brian moynihan, jonathan -- hold on "fox business alert" to the cabinet room moments ago. here is the president. moynihan to his right. let's listen. >> having a meeting with greatest banks in the worlds, most important banks in the world, financial centers, having a good discussion. we're discussing the economy. we're discussing how it relates to jobs and all of the things that are happening right now with the, with the virus we've become so familiar with. i will be making some decision, i already made some decisions actually today but i will be making some, some other ones that are very important. i thought i would let the press in to hear some of the wisdom from the folks in the room, maybe, brian, i will start with you. brian is the chairman and the man at bank of america. highly respected. everyone in this room is highly respected. brian, please. >> thank you, mr. president. thank you please for bringing us together. the ceo's of the large banks here want you to know that we're, because of all the work done on a capital liquidity and all the things as we look forward t

i managed to stop a chairman and ceo of bank of america, brian moynihan, i asked him whether he expects a recession in the united states. >> we're here to have a good meeting with the president my colleagues and i have great companies. well capitalizing and doing what we can to support the american economy and the consumers and companies and we're here to help the president support the economy. >> people have compared this financial crisis. >> i think the banks are strong. >> now, of course, whether or not we see any sharp policies that change the lending environment to small business remains to be seen it's also the first time we've heard from these bank ceos since the sell-off in broader markets and their stock prices, in particular, the index down close to 40% since the january peak. around 37%, i think, with today's news we'll be listening to hear any comments to say their companies remain strong. guys >> to your point about the banking stocks we're down 5.5% for banks right now. one month performance just ugly, ugly, ugly down 26%. how negative do you think they're going to be abou

country's top expert on infectious diseases; white house economic adviser, larry kudlow; and brian moynihan of bank of america. in other news, a battery of rockets hit a base north of baghdad today. the pentagon confirms two americans were seriously hurt. wednesday, two americans and a british medic were killed in a similar attack, prompting a retaliatory strike on iranian-backed forces blamed for the shelling. the man who help start microsoft says he wants to devote more time to helping others. bill gates announced he is resigning from the board of the tech giant he cofounded four decades ago. he's also leaving his board post at berkshire hathaway. the gates foundation has pledged $100 million to fight the coronavirus. well, straight ahead on the cbs weekend news, beware of the scams. how some people, like televangelist jim bakker, may be cashing in on coronavirus fears. sports events around the world have been canceled, so why are the tokyo olympics still on? and later, a final run. a university says farewell to its biggest sports star. we've all committed skin sins! new neutrogena® brigh

the ceo of goldman sachs, david solomon, citigroup's michael corbat and bank of america boss, brian moynihant executives expected to attend. gordon smith is understood to be going forjpmorgan chase while the ceo, jamie dimon, recovers from emergency heart surgery, last week. and no doubt, talk will turn to what type of assistance these banks can provide to customers, given that one of the big concerns surround liquidity. what we're seeing is that with the disruption to business, cash flow may become an issue for more and more companies. time now for our daily look at some of the newspaper and website stories, which have caught our eye. joining me is deborah frost, of the personal group. welcome. you started with a story in the independent in the uk about social care and the coronavirus crisis. we had a bad primary care but this is social care and another aspect. this caught my eye bust stop —— this is about. there is a lot of emphasis placed on the nhs, rightly so but the fact that many companies can ask employees to work from home. but the working backbone of britain is organisations like c

ceos who they think that stimulus should look like, seated next to president bank of america brian moynihan. >> first thing, fiscal stimulus in time of stress is the right answer, anything gets out to most people, so keeping people who are -- under. employed due to this. we think is key. the second thing take care of healthcare problem. reporter: potential response going forward, treasury secretary, steve mnuchin, today, embracing the idea of potentially moving back the tax filing deadline, it is april 15 that could potentia potentiallyd back. david: administration could do that without asking congress. >> there are some things they could do and, some things they need help with on capitol hill like payroll tax cut, but as far as deadline for taxes i believe that is one. david: thank you very much blake. a variety of responses to president's actions and comments by democrats, while senate minority leader chuck schumer is slamming the president's handling of the outbreak, california governor gavin newsom is braise -- praising him. >> we're very worried about the president's incompetence and l

they are note not right in the epicenter and when you do look into interviews like that with brian moynihan o the bill, it reminds you of that fact z for sure i think they've traded poorly but because of the consuming concerns do involve. have we seen a turn for the worst in the entire credit cycle. not as if the banks are being treated as culprits, but they are collateral damage if this economic shutdown does jeopardize a lot of outstanding corporate and consumer credit. so i don't think those things are necessary mutually exclusive that you would have the banks kind of going down even though they're not really at the epicenter of this whole thing. >> well you mentioned that energy is the worst performing let's hit oil because a sharp decline today certainly weighing heavily on that sector and the market pioneer natural resources ceo joined cnbc yesterday to weigh in on the future of oil and gas companies. >> there's about 74 public independents there's only going to be about ten left at the end of 2021 that have decent balance sheeted. the rests have become ghosted or zombies. >> brian su

. >> we saw brian moynihan sitting next to the president yesterday.emarkable, the distance from washington to wall street. describe that distance tonight given the market action we have seen. >> you have not seen things pick up. it has been the usual washington playbook where they are hopeful of a deal. there are broad strokes of a deal, talks pick up and things take twoare times -- or three times longer than you thought they will. that is still a possibility. laura: maybe we don't see action until monday. that would be helpful incoming investor worries. there are big things they are worried about. paid sick leave. that is a sticking point. they can't get some of these lower hanging things done. stimulus,e larger that is an even bigger hurdle to get through. >> there is a question of leadership. president trump in his speech was widely panned. it had a number of errors. europe was taken off guard with it. there is a question of who is driving the boat. i am wondering if there is cohesion among the democrats and the republicans in the house and the sen

