brian moynihan gets to remain chairman.lution concerning the board of his freedom to appoint a non-independent chairmen to run the board. previously in 2009, bank of america was forced to name an independent chairman and after let years, chad were tiled -- retired last year. the way that they handled it, that he, gets to the crux of your question. ask for forgiveness, do not ask for permission kind of scenario. today, they changed the company bylaws but only 63% supported versus 30%, not exactly an overwhelming majority. betty: indeed. according to the bloomberg sources, it would have been much better if brian moynihan got 7% or more. the higher the number, the better it is. given that it was only 63% so far. need tothe story they put out to shareholders? it remains to be seen whether the board will see fit on a 6% approval. in that briefing i just came out of with brian moynihan, the lead notpendent director, i was able to get a clear sign p are on the one hand, there is a dismissal of 37%. some of the senior managers in t

well, immediately following the approval of brian moynihan as both ceo and chairman at a top bank ofmerica, he as well as the company's lead independent director spoke to reporters on the record, and i want to share a few of their comments with you. first, brian moynihan said it was good to have the support of shareholders and that he and the board learned a lot in the process of making this change to the bilaw bz a year ago, conversing with shareholders over the last year, and then putting this issue to a volt and realizing exactly what it was that shareholders wanted. he called the board in its current state strong, experienced, and diverse and when asked whether there would be changes forthcoming to the board before the annual meeting next spring, he said the bank is always looking to refresh they will make sure they're on the same page and in sync. when asked, though, why they weren't in sync on this very issue last year when he made the change, both said if this issue was put in play by the fact that chad holiday, the chairman last year, said he wanted to be chairman of royal du

-- should brian moynihan be able to be ceo and chairman?st made. lloyd blankfein is chairman and ceo of goldman sachs. jamie dimon is chairman and ceo of jpmorgan. precedent outy of there for the idea that the ceo of a wall street banks also be chairman. if you go back to 2009, that's the way it used to be at bank of america. here is the important point. of the 2009, in the wake financial crisis and the disastrous countrywide financial acquisition, bank of america shareholders decided to split those roles. they passed a resolution to change the bylaws. that's why up until last october, bank of america had an independent chairman. what happened in october is significant. that's when the board decided to effectively ignore the company's bylaws and give the job of chairman to brian moynihan who is no longer independent. shareholders complained about in may,bitterly that just before the annual meeting, the company said we will have a shareholder vote on it, do with within a year. that brings us to today. shareholders will cast their votes and d

pension funds, including the largest employee retirement system, -- brian moynihan earlier this year was made eeo atn in addition to's bank of america. they are two of bank of america's's largest shareholders that say, this is bad governance. matt: it is a better way from their perspective to run the bank. it will be an internal struggle. if you are jamie dimon and your bank is jpmorgan, it is more likely to happen. it has been a couple of years since that kerfuffle at j.p. morgan, michael. what does that say to you that once again the focus is turning to corporate governance. mike: it is amazing these guys can hold the job so long with all the noise made about it. people have been talking about splitting up those rules for a long time. i do not know what their stake is in bank of america offhand? 1%. it is still obviously a big bully pulpit with a lot of money being managed in those funds. it will be interesting to watch. get to number three, apple. tois teaming up with cisco allow easier capability for its products to work with cisco. on the tv front, the company is in talks about

. >> brie brian moynihan gets to keep both of his titles.lk to a top banking analyst about whether the banks are a good place to park your money. stay tuned. >>> yesterday we brought that you exclusive on goldman sachs's new etfs. check out the glcs. it is down a little bit today. note, it is down less than the peer. getting off to a less bad start than others. bank of america shareholders voting to allow brian moynihan to keep both the chairman and the ceo roles. shares not responding. the market is down. ceo roles. shares not responding, the market down, b of a down 1.5% with it. let's bring in dig bow spray with rafferty capital markets who i know will say that splitting those roles means i think technically squat to you, dick. how come? >> well, basically because i've been in this business close to 50 years, almost 50 years and never once in that 50 years has anyone ever told me they are going to buy or sell a given stock because of this issue. the ceo and chairman being together or apart. i guess there's something like 360 of the 500 co

