many at citigroup making headlines, mr.bett talking about a four-day weekend or you can move your friday day off or whatever, a splash in new york city. working for mr. corbett is tobias levkovich, doing equity strategy for citigroup. we are thrilled he could join us. what have you changed recently or what will you change over the weekend in your strategy on the stock market? tobias: not a lot is going to change over the weekend in the sense that when we look out over the next several months, we have kind of got four issues the market has to get over. how well will people come out of willk down, in terms they still practice social distancing? is ability to grow the pace more accelerated, is in question. the commercial industrial landings survey that came out showed banks tightening credit conditions for businesses and that usually is a non-monthly indicator meaning we will not get a fourth quarter prop. we have a huge number of people unemployed. how many can come back in a reasonable timeframe? economists think this could

that was the citigroup ceo speaking to bloomberg. theinuing jobless claims in u.s.showing a downward trend. with the american market is telling us about the economy. this is bloomberg. ♪ nejra: this is bloomberg daybreak: europe. claims have maintained their downward trend and continuing claims have posted a decline. suggests evidence loans under the paycheck protection program helped many businesses limit or avoid layoffs. speak powell is due to later today. that comes after warnings from regional fed presidents about the effects of the pandemic. the philadelphia fed president said the virus is worsening inequality. the san francisco fed's mary daly said the shock will likely last longer than thought. up on what mary daly , also from durable goods orders not coming in as expected, should we take some positive signs from the data in the u.s.? or see it as a blip in what is a negative outlook? >> it is hard to be positive about economic activity when it is probably as much as 30% down across economies including the u.s.. theyof the data suggests will be less bad. , w

citigroup, bank of america, jp morgan. it is the less-consumer facing banks that are down less than 1% today. i think this has to do about the consumer picture that we are facing with banks. vonnie: thank you for that. much appreciated. march exploded the basic tenet of bonds, strategies posting their worst returns since 2008. some investors are seeking an answer and private alternative assets. joining us now with her view on private credit is susan kasser, go head of private credit at neuberger berman. progress of the private credit markets, from where we had all of those dislocations in march, two now. what have you seen? susan: thank you for having me. initially, the most attractive opportunity was to move from a truly structured private credit and take advantage of the selloff in the market. focusedortunity exclusively on the highest quality companies, non-covid care,d, software, health that opportunity has closed for now but it was a very attractive opportunity when markets were at their lows. vonnie: if that is the c

a citigroup economist is with us next.s is bloomberg. ♪ shery: the number of americans filing for unemployment benefits has fallen but remained at historic levels. within 3 million new jobless claims have been filed for seven straight weeks. it sets up what could be the worst jobs report post-world war ii. turning us is front cut clark, economist at citigroup. great to have you with us. the question now is, tons of people are losing jobs, but what happens eight or? when we -- when can we see rehiring and how soon? veronica: right now, we know the situation is pretty terrible. our -- tomorrow, we look at april data. we are expecting a decline of 21.6 million jobs. that will not capture jobs that have been lost for the end of april and may. we would expect another decline in employment in may. a lot of these workers are going to be able to be rehired as soon as things start to reopen. areestaurants for example operating at 25 capacity, do not hire back all of the workers. we do expect there should be some substantial rehirin

citigroup having a fantastic day today. as we look at that, i think it is important to note that citi is still down about 39% year to date. it's up 15% quarter to date. as we watch all of these names, i want our viewers to understand, don't look at things in a simple bubble of look what it's doing today. remember that you have to look back tiahrt quarter to date or year to date. just make sure they are getting back to where they were. jon, phil, great to see you. thank you so much. i'm working on that mask for you. closing bell, 50 minutes and we do have a nice move of 660 points for the dow jones industrials, and look at the s&p 500. a nice, nice jump of about 50 plus points. williams-sonoma turning of the heat, sizzling after a healthy upgrade to outperform, saying the urge to bake while quarantined, i mean, how many people were baking banana bread? okay, that's helping. a focus on home improvement continuing to strengthen the retailer stock. for those of you heading back to work, could a very terrifying bacteria be lurki

