criticizing santos for his deceptions, including his false claims that he worked for goldman sachs and citigroups grand parents survived the holocaust that his mother was at the world trade center on 9 11 and that he graduated from baruch college. all false, but with republicans still rely on his vote, santos says, don't expect him to resign. was santos, now removed from committee's republican leadership is now moving to aus some democrats. santos stepping down from his committee assignments serves as relief to republicans here on capitol hill. they want to remove several democrats from committees for their behavior, but would certainly be accused of a double standard if santos got to remain not his as soon as e whether to removees cmi michigan congresswoman ilhan omar from the foreign affairs committee, citing anti semitic remarks she made in the past. and back to santos, a new poll finds 71% of republicans in his district want him to resign. there's plenty of finger pointing going on now that alec baldwin and the weapons specialist on the set of rust have been charged with involuntary manslaug

. >> is to citigroup paid 24.5 million dollars for 2022 up 9% from year prior far different from bankeceive any raises for the same year,, 1.5-million-dollar salary 3.45 million cash bonus comes in restricted stock value can be determined by citigroup's performs next few years take a look at stocks how it is doing fractionally lower, there is this serious in florida new bill by state democrat lauren book would restrict a doc's favorite thing after treats sticking heed out window during a car ride doings cannot extend her headed out of the window it also doesn't want crates in the car yet to respond why she proposed the american humane society proposed similar rules last year, said this many times the throat of the dog can be irat a timed, debris with an hit eyes, live pictures out of warsaw poland president biden just arrived at the presidential palace in poland greeted by leader of poland, slav akyra romania meeting with bucharest nine, nato secretary, stoltenberg, in a few moments look at live pictured for you at poland. maria: we will get back to that as soon as the remarks are mad

. >> good morning to you let's start with citigroup it's awarding its ceo jane fraser a $24.5 millionay package. she just completed her first year as ceo about $19 million in stock awards, a cash bonus of 3.1 and a $5.1 million in salary >>> the federal trade commission will not challenge amazon's deal to buy one medical health, clearing the way for it to klis by the end o this week ftc will look at concerns around amazon controlling sensitive user health data. >>> and counseling giant mckinsey plans to eliminate about 2,000 jobs in one of its biggest layoffs ever according to several reports, the move is expected to focus on support staff who do not have direct contact with clients, and expectation tissues are hoping the move will help preserve its market compensation pool, frank. >> something to watch. silvana henao, we'll see you later in the show. >>> we've got to begin with shares of palo alto networks it's sharpened its efficiency and reducing its head-count, something the ceo spoke with jim cramer about last night. >> we scrutinized our head count and processes to make sure we

citigroup j.p.n, keybank, bank of america, wells fargo, they are all dropping pretty chocolate, is that a word? did i just make that up? big chunks of loss. bank of america down to and a third%, wells down to an a half%. one bank attracting major investor attention, hsbc, 52 week high. after reporting fourth-quarter profits, 90% higher than last year stock is up for nap%, british multinational bank said solid result reflect strong revenue growth and lower operating expenses. it's in the process of selling canadian business to the royal bank of canada and plans to use money from the sale to make payouts to shareholders. investors not signing on after ubs downgraded shares from neutral a cell, investment bank warning the company's announcements workforce reduction suggests a negative demand signal for fiscal 2024. growth stock is selling off to the tune of 8%. shares by the way via electronic signature company takes 46% over the past 12 months. traders toasting after the beer brewer reported fourth-qu

citigroup wealth becomes the second bank to hold margin loans on adani securities.s a slew of bank earnings this morning. deutsche bank misses while st. andrew beats. -- st. andrew beats. francine: he has been the job for four or five weeks but knows the company very intimately. they posted a record profit for 2022 so i asked him about energy market >> it's a tight market and this was all at the time when china was going through its covid zero policy. what you have going into 2023 of course is the return of a significant appetite from china to take up gas and i expect to see continued tightness in that markets. francine: what kind of impact do you think the china reopening has on oil and gas rises specifically? wael: i won't predict because there are multiple factors at play here. what you see is supply is indeed constrained for multiple reasons. some of them are geopolitical and some underinvestment in oil and gas for a long time to come. you also have multiple plays on the demand side. we mentioned china but you do see some recessionary concerns as well that are b

plus, up next, citigroup's chief global economist says that the firm now envisions a less-hard landingns uwh "ua oths ensqwkn e street" comes right back >>> welcome back it's 11:30 here on wall street, 4:30 in london as the european markets close lower again. red across the continent investors cautious ahead of the fed minutes coming up in just a couple of hours. some bright economic data in europe continues to be the story abroad german business confidence improving for the fourth straight month and yesterday, we talked about german pmi expanding for the first time in eight months kind of reminds us what some have said about the economic surprise that europe's been. >> and in the u.s., too. economic data beat it's a string of them. the question is, is there something funky happening in the beginning of the year with financial conditions easing overall and do they resume the recessionary outlook the bunds bank expects the economy to shrink. one thing i'm watching overseas, the foreign exchange market, of course, but specifically the yen. something happened overnight the bank of japan u

