well, deutsche bank is a catastrophe. and deutsche bank has been his bank. and deutsche bank thus far in the courts has been told they are subject to a subpoena that orders them to hand over their donald trump-related financial information. well, today deutsche bank conceded against its will that, yeah, the information they've got on trump includes his taxes. so hotel on. i mean, as i said, this will likely continue to get worse before it gets better. this is the sweet spot as far as president is concerned, and i mean that in a bad way. stay with us. you look amazing. and you look amazingly comfortable. when your v-neck looks more like a u-neck... that's when you know, it's half-washed. try downy fabric conditioner. unlike detergent alone, downy helps prevent stretching by conditioning and smoothing fibers, so clothes look newer, longer. downy and it's done. actually, that's my buick.. your buick doesn't have a roof rack! this is my buick. how are we gonna fit in your mom's buick? easy. i like that new buick. -me too. i was actually talking about that buick.

well, deutsche bank is a catastrophe. and deutsche bank has been his bank. and deutsche bank thus far in the courts has been told they are subject to a subpoena that orders them to hand over their donald trump-related financial information. well, today deutsche bank conceded against its will that, yeah, the information they've got on trump includes his taxes. so hold on. i mean, as i said, this will likely continue to get worse before it gets better. this is the sweet spot as far as the president is concerned, and i mean that in a bad way. stay with us. ♪ limu emu & doug and now for their service to the community, we present limu emu & doug with this key to the city. [ applause ] it's an honor to tell you that liberty mutual customizes your car insurance so you only pay for what you need. and now we need to get back to work. [ applause and band playing ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪ i planned each charted course ♪ ♪ each careful step ♪ along the byway ♪ much more ♪ much more than this ♪ i did it my way (announcer) ver

i want to go to the deutsche bank case, where the deutsche bank case stands tonight. senator mccaskill, we have -- the house of representatives is now getting much, much closer to donald trump's tax returns tonight. >> yeah, and i think if the court looks at these documents in camera, lawrence, and they confirm what your source has told you, if the court confirms that there are signatures on these loan documents from foreign entities, then that just maybe the house of representatives' case even stronger. because that would be indicative to the court that congress has -- needs to look at the implications of a president who is elected when he is leveraged like this by foreign interests. and, you know, if your source is right, this is -- this is really going to shake the ground, and if the president wants to clear this up, he could do it by presenting those loan documents tomorrow at a press briefing in the white house. >> senator mccaskill, let's stay on this for a minute. legally put on your prosecutor's hat as a former attorney general. you said that the court could c

there's no reasonable argument that if deutsche bank turns over materials, remember, deutsche bank has burdens on it, but they have never said to us that we cannot comply because there's a lot of materials. that's not what deutsche bank is saying. mr. trump is being called upon to do virtually nothing for private records that are nonprivileged, that he turned over to a private business organization. the supreme court in miller said these are not privileged. and it's quite interesting, at one point, mr. trump suggested that there was something wrong done because the house saw the documents from the bank. so apparently mr. trump is saying the proper way to do this is to subpoena me, so that it will disrupt my presidency. so apparently, mr. trump is saying the proper way to do this is to subpoena me, so that it will disrupt my presidency. that's a very strange suggestion for him to be making and i think shows the insincerity of all of this. >> here is my concern. as you said, you can't fight a precedent for a subpoena of this sort before. this makes me think i should seriously consider th

we understand that deutsche bank potentially does.ow the second inquiry is if you have those tax returns, and there is some particular reason why they should not be disclosed you will disclose them to us in unredacted form and if you believe there are confidentiality issues you give them in redacted form so we're still aways away. why why? because no matter what the second circuit decides, the supreme court could weigh in. by way of review, the legislature and the u.s. congress believes they have a legitimate reason and purpose. what is the president doing in is he engaging in his tax returns with foreign adversaries and who is he dealing with, a fraud or not a fraud. we have a legitimate legislature purpose and the administration said this is bah humbug this is about politics and no matter what the second circuit does and it could end up in the supreme court which is no so fast is the answer to the question if they are provided the documents this we would be in redacted form and a lot blacked out and the court will determine whether

you just can say we told our client we don't do it. >> they're skeptical of deutsche bank's argument even got more heated. >> i'm not asking you for the content of them at all. i'm asking you do you have them? >> even just answering that question, i think, could run afoul of -- >> you think it could. >> yeah, your honor, we're not in a position to answer that question based on the relevant statutes. >> if we want an answer to that question we go to a court and seek an order. >> well, we'd be happy -- >> i'm serious. >> the judge is serious and so is congress. in fact, last week, the lawyer for democrats in this case revealing that they are investigating, quote, massive amounts of russian money including possible money laundering. i'm now joined by david enrich finance editor writing a book about trump's relationship with deutsche bank and maya wiley, a former civil prosecutor in the southern district of new york. david, let's start with you. you've been investigating with this. when you look at what the news came out today, what do these filings realistically tell us? >> well, the bo

