deutsche bank hold its investor day. in the u.k., the fourth quarter gdp figures out and the prime ministers do to collect the noble peace prize metal, but not without controversy. radio tune into bloomberg , tune in in the london area. this is bloomberg. ♪ manus: i'm manus cranny in divide. nejra: nejra cehic in london. the french government is mulling a delay in the pension reform implementation the backdrop is emmanuel macron bracing himself or a new week of protests with the government and labor unions stick -- sticking to their guns and the battle over the reform of the pension system. they are now mulling a delay. 's challenges mount, don't they? more pain on the pension side. let's turn a retention to deutsche bank. concerned about a protracted decline in revenue. let's speak to our bureau chief. today is a pretty big day. >> definitely is. we are not going to expect any major changes to the targets or the strategy. will have a lot of questions to put to the ceo because five months into the biggest restructuring i

what deutsche bank looks like a year from now will be an interesting story. da: put this into context with other banks, what are we expecting to see as far as bonus pools are concerned, making deutsche bank employees feel good or bad? bonuses across wall street are supposed to be down. somebody was telling me that they are expecting an arts and craft christmas as opposed to diamonds. vonnie: oh please! sonali: bonuses will be down across wall street, but investment banks are only so across wall street are supposed to be down. somebody was telling me that speak maybe 5%, 10%. iss 20% at deutsche bank pretty steep compared to elsewhere. investment bankers are expected to fare better than equity traders, but at deutsche bank, they have been cutting that division. vonnie: what is the state of the investment bank right now? what they want to focus on is mergers and acquisitions, debt, advisory, origination. they still have a trading operation in fixed income, huge commercial real estate business, especially here in the united states. they rival jpmorgan in some pla

i talked to the ceo of deutsche bank. told me they would have headcount reduced to less than 90,000 by year end. up next, we will look ahead to the zew survey and u.k. gdp data coming out today. with mliv's richard jones out of berlin. this is bloomberg. ♪ ♪ to "bloombergback markets: european open." we are almost an hour into the trading day and we are looking at some pretty significant red arrows here with the dax trading down more than 133 points. joining us now from berlin is fx and jones, our mliv, rates strategist. we have a lot of data coming out today or rather some important data. what are you expecting from the zew survey in germany and u.k. data in great britain? >> good morning. i think the zew is forecast to have a little bit of a lift from the prior data. data in greati think that woult with a lot of the other things we see coming out of europe. the french industrial and manufacturing data earlier was a beat. some of the other data is coming in stronger-than-expected. i think that would be consistent with a s

. >> deutsche bank warns the returns have become more am birgs. the german lender has been working to offset the negative rates. >> the impact which we have seen in august and september. that is challenging, no doubt. we acted decisively and we are passing on part of the negative interest rates to our clients. >> saudi arabia says the kingdom is not running low on cash despite falling oil prices and disappointing size of the aramco ipo. >> if you look at our money and balance sheet, it is not only deposits, we have a lot more as ets. >> british prime minister boris johnson promises to rip up the eu rule book if he returns to power. selling the conservatives are on track for a workable majority. >> there is no doubt that the uk's reputation as a haven of stability has been dented by this experience. >> you can see already a lot of red. the hand overfrom wall streetd and europe was not that pretty closing 0.4 percent weaker pulling back with shares of apple and tele care companies leading. the tariff deadline is coming up next sunday. no real signs

coming up on the chopping block, deutsche bank considers deep cuts to bonuses for this year. ceo deliver on his radical restructuring plan? this is bloomberg. consideringe bank deep cuts to bonuses for the year. bloomberg has learned that bonuses could be cut by as much as 20% as the ceo tries to eliminate billions of dollars of cost. furthermore, let's bring in sri, who covers banking and financials for bloomberg news. put the bonus cuts that we expect into context with the long term plan to restructure deutsche bank. >> we are just a few months removed from a dramatic restructuring. coming into the end of the year, you sort of expected a cut to deutsche bank's bonus pool. setting aside deutsche bank, there are always some games played with this. this is not the final number for the year. they go back and forth with the managers and then they arrive with a final figure. it helps orient your thinking going into the end of the year if you are planning a flashy purchase. romaine: anytime you see these cuts, you have to wonder what this does to morale and recruiting. are we seein