morgan citigroup and so on. the friends extended itself the loans were sought by the public by falsifying their own financial situation on loan applications. therefore the public and banks were complicit committing bank fraud. my name is richard cohen. i was senior vice president and business chief underwriter for citigroup. at the time citi group was the largest bank and. it was my responsibility to make sure that the $90000000000.00 a year that we were purchasing were going to loans that were originally aided by other banks and mortgage companies these not our policy standards. in early 2006. i discovered that over 60 percent of these mortgages did not meet our guidelines they were by definition defective when i discovered this in this was june of 2006. silly me i thought it was my job i started issuing warnings because i was supposed to make sure that these met our policy guidelines. and i sent an e-mail i put it in my weekly report i made committee presentations i'm not a shy guy i cornered people in the hal

citigroup is exploring a reopening as employers -- employees remain anxious.eo told bloomberg in an interview when and how it returns to its headquarters will be driven by the sector. ♪ guest: not about setting a date. i tell my employees all the time you're not going to wake up with a blast email saying tomorrow is the date. come back. we are taking a very granular approach to this as a global company. as we look at this company -- at this pandemic, it is uneven. in every sense it didn't start at the same time. it hasn't spread at the same rate. we have seen very health care responses, varying policy responses to it. and therefore, not just in the u.s. but around the world, there is going to be a varied case of recovery from this. and i think from citi's perspective, we are going to take a granular approach around the data. and what the data tells us -- and again, stealing a line my wife often uses, and that is while we are all in the same storm, we're certainly not in the same boat. i think we've got to be very mindful of that. >> clearly, one of the hardest

the biggest concern about stiffed cuts is citigroup. a buyer of citigroup more than any other bank right now. i think they typify the increased resiliency of the banking industry citigroup failed five times over the last century this is going to be a crisis where citigroup shows that it's a different bank and that typifies a stronger industry >> let me ask you one final question we had a list of banks on there. we have goldman sachs on that list how do you think about goldman, goldman sachs and morgan stanley in the same sentence any more given how different they are how do you think about those two institutions >> look, they are both, goldman sachs and morgan stanley less exposed to loan loss so the biggest issue right now, the depth and duration of loan loss they are relatively more protected. take a look at goldman sachs they are in mark to market firm. they mark all their assets to current market ovalsevery day and trading below book value as a deep value investment goldman sachs makes sense. capital markets are doing quite well you

citigroup and jp morgan cautious on asia fx.p are not bullish asian fx but are bearish on the south korean won. again, those of you who are hoping that the u.s. should give mind isanging china's wishful thinking. the hedge funds, by the way, have moved to net long versus net short for the first time since march on the dollar. you are looking at crude storming away. the reopening narrative, the demand for energy. could have 75% this month. were in negative territory over a month ago. must talk about the fed. the boston said president expects companies to begin receiving money through the central bank's main street lending program within two weeks. we emergency scheme is designed to provide credit. small and medium-sized u.s. companies. the fed has been under increasing scrutiny under the programs slow launch since its announcement in march on whether the fed will publish its beige book. it is likely to confirm sharp economic deterioration and point to uncertainty around the outlook for the united states of america. edward smith i

team.re dividing the citigroup, looking at leasing. new jersey or westchester or long island. one of the biggest problems is going to be the mass transit. whether you are a banker in london or in wall street, what you are talking about there, where you sit, how close you are to your other employee, if there is a cafeteria, how does that food operate? all of this is being questioned. manus: just go to my twitter account, shameless plug. i'm turning into tom keene, getting older. [laughter] it's her mom at her gun. that is life in dubai. be well. annmarie hordern in new york. let's get you up to speed with the agenda. nancy pelosi is going to join us, and exclusive interview. let me get you up to speed. nancy pelosi on the show a little bit later. is forming between britain's chief negotiator and counterpart. undermine how little the two have achieved. it is certain to expose key divisions. spanish parliament has voted to extend it state of emergency by two weeks. pedro sanchez back to down of his earlier plan of a one-month extension as he didn't have the backing to back the me