its owners was say, oh, we've changed our mind, we're going to recombine these roles and give brian moynihanwo jobs. one is a supervisory role of himself. that's a conflict of interest we're not comfortable with. we want an independent chair. shareholders in the majority agreed when it was put to the vote in 2009. also it was a binding vote. it wasn't a "would you please kindly do this?" we insisted it be done. so in good faith, the could be should be coming down saying an up-or-down vote, independent chairman? and they're playing fast and loose with the rules. that's not sporting. >> of course, this is all leading us to a vote on september 22nd. it's been viewed largely by shareholders as the bank's asking for forgiveness rather than permission for the situation that you just described. i'm wondering since putting your letter out yesterday, have you heard from any shareholders who share your view? >> well, we've been talking with our fellow owners. the letter that we've written was jointly signed with calsters which of course is the second biggest fund in the country. it's the largest educa

on bank of america, buffett reiterated his support for the ceo, brian moynihan, saying he opposes the split of the title. >> today the world bank said they should not raise interest rates until the global economy stabilizes. the chief economist said the fed risks triggering, quote, panic and turmoil, end quote, in emerging markets if it opts to hike interest rates at its next meeting next week. with today's move higher, is it possible that most of the selling is behind us? joining us, good friend and author, ron insana. good to see you, ron. thanks for coming in. >> thanks for having me. >> you make the point that this market is oversold for several reasons. mr. buffett talked a little bit about the fed and you talked about the fed as well in your article. >> yeah. so i think the fed may very well delay height rake beyond september because of what we've seen in china and even in europe. having said that, you know, i still think what happened in the last several weeks in the stock market here in the u.s. is a correction and nothing more. it's usually every 18 months. it's been 46 month

if brian moynihan lose this is vote, then we should have a new, independent chairman.hecking the box here. we're talking about an independent chairman who knows his or her stuff that will have strong, independent oversight. how about someone like dick, ex-ceo of wells fargo? why don't you bring him along as the new chairman of bank of america. >> he comes on "squawk box" a lot, so i'm sure we could put that question to him. mike, we appreciate your time. three weeks away from that vote. we should mention we reached out to bank of america. the company sent us the following statement saying, quote, the board believes that having the same flexibility on board leadership that 97% of the s&p 500 now has while still providing strong independent oversight is in the best interest of stockholders. no company has dug out deeper since the financial crisis, turned back health with solid earnings and also to the benefit of our shareholders. the board respectfully recognizes that stockholders hold varying views on the matter which is why the board committed to putting it to a vote.

shareholders will vote on whether or not to strip bank of america ceo brian moynihan of his title ashairman. the ceos of anthem and aetna will testify on capitol hill about the proposed mergers. and the chinese president arrives in the u.s. for a state visit. and that is what to watch tuesday. >>> greeks gave alexis tsipras a second chance, voting to re-elect him as the country's prime minister in the snap elections on sunday. but the country's dire economic issues remain the same. julia chatterly reports from athens. >> reporter: thunder and lightning here in athens greet the new greek government led by alexis tsipras, who once again gets a chance to lead this country. it's almost like the last 7 months never happened, as long as you forget the capital controls and the fact that a third bailout deal was signed. alexis tsipras of the syriza party deciding to join in a coalition once again with the independent greek party, destroying any hopes of him choosing more centrist, more reasonable parties to form a government with. i went out in athens earlier today and spoke to a number of g