for now a lot of chatter around deutsche bank but no merger on the horizon. thank you lots of people have been talking about the difficulties of a cross-border merger. that was anet ta in frankfurt. >>> global leaders look to wrap up the g7 summit on a draft deal on digital taxes this time we'll be right back. ♪ i planned each charted course ♪ ♪ each careful step ♪ along the byway ♪ much more ♪ much more than this ♪ i did it my way (announcer) verizon is america's most awarded network and the only one with the galaxy note10 5g. right now, when you buy one, you get a galaxy note10 free. that's verizon. ♪ >>> welcome back to "street signs. saudi tourists today spend as much as $26 billion abroad each year and crown prince mohammed bin salman is hoping to reinject all that cash back into the kingdom's economy. hadley joins us with more on this story hadley, tell us more >> reporter: hey, good morning, joumanna that's right 26 billion that saudis spend externally, the crown prince wants to bring all of that cash, reunjekt that into the saudi economy and bring in

i think that deutsche bank has his tax returns. the question is will he then do as he did with his accounting firm, intervene to try and prevent the tax returns from being made available to congress. this will go through the courts the same way that the other documents were resisted and the real question is this is the president when he was a candidate who said that he wanted to make his tax returns available, to make them public but he was under audit. there's been a number of tax years since he became president. i presume he hasn't been audited during those tax years. maybe he should release his tax returns from 2017 and 2018. >> i suspect he's not going to be doing that, congresswoman. you were heard on another sensitive subject, all the reporting that the president actually got combative with other world leaders at the g7 summit in france advocating, for example, for vladimir putin to be included in the g7 and make him once again the g8, how do you make sense of that? what's your reaction? >> you can't make sense of his visit t

deutsche bank and commerzbank are facing the same problems.target, they set a profitability goal and the goal post moves. the trade story gets worse. the ecb will cut rates. that affects the net interest margins. you look at commerzbank and you extend that to deutsche bank. while these guys find a way out of that spiral? jim: for them it is not a new story. they have been dealing with a slowish economy for a decade. loaded negative interest rates for many years now. the only thing it changes is their hopes and expectations. he does not change how they are doing business. their margins are getting unicreditwhich is why cut its revenue target, commerce bank increased its loan-loss provisions, probably threw away its targets. what do they do? they batten down the hatches. it is a cost-cutting story. vonnie: that is where i wanted to go, james. can you cut your way to profitability given how much has already been cut? is there more fat to cut from these banks? james: there is always some that iscut, but the question now holding on tight to what yo

we may soon learn if one of the banks that lent big to donald trump during his business career — deutsche fighting to keep his financial affairs under wraps — after democrats asked both deutsche bank and capital one for their records on the president. michelle fleury is in new york why do democrats want it and how is this deadline looking for them to hand it over? the back story to all of this is that you have got the house financial services in the house financial services in the house intelligence committees both controlled by democrats who filed subpoenas to try and obtain some of donald trump's financial records and the reason they think is because they want to see whether there is any suspicious activity that relate to any overseas organisation. this goes back to concerns about trump prospect businesses that he has had, his dealings with russia and with saudi arabia come and also they want to see do either of these countries have any influence over the president and that is why they are trying to go to his financial records. as you pointed out, donald trump has resisted this all alon

we will speak to malcolm night from the london school of economics, former vice chairman at deutsche bank. tradeing a week of optimism, another round of tariffs on china still set to hit on sunday. it is the next escalation of a trade war between washington and beijing that will hit u.s. consumers in the wallet. hurricane dorian is set to become a category four storm and barrel into florida ceased coast, causing potentially $10 billion worth of damages. all of those questions in the next 30 minutes. let's get a quick check on the n the major averages. the dow jones industrial average holding onto a gain of .1%. about .4%.down given that we got the university of michigan consumer sentiment for august today, i'm looking at this chart. it is the widening gap between the two measures of u.s. sentiment. it has signaled past recessions. it's been elevated back in the early 1990's and 2001, 2008. look at this, the widening gap is once again widening. another thing to look at, if you are looking for potential harbingers of recession here. amber: that is certainly not something that president

finish your point. >> clearly deutsche bank is trying to follow the law.t is what they're doing here. liz: media not happy they're following the law. hans, thank you so much. coming up the fight between dhs and house oversight democrats blocked visiting 11 border facilities. border patrol said they disrupted operations, were rude. house oversight chair elijah cummings firing off a letter disputing all of that. >>> first, democratic officials, hey, democrat national committee. you're making exact same mistake hillary clinton did. that fire engine red alarm bell is dnc hearing it? the trump campaign is hearing it. they're carpet bombing key battleground states. that is a direct quote from a democrat official. that story next. >> a vote for any democrat in 2020, is a vote for the rise of radical socialism and the destruction of the american dream. ♪ drivewise. feedback that helps you drive safer. and that can lower your cost now that you know the truth... are you in good hands? thand find inspiration who win new places.ct... leading them to discover: we're wo