philip berry from citigroup markets.ow-cost we will tell you what else to watch out for later today. this is bloomberg. ♪ francine: economics, finance, politics. this is bloomberg surveillance. here are the stories we are watching out for today. the people's conference is open in beijing this morning. at 10:00 a.m. london time, a couple minutes from now, easyjet kicks off. shareholders will kick off a conference to remove the company's chairman, ceo, and cfo as directors. 12:30 p.m. u.k. time, the ecb releases accounts of the latest monetary policy meeting. finally, alibaba is set to publish earnings before the u.s. market open. they are likely to report year-over-year profit decline in march quarter. there's a lot going on in china. we were talking to the national people's conference and hong kong activists that have urged protests against sweeping national security legislation that china introduced on friday. authorities in beijing are bowing to and what they call a defensive posture due to those trying to have trouble

that was erik schatzker with the citigroup ceo michael corbat. heard from canada's biggest banks and collectively they are setting aside a massive amount of loan loss provisions, about $8 billion canadian, as they raise concerns about how many of those loans become delinquent. we want to check in with our u.s. financial editor who is covering the banks. in terms of the loan losses, every bank will be concerned both on the retail and commercial side. the record number, tripling previous levels, did not take anyone by surprise, but indicates a high level of concern. it is actually 8 billion u.s., so little more, about 10 billion canadian. it is not a surprise. they were unexpected by analysts. banks willay these have a problem in the future, setting aside all of these loan losses, but they are trying to be proactive. they are trying to manage on both sides of the border those consumers and companies. some will not be able to pay their loans. that is what the bank is apparent for. vonnie: how are they doing this, what metrics are they using to distr

jp morgan, citigroup to watch. citigroup up a percent today, but seeing a broad base.ms to be renewed optimism that the pace of reopening will continue to show up in better economic data although there is consensus that the worst is yet to come. investors perhaps looking past that. we learned from one's firm -- from one firm that it plans to offer its employees a day off. that is an thanks. willyear, the company offer those same employees five personal days per year. the president and ceo is with us now. thank you for being with us. let's start with the decision to do this, especially those five year.tarting next paid leave is going to be a hot topic. what brought you to this. >> thank you for having me. it is great to talk to you again. throughout the pandemic, our priority has been health and safety. they have just done an amazing job to support each other and our customers. 19th as thejune the global thank you day. this day is designed to give people a day off, rest, relax. that we haved awarded all of our staff five personal days off in 2021. people are putting in

that is what citigroup is now warning.oe biden is trying to attack the president on handling of the pandemic and damage to the economy. dr. fauci warns about permanent damage to the economy saying lockdown. your take on joe biden planning to attack the president for handling of the covid pandemic? >> easy to say that when you have been locked up in your basement. all we have to look again january when the president like i said, stopped travel coming here from china save countless lives. who knows how many tens or hundreds of thousand of lives the president saved making the call. joe biden called it xenophobic and fear-mongering. during the open obama-biden administration, handling of h1n1. you don't want joe biden handling this. h1n1 came to the united states in april of 2009 it was not declared a national emergency until million people had it by october of that year. easy joe biden to say, i would do a better job. this president and this administration you have to give full credit for their handling of this entire situati

mark manduca joining us from citigroup.e will see lufthansa working more closely with deutsche bank. that could be something that from an environmental point of view might make sense. a quick look at where european stocks have settled. as we've been telling you, we have seen something of a selloff , that has continued through the european close. these are the final numbers. we were down on the day. there were light volumes in certain portions of the european market, particularly on the german dax. we'll carry on the coverage of the top of the hour and talk about what has been happening in the u.k. we will get you the covid briefing as well as jonathan ferro has been talking to the astrazeneca ceo. we will try to bring you some of that interview. that is coming up at the top of the hour. this is bloomberg. ♪ guy: from london, i am guy johnson vonnie quinn in new york. this is the european close on bloomberg markets. let's turn our attention to what is happening in south africa. the reserve bank meeting earlier on. it has cut

