a monumental shift for citigroup.ulie: the stock is down 24% and we've seen a lot of banks be hit this year, bank of america is down to the 5% over the past 12 months. a lot of the underperformance concernsthis year on -- take your pick. the flattening of the yield curve on exposure to debt and the natural gas industry. there are some particular issues that some of the banks have in terms of structure, so it's like that is what this is going to address. my guest broke the story for bloomberg. was this surprising? it was surprising. citigroup has been in brazil and argentina for 100 years. ofy have been getting out retail branch networks and selling them, but they have been much smaller countries, places the legacydon't have they have in brazil and argentina. that mean i can't get money out of a citibank atm in brazil? now, butu can right presumably when they shut this down or sell it, you won't be able to. alix: what about other services? when citigroup backed away from japan, they had massive banking services as part

citigroup thinks that, that a death spiral is on its way.d of global equities tells how bad things could get right after this break. >>> welcome back to "fast money." oil closed below 30 bucks a barrel today, than could just be the start of oilmageddon, at least according to citigroup which put out a note last week claiming the world was trapped in a quote unquote death spiral. jonathan stubbs, the man behind the call is a global and european equity strategy at citi and joins us tonight from lon n london. thanks so much for joining us. i'm wondering how do you see a death spiral in the economy playing how the? >> well, i mean, the death spiral really describes what we have been seeing and the challenge for investors is to see whether that continues and the spiral has been, you know, very, very powerful. we've had super strong u.s. dollar over the last 18 months, quantum and sort of velocity of a christian has been of historic importance, obviously the oil price has come down 70 bucks and the correlation between oil and dollar has been very s

citigroup economic surprise index back into positive territory.up like the market has turned the corner? going on here,ly there are sectors of the economy in a recession. energy. there are parts of the economy that are hurting right now. it will not spill over and that is starting to melt into the markets. i think that is healthy. the key question is, where are the opportunities? is best time to buy stock during a recession and there is a chance of coming out, that creates the best opportunity. matt: what about when we think there is going to be a recession? and there isn't? >> the are some sectors in a recession. matt: we had howard marks on bloomberg this morning. he is buying energy now because he knows there's a lot of upside from here. >> we don't think we are in a recession but if we were, some of these sectors would have a problem. i know we are in a recession in these areas. got it. thank you for joining us. , big news in the banking industry. citigroup is pulling out its retail banking operations from two of latin america's biggest c

we just had a note from citigroup. they're basically saying they do not think, given the market environment and the fact that have not cut investment banks by moore, citigroup believes that m hasarget that theie set for 2018 is unattainable. this is why the share prices under so much pressure. i was looking at some of the other analyst notes and a lot of them are saying we had ubs and credit suisse in the last five days, a lot of them would probably go with ubs. thiem is a new ceo. until seveng ceo months ago. certain investors may decide that because of these figures and because of what they say is lack of detail in his strategy, they may decide to switch them to another bank. guy: that is what appears to be happening. people are making that trade clearly. do you get the impression -- and you have known this guy for a the time -- do you get impression he has a grip on this? i looked at john cryan last week dour aboutded quite what goes forth from here. the difficult environment in which we are going to be operating in

wells fargo, bank of america and citigroup all getting hit. concerns about the global economy and oil weakness needs a tough outlook for financial giants. betting on jebs cuts and possible asset sales to turn around the company. -- a job cuts. first come let's head to the markets desk where julie hyman has the latest. seen all this bouncing around in today's session. that is continuing right now. all three major averages now lower. the dow was higher not that long ago. the nasdaq has been leading losses. just as it has been all year. you can see the bouncing around that has occurred. stocks fell to the lows of the session just after the inventories report. then had been bouncing around ever since then. in terms of the individual , heavily tilted toward tech here. microsoft mouth about, amazon, all of them declining. amazon,soft, alphabet, all of them declining. wells fargo representing the banks here, which are also selling off as we continue to see the yield curve narrow. >> what is the effect on the oil prices? julie: the exact opposite effe

. >> warning, citigroup fears the risk of global recession is rising. we'll tell you why. >> and apple versus the u.s. government. new this morning, why ceo tim cook says unlocking the iphone in question would be bad for america. it's thursday, february 25th, 2016. "worldwide exchange" begins right now. >>> good morning. welcome to "worldwide exchange" on cnbc. i'm sara eisen. >> and i'm wilfred frost. we could be in for another wild market ride today. a busy session in asia overnight. china in the eye of the tiger. let's get you up to speed on what happened while you were sleeping. china's finance minister warning of pressure on exports and the yuan. interbank lending rates moved sharply up at the open. reuters is reporting china's central bank injected more than $52 billion into the money market through seven-day reverse bond repurchase agreements. here's how things closed. let's have a look at it. it was particularly the china markets that declined. the reverse st of asia wasn't t affected. also, talk of relatively low volumes and a number of stories

