citigroup is said to be cutting hundreds of jobs across the company.ding in its investment banking division. staff across the bank's operations and technology departments and u.s. organ underwriting arm are also among those affected. sent out at least 1% of the groups 240,000 person work ores. bloomberg has learned that blackstone has defaulted on a 531 million euro bond backed by a portfolio of a finished commercial property. bondholders are said to have rejected the firm's request for another extension to dispose of the assets. the default comes as rising interest rates hit european property values. laxton says it continues to have full confidence in the wider portfolio and in its management team. qantas plans to add over 8500 jobs over the next 10 years as australia's travel industry slowly recovers from the pandemic. the roles include pilots, engineers, cabin crew, and airport staff. the move is driven by investments in new aircraft and increased flying to meet long-term demand. that is your bloomberg business flash. back to you. dani: thank you ve

plus citigroup becomes the latest bank to say may need to adjust headcount in its investment banking arm. we will get insight with brian moynihan later today. some earnings coming through, deutsche post, the shipping company coming in at 8.4 4 billion. if anything a bit of a beat, also a beat on revenue. but dividends a miss. 1.85 euros, the estimate had been for 1.91. is the covid boom over? the covid boom of freight logistics, they are going to increase their share buybacks, that will go up by one billion euros. so there you go, it's this push and pull between the dividend coming back in and the share buyback that will be accelerated by $1 billion. we will have to assess some of these forgotten signs that are not out yet. i will bring them to you when they come out. the main thing were looking for with guidance will be their profitability. we will also speak to the ceo later, that will be an important conversation later this hour. on those numbers, on the share buyback and on the dividend. as we await those guidance numbers coming from georgia pose, let's talk about markets and pow

veronica, citigroup was the contrary in until rick -- contrary in until recently calling for a 50 basis point hike. what will it take to get to 50 down the road? veronica: a couple weeks ago for a couple days we had a 50 basis points call for this meeting. i think if the financial instability of the last couple weeks had not happened and we had a really strong february up women report, we -- appointment report, core cpi in february surprised higher than consensus we could be looking at 50 today. that seems very unlikely now. it will really depend on how things stabilize, if we do stabilize from here. we are watching the incoming economic data to see when we will start to see any real economy broader economy impacts from all this. the next couple months i think it still looks like inflation stays strong. i would not rule out a 50 basis point down the road. kriti: let's take the other side of the debate. mark, you are calling for a pause now. it does that mean down the road they have to hike by a bigger margin? mark: not necessarily. i think the banking crisis will have fallout on the eco

now, the biggest of the american banks have stepped in, led by the likes ofjp morgan and citigroup. 11ompanies have agreed to make $30 billion of uninsured deposits in first republic. now, they have done this in the hope it will be enough to shore up confidence and notjust in first republic, but in the entire banking system. the troubles of those american lenders have fuelled concerns about the value of bonds held by banks, as rising interest rates made those bonds less valuable. with pressure being felt across the sector and particularly in europe, sparked by the troubles at the swiss lender credit suisse, which was granted a $54 billion loan from switzerland's central bank to shore it up. so what's going on with all those failing banks? joining me now is alpesh patel, ceo of investors praefinium partners. do you think we are over the worst of the panic, if we can call it that? ., ., of the panic, if we can call it that? a, ., , ., of the panic, if we can call it that? a, a, , a, that? there are two ways of looking at it. i'm looking _ that? there are two ways of looking at it. i'm lo

caroline connan went to visit the citigroup office in paris. >> he just moved from london to paris as ago. citigroup is planning to double its staff in paris, building a brand-new second trading floor. >> you have a whole ecosystem of markets people moving to paris. when you look at it as an opportunity, paris is a lovely city. >> banks are looking at paris as a pool for talent. with experienced traders who create complex derivatives at societe generale, or bnp paribas. >> there is talent locally. there is some very strong domestic players which have grown this talent. >> jp morgan, goldman stanley, and bank of america have all beefed up operations. princes home to the largest european stock exchange by market cap. >> london used to be the largest financial center of the european union. today london is the largest financial center of the u nited kingdom. >> the euro next ceo says the trend could be more acute in the long-term as fear of european study in london. dani: caroline connan unbanked speaking up their operations in paris following the brexit changes, and apparently playing m

we start with the former ceo of citigroup and is senior adviser at the firm, 26 north. i appreciate your time. you've seen this before. you've been through this before and running one of the biggest banks in the world. you know all of the banks that you mentioned, first rebasketball public surprise you? >> i would say thank you for having me. the speed -- and the violence with which thursday other friday, occurred between svp and signature and it i think it set people back on their heels and boom are spending yesterday and today trying to figure out if there are more banks with similar characteristics with svb's signature out there, and given the very bold and swift action that the government took, a com bination of the fed, the fdic and treasury, is that enough and does that stem the exodus from these banks and that's some of the soul-searching that's going on right now. >> that's the question, is it enough? >> president biden on monday made a statement and he wanted to convey calm which, of course, was important to do in a real situation, right? it's not a promise tha

