how is deutsche bank going to respond? ive reporter on the legal enforcement team at bloomberg news. i appreciate your reporting tonight. >> thanks for having me here. >> you know this stuff infinitely better. i can barely spell bank. am i right to say that the deutsche bank russian money laundering liability and them being an outstanding lender of considerable size to donald trump have been seen as very separate issues, haven't they? >> yes, that's correct. >> the house democrats seem to be connecting them in their letter. is that fishing or is there any reason to ask the questions they're asking? >> they're suggesting it but there's no evidence right now. the problem for the white house with all of the noise around russia is that it leads to questions like this being asked since a number of questions have not been asked thoroughly in other areas of russia, it sort of opens up the possibility, well, maybe there's some connection here. we don't have any evidence that there's any connection between the trading in russia and

do we have any idea of what fine deutsche bank may end up with? ause this was something, a year ago, when the review began, look like it could be serious for the bank. for a number of reasons, this investigation has proceeded quietly. we do not have insight into what the thinking of lawmakers is. because it is deutsche bank and because of trump, questions the democrats on the financial services committee have raised as to whether or not the justice department can impartially make a judgment regarding the banks which is an interesting question financially, politically, otherwise. mark: you go. vonnie: it is getting very confusing because russia is involved and so many investigations into political dealings with the donald trump campaign and russia, potentially. how does deutsche bank sidestepped this with it reputation intact? >> the new ceo has put in a lot of effort and energy to try to resolve all of the legal issues overhanging the bank and the past year and they have made great progress so far. however, especially because of the loans to presid

shares of deutsche bank falling this morning. democrats sending a letter to the bank's ceo.axine waters will join us next. e trader offices. steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place and lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim. see options data like never before. with thinkorswim only at td ameritrade. >>> the dow is up about 30 points. goldman sax is adding the most to that. let's get to the cne group, rick santelli and the santelli exchange. good morning, rick. >> thank you, sarah. we had senator alan simpson on yesterday. he gave us a full rant, didn't he? basically, for those that might not have seen cnbc.com might be a good place if you want to see. what he said was he doesn't like anything about this budget but it wasn't specifically about the hot, political issues of the day but it was more

outperformedas deutsche bank in recent years. some of the leading french banks.ou put it together, the highest quality balance sheets have done tradingter than those on the lowest price put ratios. matt: indoors bank, shares are up 30% over the last 12 months, 10% so far this year. it is still an attractive asset, do you think, or have these banks, have investors bid them up enough? charlie: i used to have a lot of banks in a got excited about the rate trade. we're seeing that turnaround. -- i do noting is have the bank trades at all. i do have some in the u.k.. more likely tos happen here before it happened see in europe. guy: europe is taking a long time to get this point but fund managers are paying attention. are we going to far, too fast? i will highlight this chart. these rp comparisons, the white line here is the s&p but i have stripped out tech. the tech multiples, adding that number up too much. .e have the stoxx 600 once used to about the tech, treats north of the u.s. tech, itrip out the treats north of the u.s. charlie cole and there is the idea that

they are behind blackrock when it comes to deutsche bank. why deutsche bank?iversifying through its many affiliates into financial services, port , even in this era of capital controls. it is still making strategic investments. california-based i.t. company last year for $6 billion. according to people familiar with its situation, increasing its stake in deutsche bank. deutsche bank has had his problems as well. john cryan the ceo trying to return to growth because those scandals, if you want to call them that, eroded capital. getting an investment from goinge like hna group towards that. people familiar with the deal saying they will raise their stake from what in february it was a 3% stake him then in march, they announced it was a 4.8% stake, so they are under 10%,it to just basically doubling its stake. as you rightly said, this larger position in deutsche bank would surpass blackrock, which was the largest shareholder which has a stake of 5.9 percent, followed by ubs of 3%. stake? about this what does it say about their ambitions outside of china? >> dive

