david solomon will become the president of the company elevating solomon over harvey schwartz as theventual successor to lloyd blankfein. stephen, it seems like just the other day we were talking about lloyd blankfein potentially stepping down. it was the other day. this announcement coming immediately afterwards suggests this is going to be lloyd successor. showed blankfein himself one questions on twitter friday saying my demise maybe over reported. with this move it seems like it steps up. blankfein would lead by the end of the year. this probably steps it up sooner. vonnie: david solomon has been hiding in plain view. stephen: he djs. vonnie: he's had wine stolen and tells everyone about it. what do we know about his professional life? he's in line to be the head of goldman sachs. he's been super successful. he's been a little more -- blankfein has been more reluctant to cut back goldman sachs. one story i heard about solomon job a few given the years ago of going to some goldman partners and saying and of the road for you. he's a little more hard-nosed when it comes to cost-cutt

david solomon is now the heir apparent to goldman sachs chief executive lloyd blankfein. man elevated solomon from copresident to become the sole president of the firm. the other copresident, harvey schwartz, will be leaving. goldman has not given a timeline for blankfein's eventual retirement. drop box set price target for its ipo, the filesharing company plans to sell 36 million shares for between $16 to $18 each, at the high end of the range, dropbox will have the market value of $7.1 billion and the company is also selling $100 million in stocks of salesforce.com in a private placement. that's the latest bloomberg business flash. this is bloomberg. ♪ mark: rejecting millrose's revised offer. shares trading below the final of 467 pence a share. of the president tweeted today that he will back tougher background checks for gun buy -- gun buyers and push for train teachers to carry guns. reports that kim jong-un wants to sign a peace treaty after meeting with president trump. kim also wants to discuss the possibility of nuclear disarmament and establishing diplomatic rela

david solomon has been named the soul president. blankfeincceed lloyd will be stepping down at some point. some investors are wondering whether more could happen in the goldman is up at 30%, though some may want more out of goldman's trading business, perhaps diversification. take a look at it until. there is a report that intel could have a bid for broadcom, the chip maker that is looking to take over welcome. qualcomm is down to slightly at perhaps putting that potential takeover into question. course, the ongoing concern about consolidation. companieschnology bringing those businesses in house and finally, let's look at what is happening or treasuries. thisof bonds on options week, about $158 million and we see the big options are later, today and tomorrow. a $10 billionhave option. bonds, arow the long slight rally for treasuries at this point. batch of $158 billion. abigail doolittle, thank you. coming up, life after lloyd -- david solomon named the sole president at goldman sachs. this is bloomberg. ♪ shery: this is bloomberg

david solomon's strength is on the investment said that on the investment side.goldman sachs were down 20%. he has headed the area with the growth --t with good with good growth. as you point out, the challenge is with trading. goldman sachs has been working class with their growth in trading. the challenge and opportunity is for goldman sachs to better leverage those corporate relationships to do business across the firm. not just investment banking but also on the trading side. >> what are the priorities for goldman sachs in the next two to three years? >> goldman sachs was slow to pivot. take a look at morgan stanley at the start of the decade. goldman sachs did not even use the word pivot since 2017. the pivot is taking goldman sachs from fixed to fact. tom fixed income trading corporate clients. another part of the pivot is we aren't convinced. that is part of a mass-market consumer lending. what you can call going from caviar to cheeseburgers. goldman's forte is dealing with the highest level of individuals and now goldman sachs is going for the person on t

there is so much focus on david solomon. david solomon is an investment banker. lloyd blankfein is a traitor. tra -- trader. trading has not worked so well for goldman sachs group what would david do? be? would his strategy they have to clarify this by having one strategy. david: does this indicate where much of wall street is putting their bets these days? luke: exactly. just as we're talking about a canceled merger, the goldman sachs rally yesterday was not out a teapot dictator going and seeing their currency rally. this seems to be more about we have the tax reform, tax cut, and a lot of that is going to go to an m&a boom. i think wall street is getting geared up for that. goldman sachs will be part of that. couple years ago, goldman sachs was upgraded, a bullish call on their trading. they are like a bumblebee, so heavy, we don't understand the physics of how it flies, yet it flies. for m&a as long as you are not inbound china on the u.s. tech area. come inside the bloomberg terminal. growth.ppi lagged to chiller number in january. michael: we expect inflatio