citigroup is looking at assets and wealth. morgan stanley looking at asset and wealth.morgan looking at asset and wealth. it is a competitive environment. they did a really good job fundraising last year. the fundraising environment is getting very tough out there. can goldman bring their calling card around the world to raise money and reduce reliance on its balance sheet? they have given specific targets. is that enough for investors to be convinced the volatility can be reduced in the future? kriti: we will put you on the spot as we see them make that payment to the wealth business, to the asset management business as well, or put more focus on it. bring us back to the investment banking and trading platforms. what are the challenges there? to what extent are they at the whims of the market? sonali: great question. trading is a volatile business. i would also say volatility in some instances can very much be their friend. they had record numbers in so many areas and have gained a lot of market share. that is what goldman is winning on in the down market. amber: thank

we have citigroup joining also credit squeeze and perhaps further eroding confidence in the company. tell us about all this. pr: this is not going to be a 2020 plate. this is going to be a test play and we will wait and watch for more. rashaad: that's in five days. pr: that's true. yesterday late night madani issued a statement -- adani issued a statement in a note to investors saying as you played, they are going to review the capital market strategy once the market is stabilizing but all 10 adani companies are now slighting. we are going to wait and watch and he will other things he will be adopting to arrest this erosion. meanwhile, citibank and credit suisse and more companies could be joining this bandwagon. we are expecting some clarification from banks where their stance is. that will give us a sense of what led to this last-minute you turn from adani which is a power conglomerate. it is a developing story that we will watch. haslinda: like you said, there have been developments every single day. anything you are watching out for in the coming hours and days? pr: one interesti

criticizing santos for his deceptions, including his false claims that he worked for goldman sachs and citigroup, as grandparents survived the holocaust that his mother was at the world trade center on 9 11, and that he graduated from baruch college all false. it was a bad decision. poor judgment. i felt the need to do it because i thought that without a diploma looked down on and less than the other people but with republicans still relying on his vote, santos says, don't expect him to resign. was santos, now removed from committee's republican leadership is now moving to aus some democrats. santos stepping down from his committee assignments serves as relief to republicans here on capitol hill. they want to remove several democrats from committees for their being. hey, viewer, but would certainly be accused of a double standard if santos got to remain on his as soon as today. the house rules committee could vote on whether to remove congresswoman ilhan omar from the foreign affairs committee, setting anti semitic remarks she made in the past. and back to santos. a new poll finds 71% of republi

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the congressman said he worked for goldman-sachs and citigroup. he didn't.that he graduated from college. not true. that his grandparents survived the holocaust and his mother was in the 9/11 attacks. no and no. >> i've thoroughly apologized for lying about my education and embellishing my resume. i've made that very, very clear. i've said i'm sorry many times. i've behaved as if i'm sorry. i am sorry. i'm deeply sorry. >> reporter: santos says he will now focus on his constituents, but we went by his new york office and his name isn't even on the door. it still had the congressman he replaced. a new poll shows his constituents, including 71% of republicans, want him to resign. >> if i can go back and change my vote, i probably would. >> reporter: today, santos tried to argue george santos the candidate is different than george santos the congressman. >> i dont think lying is excusable ever. period. right? there is no circumstance, especially if you're legislating for the american people. right now, so, what i might have done during the campaign does not ref

its authorities, its people ha lieutenants his authority isn't book citigroup. with a formal stage set, talks between western allies, began in earnest offstage. with the next step to bolster ukraine against russia's illegal war or being decided. and i'd like to welcome now congressman adam smith at the munich security conference. he is a democratic leader of the armed services committee in the us house of representatives. congress. no, welcome to the day, and thank you so much for taking the time. the biggest topic there in munich is, of course, the war in ukraine. in your opinion, how much has the world changed since russia's full scale invasion? was changed dramatically because we've been talking to her room, gosh, for a decade about the threat from russia and also the threat from china and as china has become more focused on, on taiwan. it's that whole package and what the russian invasion of ukraine did is it woke all of us up to the fact that this was a reality. ah, yeah, we tried in a variety for ways over the last decade to, to move russia in a different

citigroup in the uk this week saying that uk inflation would fall back to 2% by the end of this year.e basis of the fact there is so much geopolitical uncertainty out there. agricultural prices are still very high. we still have shortages. we also have the struggles with climate change as well, which is keeping prices high. and the fact is wage growth is now starting to catch up with inflation, which will keep central banks very much on the front foot when it comes to keeping rates at their current high levels. if you are thinking that central banks are going to start cutting rates in the next 12 months, then i think you're going to be in for a rude awakening. stock markets are back above the levels they were this time last year, and energy prices are back below the levels they were prior to the levels they were prior to the ukraine invasion, but i don't think they are going to fall that much further, and i think that is the rub.- think that is the rub. 0k, briefly you _ think that is the rub. 0k, briefly you talked - think that is the rub. 0k, briefly you talked about | briefly you t