well, deutsche bank, of course, is a bank looking for cash because of its legacy issues and china's hnaingly a company with a lot of money to spend. it has been on an acquisition spree around the world. as you say, it would make it deutsche bank's biggest shareholder with something like 10% of shares. so it's great news for deutsche bank. what i think is interesting from a chinese prospective, it is against the trend. 2016 was the bumper yearfor against the trend. 2016 was the bumper year for outward investment, chinese companies heading off abroad, but the government has been putting the brakes on out of a fear ofa putting the brakes on out of a fear of a sliding currency, deutsche bank is the next one in its sights. interesting. thank you john. an unusual day in asia. most of the main markets were shut for another bank holiday. a midweek one which is unusual. so we had australia open. you can see down by nearly 1% and bombay and also this is wall street the night before. europe, in asia, lilacs on financial minister kets. you can see they are all down slightly at the moment. it is par

house democrats are now asking germany's deutsche bank to provide information on credits given to donaldmp. deutsche lent millions to trump, even in difficult times. but who guaranteed them? could it be russia? that's when u.s. democrats want to find out. reporter: if you want to know who really owns buildings like this, it pays to look at the small print. a string of trump resorts and hotels were financed with loans from deutsche bank. u.s. politicians say trump still owes the bank $340 million. what bothers them is that deutsche was still being generous to the then presidential candidate while other banks were turning their noses up at him because of his numerous bankruptcy filings. one of the loans came to $170 million to redevelop washington's old post office. so who was giving deutsche securities for these hundreds of millions? house democrats suspect russia and one clarification. congress remains in the dark on whether loan storage bank made to president trump were guaranteed by the russian government, or were in any way connected to russia. that's the pivotal sentence in a letter

now they're getting deutsche bank involved. details when we return.tay tuned, you're watching "worldwide exchange." so you miss the big city? i don't miss much... definitely not the traffic. excuse me, doctor... the genomic data came in. thank you. you can do that kind of analysis? yeah, watson. i can quickly analyze millions of clinical and scientific reports to help you tailor treatment options for the patient's genomic profile. you can do that? even way out here? yes. even way out here. >> good morning. welcome back. yesterday we saw a record close for the s&p. it only gained about a quarter percent. we saw the dow and nasdaq up a fraction more than that. five straight days in a row of gains for the dow. for the most part they have been small gains, but together they have scrubbed out that 2% loss we saw last wednesday. so resilience again, albeit the gains slightly small each day. this morning a decent set of futures. so far in the last couple of days it's been flat, but we've got a decent third or so of a percent of gains. the dow up 76 points. o

matt: alberto, what did you think of deutsche bank in that alreadyot -- it has paid so much out in fineschael points out there is still a big one left to pay. when do they finally get these regulatory issues behind them? european banks have three issues over the last 10 years since the crisis. you know, it is the first one -- the first one was asset quality and capital. a second one is business models. the third one is fines and regulations. has onlyeutsche bank sold the first one. they still have to get a new business model. they are too heavy on investment banking, and they still have the isulatory problems, so it one of the restructuring cases in the european banking system that started latest compared to many other banks. they have a lot of work to do. i think it is a multi-your process. we are not just looking at this particular fine, but it is a whole business model restructuring may have to go through. european banks are a lot stronger. there is a turnaround. guy: that is what i am wondering. market now more -- is the market now more tolerant of this stuff then when we -- than it?

now deutsch bank is the one global bank that we know has been a lender to donald trump in the past. doesn't mean it's tied to russia. deutsch is the biggest underwriter of high-yield new issues in the gaming industry. that's what he was borrowing money for. yes, separately, deutsch has been fined, has ties to banks in cyprus, banks in russia, but how do you marry the two? ? >> i think finances complicate it. you know this better than i do, sometimes it's complicated on purpose. what i think is fascinating about this letter is the democrats have gotten smart. somebody on maxine water's staff understand finance, which is donald trump can say i don't have any deals in russia but what does a deal mean? a deal is not just an asset, it's a liability. so i can just as easily say i don't have any deals in the state of new jersey but i own a house and what if my house is cosigned on by awesome corp llc and stephanie ruhle owns awesome corp llc a known garden stater, i have a deal with new jersey. this stuff is complicated and the specificity of that list of what they're asking the treasury de

group raisinghna its stake in deutsche bank to almost 10%.reported a 3% holding in february. hna holding would surpass blackrock, which had been the largest stakeholder in deutsche bank according to data compiled by bloomberg. president trump's pick for ambassador to beijing says there may be a case for sanctions against chinese companies that do business with north korea in defiance of security council resolutions. told thenstad senate foreign relations committee that he hopes recent actions by the north have convinced china to take the situation more seriously. >> i think there are other things they can do diplomatically and economically to send a clear signal that they as well as the united states and other countries in the world do not tolerate this expansion of nuclear technology and missiles by the north korean leadership. zealand's an opponent rate fell more than anticipated, the lowest since 2008, thanks to the expanding a economy. the rate dropped to 4.9% from 5.2%. higherimmigration and levels of participation mean employers can off

