brian moynihan: it is solid.rter, allirst of last year wishes and a quarter out. -- all of last year it was shifted a quarter out. >> sequential increase or decrease? brian moynihan: we will figure it out. the whole quarter is made in september. we are ok. [laughter] >> a couple questions about regulation. the treasury department has proposed reforms for banking and can be accomplished without congress pretty if secretary mnuchin got everything done outside of legislation, what would it mean for your bottom line? brian moynihan: it would be good and good for society and good for america. , there arek about three or four things important of what is going on. everything specifically to -- erik: specifically to you? brian moynihan: the rules that were going on now have been pulled back and there are rules that have to be changed and actually legislation. if you look across, what the secretary did got input from investors, analysts companies and said here's a set of principles whiffed a fix for the key ones are capit

the ceo is brian moynihan. peated an interview that he made days into donald trump's presidency. washington should focus on reforming the u.s. tax code. interview,anging moynihan spoke about his plan for an eu hub in ireland after brexit. >> we just moved our operations in europe to dublin. dublin has a tax rate which is half of what the u.s. tax rate is. you are trying to get competitive. there are two basic principles. so that people did not shift money outside of our country. 30 is ago when people talk about tax reform, the global economy was not what it is. i can get raw materials, i can build whatever it is and i can sell it outside of the united states. 30 years ago, much more demand was in the united states that means money is going to be out there endlessly make it more equivalent to bring it back. >> them accredited the republicans agree on a need for tax reform. the question is when is it -- democrats and republicans agree on a need for tax reform. the question is when is it going to happen? >> i have

brian moynihan tells bloomberg the probability of getting tax reform is high.ore on that opposition throughout the program. matt: we are less than half an hour away from the start of european, equity index trading and equity trading as well. take a look at futures, gains across the board, stoxx 50 up .44%. , continentale cap index futures are putting up stronger gains then we see in london. take a look at bunds, we could see a signal of a risk off day, i have the three-day chart c can see the trend but if i take it down to a one-day chart and zoom a pop can see that we had in yields as investors sold atds and we see the yield .37. guy: we have been talking about it, is this the eighth day higher? it is. prices continue to move higher. unfortunate unless you happen to be one of the european refineries that is making a lot of money out of this trade. it is a derivative of this horrible story that is taking place in texas and louisiana with texas -- gasoline continues to rally. as we havell today, talked about and we talk about later on, they are shutting the colo

plus, brian moynihan. what he says about the prospects for tax reform, next.s is bloomberg. ♪ david: welcome back to "bloomberg markets: balance of power." mark crumpton has the first word news. mark: nearly 2 million texans have been evacuated due to harvey that's according to elaine duke. and there in shelters goal is to move people from shelters as quickly as possible. happened crested yet and may peak by saturday. full people are dead and 14 others injured after a five-story building collapsed in india's financial capital of mumbai today. another 25 people are trapped in the debris. helped pull 13 people out of the rubble. buildingsof mumbai are more than 100 years old. they are reportedly at risk of collapse following the heaviest rainfall the city has witnessed in more than 15 years. local disaster management officials say heavy flooding in the indian state has killed over 500 people. beeneds of thousands have housed in relief camps across various states in northeastern india following the seasonal monsoon rains. the u.s. state department is telling russ

brian moynihan tells bloomberg the probability of getting tax reform is high. more on that opposition throughout the program. matt: we are less than half an hour away from the start of european, equity index trading and equity trading as well. take a look at futures, gains across the board, stoxx 50 up

coming up at 3:00 p.m., an interview with brian moynihan. from new york city as we are counting on to that interview and the cash open, futures stable and positive, you are watching bloomberg tv. ♪ ♪ is bloomberg daybreak. i'm emma chandra. ceos official, the expedia has been named the new chief executive of uber. this is concluding a surge to replacetravis kalanick. calls it anshahi opportunity of a lifetime. the central bank in russia trying to keep a crisis from spreading. a government-backed fund set up by the government of russia -- which a month ago was the largest private lender. the rescue prompted the central bank to provide funding to other banks to contain the crisis. and economic confidence in the euro area has risen to the highest level in decades according to a european commission index of industries and consumer sentiment. european central bank policymaking next week will decide whether to pare back the stimulus. that is your bloomberg business flash. jonathan: the euro is in focus. breaking another level since the first time