. >>> does deutsche bank have them or not?nk has something, but it's so redacted that we can't tell what information they pulled. >> right. and they needed to be subpoenaed to admit they may even have something. which shows they're either really -- they're concerned about giving forward the information they have. but it raises a lot of questions about what might be on these pages. and what it could show. because that private bank did it when no one else would, who were the cosigners? interesting questions. >> it seems the story isn't that deutsche bank is saying without saying that they have the tax returns. it's that it had to go through an entire court process. this shows how every inch of this is going to be litigated and delayed as much as the white house can possibly make it happen. >> well, you have to remember, too, that the person leading the defense for the trump administration and this inquiries is the former deputy counsel of the white house under don mcgahn. this is somebody who has been aligned with this administr

deutsche bank has lent trump millions of dollars over the years.n april, as part of the allegations of influence on the election, the house intelligence and financial services committees subpoenaed the bank for financial records including tax returns belonging to trump and his adult children, don junior, ivanka and trump. "the new york times" notes that current and former bank officials have said that deutsche has portions of trump's personal and corporate tax returns for multiple years. >> joining us now, reporter for "the washington post," live from washington, d.c. it's good to have you this morning. let's talk about what's next for democrats in the fight to obtain president trump's tax to that o? >> i think it's quite significant. for a while, lawmakers have wondered where can they find the information that deutsche bank suggests that they actually have. information that could provide more details about financial records of the corporation as well as trump individuals. so, we can expect them to try to get their hands on that, is search for a fe

deutsche's is hiring about 140 people.on america is calling for a shift away from europe. this would allow it to boost its u.s. holdings by as much as $100 billion. it wants to take a larger chunk of the biggest technology companies. alix: time for bottom line. we will dig into three companies worth watching. we are joined by taylor riggs. first, we will take a look at j&j. this landmark lawsuit that was brought by the oklahoma attorney general going after j&j for its involvement in marketing opioids. jj lost that case and was ordered to pay $572 million. you are seeing shares popping on this news because that is not as big as analysts and investors expected. you had different opioid companies settling for less. this is not as bad as it could have been. alix: implications for the industry -- we will break that down in a moment. revlon,ant to return to the second company we are watching this morning. is looking for a strategic fire -- buyer after the holiday weekend. they will go outcome approaching some of the interested p

deutsche post up by 4%. we spoke to the cfo earlier.rman story that allows them to be more positive on revenue guidance this morning. let's have a look at the number of stocks on the downside. metro is the biggest father, down by-- faller, 5.6%. takeover talk around this business. that is part of the conversation. intercontinental hotels down by 1.7%. they have been talking about how little exposure they have to the hong kong market. that is one of the news lines coming out from the earnings call. let's get a bloomberg first word news update. >> china has denied it manipulates its currency and is taking steps to slow the yuan's dissent. the pb -- descent. all is bigger the fl than expected. president trump says it china dropping the value of its currency is a major violation. the notes have since erased some of their gains. recession signals are flashing. president trump has delivered his most thoughtful condemnation of racism and white supremacy following the mass shootings over the weekend that killed over 30 people. the president did

is deutsche bank was willing to do business with trump when no other bank would. in? you mentioned the possibility of fraud. there's been speculation about participation in money laundering, et cetera. does deutsche bank's role in your reporting is that sb indicative. >> this is the treasure chest as they see it because of longstanding relationship with the trump oppression and his familien and kushner's family business as well. they believe that's going to be sort of the one major treasure chest in terms of wanting to reveal whatever it is they're trying to get. but, again, whether or not deutsche complies with the subpoena as far as the privacy issues in particular, obviously with the redacted note we saw today it remains to be seen if they do that. >> and you know the law here, anne certainly better than they cite contractual and privacy concerns. is it like an nda. >> there is a federal law that says you can't disclose client's personal information unless there is a subpoena or criminal grand jury. here if you think about it, the congress could get access to i

