what were the consequences for citigroup? michael: going back to where we --rted in terms of people most of the things we talked about, we have not necessarily talked about with guns being an exception. whether it was charlottesville or other things, it was important for our people to understand our position and where we stood because in terms of people today from the human perspective they want to understand the values of the company they're working for. they want to be proud of those values. in the case of firearms and to or, most-- many everything we do, what we think of as best policies. when i asked the question around us, there is a company that has a policy for everything. we do not have a policy on this. -- we didn't. we thought about what reason would look like and what some of those things may be. we studied other best practices , in terms of aes company how we would think and support clients. full background check. people should be checked to second, from a firearms perspective, the sale to people under 21 years ol

. >> take changes for the top of citigroup. board named john dugan as its new chairman, keeping is separate from the current ceo. talk to us about what that means in terms of oversight for citi. >> don't miss the forest for the trees. you can always have a more optimal situation. there is always someone who is more of an investor or was involved in regulation. citigroup make a decision to keep the ceo position separate from the chairman position. citigroup shareholders, including myself, still have a nexus set of eyes looking over their welfare and what is in their best interest. this is a good move to keep the position separate. electric is agreeing to sell its commercial lighting division. they are streamlining the industrial portfolio here. it does not commit much in terms of overall revenue for ge, but it's an important signpost. >> i think it is. technology has been a divestiture mode for some time. this lighting business was one they said they were not going to sell. their consumer bible business has been on the block for

criticism james freeman writes about citigroup in the history of government bailouts taking part at the cato institute in washington d.c.. this is an hour. . >> good afternoon i am the director at the center for - - i'm here to welcome you to today's forum with the book borrowed time and then to have our whole panelist freeman immediately to my left and the assistant editor the "wall street journal" editorial page and the author and newsletter and to an attorney and financial analyst and author whose specialty is international central-bank and operations and christie is the associate professor of political and business history at the university of maryland and also love visiting scholar at johns hopkins where she is working on her own book working on flexible finance and the culture of risk. and with the chief executive officer for the federal reserve bank of minneapolis march of 1985. that is some type of a record. also the co-author of too big to fail. thanks to all of you for taking part in these discussions today. asking any questions of the panel and when we're done discussing the

you just focus on citigroup, the move back to 60 when it was trading today at 64.75 you could buy theecember 64, 60 put for a dollar make up to three between 63 and 60. $1 is the max risk and you lose that dollar above 64 you risk 1.5% of the stock price to make a move the stock goes back to a level it was trading three weeks ago. >> when you normally look at financials one of the metrics we think about is the price to tangible book value when they get to one or there abouts or certainly if it's under the way citigroup would appear right now that's typically someplace you want to buy. but i think what we see in the price action of the stock is a real warning sign that maybe the book value isn't all that you think it is. i think financials have been trading this way whenever we hear concerns about potentially the end of this credit cycle, that's the thing you have to look at. this is not just a dollar bill that's sitting there you can go and pick up. the value of that thing is potentially at risk. and that's the price action is telling us right now i do think this is definitely the str

lacks we heard from citigroup today that prices could flirt as high as $100.ot heard that in a few months. the idea of triple digit oil has been high from -- far from people's thoughts. we will see a pickup in demand as the refineries are back at work. according to citigroup you can see 90 to $100 oil by the end of the year. >> thank you. it is election day. control of congress will dictate policy outcomes. our reporter is here to tell us elect for late look at happen. what is the most -- what is the consensus? what are the markets thinking? , the twoitioning wise main things that pop out our that anything that takes united , that is goingy to be bad for the dollar. it will restrict the press abilities of program policies going forward. the other connected thing to that is people are very happy to get this over with. they think that this pays the way for the q4 year in recovery. you generally have a rally of 12% in the 12 months that follow. put the two together, what i think this could be setting the stage for is a return of the convergence rate. if the dems

citigroup is confident they can, but we will see who is closer to being right out of these two, whenpany reports third-quarter earnings at the end of the day hong kong time. tom mackenzie in beijing. asia kicks off the week with a big meeting of the reserve bank of india board of directors where the government demand for more liquidity in the banking system has turned into a very contentious war of words. kathleen hays is here with a preview. what is at the heart of this standoff? kathleen: reserves, liquidity, does the banking system have enough? should the reserve bank loosen up the level it wants to see in the banking system? it is a tax question. they have a lot of reserves their building up, creating surplus, due to holding a foreign currency. they are not really related to the kind of issue the banks are raising. and you saw a picture of finance minister -- who is definitely on the side of prime minister modi saying the r.b.i. has been too tough on the banks and bad debt, and they need more reserves in the banking system. this is something the r.b.i. could do. the economy was a