when lloydcorrect, steps down david solomon is the guy at goldman. e question is when this lloyd step down? we have no more 30 on that, no more than friday. betty: tell us about shorts and solomon. -- schwartz and solomon. how did solomon secure this position? thisr the last 15 months has been a horse race between these two guys and the people i have talked to at goldman -- it has been a week by week accounting of their progress. who is up and who is down. david solomon and pressed the board quite a bit and has done a lot when he ran the investment bank on diversity issues on bringing more women in. he make some presentations to the board that really impressed them. he has also been very much out, meeting clients and investors. role and it in type from it -- didn't hide from it. he rose to the occasion. betty: is he well-liked at goldman? >> he is. he rose to theboth have factions and harvey shorts -- harvey shorts have his supporters and people who liked him. he was the cfo from 2013 until be named copresident. if you talk to accountants or complianc

david. to your point, schwartz is 53. solomon is 55.f you're going to give people time, you start looking down like people in their late 40s because these jobs can be held for eight r, ten, 12 years in the case of mr. blankfein. i'm going to bring in scott who's going to take over in a moment gold man stock zplsh what you said is right. that's one of the key responsibilities certainly seems that mr. blankfein, when he leave, not even this year, is going to have a well thought out succession plan >> i'm somewhat struck and maybe the rest of you are that the price action is what it is on this news. you would perhaps have thought an announcement like this, people like lloyd blankfein or jamie dimon are so identifiable with their firm. you have to feeling like they are going to be there forever because they're the figure heads as well as running these organizations. i'm kind of surprised the stock has acted the way it is right now in the midst of this announcement to be frank, there are and have been some who have said that gold man needs t

david solomon will take over harvey schwartz will retire.ut who the next ceo will be >> i won't say a lot of clues. i think it's decided he is now the heir apparent. the question is on timing. let's go back over a little of the time line of the last couple of weeks of how we got to this point. there was a board meeting february 21. at that meeting, it was decided that the long-term successor would be david solomon and harvey would retire. the three people concerned -- two mostly concerned were told quickly after that it was decided internally this would distribute the news at this morning's management committee. that was done at 8:15 this morning internally the decision to release it this monday was made on february 21 the time line when to release the information wasn't altered by friday's wall street journal discussion when it was announced this morning, the management committee i'm told -- there was a lot of surprise by that level of people just below the president -- the various business heads one of them said, wow, just wow. another sai

david solomon has been named as a sole president and ceo of goldman sachs, the heir apparent to lloyd blankfein. whether wall street is happy. ♪ david: as we wait for the 10-year treasury auction, let's check on the markets right now with abigail doolittle. abigail: interesting trading action happening today. the industrial average is down about half a percent. there is a difference of about 1%. the industrial sector is weak today, while tech is going strong. the s&p 500 index, right in the middle. investors are consolidating those gains. is at a another record high on the day. the biggest streak since october of last year. industrialhat weakness, let's take a look at the gains weighing in on the dow. some of this could have to do with the fact that investors are digesting the 10% aluminum tariff, 25% yield terra, -- y ield tariff. names.a rally for these gains were given back to some degree. all the stocks affected by the tariffs are up slightly, except for boeing. 10-year, $21 billion bonds are brawling a little bit. -- rallying a little bit. this is slightly higher than the issue r

consider all of the possibilities you can discard it and then you come back to harvey schwartz or david solomonnkle reed, should they look at him. stopgap measure, david vinyar. there are scenarios. >> let me ask you, mr. mayo, which one would you select right now? let's say lloyd, he's not doing it, but he announces right this second i'm done, i'm finished, i'm going to the beach and you are now the king of goldman sachs. you have to decide what to do. >> let me make it crystal clear, we are very bullish on goldman sachs regardless of who is ceo we think earnings exceed this year and next year we're not buying into the consumer strategy. we give them zero credit we don't care as long as it's lloyd blankfein, harvey -- >> i'm asking you to make a choice you come on the set often times trying to talk a ceo out of a company. which one do you choose? >> harvey schwartz, david solomon, only been a little over a year that they've been co-president i'd like to have a longer track record before we pick one over the other. >> if lloyd were to stay for a year or two, would you be happy with that? >> lon

harvey, you mepgsed david solomon. gary cohn certainly is a wild card possibility for the next ceo at goldman sachs. but no matter if this lloyd blank fine, harvey schwartz, daifrd s david solomon, are estimates are still above. still above for 2019 we think goldman sachs is now poised for outperformance so the irony here is if this were to be true that the ceo change at goldman might be from a position, excuse me, of relative strength if our estimates pan out. >> is there a message in this stock move today, which look, we're in a, sharply up take. dow is up 325. we'll call it. should we be spris esurprised tc is acting the way it is today or not? z . >> joun, the discussions we've had with investors about lloyd blank fine, part of it depends who would take over the role if lloyd blankfein were to leave, is it one of the, is it harvey, or gary cohn, i think people are more comfortable wit those choices haves someo versu else i wouldn't read too much into the move today, except investors recognize it is a deep bench, th