but 63% of votes are cast in favor of a change made to the bank's bilaws, last year allowing brian moynihanrman. >> we'll have to keep an eye on that. and straight ahead, jeffrey sonnen felled was against a split. ♪ >>> breaking news this hour, bank of america share holders have rejected the plan to split the ceo and chairman. and jeff,sonnenfeld, welcome back to the program. this vote has only come through with 63% support. you must bedisappointed by that? >> no, and boy the way, vosiferous if the board thinks it makes sense. and at united airlines, they're going through a transition where they removed a combined ceo and chairman. and then it makes sense or at ford motor company where you have a large family steak. many times it makes sense and sometimes it doesn't. their process wasn't ideal, shareshoulders should have been vised but i'm glad they ratified it. the number isn't in the 80s but not too far from off two and three years ago and jaime got around 68% to keep it rolls combined -- >> i guess really it depends, making sense to whom? i come from the jack wells school of thought that

shareholders vote today whether to strip brian moynihan of his role as chairman and ceo.ard agreed to give him the chairman of the board position without consulting with shareholders. of the bank loses today's vote it will name a new chairman. meet spot, the latest version of all walking quadruple robot from boston dynamics which was tested by the u.s. marines last week, spot operates with electricity, walks on four hydraulic legs and is controlled by an operator who can be up to 500 meters away, electricity, not fried's but still that would be spot. back to you. sandra: these robots scare me. the battlefield dogs that hunt for aideed thes would save a lot of k-9 lives and keep savings soldiers' lives. those robots. looking at the markets futures are sinking, huge global market sell-off, dow futures up 230 points, isn't the down 29. the sell-off continues. federal reserve made the right call on keeping rates unchanged? when will officials raise rates? is that causing a sell-off? more on that. sandra: checking these markets a lot of action to report, dow futures of 230 poi

the brian moynihan get to the challenge he faces, was it handed to him by ken lewis or self-inflictedr some reason the boards and many ceos of public companies cannot accept the idea of separating the ceo and chairman role. it makes sense. i do not know why they make this fight. today, thetunned day people who think bank of america was founded in san francisco and has been this giant thing out of san francisco, you and i know that is fiction. what is bank of america, is a nationsbank or the bank of boston? chris: it is all of the above and in many cases these business units -- thishow has that affected over his government's future? chris: i do not know if the operational issues over the lack of integration are factors, the bank has taken so long to address legacy issues, operational issues and investors -- i think if you look at the way a wells or jpmorgan is run, they are well ahead of bank of america in terms of dealing with legacy issues and it is a cultural thing, they did not want to spend the money. ony were always very tight expenses. the predecessors -- he goes back to nc annb

this after brian moynihan admitted to trimming expenses. we had tesla shares in the spotlight that were originally awesome. ending the day with a loss and that was a heavy electric carmaker handing over big excitement tonight. angie: people have been waiting a long time for that one. what about this big bounce back we saw for glen care -- glencore? su: it rallied the most ever. the stock was hammered some 25% yesterday. the commodity route having it jumped levels they had to put meetings together on that. thatreassured investors the company has positive cash flow and that certainly helped shore up the share price. helped that ceo regain a little bit of its welfare. what will all of this mean for asian markets today? let's get over to juliet who has been monitoring the market action for us and investors still on edge? >> they certainly do. it hasn't been a great day at all. we saw investors in this is the picket we saw on the asia-pacific region. you can see there was nowhere for investors to hide. down by about 4% but things are looking bri

mark: a big victory for brian moynihan. we will look at why most shareholders decided to ignore critics and let moynahan remain ceo. ♪ mark: good day from bloomberg world headquarters in new york. i'm mark crumpton, here with matt miller. matt: let's take a look quickly at the markets. just two hours to go until the close of trading. we are witnessing a selloff a littleay, after recovery and a brief respite from the red arrows yesterday. down 255. the nasdaq off more than 2% right now, 4726. take a look at treasuries. we can see people seeking safe haven, investors seeking safe haven there. or at least they are buying treasuries across the curve. the two year yield is down to 6.7 -- .67%. mark: oil crude declining to dell, iran advancing in a deal today with nymex crude down, trading at 45.57 per barrel. scandal isgen spreading worldwide. the company said today that as many as 11 million of its diesel cars around the globe were programmed to cheat on engine emissions tests. the ceo offered a public apology. end thatorry wit

