deutsche bank is obviously the much bigger bank.find about 8 billion euros according to analysts that we talked to to finance this acquisition. they would then have a combined 140,000 employees, although sources say that 30,000 employees would have to be fired. it was this sticking point on which deutsche and commerzbank needed government backing before they could formally move forward. we learned yesterday that the government has given the ceo of permission,k support to do those kinds of massive job cuts, and it will be politically difficult nonetheless for the german andrnment to push together financially very difficult for deutsche bank to justify this to shareholders. they still have an issue with their investment bank, it is capital-intensive and it is not making them any money and both banks are exposed to the interest-rate cycle, which is also hurting profitability. the question is whether putting these lenders together would make a national champion and that is what investors will have to decide. anna: it doesn't change the

deutsche is not really interested in commerzbank, and commerzbank has nothing that would help deutscheg investment player. taylor: from what i can see, we do not have any indication yet that this is a stock or cash to that deal. how do you expect financing to go, and what is the fair value would like to see for the takeover of commerzbank by deutsche bank? dieter: there is a lot of utsche needsthat de for the takeover capital increase. i am not so sure. the -- for $.30, you get shareholder value of $1 billion, so this would be a lucky buy. if you're consolidating commerzbank, make a profit out of it, there is a revaluation of maybe 10 billion euros or 15 billion euros. maybe you need fresh capital for a restricted period of time for integration costs, but it could be limited. taylor: thank you. that was dieter hein. coming up, john micklethwait will be going by german chancellor angela merkel for an exclusive one-to-one conversation. watch it live on bloomberg tv, the terminal on live , or on radio. this is bloomberg. ♪ francine: this is "bloomberg surveillance." lacqua in london.

trump default odd his deals with deutsche bank. he lied to deutsche bank and he knew it. he sued to avoid paying back loans. at least one banker who did multiple deals with trump was fired from the bank apparently for misconduct. but somehow they kept managing to shove more money his way. well over $2 billion in total. now that the relationship is under investigation by committees and the new york attorney, the executive who trump worked with, she now according to the times, expects to be called too publicly testified on capitol hill. that's according to people familiar with her thinking. so we will have more on this story later on this hour. this one does seem to be sort of cracking open. the deutsche bank/trump relationship has been sort of a flashing red light from the very, very beginninging, all of these investigates all reference illy turn into the follow the money investigations. almost all of the follow the money investigation seemed to find their way back to deutsche bank, and there's a op ed as well a this. but in general, this isn't the only thing churning. in

trump defaulted on his deals to deutsch bank and lied to deutsch bank and they knew it. he sued deutsch bank to avoid paying back loans and took one part of the bank and used it to pay off another part. one banker was fired for misconduct. somehow they kept managing to shove more money his way. well over $2 billion in total. now that the relationship is it under investigation by the intelligence committee and the financial services committee and the new york attorney general, that executive who trump worked with most closely at that bank for years, rosemary, she now according to the times tonight said she expects to be called to testify publicly on capitol hill about her dealings with trump, presumably and her bank's dealings. that's according to people familiar with her thinking. we will have more on this story late or this hour. this one does seem to be cracking open. deutsch bank-trump relationship has been a flashing red light from the very, very beginning. all of these investigations around trump and this administration all turn into follow the money investigations.

without deutsche bank, none of that happens. >> so deutsche bank, you can't overstate importance of deutsche> so deutsche bank is critical for trump. and by the way they also paid $630 million in penalties, a huge fine, for a money laundering scheme. so you've got trump on the one hand. this money laundering scheme. these two things do not necessarily need to be related but they could be. is it harassment? >> no. not harassment. i think it is interesting because of the russian connection that he mentioned. not everyone who deals with deutsche bank is involved with money laundering. but the connection between trump and russia, this is another one. why would this not be investigated carefully, given the connections between deutsche bank and russian money laundering? secondly, as we were saying a moment ago. why is this institution alone amongst many institutions, the one that is willing to do business with him? there's been some reporting that it is not even the commercial behinding part of the bank where would you expected to help real estate projects. but the private net worth group. it is t

