m&a a solution? we were talking about earlier was someone the need for defense consolidation in the sector. ronit: definitely. and we are beginning to see signs of it in real life. researchers,t citi in market deals we have seen for example in spain and italy, we might see more of those. , youin germany, the u.k. can get more m&a in hybrid deals. we have a bank in one country with a subsidiary and another. you can do a market in the subsidiary country. rder deals will

banking system?eraldine: with the credit space they are attractive in the sense that the capitalization of the bank is relatively robust. the central bank has shown they have been more willing to have the pain of the negative interest rates. and that really would be it. fromuch interest for now the equity standpoint. bounce, a point for sure. but a lot of the profit growth in the medium-term will be challenged by protracted low challengedtes and vice in tech digital currencies. differentiating credit is probably a safe place. if you look for strong profit growth, i think some other sectors are more attractive than financial. askcine: i was going to you, how do they actually adapt to these protracted lower for longer interest rates? are we going to see the limit of negative rates? is that it through at the ecb can do he? certainly they, can be more operation to try to help with the negative interest rate tax that there is now, and the ecb has been moving on this path. and then i think banks have to re

has a right to go for what money is in his bank account he has millions of dollars in various bank accounts in cash and in stocks and bonds the bank can go after that they can go after trump tower they go after mar-a lago this is go after his plane and would they do that to the president of the united states take away basically all his belonging i don't know what they might do what i can tell you definitively is that since the morning of november 9th 2016 when donald trump had been elected the next president of the united states deutsche bank executives in frankfurt in london and new york have been freaking out about this this scenario in trying to figure out whether there's a way to amend it the wording of the contract so that trump is no longer personally guaranteeing them and it's been very clear to them for almost 4 years now that they have a very serious problem on their hands there are those who say that maybe lending money to dollars wasn't such a big risk for the bank after all because those loans might have been guaranteed by russian individuals or entities is there any evidence th

began investigating major german consumer banks as well as employment short european private banks he was entering a complex moral the system behind comics was deliberately designed to be opaque to outsiders especially tax authorities. in order to engage in a comics deal 1st you need some company stock on the stock market each shareholder gets an annual payment if the company has made a profit this distribution of profits is called a dividend. a share purchased before the so-called x. date is referred to as come dividend that is it comes with a slice of the annual profit traded on or after that date the share is x. dividend with no slice of the profit. dividends are subject to capital gains tax and it's this tax that's central to the comics trick. put simply the process works like this. let's say person a buys a share in a large car company at the end of the fiscal year that company pays out a dividend to person a. this slice of the company's profit is subject to capital gains tax which the state automatically withholds. person a receives a certificate from their bank and under certai

we have an artificially fragmented banking sector because until the 1980's, you couldn't bank in moren one state. compare it to any other country in the world. our banking sector is just way too fragmented. that makes sense. see at think you will giant m&a wave near term. i think you will see some, but i think it will still be episodic and sporadic. jonathan: just a final question for me. how much of these names are propped up by the fiscal effort down in washington? chris: actually, i think the much bigger impact is just the white collar layoffs haven't been back that haven't been that big. if you look back at big bank credit portfolios, over 80% of the borrowers have five haveores over 680 -- fico scores of over 680. that is roughly average. if you look at the people who have gotten hit by covid, it is mainly lower income people who are not paying customers. people overestimate how much the bank customer has moved upscale. on, a stress test and so you basically can't lend to the lower half of the income spectrum, and that is what has gotten hit. so i think people have way ofrplayed

and un-banked.lked a lot about economic justice and i think correctly so. if you do not have access to the banking system, you are not going to be able to reach your economic potential. there and byocus the industry itself is paramount today. david: one thing that could change is the cfpb. the supreme court said the president could fire the head of the cfpb. what would that mean for the credit card industry? joe biden comes from a state heavily invested in the credit card industry, delaware. rodgin: i am not sure and tell you know who will be there. chairt think the current of the cfpb has been a slacker particularly in respect -- she has been willing to go after even large institutions. cards,spect to credit interestingly enough with all of the various enforcement actions that have been taken, credit cards have not been a focal by whether it was the obama administration or the trump administration. i suspect it's more that compliance is at a high level, particularly with the major credit card issue