she attended harvard diversity, columbia and cornell law school and has worked at citigroup. when she took a job at the federal reserve bank of new york sheet believed to be monitoring the big bank behavior in order to avoid another financial crisis. instead, she encountered a federal reserve holding banks accountable and began secretly recording her meetings that became the basis of the life episode. between the big banks and the body regulating them. william covering the author of moneofmoney and powerhouse goldn sachs came to rule the world writes a noncompliant whistleblower carmen segarra detonates a metaphorical explosive device inside the previously limestone faÇade of the powerful reserve bank of new york in a gripping and highly personal narrative, she reveals the depth of the regularity, regulatory capture that exists between the fed and wall street bank it is meant to supervise and the price she paid for doing the right thing. please join me in welcoming carmen segarra. [applause] i'm going to rearrange this a little bit because this isn't going to work for me. it'

and then a very obvious question why do you choose to write a book about citigroup and in particular to consider that unique and that it illustrates more pervasive problems. >> and then to write this book to have such a great idea and wanted to pursue that. >> the real genesis is the whole idea of serial bailouts multiple times over and over again. and in this case citigroup had five over the last hundred years since the federal reserve was created. working on editorials eight or nine years ago we cross paths and it seemed like a pretty good issue. of course, city isn't the only one that has come close there is a couple of runners-up with j.p. morgan chase and the predecessors and with bank of america. and coming together in the early nineties with instability but one reason to track city was that lineage back in time was a lot clearer. but 1812 through the 19 nineties but with the way of the mergers to have that easy path with those others it was a lot more complicated and then the last issue with that city's history with that journalistic storytelling approach and that's the primar

citigroup says the damage from the northern california fires may total $15 billion.ired in the longest losing streak for more than six months as growth prospects are reassessed amid waning growth from iphone. 10% downain is now from almost 40% in early october. warren buffett is renewing his bet on banks. berkshire hathaway has bought stakes in jpmorgan. investments in other institutions with j.p. morgan deepening its ties between the company. warren buffett's top deputy is on the board of directors and berkshire is working with amazon in health care venture. that is your bloomberg business flash. nejra: let's check in on the markets. gainingeeing the cable steam, so higher on sterling. we had reports in the independent newspaper in the u.k. that number 10 could allow amendments to the brexit deal. yesterday, sterling finished where it started, 130.16. the euro bid is a story of dollar weakness across the board. yesterday, we saw a selloff in btp's with the entirely in government standing firm on budget deficit and growth targets. the 10-year btp yield has -- heads t

. >> big changes for the top of citigroup. the board named john dugan to be the new chairman.ohn dugan comes from a regulatory background. talk to us about what that means in terms of oversight for citibank. >> don't miss the forest and the trees here. you can have a more optimal scenario and think of somebody who is more of an investor or somebody else who was not involved in regulation. they made the decision to keep the ceo position separate from the chairman position. citigroup shareholders, including myself, still have a nexus that of eyes looking over their welfare. move to keep a position separate. ge is selling its commercial lighting division. they are streaming the manufacturing portfolio here. it does not commit much in terms of overall revenue for ge, but it is an important post coming from larry called. -- colt. >> they have been an investor mode for quite some time but this business is one they said they would not sell. viableonsumer business has been on the block for some -- quite a while. they want to keep the commercial parts they are selling today because tha

citigroup private bank with us.mberg surveillance on radio a few days ago, we tried to get up to the parade yesterday. us fromfan, joining bloomberg opinion as well. i want to talk about the strength of the market and this idea of a correction. what is a correction to you? >> we move back to a level where make fundamental long-term sense. i'm not sure we have got there yet. is a correction to 20% is a bear market is useful. i don't think this is over. gs andt's not just the fan everybody else, but the dispersion is unique. what does that signal to you? you have an internal rotation in the market, it suggests something deeper is going on. upyou have real estate going recently, that suggests it is there. the most important point about this version is it is being driven by factors that are internal to the market. week are a hit last high beta. those were the ones that seriously tanked. that suggested that his people who are leveraged sellers want to take profit. tom: are we seeing rotation, stephen? a look at would tak

is a big no doubt this morning from citigroup, saying this is the last to law. last hurrah.e futures are down by 11. futures, a nice rally in the markets yesterday. the bear market is resting. let's get your business -- business flash headlines. president donald trump is pressuring general motors to move production back into ohio after the automaker announced it would close a factory as part of a plan to cut jobs and a shutter facilities. it is planning to lay off 13,000 workers and close several factories, including one in ohio. apple gave up its crown as the world's most valuable publicly trading -- traded company for part of the u.s. trading day. president's reported threat of a 10% tariffs on iphones hit after hours. apple market cap was $829 billion. google is expanding its mountain view headquarters, spending a billion dollars on a 52 acre business park next door. the arrieta is bigger and that the existing complex. to a mammothadds property expansion google is undertaking in both california and new york city. that is your bloomberg business flash. nejra: here is a loo