i think citigroup's was more than $5 billion. plus, what is ahead. think it is the uncertainty weighing on this group. but i think for a while, it has really been the possibility of negative rates that would clearly not be great for banks, so weighing on that group overall. i have heard reports about some of these banks having phenomenal trading booms because of all of the volatility. corbat tried to ask mike about whether they are bringing traders back. i've heard reports at some of the big banks that traders are on the floor. those are some of the employees that are already back. absolutely. some of them probably on the subway with you. was it crowded? abigail: it was the six, and there were probably about six or seven in my car. it was quiet and clean. i've been walking since january, and i am going to start taking the subway every morning. matt: and that line is well air-conditioned, as well. abigail doolittle talking about the bank stocks after he saw a fantastic interview with citi ceo a corvette. coming -- ceo michael corbat. coming up, china

catherine man running economics at citigroup.f the great acquisitions is abraham or bari, -- is abraham abraham read bari -- rahari.im are we going to get suckered again into strong euro and then oops? onahim: thanks for having me . that is exactly how we feel. for the moment, there's a bit of upside drift in the euro. that is partly because there's a search in markets for , and to somessets degree the euro. even though we think there will be a little bit of drift, there won't be much more headroom, and this rally will be over before long. lisa: a question about the other side of that trade, which is watching the dollar continuing to weaken. i was kind of shocked when i came in this morning to my living room that the dollar was weakening against even the chinese yuan, the remain be -- the renminbi, despite the tensions. have people had it with the increase in the debt loads and some of what is going on in the united states, moving away from the dollar? or is this just a temporary reallocation? ebrahim: from our perspective, it is

david: that was the ceo of citigroup, michael corbett.today, i will talk with the governor of new jersey, phil murphy, about the status of the coronavirus in his state, and whether commuters will come from his state into new york every day. fornow, that does it "balance of power" on bloomberg television and radio. this is bloomberg. ♪ it is 1:00 p.m. in new york, 6:00 p.m. in london, and 1:00 a.m. in hong kong. i'm vonnie quinn. welcome to bloomberg markets. here are the top stories we are following from around the world. u.s. stocks in the green for the fourth straight session. the nasdaq posting gains of more than 5% for the year. today, retail is one of the winners. how dollar stores are playing a role in the rally. lawmakers approve a proposal for sweeping new national security legislation in hong kong, defying a threat by donald trump. we will get into the global fallout from that book. and i'll be speaking with ilana weinstein, founder and ceo of the idw group. she talks about how that industry is handling the pandemic. let's get a

bloomberg's erik schatzker speaking with mike corbat, citigroup ceo. have more of that a little later on throughout the market. let's look at the u.s. markets. we are seeing across gains of about 0.3% to 0.4%. equity markets grinding higher today, not having too much of an opinion about much of anything. we are seeing some stocks like dollar tree do very well. it is the top performer in the s&p. regeneron making back some of its losses. a positive tone to those kinds of companies today. on the downside, we have the retailers have been a negative today again. vix calmlye the above 28. how are we doing in europe? matt: we continue to see decent gains here. a lot more size than you do in the u.s. more than 1% gains across the majors right now. the cac 40 up almost 2%. the dax adding 133 points for almost an 800 point gain this week. 1.2%, even asng the pound rises up over $1.23. this is bloomberg. ♪ there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared fo

citigroup is cautioning over unsustainability.ceo spoke exclusively to bloomberg about the longer-term cost of market dependence on fed stimulus. seee don't want to consumers, small business, big business come out of this in an indented disposition that is just unsustainable. the that's why we keep seeing in a number of these programs that they have been structured in a way that they are actually grants or have aspects of forgiveness in them, provided the money is used appropriately. the government is thinking about the same thing. we don't want to end up with an economy where our consumers and businesses are saddled with unsustainable levels of debt. the u.s. has to go into this with a position of strength in terms of growth rates, from a monetary perspective, not without some challenges. things on the monetary front that could necessarily be used with high-impact today, which leads the fiscall, and programs being put in place in terms of small business lending, payroll protection, main street lending programs that are out there,

