signs of stabilization in terms of the net new money coming in to ubs and credit suisse and credit suisse in particular, there is a line i read talking about, they are courting net new money and wealth management, turning positive for the first time in a year-and-a-half. that is a better number, what the market is looking for. remember we are looking forward to the full year numbers, when we will get a strategy update. it is hard at this point to contextualize these numbers and that will be the issue the market has to grapple with. they will look at the money and stabilization and costs. you highlighted the acceleration, clearly they feel they need to move faster in this process and the market will take that as being a good sign. the loss they have generated is basically credit suisse's loss swamping ubs profit and we have to wait for guidance on when those things are going to come to kilter and these businesses in totality will start making a profit. kriti: in terms of keeping the prophet, credit suisse has known -- he is known for wealth management. our the losses in ubs'wealth manageme

the other question is how is the integration of credit suisse going?ut of the $10 billion, they achieved $3 billion. they are running one quarter ahead of schedule. that is positive news to the market. it shows that they are fr frontloading some of the cost savings and managed to do it without impacting the business in a very impactful manner. one thing i want to draw on is cost savings. these are not abstract numbers. they tend to be associated with head count reduction. ubs reduced the head count from a year ago by 14,000 from both entities. that is a reduction of 9%. i asked him whether or not he could give me some more color on the head count reduction and the impact on the business overall. >> it's across the board. i think that is something where i would not note any particular issues. from a business standpoint, the la la la largest head count is where we tend to keep one-third of the count. we have been onboarding. the rest has been basically left voluntarily or we saw natural attrition or we are taking action as we speak. >> what are you doing

when you think of how many deposit outflows credit suisse saw at the beginning of the year.nn they gr -- integration and the language from the ceo as he says it is going better than faster than they planned. here is what he had to say about it. >> our target is in excess of 10 billion growth savings. the heavy lift is going to be in 2024. this is where i would say is a pivotal year for us. >> reporter: so one aspect that emerged today is out of the $10 billion of cost savings they set for 2026 as a target, $3 billion has already come through. this is one quarter faster than they had projected three months ago. going in line with how they imagined faster. that entails job cuts. so far, they announced since december of 2022, so one year ago there have been 14,000 job cuts. that's through redundancy and some why voluntary. when you think about the cost savings, you have to bear in mind the job cuts with that. that is a focus for the community. putting it all together, people were encouraged by the fact that the operating business still continues to perform strongly and those ne

guy: credit suisse has lost its ubs profits?es the combined group, the integrated group make money? >> i guess it depends on if you adjust on that. if it makes profit next year. the ubs entity is profitable. they are taking it over time and ubs will take the effects, the accounting benefits of riding down assets and pulling back. there will be profitable capital ratios, they will be in focus and they have already suggested we are looking with a capital distribution beyond the progressive dividend. they are looking at larger capital distribution and i would think towards the end of the second half next year we have more integral integration already in numbers and i would expect them to talk about more detail. an update in february of this year. it needs more progress on the challenges, integration causes to be mentioned in terms of distribution. alix: what do you learn about deposits and assets coming back in? do they have to do anything to gain that? >> i suppose that there were a few of ubs's mango parts departments -- paying u

quarterly loss in six years, reflecting the impact of the takeover in march of its failing rival credit suisse in switzerland says its net loss was $785 million for the quarter and it says it was pressured for buying credit suisse for over $3 billion in march. global wine production is on course to fall to its lowest level in more than six decades. the international organisation for vine and wine says output is expected to drop by 7% compared to 2022. it has blamed extreme weather events in the southern hemisphere as well as some parts in europe, which have led to poor harvests. that is if it for this edition of asia business report. i will be back next hour so thank you for joining us. voice-over: bbc news, - bringing you different stories from across the uk. clocking up the kilometres on the conwell north coast, this mother is taking an recent challenge. mother is taking an recent challenge-— mother is taking an recent challenge. trying to find as much varied _ challenge. trying to find as much varied terrain - challenge. trying to find as much varied terrain as - challenge. trying to find a

the largest bank in switzerland says its net loss in, it says it was pressured for buying credit suisselobal wine production is on course to fall to its lowest level in more than six decades. the international organisation for vine and wine says output is expected to drop by 7% compared to 2022. it has blamed extreme weather events in the southern hemisphere as well as some parts in europe, which have led to poor harvests but the change could actually balance the global market as one consumption around the world has been falling, and stocks actually remain high. that is if it for this edition of asia business report. i will be back next hour so thank you for joining us. voice-over: bbc news, - bringing you different stories from across the uk. this is dawn. named to mark a new era of uk technology. it's the country's fastest ai supercomputer and it's housed in a high—security data centre at the university of cambridge. you can barely hear yourself think in here. this is 95 decibels of noise. you have to wear earplugs for safety, but that's the sound the system which cools this computer.

