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david solomon called issuance anemic, signaling it may be a tough bonus season for bankers come the end of the year. dani: nothing like getting the blood boiling like performance reviews. david, thank you. italian prime minister mario draghi is under pressure not to resign. his departure could throw italy into chaos as economic warning signs build. we are joined by our senior italy editor. seems like some folks in the five-star movement are breaking rank with giuseppe conte. what is happening? >> we have reports to that end and that follows about a week of should i stay or should i go from mario draghi. he insisted he doesn't want to continue with a weakened majority and that includes the five-star movement led by just what they can't take -- by gisu eppe conte. there is the possibility of a breakout group convincing draghi to stay, which would come with the push from civil society, national leaders across the world, trying to entreat draghi to stay in office. there is a possibility that breakaway lawmakers would appeal to draghi commit -- to join the majority and leave the five-star mo

we will discuss the biggest winners since we started the show 17 years ago and david solomon, the ceo of goldman sachs. then, one of my favorite people in the world. billionaire, philanthropist, and who represents the best interest of this hallowed ground, can land own. this is the standard gateway into business. stay tuned. let's start with someone from my home state of pennsylvania. let's start with ron. >> hello. >> i am an investing club member and i love the new clubhouse on the new york stock exchange floor. >> thank you so much. >> i am calling about a company that i am not only a stockholder of and a recent customer. i was diagnosed with prostate cancer and scheduled for a radical -- using the robotic system. the surgery recovery went well and now i am in complete remission. unfortunately, i cannot say -- >> was talk about intuitive surgical. this is one of the hardest cohorts there is which is the medical device cohort. i expect an good quarter but the last quarter was good and no one cared. my take is, it is a decent long term story. new set, same mission. we have got a lot

this morning i sat down with goldman sachs ceo david solomon and i started by asking solomon what isw. >> small businesses are having trouble accessing credit. and there are things we think can be done programmatically to make credit more available, so small businesses can have confidence they can borrow and invest in their businesses. benefits are a big issue. you think about competitive hiring, big companies have resources to pay benefits in a competitive environment. can there be programs that can give small businesses added help or support so they can be competitive in hiring. ideas like that we think can help accelerate investment in small businesses to drive more economic growth and more economic activity. >> how pronounced is the pain for small businesses right now, what is your message to the biden administration, to congress today? >> we're the backbone of the economy, it all starts with small business. and inflation pressures, workforce pressures, a possible recession, we need the assistance of our congress to help us move forward. and one thing that is so important to us i

. >> david solomon, he is going to call in tonight for the show, so that is good. >> to me, he is capitalism. i am celebrating capitalism. i am not down on capitalists. i am not down on the man. i like the man. >> you are the man. >> goldman gives you chances to be optimistic. some say almost as good as city on friday. >> when i went through it, i was like this is exciting, citi is making money every day. do you remember when they would do the treasury and securities? it is working again. charlie sharp put together an amazing quarter. charlie sharp had to deal with a lot of regulatory issues. he is starting one by one to check the boxes. i am astonished that goldman could make this money, but i would like to disagree with the market on one point. bank of america, they missed by two cents, but, the expenses are only up 5%. that is called leverage. that is good. >> we will keep an eye on those stocks, citi was great on friday. you can see what we are looking at for goldman. as for moynihan, the gentleman who runs bank of america, he has done so for quite a period of time. we look to him for co

words of warning from one of wall street's biggest banks, goldman sachs, boss david solomon saying inflationmbedded in the global economy, and it's unclear whether the situation will improve later this year. the comments came as the bank reported second quarter results as my colleague michelle fleury reports from new york. goldman sachs warned it could slow hiring an underperforming staff. rising interest rates and fears that a recession is coming have tanked appetites for mergers and other big corporate deals, which of course is a major source of revenue for the bank. so the wall street firm is looking to court costs company wide stop the ceo told investors inflation is deeply embedded in the economy. he explained the bank needs to proceed cautiously saying it wasn't clear if the situation would improve this year. the bank is bringing back performance reviews to cull the lowest performers. these reviews have been suspended during the pandemic when the firm was trying to hire as many people as possible, and that was when profits soared. listening to the mood music emanating from wall street