citigroup will start bringing traders back to its london offices in two weeks.bers of its marketing units will return. bloomberg has learned citigroup has told employees to expect to keep working from home. other big banks set their workers home in march. boris johnson is asking the u.k. to move on from the controversy inic top eighaid domnic cummings. miles at aveled 260 time the country was in lockdown. nasa scrubbed yesterday's plant lots -- plant launch went bad weather hitne bad that kennedy space -- when bad weather hit the kennedy space center. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ --if they want to impose they're prepared to kill the goose who laid the golden egg. they give up hong kong already. jonathan: weighing in on the situation in hong kong. to the pushback communist party worldwide over the last couple of days. the market not responding. equity futures unchanged into the cash open 43 minutes away. , i a

leon kalvaria of citigroup. l -- back to you, alix. alix: thank you.s for the u.s., and it is terrible. firms cut 22.3 million jobs in april, a little better than estimated, but nonetheless, a truly terrible number. cutting 20.2 3 million jobs in april, and marched revised lower as well -- and marched revised lower for as well. that is a look at the u.s. in europe, it is equally as bad. you had orders in the factory sector in germany really wrecked in march. you can only imagine how much worse it is going to get in april. let's take a quick check on the markets. s&p futures still holding onto their gains, but just by about 10 points. we are off the highs of the session. over in europe as well, still the ftse holding onto gains, but the rest are turning negative. a quick check on the currency market as well. the euro down against the dollar. the yen and the dollar are the safe havens of space in -- of choice in the g10 space. the european commission says the eu is facing the biggest economic downturn in its history. the latest forecast addicts euro area

in the west african country of mali 230 kilometers away from the capital bamako lies the town of citigroup and i think it's got a very relaxed a vibe and it's become famous actually plays thriving music scene local sound fido takes us around his hometown so let's go. to work come to. what you can call me for. a d.j. musician and sound engineer let me show you our own. signal is a laidback town on the banks of the new sheriff in monte canoes transport people and goods down and across the new ship which is over one kilometer wide at this point locals estimate around 200000 people. hope. there's no better place than here. in say you never far from the river it's the backbone of town not just for trade agriculture but for relaxing to. go it takes us to a popular hangout where local youth come to unwind it's never empty and it's someone to tell a great story and yet i don't mind because in this space may not be very light but makes for a very friendly atmosphere what would become the new river makes what it is quite literally mud from the river banks is used in the pottery packet texture and so

citigroup ceoas with our colleague, erik schatzker.sident trump is taking his attack on social media and twitter to a new level. he issued an executive order that could pave the way for strict control of the entire industry after twitter's decision to fact check two of his tweets. >> one egregious example, they disagree by selectively applying a fact-check. what they choose to fact check and ignore or promote is nothing more than a political activism group, or political activism. it is inappropriate. yvonne: let's bring in su keenan. tell us how and why trump wants to limit the protections social media companies now enjoy. su: the why has to do with a lot of what you mentioned, the president is outraged that twitter recently fact checked two of his tweets. trump relies heavily on twitter to connect directly and bypass the media to connect with his millions of followers. he threatened he would shut twitter down if he could, and the executive order was expected. in a lot of social media stocks, and what it seeks to do is give away the li

citigroup gave everybody the day off, michael corbat is too big to fail genius. from new york, from

morgan chase wells fargo and citigroup they all helped push markets up on thursday posting substantial gains by the end of trading why are u.s. banks doing so well today. all i want to know they're doing well today they're just catching up today the financials and banking sectors have been one of the new wars performance like this in this entire selloff in the bank and that is still down about 45 percent this year including today's rally and that kind of wiped off a combined $800000000000.00 and in terms of financial sector a quicky valuation from its constituent so it's still down about 14 percent compared to the overall s. and p. and nasdaq that i've become about 30 percent and though the u.s. bank did add billions to the provisions for loan losses in the 1st quarter actually altering their earning more is to be expected and wells fargo is one of the worst performance among eggs out especially in the the arrow interest rate environment it is going to be very difficult to see how financials and do well if at all chris you talked about these metrics that we're seeing the real data that

coming up, catherine mann of citigroup.rg. ♪ tom: across a europe shattered by the pandemic, we remember 75 years ago and david three in europe -- and a victory in europe. five years ago, we saw so much occurring. today, the celebration and remembrance of the bravery of so many soldiers as well.