bank and the house intelligence committee is investigating deutsch bank.fter this break, we will be joined by experts on this story. david k. johnston, he is a pulitzer prize winning tax attorney of the "new york times," and he's written articles for the trump businesses. david heimrich is the reporter of the "new york times." this is the person we want to hear from about this trump business. we will be right back with them. >> a major story broke late last night. >> we begin with new data this morning. >> we begin with new das morning. guys do whatever it takes to deal with shave irritation. so, we re-imagined the razor with the new gillette skinguard. it has a unique guard between the blades. that's designed to reduce irritation during the shave. because we believe all men deserve a razor just for them. the best a man can get. gillette. with advil liqui-gels, what stiff joints? what bad back? advil is... relief that's fast. strength that lasts. you'll ask... what pain? with advil liqui-gels. (v...especially when your easily distracted teenager has the ca

bank and the house intelligence committee is investigating deutsch bank.fter this break, we will be joined by experts on this story. david k. johnston, he is a pulitzer prize winning tax attorney of the "new york times," and he's written articles for the trump businesses. david heimrich is the reporter of the "new york times." this is the person we want to hear from about this trump business. we will be right back with them. if you have a garden you know, weeds are lowdown little scoundrels. don't stoop to their level. draw the line with the roundup sure shot wand. it extends with a protective shield and targets weeds more precisely. it lets you kill what's bad right down to the root while guarding the good. roundup sure shot wand. and to stop weeds before they start, also try roundup landscape weed preventer. roundup brand. trusted for over 40 years. darrell's family uses gain flings now, so their laundry smells more amazing than ever. [darrell's wife] isn't that the dog's towel? [dog sfx] hey, mi towel, su towel. more scent plus oxi boost and febreze in

well, the bank in question here, according to michael cohen, is deutsche bank. did president trump try to get a loan out of deutsche bank by randomly adding more than $250,000 million to the value of his house up by the prison, pretending it was on, like, hills made of gold or sitting on a secret diamond mine that one year? i mean, publicly we don't know. there were reports december of 2017 that federal prosecutors from the special counsel's office had subpoenaed deutsche bank for documents detailing the bank's relationship with president trump. the reported subpoena of that bank was apparently occasioned one of the great reported presidential freak outs concerning the special counsel's office, including what was reported by "the new york times" to be the first concerted effort by president trump to fire special counsel robert mueller. specifically in response to those reports that mueller's office had subpoenaed deutsche bank. now, that reporting about mueller subpoenaing deutsche bank was later walked back. it's still not clear whether or not the special couns

as a deutsche bank alumni, you nailed it.now you reached out to the white house for comment, they referred you to the trump organization. amanda miller designed to comment. help me understand what deutsche bank has told you. it's really important for people to understand the culture of deutsche bank. when it moved to the united states, it was a dog track. they took massive risk. they were desperately trying to build their name and build their brand in the americas and they took way more risk than their peers did. >> yeah. it was by design. they gave employees and executives a clear mandate to push the envelope as far as they could, make as much money as quickly as they could and do whatever it takes to make a buck. and it was very clear incentive structure. so you saw bankers doing exactly what you expect. and in some cases you saw them lending to people or institutions no one else would touch. donald trump is is a classic example of that. they threw money at him even when he defaulted on the loans, sued the bank, even when t

the world of finance now i want to set this up a little bit here we have been talking mostly about deutsche bank i've maintained now for a few years a doctor bank will be the next lehman brothers it'll be the pin that's pulled all set off a global contagion bank collapse the second leg of the two thousand and eight crisis richard has actually done a lot of work here digging into the balance sheet digging into the the statements made by the bank and you know we're going to look at this derivatives burke book richard welcome back thank you very much so continuing on our deutsche bank same first of all is it fair to say there's really two banks in the world with the derivatives book in the multi-trillions one is deutsche bank want to j.p. morgan this global derivatives market that warren buffett called weapons of mass financial destruction it's going to blow up again it's almost a guaranteed certainty is it legit say the odds are that it would be

the bank in question is deutsche bank. did president trump try to get a loan by adding a quarter of a billion dollars to the value of his house up by the prison pretending it was made on hills of gold or sitting on a diamond mine one year? publicly, we don't know. there were reports december of 2017 that federal prosecutors from the special counsel's office subpoenaed deutsche bank for details with their relationship with president trump and saying that bank was one of the great reported presidential freakouts concerning the special counsel's office including what was reported by "the new york times" to be the first concerted effort by president trump to fire special counsel robert mueller, specifically in response to those reports that mueller's office subpoenaed deutsche bank. it's not clear whether or not the special counsel's office ever be subpoena deutsche bank and we know democrats tried to elicit information about their relationship with trump over the past couple years. republicans at the time were in control of b