deutsche bank, $6.38.ng olafson scholz talking about the amount germany spent less time, or hearing anybody in the government say they could boost spending in crisis times, keep that in mind. they are saying they can boost spending in case of a recession. we have only seen one quarter of contraction here in germany. you are going to stick with us. we have more to talk about. tristan hansen at mng, our guest cohost for the hour. next, stocks on the move, including deutsche bank and commerzbank. up following germany's stimulus announcement, although they are not huge gains and they are not big stocks. this is bloomberg. ♪ >> the treasury curve is very consistent. that is what we have been saying in our economic outlook and with the fed. >> there is no reason to challenge the yield curve at this time. inflation is low. it is barely up to target. >> there is reason to think it may not be signaling the same as it has in the past. the long end is depressed now are other reasons, in particular, demand for safe as

deutsche bank -- that's exec the right. deutsche's -- that's exactly right.bank is in the middle of cost cutting, so any new hire has to go directly through the ceo. really only bring the most important folks. luke: this has got to be great if you are a new hire, being told you are critical right off the bat. stamp of your boss' approval. is there any prerequisite or time this has happened before with this degree of micromanaging at a bank? does it underline the depths of their reworking? jennifer: i've never seen anything like this, but we will see. they said they will revisit the policy at the end of the year, so after a few months, maybe christian will be sick of grooming all these new hires. alix: i can see how the holdups might be significant. can you approve, can you approve? luke: i'm trying to run a bank. alix: exactly. so jp morgan drops its chase pay app because americans actually like their credit cards. jennifer: we are really slow here in america on all things payment, it seems. we're just coming around to the top to pay credit cards. mobile paym

and germany, but europe's largest postal company, deutsche post, tells cnbc that economic fundamentalsstrong annette joins us from frankfurt with more details. you sat down with the ceo of deutsche post what did he tell you about the macro environment and the impact on his business >> actually sort of for the short-term he is also clearly worried about the deterioration of the global outlook, talking about trade, et cetera he's quite optimistic that in the medium term we can get i fixed and things will be better in the medium term that's an interesting one. he's not so much concern like those doom say sayers that we'r head headed towards a new era of globalization and taking away all those benefits that we've been having. he's more or less an optimistic person when it comes to the outlook. let me bring you the interview now. he clearly talks about the global economy outlook and also what he thinks will be crucial for the next decade. take a listen. >> at the moment we see a slight slowdown of the economy. that's true. but overall the fundamentals are still intact we have increasing mid

, tweeting "little donny deutsch, whose show, like his previous shoebiz tries, is a disaster--" shoebiz? really? i've heard it's very hard to break into... "shoebiz." ( laughter ) (as old timey producer) "i'm sorry, kid. i know you wanna be a star, but that's a croc. you haven't got a chance in heel. let me give you some wingtips: stop loafering around and find a new balance. now, if you'll excuse me, i got an appointment with doc marten. ugg!" ( laughter ) ( cheers and applause ) sometimes you've just got to take a victory lap, jon. >> jon: that's right. >> stephen: trump is upset at deutsch because donny "has been saying that i had been a friend of his. this is false." i agree. it's just not believable that donald trump has friends. ( la apparently, trump was responding to deutsch saying this on saturday night: >> speaking of the trump organization and bankruptcy and i've known trump well for years and i believe it's a criminal enterprise. >> stephen: okay, that's not very nice. ( laughter ) very accurate. but not nice. ( laughter ) here's the thing, though: deutsch's audience on msnb

deutsche bank, a longtime lender to donald trump, does have the president‘s tax returns. the documents regarding donald trump and three of his children‘s business dealings. lawyers for mr trump are trying to block the subpoenas and it‘s not clear if deutsche bank will comply with the order. that‘s it for the business briefing this hour — but before we go, here are the markets. up next — newsbriefing. we‘ll take you through ther stories making headlines in the global news media today including. we all know how frustrating a poor internet connection can be, and if it‘s bad enough in towns and cities, it‘s often worse in rural areas. but now, two of the remotest parts of the uk can boast that they‘re the best connected as superfast broadband goes live to more than 300 homes. our technology correspondent rory cellan—jones reports. it is quite a journey to reach one of the uk‘s remote communities. first you land at benbecula then you drive across the causeway to the rocky island of grim say, home to just 100 households which now have a state—of—the—art broadband connections. l