morgan, morgan stanley, goldman sachs, and citigroup have submitted plans to increase assets held through frankfurt subsidiaries after the u.k. leaves the eu. it would see their balance sheets in germany grow to $283 billion. says theexpress people's bank of china has approved its license to become the first foreign payments company allowed to build a network in the nation. it will let charges be cleared and settled in china. it is a sign of progress in the access to mainland china. that is bloomberg business flash. yousef: thank you. dipping foreign reserves in china, iranian sanctions, midterm volatility, some of the key themes last week. we take a look at the top charts. >> let's look at the charts this week. china, foreign reserves for october decreased for a third month. you can see that on the blue bar. this amid the rising dollar. people finding ways to get money out of the country. banks in september selling more foreign-exchange to the clients. this was the week when we got u.s. sanctions kicking in against iran. what i have here are iranian production. in the white, exports, bot

what is citigroup betting on as the most likely outcome? >> betting on is a very strong statement.as in washington, d.c., last week talking to pollsters and strategists. one of the things that really struck me is how little conviction everyone seems to have going into these mid terms. mid terms are always harder to poll and to model than national elections and these mid terms are not inspiring partisans with the likelihood that their side will win what i have emphasized is investors need to be prepared for the plausible outcomes and not just think in terms of a base case and tail risk. >> how do you do that then how do you prepare yourself economically and from an investment perspective for any possible outcome with that in mind, a lot of investors will sit this one out having been burned by the 2016 presidential elections where some pollsters had a 91% probability of a hillary clinton victory and likewise with the u.k. referendum. both of those outcomes were two out of the three biggest one day moves in markets for the last three years so i wouldn't be surprised by those who want

the lender's, jpmorgan, citigroup, loans with about $232 million.analysts say this could be on the fears of the credit value , and it show you what happened if you want to happen to my terminal, but their borrowing cost. back in june, s&p cut them to triple day, before the current that was triple d, and before the current fires. they said another downgrade to becoming citing fire risks. they are in financial distress. and the risk of bankruptcy for the company is real. vonnie: we will continue to keep an eye on the wildfires and on pg&e and a lot associated with those wildfires. thanks to kailey leinz with our stock of the hour. guy: let's take you back to downing street. we are awaiting the end of a cabinet meeting, which is increasingly being pushed back into the early evening. we now understand that theresa may will exit that door and brief reporters. we do not think that will now happen until possibly 6:00 p.m. or 7:00 p.m. this evening. when that event happens, we will take it live right here on bloomberg. and from a, this is bloomberg. -- and

goldman sachs, citigroup, also. do others took a hit. we did get help after 2:00 p.m. stern time. saying the there is a brexital when you got technology and financials, the two biggest sectors? the s&p down, it's hard for the markets to hold up. for nightlyusiness report, bob pisani new york stock exchange. >> and there are concerns in the the market about global growth and the lates data are showing some strains. economic output in both japan and germany contracted the third quarter. separately, consumer spending in china hit the lowest pace in five months. and bank lending in that country also fell. and just yesterday opec cut the forecast for global economic growth for theext year saying the slowdown has become more accented >> americans pay more for a lot of things. consumer inflation rose last month abat the fastest pace in mine nine months. you can bet federal reserve policy makers are paying attention. steve liesman has the details. >> reporter: used car prices and the green that goes into them kboin to fuel inflation i october. but could it all be short lived? the governme

we have been advantage by speaking with citigroup. .iole and the ramifications. one of them is international investment. worldwide, stay with us through the day, let me do a quick data check. ago,ike it was two hours but just below that mark, futures at negative four. the curve flattening in the last hour, the dollar finally a little bit weaker. stay with us. this is bloomberg. ♪ ♪ alix: oriole's train wreck -- oil's train wreck. contagion spreads to high-yield markets. brexit breakthrough, the moment of truth for theresa may has she has to sell the divorce deal. ,repped for lower returns returns aren't going to be any good over the next two years, echoing a call for a u.s. recession. david: welcome. i am david westin. we have a new neighbor. can i tell you how grateful i am i don't live in queens. can you imagine getting across the midtown bridge once amazon comes? no. maybe they will fix the subways. man whovid come a crazy clearly does not live in manhattan.