like deutsche bank which has a history of laundering russian money. >> we know deutsche bank has had time. it's the only bank that would really deal with the president. >> so, obviously, paying $630 million fine for laundering russia money is a big issue. the president doing business with then donald trump, who other banks didn't want to do business with can have its own issues. do you have any reason to think those two things are related? >> not at this point. not without getting the documents. not without really understanding fully what is happening here. one interesting angle on this is that the only way to verify what the president alleged in his application for the loan would be to really compare it to his tax returns. so this may at some point give a judge reason to compel the president to produce his tax returns. >> all right. and that, obviously, could be very crucial. as i know there has been a lot of debate over how and if that would happen. since obviously, the treasury secretary will fight it. thank you very much. i appreciate your time. >> thank you, erin. >>> next, jean

of germany they live villainies of deutsche bank if they were made all by germany germany would cease to exist as a country so what they have to do they have to they have to hope that there is a consortium of central banks around the world like was the case of long term capital management long term capital management got the central bank of central banks around the world to bail out american banks so that yacht owning scathed in greenwich connecticut would miss a payment on their boat you know that's unfortunately we live in this type of world where if you have influence on wall street you are above the law as eric holder had said and you get to participate in racketeering schemes with impunity as we pointed out on the show and many show shows before but you know we seem to hold these bankers up us having the divine right of gods and we can't upset them because they might not favor us with their trinkets every now and then anyway richard fascinating stuff we got to go thanks for being on the kaiser report thanks for having me. that's going to do it for this edition of the kaiser repor

for coming on richard thanks max for inviting me all right let's get right into let's talk about deutsche bank they continue to make annual losses but they recently announced they lost one point six billion on a bond trader what's going on is there more to this story maybe that they're hiding richard clearly they are hiding more once the really important part of what they call the berkshire trade is the good the trade not only from the market in terms of investors but they also hit the trade from the regulators so that the bank regulators were completely blind to the existence of this one point six billion dollar loss. and we're talking that was put on the books a decade plus ago right so it's referred to as the berkshire trade is not a reference to berkshire hathaway berkshire hathaway it was took a position there was supposed to hedge this board for the bush or tree trade that was put out by torture bank consisted of seven billion dollars worth of municipal securities that dropped in value but they were supposedly hedging by having bought a credit default swap from berkshire hathaway in

the other story we are watching his deutsche bank and commerzbank. we understood these will perceive with a possible merger. commerzbank rising as well as deutsche bank. these two adding to the dax. been weakerling has all morning in anticipation of what the speaker might say, staying theresa may cannot bring a meaningful vote without changes. we'll have to see what will happen in the next few hours. in the u.s., we have the s&p 500 just barely making gains, about 10% higher. boeing drags on the s&p 500. down more than 2%. the faa saying maybe boeing had too much control over its own checks and balances. boston scientific dragging down the s&p 500 on a heart device as an fda panel will be discussing the kinds of devising and mortality rate -- devices and mortality rates. isifferent heartfelt story edward life-sciences. that company is doing well after trials went well for it and it's about device. that is what is going -- its valve device. guy: let's get back to breaking news. the speaker of the house of commons has blocked another vote on prime mini

let me get you some numbers from a deutsche post. deutsche post is confirming its targets for 2020.l-year revenue comes in at 61.50 5 billion euros. the estimate was 61.19. that was a little bit of a beat on the full-year revenue. full-year ebitda in line with what analysts -- ebit in line with what analysts were expecting. a little bit of a beat on the fourth quarter revenue. we see better than expected numbers for fourth-quarter revenue and full-year revenue as well. t comes in at ebir 2.1 6 billion euros. it is meet -- 3.1 6 billion euros. it is confirming his targets for 2020 -- it's targets for 2020 -- its targets for 2020. i will speak to frank appel, the ceo of deutsche post, on the company's earnings report. we will discuss the trade war, the future for their scooter business, and of course i will also talk about those postal prices. let me get you some numbers from standard bank. there with me as i get -- bear with me as i get this up for you. standard bank, the red headline come up full-year adjusted eps, a comfortable beat on the full-year adjusted eps. looking at the ful