david solomon talked to jim last night about the overarching impact of inflation. take a listen. >> i think what i was trying to say is there is inflation everywhere and as i talked to ceos that have global supply chains, they are not seeing it level lafayette. i think we will see tighter monetary conditions to control that but i will not project that trajectory. we are trying to be nimble to support our clients as they navigate would will be a period of tighter financial conditions to tame inflation. >> i am hopeful at all times when i approached ceos. i can tell you that my hopeful personality has led to quick contradictions about the notion that supply chain is fixed. we speak to j&j was speak to cfo, what does he say? he says look jim, no, not yet. we hope. there are still supply chain issues that as greg taste said yesterday in a remarkable interview saying please raise rates. we cannot get the job done unless you raise rates. i am thinking why records he said he can't get enough engineers. he needs the economy to slow down. we all know grade taste as well? he

even solomon -- david solomon of goldman up next.tory is different and has a different clarity as we immediately look at the data. with goldman sachs, wonderful effort, 10 days, maybe two weeks ago. i am absolutely fascinated how goldman sachs positions the retail bank experiment. jonathan: are you not in markets? i wonder if the cash position would have come over. tom: i wonder if it is, this is what we are going to do. jonathan: you expect that this morning? tom: i don't know if it is this morning or a year and thing but i am fascinated about a well-intentioned effort to go into retail and that we are patient. jonathan: you are very diplomatic this morning. tom: i feel diplomatic. jonathan: you don't sound that patient most of the time. futures up .9% on the s&p. a decent and to the week -- end to the week last week. consumer inflation expectations and the university of michigan sentiment survey came in off the back of what is happening with gasoline prices and that set up or a 75 basis point hike and not 100 basis points. tom: and

with james gorman getting a lot of credit here for pivoting the bank to big investments but can david solomonnd of same premium in stock markets while they are heading into a tougher economic environment? jonathan: really busy couple of days, what time is the call? sonali: 9:30 i believe. jonathan: we will catch up with you again, nobel. tom? it's up? tom: the consumer banking thing is doing better. let's frame out a two decade thick and thin return for bank of america and goldman sachs. jp morgan, i could have picked other banks as well but this speaks volumes. bank of america is up 2% per year, jp morgan, stellar performance, up 11%. goldman sachs is sort of in between, the 8% per year, bringing us to ken leon. who does goldman sachs want to be? do they want to be a responsible bank like bank of america? do they want to be wealth management, like morgan stanley? or as william cohan wrote, do they just want to be goldman sachs? ken: goldman will be goldman, it's a great franchise but the second order speaks to your question about the separation on those exposed to credit card, consumer loan

sonali: david solomon is addressing investors right now, and he is saying even though there is a sensef caution in this environment, and you see it in the demand for underwriting in the debt markets, he is saying risk is not off the table yet and there is still room for them to take on risk. it's being taken on at the trading desks of the banks. and they are not like what they were from 2008. they certainly are increasing the value they are putting at risk, you see that at goldman sachs, with interest rate volatility. and the interest rate volatility really being the heat of that value being put at risk. currency rates, not as much of a hike, but you still see risk taken on there. commodities, slightly higher. even at j.p. morgan, so interesting, the value of risk actually coming down in some areas, which shows you there is room for some of the market makers to take on more risk, even amid the caution. alix: if we separate out the investment banking side and at risk they are taking on versus what they are saying about the economy, bank of america, it is still super healthy and really g

johnson lays out what to watch in the trading day ahead as we head to break, goldman sachs ceo david solomonments that inflation is deeply entrenched in the global economy and speaking to jim cramer last night on "mad money. take a listen. >> what i was trying to say is inflation is everywhere and as i talked to ceos that have big global supply chains, they are not seeing it level off yet. i'll not predict certainly we'll see tighter monetary conditions to control that we just trying to be nimble and in position to support clients in a period of tighter financial conditions in order to try to tame that inflation. can gently raise your partner's head to help. ah...that's better. our smart sleepers get 28 minutes more restful sleep per night. save 40% on the sleep number 360 special edition smart bed queen now only $1,499. what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, secure

from two big bank ceos coming up on cnbc brian moynihan joining "closing bell," and at 6:00 p.m., david solomon money" from its brand-neloti fw caonrom the new york stock exchange. a short walk for him "power lunch" will be right back - hiring is step one when it comes to our growth. we can't open a new shop or a new location without the right people in place. i couldn't keep up until i found ziprecruiter. ziprecruiter helps us get out there quickly and get us qualified candidates quickly. they sent us applicants that matched what i was looking for. i've hired for every role, entry-level technicians, service advisors, store managers. ziprecruiter helps me find all the right people, even the most difficult jobs to fill. - [announcer] ziprecruiter, rated the number one hiring site. try it for free at ziprecruiter.com >>> welcome back to "power lunch. let's show you the markets we've lost today's rally the dow up 156 points and now we're sitting near session lows down 80 about a quarter of a percent and down on the nasdaq and about a third of that for the s&p. >>> time for today's three-stock lunc