now the biggest of the american banks have stepped in, led by the likes ofjpmorgan and citigroup, 11panies have agreed to make $30 billion of uninsured deposits in first republic. they have done this in the hope that it will be enough to shore up confidence, notjust in first republic but in the entire banking system. the troubles of those american banks have fuelled concerns about the value of bonds held by banks, as rising interest rates made those bonds less valuable. and it�*s not only in the us that banks are in trouble. on thursday swiss lender credit suisse was granted a lifeline in the form of a $54 billion loan from switzerland�*s central bank to shore up its finances. so what going on with all those failing banks, and can we see more banks needing help in the near future? joining me now isjohann scholtz, banking analyst at morningstar. johann, what�*s going on? it isa it is a bit ofa it is a bit of a classic loss of confidence in the banking sector. the problem with this is that once you start seeing this happening, you really need action like we saw in the us or the swiss n

citigroup saying the outlook is mixed, taking a big hit today.he homebuilder also down significantly, down 7%. on the back of some earnings that have come through, but they are seeing signs of recovery in the u.k. property market, home sales edging higher in the first few weeks of 2023, but they are facing higher mortgage rates and consumer households under pressure, down 7.3%. i'm not sure you are a moncler fan, but that stock is having a very different day. francine: they beat on almost all metrics in terms of revenue. it is amazing to see growth of 20% year on year, and by region, asia did particularly well. what i find amazing is they sell jackets, but they have managed to do a lot of collaborations with rap stars, that is why a lot of their higher end puffer jackets are flying off the shelves. u.s. firms could be ready to pour billions in northern ireland after rishi sunak's new post-brexit deal. we will get the details next. this is bloomberg. ♪ tom: welcome back to the open. we are almost 24 minutes into the european trading day. the china

morgan chase. citigroup. bank of america and goldman sachs. argentina central bank has raised interest rates to 78 percent. a $300.00 basis point increase comes after year on year inflation exceeded a 102 percent in february, reaching triple digits for the 1st time ever. 3 decades. new zealand has become the latest country with at least past or restrictions on tick tock. banning the video app from any device is used by parliamentarians is due to cyber security concerns and it follows similar measures taken by the u. u. s. meanwhile, wants to band tick tock entirely if chinese and a bite dance went to divest it steak and strikes it for german airports of lead to the cancellation of hundreds of flights on friday. german union verde called on security on ground handling staff at airports in dusseldorf. cologne, bon stood group, stuttgart and bowden, bowden to strike, overpay and working conditions. in total, almost $700.00 flights with rounds, $89000.00 passengers were cancelled next, the word renewable might conjure up images of wind farms or solar panels. but what about burning trees? a

still ahead on the show we discussed comments from citigroup ceo jane frazier as she weighs in on theanking crisis. >> the banking system is pretty sound we are talking about a few banks, you heard it from sherman powell today, this is not a spread across the entire banking system. this is not like it was last time. this is not a credit crisis. this is a situation where it is a few banks. ♪ - i'm nervous. i'm excited. (paper ripping) - [speaker off camera] okay, let's see it. let's see it. - oh my gosh! - jesus g suarez. i did it and it's here. - [speaker off camera] yeah! ♪ - [narrator] next term starts soon. visit snhu.edu. go. go brain. no, not that one. go this one. go optimizing data. go efficiency. go results. emerson's plantweb digital ecosystem is the brain for smarter, safer and more sustainable performance. go plant go. go boldly. emerson. >> they could be smaller institutions that have similar issues in terms of being called without managing the balance sheets as ably as others have done. it is likely there may be a few of them. we certainly hope there will be fewer of them

citigroup ceo says the u.s.ng system is sound and the fallout is not something that will spread across the industry. we spoke with -- he spoke with david rubenstein at economic club at washington event. >> the fed's job is fighting inflation. we want the fed to be very dependable in fighting inflation. that should be. there most important priority. there are ramifications. but, there are certain banks, isolated few, that have been impacted negatively, that did not manage their balance sheets that well in retrospect. david: in 2007, the u.s. government passed hard legislation. under the tarp legislation, large amounts of capital were injected into banks including citi. everyone took it who was offered it. effectively, that meant that the shareholders, the creditors and the depositors were all protected. this time around, silicon valley bank, only the depositors were protected, over a made by the biden administration. do you think that was the right decision to protect only depositors and say goodbye to the shareh