we did hear bank of america's brian moynihan saying that recorded trading of and it will be down about%. .itigroup sees a similar drops if that happens for jpmorgan, not good news for the banking industry. it is not just the banks. it's other types of financials falling along in the wake of the fed. charles schwab down sharply. oil stocksancial -- a big part of the down drop today. the big cap oil falling. oil itself is also falling. down more than 3%. matt: thank you for that. concern inhe fear or markets. general motors agrees to settle a criminal probe by the u.s. justice department for $900 million. doj investing -- investigating the copies faulty ignition switches. what is next for gm and the ceo? joining me now to discuss is bloomberg's auto editor from detroit. the company held a press conference yesterday precisely as everyone was paying attention to the fed decision and meeting. was that a coincidence? >> it may have been. it was around when the prosecutors held their press conference. it was an employee meeting. mary barra and the head of product the velvet spoke to the emplo

lauren: the meantime, bank of america, bank of america showed workers voting on whether brian moynihan should have the job. last year the bank agreed to give the chairman of the board position without first consulting shareholders. shareholders voted in 2002 separate the ceo while ken dallas was ceo. moynihan took over as bank of america ceo. it will have to name a new chairman. >> sources say the justice department to open a criminal investigation into the alleged cheating in the house panel plans to hold the hearing in next few weeks. shares of the german automaker plunging in europe yesterday and today as well after vw admitted to breaking half a million cars to defeat u.s. smog and volkswagen has halted the sale of some vehicles in the u.s. and is cooperating with the inquiry which could lead to billions of dollars in fines and according to analysis done, the federal government paid out $51 million in green car subsidies for vw diesel vehicles based on falsified solution test results. lauren: clearly this is an just a u.s. problem. korea will investigate its cars. this company will

alix: the two biggest pension funds will vote again to let ceo ryan moynahan -- brian moynihan keep the title. banking analyst mike mayo agrees that moynahan should not have both roles and he spoke earlier today. if you were to have a mayo acxiom, it would be banks with oversights and poor should have the roles separated. banks with good returns and good oversight can have the roles combined. bank of america has some of the worst oversight and returns in the industry. therefore, bank of america board will take actions to reduce the degree of oversight. alix: the vote is at present temperature a second. shares of dollar tree taking a hit after forecasting sales that missed estimates. the second-largest dollar retailer is drained of absorb family dollar, which it acquired in july. its major competitor is dollar general. and boomerang employees are on the rise. boomerang employees are workers that return to a former employer. in the past managers might have written off an employee who decided to leave for another company, but now hr managers are more acceptable hiring campaign -- ex-employ

brian moynihan of bank of america and many others gave a lot of money for this, i think it was $170 million renovation. there they are, lined up, frank bisignano and ken langone. a lot wanted preferential seating and they're not going to get it. >> who is making that decision? >> the archdiocese of new york. when we called the archdiocese i said these are the benefactors. from what i understand they would like to be a little closer to the pontiff. >> one way to put it. >> just -- and, you know, they didn't have to give money to redo st. patrick's and it is a beautiful renovation by the way. >> bright white again. >> just gorgeous and it is expensive and ken had onto twist a lot of arms to raise money. he raises money and he and i butted heads over a lot of things but one thing you can't -- one thing you have to say about ken, one of the greatest businessmen and benefactors this city has ever seen. rango medical center. and from what i understand he's not getting great seats and i asked the archdiocese and i was told they will be given good seats. >> not great. >> not great. >> here's the bi

