brian moynihan, chief executive of bank of america weighed in earlier in this exclusive interview on oomberg go. brian: europe is much more difficult to manage. in the u.s. it was tough because of the size of the economy. you had multiple regulators. we do not have multiple jurisdictions and multiple regulators. that makes it so much harder. the second issue, don't have capital markets desk in europe so there was not any place for these loans and securities on the banks to go. in the u.s. we could get those author the capital markets, restructure balance sheets. at the time when we bought merrill, almost $3 trillion, we are $2.2 trillion. all went into the market. it is harder to do in europe. multiple jurisdictions, multiple banks. that just made it difficult. getting to it at a pace that is more slow. it is hard. tests.we have stress we just got results are you what to we learn about the state of the european banking system from those stress test? brian: i think it showed, with a few exceptions, that companies have the capital for reasonable recession to get through. it also showed

so brian moynihan has been hoping for the change.one of the things that bank of america is doing is commercial real estate. and the dangers of that growing too far, too fast. moynihan: typically it can with bank in trouble commercial real estate loans because they are tied to the local economy. so it indicates what could happen in the oil economy if rates went down, it could take a bank down. what could happen in real estate so real estate is locally tied and that is why government control is concerned is the easiestt loan. and there is always a demand for it. so we look at it very carefully. david: what does your reporting indicate about the growing concern within the banking system generally in the united states? mera: i'm glad you asked this question because a lot of banks have not talked as much about it. it is highlighted as an area to be concerned about. fargo actually is the largest lender in this area, also a bank i cover. it is an area that has to pay particular attention to it. so he handled the question quite well. david:

after the bank of england, a conversation with brian moynihan of bank of america.nobody slept last night in washington. they are bringing the scaffolding down on the dome. stay on that photo if you would. that is live and that is the capital after a gorgeous restoration. is going tof there be a restoration of the republican party with the news flow we have seen in the last 48 hours. thomas ansell is one of our most solder -- thoughtful writers for the washington post and writing in the new york times today a must read with some killer charts on the mood and temperament of this nation. the election baby moving and the secretary's direction but her currently it is not guaranteed to stand. both campaigns are highly vulnerable to events -- those that are intentionally orchestrated and those that appear out of nowhere. convey enough the feeling of exogenous shock. rrone and mark gilbert with us. clifton-- what does mr. think? chris: the similarities with brexit are staggering. when you look at the lead in the poll it is similar to the lead they had ahead of the june 23

according to brian moynihan, it will make it leaner and cheaper and more efficient. n: syntax for us is -- synte ch for us is nothing new. we have 35 million online banking customers. the treasury service is all electroni five -- fied. had 6700r 2008, we branches, 5000 people in the consumer business. we now have 60,000 people and the customer base is up by 10%. it is a much bigger business. has beenbeen a -- enabled by electron ification. david: what about transferring payment system? brian: i'm going to give you money for lunch. right now we do $2 billion a month. that is a collective of the banks. what the group of banks is trying to do is get clear exchange, which operates today with a better product. the ideas to get that across the system and then we will give it to the smaller banks so everybody will have it. that is ubiquitous as checks. it is the way you pay your banks and checks. and make theecure banks in the middle so it settles and more real-time. ultimately to make -- to get cash out of the system. dollarsts us a billion to move around a year. take cash,

thank america ceo brian moynihan tells us about the challenges of running a bank in uncertain times.onnie: then, oil rising for the second straight day. is the bear market for crude already over? we speak with mike wittner who says it still has time to unfold. david: and profitability forecasts disappoint analysts. at the same time, nike makes the decision to sell its golf division. will adidas sell its own golf division? julie hyman have the latest at the desk. julie: we are seeing a treading the major averages. the dow is slightly lower. the s&p and nasdaq or slightly higher. this is really a repeat of the same playbook we have seen more or less in the last month since the beginning of earnings season this isas stocks move sideways. this even after we got the news today that the bank of england was cutting rates by 25 basis points and injecting more stimulus into the u.k. economy through quantitative easing. you did see more reaction in the bond market to that news. if you look at the 10-year, you see a declining yield. 1.51%. only down for basis points. if you look at the pound it