citibank, citigroup among those saying there was no peer reason for this.t was really down to more of a sentiment move than anything else another analyst say it is a question of the market selling first and asking questions later. it certainly tells us, at least, that the moved we have seen from regulators, central banks, to try and stem up sentiment in the market still appeared to have a ways to go. haidi: good to be opportunities for other types of lenders? annabelle: some are saying in the market this is the golden age for private sector credit instead. these types of lenders can come in and dictate terms when it becomes more difficult for businesses to access credit for more traditional lenders. this is the view coming through from avenue c mark last week. he spoke to bloomberg earlier and said that faced between the choice of original lender smaller bank under the u.s. versus a big wall street bank, he said the choice is clear. listen. mark: what is the benefit of keeping your money in a smaller bank? even if that bank is doing extremely well, it is no

tom: we focused on deutsche bank and citigroup said it was irrational.t rebounded to 2.4% and sold off significantly in the last two weeks, double digits. you see opportunities in european banks? caroline: because volatility will be with us for a while, we are neutral on financials in europe. there is more of an opportunity in asian banks which have sold off a little bit but not as much but they are not as exposed to the sentiment concerns and the equally have very good capital and solvency ratios. francine: how do you pick them? we are trying to figure out the at1's but it seems like there's more exposure to the at1's in seniority what happens in asian banks. caroline: we like the japanese ones in the hong kong banks. tom: you have a focus on diversifying away from the u.s. in this environment appeared as a call on valuation and where does it take you? caroline: it is essentially a call on valuation because we are in a time when urgent -- earnings are not good in regions. we are preferences for emerging markets, particularly upside on the chinese market

we have it all sharply lower including morgan, goldman sachs, citigroup, jpmorgan chase and bank of americafa's down 4%. it's still with us, folks. now this. the may seem obscure and of no relevance to america. bear with me, please. there was an election this week in the netherlands. the farmer-citizen movement, only four years old and with fewer than 11,000 members, swept to a huge win. bear with me, this is interesting. the dutch government wants drastic reductions -- retransitions on farming. -- restrictions on farming, all in the name of climate change. cows are, apparently, the big problem. so one of those proposed rules, farmers would have to cut their herds drastically. thousands would to go out of business. these rules were set by young, urban heats like that guy with the just stop oil shirt trying to glue his hand to the netherlands' most famous painting, the girl with the pearl earring. what do these people know about farming? nothing. except that it's bad and must be stopped to save the planet. the crunch came when dutch farmers came out to vote and won, bigtime. imagine that, fr

a $30 billion cash inflation from jpmorgan chase, bank of america, wells fargo, citigroup and others that will help first republic meet withdrawals and also reassure anxious markets and boost confidence in the wider banking system. are a rahel solomon has more. >> reporter: on the banking front, helping calm the nerves of investors, 11 banks now stepping up to provide financial life line to first republic bank. the regional u.s. bank facing significant challenges over the last week similar to those that led to the demise of silicon valley hubank and including customers rushing to withdraw their money. the banks now stepping up include jpmorgan chase, bank of america, citigroup and wells fargo who announced thursday that they are each making a $5 billion uninsured deposit into the bank. also stabilizing markets, news that credit suisse will be borrowing 50 billion francs from the swiss central bank. and this is a major development for the larger economy because credit suisse is considered a systemically important bank for the global markets. and that just means that it is too importan

. >> the group coming to the rescue of first republic includes wells fargo, citigroup, bank of america and morgan stanley. first republic is the third regional bank to flirt with failure in recent weeks. >> and shares of first republic closed up 34more than 10% on thursday. the dow gained more than 1%, nasdaq was up 2.5%. more now from rahel solomon. >> reporter: two major developments thursday. on the banking front helping calm the nerves of investors. 11 banks now stepping up to provide a financial life line to first republic bank. the regional u.s. bank facing significant challenges over the last week similar to those that led to the demise of silicon valley bank and including customers rushing to withdraw their money. the banks now stepping up include jpmorgan chase, bank of america, citigroup and wells fargo who announced that they are making a $5 billion unsured deposit. and this is a major development for the larger economy because credit suisse is considered a systemically important bank for the global markets. and that just means that it is too important and too big to fail. s

news accounts say other banks balked at first when he said let's do this, but then citigroup, wells fargok of america all said yes. let me say that again, chase, wells fargo, bank of america, citigroup, they came to another bank's rescue and that makes them sound strong. so now all kinds of other banks want to join and sound strong, too. there are now 11 banks helping out first republic. >> treasury secretary janet yellin testified before a senate committee thursday to talk about the budget, but as you would imagine, she was asked about the health of banks and america's own credit in the form of the debt ceiling. we'll talk more about that come us up as we talk politics. >> different story and different planet. this is a volcano on venous. we knew they had volcanos but we didn't know they were still active. this week a scientist, a planetary geoscientist published the major scientific discovery, from the university of alaska fairbanks, he figured it out by comparing pictures from 30 years ago taken by the magellan spacecraft. back then the ability to overlay pictures wasn't available. he

