we start with goldman sachs ceo david solomon in an interview with jonathan ferro.e set the scene for 2019. economy is in ok shape. the economy is. our economist are talking about 3.5% global growth. in the u.s., 2.25%. if you look at just the economy itself, i think we are doing just fine. the growth trajectory has maybe slowed but the economy is chugging along pretty well. there is a lot going on in the world at a high level. particularly big picture issues. whether it, is the shutdown in the u.s. the trade negotiation between the u.s. and china, brexit just to name a few. markets are watching these. it is a lot to digest. i think that is actually the big thing people are focused on. how these issues will progress and what impact they will have on the economic activity we are seeing. >> you have made some waves in davos. the headline everyone is running run with is david solomon says a 50% chance of recession in 2020. what does that mean, a 50% chance? reporteconomists wrote a where they were talking about the chance of recession in the u.s. they thought in 2019,

what does david solomon think about negative rates?om one of our best interviews of the year, next. and, when you are traveling to radiotune into bloomberg live on your mobile device and , dab digital radio in the london area. this is bloomberg. ♪ ♪ matt: welcome back to "bloomberg daybreak: europe." we are --"bloomberg markets: european open." we are 40 minutes away from the start of trading. futures are up across the board. we see positive futures even after these record highs that we have seen. now, let's take a look back at one of our top interviews in 2019. i spoke with david solomon last month just after mario draghi's final meeting as ecb president. we spoke about negative rates, banking consolidation, and goldman's focus for its european business. david: we have been investing. we have got new leadership in our wealth management platform over here in europe, and we are focused on expanding our market share. if the right acquisition came along, we would consider it, but we see good organic opportunity for us by growing our peopl

taylor: that was david solomon, goldman sachs chairman and c.e.o.ship between big banks and attack. the chairman of europe's largest the our intertwined but regulatory issues must be addressed. we had an exclusive interview in november. >> what is a bank? what is a bank? does a bank just take deposits and make loans? of course. but we do payments. we have always, and our strategy -- our strategy since i arrived is to be a responsible bank and grow loyal customers. loyal customers, if i ask you, eric, who is your bank? you can have one bank in your head even though you might have five accounts, am i correct? >> that's true. >> so you're like 99% of americans and most people on the planet. for that to be the case, i need to know and you that's based on data. so my question to you, why should data be regulated, i'm talking about europe, in a different way. if you're called a bank or if you're called something else? you as a customer should be able to ask me to share my data, but vice versa, also from other players, so i can give you a loan at 6% instea

we start with goldman sachs ceo david solomon in an interview with jonathan ferro. he set the scene for 2019. >> the global economy is in ok shape. the economy is. our economist are talking about 3.5% global growth. in the u.s., 2.25%. if you look at just the economy itself, i think we are doing just fine. the growth trajectory has maybe slowed but the economy is chugging along pretty well. there is a lot going on in the world at a high level. particularly around big picture macro issues, whether it is the shutdown in the u.s. the trade negotiation between the u.s. and china, brexit just to name a few. markets are watching these. it is a lot for markets to digest. i think that is actually the big thing people are focused on. how these issues will progress and what impact they will have on the economic activity we are seeing. >> you have made some waves in davos. the headline everyone is running around with is david solomon says a 50% chance of recession in 2020. what does that mean, a 50% chance? context -- let's put that in context. our economists wrote a report wh

francine lacqua spoke exclusively with goldman sachs ceo david solomon at the new economy forum in beijing she asked him about the controversy surrounding the apple credit card and about the future of digital banking. david: we are building a digital bank that is primarily focused on the united states. we have taken some deposits in the u.k. come about at the moment, we are per merrily focused on the united states. we are quite excited about the progress we've made over the last three years. we've built the digital consumer intform that has $50 billion deposits, 45 million customers, $7 billion of loans. we built a credit card platform with apple that we are quite excited about, that will allow us to partner with others in the future. we had a very interesting and disruptive platform that allows us to help in a digital format with more transparency, more information, and less friction. we are cited about -- we are excited about what we can do over the next five to 10 years. clients, is this new or do you cannibalize your existing clients? david: we had a very high-end wealth management bus

david solomon of goldman sachs says 50% of recession in 2020. what does that mean?that into context. our economist were talking about the chance of recession in the u.s., and they thought 2019, 15% chance, 2020, 50% chance. it is hard to put into context what that means. i think the u.s. economy is in good shape. i think there is the possibility in the latter part of 2020 that we see tightening as the fed continues to manage monetary policy, and we could see an economic slowdown, but we could economiccontinue and growth continues into 2021, so it is hard to predict those things in advance, but that is an indication we are closer to the end of the cycle. >> china is slowing to 6%. >> that's what they say. >> ok, 5%. actually the cities are growing nicely. it is the outer region. china is expanding the same two -phase economy, where one part is going well and one is slowing down. populism,experience unrest issues in the future. japan is 1%. southeast asia is growing nicely , supply chains moving from china into the south asia region. europe, compared to where we were