anna: deutsche bank, this is --danskergit jennen bank.marie: another headline on the laundering scheme. according to a warrior's report, the doj is investing deutsche bank -- investigating deutsche bank, looking at did they help danske bank move tainted money into the u.s.? deutsche bank has said they are not aware of expanded investigations nor any new investigations, so denying those reports. we are seeing shares called down, slightly weaker, but it might be that markets need to wait for more details before they really send these shares lower down. anna: thanks very much for the latest on the stocks we should be watching. for the latest stock stories, go to first go or via the mobile app. those are stock specifics but today could be driven by the broader narrative, and that comes from china. chinese pmi numbers, coming in better than estimates and as a result, we saw a positive response in the asian session, up .4% on the msci asia-pacific. to be a futures look little more muted, so we are not expecting such big moves perhaps, but the c

deutsche bank ceo trying to convince shareholders his strategy is on track. s encouraged by bank momentum but warns of headwinds from lower rates. he speak -- he spoke with bloomberg earlier in frankfurt. >> we have seen in august and september the furthering decrease with regards to the interest rates. a conservative management has to take that into account. we talked swift action in terms of passing on negative rates to our clients, in particular on the corporate side but also in the ultra high. we have initiated other mitigating action. we see from the first five months in this bank how much potential is there on the revenue side, but also on the cost side. all in all, looking down the road for the next three years, we are hitting all the goals and the first five months. the comfort we can achieve despite these challenges, our 8% return on equity in 2022, therefore, we are confident we can achieve that, recognizing clearly the challenges but with the track record we have, we have seen no reason to adjust. >> you talk about passing on the costs and in the re

. >> still ahead as we review the week on "bloomberg best," deutsche bank's ceo says his bank is prepared to deal with interest rates that stay lower for longer. us there is potential to offset. >> plus, the wework cleanup continues. goldman sachs is now involved. see vis issues that report on .ayhem in the repo market the findings are alarming and so is the timing. >> the fact this is coming in december is going to make people a little more nervous. >> this is bloomberg. ♪ >> this is "bloomberg best. let's continue our global tour of the week's top stories in europe where the new head of the european commission brought up an ambitious plan to combat the climate crisis. lien -- ursula leyen will present her deal including a timeline for various laws to be put forward between now and the end of her term. what do we expect? >> this could potentially be huge. we are talking about a green deal that could change the way many in europe operate. she has said she wants to make europe climate neutral by 2050. the goal is very neutral. the deadline is very tight, and we also know this could change

next up it looks like deutsche bank is planning to make separate german retail banking unit with its main corporate structure the financial times reports it could say up to 100000000 euros annually c.e.o. christiane saving is expected to announce details of the streamlining to investors later on tuesday it's part of a wider plan by torture to downsize significantly and reduce its dependence on its struggling investment banking operations. well on this let's bring in our financial correspondent chelsea delaney who's in franc $100000000.00 euros a year how is this going to save that. i think we're going to be definitely seeing more details on where that could come from later on in the day but this this retail bank has been seen as a low hanging fruit for deutsche bank as it. goes through with this restructuring because it really is a really obsolete structure it's been around for about 20 years they initially created this separate legal entity when they had planned to spend their retail bank off they didn't end up doing that but because of that decision they basically have an entirely

may choose to pay their top performers as much as they can so that they stay on board, so what deutsche bank's look like a year from now will be a different story. says the make did after a starry -- sorry previous financial crimes agency alleged it failed to protect against child abuse. the bank is reeling from allegations of money laundering. wiped $5 billion off the lenders market value. >> how sorry they are does not alter the fact in many shareholders minds that does happen. these are mainly from small retail shareholders. they are not the kind of people who normally get that chance. one shareholder after another standing up demanding to know what is wrong with the culture of westpac to allow these not to be reported. was there not enough investment in technology? i think, the bank is making a start by saying sorry, it has got to get more precise to make shareholders happy. are learning that softbank is tapping goldman sachs for new financing to help revive one of its biggest debts, the wework wework office sharing company wework. the key word here is softbank. loan,effectively a wework b