citigroup up 1 1/2% and wells fargo up 3 kelly, i'll send things back over to you. >> dom, thank you very much. the first domino to fall in the silicon valley bank collapse was losses in bonds as yields rose they fell in value and it's not just banks dealing with those losses. there's more institutions potentially exposed. frank holland is looking at some big tech companies with bonds on the balance sheet. frank? >> as you mentioned silicon valley bank isn't the only company seeing losses from treasuries on the balance sheet. some of the country's largest tech companies also reporting unrealized loss ntz billions for example, microsoft with more than 2.5 billion in unrealized losses in treasuries according to the latest filings. alphabet just over $2 billion. apple just over 1.5 billion. wedbush says we could be headed toward what they're calling a write-down bonanza when it comes to bonds in many company portfolios and i've spoken to analysts and a microsoft investor both agree these companies are in a much different position than svb and these losses won't fundamentally change thei

jp morgan chase, citigroup, bank of america and wells fargo contributed $5 billion apiece, smaller banksbillion and even smaller brokers, 1 billion. in a joint statement the banks said in part, this action by america's largest banks reflects their confidence in first republic and banks of all sizes, joining he me is the wall street journal chief economic core upon correspondent, nick timarose. thank you for being here. can you say this $30 billion is showing that its confidence in all banks? >> yeah, well, we'll find out this morning. we'll see how the markets react. this was seen as important, maria, because you had a bank run last week. you had a classic bank run and the actions by the government on sunday to bail out the uninsured depositors at a silicon valley bank and signature bank were he designed to stop the panic. and they worked most of the way. but not completely. i think what you saw earlier this week was concern about the deposit franchise at these regional banks. you had people saying wait a minute, this was a bank a week ago that looked great. their depositors ran and now

why do you believe your stuff is safe at citigroup? my brother call me the other day.uess what he asked me? is my stuff safe at jpmorgan? maybe i should move it here. what you try to do is minimize that. now, here's interesting thing, liz, wall street has done these sort of things, these bailouts, in the past. it worked when the hedge fund long-term capital management went under back in 1999. they bailed that out. the feds, dick grasso and the federal reserve and the treasury got all the banks together and said you've got to bail out this hedge fund because if this thing goes under, you know, the markets are going to go nuts, and you might go under. so they went in there and bailed out long-term capital right before the financial crisis. they a bailed out all the big bond insurers because they said e that the bond insurers, if they go, well, then bear stearns might go, lehman brothers might no -- go and everybody because they're all holding the same fox toxic debt. it worked with long-term capital. as we know, it did not work with the bond unsurers. months, a month aft

wells fargo dropped $8.5 billion followed by citigroup at $3 billion. fear is overtaking the financial sector. the parent of silicon valley bank announced a $1.7 billion share sale. so the firm is dealing with cash burn due to declining deposits from start-ups that are struggling with a venture capital funding drought and think about the higher interest rates. that's also a factor in this. so the top decliners in the s&p 500 include san francisco-based bank first republic, and then else with in the markets we've been -- elsewhere in the markets been keeping a close eye on the dow and is really in the last few moments we have hit session lows. right now you are seeing session lows on the dow jones industrials, down 439 points. so we are breaking session lows at this moment. s&p as well hitting new session lows, 60 points to the downside. and the nasdaq, the tech-heavy nasdaq, is also hitting session lows, down 189 points. now, all of this market is on the heels of jay paul as we look ahead now -- jay powell as we look ahead to the february jobs report. t

friday, sky 7 found citigroups using bulldozers to remove portions of the landslide.ut with another atmospheric river in the forecast, catherine is feeling nervous. >> i don't want it to impact the actual foundation or structure. i don't want to lose value in my home. cornell: tarps and rain ponchos are hot sellers at pdas hardware, even on the last day of winter. >> checking out your pumps and gutters before it hits is always a good time to do it. cornell: got to be ready, right? >> you got it. we have a lot of practice. cornell: mike azra and his daughter say bring on the next storm. >> i think it is welcome because it prevents a bunch of fires and droughts. >> people are starting to get tired of the rain, but when i think about long term and the drought and fire prevention, like my daughter, i feel the same way that it is welcome, and come the hot summer we will be looking for some rain. cornell: and more rain definitely on the way this week. sandbag stations are still open across many communities in the bay area. right now, if you look at the forecast, it looks li