. >>> deutsche bank indicated it has records to compile with the house of representatives seeking toobtain the president's tax returns but in the bank's very carefully worded letter to a federal appeals court, it did not mention president trump by name or members of his family. the house is seeking financial records from deutsche bank from the president and his children, donald trump junior, eric trump and ivanka trump. here to discuss, sue craig, one of the report es on the investigation published into donald trump's tax schemes in the 1990s. just to be clear about something, which isn't it all clear, deutsche bank confirmed they have the president and his family's tax returns without directly confirming they have the president or his family's tax returns. >> the names were redacted today but the case is about donald trump and it was pretty clear. i mean, you're not making a big leap. >> they have them. there is every reason -- >> we've reported that previously that they have them but today in a court filing they confirmed that they have -- we don't know what years. we don't know wh

deutsche bank has had a presence there since 1958.he trade war calculus in the next china calculus -- and the next china calculus? david: hong kong is still very important with significant flows going through before ending in china. it is a way of signaling to the world by china that it is supporting its financial center that is liberal and independent. in all respects, the flows through hong kong and the importance of hong kong to the chinese economy cannot be underestimated. the outcome of what is happening in china from a geopolitical point of view is the most important issue we are facing, far more important than iran. if something goes wrong and hong ong, it could have an impact the chinese economy and it will tip germany into recession if it is a serious blowback into china. it is a very connected story, and it is a global story. was written byma you 15 years ago. president trump thinks the currency intervention periphery as everybody else. is it feasible we could have a unilateral united states currency intervention off the pre

this is the case where democrats have subpoenaed deutsche bank and capital one to get records related to president trump and his business. those banks so far have been unwilling to tell the court whether the financial documents they have about president trump their tax returns, and if so, whether they would be handing those over to congress, too. but even though those banks have been resistant, they have to tell the court one way or the other by tomorrow at 4:00 p.m. eastern. we expect those to be public filings. so that could end up being a big deal. keep an eye out for that. that does it for us tonight. we'll see you again tomorrow. now it's time for "the last word with lawrence o'donnell." >> this announcement by the president that he wants to have, when he's host of the g7 next year, he wants to have it on one of his own properties, continues this phenomenon of possible trump crimes committed in public, therefore, they're not crimes just by doing them in public. emolument clauses we can't say if they're legal for the

the house is seeking financial records from deutsche bank from the president and his children, donaldhere to discuss, sue craig, one of the report es on the investigation published into donald trump's tax schemes in the 1990s. just to be clear about something, which isn't it all clear, deutsche bank confirmed they have the president and his family's tax returns without directly confirming they have the president or his family's tax returns. >> the names were redacted today but the case is about donald trump and it was pretty clear. i mean, you're not making a big leap. >> they have them. there is every reason -- >> we've reported that previously that they have them but today in a court filing they confirmed that they have -- we don't know what years. we don't know what entities or personal or business or a combination of both. they have tax returns in house. >> why when we're talking about deutsche bank does it matter that they have the president's tax returns? is it about their relationship that's potentially of interest? >> well, they have been the main banker for the president in r

deutsche bank is tightening the weight it fills vacancies -- way it fills vacancies. memo says only critical roles should be submitted. it comes as a lender is undergoing its biggest restructuring in living memory, with plans to cut 18,000 jobs. global news 24 hours a day, on-air and on tic-toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. matt? matt: thanks very much. annext, hong kong faces earnings recession not seen in a decade, as businesses start to warn that they see ongoing protests dampening demand. this is bloomberg. ♪ ♪ we have the flexibility on moving to slightly smaller aircraft. 's,y've got the 200 essentially the same aircraft with less seats. we will do that over the next few months, take 7% of the capacity out in anticipation this will continue for a few months. matt: the ceo of qantas warning about the impact of the ongoing protests in hong kong. the island is facing its deepest earnings recession since the global financial crisis. shares on the hang seng index have lost more than half

germany's deutsche welle says russia's media oversight agency has demanded google take action to stop spread of information about illegal mass protests. thousands of its youtube channels livestreamed one of russia's biggest demos last weekend. and finally, the telegraph website repeats claims made byjamie oliver in an interview to you magazine where he said one of the reasons for the collapse of his culinary empire was the fact his restaurants weren't posh enough. the celebrity chef, who paid £4 million from his own pocket to prop up his chain, but was unable to save around 1,000 jobs, said his business would have remained intact if he avoided mid—market dining. with me is david buik, who is a market commentator at core spreads. lets get stuck in. the independent talks about the fact it has heard about secret talks from cross—party mps ona about secret talks from cross—party mps on a plan to rip apart parties‘ standing orders to stop an ideal breakfrom standing orders to stop an ideal break from the european standing orders to stop an ideal breakfrom the european union. your thoughts?

deutsche bank is trying to refocus towards its roots of being the bank for german corporates what do you think of this strategy is deutsche bank going to be able to prosper under this new strategy, refocusing on the german corporate market without a global equities business >> that, of course, is a complex question i could cite the example of commerzbank where we do see the benefits of that strategy having been implemented earlier you knowed earlier that net interest income has been growing, which is the effect of very focused investment efforts in that area we do believe deutsche bank has the potential. we also think that trading has changed very much. reducing equity trading, getting completely out of the business by itself should not necessarily impact the corporate business. but the problem is there has been a lot of headline risk that could be spilled over into other areas of the franchise, even though there's no direct connection that's something we're going to watch going forward. >> thank you very much for weighing in this morning and joining us sonia forster from dbrs. >>> i