mark: still ahead on the bloomberg markets eight, will bank of america's brian moynihan keep's ceo andman titles? mark: welcome back to the bloomberg market day. turning to bank of america and its ceo, will he keep both of his chairman's titles? hughes sun. som tothere a call by have him splite? >> corporate governance folks say winter weather what them combined because they are two different jobs. one is managing the company, the other is oversight. to have one person with those two hats, people think it is a bad idea. and is the case with most it does not work with have them combined. mark: do we have a sense of what mr. moynihan thanks? >> he wants to have both jobs. he is loving with the shareholders to get support. the investors, is this going to be a tough fight for them? >> thing that i thought was interesting, is in the run-up to the vote we had a lot of people were saying that this is an abomination and they should separate these roles, look at the performance of the stock. however, when you look at the big institutional holders, they are actually ok combined ceo chairman. isk

for broader changes to the companies shareholder vote approaches on whether chairman and ceo brian moynihanld continue to serve in both roles. chairman and ceo with the vote only one week away. investors call for the longest directors on the board while others would like to see more financial experts on the governance committee and has been a big topic whether or not to separate the chairman and ceo roles. lauren: massive flooding in japan forcing it with 3 million people to evacuate. august 27 injured since floods inundated eastern japan following a topic storm which dumped more than two feet of rain since last monday. in some areas residents report to their rooftops awaiting rescue by military helicopters more than 1800 officials are involved in the ongoing rescue effort. really tragic. lauren: that looks like open water just flowing. nicole: before you head out, a book right outside your door. your monday morning forecast. fox meteorologist maria molina. nicole: i want to talk about whether across the nation. behind the system it is much cooler out there across parts of the northeast. we

. >> brian moynihan will maintain his role as chairman and ceo of the company. 63% of shares cast were in favor of allowing him to keep both posts despite an on going push from other activist investors to separate the roles. let's look at shares in this hour. in germany they're up by 1%. >> still to come on the program, market volatility, currency intervention, slowing growth and cyber hacking, what does this mean? and the chinese president makes his first official state visit to the united states. more after the short break. >>> 400 million users only nine months after getting to 300 million and pope francis and chinese president xi jingping continue their visits to the united states. >> insurance website cover hound has raised $33.3 million in it's latest financing round. the new investment raises the company's funding total to over $53 million. cover hound now marks the 5th u.s. company to work with it's accelerator and exceeds a $100 million evaluation. joining us is the ceo of coverhound. thank you for joining us. you recently talked about the fact that the insurance market is rip

also coming up on the program, shareholders are backing brian moynihan. find out how bank of america's chief held on to both of his titles. and a victory for hillary clinton. a pharma firm says it will drop prices but by how much? and we find out how social media giants are waging the battle for users. we have the composite at 53.9. manufacturing was 52.0. that was just in line and services 54.0 just below the expectation of 54.2. so that follows german data that was mixed just below expectations and french that was just above expectations. the euro is flat on the day. it's been up and down either side of when the french and german data came out but none of this data too far from consensus. overall it's just below expectations and the euro is flat. >> a lot of volatility in shares of vw. currently we're higher by 1.4% but over the last week the stock has lost 36% in the last two trading days alone it's lost some 15% in market cap or 26 billion euros. i also want to show you what the dax is doing. that's shown you a turn around as well. it's down over 6%.

that's not a referendum on a leadership of brian moynihan or of the lead independent director.law that shareholders put in place in 2009 to keep the jobs separate. and it'll out last either of them. they want to keep that in place or the rights of the shareholders in place, acknowledging that b of a is different in 2009, it has made a lot of positive steps. that this is one specific company whose specific shareholder base has a right to keep this bylaw in place. >> carol? >> yeah, and i'll disclose i do have a client relationship with bank of america. but i think in general, there is this key man risk. we've seen it in a lot of different companies. when you have too much power concentrated in one potential executive that something happens to them. not necessarily because of a leadership issue. that does really create a major issue in a company with the size of bank of america, i can understand why a shareholder wouldn't want that process to be lightly taken. and i think that's probably one of the key reasons. >> yes, the bank has made progress, they have to resubmit this year o