. >>> and cnn spoke to david solomon about the state of the economy.lation hasn't peaked yet and when asked about a recession, says this. >> i think it's uncertain. i think that you have to at this point in time recognize the possibility of a recession is much higher than it's been for quite some time. you have to be a little bit more conservative, a little bit thoughtful about what if. and that's -- by the way, that's advice that we give the biggest companies. that's the advice you give the smallest companies. >>> and ukraine's first lady addressed congress last hour about her country's ongoing war with russia. she gave a personal plea for america's assistance to fight the terror that they are facing. >> translator: america unfortunately knows from its own experience what terrorist attacks are. help us to stop this terror against ukrainians. this is what i'm asking for and what my husband is asking for, not as a presidential couple, but as parents and children of their parents. >>> donald trump notches a big victory in maryland. cnn projects that dan

eastern time with goldman sachs ceo david solomon. that should be interesting.mad money, but not a move for you, you were there every morning. >> i have been here for 40 years, this is where i started. i feel like it is home. i feel like i can get more relevant guests. it is a lot easier. i want the closing bell, it has always been good, but we want to kick it up a notch. i have an unbelievable staff here. an amazing team. mark kaufman, all the way down. they are fabulous. they have been working around the clock to make this work. i'm very proud of the team. >> that should be interesting. >> you know that i love them. i hope he brings it. >> try to bring him out of his shell, and see if you can get real comments. what happened on friday? i don't want to just be optimistic because i like it, nobody loves bear markets. i think that so many stocks are down so far that i am not sure that we need a big capitulation. you have been saying the same. that was impressive on friday. what caused friday? what really happened? nothing really happened. i'm with you. >> wells f

david solomon, tomorrow, "squawk on the street," that'll do it for us right here. "tech check" starts right now. that doesn't look right at all to me. that can't be right. >> time will tell. good tuesday morning welcome to "tech check." deirdre bosen has the morning off. a few minutes from now, a battle takes off between twitter and elon musk. >> twitter and elon musk lawyers are right now facing off in virtual court for the very first time as the two sides make their arguments about how soon the case should take place before this is all happening before the chief judge of the delaware chancery court. now, twitter is asking for a four-day proceeding in september, arguing that shareholders and its business have been left in limbo, but musk says he needs until february to investigate spam and fake accounts, saying trial prep will, quote, be extremely fact and expert intensive, requiring substantial time for discovery twitter shooting back to that in a filing late yesterday, writing, quote, the earliest possible trial day is imperative, saying the very public dispute

tonight on "mad money," much more on the banks when jim cramer is joined by david solomon, another earnings winner today. from jim's brand-new set right here at the new york stock exchange look at that you won't want to miss this special episode, 6:00 p.m. eastern time it's good to have jim here all afternoon long it's a special treat. >>> up next, netflix kicking off faang records tomorrow falling after nine out of the last ten reports we'll ask michael nathanson what he's expecting from the print. >>> the dow has recovered a little bit, about 50 points in the last minute or so, down 53 we'll be right back. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq millions have made the switch from the big three yeah... oh. d to xfinity mobile.! that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's

eastern time goldman's david solomon is going to be on with jim, and what a day to have it given some of the comments goldman has made about the consumer, inflation, global economy and more tech check will be right back. (vo) get verizon business unlimited from the network businesses rely on. like manny. event planning with our best plan ever. (manny) yeah, that's what i do. (vo) with 5g ultra wideband in many more cities, you get up to 10 times the speed at no extra cost. get verizon business unlimited from the network businesses rely on. >>> we just hit on netflix and other media earnings worries we'll see how hard the consumer has been hit and how much business outlooks will suffer. our next guest says that as growth slows, staying on top of competition is the name of the game for companies like netflix and the same goes for snap and tesla. joining us now, bmo wealth management chief investment strategist thank you so much for joining us today. before we dig into specific names, give us your overall outlook on which parts of the tech sector have the most opportunity right now. >> t