. >> deutsche bank has tax returns from one trump family member. but are they the president's?house democrats get their hands on them. john dean weighs in on what this could mean. next. [happy birthday music] ♪ ♪ don't get mad, put those years to work with e*trade. at t-mobile, what can you get when you a buy a samsung galaxy note 10? you get unlimited data while on a network that goes further than ever before. use as much as you want. when you want. a netflix subscription on us. stream all your favorite movies and shows. and for a limited time. buy any samsung galaxy note 10 and get one samsung galaxy note 10 for free. that's right. get one samsung galaxy note 10 for free. >>> in a new court filing deutsche bank indicates it has trump related tax returns. the bank won't say whose. the names are redacted. they could end up in the hands of house democrats who subpoenaed them. john dean thank you so much. appreciate you joining us. house democrats one step closer to seeing the president's tax returns? >> they have a strong case. they have a law that actually authorizes them to ge

deutsche bank is in serious trouble, its share price tells you that. announcement. now they are talking about, you can't carry your holiday forward, there is no long service bonus, so they're looking there is no long service bonus, so they‘ re looking absolutely everywhere they can, it shows how tough it is in investment banking right now. i know there won't me that many tears shed by people who are not in the industry, but you have got berkeley is not paying bonuses as well, and it is affecting the sector at the moment. we have been asking for your tweets on this, which are perk would you miss most? this one says... i would hate to lose my computer allowance, season ticket loan. this one says... he gets annoyed, he would get annoyed, if the mortgage subsidy would be taken away. this one says, annual leave is perhaps the most important perk. time for a holiday. i agree! what would you miss? childcare vouchers, because you can pay for your childcare from your pre—tax income and it saves you a lot of money in the longer term, that is a big one for me, wh

deutsche bank chairman is looking for a successor.fter more than seven years chairing the bank, he will hand over the baton when his term ends in 2022. he has been a controversial figure with investors resizing him for a series of unsuccessful turnarounds which led to speculation he may lose shareholder backing in may. he did hold through but saw his support all below 70%, which is bad for a german chairman. his legacy is likely to depend on his latest appointee, and the success of the largest restructuring in the banks history. that's get more with our german banks reporter. my question is, does he make it to the end of his contract in 2022? obviously that is a question people are asking now. it is clear he is looking for a potential successor. it is easier to replace a chairman. who would take it if he were to step down before his term ends. his attention is to serve it out, but once someone is there, it is easy to replace him. matt: what names are you hearing to replace him? for a long time, he was noting german media as the kingma

. >> deutsche bank says they have tax returns from at least one trump family member.e they the president's? and will house democrats get their hands on them? john dean weighs in on what this could all mean, next. billions of mouths. billions of problems. sore gums? bleeding gums? painful flossing? there's a therabreath for you. therabreath healthy gums oral rinse fights gingivitis and plaque and prevents gum disease for 24 hours. so you can... breathe easy, there's therabreath at walmart. thatthere you are, mom!here. that's you? that does kinda look like our family. what are you wearing? ancestry has over 400,000 yearbooks from all across the country. start searching for your friends and family, free, at ancestry.com. at t-mobile, what can you get when you a buy a samsung galaxy note 10? you get unlimited data while on a network that goes further than ever before. use as much as you want. when you want. a netflix subscription on us. stream all your favorite movies and shows. and for a limited time. buy any samsung galaxy note 10 and get one samsung galaxy note 10 for

deutsche bank and capital one have until 4:00 p.m. now, to tell whether they have copies of the returns. they were asked about it during a hearing last week but refused to answer claiming contractual obligation prevented them from revealing the content of the documents. trump is appealing a ruling that cleared the bank to hand over years of tax returns and his children to the committees. they claim they are overstepping but they say it's necessary because of russian money laundering and foreign influence. suzanne craig has won a pulitzer prize for her extensive reporting on donald trump's finances and business activities. what has happened here. the normal answers to a bank committee would strike a normal person who hasn't followed this all their life, to think, that's just a weird answer. >> it was. not like they were asked to turn over the tax returns, asked whether they have them. they took a very broad view of the customer contract they have with the president saying, we can't disclose anything. about a half hour ago, deutsche ban

the poster child is deutsche bank.f you pull up deutsche bank shares disaster in contrast, credit risk has compounded, 3.5% to 4%. those payments are contractual. that is by no means a premier bond. >> what do you expect from the ecb as it relates to those banks? are you expecting some sort of tearing? without effect investments? think they have to. with the ecb, they have missed the chance to raise rates when the sun was shining in 2017, 2018, when we had global synchronized growth. they missed a chance to get rates toward zero. they are in a real tough spot. i think they realized and it is priced into the markets that only a modest change in rates can see the damage. some kind of tiering. i would be surprised to see the -- buy bank debt. this was central bank has been buying equities for years. no one complains about that. where is the better income stream? bonds or equities? equities are the better income stream. nejra: coming up, betting on berkshire. a new stake in warren buffett's glamour exiting united technolog