tom: christian sewing of deutsche bank, chief executive officer. mr. sewing. right now with us, alison williams. is bloomberg intelligence global investment banks and asset manager, and she is in charge of banking. we are thrilled she could join us. trevor greetham with us as well. was this a seachange day for deutsche bank or another managing of the endless message? alison: it is not a seachange. it is about the message, but really today is about giving confidence. we did see some minor tweaks to the plan. it is positive that the bank will see fixed income trading above a year ago, however across the banks, we are expecting a big jump that is more about the weakness of last year than this quarter. that is a positive, but these are tweaks. today will be about trying to get some level of confidence in the revenue side of deutsche bank. cost is something, he is doing the job, they raised their targets, but revenue is the question. tom: do you have any more knowledge to their commitment to new york in the united states? alison: we will wait to see toda

deutsche bank told shareholders this week its latest restructuring plan is on track.fixed income trading is up from last year. it also announced the ecb has reduced its capital burden for next year. the ceo told bloomberg the bank has acted decisively to reduce the impact of negative interest rates. >> we took swift action in terms of passing on negative rates to our clients, particularly on the corporate side, but also the altar high wealth. we see from the first five months in this bank how much potential is there on the revenue side, but also on the cost side. all in all, looking down the road for the next three years, that gives us, we are hitting all the goals. the comfort that we can achieve despite these challenges, our 8% return on equity in 2022, so therefore we are confident that we can achieve that, recognizing clearly the challenges, but with the track record we have, we have seen no reason to adjust. >> you talk about passing on the costs. and in the release, you say you have taken substantial measures to offset negative rates. can you elaborate on what k

for more on that, we are joined by our chief international economist at deutsche bank. after the brexit vote. mark carney was quick to reassure financial markets there would be money, liquidity, the central bank would be there to support this market. that was largely considered to keep things stable. important will it be for boris johnson to maintain stability? boe afternal from the the brexit vote was we are here to help the economy. they have been clear in terms of not knowing the outcome. it was helping exporters. gdp did not fall as much as the market had anticipated. given that uncertainty is behind us, it looks important who will be the new pick and who will take over and what they will be doing. joe: when you look at the u.k., does it matter their domestic policy. absolutely. the exchange rate is important for the economy. it is relatively small relative to the u.s.. been an important part of why the u.k. economy continues the way it has. it really is about what the exchange rates do. in manywhat you see american markets, once the exchange rate goes down, it helps

18,000 there are like jobs lost at deutsche bank through 2022. or we don't know what the bank's business model longer-term is and whether it will survive it? sonali: a lot of these job cuts were announced before the negative rates became a problem for them. once the negative rates issues sunken after they announced restructuring plans, it became more of a problem because they were leaning heavily on retail divisions, and the most recent word by the deutsche bank ceo was that they were leading on the investment bank in times of trouble for the retail bank, which is impacted by these rates. it's not even just for deutsche bank, for quite -- credit suisse, they have offloaded some of these pressures onto clients. some of the issues into next year will be how much our clients feeling the burdens from the negative interest rates. our fees going to be going up across the year? scarlet: let's bring in ben jones. how do you see negative interest rates hurting the banking sector overall? ben: they are a significant headwind. there are three key headwinds

look at the example of deutsche bank and commerzbank this year. that is an in-country merger. still needers, convincing to see that will happen anytime soon. asking people, they will blame different things. the bank blames the regulation, regulators blamed the bankers. --re seems to be resistance carrying the burden, people are still nervous about the idea of big banks getting bigger. anna: nicholas, thank you for joining us. european finance reporter nicholas comfort with latest from frankfurt. keeping an eye on the sector, news out of credit suisse. program, stocks might fly higher into year-end but one many manager warns there may be correction. we discussed the morning call next. this is bloomberg. ♪ anna: welcome back to the european market open this monday morning on bloomberg tv. 10 minutes until the start of the session and it looks weaker per european equity markets at this stage of the trading day. it is a week that will be dominated by lower volumes and closed markets in some developed markets. u.s. futures, fairly flat. markets may be getting ahead of themselves acc