citigroup as well says policy changes still possible.turn to india because the central bank has moved to calm nerves over gautam adani's conglomerate. emma o'brien joins us now. this seems like a very coordinated response. emme: they are definitely moving to stem what they see as contagion in the wider market in india. that was the theme as we went into the end of last week after the scratched sale shocked almost everybody on the adani and brought into question how much of an impact this hindenburg report is handing -- is having and how it raises bigger questions not just about adani but india itself given how tight he is to the prime minister and to nationbuilding and development around infrastructure in india. haidi: when it comes to the reaction we seen from the government, doesn't go far enough in terms of being able to soothe some of these investor concerns or do they also come from fundamental worry about the indian market given the high valuations we have seen before this entire episode? emma: i think that is a really good questio

citigroup expects it will cost 190 million dollars to wind down its consumer banking institution in russianded services after russia invaded ukraine. they have $3.1 billion of exposure to russia. elon musk may have turned off some consumers. tesla was no worse for wear in the analysis of car brands. s&p global mobility had them for around loyalty and most loyalty and 22. alix: we want to get to the start it. we are covering the top tech stories from the bay area. join us now is alex webb. more job cuts? alex: it looks that way. we don't know the number. there are some big names in the mix, the ceos of some companies that were acquired over the years. there had been some hesitation to let some of those guys go. you have to pay them significant amounts of stock to make them go away. they may have found a solution to that. 50 jobs have gone. alix: who is left? alex: they've got rid of half the headcount of 7000. the fact that they have got rid of that many, we have seen an impact on products. there been some problems. you couldn't post tweets, you couldn't follow people. someone argue too muc

the citigroup indicator flips to a bullish call. we can debate that later. dani burger is the aficionado on all things yen. dani: it certainly is. it is a market of pops and potentially turkeys. let's get to our reporters from around the world. we will talk about the brexit agreement, hsbc ending private offices to elon musk regaining his spot as the world's richest person. manus: the u.k. and e.u. finally sealed the deal, the northern ireland post-brexit trading relationship potentially ending a standoff that has poisoned london and brussels relation since the u.k. left the union. joining us is lizzy burden, what is different about this deal sunak has secured relative to his predecessors? >> it seems like rishi sunak has done the impossible. it will all hinge on the unionists in northern ireland. rishi sunak claims his windsor framework fundamentally rewrites the northern ireland protocol. for example, by allowing london rather than brussels to set vat rates in northern ireland. that is the thing brussels had said previously could not be done. it also reduc

if we get disinflation in the united states, and citigroup writing up u.k.ation, if we get abrupt inflation, what does it do to your bond world? michael: i think what's interesting in the bond market right now is that there seems to be different stories when you look at real yields and inflation expectations, as priced through cpi swaps. the bond market is priced for that ed hyman disinflationary world. if we will be on the next couple of quarters, it is priced for the fed to be hitting their target all the way into perpetuity. yet, real yields are quite elevated all the way out the curve as well. have a combination of market pricing and relatively low inflation, but also relatively tight monetary policy. we don't think those things can exist for very long. clearly right now, the fed is hawkish. they are likely to continue to tighten monetary policy. we don't doubt their credibility on that. if they achieve their inflation goal, real yields are too high, especially on a structural basis. tom: how do you play this for mere mortals? do you buy to ration -- by

. >>> and citigroup is being dropped over the muni bond deal over the gun policy.scriminates against the firearms industry. barring the bank >>> shares of dai nippon printing shares surge on the record share buyback news. >>> and lyft shares crushed 20% after weak revenue growth with the adverse weather and surge in pricing. >>> and adani hiring a law firm to fight the claims by hindenberg research. >>> and adidas could lose $1 billion this year if it fails to sell the inventory of yeezy shoes after terminating the deal. >>> with all of that, let's dive in the trading day ahead and find opportunity on this friday with our friend keith lerner and melissa brown. keith, i want to start with you. as you know, and i often lift your stuff for my rbi. imitation is the greatest form of flattery. you have great points. you noted and we did this earlier this week. my brain is getting old. this year, this january was basically the exact opposite of last january stocks fell. rose bond yields one way. everything was flipped what does that mean for the rest of the year? to you >