♪ ♪ >>> i'm going to salute all the ceos who are taking the pledge not to lay people off like brian moynihaning together. no divisiveness and no anger i always like to say there's a bull market somewhere and i promise to find it for you here on "mad money. i'm jim cramer "markets in turmoil" hosted by scott wapner starts right now. w >>> tonight, a complete wrap-up. market head winds, the impact of the economic shutdown, business stimulus plans and the race for a drug "markets in turmoil" coming up next on cnbc watch and listen live on the cnbc app >>> good evening once again. i'm scott waugner on day 9 of the coronavirus crisis the u.s. now has 100,000 confirmed cases as the stock market took another big drop on this friday. the market giving back a big chunk of yesterday's gains >> air comes out of the market

scheduled to attend include wells fargo ceo, goldman ceo david solman, and bank of america ceo brian moynihanchella and stagecoach festivals have postponed those events until october. and next month's international auto show has been rescheduled for august organizers of e 3 say biggest video game convention will be cancelled. that is scheduled for june in los angeles. a lot of this is about tackling these events ahead of time >> that seems to make sense, preventive measures. >>> the house oversight committee is set to hold a hearing this morning looking at the trump administration's ability to officially and accurately diagnosis and coronavirus and manage the outbreak joining me now is chris curry. he is the director in the government accountabilities office he leads the department's work on emergency management, disaster response, and recovery and is set to testify at today's hearing. chris, good morning. thanks for starting the day with us what do you plan to say today in your testimony how has the white house and administration been handling this >> thanks for having me first of all. i thi

brian moynihan's done a great job with bank of america and we own jpmorgan and citibank. >> what about american airlines, with both the leverage piece and the fact that they face a month's long if not quarters long business hit here >> yeah. american is in the weakest position we have been adding to it down here we also own delta and ual. but the one thing that i think you can say with confidence about certainly delta and united airlines is that i would put it almost -- almost impossible for them to go bankrupt and the reason i say that is warren buffett owns 9% or 10% of each of those and warren bought more delta stock in the 40s recently and i would be highly confident that if those guys needed help he would be there with his standard 8% preferred and he had 130 billion on the balance sheet so i wouldn't expect any issue with those except just the price changes that we have seen. again, i think - >> for american, does it become a survival of the fittest? consolidation? i'm surprised there's not a better reaction to details of the emergency loans from the government will look like. in

we are talking about david solomon, brian moynihan expected to be at the table in d.c. with him.k. annmarie hordern with the latest on what president trump is planning or not planning with regards to coronavirus. adidas estimates the coronavirus outbreak could slice $1 billion of revenue. we will speak to the ceo of adidas, kasper rorsted. his operation in china a really rather than conversation this morning. conversationevant this morning. this is bloomberg. ♪ ♪ welcome back to "bloomberg markets: european open." 17 or so minutes to go into the start of cash equity trading. the bank of england putting a fire under european futures this morning. the bank of england cuts its base rate by 50 basis points to just 0.25%. we initially sought retreat in the pound against the u.s. dollar, as you would expect in the event of a central bank cutting interest rates. the market rethinking what this might do to the relative performance of the u.k. economy, not just in the interest rate cut, but also the lending scheme they put in place to small and medium-sized businesses. we are going to bri

lot of great stuff there to devour we want to bring in the bank of american chairman and ceo brian moynihan it's always great to see you and to hear -- i know you are a calm voice in the storm because you weathered the turmoil of 2007 and 2009, what's the difference between this time and that time for you, for bank of america, for the country? >> well, sure, thanks, jim, for having me on and before we get into the facts about the company or markets or what's going on, we have to step back and realize this is a humanitarian crisis and you heard the vice president talk about that. there's real people, real families and we have to help them and make sure we get them the best treatment in our company with our teammates and their families and all your companies. that's the number one thing. don't ever forget that as we get in numbers and facts and figures. the second thing is, this is a war and the nice thing, compared to all the other wars anybody has been in around the world, we're all on the same side to defeat the virus we're seeing that. as we think about how to go to war as a company, what

nation, not just the company's bottom lines takes me back on the meeting with the bank ceos, brian moynihanaying the most important thing is more tests and the health issues. that's clearly been done and in quite a significant way. surprising to the upside if you will i don't want to down play that because it's significant and positive, but what are the other types of things you think we need to see now? the market needs to see on the fiscal side and specifically, the president said there's going to be a paper release in a couple of hours. he said they want to help the cruise industry. they want the help the airlines industry all that will need congress to come alongside with him. what do we need to see there >> we need to see congressal approval to do a $500 billion 30-year piece of paper that the world seems want 30-year paper is in short simply i know liquidity is a problem. i could be negative all you want, but i can't be negative after i saw the things that were happening but i think without the fiscal side, we won't be able to keep people at work. we won't be able to keep the rust ra

brian moynihan is saying some things positive bank of america.hen you see jamie dimon say he could come out and be like the original jpmorgan. if i press him once again, i know i'm part of the bad contingent, not the good contingent we talk about what needs to happen there's a -- there's something i think you and i both know that is worrisome how do you reopen america when it's taking a long time to get test results how do you reopen america when we have 2 million test kits from thermofisher but they're not in action how do we open it when there's not enough ventilators or icus are we courting a medical disaster what would dr. fauci say right now if we said we're open for business aren't we supposed to be bending the curve, flattening the curve? >> not overwhelming the hospital system >> my daughter is in madrid, a sub optimal place to be right now. when you leave, there's a policeman escorting you to the grocery store and welcomes you back i find that's not the situation we necessarily want in our country. let's get to the heart of the matter an