when we think about the fact that deutsche bank loaned $2 billion to president trump or to then donaldrump or candidate trump, that doesn't make president trump a billionaire, what it does is it puts him deeply in debt. i think when we finally see these financials, and we will, we're going to see that donald trump is not a billionaire. he may not even be a millionaire. at the end of the day when we see these and you see his assets as compared to his debts, he may be lucky if he is a thousand-aire. >> you are of the mindset that the supreme court will take up these subpoenas, right? >> yes. >> and cases. so come june based on the law and what you are -- your reading of the law, starting with you, katie, do you get the sense that someone will have their hands on donald trump's financial records who isn't donald trump or any of his attorneys? >> yeah, and certainly in advance of any type of election next year. june is the end and conclusion of the supreme court term that they are currently sitting in. we will get some type of result. i do think glenn is right to focus on that second circu

deutsche bank is looking for the bank of england to cut rates in january, and obviously there's a lot of concern that the capital buffer on banks will double. yesterday it was 2%. curious to your thoughts as to how the british economy has changed. worse, myr better or own judgment has been, and i have been vocal about this, i think globalization is an opportunity for countries like the u.s., u.k., and others to grow faster. obviously the trend right now is towards deglobalization, and it just means slower growth. what you seen in the u.k. is they have depreciated their currency because the economy has been weaker. it has helped stabilize things, but i think there challenges going to be how to grow faster and engage with the rest of the world in light of brexit. i think globalization is still, all things equal, is an opportunity, not a threat. it is an opportunity to grow faster. vonnie: on that, i will send it right back to you, kathleen. kathleen: i want to follow up on questions about the global economy because you said earlier today that you were concerned. i just want you to expla

i believe that deutsche bank is a money laundering bank. they were the only ones that would lend money to the president when no other bank would, and so we have a lot of information we need to get from them, but it may not be timely for the impeachment resolution. >> you mentioned for a long time including the deutsch bank, you've been looking into the financial history of the president. but you've also been calling for impeachment of this president well before the completion of the mueller report, before ukraine investigation. in fact, your calls go back to inauguration. so do you worry that the republicans are winning the public debate that the democrats -- this is what republicans are saying -- that the democrats have been trying to get rid of this president since the beginning and that undermines this process underway right now. >> no, i don't think that's a good argument. they can come up with any argument they would like, but they won't deal with the facts. they talk about process. they talk about they haven't been included. they call

deutsche bank ceo christian sewing is optimistic as he course correct the bank. he spoke to bloomberg's matt miller. i am positive, and i am encouraged. we took swift momentum in the investment bank to focused on our key strengths, and that seems to pay off. alix: matt miller joins us now from frankfurt. what were some of the other highlights from the interview? matt: as you point out, they don't need to raise capital. they are ahead of a lot of their targets for the turnaround. for example, they will have less 90,000 workers at which a bank, which was a year and target. optimisticewing very about the turnaround at the investment bank, saying he thinks revenue overall will grow. the fourth quarter has been very good so far, and that it will grow in the years to come. the concern i think investors have come of the profitability target has become ambitious for their 2022 profit ability target because of interest rates going even more negative here in europe two or three months ago, and they lowered their revenue target for the private bank and for dws, so they don'

and i think that the issue, and i will add to this generically, and not as it relates to deutsche bank, and the question is that the banks will be regulated. and so the u.s. subsidiaries, and the way that we have changed the structure, there is intermediary holding companies so that the foreign subs that are effectively u.s. foreign institutions, and we can look at the risk at that level. >> i understand the sub-series of foreign relationship, but i don't understand why we would do something that is deregulating one of the worst actors in the marketplace and in particularly when it is a foreign bank operating on our soil and threatening the stability of our markets. i understand that there is a balance of regulating the industry and stifling capitalism, but if you do share my concern about deutsche bank this gives us one less tool. i wanted to ask you about something else. how many people currently work at fsoc, the fiblt stability oversight council? >> i answered this previously and the way this works is that there are people who work directly at fsoc -- >> i am asking about the direc

deutsche bank analyst describing the numbers out of fedex as breathtakingly bad. -- deutsche bank isthe numbers out of fedex as breathtakingly bad. startect weakness at the of trade today. ♪ what are you doing back there, junior? since we're obviously lost, i'm rescheduling my xfinity customer service appointment. ah, relax. i got this. which gps are you using anyway? a little something called instinct. been using it for years. yeah, that's what i'm afraid of. he knows exactly where we're going. my whole body is a compass. oh boy... the my account app makes today's xfinity customer service simple, easy, awesome. not my thing. anna: welcome back. a minute until the start of european equity trading. chrysler agrees to a 50-50 merger of the groups. some but not all of the shares of holes in persia. fedex in freefall, they cut its forecast for the second straight quarter. deutsche bank calls it breathtakingly bad. boost, s&p and fitch butove their assessment, the pound continues to slide as fears of a no deal brexit mount. 40 seconds to go, what do the futures tell us? matt: we are looki