. >>> citigroup says they received a subpoena from federal prosecutors over its possible involvement in the bribery scandal. the first large u.s. bank to receive such a notice from investigator, citigroup disclosed the subpoena late friday, saying they'll cooperate with investigators. >>> sam? . >> this time tomorrow, voters and caucus goers will make their choices for democratic and presidential nominees in more than a dozen states and u.s. territories, known of course as super tuesday. the single-day contest representing a key juncture in the primary race. >> 595 delegates are up for the democrats, and judging from the -- rhetoric, the candidates are really feeling the pressure. reed bineon has more. >> reporter: donald is not going to make -- he's going to make america orange. >> reporter: republican presidential candidates turned to insults less than 24 hours ahead of the single biggest day in the primary race. donald taking fire over deflecting questions about david duke. >> would you say unequivocally you condemn them and don't want their support? . >> i don't know what group y

citigroup is the first large u.s. bank to receive such a notice. 3 3 3 3 here is a look at what you can expect for the next three days. 3 3 3 the time is now 5:xx. a few years later, and thousands of miles apart. a couple gets a surprise after sending a message in a bottle. where rst tuesday new scratch-off tickets from t rtnoh carolina education lottery it's crazy out here. monday, wednesday, thursday, friday, saturday, sunday. it's tuesday! tuesday! very first tuesday, tuesday t-t-t-tuesday, tuesday first tuesday th m'sd e an-dyousay! us-day! it's scratch-off you tuesday! tuesday! >> holly: an atlanta couple got ooh surprise over the weekend from a stranger an ocean away. >> jay: ben and johnny threw a message and a wine bottle off the back of a cruise ship in 2012. >> ingrid: there was a phone number included saying call if found and a dollar bill that's all that ben had in their pocket at the time. daughter's weddingfy leap, a man from france, found the number and called and hoped the number was still in service.

citigroup global economist also with us as well.gativees interest rates have an appreciating currency? we saw the same thing today with ner?corona -- kro the japanese have been enthusiastic about pushing money overseas for years. the tales of someone investing in the brazilian riel is well known. their money at home was never that rates on domestic assets and accounts. it was fear of what was going on in the rest of the world. when the boj cut rates into negative territory, it was briefed because no one shipped money offshore. it isn't thought working and the rest of the world is a scary place, we've traded this very dramatic move. anybody who has been long yen is getting out of it. questions about what the boj does no come back and bite them. that is the problem. add to that the fact that three weeks ago i would've said that the yen was the cheapest of the major currencies on any fundamental equilibrium. changing quickly. and a lot of second-guessing when it comes to the bank of japan. scarlet: the former chairman of the ssa wrote

well, this is all very well, but it lasted as the citigroup from about maybe 65,000 at that time to well over 800,000 during the 2nd world war. and what you had was three commissioners, usually cronies of the president often cronies of the president when marion anderson, and this will give you an example of government dysfunction, when marion anderson 1st wanted to use the daughters of the american revolution all constitutional she was refused. did not allow a black performer. then what about the school? well, the schools turned her down. roosevelt was dying to do. and the other was more interested in the easter seals campaign and passing out certificates to get drivers. things like that. that was preposterous what was going on. and this situation existed for a hundred years from 1871 to 1971. >> i have a speculative question. if the jefferson view of the city prevailed how would that have changed the city? >> i want to broaden the question. if jefferson and prevailed how would that have changed our history? that was the outer limit and he said things like of new york which was then the

charles: i like citigroup. value as opposed to rates, and value is the deep discount to value. the value is stable. some of the things that have buffeted over the last few years are starting to change. the dollar, which has been a headwind to value. i think the emerging markets, believe it or not, are starting marcuserform developed -- developed markets recently. even oil looks like it is fine stability -- is finding stability early. he was peabody be gloomy, francine. now he is buying citigroup. i am in awe. francine: does deutsche bank survive, or are they about to get a big new shareholder in the form of the german taxpayer? charles: we do not have a formal rating on deutsche bank. guess is the shareholders some sort of delusion in their capital structure. the other question is, what is the value that you are looking at in terms of -- the valley that you are looking at in terms of the recession? is it a deep valley? tom: i want to come back with you. are you long on the market this morning? do you have an en