citigroup expects it will cost about $190 million to wind down its consumer institutional banking operationsrussia. they decided to end services after the invasion of ukraine. hsbc is looking for new global headquarters in london about half the size of its current space. hsbc plans to cut office space by 40% globally compared with pre-pandemic levels. that is your latest business flash. alix: another story we are following is unicredit. a bigger for the bank and that may mean a big payday for its employees. something we are not hearing from u.s. banks. it is boosting its bonus pool by about 20%. this is a big deal considering the other banks, particularly in the u.s. -- walk me through it. is it sustainable? >> yes, it is a big year for unicredit. essentially, the bonus payment would be made to executive and managers reflecting the performance of the bank which posted a very strong 2022. that is why it will be quite generous with his people. overall, the average amount of bonus by about 20% higher than last year. clearly, one of the most generous also in europe. it shows at least until now s

matt: if you exclude jp morgan, citigroup, goldman sachs, to name three, which in the past five years of all the underwriting in the united states of america municipal market, you are taking out a huge amount of liquidity and picking up distribution as well, so that is understandable why you would see rates perhaps go up dramatically at that point. alix: are there other factors? matt: states have different ways of treating taxes. there is not an income tax in florida and texas states. that is different from california. even when you acknowledge these differences in taxes, you still see the dramatic widening of borrowing costs go up since 2022. dani: good to speak with you. it gets back to some other questions about disney, for example, the politics there. what is the playbook for companies trying to weigh the broader esg the shareholder needs and political risk emerging from these types of discussions and laws? matt: it is unfortunate that companies are put in this situation because companies are responding to their customers mostly. if you think about disney, the largest employer in

it is deepening with citigroup's wealth unit halting margin loans on the indian companies securities.r adani's company pulled its $2.4 billion share offer. joining us now, sanjai, who has been following all of this. what do investors need to know? >> investors are keen to know what happened for the dramatic u-turn last night. you have 1.3 times subscription. last night they did a dramatic u-turn and called off citing protecting invested businesses. investors are waiting to understand what led to the thing, bankers like credit suisse and citibank stopped taking margin calls. financial institutions have asked them to do so because of the stock route. is there any external reason? the investor community are keen to understand what is happening. meanwhile the adani group chairman came on television and on video to say they are going to review the market strategy for the group. tom: let's fold two questions into one. what are we watching for going forward? they failed so far to calm these markets. how important given the context is this company, is this conglomerate, to india's growth pros

but citigroup analysts saying that was underwhelming.e of their arthritis and spinal treatments not beating analyst expectations. that's taking the sting out of the top line between head. the other was novo nordisk, it is around 2% of the index, 300 $20 billion in market cap, that's doing really well because of their obesity drug. this is flying off the shelves. they're competing with eli lilly and pfizer in the u.s. it's been keenly anticipated. it promises to shave 50% off a person's body weight. that stock up 1.5% which is a pretty big day for a stock of that size. the third one is in the u.k., glaxosmithkline, a bit of a beat on the top line. their eps is expected to rise as much as 15% this year. known for their shingles vaccine. that stock only up .2% as we can see on the screen. they are waiting for some key approvals to come through. one of their iron deficiency treatments. and also, some respiratory drugs have not gotten approval in europe. the big overhang for that one is the zantax litigation that caused a storm last year. inv

citigroup's jane fraser has been awarded $24.5 million in pay for 2022, making, her the only major u.snk ceo to receive a pay hike. in her first full year on the job, she was granted $5 million in salary plus stock awards under $20 million, and total a 9% increase on the year. global news, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. i'm simone foxman and this is bloomberg. i should note that fraser's pay is still below many major u.s. ceos. manus: we will see you next week. simone foxman on her travels from doha. she will be with me every day and a couple of weeks. quick snapshot of the equity markets and commodity markets. you are seeing asian markets catch up with the worst day in the united states in 2023. peter oppenheimer talks about a confusing equity market outlook. focusing on the dollar. wages in australia taking the aussie down a third of a percent, and natural gas in new york dropped. this is bloomberg the eagle has landed. that's one small step for man... hey, what's up? uh... houston...

he is the former ceo of mastercard and was a top executive at citigroup.ny and france praises nomination. washington's candidate has traditionally taken the top spot at the world bank. heineken is dealing with a risk that the russian government would nationalize its local business. the world's second-largest be a maker either stops operations or becomes insolvent. heineken announced as of a year ago but it says the sale is being delayed by shifting rules imposed by moscow. the mayor of kyiv says ukrainians will not given to vladimir putin. they spoke to bloomberg's maria tadeo. >> they do not accept ukraine as an independent country. they told us ukraine was always part of russia. we ukrainians don't want back to the ussr. we see our future as part of a democratic european family and we are fighting for that. >> president volodymyr zelenskyy will speak about the war at a press conference today. i am angel phyllis ciano. this is bloomberg. >> president zalewski is briefing media in kyiv. he said he hopes china will not supply weapons to russia. the united s