ceo brian moynihan sits down with erik schatzker at 3:00 p.m. eastern. find all of our charts on tv , functionality, charts, and much more. more to come, this is bloomberg. vonnie: it is 1:00 in washington. i am julia chatterley. welcome to bloomberg markets, balance of power. we focus on the economy. here are the top stories we're watching at this hour. one day after visiting storm-ravaged texas, president trump is traveling to missouri to take on a storm of the political sort, convincing americans to support tax reform. is the u.s. out of words for the latest north korean provocation? president trump seems to think so. we will talk about what that means for american strategy toward north korea and kim jong-un. executive david olson wants donald trump to pardon michael milken. we will speak with him on his request later this hour. let's kick off with the bloomberg first word news with mark crumpton. mark:

take you to the bank of america financial center where brian moynihan joins our editor at large, brian ceo and chairman of the of a -- of b of a. >> thank you so much, scarlet. brian, good afternoon. brian: good afternoon. nice to see you. were: as my colleagues just mentioning, warren buffett has just become your largest shareholder, imagine from your point of view that is a good thing. let's start off with the issues of the moment. i think our thoughts and prayers should be with our friends in texas, now you see the storm moving to louisiana and other places. it is not over at all and we have been working hard to make sure they are safe here to let's make sure our teammates in america and no -- america know we are pulling for them. ,avid: what has it meant hurricane harvey, so far for bank of america? have you had to do a damage assessment? brian: we have a strong team working on that. this goes on in mumbai, also. we have several thousand teammates and we have started to make sure they are saved, taking an accounting of them, making sure our facilities are safe, making sure the peop

are joined by brian moynihan. manus: the eu calls for frexit. secure this is bloomberg. ♪ frexit approaches to this is bloomberg. ♪ -- the deadline to secure is the brexit approaches. this is bloomberg. anna: welcome back. 821 in paris. that's have a quick look at the markets. we are expecting the equity markets to go higher. a turnaround during the session in the u.s. yesterday and the asian session looks more risk on than it did this time yesterday. we are expected to be of by 1% at the state of european trading and seeing the opposite moves from that, the reverse of that in the bond markets, that would be the expectation at least. the dubai market showing a little bit of life. manus: juliette saly is standing by with your bloomberg business flash. juliette: it is official. uber.w ceo of concluding a monthlong search to replace the ceo. he called his job the opportunity of a lifetime. he is facing a long list of challenges, clearly losses of hundreds of millions of dollars and two women of justice investigations. russia's slow-motion banking c

. >> scarlet, that is brian moynihan. i want to take this moment to recognize that we have been carrying this interview on bloomberg television and bloomberg radio, live around the world. scarlet: thank you so much, erik schatzker. bank, some comments from of america's ceo on the trading environment worried solid, so far in this quarter. julia: we are ok. we are ok. [laughter] interesting, the things he had to say about regulation, as well. let's put our capital that use, particularly in light of the stress test results, and just a tie back to what he said about loan demand read the said loan a man's are strong. capitalow us to use our . that was interesting, and in line with what we just heard from president donald trump, the point you made about competitiveness. and the 12 and a half percent corporate tax rate in ireland, compared to what we have in the united states. when you make those two comparisons, and they are moving stock over the dublin, and if you want to talk about a lack of competitiveness in the united stat

andthing about warrants brian moynihan.rg surveillance." taylor: let's get to the bloomberg business flash. warren buffett -- and bank of america of $11 billion. this is 7 million shares of the bank. he invested $5 million back in 2011 in exchange for preferred stock. a reminder, bloomberg tv space with warren buffett later today. and in china, we've heard from for your the country's biggest banks. icbc posted third-quarter profits at these estimates. the same thing happened with agricultural bank of china. mean lock my bank of china reported profit better than expected. and in france, the president's popularity ratings have plunged into the basement. still, -- is confident he will push the economy to perform. >> we are very confident. i think that is a signal of his is really the team that we need, for business, for economic recovery. taylor: tomorrow, he will reveal a five-point plan to overhaul the labor market. that is your bloomberg business flash. francine: thank you, taylor appeared apple plans to transform the way t

brian moynihan says he is encouraged by data showing the economy on firmer footing but says it will still2%. speaking exclusively to bloomberg, moynihan urged the trump administration to forge ahead with tech reforms, saying the u.s. is no longer competitive. he also said the slowing birth rate is making the search of growth more difficult. >> if you think about the time in the 1990's and 2000s when you had economic growth, population was growing at 1.5% a year. the difference is a lot of people and a lot of demand for houses, for food, cars, for everything. without population growth at a faster rate, it will fight to get between 2% and 3%. the arkn buffett says it hard to find bargains but he still prefers stocks to bonds. an investment powerhouse through shrewd deals. he said the market has become much less attractive recently but interest rates are low. >> they are still very attractive compared to bonds. paying 45 times earnings when you buy that on, and earnings are not going to go up. it's a form of investment where the earnings cannot go up. stocks don't look nearly as attractive a