to his work history -- citigroup, goldman sacks, which he testified to under oath, none true. linked himself to various tragedies and identities. >> i've seen how socialism destroys people's lives because my grandparents survived the holocaust. i'm a jew, trust me. >> reporter: he later attempted to clarify to fox news his connection to judaism. >> my heritage is jewish, i've always identified as jewish, i was raised a practicing catholic, i've always joked with friends, even in the campaign, "guys, i'm yjew-ish." >> reporter: he said his mom died of complications of 9/11, when she wasn't even in the u.s. during the attacks. >> how do you know your constituents can trust you even though you misrepresented your biography to them? >> reporter: his personal finances under federal investigation after questions were raised. in 2020 he had a salary of $55,000. but last year, he valued his assets between $2.6 million and $11.25 million. as his falsehoods have been exposed, santos in interview after interview remains defiant. >> my question is, do you have no shame? >> i'm not a fraud

as the citigroup, the steinway family grew along with it and the company grew along with it.. it's a true new york story and it's a very new york place. we have people coming from all over the world to work here. about approximately 75% immigrant workforce. there is a little bit of magic here, but i think even more important than the magic is what creates that magic, and it's the fact you have all these people with these skills that have learned them from many decades. and if you were to move somewhere, unless you are able to bring all those people with you, you lose that magic. i am rarely short of a reason to come visit new york, but here's another — sitting here now, it's become more than just music. ifeel like i'm listening to a slice of history, of people arriving with a dream to make something really special. applause. right, coming up next week — ade is looking back at some of our favourite historical journeys, from a tour of paris in a classic french car to an encounter with the world's oldest mummies. we have about 17 mummies in this store. in the meantime, do check

based in san francisco getting a $30 billion boost from other big banks, including wells fargo, citigroup, and chase. they're all giving between $1 billion and $5 billion apiece, in total, $30 billion. the banks said the money reflects their confidence in both first republic and the banking system in general. this comes after first republic's stock went into a free fall in recent days. the drop tied to the failure of silicon valley bank, which collapsed last friday. svb has since been taken over by the federal government. >>> also tonight, an ambitious proposal to reduce homelessness laid out by the governor. and one bay area city is a big part of it. governor newsom outlining his plan to provide $1 billion in grants while standing in front of an array of tiny homes in sacramento today. the grants will be used to send 1,200 of these tiny homes to several cities across the state. san jose is going to get 200 of these tiny homes. mayor matt mahan says the existing communities have flourished. >> the neighborhoods they're in see the same or fewer calls for service for both 911 and 311, so pu

morgan, chase citigroup including injecting some huge amount of money, $30 billion in two first republicive. fine republic to keep it alive. one thing that _ republic to keep it alive. one thing that we _ republic to keep it alive. one thing that we are _ republic to keep it alive. one thing that we are seeing is janet trying to reassure the markets and its ability to shovel off the 2008 financial crisis and do you think that she is going to succeed? it's been a very volatile time and people are waiting for the other shoe to drop with some other shoe to drop with some other banks.— other banks. that is the big concern- — other banks. that is the big concern. we _ other banks. that is the big concern. we have - other banks. that is the big concern. we have seen - other banks. that is the big concern. we have seen a i concern. we have seen a positive response in this country and the banks have said that this illustrates the confidence that they want to try and get their message out there to regulators in this country have talked about this 11 banks being most welcome. everyone is seemingly

valley bank did last week, and this $30 billion, from 11 major banks, that includejp morgan chase, citigroup, crucially important to keep first republic alive, because first republic alive, because first republic is a very prominent banker in california, in los angeles, over the last few days we have seen people queueing outside to take their money, their investments come out of that bank, and place them with other larger banks, such has been their concern that it could go under. there has been a ripple effect, if you like, throughout the banking communities, and a banking community that we have seen —— a ripple effect we have seen go right across the sector. we have heard from janet yellin the treasury secretary saying positive things about the us banking system, that it is secure, and we now have the confidence, reflected in the decision of these 11 banks to pump so much money into one single medium—sized bank. all eyes now will be on the markets to see how they respond and all eyes of course on individual investors, the individuals who have money in this and other banks, to see how they r

they covered them with fishing nets. citigroup fishing materials to the coast guard wouldn't get. suspicion is shout when you than you know that going. i'm not. so if these are boot, they think it was a fisherman's boot. not smuggler was. did his i, we want to gum, didn't want it. gone the thing. logan, i'm the near come the name unlike of them, one of them would build them up. and then after today's at see, the 2nd captain suggested throwing a few people off the boot. i told him i wasn't a murderer, he said to sink, but i refused the one near book overlook manguno with the if one venue offline from the city. all the migrants to los palmas, i left them a fisherman, not a murderer. we continued the trip, maybe after a couple of kilometers, the engine contact, warm one of them. i having them on monday when one of the well without me i went to check it will not hurt worrying. noise in the coast. guards were approaching, but i couldn't go. i tried to keep out of sight. i'm in need of one of them without it won't. and the deal guys with the nickel, told us to stay calm. when asked if i was the c