began investigating major german consumer banks as well as employ when short european private banks he was entering a complex moral of the system behind comics was deliberately designed to be opaque to outsiders especially tax authorities. in order to engage in a comics deal 1st you need some company stock on the stock market each shareholder gets an annual payment if the company has made a profit this distribution of profits is called a dividend. a share purchased before the so-called x. date is referred to as come dividend that is it comes with a slice of the annual profit traded on or after that date the share is x. dividend with no slice of the profit. dividends are subject to capital gains tax and it's this tax that's central to the comebacks trick. put simply the process works like this. let's say person a buys a share in a large car company at the end of the fiscal year that company pays out a dividend to a person and. this slice of the company's profit is subject to capital gains tax which the state automatically withholds. person a receives a certificate from their bank and un

has a right to go for what money is in his bank account and he has millions of dollars in various bank accounts in cash and in stocks and bonds the. banking go after that they could go after trump tower they go after mar-a lago this is go after his plane and would they do that to the president of the united states take away basically all his belongings i don't know what they might do what i can tell you definitively is that since the morning of november 9th 2016 when donald trump had been elected the next president of the united states diligent bank executives in frankfurt in london and new york have been freaking out about this this scenario and trying to figure out whether there's a way to amend the wording of the contract so that trump is no longer personally guaranteeing them and it's been very clear to them for almost 4 years now that they have a very serious problem on their hands there are those who say that maybe lending money to dollars wasn't such a big risk for the chip bank after all because those loans might have been guaranteed by russian individuals or entities there any

she sort of skipped over black banking, the where those black banks had an existence, they impact on african-american communities, churches and schools, black homeownership. so i think that conversation gets overlooked because we are thinking so much about the comparative analysis of african-american banks. 1959, african-american banks had $48 billion. we think of the limitations of black banking outside the context, but it is a really smart book and a good legislative history on black banking and economic life. it doesn't really do that much when it comes to black banking in the south, which is what i am really interested in. the majority of african-american banks were in operation in the south. lot we can dois a in having a conversation about the broader history. >> we have a question from wanda williams. wheeler favor activism that targets financial independence in the form of strengthening the still-untapped over consumer strength white-obtained legislative channels? and i will join that with a question from dr. margaret briscoe, who asks how wheeler addresses black wealth in lig

mike: goliath is winning when it comes to banks. the largest banks, bank of america, j.p. morgan, they are winning with digital banking. you are seeing disproportionate share by the largest players. they are also winning when it comes to marketing and the national scope. even in areas like cybersecurity, they have been able to invest more. i know that we were talking about my big teacup. me andies to teacups for also banks that we think will benefit the most in this environment. i guess you like big banks. mike mayo, thank you. gorman, chairman and ceo, coming up at 8:30 london time. sanctions on 18 iranian financial institutions. 18 financial institutions in iran, doing business with iran, sanctioned by the trump administration. it will further choke off the iranian economy. themove aimed at hindering return to the 2015 nuclear deal. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. in the last hour, house speaker nancy pelosi joined us to give us an update on stimulus talks. she says there could be no action on a stand-alone bill to aid airlines w

rates to go higher for banks to work. you're seeing the correlation in the short term we estimate a $200 billion piece dividend once the war on covid is done, that equals to more than doubling earnings from the second quarter and that doesn't reflect any improvement from interest rates we do think beaks led by the likes of jpmorgan can generate returns above the cost of capital through factors such as improving credit there's also good citizen cass f -- costs for the banks. those costs should be going down, too. >> the point about interest rates, you're overlooking the bigger picture >> well, the market's not looking over the bigger picture. i don't know when you're going to see net interest income or margins go higher. even at jpmorgan, they were down you needed a steeper curve for that part of the business to work sure, they can do well on trading and investment banking and that sort of thing they can cut costs eventually they're going to be able to buy that stock back. the capital ratios of jpmorgan are astounding, gre