the relationship between donald trump and deutsche bank, it's very complicated.nd of untangle it a little bit for us? >> i can try. it goes back 20 years, starting in the late 1990s, deutsche bank was trying to make a name for itself on wall street. no one heard of this german bank or knew how to pronounce its name, even. and the way it could win business in the u.s. was by doing business with clients that were considered too risky, too far out there to be touchable by other banks. so they would get in bed with big real estate developers, among others, and throw money at them. and donald trump was one such real estate developer. he was a guy who had repeatedly defaulted on loans, repeatedly cost his banks millions of dollars, hundreds of millions of dollars, in fact. and for deutsche bank, this was the type of client he was going after. >> he had cost hundreds of banks hundreds of millions of dollars. >> a number of other banks, citibank, a number of other banks, as well, had faced huge losses. >> i think a lot of people would say, how can somebody who's defaulte

deutsche bank was trying to make a name for itself on wall street.y had heard of this german bank. and the way to win business in the u.s. was by doing business with clients that were considered too risky, too far out there to be touchable by other banks. so, they would get in bed with big real estate developers, among others, and donald trump was one such real estate developer. he had repeatedly defaulted on loans and cost his banks millions of dollars, hundreds of millions of dollars, in fact. >> he had cost other banks hundreds of millions of dollars. >> he repeatedly defaulted on other loans. a number of other banks had faced huge losses. >> a lot of people will say, how can somebody who has defaulted on loans to banks, hundreds of millions of dollars -- were they desperate? >> they were desperate. >> they saw the red flag but didn't care. >> that's exactly it. it wasn't a rogue banker or a division of a bank. this was a conscious decision. >> he was borrowing from different divisions in the bank. >> overtime he did. he started in the investment

going to be denied right away you don't have that here and you have the same answers coming from deutsche bank c.e.o. kristen saving just recently said exactly the same thing of course a merger is an option we might not be talking about it right now but it's pretty clear that they're really looking at that ok so some clues there torch of on for one i mean this was a global powerhouse this was a respected bank i mean what happened talk about the fall of deutsche about well first of all of course the financial crisis happened that of course happened to the entire global financial sector and that brought down with it what happened after that of course might have been even worse for the arch of punk than most of its competitors it was scandal after scandal you mentioned some of them earlier whether it was the man you palatial of interest rates of the gold price whether it was tax evasion moving clients people love money abroad just think panama papers whether it was breaking sanctions there was no financial scandal in the last decade that deutsche bank was not part of or even leading the pack

what is the outlook here for deutsche bank?> as you said, they are giving a positive for your outlook -- full-year outlook. almost all analysts think it is not going to happen. for them to say it is really good is helping the share price, that is an optimistic assumption. it is dependent on solid macroeconomics and global growth, and if that -- and that is questionable, i think. anna: good morning to you, steve. all of this in the context of m and a, what about the news on bonuses? on andmerger debate is the bonuses show that deutsche bank is trying to strike a very delicate balance between the need to cut costs on the one side and the need to retain talent on the other. if they want to grow revenue, they will need revenue earners. deutsche bank has long had a problem because it attracts negative headlines, people are not very happy there, so it has a problem keeping people. the reduction is clearly in line with previous reporting we've had. i think it shows how deutsche bank is trying to strike that balance. matt: stephen, tha

trump told deutsche bank his networth was about 3 billion.ncluded he's worth abo 780 something. at least one executive caused mr. trump should be avoided because he had worked with people in the construction industry close to organized crime, nonetheless, he agreed to loan him the money at that point. trump sued to avoid paying it back and yet deutsche bank continued to loan to trump, even though they determined he was undervaluing his assets. is it an open question. we don't understand why any bank would keep pouring millions into a client that never pays back? >> it is an open question. logically it doesn't make a tremendous amount of success why he keeps throwing money that guy. i talked to dozens over the past several months. and they say at the time this did make sense. they got president trump's personal guarantee on hundreds of millions of dollars. they can seize his personal assets. they thought they were making prudent loans. the reality is some of these loans, as far as we know, donald trump has kept current on them. he might not be

that was identified back then by deutsch bank. >> we will sneak in a break.. we'll be right back. i knew about the tremors. but when i started seeing things, i didn't know what was happening... so i kept it in. he started believing things that weren't true. i knew something was wrong... but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine... proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effe