this week, when goldman sachs made david solomon the sole president, he is the front runner to become it means it would continue the pattern of men running wall street banks. but solomon says the bank needs to do better at promoting women to the top ranks so one day, we will see a ceo. carol: sounds like a lot of lip service. >> we have been hearing it for years. we know the economy does better when women are in charge. but the banks ceos all say that not only are they still run by all men, but the people below the leaders are still also all men. jpmorgan has a couple of candidates who are a little promising. carol: mary erdos and a few others. let's be fair, we are talking about goldman because their succession plans were laid out this week. they are front and center but you are right, it is all the firms. we don't see a lot of women in prominent positions. >> when we look at other firms, a lot of them have under 25% of women on their executive teams. that is not too many women. you need more women and not just a token to be in position to be selected as ceo. carol: why is it happeni

we know now that david solomon has been tapped by lloyd by find good mr.on february 21. so he, in his head, has already known this. this is just coming out in light of what happened over "the wall street journal" article and reporting late last year. with harvey schwartz, we do know now that he has resigned. that will be effective april 20. in terms of both of their expenses, both have very deep experiences here. solomon,gards to mr. he has been the cohead for the past 10 years of the most profitable, the most profitable division. that would be the investment banking division. as for mr. schwartz, he was the x cfo for the past four years. lost andow that he has will be moving on. mr. blankfein, we are wondering whether he will step down sooner or later. some analysts are positing that maybe he might step down sometime next year. the reason for that is that it would be the 150th anniversary of goldman sachs. so that could be quite pointed. david: the next question i guess we have to ask is what does david solomon bring that harvey schwartz does not? ramy: i

clearly, david solomon's strength is on the investment banking side.is head of the area with good growth in one of the best corporate rolodexes around. the relationships between the goldman sachs and corporations and governments is as strong as it can get. the challenge and opportunity is for goldman sachs to better leverage those corporate relationships to build business across the firm, not just in investment banking, but also in the trading side. >> let's be clear, this is still lloyd blankfein's term. he will step down as ceo when he wants to on his timetable. we just know now who has clear number 2 is, and it will be up to the number two to grow goldman beyond what we know of it now. ♪ >> broadcom ceo meeting with treasury officials today. his goal was to address u.s. government concerns and that his bid for qualcomm threatens national security. >> it sounded like it went well, from a broadcom perspective. they were able to make their case to cifius. as to why they would not be a threat to national security. i think they talked about investments t

the stock is surging on news that david solomon has jumped to the front of the line to succeed lloydnkfein as ceo. earlier today the bank confirmed its former chief financial officer, harvey schwartz -- who was the co-ceo with david solomon and, quite frankly, viewed as the contender for the ceo job -- is leaving the firm in late april. the two have been locked in this sort of internal rivalry for the top spot at goldman for more than a year, but now the path is pretty clear for david solomon. so we have goldman sachs about 1% to the upside here to $273.74. trading volume 2.3 million shares. speaking of rivalry, who knew there could be this much intrigue in the semiconductor chip space? okay. broadcom, currently one of the leading stocks in the s&p, jumping 3.5% after "the wall street journal" broke the news that intel has jumped in and is considering a possible bid for the check upmaker. intel won't comment -- chipmaker, but could it be that it's stepping in because it looks at the broadcom/qualcomm merger as a serious competitive threat? this according to "the wall street journal."

debra: david solomon will six lead -- will -- by name and solomon seoul president, the path is clear for him to take the helm when blankfein retires. sullivan ran part of the bank that grew the most in the last decade. goldman shares rose to a new high on the news. global news, 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries. i am debra mao. this is bloomberg. of $21yesterday, sale billion worth of u.s. treasuries brought forth the yield of 2.80 percent. that was in line with expectation. ask just investors are looking to the u.s. cpi readings later today, the last piece of data before the federal reserve meeting next week. let's bring in the head of a specific equity research over at bnp paribas. in inresults are coming line with expectations but those expectations are low. yields on the tenure auction, we have the u.s. treasury hang the highest's 2007 to sell three-year notes on monday. take a look at this chart. it shows speculative positioning on ten-year treasury futures. you can see those shorts are building. does it feel to you like the bond