paul: david solomon says he is hopeful for progress.t the new economy forum in beijing about business in china and the need for a solution to the unrest in hong kong. >> obviously, one of the most important economies in the world -- what goldman sachs did in china for 25 years. it is important that the opening up continues because we would like to own our business or take control of our business, so economic control of our business. so we are watching what is going on in the trade discussions. at this point, it is talking about opening up to the financial system. if that occurs, we will be able to own 100% of our business and i suspect we will make more significant investments. we were in front of our board, the team over here, with a five-year plan for china. assuming we could own 100% of our business, that would lead us to put significantly more capital into the business and significantly increase the people we have on the ground. >> how much more capital? david: not to be set specifically, but a significant amount. hundreds of millio

our matt spoke to goldman sachs's -- our matt miller spoke to goldman sachs's david solomon about thankinglidation and what goldman's focus is for its european business. david: we've been investing. we have new leadership in our wealth management business, and we are focused on expanding our market share is. if the right acquisition came along, we would certainly consider it, but we also see good organic opportunity but growing our foot meant -- our footprint here in europe. matt: there's a lot of talk about bank consolidation in europe. there are a number of regulatory hurdles especially, but did you --ect banking elevation banking consolidation for ks, and does goldman sachs want to play a role in that? david: i think there are lots of compelling reasons why some consolidation here would benefit the strength of the european market, but i think it is hard, and it is not clear that it will actually happen. i do think that it would be good for the european market, for the european capital markets, if you had more of a european leader in some way. whether or not the local politics or the bus

. >> nice announcement from the ceo, david solomon you said in a podcast internally at goldman this isommitment to something outside of us, this is grounded on a core view of where the world is going based on market research driven view that climate transition and inclusive growth will be central secular themes for the economy why do you believe that? >> i think it is one of the interesting things that makes our approach a little different, right? this idea is not necessarily in reference to other standards or benchmarks, it is where the world is going effectively, this is research going on in lots of parts of the firm global markets institute published a piece taking the heat on risk to cities of physical climate risk, investing in renewables and education. two core themes are shaping the operating environment, the economy, and the world for our clients and ourselves. inclusive growth the idea we need growth and needs to work better for more people and climate transition, the idea that ultimately we need to work to avoid worst impacts of climate change. it wasn't just showing up as a

nejra: that was our interview with the goldman sachs ceo david solomon.ill take a look at this decade's best performing assets. bitcoin has seen eight 9,000,000% rise since 2010. we will take a look at what fueled the surge and what's next. this is bloomberg. ♪ ♪ nance, economics, find and politics, this is "bbg surveillance." i'm nejra cehic in london. we are seeing a bit of caution and equity markets after the s&p 500 had its worst day in more than three weeks yesterday. u.s. futures are flat but the stoxx 600 coming off the lows from earlier, unchanged now. euro near a 4 month high. it's a story of dollar weakness for a fourth day against g10. the 10 year yields edging up two basis points. who wins when companies purchase their own shares? one argument is the company's executives coming out on top. " bloomberg businessweek" breaks down the numbers. >> lester, s&p 500 index companies bought back a record number of shares. this year, they are on track to buy the second-most ever. one commissioner, robert jackson, had his staff study 385 recent buybacks.

growth having said all of that, we do think goldman sachs is better positioned with their new ceo, david solomonnk they're going to put their legal issues with one mvp behind it. our estimates are above the street for the quarter and for next year and they're having their first investor day in their 150 year existence at the end of january a lot of things happening with goldman sachs. >> when you did your chronology, where i stick on is we've had the most deregulation and the most tax cuts in the last couple of years why would it get better from here i hear it's the digitized or digital era, but how can it be any better of a backdrop than it's been? >> i think banks are not getting credit for what they've already delivered. every quarter and every year that banks deliver, you know, consistent returns, they regain some of that trust that was lost so what we're looking at is big and boring is beautiful for banks and that's not appreciated for the sustainability of it. >> how much do the leaders of these banks matter for your golden decade forecast if i was to say, well, what's the likelihood that

david solomon is the right person at the right time they consolidated their private equity groups consolidatinghat and they think about the management fee and incentives and they will be the number three private equity firm between blackstone and it makes it an interesting, different bank than the typical, the other bigger banks like a jpmorgan and we own it and we'll stick with it >> joe, they say they're playing for singles and talking about banks and cards. i know the card stock you like on the list of what we are talking about today, citizens financial group upgraded to neutral, but it was on a sell. the target there is 41 northern trust goes to neutral from sell. 110. the target regions financial were on sell they were on negative on a lot of these gets upgraded 17 bucks and u.s. b a, bancorp. >> surprise there were sell ratings. those are three strong franchises that actually have endured over the last couple years while we've seen the flattening of the yield curve. i think what's important looking forward here is understand that on a comp basis, trading revenue is going to look very stro