. >> coming up, president terms are expected to ask federal bank to block deutsche bank and federal one of handing the information to the intelligence committee. we will bring you live audio scheduled to start at around 1130 eastern paired we are hearing it could begin earlier. in any case, we will have it live for you on c-span. in a related case last month, a d.c. circuit court heard arguments and a house issue to the mazars and we will play some of that. justified here. back to the question as to how turning over documents in his possession. >> i will address the full thing. saying, >> you responded with a hypothetical instead of how this would prevent the president from executing his powers and how it would impede upon that. >> the question arise with the fact that -- >> this is a subpoena against the president. the circuit court dealt with that issue. these records are isng sought because congress asserting their site -- and the oversight of the president. that is a good point. it is impossible to do that. >> where is the burden? many that are waged against president trump are the

the house financial committee is investigating trump and deutsch bank.ng off 18,000 workers and being investigated for other reasons. when we bring in other entities from these reckless comments, it's a ripple effect. journalists have to be more aware and in ownership of what they put out there. not just my bad. i retract. there are real conquences. >> even if he said i am not a journalist. but he didn't present it as his opinion. >> as a journalist i am upset. >> the worst thing the storyoo on both sides are doing this -- so and so sparks out rage. they use his tweets. they find 3 tweets and that's the story. it's what a waste of time and anger. >> it was interesting that donald trump has his lawyers threaten o'donnell over this. how often have you seen a story from donald trump and you think where is the evidence of that? >> he never lied. >> never? >> not once! he is directionally true. >> [laughing]. >> you have a 1,000 batting average. what is his? >> 1,020. >> really. >> [laughing]. >> a 5.0. it makes no sense. >> [laughing]. emily got a 5.0. ring

deutsche bank operations are going through.her around 140 people. hasindia head of clients been assured capital will not be a concern. a judge ordered johnson & johnson to pay far less over a trial on opioids. they created ag temporary public nuisance and has to pay around $570 million to the state of oklahoma. papa john's will look to appoint a new ceo, tapping arby's president rob lynch for the role. yet. the biggest shakeup papa john's has been seeing slowing sales. the man who drove volkswagen to become one of the top carmakers has died. he was the grandson of another audit no dutch auto pioneer -- auto pioneer. under his watch, the automaker raised its build quality and brought portia into its -- wide-rangingits brands. he was 82. matt: thank you very much. a u.k. prime minister, boris johnson, as marginally more optimistic about a new brexit deal but it depends on the european union, and admitted there is wide dispute but e.u. leaders want the split to happen. emmanuel macron does not want a no deal brexit and says it is

bank until june still was a client of top banks like deutsche bank untiljune of this year.s last year. but i do think trump has kind of normalised this view of conspiracy theories. i think it is up to the next president, whoever it is, on the republican or democratic side, to lay a clear marker, that we are not going to share unverified conspiratorial administration from a presidential twitter account. that is not normal and not good behaviourfor anyone. there is a reason we have people who are trying to filter through that information. trump himself has his icon and he canjust information. trump himself has his icon and he can just easily share any theory he wants. let's get some of the day's other news. russia's state communications regulator has accused google of using its youtube platform to promote recent anti—government protests. the regulator, roskomnadzor, ordered google to stop allowing what it said were "illegal mass events" to be made available to view. google has not yet responded. china has mobilised thousands of servicemen and women to help with the clean up a

i'm still donny deutsch. and joining the group is -- that was funny, i'm still donny deutsch.ss not. joining the group is adrienne elrod, senior adviser to the hillary clinton campaign and leading democratic strategist. let's get back to the wall. the ross manifesto. stephen ross, billionaire real estate developer and owner of the miami dolphins, equinox gyms and soul cycle, held a mul multimillion dollar fund-raiser in the hamptons for trump yesterday. after backlash from customers of many of his owned companies, it is the sickening rational for every trump voter who sells their soul for a dollar. >> you're so upset, you can't take your helicopter. >> exactly. this to me is on a personal level the most gaulg response i get from trump voters. i want to put up the stephen ross response. this is not about how are you going to change billionaires' minds. whenever you talk to a voter -- and i'm not talking about somebody who makes $40,000 a year and they believe trump's going to put food on the table. i'm talking about a difference between $800,000 and $830,000, and they go, i've