. >> new this morning, david solomon is going to take over as president and coo at goldman sachs as harveychwartz announces his retirement wilford frost joins us now >> this simplifies thing he is already president and coo. he'll now be the sole president and coo as harvey schwartz is retiring the timing is not announced this means that david solomon is anoinlted as the heir to lloyd blankfein. the other co-president and co-coo harvey schwartz will retire this was decidedat a board meeting on the 21st of february following a recommendation by blankfein. solomon and schwartz were told soon after gary cohn was never considered the rest of the management committee where there was significant level of surprise that things were moving so fast. the final date, of course, of the transition at coo level yet to be decided. solomon's power internally has jumped already today solomon's background is in the investment bank. its no the just pure m & a and advisory he also built the debt capital markets business and that meant greater interactions with securities businesses than perhaps otherwise would

in my part schwartz, david solomon, it might be both of them, -- it might be harvey schwartz, david solomonf them, or it could be an outsider. when an iconic ceo announces his the archer or it is otherwise announced, -- announces his departure or it is otherwise announced, the stock is not take and that means the shareholders have confidence. another way to look at it -- this is an analysis that might sound a generous might be honest at the same time -- 80 lloyd -- may lloyd hung around the little too long. julia: one of the frustrations with morgan stanley was that he did not get to the physical commodities business soon enough, and that is a criticism -- blankfein,ap that he has not shape that fixed income business soon enough. that probably falls under the banner of what will lloyd b rimmer four. -- what will lloyd be remembered for. keeping on the same track, not changing as much as other wall street firms changed is certainly something that you could say about goldman sachs. goldman, lloyd in particular and goldman is a firm have been very, very clear that they did not feel the need to

david solomon is widely seen as the heir apparent. i would say one or two years. you don't want to keep them there too long. jamie, as you know, set five years. >> and jpmorgan is a little more complicated. yet if he hangs on for another five years, you point out, it could be a different set of people competing for this job. >> there is a certain twist of logic, which is you named a pair of copresidents. you have some obvious successors. women, a pairr of , and anothermary gentleman. if you see them being groomed comedy see them being put into ok,r heirs, and you say these are the people who can really start thinking about the next ceo. >> lloyd blankfein and -- returning to cover models. once we look to the front of them, it is remarkable. >> it is amazing because it says so much. i was part of the story underlying this. we did talk about this idea that the new boss looked like the old boss. >> this is one of those covers where they spent a lot of time make sure you have the exact right words and placement. >> the other story is that a woman was considered. is th

we spoke with david solomon about the tech sector. take a listen.avid: it is set up in a way that is constructive for m and a activity and for ipo activity. ipo started to pick up a little bit towards the end of 2017 and we have a very healthy ipo backlog. we also have an environment for a variety of reasons why 2018 should set up to be an active year for strategic m&a and technology. emily: coming up, his spot, and talks for a bit of qualcomm and a threat to national security? why the ceo is meeting with u.s. treasury officials. and if you like bloomberg news, check us out on the radio on bloomberg.com. this is bloomberg. ♪ emily: story we are watching, investors want to and talks with dell about the reverse merger. ? capital asset management says it will be a terrible deal for the company and shareholders. michael dell controls vmware and is on interstate company and is trying to put all pieces of his empire under one publicly traded group. broadcom ceo is trying to broadcom ceo is trying to salvage his companies 170 billion dollars takeover of ri

so solomon -- david solomon is in line to be the next ceo and harvey schwartz is stepping down.months ago, lonmin -- goldman named two chief operating officers and the obviously decided that david's element will be the next -- david solomon will be the next ceo. we believe that lloyd blankfein most down in 20 19, and that 150th anniversary of the creation of goldman sachs. solomons strength is on the strength of the investment banking side. es has the best rolodex around. the challenge and opportunity for goldman sachs to better leverage this corporate relationships to build business across the farm, not just in investment ranking, but also on the treating side. >> this is still lloyd blankfein's term. he will step down as ceo when he wants to come on his timetable. we just know who his clear number 2 is, and it will be up to him to grow goldman beyond what we know of it now. >> broadcom ceo meeting with treasury officials today. his goal was to address u.s. government concerns that his did for qualcomm threatens national security. >> it sounded like it went well, they were able

david solomon has emerged as a favourite to become the new boss of godlman sacks.his exclusive story. a leaked d raft have this exclusive story. a leaked draft of a united nations report. two singaporean companies have violated sanctions against north korea. this potentially raises questions about how common this is in the rest of the region. the final report that has been submitted is expected to be published later this week. a draft copy of the report has been seen by the bbc. this is a shop in pyongyang is selling branded watches, handbags and alcohol. items which are banned under un sanctions and singapore law as well but now a leaked un report claims there is evidence of at least one singaporean company selling luxury goods in north korea as recently as last type —— to lie. there are two companies named in the report. but share the same director and up until late last year they shared the same address here it is building. the main allegation against them in the report that we have seen is that they received funds in singapore for doing business in north korea.