last since 2017 is based heavy costs associated with its rescue. fellows with banking, john credit suisse. us la 795000000. your is join q 3 and industrial production in germany fell more than expected in september as a recent slump in incoming orders. tickets total on production output decreased by 1.4 percent compared to the previous month, which is the lowest level since august. 2020 is the 4 consecutive monthly draft of europe and union has made play. it's support for ukraine and as well with russia . however, that doesn't mean that on points of tension between e u member states, and that is the neva. many of those are related to economic concerns, and one of them is playing out on the border with port or no way through. like here near dural husk polish truck drivers have been blocking 3 important border crossings between poland and ukraine. they are protesting against the fact that ukrainian truckers are getting increasing order from poland, leaving them at a disadvantage because they still dealt with that until now. all the price differences between polish and ukrainian transport co

is it credit suisse clients coming in and newman a coming into credit suisse?questions as we hear from really good people who have yet to be integrated. the integration is still very much in question. you are seeing that today in the stock. jonathan: lifting nearly $19 billion. it had entered into a agreement. the company had once been valued in 2019 at 47 billion u.s. dollars. adam neumann is long gone. long live adam neumann. now is the time for us to pull the future forward by addressing and improving our balance sheet. we are pulling the future forward. lisa: there is a lot about the euphemisms and the spiritual the of going to the office every day. there is a question of how much of an era it was that has been killed off by the pandemic and inflation. adam neumann is the poster child , but remember this company that sold $699 juicers that attached to your phone with all these highfalutin concepts? there is a question about whether the highfalutin discussions are getting lost in the reality of cost of money that is something rather than nothing. jonathan: t

haslinda: i would be remiss not to talk to about ubs and the fallout from credit suisse.nd i want to take you back to that infamous rescue weekend where the swiss government did get in touch with the likes of emodi. i wonder whether you were approached at the time. >> i have a very simple policy, never look back, never go back. when i left ubs, we were well prepared as a bank for problems at our biggest competitor in the whole market. the board has been looking at that. the worst thing that him into a bank is that it is a major competitor in the home market becomes destabilized and you cannot stabilize the situation or a foreign competitor comes into the market and is a formidable competitor in your own backyard. ubs was well-prepared and i can tell you until the day i left, that was the scenario. haslinda: the integration between ubs and credit suisse -- a gigantic bank is now well-positioned to compete with the banks on wall street. >> i think it is pretty clear that ubs is now a bigger and much more formidable player in the european and global markets. as i said, we al

, another sign of a revival in a market roiled earlier this year by the historic right over at credit suisse week, ubs sold additional tier one notes pulling and roughly 10 times the bids for the debt on offer in its first such issuance since roughly $17 billion of credit suisse's at1's were wiped out, all part of the ubs takeover. a quick check on what else we are watching opportunity. add this two year investment diary, we get the eu auto forecast, plus final readings from spain and france. about 1:30 u.k. time, various data coming out of the united states, including retail sales, ppi, and manufacturing, all combined with some of the retail earnings numbers we get as well. target, for example,, t.j. maxx even home depot are reporting before the u.s. opening bell. geopolitics and focus, chinese president xi jinping meeting with president biden at the apec summit in san francisco. a lot can move these markets. we are going to have you covered right here on bloomberg television. . you don't want to miss our excuse of interview as well with portugal central bank governor, ecb governing council

used to have backing from credit suisse and then sold that back. standing asset managers, credit space and gives a set of expertise to regulatory capital, to the idea of investing in mortgage markets. guy: what would be the most likely thing he does? is the continuation of the theme or something different? sonali: cqs in particular is run by -- who has been running it for a number of years and she seems to be maintaining her space at cqs. for michael himself i don't know what he is up to next. alix: fair enough. we are getting a lot of reshuffling in other areas. what has stood out to you. the trends are always interesting. sonali: if you look at the entire investment universe you saw mostly fund management industries as net sellers. when you think about that paired for -- paired with michael burry's bullish wager. you see things at the same time which is a nervousness about the travel going forward. within about the universe has said about the idea of the market moving higher. also this idea of taking profits. with the duchesne family office trimm