let's talk about deutsche bank.ar from the new and we will also be watching for any clues on strategy from postbank along with its possible ipo of the asset management is this. a big day for deutsche bank. what should we be focused on? one of the things we will focus on his hearing from the new cfo. previously the treasurer at citigroup, he worked also at morgan stanley and jpmorgan as an investment banker. little-known fact maybe that he dissents from a prussian military leader and is someone who was executed by the nazis as part of the hit were resistance in 1945. that probably won't play huge role in his job as ceo at deutsche bank but he will hear from a lot of angry shareholders , as will the ceo because they reversed course on their strategy a couple of times. shareholders are concerned that the have not really got guts to push through the current strategy which is to keep and reintegrate postbank and to do an ipo of their asset management unit. investors want to watch closely to see that they will be willing

reporter: the hna group said deutsche bank was undervalued, making them attracting. brought -- bought their first shares in march but have raised their stake to a total worth of 3.4 billion euros, making hna the bank's biggest shareholder. they say could help deutsche bank. >> it would be a signal to other investors. there is a great positive chance, a big upside, may be investors in the u.s. as well maybe. they could have a lot of influence, but maybe interfere in a negative way. very friendly. sophie: the group has been shopping for overseas investments and is now the biggest investor. they took a majority stake in an airport. javier: that is all. back to you. brent: headgear bands prevent people from playing high-level sports. that is why a young basketball player is asking people to lift the ban. and nike has a sports job for women. the entrance into modest sportswear is being held for its potential to bring more muslim women into sports. >> as she plays for the bradford cobras in the north of england, local leagues allow wearing a hijab, but internationally, bas

deutsche bank in frankfurt, looks like deutsche bank is once this time itfines, is only $41 million butis to settle allegations with the fed that it has failed to maintain adequate controls against money laundering. the interesting thing i think is that this is over billions of dollars that were laundered so it is possible deutsche bank made more money on the laundering issues that i has to pay in the fines. very interesting stuff there. also interesting to look at metro, another german stock coming out with earnings. metro and its media business, saturn has a loss before special items of 4 million euros them sales wereks like unchanged at 5.2 6 billion euros. carry.etro, cash and metro media saturn, metro stock germany, it could come down at the open. finally, watch cellnet. we germany, had headlines thatn tower is looking to explore and ask is -- and acquisition of cellnex. crown castle is another buyer. we could see a bidding war buildup over sell -- cellnex. it is up 24%. a few stocks to watch their. formats until the market open. if you take a look at futures you can see that littl

the great state in deutsche bank drop 10%. a company reported a 3% holding in february. assesgs company blackrock 5.9% investment which has the largest state in georgia. -- deutsche. united airlines apologize for hauling of passenger off a plane. the ceo told lawmakers it should never be repeated. the house transportation committee hearing comes after the doctor was dragged off a united flight in chicago having refused to give up his seat to a crew member. thisu and the public in committee need answers. 2 million people will fly today or something close to 2 million. they are tired of being treated inappropriately without courtesy. if something is broken, and the obvious to five between passengers and airlines needs to be addressed. yousef: a company is not prepared to continue funding another company. wenttalian flag carrier into bankruptcy for the second time in this decade. they have exhausted all options after it was voted against a $2 million plan which cut salary and job cuts. saudi arabia's de facto leader says half the money raised by a aramco's ipo will be spent

hna investing in deutsche bank?t this is a business that has in -- this is a business that has been in eclectic stocks. han -- hna andor how does this fit into the portfolio? they came in at a pretty intriguing point of time last year. investors feared a big fine imposed by the doj, some hedge funds pulled back and shares plunged to around 10 euros. that was an inflection point. i think hna thought it was a good opportunity to invest into a bank that what they thought is undervalued. said, they are on a shopping spree big. they are allegedly interested in lender.en it is a prestigious asset to have, deutsche bank, and also they are looking to invest abroad and having a strong relationship with a big tank that can help broker-deals does help for hna. guy: is there a sense that this -- what does the future hold for the relationship in terms of the actual numbers? befor now, hna should content with close to 10%. they would have to file for approval with germany's financial watchdog. if they want to increase to 10%. i w