the package is backed by major american banks, among them jpmorgan chase, citigroup, and morgan stanleyim of a wider scare over bank liquidity following the collapse of two us banks in recent days. our north america correspondent peter bowes has more. this is an attempt to shore up confidence in the banking industry, both the words of the treasury secretary who said that she is confident that the banking sector is secure, but also the actions of these 11 major private banks including jp morgan chase and citigroup injecting some $30 billion into first republic, this medium—sized bank that was in danger of also going under. this is a bank that is quite prominent here in california. and it also, like the silicon valley bank that went down last week, it also serves that community, the start—up community in northern california. it also serves the wine industry here in california. we have seen over the last few days, some people queueing outside their branches to take money out of that particular bank because they were so concerned that it, too, could go under. now, what we are seeing now is

sector is secure but also the actions of the 11 major private banks including jp morgan chase and citigrouphis medium—sized that was in danger of also go under. it�*s a bank thatis of also go under. it�*s a bank that is quite prominent here in california and it also likely silicon valley bank that went down last week, it also serves that community, the start—up community in northern california, also serves the wine industry here in california. 0verseen over the last few days some people queueing outside their branches to take money out of that particular bank because they were so concerned that it too could go under. what we are seeing now is perhaps a rallying and increasing confidence in not only this bank but the banking sector at large because there are being tremendous jitters, large because there are being tremendousjitters, a ripple effect not only here in the us but really across the world as to what was happening. it is a matter of holding our breath a few hours, maybe a few days see how investors respond to the actions of the 11 banks, two save first republic. janet yellen talked

we see these major 11 private banks, jp morgan chase, citigroub — private banks, jp morgan chase, citigroup injecting some huge amount of money, $30 billion, into first republic, — money, $30 billion, into first republic, to keep it alive. the one thing _ republic, to keep it alive. the one thing that _ republic, to keep it alive. the one thing that we _ republic, to keep it alive. tie: one thing that we are seeing republic, to keep it alive. ti9: one thing that we are seeing as you mentioned, janet yellen trying to reassure the markets. it's a bit like deja vu of the 2008 financial crisis, but do you think that she is going to succeed? it has been again a very volatile time. a lot of people are waiting for the other shoe to drop with some other shoe to drop with some other bank.— other bank. well, that's the bi . other bank. well, that's the big concern. _ other bank. well, that's the big concern. we _ other bank. well, that's the big concern. we have - other bank. well, that's the big concern. we have seenl other bank. well, that's the | big concern. we have seen a positive response certa

jp morgan, bank of america, citigroup and wells fargo will each contribute $5 billion of uninsured depositsand morgan stanley will ship in. they offered few clues on the next move. officials lifted the rate to 3% as expected although there is no language in their statement about where borrowing costs are headed. it comes days after the market turmoil that quickly elevated level of uncertainty reinforces the importance of a data pendant -- dependent approach to a policy rate decisions which would be determined by our assessment of the inflation outlook in light of the incoming economic and financial data. the dynamics of underlying inflation and the strength of monetary policy transmission. greg's ubs and credit suisse are resisting the idea of a merger that some of the industry say would boost investor confidence. sources say that ubs is reluctant to take on it small arrival. executives are focused on turning the background. jp morgan analysts are saying the prices and credit suisse will most likely end in its takeover. global news, 24 hours a day on air and on quicktake, powered by more th

lying about his resume, including falsely claiming to have a college degree, and that he worked at citigroup and goldman sachs. none of it was true. >> i've said i'm sorry many times. i've behaved as if i'm sorry. i am sorry. i'm deeply sorry. >> reporter: he also lied about his family story. falsely claiming his grandparents fled the holocaust and that his mother died from causes related to september 11th. for months, republican leader kevin mccarthy, who needed santos' vote to get elected speaker of the house, refused to criticize the congressman. but mccarthy is now suggesting he's had enough. >> you'll support santos if he ran for reelection? >> i didn't say that. >> i'm asking you. >> i think we'd have to see the election. i'd probably have a little difficulty doing that. >> reporter: in a written statement today, santos said that he will fully cooperate with the ethics committee's investigation. david? >> jon karl on this again tonight. thank you, jon. >>> when we come back here, the developing headline. the fbi arresting a heavily armed man, accusing him of threatening to kill governm

the former citigroup in banking investment head was selling as part of the deal, all of that is now inoming to the end of the european market open and let's cross back out to zurich where francine is standing by. we will check in on the markets. it's been a remarkable day for these equity markets and bond markets as they adjust to the news of the momentous decision for ubs to absorb credit suisse. ubs down 11%. credit suisse tumbling 60%. the losses as we adjust to the news that ubs has taken over credit suisse. what it means for profitability in the banking sector. francine has plenty more coming up. >> special coverage, three questions we want to answer. what does this mean for bondholders. are we now safe, do we have a safer banking system and we try to figure out what this deal means for the investment bank and the swiss bank. ♪ everything's changing so quickly. before the xfinity 10g network, we didn't have internet that let us play all at once. every device? in every room? why are you up here? when i was your age, we couldn't stream a movie when the power went out. you're only a