joining us now, ebrahim rahbari of citigroup. really quite good on european dynamics. we will get to that in a moment. let me take the work of dana onerson and catherine mann the u.s. economy. we are seeing other shops make bold adjustments, mostly boulder -- mostly grim or in there u.s. call --er in there u.s. their u.s. call. ebrahim: we have incorporated forecast that the recession, unheard of for many decades, and the price to the u.s. as well, well they are less affected than other parts of the world including the eurozone, so the recession we forecast is very 10% declinear the we have for the eurozone this year. tom: it is interesting to see. we are working on getting this banner up for you. this is an important statement from fox business news that president trump is looking at the chinese companies listed on the new york stock exchange and the nasdaq that is a -- nasdaq. that is a real change in the goingic of the president, after chinese investment within portfolios versus outside -- outright listings. we will have to follow that through the morning. that come

henneberg, economist at citigroup. twitter has started fx checking -- fact donald trump.cuss that next. this is bloomberg. ♪ francine: economics, finance, politics. this is "bloomberg surveillance ." let's get some of your european share movers. european travel stocks have been rallying with a report saying germany is aiming to lift travel warnings for 31 european countries. that is adding to news from the weekend, planning to restart tours in the country. carmaker unveiling cost cuts. along with nissan and mr. beachy. -- alongas started with nissan and mitsubishi. what about this new action from twitter? >> basically this is a new checks and balances you could say, and this is on president trump's twitter feed. we saw it happen yesterday when he tweeted about mailing ballots, twitter then amended that come which you can see there, talking about the fact that if you want to look about more facts about mailing ballots, click here. the president did not take this lightly. he tweeted that it is completely stifling free speech, and i as president will not allow it to happen.

those are the citigroup's theme isis and al qaeda so it's important to trade the roots of those groups. it is funded largely out of the gulf in the speech four years ago to open up this conversation it is too late to be running a military campaign against the ones that are already marching out of the foreign capitals but if you cut off the source of funding and address the strain of islam that forms the building blocks of the movement you are much better off and much more likely to beat them. that's why i think the number one issue right now needs to be the continued backdoor support for this version of islam that ends up becoming a foundation of groups and instead even under the obama administration you've got to get to the roots if you have any long-term hope of combating the rise and fall of the organizations. >> when you are campaigning particularly why do we spend so much time and money on foreign policy, and this isn't my question, this is from the audience members, why is this important to the person terrified and who's lost their job because of covid-19 and who isn't getting an

atm very comfortable saying citigroup that is not who we are.o continue to imagine and reimagine as we go forward the ways we come to work , but at our core, we are a client-facing, client-driven business that in many ways is an apprenticeship business. down, andis passed the human interaction is critical. corbat speaking to bloomberg. lenovo is cutting costs in the wake of the coronavirus pandemic as they look to streamline operations amid the global recession. the smartphone maker has seen sales drop and supply chains disrupted. lenovo owns the motorola brand and has several offices in the u.s.. it would not say what cuts will be or if they will be -- or if they will include job losses. prada sees a brighter future saying sales in china have risen this month. demand has climbed more than 10% so far in may, although it is far from complete recovery. says demand will rise when a virus treatment is developed. it is focusing on new products and digital technology. ♪ >> china's new national security law in hong kong and the subsequent u.s. response