. >>> shares of deutsche bank are moving marginally lower right now, as house democrats seek new trump from the bank. eamon javers is in washington with the latest on this story. >> that's right. the key here is it's house democrats who are making this request of deutsche bank. they sent a letter dated may 23rd to the chief executive officer of deutsche bank in new york. john cryian. what they're asking for here are records related to deutsche bank's involvement with russia and also deutsche bank's personal involvement with president donald trump and his finances, if any. so what they're looking for specifically in this very long letter they say in furtherance of the oversight responsibilities, and in the interest of the public's right to understand the extent of the president's financial entanglements in russia, please publicly affirm that the bank has completed a thorough and rigorous review of both the 2011 russian mirror trading scheme as well as of president trump's accounts and those of his family members. they're asking for the bank the provide the committee with documents and m

there can be a day without a deutsche bank story.s an ankara investor a good thing for deutsche bank? the billion they have just raised is all they need. it's not like we haven't seen the chinese out there. capital outflows. what does it mean, i'm not sure it means a lot. they obviously took the issue. andgot foreign investors they probably want to keep the capital out of the country. this isn't a short-term trade for them. mark: thanks for joining us, jonathan. let's check in on the bloomberg first word news. courtney donohoe is here. >> fbi director james comey said it would have been catastrophic to conceal discovered emails from hillary clinton before the election. he is testifying before the senate judiciary committee. democrats blame him for undermining the clinton campaign by disclosing just before the election that the fbi had reopened its investigation into her emails. he said disclosing the probe was the right choice. you can watch the hearing on bloomberg. president trump meets today with palestinian president moffat mahmo

selfie: deutsche bank has agreed settle$41 million to federal reserve allegations that it u.s. ns failed to maintain adequate protections against money laundering. the fed said u.s. operations fell short of complying with the banks secrecy act which requires federalto prevent transactions. the cease-and-desist order -- layingto prevent out a plan to sell 25% of the nationalized lender. the government plans to sell the stake in a share offering in london and dublin with terms to be set in mid-june. according to previous government estimates, the sale may raise about 3 billion euros. to vendee ceo is poised succeed the executive chairman of telecom italia. he could handoff the baton as the nextomorrow when board meeting is scheduled. that comes after eu regulators approve the plan to take control of telecom italia yesterday. that was your bloomberg business flash. manus: selfie, thank you very much. -- sophie, thank you. of has gone out of his comfort zone and travel to south america. it's a big step, a bold step just a pick up on what you're saying about brazil. this is interesti

the house democrats folding deutsche bank for withholding russia reports. -- faulting rocha bank for withholding russia reports. once again, democrats have deutsche bank a letter citing compliance failures and asking for findings on those trades and trump accounts. meanwhile, president donald trump and first lady m elania are due to land in brussels. it is the latest leg of a nine-day journey of the middle east and europe. the president will meet with belgian royals and the prime minister tomorrow the president will join a nato summit. he will be returning to italy later in the week. the nato summit is with top allies including the newly elected french president emmanuel macron. is an editor for bloomberg news. kobe the primary wish list for -- what will be the primary wish list for tomorrow's nato meeting? >> from nato's point of view, the main thing they want to have is a smooth meeting. they want the optics to be good tomorrow. they would like for donald trump to come in and show that he is in these nato and wants data and is behind nato. as you know in the past couple has been a

at at fall because something deutsch bank did -- >> i didn't say that -- >> you took your implicationfrom russia, we don't know that deutsch hasn't reassigned. by giving us that information, no one is accusing him of anything, it's a matter of transparency and given this noise around it, let's clear things up, mr. president. >> mr. harold, what are the other -- it seems like he could solve his political problems by releasing taxes -- >> we should have a constitutional amendment that congress should come together and pass laws, you should have to release your returns if you're the nominee for a respect the party. i only ran for congress and senate, didn't make any money, people weren't as concerned -- >> you ask marco rubio they attack you for that too. >> he basically did something nobody has ever done. he was defiant about it and show cased his apparent wealth in front of people with the airplane and tv show, this huge persona independent of all of this. hopefully he does release it. i don't have a lot of faith in stock in him releasing it going forward. he didn't answer that questio