this will be a foursquare included credit suisse earnings. think that investors will be looking at is to get a bit more of a gauge as to where long-term value really lies. this is on retaining some of the key talent across the board. the attention will also be on wealth as well as deposits and the pipeline going forward. the bank has a lot more of the revenue from equity strategy which bodes well for leaders across the sector at the minute. stremme results seen from u.s. peers goldman sachs and morgan stanley which reported quad strong beats in that arena. >> we have to see just how much momentum they can really sustain. they are kind of in a league of their own compared to some of the other european banks. walk us through that part of the world. >> that is right. most european banks have been performing around consensus but we are really saying bigger and better performance across the u.s. given their economy is doing so well and drawing unexpected lay at such a high rate. we might see a little bit more of transatlantic divergence going forw

inflows flows at ubs and credit suisse, a positive for the market. did i start off with a or 1.aybe i am a bit of a goldfish. alix: we are all goldfish. dan: the b part would be that revenues have stabilized. if you look at the revenue situation and the fact that where the hurt is is integration costs and some of the write-downs, we are getting a pulled part affect is that we could be looking at valuations if they managed to keep tier one capital ratios hi they would more likely be above one and 0.8 currently. i think ups is enjoying the fact is see -- ubs is seeing the turnaround will be beneficial for shareholders. guy: the rate story. dan: financials, especially those that have exposure and npl , that will be a story. once again we plastered over the u.s. regional banks issue, but we did not fix the problem. guy: great to see you and we will make sure that this happens again. this is bloomberg. ♪ good night! hey corporate types. would you stop calling each other rock stars? you're a rock star. you are a rock star. no more calling co-workers rock stars. look, it's great that y

the like of credit suisse? like dbs? >> no. the amount of funds and deposit the flow through them is massive. the fact that money was found in these banks is not interesting come what you do with it when you suspect there is something else to do with it? look the other way and do nothing to do with it? you file a report and you close the account. that is a good outcome. >> that will be if there seems to be wrongdoing on the banks? >> if there were lapses in the controls and the risk management, definitely there will be repercussions. we need to tell right now, we are going through this. >> how are the alleged money launderers putting their money in luxury real state? the property is the weakest link? when it comes to that? >> i am not -- i do not know enough. we do not know enough to say if that is the weakest link. i would say it is one of the weak links. real state agents have a responsibility to look out for suspicious transactions. do they do that well? >> we knew that the mas is on the cusp of the leadership transition. wh

the focus there is first of all to understand how much of a barrier culture is in integrating credit suisseith ubs. some of the challenges ahead, but i want to try and understand whether european banking can rival with this new bank he is building, if it can rival wall street. something we will watch very closely. francine lacqua, we thank you for bringing that to our attention. like she said, a slew of major speakers and kim griffin is just the start of people who have a take on inflation. then you have all the economic data to digest. about 1:30 p.m. u.k. time, we get the u.s. jobless data. essentially the idea of how much initial jobless claims will be contributing to this. not much slack showing up in this data point and that will be something we watch very closely. at 2:30 p.m. u.k. time, the fed president speaking at an event. are they going to get on more with the -- get on board with a negative or will they double down on the hawkishness? higher for longer seems to be the mantra over at the federal reserve. fed chair jerome powell, spotlight lands on him as he dissipates in a panel

that has stood us well through many disturbances, whether through covid, the situation with credit suisse, and has remained extremely stable and is a core part of our franchise. kriti: understood. our final question when it comes to the regular buybacks, you set at the start of the interview this was your second buyback this year. are you worried about the regulators coming for that or making it more difficult if you keep announcing those regular buybacks? tanate: not at all. we keep our regulators well engaged and this 2.5 billion share buyback has the endorsement and approval of the european central bank. kriti: certainly something we will keep tanate phutrakul a very close eye on. tanate phutrakul, -- certainly something we will keep a very close eye on. tanate phutrakul, the cfo of ing. the bank of england will likely follow the fed in their footsteps on rates later. we will turn our eyes onto them. this is bloomberg. ♪ welcome to ameriprise. i'm sam morrison. my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 ou

the swiss banking giant has delivered an update, the first full quarter where it has integrated credit suisseects so shares are doing quite well. >> citi group is apparently planning to cut at least 10% of all jobs acrass its major businesses. that feels like a big deal to me. juliana, give us a sense what's going on here. >> this is a pretty big number. and this is according to people familiar with the process. cnbc has done reporting on this story. citi group has about 240,000 employees, so if we're talking about cuts of 10%, that's a pretty big number in absolute terms. jan frazie pg, the ceo of citi group indicated job cuts would be coming. she's trying to cut costs, and the people familiar with this process say that cutting jobs to this degree would give her more direct control over the business. she said back in september in a memo to staff we'll be saying good-bye to some very talented and hardworking colleagues. the reorganization project has been called project bora bora. that's the code name -- banks like to use code names for these projects internally according to our reporting. >>