citigroup is in a restructuring.g out the back end of a restructuring so their ceo is feeling confident. he bought shares a week or two about one million, did not make as much news as jamie dimon buying t 6 million yesterday. just buying 26 million yesterday. this week we saw a downturn and now it's an uptick. perspective,uation banks are more attractive than they have been. if might about volatility, that will probably help their businesses and equity trading businesses m&a continues to be a dominant theme. questionthe broader about if this negative nominal yield game goes from the crazy idea to more orthodox and we have continued suppression of , the fed will impart some of that from japan in the eurozone, if that continues, how does that affect the interest margin going forward? view, valuation point of those are more compelling questions. about deutsche bank, does that give you any sense that they are in stronger shape? >> i think it's a statement that's important for the markets. you have seen the impact. the eu

if we're looking at citigroup or bank of america, citigroup trading below $40 is where it closed. tangle book value is north of $60. you have to believe first they stop earning $24 billion a year and almost 15% of their loans go bad. it doesn't make any sense. we talk to bank executives every week. credit is looking okay across the economy. there's pockets here and there. big banks is an area. we have voted with our money in that regard. all the major producers, the three largest countries are saudi arabia. they are having massive deficits with oil. russia is running through reserves and u.s. producers are losing $2 billion a week. i think you do quite well. as you said, that's what we do here. >> thank you very much for your help. we appreciate it. >>> low oil prices forcing an offshore oil driller into bankruptcy. paragon said it wants support from a majority of creditors to cut debt from a pre-packaged bankruptcy agreement. they expect to maintain sufficient liquidity throughout the process. >>> a new study says one third of oil producers are at risk of filing for bankruptcy th

next, willem buiter of citigroup.er of morgan stanley on janet yellen and stanley fischer's uncertainty. buiter, american football. money will be mentioned. good morning, everyone. this is "bloomberg surveillance ," live from our world headquarters in new york. it is friday, february 5. i am tom keene with caroline hyde. are you into the super bowl at al? caroline: there is a big ballgame, but for us it is rugby. tom: you are into six nations rugby? caroline: i have to say, who wouldn't be? now, someone who knows a little bit more about , ramyper bowl than me inocencio. iny: it was the first debate new hampshire, hillary clinton bernie sanders. bernie sanders says he is the democrat who will represent the people. bernie sanders: our campaign is the campaign of the people, by the people, and for the people. secretary clinton represents the establishment. i represent ordinary americans who are not all that in an heard with the establishment -- you are not all that enamored with the establishment. hillary clinton: bernie

citigroup will buy american expresses hope for leo credit card loans. expected to billion from the sale. goes --rompted by cost cosco's changing. buyers may be turned off by turmoil in the financial markets. knightsbridge, prices fell 7%. that's the latest business flash. rock last night, chris address the elephant in the room. >> i'm here at the academy awards, also known as the white people's choice awards. if they nominated hosts, i would not get this job. this is the 88 academy awards. that means this black nominees thing has happened at least 71 other times. all of the controversy did not do much to boost ratings. early estimates show the ratings hit an eight year low. let's get more on the shock and from our entertainment reporter. what do you think? he was very funny. there is a little bit of truth to what he's saying. >> for sure. it resonated with a lot of people. was its interesting wasn't the opening monologue, it was throughout the show. he pressed the point consistently. there was no getting away from it. there was no tiptoeing around the s

citigroup does not believe that is the case for viacom. the best-performing stock in the after it wasp acquired. $6.9 billion. we are seeing those shares rise, as you may expect. alix: thank you so much, julie hyman. i want to check in with the bloomberg first word news. look to the united nations where the world body says it may have to use controversial methods to get rid of mosquitoes spreading the zika virus. them those, it may make sterile. and environmentalists have criticized this approach. --ing a budget crunch slashed wages. coalition airstrikes that the measures have uprooted millions from islamic state finances. thatatellite photos show china has expanded the island building activity in the south china sea. is underter base construction, that is happening as president obama meets with southeast asia and leaders in california. vietnam and taiwan have complained about china's action. 4:30 tohave coverage at show you what you miss. retailers that accept food stamps may have to start stocking a wider variety of healthy foods. that i