vonnie: he must have been licking his lips when chancellor merkel spoke like that because deutsche banks based in frankfurt, one of the places where banks would consider going , except for perhaps it may not be as exciting as some other cities. the german chancellor is talking about europe coming together and regulators are moving, then frankfurt could be banking rathere than some other city. is that possibly why he is so excited? i don't know. i think what he was trying to do in new york, he was pitching europe as an investment and the investment community in new york, and he was saying that europe is looking good. it is looking better than the u.s. has an investment opportunity. in terms of breakfast -- brexit, that will have ramifications. -- johnink john kline cryan is concerned it could have negative implications. if it was moved from london to frankfurt or the euro area, for that matter, it wouldn't be a good thing necessarily. it would benefit the euro but not necessarily the euro area. vonnie: what about his bank and 3000 early 300 -- retirees? >> it is a significant first step.

by the way, deutsche bank paid $630 million in fines for that and person accounts for trump family members at the bank. those not as quote/unquote exciting as some of the personalities. but you're saying they could be even more important. >> the back story to all this, since his bankruptcies in the early 1990s, donald trump was radioactive to proper american financing. people did not want to go near him because he didn't pay people back. so he had to draw money from other source, especially deutsche bank. and then after the financial crisis of 2008 when even the bluest chip names in american real estate couldn't get financing, donald trump was the least blue chip, the least bankable name in american real estate. he continued to get financing from some one, somewhere, some how. >> right. joy, i don't know how light blue that has to be, if that's a periwinkle or how unblue the blue chip spectrum goes, but david's financial history is dead-on there was a period of time where donald trump's funds were foreign. and that doesn't mean it's automatically a bad thing in business. but it's certainly

. >> deutsche bank points out that your bank is a play based on wealth management and higher dividend. i want to stick with the wealth management angle. you're trying to top the immense wealth sitting within the private sector in italy. you wouldn't think that, but there's immense potential there. beyond italy, where you are looking? >> beyond italy, we are concentrating on 200 billion euros of wealth, 100 billion euro is already in list of clients that we gave to our relationship manager. so i think we can continue in italy to deliver at the same speed that we had in in the past business plan. another area important for us is china. we decided to invest in china, and we said we want to replicate our model also in china, especially with personal and private clients. >> can that be replicated? there's so much competition out in china. i talked to some of the biggest wealth managers in the world, they're very active. they have got much bigger fire power when it comes to allocating some resources there. can you compete with those players? >> but they are concentrated on high net worth. w

making deals with goldman sachs and deutsche bank.that's academic because he hasn't even done that. he is still a beneficiary of this business and very aware. >> it's not technically illegal. you get what you get and you don't get upset. jesse, sweet. gentlemen, stay here. >>> next, a member of the senate judiciary committee. dick durbin. what's his reaction to former attorney general sally yates' testimony. intel does! just think of everything intel's doing right now with artificial intelligence. and pretty soon ai is going to help executives like her see trends to stay ahead of her competition. no more sleepless nights. - we're going to be friends! - i'm sorry about this. don't be embarrassed of me, jim. i'm getting excited about this! we know the future. we're going to be friends! because we're builng it. oscar mawe went back toig the drawing board... and the cutting board. we removed the added nitrates and nitrites, by-products, and artificial preservatives in all of our meat. every. single. one. why? for the love of hot dogs. if

because deutsche bank cut the sector to an underweight. once again banks were among the key decliners in the italian session yesterday. by in large we are on track for a fourth day of losses in europe. i want to get to this story. british airways says it will be operating full service from heathrow and gatwick airports after announcing computer systems were back up and running again. it warned it may take time for bags to be reunited with travelers. this after a worldwide i.t. power outage forced b.a. to cancel hundreds of flights leaving thousands of passengers stranded. shares off by 2.85%. that's for the uk listing. the spanish listing was up in trading yesterday. >>> ryanair has posted a record annual profit but the budget airline remains cautious on fare levels going into the summer season. the carrier said net profit is at the lower end of forecasts but in line with analysts expectations. shares are still off by 1.2%. the company also announcing a share buyback program to the tune of 600 million euros. maybe that was a little bit ligh