citigroup ceo jane fraser becomes the only major u.s.eo to receive a rising organization last year. this is bloomberg. ♪ >> a few years ago, it came to cryptocurrencies which in a way put forward as an alternative to fiat money. i think that battle has been won. technology does not make for trusted money. anna: that was agustin carstens from the bank of international settlements speaking exclusively to bloomberg tv ahead of this week's the 20 meeting of finance ministers. we will be bringing you plenty of coverage of that. jane fraser was the only ceo of a major u.s. bank to receive a rising compensation last year. in her first year on the job, the citi head saw a 4.9% pay rise, taking her total up to $24.5 million. where does that leave her? let's join charlie wells who has been following that story and others. tell us more about the thinking but then -- thinking behind jane fraser's pay bump. charlie: a lot of other ceo's at major banks have seen their paygo down, and citi's board said they liked her progress. this was her first full y

citigroup says they are going all the way to 228, the latest to come out. stuart: meta goes to 275.ren: audio technology up 7%. apple is one of the biggest customers. their revenue grew almost 8%, and increased amount for its tech particularly smart phones. people are buying fewer smart phones but are still benefiting. stuart: i want to get back to the huge jobs report added in january. at the labor department, take us through this spectacular report. >> 17,000 created, 3.4% is where the on employment rate went. since may 1969, a little bit of noise based on revisions that were done every year the labor department does revisions. this is a reset on this but what this does show is good job creation, solid growth and that gives license to increase 25 basis points, when you look at the report, grew 4. 5% the past 12 months but still far short of the 6.5% cpi inflation, the heritage foundation says the average american worker lost 3000, to 4000 a year because of the inflation. the president will use the low and employment rate when he talks about this report in the next few minutes. the

let's bring it to the equity market so let's ask stuart kaiser from citigroup.e are looking at a bond market that is pricing in 5.5% when we talk about the peak policy rate. why is the equity market not selling off more? >> that's a good question. we have turned the year so far. expectations were extremely low coming into the year for economic growth and hawkish for the fed. the data has just not delivered enough negative news to justify the positioning and sentiment that was in the market. you see the market grinding higher a little bit. on the inflation side, there is data that's in line with expectations and growth data that has been stronger than expected. it has either pushed out the recession risks or has minimized the depth of recession people were expecting. i think it's all positive for equity markets. kriti: does that mean it pricing in a no landing scenario? >> they are definitely levitating. i'm not sure what that means but what the markets are telling you is the expectation for a very near-term significant deceleration in the economy and deeply nega

i wanted to pull up from citigroup. a lot of outflows from etfs and more pessimistic conditioning.ish swing last week add 3g billion shorts to s&p futures positioning which is notable. >> although individual stocks seeing inflows the hope that active management will come back to the for is something that's rewarded. every year seems to end with the active managers trailing badly. >> there are two questions we don't know the answers to, how fast will inflation fall from here and how badly is the economy going to get hurt. we talked to cathie wood yet of ark. she is maintaining that inflation will come down and the economy will get hurt and the fed will have to cut rates here's her view. >> we think inflation you coming down now it always seems like it could come down faster, but we do believe it's on its way down you listen to corporations out there, even those who have had pricing power, the staples, p&g, they get their pricing, but they lose the volume. 6% declines in volume for a staple company so we do think the consumer is railing against inflation and the fed certainly is doin

written materials and come to k tasks such as math problems and protein structures -- bank of america, citigroup two, and wells fargo -- deutsche bank, and wells fargo, have said that chat gpt and open ai tools are prohibited from business uses. this follows the report that jp morgan's could implement equivalent measures this week. i find this so injured in, goes back to a nvidia ceo said this week. it is that chat gpt is great, the momentum around is great. when businesses need a tool they do not need chat gpt. they need something appropriate and custom for them. caroline: they also do not need the risk of people sharing internal information that gets spit out in an inquiry down the line. there is a reporting that amazon took similar view, the general councils were that certain types of conversation looked remarkably like sensitive information of theirs. we have talked about, the cyber risk tilt into this large language models. this -- built into this large language models and generative ai. ed: the content risks as well, we reported about the inaccuracies the ai tools are generating. think abo

given out by share-based compensation i don't really like that i like a company like apple or like citigroupis may surprise you, both of those companies, you look at the annual reports year after year their share counts go down probably doesn't surprise you with apple does with citi group probably but i as a stake shareholder is now getting a larger percentage of earnings than i otherwise would have so i like share buybacks. >> would you rather own a company who had a good dividend or a good buyback program? >> buybacks because of what ed was pointing out. >> really? >> if i get the dividends i get taxed right then and there if i get the share buyback, i have an increased share of earnings that may or may not be paid out in the near term. maybe they are going to reinvest in the business and be even greater dividends way out in the future and those taxes are pushed off so the tax advantage that ed points out is very much felt by me in preferring buybacks. >> ed, what would your response be, you know, when you hear an investors, like jim lebenthal say i would rather buy stock in a company with