jason: the design director turned david solomon and lloyd blankfein into cover photos.uccession ons wall street being not a visual --ng, but >> it says so much. i was involved in some of the stories underlying this and we did talk a lot about this idea that the new boss looks a lot like the old boss and captured it so well there. >> it is a really simple idea but we made a lot -- took a lot of time making sure we had the words and placement to make the joke work. really fast and get the idea across. carol: the other story is that a woman wasn't considered. same old same old in terms of executive leadership on wall street. >> this is one of those images that gets at every aspect with to sail- without having those words. we don't have to talk about the diversity thing in words, but you see it in image. ahead, a look at wall street's struggle to promote female leaders. jason: and trump moves closer to a presidency of one. carol: both parties get a political wake-up call from pennsylvania. jason: this is bloomberg "businessweek." ♪ carol: welcome back to bloomberg "business

goldman sachs has paved the way for copresident david solomon to become the next ceo.e will become the sole president and the other copresident, harvey schwartz, will be leaving. there is no timeline for the retirement of the ceo. we sat down with david solomon at the tech conference and talked about the tech sector this year. david: the year has set up in a way where it should be very constructive for m & a and ipo activity. it picked up towards the end of 2017. we have a healthy ipo backlog. but we also have a lot of reasons why 2018 should be a pretty active year for strategic m&a in the technology sector. emily: coming up, our conversation with london's mayor about sxsw and his message to uber. if you like us, you can listen on the bloomberg radio app. this is bloomberg. ♪ ♪ emily: whatsapp is throwing a new curveball into india's market. they are launching a new payment service where users can transfer money together. they caught fire after the paper currency disrupted markets. india's payment markets could be worth $1 trillion in five years. in the u.s., sxsw was

david solomon anointed as the successor to lloyd plablankfein.ng up the year-to-date chart because there's plenty of buying opportunities at goldman sachs. after markets pull back, it's been below 250 and now up at 273, near all-time highs clearly rallying ahead of results, maybe people thinking the pick up in volatility will help goldman sachs quick look at the dollar with bob pisani because we had three weeks of gains in the dollar not resounding but three weeks of gains, nonetheless. going down today about 0.2%. bob, your main takeaway today? >> we need a little direction. we got the jobs report out of the way. we had earnings out of the way now that the tariffs been resolv resolved, the market is flailing around boeing was 370 at the end of february we're down in the 340 range. down ten points. that was 70 points in the dow jones industrial average you see the big industrials weak here caterpillar, united technologies you were mentioning the banks. bank of america hit a new high morgan stanley with a new high regional banks with new highs and

goldman sachs has paved the way for copresident david solomon to become the next ceo.olomon will become the firm's soul president, and the other copresident, harvey schwartz, will be leaving. there is no timeline for the retirement of ceo lloyd blankfein. last month, we sat down with david solomon at the tech conference and talked about the tech sector this year. david: the year has set up in a way where it should be very , very constructive for both m&a activity and for ipo activity. ipo activity started to pick up a little bit towards the end of 2017. we have a very, very healthy ipo backlog. but we also have an environment, for a variety of reasons, why 2018 should set up to be a pretty active year for strategic m&a in the technology sector. emily: coming up, our conversation with london's mayor from sxsw. his message to uber, next. and if you like bloomberg you , can listen on the bloomberg radio app. this is bloomberg. ♪ ♪ emily: whatsapp is throwing a new curveball into india's financial market. they are launching a new payment service where users can transfer ca

meet david solomon, named the soul -- sole president and ceo of goldman sachs.nd we talk about the future of a decentralized blockchain platform. >> what'd you miss? investors are setting their sights on u.s. economic data. jobs report sent stocks rallying. to start withing this chart on pro-cyclical deceleration. i will let you explain. matt: the jobs report on friday. growth,tion and wage the pace of wage growth in the previous month in december, then we have that deceleration last month. there have been concerns about inflation. have been talking about is this difference between procyclical and a cyclical inflation, things that are likely to respond to a lower unemployment rates are a cyclical. -- acyclical. there are some sectors of the u.s. economy where wage growth response more sharply to the unemployment rate. that is what we are showing in the white line. the blue line total average hourly earnings. in the labor market are more sensitive to the unemployment rate, which have seen a deceleration in wage growth over the last year in -- year and a half. thi