. >> deutsche bank maybe close to settling a u.s. erve probe into how billions of dollars moved through the bank and out of russia. democratic lawmakers have asked the german lender to hang -- hand over its findings on the handling of russian mirror trades as well as banking on the half of now president donald trump. deutsche bank is looking at maybe paying off its third massive fine this year to u.s. regulators. >> this isn't even expected to be the big one. the federal reserve is looking into this, but also the doj and the doj is the one investors are really focused on because that could be the biggest fine and the more consequential one given that deutsche bank is already operating under a deferred prosecution agreement. that is the one people are focused on. the federal reserve would certainly be nice for john cryan to get out of the way. they said they are more than halfway through the major things they need to get through on the major issues, but still a lot to be done. >> let's talk a little bit about this u.k. election. campai

. >> deutsche bank has a new shareholder. the chinese conglomerate hna has taken over blackrock as the largest stakeholder. deutsche bank has been on a mission to increase funds after incurring losses related to misconduct charges and legal investigations. not a lot of reaction. is that a big deal? top shareholder change? >> i think it's interesting in the perspective of what was and still just about it is the top three sgloebglobal investment b having a 10% stake from a chinese company. particularly given deutsche bank's falling share price, many wonder if this will push for a bigger takeover. >>> perrigo says its offices were searched by the u.s. department of justice anti-drug division. shares down 1.9%. >> marine le pen offering a clear vision of the currentry ahe currency ahead of the election on sunday. i think there's a debate tonight? >> i'm trying to figure out where to watch it there's some french bars where i have seen soccer matches in the past. soccer is easier to watch in french than the debate. >> let's look at

let's get to deutsche bank's agm taking place. he says there are more opportunities to increase revenue this year as europe's biggest investment bank continues its turnaround plan. he says "2017 is another year of restructuring. we see better revenue opportunities thanks additionally to a modest economic recovery in europe and a modest u.s. economy." deutsche bank two months unveiling yet another turnaround strategy. bloomberg "surveillance" continues in the next hour. joinsene joint gu =-- guy with the latest on trump's troubles. this is bloomberg. ♪ . . tom: robert muller after an historic announcement by the deputy attorney general, they await the many distinctions between the special council and prosecutor. president trump said there was no collusion between his campaign and a foreign entity. speak with morning with turley. there is answer election not in the united kingdom or italy. teheran. good morning everyone. this is "surveillance." i'm tom keene in new york. guy johnson is in for francine lacqua in london. guy: the white

bank back to revenue growth. >> exactly. after a crisis, they have to go through lots of legal cases. they paid billions of dollars in fines. deutsche'slast few years, they have been dealing with a lot. this is pretty unique. not many banks, actually no bank, would really lend to donald trump before he became president. bankany years, deutsche did. scarlet: $300 million, right? >> yes. so being the banker for donald trump, you would think that would be great for them, but here is another problem. julia: this will be closely settlementt only the with the fed but also the department of justice peer groups resident is also responsible of appointing people to the department of justice. in line with what you're saying in terms of the existing relationship donald trump had with deutsche bank, their decision and future settlements will be under fierce scrutiny. >> exactly. part of the controversy with trump's firing of comey was whether it was about the inquiry into russia. trump also fired one of the attorneys who was looking into this deutsche bank involvement and loans, etc., from new york. so now there will be questions on that it was th

last month, deutsche bank -- deutsche bank sold additional shares of capital.siness flash. tom: thank you. in washington and london, "bloomberg surveillance." joining us now is kevin cirilli. with us in new york is ira .ersey and stan collender what i want to know right now is the immediate news -- not even the fed meeting this afternoon -- is open on the care repeal and the idea -- is open obama care repeal and trump-care -- you talked about an amendment overnight? decided asas been late breaking news. but i can tell you that these discussions are ongoing. the dynamic that has emerged is that the white house is pushing for artificial deadlines. they have to get a bill passed by wednesday, by thursday. and it started again last week. get it passed by saturday. and their house members in the moderate and the freedom caucus who say, what is the rush? don't have the votes yet. tom: they are feeling the pressure from trump who came out yesterday and said he wants to shut down in september. i have never seen that in my life. ais guy is a deal maker or pseudo-dealmak