citigroup has become embroiled in a corruption inquiry. it has been subpoenaed.e under investigation for alleged bribery and corruption. last may the u.s. claims that bribe money passed through a number of big thanks, including citigroup and jpmorgan. the indictment though, does not accuse them of wrongdoing. the chinese billionaire plans to spend more than $3 billion on a leisure product outside paris. this will include a theme park, as well as shopping, and conference centers. that is your bloomberg business flash. manus: thank you very much. island is facing a grand alliance after the general election left no party with a majority. prime minister enda kenny is expected to finish ahead of the pack, but will have to negotiate a coalition with the other parties. anna: they include fianna fail and sinn fein. voters were angry about that rose.d prices manus: they could show that the window of opportunity is closing for the ecb to signal stimulus intentions before this self-imposed period starts thursday. anna: charles newsom is still with us. charles, another gover

citigroup saying the chance of a global recession is high and rising.global recession as growth below 2%. the global economy never stops growing it just gets much weaker when it's in a recession. we're in a highly precarious environment. it says recession is not the base case but worried about slower growth in emerging markets and uncertainty in the developed economies. the international monetary fund encouraging organizations to encourage growth. the most recent cnbc is your ray putting the chance of a u.s. recession at 24%, down a bit from the prior survey but higher than the lower teens we had earlier in the year. we had lows on that but not as high as you can see on the left-hand side of your screen. dallas fed president says he does not expect a recession but we have jim bullard over there. >> these other guys -- this other guy is talking -- who cares. right. right. we don't even pay attention. joining us now on set for the next two hours our very special guest st. louis fed president james bullard. >> great to be here. appreciate it. >> let's get

yes, it is aligning him with citigroup shareholders.he prices are down now, but he expects to hold them for a long time. vonnie: the incentive factor. how to be different ceo's --line uo -- line up? >> the trendline shows that they paid more of an equity the more the premium. dimon down to 41% more for mike corbett. vonnie: jamie dimon is benefiting more because he not stop for his own personal -- >> he thinks this is a great time to buy jpmorgan. corbett has bought shares and sit -- mike corbett has buy shares in citigroup. talk about where the ceo's stand in relation to billionaires more generally. >> sure, just as proof of where the slump is hurting them, you had jamie dimon and lloyd blankfein before the slump and they have since hit that billion dollar mark the shares have depreciated, which shows compared to other billionaires on the list, they are much smaller than the owners of companies as opposed to professional managers of them. executivelative to compensation and individual banks, has ceo pay gone the same direction? >> yes,

wells fargo, bank of america and jpmorgan, citigroup all showing relatively steep declines.e saw the weekly inventory report. a pretty big jump. en reallyl has be resilient. now oil prices are taking a pretty dramatic leg up. trying to figure out exactly what's going on. we are seeing weakness in the dollar. that could be something that is contributing to the gains. versus the euro dollar. that could be helping oil prices. take a look at the 10-year note as well. movee now seeing yields lower once again. 1.83%. it just keeps going lower. and finally gold prices have been catching a bit -- bid. thank you, julie hyman at the markets desk. let's check in with courtney donohoe. courtney: rand paul has called it quits. the kentucky republican is suspending his presidential campaign two days after getting 4.5% of the vote in the iowa caucuses. he is up for reelection in his senate seat this year. hillary clinton's move last year to lock in fundraising alliance is with 33 state democratic parties is paying off. a bloomberg analysis of regulatory filing shows that she already added

fromarkable consideration citigroup. teslas battery business gets a boost.e'll take a look at what the company has planned for 2016. the nasdaq 100 just had its best rally of the month. the movers so far are gilead and .isco more of bloomberg west next. ♪ gucci, product, amazon? will's a rumor that amazon launch its own clothing line. it is a ready made inroads into the fashion industry acquiring several fashion sites. of 91% from the previous year. amazon's vice president says a private label fashion line waiting to fill the gaps left by other brands that refuse to sell with the e-tailer. analysts at citigroup are saying alphabet should buy aig to expand into thin tech. aig has come under pressure from activists to improve its accountability. google's parent company has been giving it so into the insurance market. layout the plan. sonali: if google were to buy aig its market value is more than $64 billion. the enterprise value is more than $90 billion. google's biggest deal was 10 billion dollars when it bought motorola mobility. a number of companies could

peabody is buying citigroup. i am in all.you look at deutsche bank, does it survive, or are they about to get a new shareholder in the form of the german taxpayer? >> we don't have a formal rating on deutsche bank. theuess is that shareholders face some sort of delusion in their capital structure. the other question is, what is the value are looking at in terms of an earnings recession? a deep valley or wide in terms of time? time is the issue for banks. markete you along on the ? do you have an enthusiasm for equities? >> we did a research report that if you buy stocks when the vix is over 25, you get a better return. ofty: that was jonathan bell and peabodygolub speaking on bloomberg "surveillance." joining us is bill cohan, who has written about wall street tanks and has worked there. what you think about what he said about deutsche bank? bill: it is a fascinating situation. john cryan is decrying the banker pay and trying to do something about it, which, obviously, generally speaking, is out of control. betty: there is a