the copresidents today, david solomon and harvey schwartz, are terrific.ne or both, i assume one, will step into his shoes whenever it is. i am sure the firm will go on. shery: is that the reason the stock has barely reacted, up more than 1%? >> i have been hearing more and more on wall street that people were questioning when is lloyd blankfein going to go and i do not think this was very shocking people -- shocking. people assume there would be leadership change. even with jamie dimon, this comes up once in a while. jpmorgan is still firing on all cylinders. they have not had any of the slowdown in trading or anything else that goldman has gone through. and we say jamie dimon has been around for so long, will he be there for many more years? every few years they say he will be there for five years and we do not know when the five years ends. this is not surprising with goldman. people were expecting change and it may be good if we get good, new, fresh leadership with a fresh look at what is going on and say, here is how we will go forward and this is how

mehas an heir apparent to david solomon, and more to focus on then investment banking.ty on wall street and at goldman in particular is an issue, and solomon agrees that goldman needs to do a better job elevating women to its top ranks. in january he told the women in corporate leadership initiative that you make progress, and progress day-to-day feels slow and you are a big organization, but you know overtime that will change. it is our job to change it." indeed, jordan, when you look at the top ranks at goldman sachs, the women are few and far between here. what they have -- what have they been doing to promote women? jordan: david solomon is likely to become the next ceo of goldman sachs, continuing a pattern of a woman not running a major u.s. bank. goldman sachs has been out in front saying they need to do better to improve women diversity. goldman sachs 10 years ago started this 10,000 woman initiative, saying that we need to empower women into leadership positions. but inside the firm you see that women are entering these entry-level positions but not rising to t

zach is annoying the next generation of leadership david solomon will become the sole president and chief operating officer. counterpart party shorts out just retirement this monday. that solomon in line with wall street institutions next chief executive would like finds its has to step down at the end of this yea. and the post production model three electric car last month. breeder it says was planned in order to improve improve the assembly process. production of the vehicle has been far slower than hopeded. breaks onlyy e must goal breeding green technology to the w wider public in a more affordable for. it hasn't even when i call has wrapped up his visit to india having overseen some thirteen billion dollars worth of business deals. that include a massive contract for several sf at cfm engines a and maintenane and spicejet and water system modernisationon by se as. president also said he was optimistic about further sales of combat jets like the french or high file. and energy giant eds was working on developing six nuclear reactors cross country. dozens of french business leaders acc

there are two candidates the copresence and khouw ceo's harvey schwartz and david solomon.estment bank for his entire harre she schwartz, 53, dame through a trade asking sales background to become sfo and has a broader background gary cohn is not a contender it will be interesting to see if the leader of schwartz and solomon stays on and who gets promoted to president. perez and chavez both have a good chance for promotion in that circumstance as do a handful of others there. it's important to stress blank fine goes when he decides. yes, the betting has come in a bit recently, but my sources say nothing has changed in the last couple of months so where we stand today is where we were standing late last year. >> the market reaction was interesting. >> very. >> initially it dove momentarily, almost as if it was an algorithmic trade and bounced back almost no reaction in the stock. >> obviously the stock ended up nisly today it is down relative to the other banks this is a great day for the banks it's definitely bad news if he goes it was worse news the second it hit because p

goldman could be a banker who moonlights as a dj, david solomon. he is a dj.grand scheme of things he will be one of the most important people on wall street. setting the tone for the bank, if you like, this dj! we have been asking, what would your job on the side b? thank you for all of your tweets. andrei says, i would bea of your tweets. andrei says, i would be a private pilot, the thought of hopping on a plane and flying myself anywhere. i love the sound of that. luke said he would be a freelance continuity announcer so strictly watch out! i will have nothing but jeremy has an answer. i would really like to own a pub. i had a good discussion the friend a couple of years ago and we were going to buy a pub and call it the better and monkey. what would suit me is to be a childminder because i am always looking after mine and ms will make some money. i fancy myself as a singer on the sound —— side but in a soundproof room. i heard room. iheard him room. i heard him recently and a singing career i heard him recently and a singing career is not for him. thank yo