to talk about the latest earnings report goldman sachs's ceo david solomon joins jim cramer, "mad moneyt's on his bright beautiful new setting down at the new york stock exchange. let's get the headlines now with bertha coombs. >> here's our cnbc update at this hour. in an interview with "politico," infectious disease expert and chief medical adviser to president biden dr. ant hony fauci said he will retire. h he became the face of the u.s. government's efforts to contain the covid-19 pandemic. >>> sri lanka's acting president declaring a state of emergency amid growing protests demanding his resignation two days before the country's lawmakers are set to elect a new president the acting president took over on friday after his predecessor fled abrot and resigned after months' long mass protests over the country's economic collapse. >>> and jury selection for the trial of steve bannon begins today. bannon, a one-time adviser to former president donald trump faces criminal contempt of congress charges after refusing for months to cooperate with the house committee investigating the january

that from david solomon, the ceo. but if we just -- [inaudible] initial rally, don't forget on friday fed governor said in a speech that a 75 basis point hike at next week's rate setting meeting is quote huge enough, and that's good enough for the moment as the fed continues its effort to douse the flames of inflation. what does this mean for the markets and your money, especially when one vaguely bad headline report about apple turns everything around? let's get to the floor show. we have traders here. kenny, let me just start with you. stocks are suffering this whiplash, and we got to figure out as we look tat intraday pictures here -- as we look at the intraday pictures here, is this just the apple news that turned things around? >> absolutely not. in fact, goldman sachs also said this morning that they were slowing their hiring and that they are watching what they are doing. you heard it from jpmorgan. you heard it from everybody that they are slowing hiring. why everyone's pointing to apple suddenly saying oh, it

i knew when he was at the state department but you see david solomon trying to get more involved withmove for google >>it's not innovation for like, what is it >> my understanding of it is that they're effectively going to create this division to look at the geopolitical issues and technology issues. >> blockchain? >> and work with potentially blockchain and the like. >> is that mainly crypto >> i think it's larger than that it's all sorts of different technologies and geopolitics that leads kyou into the blockchain and other things. it could be a google ideasish think tank inside of goldman >> everybody stays home and, you know, goes to prague with goggles on and isn't even there. it's not something like that, is it with your avatar? >> goldman's not turning into meta >> that's what i'm asking, what other innovation, if it's not crypto everything else has already been invented >> lots of, jared's one of those guys who knows every president in the world, in all these different countries, and they're all trying to figure out different technologies >> i think it's mostly crypto. that's

. >>> joining us our cnn political director david chalian and cnn business correspondent rohel solomond. >> one of those numbers, the 25 approval rating on inflation and i want to put that in context for you. another finding on the poll, 75% of poll respondents, wolf, said inflation is the most important economic issue facing their family and the president's only at a 25% approval rating on that issue. that disparity is a huge warning sign for the president and his party. this is clearly not where any president would want to be this time out ask that's why you see so much hand wringing about how indeed you want to turn things around between here and november. >> we have a lot of work to do. rohel, is that having any impact on the americans' feelings about the state of the u.s. economy? >> it doesn't seem to be, right? we saw that in consumer sentiment and in the polling today, americans overwhelmingly feel negative about the state of the economy and that's largely driven by inflation because even if you're seeing some relief at the pump you're not seeing it practically anywhere else ri

david chalian, thanks so much. let's brin in cnn business correspondent rahel solomon and the national correspondent for "the washington post," philip bump. those numbers show americans are very concerned. very concerned about the economy and inflation. are those concerns justified? >> i think americans are losing faith and losing confidence on when this gets better, on when inflation gets better. we talk a lot about food inflation and gas inflation, because that's a very important part of the story. but inflation is spreading, we know that from the last cpi report. shelter inflation, rent inflation increase, .8% in the month of june, and 5.8% on the year. that's the fastest increase since 1986. it's perhaps understandably hard to feel great about the state of the economy when price pressures are so elevated. that said, the job market is very strong. 3.6% unemployment rate. also strong demand for workers. and we have heard from a lot of the big banks from wall street today and last week, and they say consumers are still spending and consumers still look good from their perspective. so even though consumers are spill st