and deutsche bank was the only western bank that would do money with trump, and deutsche bank is renownedor being -- and has been fined billions of dollars for money laundering with russia and eastern europe. >> deutsche bank has paid over $22 billion in fines of all kinds and over $600 million just for russian money laundering. their profits last year were about 300 million euros. they're not that big a bank. so you have to wonder, you know, why are they taking risks loaning money to donald trump when every other bank walk as way and says, we're not going to do business with you. you don't pay loans back. remember during the campaign, he said, i borrowed money knowing i wasn't going to pay it back. >> then why would they do it? >> that's the great $64,000 question. >> let's talk about your piece in "the new york times" just yesterday, jed. you called for the new york a.g. to do exactly this kind of investigation, a civil proceeding against the trump organization, one that could end up with the company being dissolved. how extensive to the crimes have to be to warrant that. >> the steps t

deutsche bank trading lower. was a financial times story earlier on suggesting this is an institution looking to raise equity around 10 billion euros to fund the commerzbank story. bloomberg reporting suggests there has been no board discussion. deutsche bank under pressure, trading down 3.5%. swedbank has spent most of the day suspended. the institution firing its ceo. what that will change, we will find out. changing of management does have an effect when it comes to the regulatory story and how regulators perceive what is going on. trading down by nearly 8%. is crackingering run. the stocks up today. volume quite light. we are coming into coarser end. coarser end a massive event for markets. today a little light on the volume. maybe some of the windowdressing has taken place. vonnie: here in the u.s. we are holding on with just our fingernails to the 28 hundred mark on the s&p 5 -- to the 2800 mark on the s&p 500. well,ectors doing including apparel and accessories. tommy hilfiger doing well. lululemon and oth

president trump's complicated ties to deutsch bank.he billions the bank loaned him despite the red flags surrounding questionable business dealings. d flags surrounding questionable business dealings. whooo! want to take your next vacation to new heights? tripadvisor now lets you book over a hundred thousand tours, attractions, and experiences in destinations around the world! like new york! from bus tours, to breathtaking adventures, tripadvisor makes it easy to find and book amazing things to do. and you can cancel most bookings up to 24 hours in advance for a full refund. so you can make your next trip... monumental! read reviews check hotel prices book things to do tripadvisor but when i started seeing things, i didn't know what was happening... so i kept it in. he started believing things that weren't true. i knew something was wrong... but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda

this is deutsche bank. part of the bank, government.from the american economic association said that half of email, miss have experienced gender discrimination and reports of assault and harassment. say the numbers are staggering. i feel like we are at this moment, the story in the new york times about a case coming to wall street. wall street in the world of economics have lagged in terms of the real reckoning. you wonder as this comes out, does the me too movement regain some traction here in different parts of business. anothervery day has one. out. the ft has come they want a warranty and the club back. >> this is now part of due diligence. we were talking about this yesterday, the case of google and questions around who knew what when. when you see venture capitalists and money starting to ask questions -- alix: good point. you spoke with martin lazar he. he spoke about the slowdown. >> the economy last year grew greater than 3%. today, 1.5%, 2%, 2.5%? that will be a 20% to 30% reduction in growth. you don't have a recession, but y

alix: you would think that deutsche is probably pretty desperate.sell sooner rather than later. david: but there was a recurrent problem. the things that people want to buy are the things that are most valuable to you. to not get rid of what has the most gross potential. jason: some great reporting by bloomberg shows all the machinations going on, not the least of which is the assumed merger between these two big players. ft,id: let's turn to ly now on the roadshow. as i recall, in their filings they said they lost 900 million last year -- $900 million last year. think aboutson: this idea. i feel at this is the modern-day coke and pepsi. think about them going public at the same time. you're going to have this great comparison between these two companies. they have different strategies going forward. ly doesft seem to have the does seem to have the edge in getting out sooner. alix: if you are a public company, you don't really get to do that. why not stay private? jason: clearly that's become an issue with google and alphabet and the disproportionat