bank of america, jpmorgan chase, citigroup to the downside. rates are flattish maybe some specific goldman issues but also issues around rates and maybe about capital markets in the first quarter of 2019 guys, back to you. >> bob, thank you very much, bob pisani >>> the sell-off we've seen in equity since october sending investors fleeing to quality what the quality stocks and what does it mean for the market overall in rick santelli has be - mike santelli is looking closer at that. >> the quality stocks and wall street jargon are businesses that have high profit margins not dependent on the overall economic growth rate and low debt levels. strong cash flow, not leveraged and they have defensive properties if you want to look at stocks that are near 52-week highs think of mcdonald's, starbucks walmart is up there, lots of health care. health care is the best performing sector this year, up more than 11% year-to-date the question really is, what does it tell us about the market's character going into year end well, it does tell us that a lot of

that's from citigroup. intelligence as cycle, timthe other cook is directly affected by the trade war? john: let's lies the whole risk for apple and it's not good news. chinahones are made in but only 23% of apple's revenue by my calculation could be affected by the tariffs based on the number of iphones they sell in the u.s. to spell out a best case scenario here, apple is a premium phone vendor, so the price of the high-end phone which is $1300 goes up $130, does it really matter? they have a very broad portfolio of phones from the tenaris the low-end probably a to the tennis 10s plus.e it's hard to tell right now. within the manufacturing, distribution, and promotion of the roberts, the elasticity of demand and supply and are they placed -- are they price inelastic? john: they are relatively price inelastic. we have seen a correction over the past few months and that iphone, that with the and it has been big, we are starting to see that elasticity kick in where maybe you're getting a delay in purchases,

she is adding value to citigroup everyday.ichael corbett. can we bring that up question mark -- up? iran this essay last week. the debate on trade is goods goods goods goods. it's about services as well. did he care you on this? did you really write this? nejra: he referenced a lot of my material. he was reading that on the airplane. here's the economist. u.s. runr year, the significance or classes on services. apple has the largest american export company last year, a complex exchange of multiple services. this was great. we get services so wrong. catherine: we often ignore them completely. as it turns out, services represent 50% of the value added in goods. if you don't have competitive services, you don't have a competitive manufacturing sector. many don't have that. that's an important ingredient in the trade negotiations and it's often left off the page in the effort to focus only on manufacturing. the big issue, we do run a trade surplus in services with a number of countries in the sites. we run deficits with him on a b

private practice she attended harvard university columbia and cornell law school and working at citigroup and society gender out. - - jenna rao she believe she should be monitoring the bigsh banks behavior to avoid another financial crisis. instead it was ineffective to hold banks accountable and began to secretly record her meetings which is the basis of the episode. it chronicles her experience with the relationship between the big banks and those government bodies set out to regulate them. and rights the gutsy whistleblower has the metaphorical explosiveve device inside the previously impenetrable the side of the powerful federal reserve bank of new york in a gripping and highly personal narrative - - narrative that regulatory capture to exist between the new york fed and the wall street banks and the high pricee she paid for doing the right thing please join me to welcome carmen. [applause] i will rearrange this a little bit because this will not work for me. it is too high.e do you have a little stool that i can stand on? [laughter] so that's like a workout. so let me take this oppor

joining us is the citigroup commodities specialist. we want to start off with our chart.sterday. it shows a continuation of a downturn. industrial profits out of china falling every single month since may. we have seen the troubles when it comes to the steel mills coming through as well, tracking that decline. do you see this going through until next year regardless of whether we get any sort of detente or compromise on the trade front >> -- front? >> what we know for now, china is under these severe headwinds. inwere seeing a slowdown property contraction activities and household consumption. these trends are very difficult to take going into next year. what is uncertain is how much the chinese government is willing to put into stimulus, primarily through infrastructure expenditure and a broad base of text cost. it will be offset with positive signals out of the government. the prospect for those stimulus are uncertain as the leadership of china and the u.s. step in to trade talks a g20. haidi: it's really interesting. at that part of the year when they start ramping up,

with beijing remaining in the we do have you on , and with that trade dispute on boeing, citigroup's ceo for asia said corporate clients in the region are adjusting supply chains on the expectation these kinds of risks will happen again in the future. the ceo of asia's biggest bank is taking a dramatic with that e dispute on boeing, citigroup's ceo for asia said approach saying trade fears are looking somewhat overblown, especially because it is very difficult to shift supply chains. we do have the dollar under pressure. the yen trading euro one-month low against the greenback and the aussie dollar losing ground against its peers, also being weighed my lower commodity prices. we did see an uptick as new zealand saw the jobless rate fall to a 10-year low in the third quarter, therefore boosting expectations for faster rbzation ahead of the policy rate decision thursday. we are seeing some pressure come through before this contract as we wait on the outcome of the u.s. midterms. >> thank you. let's first word news with jessica summers. >> long lines and voting glitches are some of the