morgan and citigroup are doing by injecting some $30 billion into the republic, they are showing up intout more the system is well bank but more the system as well why are other lenders coming to first republic's aid? because of the potential of a ripple effect. that is starting with one bank, to banks and then three banks and the new becomes out of control and the new becomes out of control and talking about a contagion and likening the situation to a deadly virus and spreading through the community and we all know what that can be like. financial equivalent and they want these banks want to stem the situation before becomes a financial equivalent of a pandemic in there seems to be very real concerns about that happening. you've been reporting about what's happening in europe and those ripples are already extending for and wide anything but we are looking for now is the response of those investors, those investors with fears of the last few days. we note that in the republic, its shares have shut up more than 20% but the next few hours and suddenly days are going to be crucial. you're w

economist of citigroup is with us.ave led the way on some form of vector to get to higher interest rates. this is where we are going. did they go too far too fast? >> i think we don't know. i think we will find out that it's not the case they have gone too far or that they've gone too fast. they want to achieve price stability, financial stability and achieve full employment. we've been in a situation there were only one issue was priced in that was too high and now they have to balance between financial stability -- tom: i went back pre--volcker in the first derivative of what they accomplish. it's never been such a steep movement. did they -- to keep it simple and sensational with great respect to the chairman, did his trajectory with his fed compatriots because this financial upset we are living now? >> causation is a difficult question because we know that higher interest rates have to do with what's going on the banking system now. if the fed pauses, i would argue that you will get higher interest rates because in

tom: the citigroup ceo speaking in of the state of the banking sector.ing of which, let's bring up the premarket movers. focus on coinbase and we will get into that shortly. also first republic. premarket gaining 3.5%. he also have chewy, the pet supply company. let's get into the coinbase story. the u.s. sec has warned the crypto exchange of its plans to sue. let's bring in alex webb. what do we know? >> the sec has brought an enforcement notice against coinbase which is the largest crypto exchange. they have been in discussions for much of the past nine months or so. coinbase asserts it's in a this. these are securities, the government is saying that they are. >> why is the sec being so aggressive at this point? >> a lot of it is the fallout from the ftx scandal where you saw lots of investors and retail investors wiped out. they have been accused of not necessarily protecting retail investors as well as they could have done. it is not just coinbase, we have seen other competitors beside. tom: and coinbase saying they will fight this if it goes to cour

tom: coming up, citigroup the latest bank cutting jobs.ocus on the state of the global labor market. how things are diverging and just how sticky it is. details next. this is bloomberg. ♪ francine: welcome back to the open. 30 minutes into the european trading day. positive economic data from china propelled global stocks to their first weekly gain in a month, but u.s. futures drop as more fed officials take a hawkish stance on rates. the fca launches an investigation into the london metal exchange handling of a short squeeze in the nickel market last year. lufthansa flies high as the german airline critics a travel recovery this year. we will speak to the ceo later this morning. tom: global stocks set to bright three weeks of losses. data out of the euro zone did nothing to push back on the idea that march is in the bag for the ecb with 50, and may with another 50, that is my call from barclays. bnp paribas these a terminal rate of 4%. strong services data out of spain, firmly expansionary territory. basic resources at the top of the list

big banks are off in percentage terms, the biggest loser is goldman sachs, they are all down 4%, citigroupor 3%. i think it is 5%, big drop, a russian fighter jet forcing it down in the black sea, that is close to ukraine. what is the latest? >> the us has called this incident anything from dangerous to juvenile, happened at 7:00 yesterday morning. two russian fighter jets intercepted a ripper drone in international airspace over the black sea. the fighter jets harassed the drone, buzzing dangerously close in front of the drone, one of the fighter stumped fuel on the drone and the pentagon says during one of these flybys a russian fighter struck the propeller of the drone and broke off a piece, the drone became unmanageable in the decision was made to ditch the 32 million-dollar aircraft in the black sea. with tensions high between the us and russia and even china, the commandant of the us marines says this could send nations spiraling toward a broader conflict. >> things bumping into each other, causing her collision and two great powerful nations trying to sort it out at 2:00 in the morn