sachs, david solomon has emerged as blankfein's air apparent -- heir apparent.nce reporter, and the author of the businessweek cover story this week -- wall street's succession moment marks and of lloyd and jamie show. it is a great story. tell us a little bit about this end of an era. what are we celebrating here? these are the two winners from the financial crisis. when these guys navigated goldman sachs and jpmorgan successfully out of the crisis, ending up stronger than they thated it, we thought these were the two of the preeminent bank ceos. that at -- that is why they survived so long. jamie said i can do another five years before riding off into the sunset, and with lloyd, inouncing an heir apparent david solomon starts the clock taking. -- clock ticking. many think within a year or two at the most, he will step away. vonnie: talk about the parallels in the lives of these men, because they are strikingly similar. soh: but they seem different. jamie has that central casting ceo, and lloyd is known for his wit and being really funny. they're arese two, bot

goldman sachs has paved the way for david solomon to become the next ceo.e will become the sole president and the other copresident will be leaving. there is no timeline for the retirement of the ceo. we talked about the tech sector this year. wayhe year has set up in a where it should be very ipotructive for m & a and activity. it picked up towards the end of 2017. we have a healthy ipo backlog. but we also have a lot of reasons why 2018 should be a pretty active year for strategic in the a --m & a technology sector. with: our conversation london's mayor about uber next. you can listen on the bloomberg radio act, bloomberg a calm, and others. this is bloomberg. ♪ ♪ is throwing ap new curveball into india's market. they are offering an ability to do mobile payments. mobile payments caught fire after the government to paper currency out of situation, which -- circulation, which affected markets. india's payment markets could be worth $1 trillion in five years. in the u.s., sxsw was in full swing. the mayor of london attended to drum up business for his city.

. >> david solomon, the chief operating officer, he is the sole competitor of harvey schwartz, who retiredl. there is an heir waiting for the post. in the latest edition of bloomberg new decisions, i said, business leaders, this time i witho sit down at length the johnson & johnson ceo. we started talking about president trump's call to lower drug prices and the frustration surrounding that issue. >> i understand frustration, we need to do something about drug prices. we need to do it in a way that does not restrict human innovation, does not restrict appropriate treatment, and frankly does not restrict innovation. if we do not continue to innovate, if we do not find the next breakthrough, if we do not find treatments and cures for diabetes. the cost of caring and the impact on our country in productivity is going to be dramatic. >> what, if anything, should the government to? do? >> we need to simplify the system. there are multiple layers of intermediaries. simplify that system is very important. some of that is in place a stunned the regulation that exist i think number two, we need big

[laughter] emily: goldman sachs has paved the way for david solomon to become the next ceo, becoming the firm's sole president. goldman has given no timeline for the retirement of blankfein. >> the year has set up in a way that i think it should be very constructive, both for m&a activity, and for ipo activity. i feel activity started to pick up toward the end of 2017. we've got a healthy i see. we also have environment for a number of reasons, why 2018 should set up to be a pretty active year for strategic m&a in the technology sector. exclusiveing up, our conversation with london's mayo r, and his message to uber. check usut on radio, out on sirius xm. this is bloomberg. ♪ emily: whatsapp is launching a new payment service to allow the 200 million users to transfer cash to one another. global payments caught fire after the government took 86% of the paper currency out of circulation which interrupted markets. the india digital payment markets could be worth $1 trillion in five years. here in the u.s., sxsw was in full swing this week. , theding the conference mayor of london. speak

whether it will be harvey schwartz or david solomon is a question. it may be both.g history of partnership in leadership. it may not be surprising if the board puts them both in place. sachs iss that goldman a firm rich in culture and the ceos job more than anything is to preserve the culture. if a client like howard says the culture is intact, that tells you as much as you need to know about what they will be like after lloyd blankfein is gone. vonnie: we will talk about this a lot more in the next couple of hours for the stock at 1.5% and the wall street journal report will be watercooler talk. lloyd blankfein preparing to make his exit by year end and the copresidents are there to take over and there will be a transfer of power. wonder if he is going out on a high note or less than a high note, we will examine that throughout the afternoon. this is bloomberg. ♪ >> i am mark crumpton with first word news. the head of the trade association for the u.k. steel industry says president trump's new trade tariffs are bad news for all steel exporters. he said that could p

if david solomon becomes the next ceo, that pattern will continue.oking at increasing the number of women who come into those entry-level positions. we are not seeing the women come out on the other side of the pipeline. there is a retention issue. they are looking at that through mentorship and sponsorship initiatives. lisa: how long does it take before you get a critical max of women? what is the trajectory within goldman to reach the upper echelons of leadership? >> it takes years. you have to groom people. goldman wants to hire internal candidates. an internal candidate become ceo. 40%summer, they have about of women in their employee class. that's great. there's only two women on their executive team. you have to groom them and promote them and have opportunities for them. scarlet: i think about how deana powell has come back. there is over her promotion when she returned. she was added to the management committee. her background wasn't in a profitable business. >> when you are looking for the next ceo, you're are looking for people who've been