george joining us from deutsche bank.e will talk about the eurozone, next, while the bund is heading towards a zero. -- towards zero. this is bloomberg. ♪ guy: live from london, i'm guy johnson. vonnie: in new york, i'm vonnie quinn. this is the "european close." where back with george saravelos of deutsche bank. we have been talking a lot about slowing china growth and exactly how slow the growth has gotten. coupled with the idea that there might be a trade truce, if you like, that will also put limits on what china can do with the yuan. where does deutsche bank see it going? george: the market has been paying attention to this currency pact, or reporting of a currency pact, between the u.s. and china and that has created the perception that seven will be a difficult level to break. i think that is probably right, so we have a fairly neutral view on the renminbi. but if you look at the substance of the currency pact, it looks like it will be something similar to the tpp side agreement that was reached under the obama adm

trump's personal financial statements, 2011, 2012 and 2013, which he gave to deutsch bank to enchoirbout a loan to buy the buffalo bills and to forbes. >> did the president ever provide access to a bank in order to help him obtain a loan? >> these documents and others were provided to deutsche bank on one occasion where i was with them and our lawyer and attempt to obtain money so that we can put a bid on the buffalo bills. >> so the attorney general is now acting on this. what kind of crimes are we talking about there, potentially? >> well, if he actually got a loan he has signed documents under penalty of perjury. he didn't get the loan for the bills partly because to buy the bills he would have to put up a little over a billion dollars in cash, which he didn't have. that's how the rules are in the nfl. but if this leads to other documents coming from deutsche bank that show he actually got loans on other occasions where he misstated his finances, then he's facing potential bank fraud, wire fraud charges. and one of the things we also learn from this is was it really deutsche bank

joining us out of frankfurt on the deutsche bank story. vonnie: great stuff, guy.ll keep our eyes open on any headlines on that. coming up, breaking the gender barrier. designer, innovator, kimora lee simmons is all of that, and she is joining us on the latest project to help fema entrepreneurs. this is bloomberg. ♪ guy: live from london, i'm guy johnson. vonnie: i'm vonnie quinn. this is "bloomberg markets." in celebration of international women's day, a global call to action with a new program called she innovates. here to explain is an icon in the u.s. kimora lee simmons, global ambassador for this program, also fashion designer, model, innovator herself, and creator of the baby phat collection. she has a well-timed business announcement of her own. welcome to bloomberg. kimora: thank you so much. vonnie: expect to us what this human program is. kimora: i am a champion for innovation -- i believe that is an official title. i certainly hope it is. we champion gender equality rights -- rights for gender equality for women. we are launching today a program called s

and germany's two biggest banks could soon become one deutsche bank's board reportedly a greens to merger talks with rival comet's bank this after both racked up years of losses. i'm rebecca ritter's welcome to the program opposition protesters have clashed with security forces in the venezuelan capital caracas some demonstrators scuffled scuffled with riot police who blocked their access to an avenue they wanted to hold their protest. the country's self-proclaimed later and called on his supporters to take to the streets again to increase the pressure on president president nicolas maduro to step down and make way for new elections missouri has called on his supporters to rally today the power struggle between. has brought the country to a standstill and that as a huge electricity blackout has paralyzed much of the country. yeah dialysis patients wait outside their wards unable to receive treatment from these pirate dian machines and in a maternity unit nurses fight to keep babies alive in intensive care. manually. blockades are nothing new in venezuela this latest one began just before

investors bank and deutsche bank in germ an.hich was penalized in 2015 for helping to launder over $10 billion of orussian money. they raided headquarters on suspicion of illegal transactions. and deutsche bank was one of the few lenders willing to do business with donald trump in recent years. and now according to nbc news new york state investigators have subpoenaed records including mortgages, lines of credit and other financing transactions. specifically they're scruttenizing three marquee projects dez projects developed by the trump organization, as well as his falled attempt to purchase the buffalo bills football team. it's another aresult of michael cohen's testimony later this month. he disclosed financial statements to back up his allegations that the president purposely inflated value to financial institutions including deutsche bank. >> did the president or his company ever inflate assets or aev new? >> yes. >> and was that done with the president's knowledge or direction? >> everything was done with knowledge and at

this potential tie—up between deutsche bank and commerce bank. not without its difficulties.s, because ofjob losses and the jobs that could be lost if the two went together. —— commerzbank. it is interesting to see this has come around again because it is not the first time the leaders of the two banks have talked about merging with deutsche bank or with commerzbank, and it comes ii yea rs with commerzbank, and it comes ii years after the financial crisis, with deutsche bank being very much mired in the aftermath of the financial crisis, and struggling to adjust its business model to sustain profits as its american counterparts have managed to. and just explain something, if you can. the investors don't seem entirely happy with the move. the unions oppose it. and yet the share price went up for both banks yesterday. how does that happen? well, i guess... first of all, it is good to see that there is some movement, and because deutsche bank has been... management has been trying to... well, modernise the bank and to transform the bank in the past couple of years, with somewhat