deutsche bank says the price of health insurance is currently growing at an annual rate of 20 percent that's inflation that they should want to stop right but they're not this is what they want because of course their member banks of the federal reserve the j.p. morgans the goldman sachs the bank of america the citi bank all of those banks they own this is them fire economy the 5 finance insurance and real estates that's what they want going up they want the rest of the economy going down so even more relative to them they're growing even bigger but some of the way to. wages is to say well wages when you look at it in terms of inflation so if you understate inflation by 7 or 8 points then you can say well wages are keeping up with inflation you see. and that we're doing our job but if they were to state the true rate of inflation of 89 percent you need wages to rise 8 or 9 percent and. that's not going to happen well we're taking a break when we come back. in prison. a case to grab some media attention and. in a 16 year olds 16 birthday party. setting the place you tell a lot of press

deutsche bank is considering cost bonuses this year.etionary compensation could be cut by as much as 20%. christian sewing is trying to eliminate aliens of dollars in costs in a restructuring. airbus wins, boeing is the loser. picked.ine has been qantas selected the airbus a350 over the boeing 737x. service ined on 5g 10 u.s. markets, among them los angeles and san francisco. to take advantage of it for now, they will have to upgrade to the iphone x plus. that is your latest bloomberg business flash. not exactly what we were anticipating this morning, but all of the major indices are lower having popped higher on trade headlines. following that, the china news conference, the tweet thread from donald trump which took some of the exuberance out of the u.s. guy: in europe we see the continental markets up a little bit in regards to the trade story. the cac and the dax up. u.k., a stronger response from the ftse 100, driven by some of the bank stocks. really outperforming. "the european close" is next. ♪ here, it all starts with a simple..

and deutsche bank coaches barclays executives.n lender said to be catering to hedge fund clients from rival barclays. joining us is bloomberg's sonali basak and michelle davis. i feel like i have read so many amazing articles about softbank. walk me through what we have here. sonali: this is a truly amazing story by our colleagues. not just the things we've known about massi as she son -- about masayoshi son. one employee alleged that one of the executives, the employee was mormon, and the executive told him to go back to utah and get more wives. the executive denied doing that, while others say they don't know whether massive son -- where whether hen't know is going to be in rates are not. michelle: they described him as someone that is really unpredictable. he says i believe in your fund that we believed in neumann, people will fire on all cylinders. this one way that they described his strategy, as just throwing money at things to scare off competitors. people have talked a lot about how -- sonali: no one wants to pick a fight

i think the issue, some going and to this generically, not as relates to deutsche bank. question is, the banks will be regulated. so the u.s. subsidiaries, and the way that we change the structure, there's intermediary holding companies so that the foreign sobs that are effectively u.s. institutions we can look at the risk at that level. >> i understand the foreign relationship. i just don't understand why we would do something that is deregulated what of the worst actors in the marketplace, and particularly when it is a foreign bank operating on our soil and threatening the stability of our markets. i understand there's a balance between regulating the industry and stifling capitalism, but if you do share my concern about deutsche bank, this gives us one less tool. i want to ask you something else. else. how many people currently work at fsoc, financial stability oversight council? >> again, there's been some comments on the earlier so you were not here so i will just clarify. the weight fsoc works is that people are directly work under fsoc, again, there are people who

risk turning into a value trap deutsche bank warns on the company's u.s.iness and said the turn around may take longer than expected. >> riksbank ended a five-year rate it will stay unchanged allowing for moves in either direction depending on the data. two of the banks governors expect reservations as it comes a bid slowing growth that comes as no surprise to the market significant that they are ending the experiment with negative interest rates speaking of other central banks, risks are lowered but remain high according to japan's central governor as he explains the decision to maintain the rates. continued expansion but warned for the drop in production due to natural disasters and the continuing fall out from trade war tensions >> speaking of another central bank, new york fed president said the decision to hold rates in last week's policy meeting was the right call adding that there would have to be an outlook to end policy adjustment >> rate cuts this year, we created a situation where the policy is accommodative and supporting growth. i think that i