newsmax, santos denied allegations that he had lied about previously working for go goldman sachs and citigroupe loaned his campaign. >> i can attest that the total of the money was all legitimate money obtained through my legal practices with my company, and i distributed my dividends to myself and loaned it to the campaign. >> reporter: and he spoke of all the negative media coverage he's faced. >> it's really easy to pile on, on me. i'm the new favorite punching me in america. sure, you can come for me. i understand, i can handle the heat. >> reporter: the heat's coming from almost every direction. the federal election commission is now asking santos to declare whether or not he plans to run for re-election next year because he's crossed a fundraising threshold which requires him to make a formal declaration. then there's the pressure santos is getting from fellow republicans. some gop representatives want him to resign. and republican senator mitt romney confronted santos at the state of the union address, saying santos shouldn't have been as visible there. still -- >> i still think the cha

that includes his false claims that he worked for goldman sachs and citigroup, that his grandparents, and that his mother was at the world trade center on 9/11, and that he graduated from college. 78% of republicans in his district want him to resign. reggie: an object to the mystery of the missing monkeys at the dallas zoo. the monkeys were found yesterday in a closet in an abandoned home near dallas. authorities say a tip led them to the house where the monkeys were. the dallas zoo say they are thrilled that the monkeys are found. police are investigating the incident. nobody has been arrested. the monkeys were evaluated by veterinarians last night and an update from the zoo is expected later today. i don't know. drew: i don't know. i guess it's nice to have a happy ending. i kn. temperature wise this 33 in clda cegaith os ades in thats morni temperatures will be on the cold side. don't be surprised if you have frost on your windshield again, frost on your outdoor plants. 30 in san ramon, 31 in palo alto. a lot of us are standing -- starting out or below freezing right now. here's

disagree with colleagues on federal ethics ground as well we spoke with mark shafir co-head m&a at citigroup talked about regulatory environment one other issue for deals to go forward another thing in the way of economy slowing down joe. joe: why business confidence in 90s most quite low maybe larger blue chip companies higher confidence because they have ability to lobby regulators, but confidence numbers are terrible reflects economy very soft propped up by federal reserve, prices are high, again, the regulatory structure not conducive to businesses planning long-term solutions, capital intense business like energy that is why households pay so much for cost of living not getting supply companies intensified to produce when you restricting to merge increase productivity it hurts wages real faijz first two years of administration shrunk at fastest rate since jimmy carter, i want to talk more about that lee you pointed out final paragraph serving as ftc commissioner has been highest honor of professional career i must follow my own advice resign in face of continuing lawlessness consider th

he previously worked for nestle, pepsico, and citigroup and now serves as vice chairman at the wall streetinvestment firm general atlantic. the anti-corruption group the revolving door project condemned the selection, writing -- "president joe biden and secretary yellen have literally named the vice chairman of a rapacious international private equity firm to take his first job ever in public service at nearly the highest level in the world possible. nothing in banga's resume inspires confidence that he will turn the world bank away from a path of neocolonialism and predation by global north corporations upon global south countries." a judge in texas is expected to issue a ruling as soon as today that could block access to the common abortion medication mifepristone nationwide. plaintiffs in the case are challenging the food and drug administration's approval of the pill over two decades ago. the move would impact even states like new york and california, where abortion is still legal following the overturning of roe v. wade. the drug is used in more than half of the abortions provided by

and it would be more similar to citigroup, which was a few dozen in their investment banking unit.hat then say something about their performance? how do we account for the discrepancy between these banks and the number they are putting out> katherine: the performance of the across wall street. we have seen deals dried up last year, those last fees coming in the door, which means they have to really think about expense management. if you have less money, you are going to be able to get through for a number of months or quarters, but at a point, you have to start making decisions and you have to maybe think about how to keep your expenses in check. clearly, we are waiting for a meaningful rebound in deals. the start of january and really this month in february, we have seen more activity. we could eventually see less of a pullback and less of a correction in terms of management and headcount numbers. but the big picture here is that across wall street as less money is coming in at least in investment banking, they are having to really think about their headcount and how many people a

here in new york, dozens of extinction rebellion activists protested in front of citigroup to demand it stop investing in fossil fuel expansion. citi is the world's second largest financier of fossil fuels after jpmorgan chase. brazil's far-right former president jair bolsonaro told "the wall street journal" he plans to return to brazil in march to lead the opposition and face accusations he incited last month's attack by rabid supporters on government buildings in brasilia. bolsonaro, who never conceded defeat to president luiz inÁcio lula da silva in last october's election, has been in florida since december. u.s. authorities have arrested four more suspects in connection with the 2021 assassination of haitian president jovenel moise. the four men were arrested in florida and three were charged by the justice department with conspiracy to kidnap or kill outside the united states. one suspect was charged with smuggling ballistic vests. three of the men are u.s. citizens, and the fourth is a permanent resident according to the u.s. attorney's office for the southern district of flor