. >> brian moynihan, when you think about the vatican now and the message it wanted to transmit herekissing of babies. so the pope gave the message of a -- as father jonathan said, as a father, as a person who wants fathers in their families and mothers in their families to take care of their children and all of us to take care of our world. so i think it's a message of hope and i think the message got across. >> wow. father morris, what do you think? did the message hit home and did people hear it? and, if so, what do you think they heard? >> maybe this is very subjective but i was struck by when pope francis said that holiness is intimately tied to or intrinsically tied to small gestures, he said that in the homily. and then he went offscript, as you mentioned, and said, do you yell at each other in the house? do you speak with tenderness? you think of the type of things that he did while he was here in philadelphia and washington, d.c., and cuba, it was full of small gestures. and that, for me, means, okay, now i have to go home and do something and maybe they should begin -- that

i assume since one of your top picks you like the status quo with brian moynihan?> i'm confused by the focus on structure over process because it's much more important that a board of a company like bank of america be actively involved in key areas like setting strategy and looking at succession, but if we took next week if we took the ceo title away from brian moynihan and just made him chairman would all these people feel much better about corporate governance? i don't think so. what's really important is they have a strong lead director and then they have healthy involvement by the rest of the board members. i will guarantee you that is the case at bank of america today. it has to be. none of the four largest banks can have boards that aren't actively involved in their management today. >> that's for sure. great point, tom. thank you. thank you, naomi both for being here this afternoon. >>> will the feds in action give a boost to emerging markets in the meantime. >>> later, does the fed know something the market does not or is it just having a communication brea

ceo brian moynihan will keep his ceo and chairman positions following a vote today by shareholders.a huge victory. he had a third of shareholders vote against the dual role. >>> amazon cutting price of amazon prime membership, $67. to celebrate the original series, "transparent" happening this weekend. we'll have more on markets and political arena and the pope right after this. trish: here we are, everyone, 21 minutes before the close of trading, no, the final hour. we still have a little bit of ways to go. joining me chad morganlander and liz claman. market has a lot of concerns about the fed and whether or not the fed has any bullets in its arsenal. i would argue no think point. just 20 minutes from now hillary clinton will talk what she wants to do regarding big pharma. chad, she wants to come out to basically set prices. this will have big effect on entire sector. biotech stocks getting slammed. nasdaq await the news here. what would be effect of overall for the industry if this would happen? >> health care, if we take a step back, is 16% of the u.s. economist. any talk of chan

bank of america shareholders rejected calls to separate the chairman and ceo currently held by brian moynihan. the analyst there. joins us live. i can't say you're surprised by the outcome. does it change your sell rating on bac? >> shareholders spoke up today in charlotte. 37% no vote sends a message to bank america's board that it's no longer business as usual, so while the ceo also has a title of chairman, it's a wake up call to bank of america's board to go ahead and upgrade the caliber of the board. i would be shocked if bank of america doesn't make changes to its board before the annual meeting next may. >> in other words, you're not changing your sell rating, right? you think it's a mistake, the shareholders vote was a mistake today, the outcome? sdmrooits a lost opportunity for shareholders, and shareholders lose out. we maintain a sell rating on bank america. our issue isn't recommending an unperforming bank that might get better. our issue is the lack of accountability. the board's lack of accountability to the management team. they publish no time frame for any key financial target

bank of america, there's been a lot of turmoil about the idea of brian moynihan taking the role of ceo chairman. it went against a 2009 proxy vote that was to keep those two roles separate. now they're going to be asking shareholders directly what do you think? >> well if i could vote, i would, i would vote as management suggests, which is to have brian take on the ceo and chairman job. >> are you bothered by the idea that of just how it was done? how the board did this and ignored what was a binding proxy vote from 2009? >> i dpes they're putting it back to the shareholders now? i'm not -- i do not think that's a big deal. i think that what brian does, brian has done, he took a company that was just a terrible mess, i mean it's been virtually destroyed, the public hated it, government hated it. all kinds of lawsuits coming in and employee morale was terrible. he's resuscitated it. >> it was a company in crisis and as somebody who has been in business for a long time you've been through a crisis or two yourself and i think you've come up with a motto that you tell people to stick with,