from began investigating major german consumer banks as well as implement your european private banks he was entering a complex moral the system behind comics was deliberately designed to be opaque to outsiders especially tax authorities. in order to engage in a comics deal 1st you need some company stock on the stock market each shareholder gets an annual payment if the company has made a profit. this distribution of profits is called a dividend. a share purchased before the so-called x. date is referred to as cum dividend that is it comes with a slice of the annual profit traded on or after that date the share is x. dividend with no slice of the profit. dividends are subject to capital gains tax and it's this tax that's central to the comebacks trick. put simply the process works like this. let's say person a buys a share in a large car company at the end of the fiscal year that company pays out a dividend to a person and. this slice of the company's profit is subject to capital gains tax which the state automatically with 0. person a receives a certificate from their bank and under

banks. a much more fragmented picture and they have less of a market share than what is in the u.s. in these key segments, the u.s. has all of the might. especially global trading, ondit suisse, pulling back their trading business and it is the u.s. banks that have filled in the gaps. this earnings season might increase calls for m&a. talking sergio ermotti about it, not saying ubs was looking for mergers, but the size helps them with regulatory and technology costs. m&a, a potential merger, that could boost. in europe --es banking shares along with asset management and dividends, plans to reinstate dividends. the marketget excited despite the fact european lenders aren't giants like we see in the u.s.. anna: thank you very much. dani burger with the latest on the banking m&a story and let's continue talking about m&a. we are joined by the deputy head citi.arch for india at thinking about the banking sector, what do you think it will be that will drive m&a in the end in the banking sector? w

who was on big banks? comm.as there so i'm very confident -- there are a lot of expectations. in particular, if you take short , the current bond market is around 50 billion. what aressue considered social bonds. -- 30% of the bonds. we pursue our political priorities with these bonds. mentioned the call that happened last week. who was in it? comm. hahn: the whole range. private investors, public ones, etc. americans, japanese, norwegians? comm. hahn: it is more or less everybody. i'm very confident. we have to coordinate also with our big member states to avoid any kind of unhealthy competition. andink this is routine work we include ourselves in this coordination. maria: how are you looking at this? do you want to issue the debt through syndication? comm. hahn: this is something where we coordinate with our main member states. germany, italy, spain, france. the big issuers. we are coordinating with them. i have no doubt that this will fly. when you move away from the bond issuance, it has to do with the europ

if you are a lover of bank -- if you appreciate the bank trade and want to be in a bank, is this the bank to be in at this point? >> no. i think you have to either be in goldman sachs or you go into investment managing and you going into a black rock. if you look at black rock price action today it was the only one that was green so i think the retail audience or the investing audience is probably leaning towards a black rock having said that, melissa, if you look at the ten-year yield then you everylay the xlf and all the financials they trade in lock step with yields. we had a hint of money coming out of growth going into value for the last two weeks now you are starting to see that sort of unwind the last two days because you had apple and amazon and technology suck up all the air in the room. but i think that financials truly need that value trade. they truly need rates to increase and that was starting to move the needle for them on a yield basis. these guys are covering it on a micro basis. i'm covering it on a macro this for me is value they are at the epicenter the value trad

is this thing a bank? can you actually compare goldman sachs to jp morgan or bank of america? you certainly can't come about the same time, the consumer business is clocking in more than $1 billion, $1.5 billion in revenue. so they are getting deposits. people want to go digital. but if anybody has a market account, you know the interest rate is falling constantly. they are trying to appeal to consumers with this credit card. it is working on a much smaller scale than you see from the much bigger banks, and they have competition to contend with, too. jonathan: we are looking to have a lot of students that watch this program, and i think they have just learned that what defines banking is whether or not you receive a toaster. [laughter] i am pleased that sonali did not answer the question. the chief guide yesterday was to wait for the earnings call. what happened yesterday for jp morgan and citi, and what are you looking out for later this morning? sonali: you are right, at first it looks really rosy, but people listened to the calls and realized they are going to be see in pai

the world bank and the bank for international settlements to formalize the use of central bank digital currencies all of this seems to be moving us towards a heavily regulated crypto and digital space and i know you're going to be concerned about that aren't you. this is concerning but in a way it's a good step towards regulation but there's still a long way to go because according to this a 4 by the end of 2022 the g 20 members i.m.f. and the world bank they want to complete the regulatory framework for stable coins and c.d.c.'s so that's in 2 more years and in 2 years we've seen at least 3000 i see a project go boom or bust and that's for ever and a nascent industry like the currencies so yes while the industry is going to be more heavily regulated i don't think that's going to be anytime soon and minute this entire thing is only talking about stable coins and c.d.c.'s so i mean that's great now what about utility clients privacy quite securitize tokens and now even the fight against so i think regulation is going to have a hard time keeping pace with the level of innovations but i d