and we have brian moynihan.intains the government until theill wait outcome of brexit is more clear. >> we will adjust business plans, but like any client, we will adjust when we know what we are adjusting against. you cannot adjust against an unknown. they are looking hard at what happens over the resolution, the time frames, what is the outlines. so don't expect a lot of activity. uncertainty could cause people to think twice about something, but right now you are not seeing that. theie: trading around referendum, did not drive second-quarter earnings. he spoke about the health of european banks. we have more on that later. there counting down to close of european trading. this is bloomberg. ♪ ♪ it is time for the bloomberg business flash, looking at the biggest stories in the news. u.s. investors are examining warren buffett's show earnings. this is familiar with the review. the issue, whether burke traded investment violated the rules for how much credit banks can extend to corporate insiders. it has to do w

brian moynihan will be joining us in a bloomberg exclusive.n: from new york, this is bloomberg. once upon a time, a man bill gross used to run the biggest bond fund on the planet. he says i don't like bonds. i don't like stocks either. these comments coming from his investment outlook. i don't like bonds. i don't like most stocks. guess what he wants to buy, david. he favors gold. david: i thought he was the bond king. jonathan: i don't know what he is anymore. he certainly doesn't like bonds. he said where rates were at record low rates on g-. bonds. they were just too risky. that kind of makes sense. that's not a contrarian call. doesn't like bonds. doesn't like equities. i imagine two of the same story. david: as i understand is the yields have gotten so low, if there's a turn, it could go fast in an ugly direction. jonathan: he favors gold. he favors real estate over bond stocks and we're hearing this a lot more around this table on "bloomberg go." alix: how much more upside can there be in gold? there's a lot of risks there. there's costs

robert kaplan, brian moynihan and bill gross all shared their insights on bloomberg television this weekose conversations and a deeper into the bond market. this is bloomberg. ♪ >> this is a movement. this is a movement. there'never been anything like this. >> the trump campaignm: does tho connect with wall street or can he go it alone? funny, people talk about wall street and i would say wall street doesn't exist. what exists now are financial services firms. most of the traditional firms are all now banks. banks and other financial institutions. there's a lot of people in the private equity world that are supporting donald trump. a lot of finance people understand his view of the economy. month come up from 50 million last month to 80 million this month. 64 million of the 80 million was in smalle dollar contributions. this just goes to show what we've been saying all along. there's a lot of ground support out there. from money in politics to monetary policy, friday's u.s. jobs report gave the federal reserve rush stated to consider it in plotting out -- to consider in plotting out a ra

we have an exclusive interview with the cfo brian monahan -- brian moynihan. check us on the radio. out the radio show i do daily. you can download the bloomberg radio app. or you can tune in. you have options. this is bloomberg. ♪ vanke shares getting a lift in hong kong. global news 24 hours a day, more than 2600 journalists in more than 120 countries. this is bloomberg. we are hanging onto a little bit of momentum. dave: lots to consider. this continues to add to what you mentioned in oil. we are hitting a little bit of a wall. some people have pointed to the rally the last few days. tokyo is reopening from the lunch break. the strong and has really hit the corporate japan. sales operating process and net , cut sales byt quite a bit. they are looking at a ¥25 billion revision because of a strong currency. just to put that into context, just hitting corporate japan and not a lot of companies are this big. back to session lows, 101, consolidating at these levels for the past three or four days. it actually hit these low levels here. let's have a look at some of these yields. record

dollars paid to coo thomas montag, paid significantly more than other top managers excluding ceo brian moynihanthe opening ceremony of the real big games takes place later today -- the rio olympic games takes place later today. after doping scandals, mosquito worries, and collapses, the acting president will officially launch the event. the three-hour show will feature highlights including some answers -- including samba sensors. you can find more stories on bloomberg at bloomberg.com. this is bloomberg. we will have to see if we can stay awake long enough to catch the opening of the rio games. let's show you where various asset classes have been trading. nation stocks are the emerging asset. -- asian stocks are the emerging asset. also crucial in the pound, against the dollar, 131, 34. get to itsid not post-brexit low. analysts now forecasting a bounce in 2017 inner headlines. u.s. 10 year yields. we see an increase in volatility ahead of the payrolls number. earlier in august we have seen yields go in higher in underdeveloped markets. yesterday they dropped to below 150. 51.5%.at exactly one