. >>> citigroup joining the job cut band wagon >>> the esg fight moving from wall street to pennsylvaniadent biden prepares to veto a new bill targeting environmentally aware practices. sarah bloom raskin is here to weigh in it is friday, march 3rd. you are watching "worldwide exchange" here on cnbc >>> welcome back to the show i'm dominic chu in for frank holland. let's check on stock futures they are higher. i mention the photo finish we will try to snap the losing streak s&p higher just slyightly all three looking to ink out gains. the dow was looking to break a four-week losing streak. in the bond market, yields are ticking lower. that is not the case the near term has been higher. we are backing off the higher levels you may recall one point yesterday we were pushing up toward the 4.1 for the 10-year treasury yield we are now back down to a hair above 4% on that big figure. the 2-year treasury is 4.86% 30-year treasury is 3.94%. the rapid rise in bond yields isis moving back to mortgage rates. the average rate on a 30-year fixed rate mortgage is above 7%. compared to 4% the same tim

yes, yes, in 1395 1395 , we reached a strategic agreement of 25 billion dollars with the chinese citigroup in a one-year period and defined a large credit range . this attack was supported by oil and our energy exports and the capacity of the other side to allocate credit resources for the import of goods that we can do from that side, which happened, and i think, your excellency, i wanted to point out that we do not have continuity depending on these agencies. and the mother where he strengthened to export because be strengthened, i will die for you, don't go. now that we have a strategic agreement with china, we will bring it to the fore. the supporters will sign 20 memorandums of understanding, 18 million parties, one of which is in the 200 large capacity clause, how many billions of dollars are our monetary exchange strategies ? you are written on paper, the capitalist program that is in china , don't forget our own capitalists , we have good financial resources on this side , i don't see goods when i look, our relationship with the chinese is only limited to oil and so on. the money c

citigroup 5% -- okay.tion of the downside move in big american banks, let's get that straight. crisis continues for big american banks. mitch roschelle is with us this morning, different subject today. mitch, you have money in a bank bought out by svb. as i understand it, you still can't get your money, what's the problem? take us to it. >> this morning the last wire transfer went out so a little breaking news there so the back story is this real estate investment i was in, a private bank, the safest bank you can be with, they required july of 21 by silicon valley bank and they stayed with them just because they were dealing with the people they been dealing with for years, an asset was sold and proceeds came through beginning of last week. wednesday and thursday wire transfers when out without a hitch to investors. the final money about half of what was remaining, said to be wired out on friday and when the wire didn't go through, representative from the bank sent a press release saying nothing else. then

either way, this divergence is what citigroup points to saying they would not be buying risk right now. they would not be buying american stocks or credit, because these worries are still here. our stock markets whistling past the graveyard? some of those gains continued this morning and american futures. let's take a look at that. s&p 500 futures are up 0.1%. a little more weakness when it comes to european futures and asian markets. they are slightly down. two your yields continue to get the bid, the front end globally continues to get a bid. australia looking at five basis points lower this morning. that is traders tracing in cuts to come from the fed. in the 12 months through june, at least six cuts at the moment, the most in 2008. the yen is getting a bid this morning. japan's cpi indicated some of the sticky and persistent nature of inflation that perhaps japan will need to normalize sooner. let's get into these top stories. we have the latest on the banking crisis out of the u.s., credit suisse and ubs are under fire this morning, and block hit back at hindenburg after they issu

morgan chase down 5%, 6% for citigroup.learly nervousness about the systemen it -- >> on any other day inflation would be the big story. cooling off much more than expected, 4.6% year over year in february. as you can see on this chart, really moving in the right direction. it's a sharp decline, almost 12% this time last year. this is certainly going in the right direction. good news for consumers there. retail sales, now consumers they pulled back on spending in february. but this comes after a big gain in january. some of this is just a giveback. where are people spending money? year over year, big nicking, food and drinks at restaurants, autos, but they are pulling back on electronics, gas stations, also auto dealers. the question is, what is the fed reserve going to do at next week's meeting. no one really knows what the fed is going to do. at last look we had basically a 50-50 split. they told things steady, which is ha big changes, and 50%, 55% saying a quarter of a point money, it's very interesting that exactly a we

meanwhile on the jobs front, we had comments from the cfo of citigroup.en. >> we've been doing lots of hiring. we have been trying to build out in areas where we have had a competitive advantage or in area that we are suggesting significant growth opportunities. we are investing in investment banking. tom:,, should bankers and employees be worried? tom: yes. fascinating word there. he was using words like recalibrate our pace of hiring. there might be job loss -- losses coming. dealmaking is not happening right now. it is interesting to hear it. lots of wiggle room there. it does sound like more bad news had for investment bankers. tom: another huge story appeared j.p. morgan suing former executive jes staley for epstein at. what do we know? tom: the u.s. a lot of lawsuits going on against jp morgan because they backed epstein and they are liable for damages to his victims. jp morgan has come out and said we don't see these cases having any kind of viability, but they do, the person you should be suing is jes staley who ran the investment bank during thos