stakes inght facebook, citigroup, carnival, canadian natural resources, and the like.ing up to buy more distressed governor,t the pif who by the way, is also a softbank board member, but april said the fund is looking at any opportunity arising from the economic wreckage of the crisis, but after this report hit the wires, pif came out to say no, this is not true, we are not andning or even considering is not invested with anyone to engage in vision fund stakes. this is a chapter, given we don't know the clarity of the future, the chapter has not been written yet. haslinda: softbank out with earnings later today. our chief north asia correspondent stephen engle. the ongoing pandemic has upended china's most important political event of the year. the national people's congress starts in beijing this friday delay, two-month bringing delegates from across the country to hear the leadership plan for the upcoming 12 months. here's a look at the challenges facing china's leaders. reporter: the annual two sessions of the national people's congress and parallel advisory body ty

jp morgan, citigroup and others down we saw nike and disney down. you also

constructive number of what we have seen the last 4, 5, well.ings as ebrahim rahbari will join us from citigroupbloomberg. ♪ there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. ♪ tom: this morning, it is without modern precedent. 25%man sachs adjusted unemployment rate for america. we will bounce back in a v-shaped form. another 2 million to 3 million jobless claims expected. without modern precedent, the disinflation of europe, the outright inflation of your -- switzerland. what is a european central bank or to do? ebrahim rahbari with us and moments. president trump finds dr. "unacceptable on children and the virus." the good doctor is hope

a top citigroup anchor is resisting the potential future that could make work from home the new normal it was said that there may be demand , but theyinteraction may have to prepare for an --efinite time of about indefinite time of work from home. joel joins us now over the phone. great to have u.s.. -- you with us. when the pandemic hit, everyone was scrambling to get their machines set up to work from home. is everybody considering cybersecurity? >> absolutely. we were lucky enough to have some customers already set up and that was making the move to security medications very easy for them, but the reality was that people were just moving to the first they could get on and security was not necessarily the first consideration at that -- in time.e >> shery: how does a company like her capitalize on your security strength? we capitalized by being complementary. had their own critical service issues as well. what we do is another chimed of encryption security and that is just something that is not projects where people are trying to have as few number of clicks to get going. there is a b

citigroup up jp morgan up 7%. we heard from jamie dimon, shares up after he called the bank very valuable at its current price. he famously bought shares in 2016 close to the bottom of the market at the time the bank boss said he was not trying to call the bottom but added that there was a very good chance of a recovery and cautioned that it was not yet time for share buy backs. >> caller: i think you've got to see the white of the eyes of the recover from you start buy backs. companies are all of a sudden retaining a lot of capital yes, i think you may see people start them but they probably won't be the size you have seen before >> that was jamie dimon speaking yesterday. commerzbank is in focus this morning. the german lender seeking to raise 3 billion in cash as it manages the fallout from the virusout break issuing cocoa bonds with the date to be announced at a later stage. shares up up this morning 4% >>> ecb vice president has said the fallout of the coronavirus has exacerbated issues in the financial issue

mark, citigroup director of research.ve to go to dominate cummings who is speaking live in london. it is possible this might change the following week, therefore i thought that after testing negative, i could continue working. in fact, this did not change. special advisers were not tested and i have never been tested. third, there been numerous false stories in the media about my actions and statements regarding covid. there were statements that i did not care about many debts. i warned the danger of the wrote about the threat of coronavirus and the need for planning. these stories have created a bad atmosphere. i've subject to threats of violence. people came to my house shouting threats. there were many reports on tv that showed pictures of my house. i was also worried that given the severity of the emergency, the situation would get worse and i was worried about the possibility of leaving my wife and child at home while i worked in number 10. dohought the best thing to in the circumstances was to drive to an isolated c

we could start with citigroup, here in the u.s.r $90 billion market cap company, almost a 5% dividend yield. the stock was $83 in january. $44 today. this is a bank that has made the effort, now that regulators have allowed them, to return excess capital. they will continue to have access capital. they improved their returns quite a bit by exiting subscale operations. they are just well-managed. we are seeing an economy that is going into recession again. have thebe don't capital problems they had during the financial crisis, but it is a whole different era. where do you see the big risk? sarah: the banks have already discounted the risk. that is what markets do, they anticipate upcoming events. the key is to be able to own these banks at low valuations. you mentioned european banks. the best ones are trading at 30 to 40 times tangible book value. they could go up to trading at 60 or 80% of tangible book, and that would mean the stocks would double. this is a remarkable opportunity. banks come out of the financial crisis, and they