citigroup says the smaller feel thethey would most pain from any downturn in the event of a no deal brexita quick check on the aussie dollar. it is on track for the first three-week event since june. holding steady after rallying thursday on strong jobs data. let's get a quick check on broader market action. these chairs on the rise. the asx 200 is set for a weekly drop of 3%. we are seeing stocks and wellington slide to the downside. pitfalls abound. >> thank you so much for that. coming up, commerce secretary wilbur ross says a full-blown deal between the u.s. and china this year is impossible. we will weigh the trade war impact with the u.s. coming up. this is bloomberg. ♪ this is daybreak asia. commerce secretary wilbur ross says a trade deal with china is impossible despite the planned g20 meeting. we're joined now by a reporter. >> it seems there has always been a bit of that. commerce secretary wilbur ross in saying that a deal would be impossible by january, those comments are not really a surprise. he has a point. the u.s. demands are very steep for the chinese. , he is saying the

citigroup up over 3%. wells fargo and bank of america ining as we see a spike treasury yields after 11 days of no gains. all eyes on the fed this week. the minutes from the policy meeting later in the week. a slew of speakers from the federal reserve including jay powell on wednesday. david: coming up, president trump claims credit for low oral prices we will talk with the former advisor to mitt romney about the trunk economy and this is -- about the trunk economy. the present tweeted his remarks agents shotu.s. tear gas at migrants trying to reach a border fence. the european union and iran are affirming their support for the international nuclear deal. they said they want to keep it alive despite president trump's decision to abandon the pact. the eu energy commissioner said the agreement is crucial for the security of the entire world. hasunited arab emirates pardoned a british academic sentenced to life for spying. matthew hedges denied he was doing anything other than research. the government showed v

what the folks at citigroup are saying from the perspective of the underperformance recently of equitiesive to e.m. is this is short-term and for the next few weeks going into 2019 you see a reversal, people become a little happier with the underlying strength of the earnings story and u.s. equities, and u.s. equities will outperform in 2019. there is a lot of across different asset classes examples of these winners turning into losers and the real laggards turning into better performers. shery: any hopes for those emerging markets or risk assets given we are seeing the trade tensions and monetary policy tightening? up fort is a tricky set the week with the fact you have the aussie and kiwi dollars coming off real risk proxy in for sentiment and where people want to allocate money at the moment. it is clear over the weekend there is nothing really to move the dial in favor of people expecting some kind of resolution at the g20, in which case you would expect further near-term pressure on assets like equities, the australian dollar, maybe even further weakness in the chinese yuan when tra

coming up, the citigroup chief u.s. equity strategist. his call for the 3100. earnings outlook.eak it down. this is bloomberg. ♪ comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. geopolitics. g20 officially kicks off. usmca is officially signed. goldman sachs warns of a trade war between u.s. and china. -- on the brink of contraction and the fed mentioned trade 12 times. we will speak to tobias deutsche of citigroup bank hits a record low as -- more than half of board members off david:. welcome to bloomberg daybreak. you are watching dignitaries at the g20, parades of heads of state coming in. an interesting 72 hours to be sure. i wonder how many traders will be in their office

seeing that citigroup is saying that 2019 is the high watermark force -- for steel. there fort weakness steel stocks. we see these miners lower, among the worst for the material sector. let us end on united technologies. we are going to see a significant decline down to 6.3%. it is on page for its worst day in three years. it is a bloomberg scoop in the context of a bloomberg scoop in that the company did break up into three segments. what investors do not like about this, the $3 billion breakup cost. guy: that does seem to be weighing a little bit. you thought you would be unlocking value there. theresa may is in northern ireland to try and sell her brexit day. arlene foster, whose party props sayse u.k. government, that may should stop trying to push the agreement. >> we will not be supporting this, and it is clear across the chamber. they are not going to support this, and the prime minister will not get what she wants. instead of wasting her time, she should be trying to find a way to make this except a bull to everybody. emma.oining us now, any surprise in what

let's begin with breaking news on citigroup and head over to taylor riggs.ve a new chairman of citigroup. he is replacing former long-term term and mike o'neil. the ceo and chairman will remain separate. this is always a key

citigroup will continue to support the roles of chairman and chief operating officer.neil was replaced. and the most influential person in russia is not overly concerned about facebook and election meddling. bloomberg at an awards ceremony in mountain view, california. >> the challenges we are facing can be solved. human attention and occupational intelligence. actorse are always bad who are testing different products. that this confident will be taken care of through technology. record.has some track he was an early investor in facebook and twitter. that is your bloomberg business flash. oil markets entering -- the u.s. seeks to cut off iran's shipments of crude. joining us now, a key voice from the industry celebrating 100 years of operation. >> thank you so much. i'm joined by mr. miller, the ceo from halliburton. they are here in new york to ring the opening bell. talk about how halliburton 100 -- it kicks off next year. tell me how the business of oil has changed. >> thanks. it is great to be here. oil service is a fascinating business. the technology moves so qui