they aret, citigroup, talking about with the dollar means in this equation, that strategists focus onrush, and has been considering the shares to be attractive or a while. it is that you have been struck with a stronger dollar. city sees it they are not so concerned about that possibility. see in the char that is stalled out in the past year or so. perhaps a it is better time to buy into the share. they raise the rate overweight from neutral. dave wilson, a wonderful report you can e-mail him and get his chart of the day every day. that is it for bloomberg markets p what did you miss is next. the majors, less than four minutes from now. the dow is up 1.2%. ♪ >> unbelievable rally. u.s. stocks heading higher into the close. the question is, "what'd you miss?" is the panic over high-yield european banks justified? joe: plus is all the recession banter all point? the data shows the economy may be right on track. alix: we will dig into the legal argument over unlocking the iphone. rallied into the close, we talked about the s&p 500 erasing it loss for the month. holdout was chevron but it

citigroup is running to exit its retail operations in resell and argentina.aintained operation into countries for more than a century. back tohas been scaling cut costs and boost profits. financial services company will not be exiting a line of his this in the institutional division. the government wants to make it to buy new cable boxes from companies other than your cable provider. proposal onoved the a 3-2 partyline vote. the new rules will likely take several months to write. companies could be allowed to deliver a cable feed as part of their streaming tv devices. that is your bloomberg business flash. is it time to buy stocks? the s&p is down 6% this year. it almost slipped into correction territory and has clawed its way back. joining us is the master of valuation who wrote the book. what do youlloff, think of valuations in the market? ok with them. i think there are worries on a macro level but i have no idea what's coming in china or what's happening in commodities. i've got to make judgments based on what i see on the ground right now. looking across

sportsfamiliar say illustrated has heard a presentation from citigroup.ime would be competing with copies like at&t for yahoo!. and that is our latest. environment may tough. question toasks a dan vogel, chairman and ceo at the super return international private equity conference in berlin. he asks if the current volatility is good for private equity. >> volatility fuels private way that is different than i think most other markets are. it is a terrible time is you are a seller. fivete equity has had terrific years of monetizing investments we have made in previous years. my hundred billion dollars returns to investors over the past 24 months. that part is good. you have got a lot of money as an industry to work. you wanted the longest standing names in private equity back in 1978. what are you specifically looking at? what industries are interesting in the current market? >> there is time for industries to come in and out of favor. in the current downdraft, i do not want to call it a recession or even a better market, though it could be, there are market

citigroup cfos, coos have been buying back stock.ut those banks are still hurting coming back to that whole discussion about low interest rates. >> it is the biggest purchase from dimon, open purchase since the london whale. we mentioned john paulson and the comments he made to michelle caruso-cabrera. he talked a bit about this idea of whether or not there's a disconnect between the economy and stocks. take a listen. >> there's a disconnect between the performance in the stock market and the performance of many companies, particularly, you know, that we've invested in in our portfolio. that the companies are actually doing very well and yet the stock prices are declining. so that -- that's kind of an imbalance and eventually that will sort itself out. i would say the market is somewhat overreacting to the current state of the economy. >> let's kick the tires on that statement by paulson last night much joining us now is david kelly from jpmorgan funds and thomas kostov joins us, financial markets economist. david, do you think pauls

been waiting on the sidelines because the strong dollar was also hurting emerging markets, but citigroup's for the dollar is not as strong and that is why they think emerging markets are going to turn the corner here. a wonderful is report. thank you so much, julie hyman. we will keep an eye on that. that's amazing. a busy day down on capitol hill. hearings on the budget and another hearing on puerto rico's debt crisis and its affect on financial markets. this as debt restructuring talks with puerto rico investors continue. cofounder ande president of a company that is thelead advisor in restructuring of companies and cities, most notably the city of detroit. thank you for being here. you are saying there is nothing here of any importance? guest: i would not say it is not of importance, but the focus efforts --onwealth's they have declining tax base, declining economic performance, and that is leaving to an inevitable default. the problem is how do you restore growth? reallocateyou value among interested parties? vonnie: and there are many. you are working with $1.6 billion worth of debt.