says his client was a victim of the bank. the reason was that my client invested in the supposedly secure financial model on the recommendation of the thorazine bank. comics risk double tax refunds. ever came up. in the trial against sarah xen the parties contradicted each other. but miller's lawyer got some unexpected help from inside the bank. a long time employee passed on internal documents that helped side win the case for miller. the sara zene informant wants to stay anonymous but is willing to talk to us about what he witnessed at the bank. i saw that the bank wanted to sell and had already sold a financial product clearly designed to defraud german tanks authorities when customers bought the product they were told that what they were buying was completely on the level and legal according to the informant the product originated with mr comics himself. confronted with the accusations berger told us by email that he only advised a few clients regarding comex and no banks but the former sara xen employee says otherwise he

has a right to go for what money is in his bank account he has millions of dollars in various bank accounts in cash and in stocks and bonds the bank and go after that they can go after trump tower they can go after mar-a lago this is go after his plane and would they do that to the president of the united states take away basically all his belongings i don't know what they might do what i can tell you definitively is that since the morning of november 9th 2016 when donald trump had been elected the next president of the united states diligent bank executives in frankfurt in london and new york have been freaking out about this this scenario in trying to figure out whether there's a way to amend the wording of the contract so that trump is no longer personally guaranteeing them and it's been very clear to them for almost 4 years now that they have a very serious problem on their hands there are those who say that maybe lending money to dollars from wasn't such a big risk for the chip bank after all because those loans might have been guaranteed by russian individuals or entities is there any

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 vine

he said the bank is ready. reference that their free nature of banking products in the u.k.. are you thinking about passing on any of the costs of negative interest rates should they come to pass, to customers? jes: you know, there are negative interest rates in certain markets in europe. and there indeed, with some large corporate clients, we passed on those negative interest rates in the deposit pool for large corporates in certain markets in europe. we are prepared for the bank to run with negative interest rates. there are negative parts of negative interest rates. consumers will go to cash. i don't think that's necessarily a good outcome. but we're ready to navigate negative interest rates. we would rather not charge negative interest rates. but we would also manage the integrity of the banks. i think it is important the central banks keep in their wallet the ability to use negative interest rates. but i personally believe here in the u.k., it's not likely. anna: you've talked about how to give guidance ar

bank donald trump would never have become president how important was the money that deutsche bank lent him for him becoming president i think it was indispensable from his entire basis for running for president and then being elected president in 2016 was a he was a very successful businessman and the more evidence that becomes public and the journalists gather the more we see that that really was a mirage he was not a successful businessman he was a money was an businessman and he had a very well established track record of defaulting on loans having his business is declared bankruptcy and violating contract what would it mean if the president of the united states defaulted on half a $1000000000.00 of loans he personally guaranteed the overwhelming majority of those loans and so that means that the bank has a right to go for what money is in his bank account he has millions of dollars in various bank accounts in cash and in stocks and bonds the bank can go after that they could go after trump tower they could go after mar-a lago this is go after his plane and would they do that to the

banks at well -- banks as well in this quarter.y've taken very large loss reserves that they've built up in the second quarter and third quarter, so what these banks basically did it say we are doing incredibly well on the market side. let's take a loss on the retail and corporate banking side and build up those loss books so we can draw that down on a rainy day. i think they basically over reserved, almost consciously saying let's set aside some money. we will be able to draw on that and improve what our return on equity looks like in those quarters. i think that is what we are seeing now. a sickly, we did really over reserved -- basically, we did really over reserved quite substantially. things did not turn out as bad with people defaulting on uninsured lending, so things are actually ok. guy: nevertheless, lending standards are continuing to tighten. even in the mortgage market, which jes talked about being slightly more robust than he anticipated. central banks are become frustrated that the liquidity they are providing is gett