associate director of research and managing director at citigroup joining us.rs these european airlines. do you agree with what michael is saying? do you get a sense his point that the fact that lufthansa and air france will just use the firepower they now have to basically end up consolidating the european aviation sector in stateshat will result in having a very big say on how carriers are run? mark: thanks for the opportunity. michael is always a hard man to follow on tv. to answer your question, ryanair remains a longer-term winner in the sector. they have the scale and the cost base and they will be a lead consolidator of the sector over time. the only question is how long it takes to manifest itself. if you look at some of the afflictions taking place in the sector, the negatives are corporate travel will be under a lot of pressure, possibly secularly, and then on the positive side you are getting state aid coming into the market and propping up entities that would not necessarily have survived as readily. it is a balancing effect. what will happen is nam

analysts at citigroup said in expansion as possible for bringing manufacturing plants from those chipmakers in the u.s., but they really highlighted the time and resources that go in to building up a plan and scaling to the volume you see. near-term, they will not be a financial impact on these companies. that is when you see these companies turn positive and brushed off worries they had over the weekend. emily: thanks so much for breaking it down. i want to dig into some of these tech themes we have been covering. about in much to talk the world of technology. chipt to start on this issue. reporting that they are in talks with various chip companies about moving production to the united states to reduce reliance on china. what is your take on this and what it would mean? scott: thanks for having us. , whatk it is fair to say we do at third bridge, talk to executives and industry experts about what is going on and what will go on in the world about what could influence investment and businesses. what is going on in terms of investment in the u.s. is a big question. yous not surprising that

. >> let's bring in steve and mark from citigroup mark, thank you for being with us i had a look at yourecent analysis around the impact of reduced volumes on profits every 1% impact results in a 10% impact on profits. airlines facing high fixed costs around 40% on average, and can the airline sector be profitable in the foreseeable future? >> that's interesting points on corporate travel corporal travel make up 40% of global air travel, and if one has the number of trips, the travelers who are making more than five times a year journeys, and you have the category of people visiting offices, and we see corporate travel as being secularly impaired, and that's not good news. with the supposition of a 1% movement, and that impacting airline profitability by 10%, and even after accommodating with lower fuel, it will be remaining profitable and for the long-term impacts of this, we can expect the majority of long-haul airlines to undergo a process over the coming years and leaving a collection of airlines that purely serve government purposes, and this is effectively destination and jobs are

mike corbat, ceo of citigroup, because the current phase stabilization. you call it phase two.t mean? henry: thanks for having me. what we at kkr have been think about is phase one was kind of where you had no fiscal and no monetary, and you could buy really high quality credit at very high prices. that was mark into what we saw in 2008. phase two will probably be a 12 to 18 months period where you have corporate deleveraging, and the second action item is we think you're going to start to see some real acceleration of trends where you can get behind those trends, and you really need to think about 2022 or 2023 earnings. so we can spend some time on it, but there's some really important themes emerging. beyond the pandemic human component that we are sensitive to as an inflection point for investors. so there's some real themes that have emerged. you and i have talked about already, even before the pendant, that 100% of corporate profits in the last decade had come from technology. that has probably accelerated, and there are several more we are investing behind. erik: i am goi

citigroup bringing traders back to its london offices in a matter of weeks.rg has learned that citi has told employees in its investment bank to expect to keep working from home. citi and other big banks sent workers home in march 2 stem the spread of coronavirus. borisrime minister johnson has rejected calls from his own party to fire dominic cummings. the advisor traveled 250 miles for his familyre while the country was in lockdown. nasa scrubbed yesterday's atnned launch at bad weather the kennedy space center. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> what i want to make sure is that as we reopen, we get it right. i don't think our economy could handle a second surge and shut down. boston mayor marty walsh weighing in on a slow go approach for reopening. nothing slow go about this market. we count you down to the opening bell in new york. let me run you through the price action. positive seven points on the s&p 5