and credit suisse in switzerland, and remarkably we were able to stave off negative effects from it.n from or they could learn from themselves to not engender those bank failures in the first place? >> i think these bank failures were idiosyncratic and had to do more with their business model rather than completely being due to the macro environment. i think by and large, financial stability has to do with this period of tightening and effort has been done like the commission to strengthen resiliency of financial institutions. with the rishaad: that actually mean for central bank looking ahead in terms of inflation? inflation may be tamed in some ways but not entirely and we have cycles of inflation as well . we could see another round. what's >> your >> take? there are many indicators that can be analyzed and can be used to see how we are progressing toward the goal and those indicators seem to be moving in the right direction. one for example is settlements and the other is expected inflation. the other is how firms revise prices through time. if there is very high inflation, for i

tom: lisa mentioned this and i go back to an essay from credit suisse on this.of it, but it devolves down to very few people win. is that what we are living with, the magnificat seven -- the magnificent seven? mandeep: given the scale of these companies and the distribution they have, data is what is you need for ai. these companies all have a lot of data and if you want to constantly train your models, be ahead in terms of the ai aspect, these companies, the incumbents, have a clear advantage. there will be somebody new develops a use case. there will be more disruption around the application side as opposed infrastructure. tom: mandeep singh, thank you so much. my brain hurts. lisa: that's tough. the application versus the hardware meaning the chips will be a higher bar but if you come up with some kind of chatgpt new version that has the programming that is much more brilliant to write your papers in high school, thank you. tom: you know this. the chips that are in here, are these new nvidia chips? are they as dynamic as what we are seeing here? are they way

and now it has absorbed credit suisse as well. tom: i am fascinated by productivity.minator in six things moving at the same time. that is where you hear dr. pingel saying we don't know. what is an apple i 15 going to do? you don't know for 10, 15 years. the market is talking right now and it is saying something. the market is interpreting at the way they want to but these are realities we won't confront for years to come. the 20 year bond is about 5%. tom: even lisa abramowicz doesn't even quote the 20 year bond. >> it gets my attention. tom: s&p 500 is up, .9%. i don't pay attention to earnings and brammo is killing me about it. starbucks and shake shack, i am sorry. it stays the suppleness of adapting off the pandemic. it is up 10%. scarlett: that's pretty incredible. there are sales in china which was a worry for starbucks. tom: the worst starbucks i have ever been to in washington dc. annmarie hordern has a tantrum, for those of you on radio. this is the annmarie hordern varese doug cart. this is for real. do we have this in new york? she had a tantrum and said i

tom: 2009, a chapter on michael at credit suisse.e wrote an essay 20 plus years ago on the concentration of technology, the concentration of return in capitalism. is that where we are? we will come back and talk about this. it is important. are we going to see a continuation of the magnificent seven? jonathan: i think it is a really important question going into next year for the stock market given the surprise we've had this year. they dominated in a way that was unexpected for many. ♪ alongside kailey leinz deliver news, insights, and analysis from bloomberg's washington headquarters. the latest from and about politics biggest power players at the end of every trading day. every weekday at 5:00 p.m. eastern time on bloomberg. context changes everything. jonathan: three days of gains on the s&p 500. futures look like this on the s&p, the nasdaq, the russell, the small caps all over the place up by 1.3% this year the s&p up by 0.2%. a positive week of gains by more than 2% currently through the close on thursday. three weeks of gains

now to begin strong on this day of the federal reserve meeting is dominic, literally iconic at credit suisse. we are thrilled he could join us. i give you the phrase, super restrictive. is jerome powell's fed combined with market action a super restrictive fed? dominic: if you like the overhang of debt refinancing in the corporate sector, clearly the front end is super restrictive and those gains will have to get reversed aggressively at some stage. the issue is the timing. that timing has been pushed out because the consumer who has great balance sheets has decided that even as they spent all of their fiscal excess they were given after covid, they are deciding to leverage up even with interest rates as high as they are but they can do that because of the balance sheet. that delays the impact of this restrictiveness which is a conundrum for the fed. tom: not higher for longer but just longer. what is the cost to jerome powell of the longer strategy at these levels? dominic: what has happened is that the fed has decided because effectively they are super restrictive. it did not want to keep