if you look at what deutsche bank has been saying, a return to growth, that is what will be important. theseld be telling you details. have aof 30 analysts hold to you are looking at stocks having outperformed on a one-year basis. at what theing stock has done compared to the ftse all share bank index. that underperformed. the hsbc first-quarter net at 6.7 $9ncome billion. that is the figure we were looking for there. shery: also slightly higher from 6.9net interest income, billion. 6.79 billion.n at they will continue to remove low return risk-weighted assets. their cost-saving program remains on track. cost-saving was one of those things we were expecting to keep coming down. costs to keep coming down in the first quarter. they were saying that cost-saving program remains on track. also reduction targets set in 2015 have been exceeded hear it again, net interest income at $6.79 billion. also, their capital, first-year ratio of 14.3%, which is slightly higher than for the at 13.6%.arter we will have more details of hsbc. right now, we are hearing from the ceo, saying this is is a goo

we talked to peter huber from deutsche bank. excel spreadsheet? this is original? peter: certainly. what is going on in washington is important. the ability to get tax reform through. tom: do you delay that? peter: obviously. -- these that machine sense that the machine is operating smoothly has gone by the wayside. chances of getting a significant fiscal package this year has gone down. tom: very good. -- peter hooper with us. it is without question our interview of the day. our kevin cirilli -- you just heard him speak about the -- kevin cirilli and mitch mcconnell of kentucky in the 9:00 hour. this is bloomberg. ♪ ♪ live pictures of the labour manifesto. moran, iaitlin believe. this is where jeremy corbyn is launching his manifesto, where he think he will position himself. he plans to hit one million more people. the one thing i will say is a lot of the labour manifesto was leaked over the weekend. it is something we need to keep an eye on. at the same time, polls are showing tory support is surging in the labour heartland. s

deutsche bank is about 40 billion euros. the two biggest banks in germany are 50 billion euros. and france, you've got stock jim and bnp paribas that are worth 25 billion. in switzerland, credit suisse and ubs that are worth over $100 billion. it is interesting to see that two biggest banks are so much smaller than the banks of france and switzerland even though they have comparatively smaller economies. take a look at commerzbank game, 2%, unimpressive gain when you add it to the 30% gain they are showing year-to-date. the reason they did so much better than the industry was 270ing for in profits at million euros, much higher than the highest estimate of analysts and bloomberg news and the frank for office. they did that because trading revenue was up 887 million euros. that is a business they have decided to scale back last year, so they are scaling that back but making more money and adding more to the bottom line. i'm looking forward to talking to stefan angles a little later this morning. about themt he says turning that

much, tracyyou very alloway with the deutsche bank story as it relates to investors from the middle eastey has apologized for trying to unmask a whistleblower. as he told erik schatzker, becoming involved was a mistake. >> it's important that people feel comfortable to contact the bank or the regulators with full protection to talk about conduct issues at barclays. erik schatzker joins us now on set. good morning to you. this raises questions about the , witheblowing scandal limits around what he can say, but he came out white strongly to defend himself yesterday. >> as you would expect because he still the ceo in he has the support of the board. howissue going forward is long is this going to drag on? he was clear that he and barclays are at the beginning of the senior managers regime theess being run jointly by prudential regulation authority under the aegis of the bank of england. i did not get the sense that the interviews had taken place thus far, so it could be months. he was unwilling to attach himself to a date, but this issue will hang like a dark cloud over staley and barclays

does he have -- did russia loan him any money or we know he has a loan from deutsch bank, deutsch bankeen tangled with russia for years. who's to say that deutsch bank didn't write down loans and assign them to a russian bank so president trump could now be facing off against a russian lender and he's just word smithing this to say i have no loans to russia. how about from? >> there are a variety of ways you can look at this in which the president could potentially be desem bling, do his entities have any obligations to russian entities as opposed to him individually. he's using limited liability companies while he's the beneficial owner he is not personally liable for a lot of the features of those independent businesses, so there could be that. there could also be the fact that, you know, we've heard from his sons, certainly eric trump as far back as 2008, saying that a disproportionate number of buyers of trump properties were russian. he denied recently that he said in 2014 that they didn't need american banks to finance their operations because they had plenty of money from russia