he was with citigroup for a number of years. he is familiar with the whole process of poverty reduction and economic development. at the same time, he has a lot of management experience in his time at mastercard. interestingly enough, he went to a school in india that has produced not just ajay banga, but others who have all gone to the same elementary private school in india. kailey: really interesting stuff, mike. thank you for bringing us. some context. michael mckee and kriti gupta, thank you very much. coming up, we will have more of our question of the day. are the hawks placed in? we will talk with mark connors, next. this is bloomberg. ♪ [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. kailey: stocks are attempting a rebound after four straight days of losses on the s&p 500 as markets have tried to come to grips with a repricing of expectation

this was basically citigroup instructing the fsb, the main security service in russia to up its gamethe face of what he said was increased ukrainian and western including the united states efforts to carry out espionage and sabotage activities inside the country. putin talking about the need for secrecy around particular areas like the defense ministry, personal data, the command and control systems of the russian military. he didn't point to any particular intelligence failures, but the fact he was talking about these things sort of, you know, point to a certain concern about vulnerabilities inside the country. now, since russia invaded ukraine over a year ago now, it has been subject, remember, to numerous attacks inside the country there has been, you know, drone attacks, attacks on railway infrastructure, recruitment offices for the military have been burned down. there's been cyber attacks as well. it may be a reference to that sort of thing. also a rare reference to the fact the fsb has been taken part in a security operation and suffered casualties as well. take a listen to wh

want to be in, and the way i like playing it is to have the creme de la creme and a dark horse with citigroupt know the answer so it may be unfair to ask you this, when is the last time that these stocks have had that degree of annualized return for that long a period of time dare i say never i don't know the answer to that question i'm guessing not often >> i don't have the numbers in front of me, but you'll remember going into the financial crisis, and i know how that sounds, but those three years going into the financial crisis, the financial sector was on fire there was a lot wrong with what i said >> of course you're going to get a few years' time, but you need, as you said, seven years of that >> they're not structured. they're different from '08 because of '08 you will not have that in the group because the capital controls are so tight. >>> straight ahead, our "chart of the day." a health care stock feeling under the weather is having its worst week in nearly a year. a member of the committee owns it we'll debate that next what do you get from the morgan stanley client experience? lis

involving everyone from steve ol jobs to osama bin laden to citigroup and lehman brothers. he is a big deal lawyer.d that's why it was big deal piece of tv, that's why it was national tv leading news in february of 2021 when it became known this man, mark pomerantz, had come out of retirement and been sworn in as a special assistant d.a. at the new york district attorney's office, specifically to work on that new york prosecutor's tr investigation of former ew president donald trump.io mark pomerantz's tenure in that office, that unusual tenure of his at the d.a.'s office specifically for the trump investigation, it lasted about a year, and by the end of that year, in february of 2022 he had been sworn in february '21, left in february '22. by the time he left, there had been no criminal charges brought against donald trump by that office. and mr. pomerantz once again made national headline news when he quit because he quit in loud protest of the fact that trump had not yet been charged. his resignation letter appeared in "the new york times." in it he said he and his inves

basis point hikes through june they see a peak fed funds rate from 5.25 to 5.5 joining us now is citigroup's alan honderous how long have you had this prediction. >> for sometime. and what we thought what would happen is what transpired with data where we had a little period where core inflation looks cooler and some of the activity data was coming in softer and now we see the data that has come out over the last few weeks, starting with the job report and retail sales and most importantly core inflation still coming in strong we see it in cpi and ppi. >> so you're not changing the forecast to include a 50 in there, despite some chatter around that. >> there is talk about 50. you could go back to the last meeting in february and say maybe it should have been a 50 but you can't go back and do that they did slid down to 25 basis points i think there is a strong feeling across the committee that they're trying to find where the right terminal rate is and as they're searching, they want to move at a slower pace. to 25 basis point pace i think will stay for now. if we have a big reacceleration in

>> i differ with the premise of your question, look at goldman sachs, citigroup they are doing quietly kind of well one thing i just want to say, let me make this point on the economy is good now, but how is it going to turn out it was june of last year jamie dimon issued the hurricane comment. it was june of last year that's eight months ago, and we're still seeing atlanta fed gdp, the most current -- >> the labor market has remained stronger than people thought it probably would >> how can you just toss that out there without focusing that is exactly why the economy is strong because the labor market is strong >> the housing market -- >> that's so central -- >> ticking up right now surprisingly >> your big bet, though, it's going to stay that way >> that is my big bet, you are correct. i mean, there's no evidence that it's doing anything other than that did you see the weekly jobless claims i don't mean this in a petulant way. how many weeks in a row? you're a strategist. >> dude, no one is arguing with you at all about the strength of the labor market >> i'm not arguing, it's how im