price target cut from citigroup on some of the weakness in the iphone xr.been struggling since apple reported on november 1 and they forecast up,ek holiday period coming this is suggesting weakness broadly in iphone demand. an up --here are also other analysts talking about that weakness we seen. >> longbow research had a note earlier this morning saying iphone demand in china. china is a very important market for apple. 20% of the revenue for 2018 coming from china. analysts saying there "the iphone 4 is showing cracks there." heavyweight,tech apple in turn dragging down the tech sector which is dragging down the broader market. balance of power is up next on bloomberg television. joining the program is former virginia governor terry mcauliffe. i want to take a look at the markets here, we are seeing some the screen with both the dow, s&p 500, nasdaq and the vix . the vix still seeing a 20 handle. you want to look at the 30 handle which is where we were when the markets bottomed out in february. we are still seeing a 20 handle which is still higher up. we

over 14%.th citigroup the banks elsewhere as well had seen the normalization of their policies after the crisis. just looking forwards and coming back to this cash flow story, how long after we start to see evidence of economic will overdue to generally start? when do companies start to react? and then there is that search for yield in that direction. the barrier to making the changes obviously very high, but when companies start to see evidence, how quickly do they take action? >> that's the key, though, no one is forecasting a recession at the moment. noare seeing a slowdown, but recession. a sporadic number of companies have already cut this year and it's more important the people have an active approach to the stocks they are picking at the moment, avoid leverage to make sure they have the cash flow and i don't think we are forecasting a disaster in the economy at the moment. jane, thank you. >> let's get you caught up. president trump is on track to hisit written responses to special counsel, robert mueller, as early as today. he told reporters that he wrote the responses himsel

she attended harvard university, columbia university and cornell law school and has worked at citigroup. when carmen segarra took a job at the federal reserve bank of new york she believed she would be monitoring the big banks behavior in order to avoid another financial crisis. instead, she encountered a federal reserve and affecting and holding the banks accountable and began secretly recording her meetings. recordings became the basis of the american life episode. she chronicles her experience exposing the relationship between the big banks and set up to regulate them. william cohen author of money and power came to rule the world and writes a noncompliant whistleblower carmen segarra detonates a metaphorical explosive device inside the previously impenetrable faÇade of the powerful federal reserve bank of new york and in a gripping and highly personal narrative she reveals the depths of the shameful regularity, the existing between the fed and wall street banks it is meant to supervise and the high price she paid. please join me in welcoming carmen segarra. [applause] >> i'm going t

citigroup is relocating more than a thousand employees.ow saying that long island city in new york has tried really hard to get amazon so they will do whatever they can to help. amanda: how nice of them. we are talking about brexit. there seems to be a potential breakthrough in the talks here. obviously we have been focused on how important this is for theresa may politically. it's also a huge economic story to get a break that results in a deal. what you learned? have a new deal agreed in principle. major breakthrough on the future of the irish border. the agreement will be that the u.k. will stay in the customs unit but that there will be specific provisions around northern ireland and its future. it's going to be a very tough sell for theresa may now that that deal has been agreed. she has a cabinet meeting tomorrow. she had to convince her own abinet members that this is deal they can back and then subsequently she's going to have to convince parliament. the eurosceptics are saying they aret support it and the dup saying that they are

the citigroup ceo says they have had no choice but to prepare for a hard brexit.fett exit, walmart bet on banks. facebook's bad apple, unbelievable story. internal turmoil at facebook reveals mark zuckerberg insisted employees use android devices after tim cook criticize the company's model. david: that is the least critical part. joining us now is vince cignarella. brexit and with citigroup. i spoke to michael corbat yesterday. i asked what they were planning. he said hard brexit. i said if they backed off, would you change your plans? he said not so much. >> we have had no choice all along to assume a hard brexit, meaning no transition agreement. forave to be prepared basically brexit plus one to be fully open and have the ability to serve our client. david: if it went the other way, would you change? he said it is too late. >> the key is we need to serve our clients. if they are not expecting the worst, they cannot be in a position to do that. the way things are going, looks like you made the right decision. david: the question is what this does to the city of

aybe the yeel coming down and the news coming out of citigroup, clearly front and center for that company. deeper into the action. lisa, what were you watching on the close? > this is a huge week for treasury auctions. 83 billion ax record of treasury sales planned for the week. bid to the second lowest cover ratio since 2009 for this auction of three year notes. from ple are moving away short term debt as they price in the possibility. skittish today given the beginning of the week. > needless to say the midterm elections tomorrow and everybody is wondering what the effect on will be.ts this is an interesting chart in past election cycles, what we're yellow, the 2014 midterm election cycle. in white we're looking at the in blue ial cycle and we're looking at the current year in. ach of these years there was a huge spike in october. in those elections, for 2014, volatilityction, the started coming off ahead of the election in. right after the election. right now we're still elevated ut this pattern might suggest perhaps the volatility is on the decline but interestingly there in so many d