analysts at citigroup described the situation as a quote, "death spiral" for the global economy. the united states is not in a people it doesn't feel like it... glen walker looks at the struggle for familes... college grads... and financial advisors say you should try to save money where ever possibile... walking instead of driving... eating in instead of out. they say even the small steps can help you live within your means and avoid apparently the engineers who designed the ford f-150 have been burning the candle at all ends. cuz' check out their latest brainstorm: pro trailer backup assist. just turn this little knob on the dash and it helps steer your trailer exactly where you want it to go. you can't get on any other truck. freakish. this is the ford f-150. light snow is possible as you are driving home this evening, but it will not amount to much more than a light dusting. clouds will hold temperatures in place throughout most of the night. lows will be in the lower 20s, which is seen over the past couple of nights. we'll start the day on saturday with quite a bit of cloud

citigroup saying overweight emerging markets. part of that is valuation. but valuation has been there for a while. the dollar is now stalling out and that is also giving investors confidence. scarlet: absolutely. still ahead, here comes the sun. we will talk with the ceo of sunflower. tom warner, the ceo, joins us next. alix: sing it. scarlet: i can't sing it. [laughter] ♪ scarlet: welcome back. it may be seller's time to shine. solar panels have finest 80% in five years and it is inspected to keep falling. forress extended benefits five years and that will generate $30 billion in new solar and power investment. fall,t: but as oil prices will the demand for solar remain strong? let's ask the man who has a birds eye view of the industry. .om werner he joins us now from our bureau tom, i have tong ask you first. what is the relationship between oil rices in the demand for solar power? is the cause-and-effect here? tom: very little electricity is produced from oil. less than 10%. so the correlation is pretty much nonexistent. it is mostly the energy sector an

citigroup and bank of america both dropped 5 percent. this comes amid news that the u-s unemployment rate fell more than anticipated new claims for unemployment fell by about 16-thousand, according to the labor department. experts say the number indicates the labor market is still solid even with slowing economic growth and a dip in the market. the drop in unemployment last week puts claims near their post-recession l ls and points to very l l layoffs. the number of people receiving benefits is down ago. members of congress held a hearing on capitol hill today to review president obama's request for more funding the zika virus. this, as the number people infected keeps gonig up around the world and in the united states. steve nannes reports. :07-:14 there are growing concerns as the zika epidemic continues to spread around the world. this is a really unprecedented phenomenon. with each passing day, the evidence that zika is causally related to microcephaly gets stronger. on thursday, the heads of the centers for disease corol and prevent

citigroup's top economist warning it is a possibility.eral reserve's james bullard differs in opinion, telling "squawk box" the chances for a recession in the near term are not high. listen to this. >> i don't think the probabilities are particularly high right now. of course, you always face risk and we are at a lower trend growth rate, so you could always argue that there might be a higher probability of recession because your trend growth rate is lower than it was historically in the u.s. >> let's bring in now cnbc contributor joe lavorn. are you on the no recession this year or likelihood of recession this year? >> serious odds of recession this year, brian. not my base case. i imagine the economy will muddle through. but the risks are significantly higher than what i believe president bullard said. and markets are basically telling you that. economic data are notoriously lagging. just, for example, looking at the high yield sector, clearly those rates relative to risk free rates are suggesting some real growth concerns ahead. >> what

peter sands is joining us and citigroup vice chair bruce rhodes and former wells fargo ceo. >> not justhe banks. look at boeing. biggest drag on the dow today, it was down 11%. we have details on the probe into boeing's accounting coming up. stay tuned for that important story. >> as that 10-year keeps dropping, we have a few high paying dividends with strong balance sheets maybe that could provide a little safety amid the sell-off. >> so much to get to. i don't know how we're going to pack this in. let's start with the bank stocks leading the sell-off for a time. bob pisani is at the post. >> i wish i could tell you we have a rally -- we have a rally in energy stocks, turned positive on these reports from the uae energy minister that there may be some attempt by opec to cooperate on a cut but it's not helping bank stocks at all. they are all at 52-week lows. key corp, these are classic regional banks, 5% decline, not much of a rally at all. same with pnc, down 4%. right across the board, it doesn't matter, bbt, sun trust, any of the regional banks are all sitting at multiyear lows and

they're questioning whether citigroup turned a blind eye. >> anchor: there's now a cheaper way to fly but you'll have to give up a few comforts. a new class called basic economy. ssengers who use this service won't be able to reserve seats, cancel them or upgrade. delta was the first company to introduce it. united and american are expected to roll out their versions of it later this year. >> frank: who needs to go anywhere? >> anchor: i'm too scared to cancel or move anything. >> frank: it was a beautiful day. no coat or jacket. >> jason: these types of days, this time of year. we still have big swings. 67 degrees for the high temperature today. 39 on the low this morning. all of those above average by several degrees. no rain or snow. and we sit at 8.98 inches. this was the warmest day in a while. we gotta go all the way back to the first day of the month. but the rain shall return, along with winter as well. some captain d's make you feel better? yeeeaah! (woo) when you love seafood this much... back again? i hope it's just a clumsy phase. ...it's gotta be d's. for our new home-sty