. >> it should be more expensive >> jpmorgan -- >> anything should be more expensive than citigroup >rgan up 24% over the last six months, doubled the second closest and that's morgan stanley. 24.5 over the last six months. c kari, no banks >> we don't own the big money centered banks what you've been playing with banks, the big banks, are interest rate swings, the direction and people making predictions about where they're going and that's not anything that we felt comfortable making those bets we're market players but we own -- first republic recently, we own schwab and black stone. there are ways to play financial services in ways beyond the big one. >> it's like gilda radner always says -- >> no. >>> up next, 100 days since bob iger returned as ceo of disney sk have two shareholders on the de we'll get their grades on the first 100 when we come back. maybe it's perfecting that special place that you want to keep in the family... ...or passing down the family business... ...or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with

august and built a stake in chinese tech giant alibaba other investments include apple, wells fargo, citigroup according to "the wall street journal" which first had the story and mike santoli, the 25% move up in order strom justified? >> i would say not on any basis in terms of what cohen might be doing, maybe to spotlight the fact this is a depressed stock at the lows in january trading at less than 20% of sales. that's as low as it's ever been basically if you go back decades so, yes, down on its luck department store stock, fine, maybe as an entry point, but not based on anything cohen has done in other challenged retailers like gamestop and bed bath -- even the chewy piece, sold, you know, for a fraction of what it would be worth a few years later. apparently petsmart had to build a lot of that company while they owned it since then the gamestop was just really a lightning in the bottle mania that grew up out of almost never. >> and the company didn't turn around and bed, bath & beyond went bankrupt. >> there is a way he monetizes the kind of afterknow of the gamestop experience, but it d

you made up where you worked from citigroup, goldman sachs. why did you make that up, sir? can you explain that to voters here? are you going to resign? wouldn't it be better for your voters if you resigned your seat in congress, sir? mr. santos? so, be as you can see, we're covering various issues here at the same time. one, ilhan omar. another one, george santos, the congressman from new york, the republican who is embattled of course facing numerous investigations, a federal investigation, one of which that we learned about yesterday to look into allegedly setting up a gofundme account, a fake gofundme account and scamming a homeless veteran out of money, $3,000 or so. it's an investigation that appears to be happening out of new york. i tried to ask him about that, if he actually did that. he is, of course, not answering that question or about any of the other fabrications about his life. the house is about to vote to kick off ilhan omar from the house foreign affairs committee. there is a belief among the republican leadership they will have the votes to do just that h

the same george santos who said he worked at goldman sachs, which was a lie, who said he worked at citigroupn't, meaning that too was a lie he's the same george santos who lied about the high school he went to in new york and the college he said he graduated from he said it was baruch college, and he got a degree in economics and finance. he didn't. >> more questions are being raised about new york congressman george santos, including if that's even his real name. an ex-roommate of the freshman congressman had this to say. >> i've always known him as anthony devolder i've never known him as george santos. >> two former santos roommates told pax several items went missing while they lived with santos, including phones, expensive dress shirts, and checks from a checkbook. also allegedly stolen by george according to these two men, this burberry scarf that george wore to a pro-trump rally in washington, d.c. >> seth: that's right. he stole a burberry scarf. even worse, he stole it from - >> melania's closet. [ laughter and applause >> seth: in fact, not only did he wear a stolen scarf, he wore

embellishing his resume after revelations he never worked for big investment banks like goldman sachs or citigroup. but one place santos did work was an upstart financial firm called harbor city capital, where he was regional director. >> at harbor city capital, i manage a 1.5 brl dollars fund, and i know how to manage it well. >> reporter: but after just a year, federal financial regulators at the s.e.c. shut down harbor city capital, calling it a classic ponzi scheme. the s.e.c complaint did not name santos, and he has denied any wrongdoing. but after both oezian and her former client described the dinner meeting to "the washington post," the s.e.c. reached out to her about santos and his investment pitch. >> it's crazy to me now thinking back because he's had these characteristics from s >> reporter: when both oezian says santos was bullied in school. >> he was trying to be accepted and fit in, and i think he always felt like an outcast. he started these lies, and i think it just continued, and this was the only way that he knew how. >> so he kind of felt the need to tell a story to get definit

jonathan: david bailin of citigroup. fomo. fear of missing out.hter] jonathan: i think the point david is trying to make is, let's say you take a 12 month t-bill. he does not think these will be around for longer 12 months from now you will not have the opportunity to take 5% again. that depends whether you think this is real rate change or not. lisa: that is what people say on the short-term it is a clear buy. people are giving you a victory lap. but at the same time they are saying longer-term we don't know, because we do not know what the new regime is as well as with the inflation rate will end. that is the vague aspect and then have others saying 420 on the 10-year. tom: i just got an announcement. jonathan: drumroll. tom: we got the triple leverage all cash gpt etf in registration. jonathan: nice. [laughter] tom: it is gpt with cash. i have to make two and 20. [laughter] jonathan: i did not realize stephen stanley had gone to santander. we will do that in 18 minutes. inflation data 17 minutes and 55 seconds away. [laughter] futures are up. t