. >> you look like david solomon spinning at the amazon -- >> cut that out until they trade well aboveaid that to him it is not behind his back. i said it to his face. the deejay thing doesn't work when you're trading one times book. >> on the down low >> you got that, chief. >> he chiefed me it is not often you see a take under. i wanted to point it out not a large deal tommo bravo buying in structure. it was back on the middle of november when the company said it was looking at alternatives an activist in there as well for not that long. a little over a month or so. but take a look at the stock it is down 10%, which is -- i don't mean to laugh, sorry a lot of people moving into this on the expectation of a deal and they got the deal. only problem is, it was far belowworking on it there it is. thanks, guys hope springs eternal still trading above the actual price at this point. it is an 18% premium to the three month volume weighted average on october 27. that was the day prior to when the company's third quarter earnings strategic review for its bridge business >> yeah. >> i'll leave

ahead of christmas we'll reveal the naughtiest name on wall street >> plus, goldman sachs ceo david solomonenning an op-ed in "the new york times" focusing on two major challenges facing the economy. we'll tell you what they are and how he plans to address them >>> welcome back to "closing bell." time now to get to the word on the street rbc capital markets out with its 2019 naughty or nice list. general electric tops the nice list due to demonstrated traction in its turnaround plan throughout the year, the first year for ceo larry culp. ge is up more than 50% in 2015 3m taught tops the naughty lis rbc saying five cuts have tarnished some of its reputation as a defensive high-quality safe haven. that stock down about 11% this year and next up, imperial capital lowers its 2020 estimates for msg networks the firm says it faces near-term risks as it negotiates two different affiliate deals and a shaky performance by the new york knicks could make it harder for the to reach a deal with distributors >> and citi upgrading goldman sachs from buy to neutral saying a lack of credit risks gives the s

francine: that was the goldman sachs ceo david solomon speaking to matt miller.e back with patrick armstrong. the concern of negative rates is that they could go even further. is that a problem? >> is a problem for society, potentially. the wealth differentials have been really exasperated by the negative interest rates. if you are rich, you owned assets. . have got moreve's and those without haven't. picture, not just on bank profitability but the rise of populism and wealth differentials. francine: how does not get fixed? stimulus,ose fiscal particularly in europe. northern european countries have strong balance sheet. -- sheets. germany is screaming out for fiscal stimulus. inflation, central bank targeting, there's questions if that is even the right call. i think we probably do get to the point where they create some sort of inflation to get away from negative interest rates. there are consequences on pension funds and investors. those are questions central banks will have to start asking. francine: helicopter money where? >> whoever does it first wins. thin

reassessment from that >> switching focus, i understand you had dinner with goldman sachs ceo david solomon at a restaurant in the west village on the 14th of november. what were you guys discussing? business or pleasure >> that's hilarious. >> is it true? >> were you at the restaurant? >> there's no hiding in this city >> is there a merger >> that would be great -- no, david's a great guy. when he became ceo win called him as lloyd did to me when i became ceo we're competitors, but we have a lot of things we have to share in common and we said, let's get together for dinner. and he actually picked a restaurant where the maÎtre d' is an aussie from tasmania, which is one of my favorite places >> but morgan stanley, goldman sachs, as fierce as wall street banks are there are, but you're mates off wall street? >> we're counterparties, we're in a lot of transactions together we have great respect for each institution. i have for their leadership. i've known their ceos going back many years >> listen, you compete, but you're not unfriendly. we both need both of us to succeed in this marketplace

a ram have been blessed in many different ways but the jewish people i am isaac jacob king david king solomon all the way to little daniel luria today in jerusalem is this one chain that's been blessed in a different way the little land of israel we have the covenant with god. we have returned home designers dream is being realized all the time and as the indigenous people here the world and especially the arab world is going to have to understand that at some point in time. today i live in chips around where i live spiritually if i may say saw in the western part of the city i wasn't born yet in 1948 during the dark but i feel that the dark but is grounded in. these times are times which i got from my father's house actually id processed. when the house was put on sale and there they were uprooting all the times and or what is in the house i chose to put them and document my history and my story. our ultimate goal is actually to preserve. very well. everything. and anything for. how to preserve and protect your traditions. whether it's. my father's house and i thought. of my. very very very