comet's bank the german government has been urging the two banks to merge after years of losses deutsche bank has also forced a face to scrutiny in the u.s. over money laundering scandal. joining me to unpack this is stephen busy from business departments dave hi thanks for joining me what more do we know about. this. think the main thing is that there's finally a mandate for these merger talks there's been a lot of talk about this for months going on now as deutsche has suffered such serious losses and recently as friday there were sources from comments bank saying it's absolute nonsense that there's a mandate for talks and now we know there's been one for at least a week back if these reports are correct we know they're still at the very early stages they're small groups and that this has a long way to go before it is approved well there's been a lot of talk about this merger for some time the banks themselves haven't same cane why now well i think first of all i think it's interesting that this finally was confirmed that these reports are correct on a weekend that might tell you somet

deutsche bank, all of that. we get a better understanding of what motivates them and if he's fighting f fighting for the american people or somebody else. we're not going to dis peer, we're not getag away. every single commit ais going to fighting to make sure we hold this president accountable and we get to the truth. >> joining me barbara mcquaid, the former attorney and nuta nutagsau -- the bread crumb papers why cohen document dump should worry trump and others. what is your current thinking? >> i think there's a speculation of a report dropping tomorrow. but i'd be surprised. one is these cohen documents. the judge found the other day that large portions may remain redacted because they continue to be the subject of ongoing investigation by robert mueller. 18 and a half pages redacted and when asked how much longer they need to be redacted, the answer was 60 days. you can only seal them for certain limited purposes. and suggests to me that maybe more like some time in the next days. and rick gates had a sta

with deutsch bank. they all, i think, have loans. big loans from deutsche bank. so we are really interested in his finances. and they have done rooueviews. we want to know what those reviews tell them about what he's doing. >> so you have staffers that are coordinating with attorneys at deutsche bank on document production right now? >> yes, i do. >> i think i learned something new there. congressman maxine waters, thank you so much for making the time. >> well, thank you so very much. >>> still to come, michael cohen's testimony shed light on some of the biggest outstanding questions from the infamous steele dossier. we'll go over it all with buzzfeed's ben smith, next. smit and more people than ever struggle with debt. intuit is here to change this story... with giant solutions like turbotax, quickbooks and mint that give everyone the power to prosper. intuit. proud makers of turbotax, quickbooks and mint. i but i can tell you i liberty mutual customized my car insurance so i only pay for what i need.

deutsche bank among a growing group of banks.alk us through what deutsche bank is inspecting in terms of revenue. reporter: the revenue expectations are diminished, and have been for a very long time. we've been seeing signals from other investment banks, jp morgan, ubs this week that the first quarter is going to be very tough. there was some optimism in the statement here. "it is important to acknowledge we operate in a challenging market." still seeing positive growth at some point going forward. reporter: that's been the refrain for some time, that they are very hopeful there will be some type of revenue growth. they've been doing a lot of cost cutting on the investment banking side and the retail banking side. i think at this point with deutsche bank, it's very must the proof -- it is very much a proof is in the pudding situation. should take any statement on growth from the banks with a grain of salt. carol: for several years, it's not been good at this bank. why should we trust what they are saying in terms of their unders

matt: interesting stuff on deutsche.sting how it ties into the credit suisse story. people getting paid more who lost investors a lot of money. what have you got on the shoemaker? shares are expected to be under pressure after results missed estimates. but it is not all negative, because in north america, it looks like they are making up some ground because nike is weaker in that region. that said, nike seems to be gaining more market share in europe, a key market for adidas, so they can be under pressure this morning. also, keeping an eye on jb sports, a big partner for nike. at last report, there shares rallied, but their stocks to go a different way this morning. matt: it is fascinating news in the. -- indeed. i will point out it is pronounced nik-e, just about we are all on the same page. we rely on you for far more important intelligence and that -- band that -- than that. >> luckily, there's only one way to pronounce this. ing securing a 3.1 billion yuan joint venture with the bank of beijing. this could be a signi