gerard, what kind of fed decision does jamie dimon and brian moynihan want?aises. rising short-term rates in this environment for those companies, as well as other banks, would be very positive for their profitability. tom: let me set up the spread. bring that up on bloomberg television. it shows what you and i have heard. we are nowhere near a recession. we are way away from those ugly dips we have seen twice in the ast 20 years. mike: if the rates go higher, they can make more money when they make loans, but how does that affect them on the deposit side? will they have to raise rates on their loans. they make it into a war for deposits. is a little early for that, but you are correct. if we are going to see a steady , there will be deposit challenges 12 months from now. banks isdity for the so high that we don't expect them to pass anything onto the deposits with the first that -- fed increases. mike: they have problems with bond inventories. are we going to see any problems with these banks pulling back from the markets because they do not want to get in t

revenue growth you would say yes and that means banks need to cut expenses. >> your criticism of brian moynihaniling by these regulations? as he burdened by the legacies at bank of america, the bad purchases i'm looking at. the returns under the chief executive officers his return is 1.3%. kendall is is was -2.8%. by those standards, he seems to be doing a good job. mike: tough comparisons. the bad job is with the tone at the top of bank of america. to aholders sent a message 37% no vote. >> is he failing the shareholders? the economy? the lenders and customers of the bank? the shareholders, the stock price return for the last five years is the worst among the largest banks. he also failed the 2 million people represented at the meeting when after two minutes, the representative, the plug was pulled. he's should have said i'm paying for this microphone. >> it doesn't matter what management does because there is too much money in this carry trade facing too little profit. the fixed income of bank of america, there is no way to get target. mike is right, they should cut expenses but it doesn't ma

new york city's 165 billion pension fund will vote to strip brian moynihan of his chairman title, ander 22nd, next tuesday, and changes gave him the additional job that moved on data by shareholders back in 2009 acquiring independent chair, and ken langone holds both bank of america stocks and supporter of moynihan in both titles, why? >> look, back to basics, performance numbers by pension funds and money managers is driven by the right bet. now, if they are short, they want them to go down. if you own stock long, you want them to go up, and those are the numbers used in determining who should manage money. i think brian moynihan took on a very challenging situation, and i think because the person, his humility, his focus, his leadership qualities, people in that bank love that man. he's done a great job of restoring a culture that was badly bruised, great job. and guess what? he deserves both jobs, but this is not who defers the job, but iss and in league with theupon controlled pension funds. who controls the new york city pension funds? the union. who controls calpers? the union.

that's the alignment. >> alignment. >> 100%, but brian moynihan campaigned to keep his chairman titlebecause you have a bunch of flakey organizations. >> we bereted it day on and day out here. we knew it was not going to pass. >> the silly things in main that vote these things -- >> i agree. >> you would have been a big shareholder of ge, other than there's 10 billion shares outstanding. you couldn't own 10 billion of them, could you? a couple billion. >> the employees were. the employees were the larger shareholder. >> i know. >> 10 million shares outstanding. >> you had a lot too. >> there are frivolous things that happen. >> i did. i did, thank you. i did. >> stop complaining. >> sorry. mr. -- i don't think you're in charge anymore, are you? once in charge, always in charge. we have to slip in a break. do you want to make the point you were going to? >> there's frivolous things you deal with, and i'm a big believer that the bar that's here is, you can complain about being public, you better be growing and making decisions and better have performance. that's a part of what you do. >

more than 60% of the investors voted not to the separate brian about moynihan's two titles.ast year the board elevated him to chairman without consulting shareholders. shares fell a fraction today to $15.57. groupon cutting about 10% of its workforce or about 1100 jobs. the move comes as the daily deals site restructures outside of north america anschutz down some of its overseas operation. shares were off today by 2% to $4.08. shares of office depot and staples slipping today on reports that its merger may get blocked. the "new york post" reported that the head of the federal trade commission may oppose the $11 billion combination. commissioners are expected to rule on it by october. office depot off 4% to $7.06. staples is slipped to $128.75, almost 6%. mixed results from general mills. the foodmaker's adjusted earnings beat sfimts but it's revenue slightly below forecast. restructuring and cost controls are helping the bottom line. shares up slightly, $57.13 was the close. >> darden restaurants managing to top consensus on the top and bottom lines. same restaurant sales r