bank of america's making its machines mobile-friendly and citigroup atm's may soon scan your iris for identification. the upgrades over the years have made the machines more visiting a teller and cheaper for the bank, too. every teller transaction costs the bank 65 cents. that figure drops to 8-cents at an a- t-m, and just 3- cents on your bile device. with this consumer watch i'm erin brookshier wsls 10. if you watch the super bowl just to catch the commercials ... the wait is almost over. a sneak peek at some of this years ads. people who watch the super bowl won't have to wait until sunday to catch a peek. last year ... a lot of the ads pulled at the heartstrings. this year however ... ads are leaning more toward humor ... which is the most commonly used approach. these funny ads are costing advertisers a pretty penny. company's pay upwards of 5 million dollars for each 30 second spot. thanks for joining us for wsls 10 at seven.

deals depend on wall street loans, and ted cruz got more than $1 million in personal loans from citigroup goldman sachs, where his wife is a director. and then marco rubio, who says he wants to reform dodd frank. >> we need to repeal dodd frank. it is eviscerating small businesses and small banks. >> federal documents reviewed by "inside story" however show that two top members of the rubio campaign have been lobbying against dodd frank not from main street but on behalf of two of the biggest wall street firms in the world, firms that stand omay millions with the roll back of dodd frank. the forms don't say whether someone's lobbying for or against something but we do know what goldman sachs and blackstone have said about dodd frank. reuters for instance reported that goldman sachs was, woat, quote totally freaked out by this, kerry lloyd blankfine seen here with rubio says his in 2016, one blankfine employee joe wall is also the washington, d.c. co-chair of marco rubio's campaign. wall is a senior vice president for government affairs, that's lobbying at goldman sachs. the firm's most re

citigroup has announced it will now block transactions fromactions from draftkings and fanduel in new york while the two sites remain under criminal investigation. armen keteyian is covering this for "60 minutes sports." >> a new accept every time you play. >> reporter: in a three-month advertising blitz tie to the start of the nfl season, draftkings and fanduel spent $230 million, running 44 different television ads, more than 56,000 times, all promising fast, easy action that could produce life-changing results. >> just pick your sport. pick your players. and pick up your cash. that's it. it's the simplest way of winning life-changing piles of cash. >> reporter: but last october, as many as 200,000 new players a day, explosive allegations of fraud rocked the industry. after this front-page story in the "new york times" detailed allegations a draftkings employee used inside information to win $350,000 in a contest on rival site fanduel, the company's c.e.o. nigel eccles knew he had a problem. >> when that broke, that's what really hairmed home to me, that we've not done a good enough

elizabeth: overnight, citigroup with fear after a man opened fire at three locations -- a ci ty gribbed with fear. ths e first, a parking lot where a woman walking to her car was shot. a few hours later, a father and son killed. the third, outside a cracker barrel restaurant. the husband taking the lives of three others in two the eagles, leaving a 14-year-old girl in critical condition. >> you don' t ever expect something like this to happen anywhere, let alone in kalamazoo. this is the most awful thing ever. elizabeth: jason dalton was the final shooting. the company said, our hearts on prayers are with the families of the victims of this devastating crime. it is a crime not just heartbreaking but baffling for police in dollars neighbors. >> very unexpected. he is a quiet guy. never really had any problems. cops have never been on to his house. elizabeth: uber says the suspect passed their background check. please confirmed he has no crumb the history. we are told he could be in court as early as tomorrow. antoinette: lawyers for bill cosby' s wife are making a last ditch effort to po

citigroup raising concerns about the risk of a global recession. there are curious moves that stuck out to us. energy stocks for one. couldn't catch a bid despite the spike in oil in the session. actually, outperforming the broader market. in an interesting surprising market like this, what can you actually own. guy? >> i think you can own some of these energy names. now, i think tim probably agrees. he's been sort of beating this drum for a while. it all really started a couple of weeks ago when you saw the reversal in the index from 81 down to 71. in a single state time. since then, the volatility has been taking out of the energy market. i don't think you would own the integrated names, but i think the refiners have been sold off too far. i thought we'd get down to 1860 or so in the s&p. given tuesday's action. obviously got down to 1890. i missed it. i was wrong. 1950 has been the line in the sand. the bulls are absolutely proving themselves right now. >> how about sanity for markets? i'm not sure energy stocks are supposed to rally that hard i