love with great numbers, we're seeing weakening price action, stocks like facebook 52-week low, citigroup not far from a 52-week low, corporate bond high yield, it happens by time they get to announcing it is a recession, we have seen prices fall, this is ear talking markets, count me as a bear. >> two separate things market and the economy are two separate things, we have seen market have a huge run-up when the economy still in the doldrums have to separate the two, leading economic indicate oar indicate strong growth, now order index a leading economic index shows companies you mention the are reinvesting in,s and capax, their share price may come down cost of capital, going up as well as labor -- -- >> you invest in the stock, not in the economic data. >> let's not confuse the economy with stock market. and the only problem i see, how president trump reacting to it we're well past the record number of months you have between recessions, we due for a recession, it is not the end of the world, i agree it not a deep-v . it will be pretty mild, and will happen in 2020, look at what happene

if you go to new york, you can see wall street, the federal reserve, treasury, goldman sachs , citigroup, jpmorgan, guggenheim, blackstone. host: so, to the current role of america in the world then, how does that apply? reserve in the central banks throughout the world, through financial engineering, are literally trying to control the world through the american dollar. so, that is the financial engineering part of it. there's also social engineering. you have facebook, i lived in the midwest. every school, radio station, newspaper, mall, retail is attached to google. google is attached to silicon valley and zuckerberg right now has basicallyed brainwashing, dehumanizing, desensitizing the people of the country. georgia. we go to caller: hello. your lastke to say, color sort of rambled a little bit, i didn't understand him. the united states should pull back from countries where we have no issues. i don't know why we have american soldiers in chad for , why we involve ourselves is beyond me. why we have any role in pakistan. host: what countries should we focus on? caller: i think we sh

head of asian the trading strategy at citigroup global markets as the guest of the hour.f mentioned we are watching the chinese yuan right now, getting close to that seven dollar level -- seven per dollar level. thate have commentary chinese officials are arguing this will not push past the seven per dollar barrier. you recommend something differently. >> we don't think there is anything magical about seven. ina is facing trade tensions and the inevitable conclusion of those trade tensions. matter of managing that rency, and they don't want to reveal to the market it's a one-way street. that people should not be putting on those positions. market could be hedging against a move in the currency. the question is really how far it goes. there could be a level they do not want to push it to. you have raised the risk of capital outflows. that is one thing china does not want. ousef: listening to comments from the u.s. president, he says china has drained the united states, so trade deals have to be great. he says they will win that one. what are you betting on in terms of a ce

. >>> welcome back wells fargo shares have bounced back nearly 5% citigroup thinks there is room to grow because they upgraded to a buy. $60 is the price target. we've made it our "call of the day. what do you think? throwing it out there. who likes this call or doesn't like it? >> i don't like it the industry, and i say why not just own jpmorgan? if you have to choose a stock to own there, it trades at the same valuation price to book, earnings, dividend yield you have the creme de la creme >> i agree for us we want to limit our money and bank exposure. we're diversifying we traded into an exchange and i would rather own jpmorgan. >> jpmorgan is the only bank with a year-to-date change the second best performer among the s&p 100 large financials and i think the market is telling you that it's not a great business overall but you want to be in the higher quality names. and i think going into year end. >> and to your point, that's the same for citi, morgan stanley is down >> goldman is down >> you think about human biases and performance chasing and the human component to investing and yo

still saying you own kingdom holdings and all your high profile stakes like an ownership stake in citigroup twitter, in news corp., of course news corp. shares the same common ownership as compar ed to this company, 21st century fox. >> please, please, just look at the dow, the stock market. it just was 95%, just look at it you don't have to ask me, it's all public information. maria: let me move on to the way forwarding sir, because now there are questions about the u.s. and saudi partnership, new sanctions go into effect against iran tomorrow. do you believe those sanctions will be effective and how should the u.s. and the saudi arabia government move forward with or without mbs? >> yeah, please, saudi arabia is the vehicle of stability in this region. look at all our vicinity, look at yemen, iraq, syria, look at iran. they're all turbulent. saudi arabia is the vehicle of stability in this region, so our alliance since 1945 when it's well established and it's going to be intact and it's going to be living for a long time to come. maria: well there's a report this morning that china could