that's when goldman sachs made david solomon as is likely heir apparent.news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. and courtney collins. this is bloomberg. betty: for more on the day's big story, president trump's tariffs and a trade war, let's discuss the prospects with noah holdings group kenny lam. great to have you here, joining us from hong kong. i know many of your clients are chinese entrepreneurs and business owners and they must be concerned about the possibility of a trade war. if you look at this long-term and short-term, long-term china is a open market has 10 trading partners with over $100 billion in terms of trading value. long-term this is not going to be a big impact from our clients. short-term the sentiment is going to be a bit worse. there will be needs for diversification in terms of risk. we look at it long-term and short-term. betty: is is going to have any impact for your outlook for expansion and your business here in the u.s. at all? kenny: that is why we are quite -- we a

they have succession plan laid out, two guys, david solomon and former trader around the securities divisioney schwartz. those are the two, they are both currently co-presidents, the same title that kohn had before he left. that's the succession plan. he would have to upend that succession plan at a place like goldman is not impossible but difficult. cohn is a very good wall street executive. it has to pass through the board's mind, do we bring him back in the running here. lloyd blankfein number two for many years and helped the company through the financial crisis. the question is why is there pressure on blankfein now to leave? it wasn't like that, even when he had the cancer scare, right? i will tell you, the thing is if you look at shares of goldman sachs since blankfein has been there, they've done well since 2006. if you look at shares of goldman sachs from 2014, 2015, they've underperformed. they basically -- liz: how about they broke the volcker rule. >> basically performed in line with the s&p, if you look at that right now. but underperformed other banks. liz: they're the yellow.

want to sell into >> goldman sachs yet again hitting a new high today the bank announcing that david solomonnd coo. seems to be obvious now successor. >> i think it's a great decision to put david in charge one of the best bank erers on te street the margins in banking are still high coming through a little pressure he's a client based guy. great decision >> millbrands higher today following new board changes. sarat. >> lots of work to do here stock's down about 40% they did a big acquisition a will the of debt i would stay away. >> all right take a quick break come back with the final trade i'm april kennedy and i'm an arborist with pg&e in the sierras. since the onset of the drought, more than 129 million trees have died in california. pg&e prunes and removes over a million trees every year to ensure that hazardous trees can't impact power lines. and since the onset of the drought we've doubled our efforts. i grew up in the forests out in this area and honestly it's heartbreaking to see all these trees dying. what guides me is ensuring that the public is going to be safer and that these fo

harvey schwartz and david solomon back in december of 2016 were named coceos, who might be the successor for lloyd blankfein. he is stepping down. one is out and that would be harvey schwartz will be retiring from the bank. that paves the way for solomon to move forward as the next ceo. we'll see. back to you. charles: nicole, thank you very much. phil. aaa warn prices at the pump going up in delves we haven't seen in years. >> consumers may seen snap back on getting to the pain. david, we're not seeing pain. we're seeing record demand. aaa is concerned that prices continue to rise. that will put a squeeze. if you look at oil prices today. they are down today. they're down for a couple reasons. one reason of the potential of poe -- opec getting out of this production cut deal. strategy and talk between iran and saudi arabia. saudi arabia wants $70 a barrel. iran wants $60 a barrel. how the world has changed. used to be iran wants higher prices, saudi arabia lower prices. new york fed survey says inflation is back in the picture. people are getting concerned about that. when the report ca

> and david malpas, who is deputy secretary of the treasury, also a bear stearns economist and david solomon, the new designee ceo of goldman sach, also bear stearns alumni. the alumni has done pretty well. bear stearns the company was an 85-year-old swashbuckling irreverent kind of wall street firm not in the club, not in the super club of, say, goldman sachs, jpmorgan. always sort of fighting to get in. >> but because these were fast and loose -- >> absolutely. >> they went down. >> they made a lot of money. they had a huge fixed income business. they were one of the leading underwriters of mortgage-backed securities. many of which we've come to learn were not quite what they were cracked up to be, what the rating agency said they were. they were filled with mortgages that probably should never have been written in the first place. they were using those mortgages to secure their overnight financing. and that was the fatal flaw of bear stearns. >> okay so here we are ten years later. >> yes. >> i am not a regulation enthusiast and neither are you. i know we both believe that smart regulatio