didn'tbank, remember, lose a significant amount of clients like deutsche bank. deutsche bank had a real scare, the confidence scare last year before that, and that is why they saw, especially hedge fund traders fleeing their business. commerzbank didn't have that problem. they are focused on the retail business. they are looking to add 2 million more clients. they have added i think 151,000 in the first quarter. what i am going to be focusing on the cfo today is how will you go into get that other 1.80 5 million new clients. one of the things they are talking about is consolidation, m&a, buying those clients. where are you going to get them? the market is a tough one. anna: matt, thank you. matt miller in frankfurt. we will be speaking to the commerzbank ceo later this morning. manus: voting is underway in south korea after a campaign dominated by scandal, trade disruption with the u.s., and growing worries about the unpredictable neighbor to the north. anna: shery ahn joins us from seoul. good to see you. what are you seeing on the ground? what are the key issu

--astian raedler, so it deutsche bank. television because next you have surveillance with tom keene and francine lacqua. if you would like, switch over to dab radio and listen to guy and myself continue our conversation with bhanu. you can also get that if you type in radio go in the terminal. this is bloomberg. ♪ says talk ofump impeachment is totally ridiculous and strikes out at what he calls a witchhunt. he prepares to head to the middle east for his first middle east tour. as thes crash in brazil embattled president says he will not step down. may'sleaders say theresa brexit plans are extreme. this is bloomberg "surveillance ." a lot

i like credit suisse, i even like deutsch bank. but it's all about the numbers. for now, at least, until washington is focused and is the focus again. on "mad money" tonight, after a tough go of it in 2016, pablo software has run up more than 40% this year, can they continue to paint a pretty picture in then the fabulous mark cuban just said facebook, amazon, netflix and google, a group that makes up more than $2 trillion of market cap adds value. i'm investigating. >>> and electricity and water generally aren't considered a good combination. i sit down with the ceo of the industrial plan pentair to see what could happen. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. we cut the price of trades to give investors eve

hma has increased its deutsche bank's -- it's deutsche bank tote -- deutsche bank stake almost 10%. coming up, more coverage from the milken institute conference. colleagues are there. that's coming up here on bloomberg television. this is bloomberg. ♪ did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's over 6 times faster than slow internet from the phone company. say hello to internet speeds up to 250 mbps. and add phone and tv for only $34.90 more a month. call today. comcast business. built for business. hey you've gotta see this. cno.n. alright, see you down there. mmm, fine. okay, what do we got? okay, watch this. do the thing we talked about. what do we say? it's going to be great. watch. remember what we were just saying? go irish! see that? yes! i'm gonna just go back to doing what i was doing. find your awesome with the xfinity x1 voice remote. scarlet: from bloomberg world headquarters in manhattan, i'm julie hyman. julia: u.s. major

deutsche bank chief economic is still with us.t is the story of the moment with you whether the reflation has peaked given what is happening in china. torsten slok: the u.s. is getting closer to full employment and we see this pressure on reflation around the world. we are seeing the upswing continue. the case global inflation is on the rise. if this the and or are we going to -- and or are we going to see a continuation? it to make sense that we are getting closer to the point where inflation is moving higher and higher and center bins are recognizing. jonathan: what are you seeing from the numbers coming out of china? they are weaker and the ppi oneer overnight was another that we had in the last couple of weeks. torsten slok: the chinese are trying to micromanage the economy and control the outflows of capital and how strong growth is. we have to make sure we are trying to curb speculation so it is not only housing that is trying to be curbed and make sure the chinese situation is not as stressed as it was earlier. they are mic

me on my committee, we're going to deutsche bank because deutsche bank has been lending money to this him because of his bankruptcies, because of his debt. and we know they've done a review on what is known as mirror trading where they turn rubles into dollars in a special way and that the deutsche bank and their corrupt traders are involved in this. he's very close to all of this. they've also done a review on hmm and his family. they have a lot of information about his business connections, about his taxes and we asked the chair of our committee, a republican, to investigate. he wouldn't do it. we've gone straight to deutsche bank, we're asking them to release certain information and we're asking mnuchin, our new treasure to look into all of this. we know that there's a lot of smoke and where there's a lot of smoke, there certainly is fire and we should be more aggressive in founding out about all of this. >> and lastly, congresswoman, on the subject of being more aggressive, you have openly talked about the fact that this president has put himself in a position where impeachment is