citigroup is having its european market for a short-term finance out of london to guarantee foreign firmsan still use it after he no deal brexit. $240ecision took over the billion a day business last week. the first example of a major financial market leaving the u.k.. has escapedest bank billions of euros in back taxes after the country's supreme court said they shouldn't be liable for mortgage payments. the decision reversed a ruling last month that ruled they should for the bill. the bill. it triggered backlash on social media with the opposition claiming the banks have won, the people have lost. bmw's third-quarter profit fell more than expect did after the trading environment put pressure on the vehicle buying environment in europe. shares in carmakers have drifted lower this year as new emission tests in europe led competitors undermining market, prices. desley thank you very much. adidas has increased profitability forecast for the year as the company relies on sales from north america, china, and online to make up for sluggish reddit news in europe. andk climbed 23% this year is o

i wrote a book on it called "borrowed time" about citigroup and that history.t is true of the big banks. i think this would may be a criticism of the trump deregulation is that easing rules but leaving the taxpayer backing a large institution is a very bad lethal combination that's basically the system that brought us 2008 and hasn't really been changed. >> brought us the serial bailout. >> yes. >> however -- >> i have -- >> just a few comments, though, to what was talked about, the fact that yes there should be something, a separate regulation for the smaller versus the larger banks. because right now focuses on one solution for all which is not the case. if we look at the regulations like you just brought up, have they affected the banks thus far? look at the surging profits and dividend payouts and the buybacks and the salaries they are getting -- >> but they are showing slowing loan growth i think recently a lot of them because of some of the capital requirements as well as the requirements of the lender from you and i to get a mortgage, i mean, the require

in louisiana, the bonds commission voted to block citigroup and bank of america from financing a 600-on project after they placed restrictions on gun purchases. >> they should be making sound business decisions that their shareholders not trying to be on the right side of what's popular politically. o >> tammy: hillary vaughn joins us now. great job. this is, withau everything going on in the world and elections and everything, this kind of stuff continues more under the radar. when it comes to the banks, they have historically used sometimes their power to affect really to implement discriminatory policies when it comes to lending. the government has stepped in to stop that kind of dynamic, and yet now there are even republicans suggesting that it's the free market that is causing this. with your investigation, do you agree that this is a normal free market event that's's occurring? >> what i can tell is you that congress is weigh ago crack down on companies going beyond what they see to be somewhat constitutional rights or beyond the scope of federal law. when you see these companie

citigroup sees volatility coming lower, but only after the opec meeting. so what's next?latility, and we will find the answer . next month. >> anne-marie? >> i love that chart. i normally do commodities, but today it is all about tech. apple is nearing bear market, down more than 19%. 20% is the threshold. this is since the high in october. there is darkening demand about apple's latest iphone, and we have seen this around the world, and how it is impacting other countries. we saw in asia with chipmakers and in europe. this is the chart that matters today, not just the fact that apple, which is quite cheap to buy right now, but the impact it is having. >> i'm going with anne-marie, i like that. topical, ties into the technology conversations. european markets are weaker. thank you, everybody. you can find all the charts we are using during our battle of the charts, and more broadly. g tv is the function. breaking news on m&a. boston scientific has agreed to buy btg for 840 pence per share, in cash. the share price looks pretty stunning. a big spike up. global health

citigroup says such a move would hurt small lenders the most.et to first word news with jenna dagenhart. jenna: facebook is under fire for how it delivered -- handled fake news, including the use of aggressive tactics. following a scathing new york times reports, they have cut ties with a firm that linked facebook in the knees -- enemies. commerce secretary wilbur ross says the u.s. still plans on raising tariffs in january despite the planned talks between president trump and president xi jinping at the end of the month. they will only discuss big picture items and perhaps produce a framework. january isal by impossible he says. is closingler casino down until further notice. said repairs are needed after suffering millions of dollars of damage. the shutdown is the latest low for the casino operator. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm jenna dagenhart. this is bloomberg. haidi: let's get live. we are seeing chinese president xi jinping ar

michael: you are seeing citigroup, goldman sachs, morgan stanley joining that movement.ting,o our collectively about more than 250 billion in assets. this is a major move on the trading side. if you look at jpmorgan, what they have in the u.k. right now, you're talking about a third of that. these are significant moves. joe: what we talking about personnel wise? do we know how much that asset management move associates with jobs? michael: the job moves have been in the thousands, but a lot of that depends on the details of the exit. how many bodies you need on the ground there. it does look like a lot of the banks are preparing for a hard brexit and then they can scale back if needed. caroline: we have heard of certain trading venues going to amsterdam and the repo market. how big of a knock is this to the city of london? is it as big as many feared? michael: it looks like it is getting there. zynga mental thing over the last couple of years, but it looks like it is going to be a significant blow to london and that sector. with the caveat this could all change. if there