one of our exclusive conversation with bank of andica's ceo brian moynihan this strategy to implementke machine learning and artificial intelligence to the business. that is coming in the next 60 minutes

we sat down with brian moynihan, bank of america and ceo. are going to pay. brian: i am sure people will pass for that. >> $80,000 a year? brian: i assume they will, because that is how they get it. with our customers and clients that do tens of millions of dollars of volume in this stuff, this is kind of -- to me, it is not the biggest issue i could worry about. alix: joining us from london is caitlin's all of bloomberg news. we heard something similar from morgan stanley. they said we are huge when it comes to markets. we will get more business. are they emerging the winners of this debate? ate: it is too early to say. there is a lot to be done before january, when method 2 comes in. still room to maneuver for the different banks to say what their final levels are. the banks ceo's to be saying, they are going to pay for it, because that is the only way they will be getting it. maybe there is a war of words going on at the moment. we do know investors are looking again at their research budget. it will be interesting to see who does come ou

brian moynihan welcomed the move saying he appreciated the continued support. >>> goldman sachs will overhaul its bond trading unit next month. they have succumbed to pressure from investors who have given vague explanations for the trouble in the business. >>> uber has said it is cooperating with a preliminary investigation into possible bribery law violations the company confirmed that the u.s. justice department started a probe into whether it's managers broke u.s. laws against bribing foreign officials. it is not known whether the dodge is focused on one or more countries where the ride service operates the news came before uber's board announced the hire of dara khosrowshara. >>> let's get more on the impact of hurricane harvey where houston, texas has imposed a kur vie from midnight to 5:00 a.m. for ann indefinite period to prevent robbery and looting. america's fourth largest city is bracing for more rainfall and water levels to rise after officials were forced to release water from two dams. >>> president trump visited texas to survey the damage which is forecast to run into

brian moynihan sits down with erik schatzker. that is not to miss. our interviews on the bloomberg with the function tv , which i am showing you there. that is the conference room at ahead of donald trump's speech today on tax reform. tax reform discussed on the program. scarlet: is 2:00 p.m. in new york. i'm scarlet fu. julia: i'm julia chatterley. welcome to "bloomberg markets." ♪ we are live in bloomberg world headquarters in new york. here are the top stories we are covering. president trump wants to take on the u.s. tax system. he will deliver remarks this hour, likely touting cuts for the middle class and small businesses. what can actually get done, though an illinois representative ways in. returns, making landfall the second time in louisiana as rain and flooding recounted on the region. we speak to a man who puts the $100 million. and warren buffett says it is harder to find bargains. much more that interview, just ahead. we begin with bloomberg's first word news with

maybe we have another part in dublin because brian moynihan often stays in dublin.digital age may be the case that we no longer have to have a place, because we get it all done with digits anyway. david o: it is interesting, with the growing use of the internet and so forth, how the forces really do work. we all like to work on futures around the world. working forare their clients and their colleagues. i think that is more the case to the growing use of the internet. at the end of the day, brexit will imply it is more. generally popular. decisions will have to be made, and silver will be a key month for all of the management -- a december will be a key month for the management to make decisions. transitional relations play could way enough, and firms will have to have a cliff edge policy, which means more companies make most quicker. jonathan: that is the drink, isn't that? take it to the beach, drop it somewhere. also, i get cold so often, that is like my dream come true. jeffriesvid owens of and geoffrey yu of ubs. coming up, we will be talking with charlie falco

brian moynihan cautioned that it would still be a struggle to hit that target. >> if you think aboutthe period of time in the 1990's and 2000's when you had economic growth, you had a population growing at 1.5% per year. it is now 0.75%. that difference is a lot of people and a lot of demand for houses, food, cars. we've got a solid economy. without population growth, you are going to see this thing fight to get between 2% and 3%. francine: let's bring in stephen isaacs. both for joining us. stephen and vasileios. what can we learn from donald trump? what is priced into the market? are we going to get tax reform? stephen: i think it is very difficult that we get there. the bar has been raised very high if we judge from the prior experience. i think to a certain extent all the trump euphoria, at least as far as the dollar is concerned, and u.s. yields, has been priced out. the question that we will have to address going forward is the question about valuation relative to fundamentals in the dollar and in yields. and of course, the question of what the fed is going to do. we should sta