tom: with us as well, peter hooper of deutsche bank.ary structure, and the economy as well. vector downhas the to sub 5% gdp on china. does china's gdp actually migrate down under 6% or dare i say, even lower? peter: hong kong is taking a big hit, no question. isna, our economist relatively optimistic and he says this because we superimpose upon efforts to stimulate things by monetary and fiscal stimulus. cycle in china is about to turn up. we have had for the last several years a decline in purchases -- in the rate of growth of purchases like cell phones. 4g has pretty much run the course and we are getting into 5g. that will set off a cycle that will pick up those purchases. there is a cycle in autos as well. our forecast is for growth to continue at or slightly below 6% next year. tom: just as we wrap up the year with you and your great assistance to us, does the united states navy need to show the flag in the south china sea? is that what we will be looking for next year? george: we are showing the flag, and that is the important th

i think the issue, so i'm going to answer this generically, not as relates to deutsche bank, the questionis, the banks will be regulated, so the u.s. subsidiaries and the way that we've changed the structure, there's intermediary holding companies, so that the foreign subs that are effectively u.s. institutions, we can look at the risk at that level. >> i understand, mr. -- i understand the subtheory foreign relationship. i don't understand why when we would do something that's deregulating one of the worst actors in the marketplace and particularly when it's a foreign bank operate on our soil and the stability of our market. i had there's a standard in capitalism. if you share my concern of deutsche bank, this gives us one less tool. how many people work on the fsoc, financial stability council. >> the way that fsoc works, there are people who directly work under fsoc and those-- >> i'm asking about the direct number. >> well, the direct number, if you add up, there's hundreds of people if you add up the different agencies. >> no, i mean, people whose sole job is to work at fsoc. >> ther

luxury goods equity research at deutsche bank. there's an economic theory that says the higher higherf an object, the value certain people ascribe to it. you wonder whether or not some of these tariffs could backfire, making some of the goods more expensive and making them appear even more valuable to some people. we shall see. vonnie: i am sure the president's economic advisers will explain all of that to him. unicredit has announced a new strategic plan that puts $2.2 million in share buybacks while eliminating 8000 jobs. the move brings the number of job cuts announced a bank -- announced by banks to almost 80,000. almost all of them in europe. we are joined by bloomberg financial reporter in frankfurt. how have u.s. banks managed to avoid this kind of fate westmark 80,000 is a massive round of layoffs -- this kind of fate? 80,000 is a massive round of layoffs. nicholas european banks have not done their homework's like the americans the greek they have. there eliminating jobs over the years, but they never really shorted their

the other two subpoenas were sent by democrats in the house to the same accountant, deutsche bank and capital one seeking his financial records. those two questions combined raise big questions of separation of powers and the congress's oversight over the executive branch. they tee up two big important constitutional issues and the outcome, when decided, will have impact far beyond the trump presidency. >> thank you for that. >>> let's get more in all of this, our chief white house correspondent, jim acosta is joining us. what are you hearing from the white house about the supreme court's decision to hear this legal appeal? >> reporter: they are welcoming the news for the supreme court to view all of this. the supreme court may be the last line of defense in keeping the president's financial returns out of the hands of democrats. they are hopeful that will stay a secret the president kept for so long. there's a statement we can show from one of the president's outside attorneys, we are pleased the supreme court granted review of the president's three pending cases. these cases raise s

trump has suffered another legal defeat and his battle to protect his finances from scrutiny after deutsche bank to congress. the decision was made by a federal court in new york the cases will likely be decided by the supreme court. mr trump is asked of the body ‘s claims of immunity from investigation. there is a quick look now at asia—pacific markers and how they are faring. the hang seng has just opened for trading and is down by 120%. the nikkei 120%. the biggest fall is the all ordinaries, 1.596. biggest fall is the all ordinaries, 1.5%. thank you for investing your time with us. i'm rico hizon. goodbye for now. this is bbc news. the top stories this hour: the us house intelligence committee has released its impeachment inquiry report, which accuses president trump of putting personal gain ahead of the american national interest. the white house says there is no evidence of any wrongdoing. mr trump says the french president's depiction of nato as "strategically brain dead" was nasty. mr macron says he stands by his comment. the 12—year—old boy killed in a hit—and—run incident, outside a sc