michael mayo will join us, and we will speak to brian moynihan, then moved to the future of too big tolobal economy, stephen roach will join us, and david goldman will join us. he has been way out front with the ramifications of deflation. he is essentially looking at a set of things that allow the norwegian bank to make the moves they made a few hours ago. as you said earlier, it is the most amazing time that we are in. guy: it is. what do you think yellen will say? this is what you think about a lot of the time -- what do you think she will give us? tom: i spoke moments ago to michael mckee. we know that the tradition, when the fed official moves to a university such as the university of massachusetts in of the 2 hours drive west of boston, when they make those trips, you don't know what the game is going to be. is a going to be a monetary, market moving each, or is it going to be an narrow, academic, geeky speech? we don't know, and we will only know when it is released. guy: looking forward to the show and the speech. thank you very much. tom keene up shortly. related -- the strong

whalen, the american banking system, one of the back stories august into september, the challenges brian moynihannk of america. we'll discuss that directly with chris whalen. it is odd to have a day when the markets are not in turmoil. what do you do in early september? manus: you take a break. 113 our countdown started yesterday. the chinese will be back on monday. don't worry, tom. tom: the chinese will be back on monday. i will not. i have just been ordereded not to work on monday. labor day in america. i'm the only one. i'm not going to show up monday. francine: i don't believe you. manus: are you going to the hamptons? tom: no, i don't go to the hamptons. come on, manus. do i look like a hamptons -- can you see me looking like this in the hamptons? manus: i can see you and olivia sterns hang ought there. francine: "surveillance" in 25 minutes from now. manus: steven spielberg, his dreamworks set to part ways with disney according to people with knowledge of the matter. here with more on the blockbuster news is caroline hyde. caroline: filmmakers toned team up with major studios such as disne

brian moynihan said in the third-quarter revenue from trading declined about 5%.ave been cutting jobs as. sally is starting a digital investing platform focused on women. she has big-name backers for venture. el-erian., mohamed lettingill start marketers target specific people using their e-mail addresses. google will get those addresses when people use the company's search engine, gmail or youtube. facebook is offered similar data for years. christmas is 90 days away. l.l. bean is facing the same predicament as the previous holiday season. already on back order. the main shoemaker short of its operating -- it is happening again. they did not clear last year's holiday backlog until july. that is terrible news. coming up, cheap oil, slow growth in china, just what is industrial biotech company to do? ♪ brendan: welcome back to the bloomberg market day. it is cloudy over new york. a lot going on in the markets. cheap oil and a slowdown in china causing quite a p waves. few ways. -- novozymes makes enzymes used in the chemical process to make biofuels and other house

bank of america proposal to let ceo brian one hand keep the california funds says that the two role should be severed. they say be of a has underperformed since mr. moynihanecame chairman in 2010. hilton is hailing ridesharing to help guests reach hotels and explore cities. guess will be able to sit up -- set up automatic notification to request rides to and from the chains worldwide. the partnership launches later this month in 20 u.s. cities. betty: a judge will call the final plate in the deflate gate. yesterday's session settled nothing. the judge says he will rule this week, perhaps as early as today. england between the new patriots quarterback in the nfl over football tempering has lasted seven months. mark: football season starts next week. betty: i know. i'm looking forward to it. mark: those are top stories at this hour. as we have been reporting, the story of the day -- the financial market selloff in the is china.of concern stocks tumbled around the globe as china reported manufacturing an activity fell to activities lasting since 2012. see the polls that this has taken. the u.s. has erased all games that has seen for the event oil is losing g