caller: according to the writer, i think he would have impeached king david or solomon, or some of thereatest kings. god uses flawed people to reduce has -- to produce his purpose. if "christianity today" were in the old testament, he would have purposes.od's i think mr. trump is what we need. i think he needs to take a look at himself and keep to himself. host: roar in georgia, your turn. caller: thank you. whomever hese wants to serve him. abraham lied about his wife, jacob stole his brothers birthright, david committed a dolce, moses committed murder -- david committed adultery, moses committed murder, donald trump had extramarital affairs. with moses, god told him to deliver them out of slavery. fake news kept in generation from entering the promised land. for three years -- [indiscernible] two false witnesses came forward. jesus was able to fulfill his mission to baptize with the holy spirit and with god. for three years, after three years,, trump was impeached because of fake news and false charges. president trump's greatest of for godishments and for the united states are still

what one of the texts shows us is that david correia had the inside track on what solomon was going tothe column was headlined "joe biden's 2020 ukraine nightmare." >> the fact of correia knowing about the effort to get dirt on the bidens, that matters why? >> well, because until now it seems that he was somehow separated from this whole geopolitical -- >> i'm just a businessman, i don't have anything to do with it. >> right. he was the only sort of american-born, university educated -- he was the one who kind of got these -- the meetings. you know, somebody who was in a meeting with firtash, the ukraine oligarch. >> with the connections to putin. >> the connections to putin, who is facing extradition to the united states for bribery charges. his lawyers took a meeting and it gave fruman plausibility because of his appearance, his education, his formality. interestingly dmitri firtash is the one sort of time with all the business scheming that david correia was the plan was paid off to some extent. >> so two boxes to check. >> correia's got counsel. what is his response to the idea he

solomon and of the president. if you disagree with adam schiff, he is going to personally smear you. lou: and he does and he does and does again as davidyou for being with us. john salomon, white house press secretary trefney grisham, and pastor robert jeffress. we'll pray over some of my radical thoughts about dems. foal knee me on cheryl: it is 5:00 a a.m. here are your top stories at this hour. a dramatic showdown looming as nancy pelosi and democrats take a major step towards impeaching the president, the white house firing back, asking about usmca, how it could backfire on the democrats and the booming economy. ashley: a shocking report from uber revealing scary numbers, but the company says your rides are still safe. cheryl: if you had too much fun at the christmas party last night and you're thinking about calling in sick to work, you may want to rally this morning instead. how one company is double checking your temperature. it's friday, december 6th. "fbn: a.m." starts right now.

solomon and of the president. if you disagree with adam schiff, he is going to personally smear you. lou: and he does and he does and does again as davidyou for being with us. john salomon, white house press secretary trefney grisham, and pastor robert jeffress. we'll pray over some of my radical thoughts about dems. foal knee me on instagram and at lou dobbs tonight. good night from new york. trish: december 5th, 2019, today will go down in infamy, the way donald trump won the 2020 election. good evening, everyone i'm trish regan. against her better judgment, nancy pelosi succumbed to the whims of the extreme left of her party, "the squad," adam schiff, jerry nadler, calling on the house to vote for the articles of impeachment. in doing so, she sealed the left's fate. not only will they fail to secure the oval office, they will fail in the house, they will fail in the senate in 2020 because americans see through their narrative. first it was mueller, kavanaugh, then ukraine, now it is because donald trump, the president of

david remnick. as we go back now to oprah winfrey, who concluluded the evening celebratioion of toni morris''s life.. >> i would like to close the evening with an excerpt from "song of solomon." i have manany favoritete passas when it comes toto toni's body of f work.. one ththat you just shared, kekevin -- "she is a friend of my mind" from "beloved." i love that. "m"mamma, did you ever love us" and the mother's response in "sula." but this one from "song ofof solomonon" never fails to inspire awe for me. and for that and so much else, i say thank you to this sisingular, monumental, gallant writer. "he had come out of nowhere, as ignorant as a hammer and broke as a convict, with nothing -- nothing -- but free papers, a bible, and a pretty black-haired wife. and in one year, he'd leaseded 10 acacres. the next, 10 more. 16 years latater, he had onene of the best farms in montour county. a farm that colored their lives like a paintbrush and spspoke toto them like a se. 'you see? you see? the farm said to them. see? see what you can do? yoyou see? never mind you can't tell one letter from another, never mimind you b born a sla, never mind you lose your name, never mind your dad

solomon who has the details. >> investors seem to be high on the news today that constellation brands' cfo david klein will take over as ceo as can pi growth, the world's biggest marijuana producer klein was also appointed chairman in october. and the move now means that they're from constellation with mike lee, a former vice president at constellation the maker of corona owns about 38% of canopy stock and the news has some analysts now wondering if constellation could be moving towards take a majority stake. shares of constellation are down about a percent today. >> rahel, thank for that ian, what do you think would that be a good move to go in and take over more of canopy? and especially at this time where in the united states, at least, you've got some real pressure from the fda over where we're moving with marijuana. >> i mean, i live in l.a., so i understand this industry, but i would say, it's unclear how anybody is going to really make money. that's yet to be proven, anywhere along the food chain. so if they want to double down on this investment, have at it but it's unclear to me how this is going to pl