among the names weighing are big banks like citigroup, bank of america, morgan stanley and wells fargoo 4% as the ten-year yield on treasury notes falls to a one-year low. keep an eye on major european banks like barclays, deutsche bank, credit suisse. they are at or sitting near 52-week lows. the breaking news of this hour is that we had a deceleration of growth in this country. let's get over to rick santelli for more on a big market day. >> i get to my special guest, i want viewers and listeners to look or hear about the next chart. that's a two-year eurozone note. wanted to point that out. jay timmons, it's a pleasure, president of national association of manufacturers. you're on a tour of the country, talking towards the state of manufacturing, what may be wrong with it, how future political administrations may help it. what i'm interested in is what exactly is wrong with manufacturing that needs help. >> look, we have challenges but also opportunities. right here in this country, we have public policies that need to be fixed, whether it's taxes, regulation, infrastructure, trade

citigroup is reportedly locking debit and credit card payments by new yorkers on fanduel and draftkings until courts in new york rule on the legality of fantasy sports. last month the supreme court declared the sides could continue operating while the appeal in order to discontinue those companies say their contents are games of skill not considered illegal gambling. super bowl 50 less than 24 hours christina: you don't have to wait to see the commercials. however titers are using social buck. antwan: beyonce jobs they -- one day before her performance. >> if you have big plans for your super bowl sunday we will start out with sunshine and clouds will thicken up throughout the day. it will be dry temperatures topping out in the 40s. some snow on the way. i just ordered pizza. we're out of bud light. beer run? no. minibar delivery. sfx: doorbell minibar. uh...jb smoove?? i'll take that. order bud light now on minibardelivery.com or download the app. i know... we could have one of those. one? are you kidding? we'll end up eating like thirty. wanna split that? ughhhh...no, soooo much fat..

citigroup, goldman sachs, jpmorgan chase.wore on, the worst performers were morgan stanley, bank of america, co-america had a bad day, and the difference was the exposure to energy. energy has been a pariah in this market, as you know. but now all financials hit by this idea that, hey, we may get no more interest rates this year. it may be one and done, or as lonski said, they may have to take the single rate hike back. that is hurting these stocks. as you know, as bill gross the bond king said, ruing rates actually help -- rising rates actually help banks, they help the margins. it really improves their bottom line, and that's to what those banks were thinking they were going to get. maybe not. that's what we're seeing now. another worry for these banks in the background, global recession, global problems with the economy. how bad is this going to get? with china in the tank, europe not doing well, can the u.s. economy continue to do very well here? what else do we have in the tank, what can we do? those are the questions be

of 16- point-65 billion from bank of america, 13 billion from jpmorgan chase and 7 billion from citigroup. there's still much more to come in the next half-hour... just ahead -- hope for peace.. reports tonight of a peace deal in syria.. when humanitarian aid may reach people trapped inside the war-torn nation.. and how soon a cease fire may be occupation over.. the remaining members of a group that seized a wildlife refuge in oregon have surrendered.. growing tension on the korean peninsula.. the fallout.. following a rocket launch by pyongyang on sunday.. and kim jong un's latest show of power.. major breakthrough.. the scientific discovery of historical significance.. the first real proof of a theory predicted by einstein a century ago.. and what it means for the future of science.. from who h-d iowa's high channel 13 news at nine on fox 17 some promising news out of europe tonight.. where international leaders announced they've in syria.. hope is growing for peace in been embroiled in a five-year civil war. late this evneing.. secretary of state powers have agreed to a ceasefire -- an

the group has previously announced settlements of more than 16- of america, 13 morgan chase and citigroup. internet access. it's a unwritten rule ... that's now being written into law. part of a new permanently bars state and local governments from taxing access to the internet. the senate passed the bill today. the bill already passed the house. it will now go to desk.. and he is into law. don't count rock las vegas local among the fans of bowl halftime show. santana began his san francisco, and area musical acts should have played a role in the show. on facebook, santana wrote steve miller, journey and metallica would have made the bay area proud. metallica did perform the night before the super bowl.. at san francisco's a-t- and-t park. love ... 500 years in the making. the key to these couple's longevity loving and living with each other. there are those who say we cannot defeat a corrupt political system and fix a rigged economy. but i believe we need to lift our vision above the obstacles in place and look to the american horizon. to a nation where every child where quality healthca