we're winning every court case, whether it's deutsche bank, the president's records, the list goes on. they keep-- they keep bumping it up to a higher court. now, some of it is approaching the supreme court level. so we're waiting to see if the court will even take up something that is so in defiance of their precedent that says, yes, congress has the right to subpoena and power over the executive branch. when you keep asking, why don't you wait for these court cases? the president's actions in sending all these-- taking these things to court and then bumping them up in court is an obstruction of justice. so we're not going to be accomplices to his obstruction of justice. we have our constitutional esponsibility. we have our facts, and we will act upon them. as the courts act-- we're operating in the congress and in the court. as the courts come forward with their decisions, whenever that may be, the president will have to be held accountable for that at that time. any questions? reporter: you've been hesitant for weeks-- cautious to make this move to impeachment. was there an aha mom

citigroup and deutsche bank have also eliminated hundreds of jobs this year. 's struggling yes bank is excited to reject an offer that accounts for more of its half to raise $2 million in capital. the board meets tuesday and will rebuff an offer of $1.2 billion from the canadian businessmen, stpg holdings. yes bank initially fell on the loose, to close higher. shares down 17% since the end of november. paul: apple is officially returning to the las vegas electronics show for the first time in decades. to discuss consumer privacy rather than pitching a new product. the last major appearance was in 1992. john scully introduced the largely failed device. apple has worked behind the scenes of ces for years, identifying the next big thing. speaking with partners and suppliers. shery: markets open in tokyo and seoul. let's turn to sophie for what to watch. sophie: futures are pointing to the downside. trading flood in the asia session. gtv the focus of the five-year sales do later today. we have this looking attractive according -- given the five year yield is at the

owes hundreds of millions of dollars, subpoenas to deutsche bank and one other bank for the president's

in an order signed by justice ginsburg, the house cannot enforce subpoenas issued to deutsche bank andshielding the trump family's financial records from house democrats until december 13th a week from today. this case is similar to two other cases pending before the justices. a subpoena for the president's financial records and a subpoena from the manhattan district attorney for his tax returns. at trial judges in the lower courts in all three of these cases have ruled the records held by the banks and trump's accounting firm have to be turned over. this is one president trump, donald trump jr., a banc of trump, and eric trump all asked the u.s. supreme court for an emergency stay and they got it. an attorney for the president saying "the order speaks for itself." what is next, the justices are now scheduled to vote on december 13th on this case and whether or not to take up one of the other two pending cases involving the president's financial records. it is possible they are going to fund all of these three cases for consideration. >> mike: tensions boiled over in the halls of congr

and order signed by ruth bader ginsburg, the house cannot enforce subpoenas issued through deutsche bankital one essentially shielding the trump family's financial records from house democrats until december 13th a week from today. this is similar to two other cases pending before the justices right now. a subpoena from the house for the president's financial records and a subpoena from the manhattan district attorney for his tax returns. trial judges in lower courts in all three of these cases will the records held by banks and trump's accounting firm have to be turned over. this is when donald trump, donald trump junior, ivanka trump and derek trump got an emergency stay. and attorney for the president saying the order speaks for itself. what is next? the justices are scheduled to vote on december 13th on this case, and whether or not to take up one of the other two pending cases involving the president's financial records and it is possible they will bundle all of these cases for consideration but we have to wait and see. mike: thanks very much. tensions boil over at democratic events

owes hundreds of millions of dollars, subpoenas to deutsche bank and one other bank for the president's financial records and his tax returns, those are valid subpoenas according to the second circuit u.s. court of appeals today. that means the banks must hand those materials over to the congressional committees that issued those subpoenas. which means the president's financial records and tax records are that much closer to public disclosure. on any other day stories of that magnitude would be like tearing up the joint in terms of their bombshell news value. but today even major news like that falls into the shadow of this. the impeachment report. the report on the investigation into president trump interceding with a foreign country, interceding with the nation of ukraine to help him in his re-election campaign next year. now, the basics. the purpose of this report is to summarize what the intelligence committee has found thus far in its investigation of president trump. tonight that committee, the intelligence committee, voted to convey this report to the judiciary committee. what th