deutsche post raised its 2019 earnings forecast. they said restructuring measures and a rise in postage prices should help earnings the company said it's operating on a challenging macro economic environment. the cfo told cnbc the company is back on a path to growth >> these are year over year declines for several quarters now, since the fourth quarter of 2017 q2 2019 marks a turning point. we're in growth territory year over year for our post and parcel business. the post business declines, they will continue to decline but at a steady pace. we are growing past the business and here we saw another strong quarter, 6% volume growth. the growth continues out in the german market. >> let's stick with germany. industrial orders there ticked up slightly in june. this helps to calm concerns about the impact of the latest trade escalation between the u.s. and china big ticket items and demand for non-eu countries fell 1% raising fears that europe's largest economy may contract on a yearly basis, industrial orders dropped by 3.6% let's brin

deutsche. john deutsche. he had laptop trouble and wound up losing clearance the fact he had classified material on his laptop, his son was using the laptop to also connect with internet sites that i won't discuss in any did etail with t audience. let's see. i am the only career analyst to become director. >> robert gates. >> now, brennan was an analyst for most of his life. he also had a hitch as chief of station. then he left the agency to become president obama's homeland security and terrorism adviser and then he came back to run the agency. let's see, here is an easy one. i am the only director to later become president. >> bush. >> bush. okay. good. that was the $100 question, not the $40,000 question. let's see, i was dproowight eisenhower's chief of star during world war ii. smith. i could also ask a tougher question, i resigned as dci to take a better job. that was also smith. the better job, interestingly, was under-secretary of state, which back in 1952 and '3when this happened was a much more pres

the fcc also says deutsche bank created false records to conceal the connection between employees and government officials as part of the settlement the company didn't have to admit or deny any wrong doing over the past decade the fcc cracked down on vie ratiolation the foreign corrupt practices act with multiple banks forced to face fines. >> thank you for that update when we come back on the show, the white house signaling new trade talks with china as a new round of tariffs looms a live report from the ground in china coming up next then new details in the aftermath of the incredible refinery explosion back in june that we saw. we'll fill you in on the details and in the show, much more on what to expect from fed chairman jay powell when he takes the stage at 8:00 a.m. eastern time. we'll speak with former fed governor here on worldwide exchange a very busy ur sllhehoti aad keep it right here these folks, they don't have time to go to the post office they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter a

is it deutsche bank or some bank i don't know? have been watching closely. factoredit has been into the big revamp and restructuring they have been doing of late. on the commerzbank side, it is hard to see how we can be sanguine about this. they are very focused on the retail and consumer segment. it would be one of the hardest hit in case we see a big pullback on the retail side. there is not a lot of good news out here when it comes to european banking, and the trading environment for those with large exposure is not looking promising. francine: we had a great article trying to go through how many jobs have been lost in the finance sector and how many more could be lost. will that accelerate if the economy takes a turn for the worst? sree: well, because the numbers don't even factor in some of the numbers we are expecting. unicredit, the expectation is 10,000 jobs could go. we have not seen many of these jobs actually -- these have been announced cuts. we have not seen them play out in the market as of yet, so there will be a le

you saw, for example, the deutsche bank revelation.result of our oversight and our legal counsel arguing friday before the courts that we have a right and a need as a result of oversight to take a look and see if deutsche bank has the tax returns of mr. trump or his family members, they also asked it of capital one, in letters received by the court, we now know that deutsche bank, in its unusual lending to mr. trump and the trump organization, despite the bankruptcies of his past, does have tax returns. so we are doing our oversight. remember, we're in the face of extraordinary obstruction by this administration, denying people's rights or obligation to come forward as a result of our subpoenas in the judiciary committee, dhe tax return information from the financial services committee, but the good news is that we have a third brarchl of government, co-equal branch, the justice -- judiciary, seeing things our way. we have a constitutional duty in the face of extraordinary corruption and obstruction by this president. >> congresswoman

moments ago, deutsche bank makes a new low. headlines, carla hills with david westin .nd the 12:00 hour ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you pre-order a new samsung note. click, call or visit a store today. ♪ this is bloomberg "surveillance," tom and francine from london and new york. we have a lot of market movements and we are keeping and i on stock drops because of china saying they may retaliate against the u.s.. let's get straight to the bloomberg first word news in new york city. renita: china fired the latest shot in the trade with the u.s. beijing said it plans to retaliate for they knew -- the new u.s. tariffs, calling them a violation o