this morning the cfo of goldman said the investment banking backlog is biggest for ecm, and that it'sion client confidence than the state of the market. why aren't clients more confident right now? >> i think you have to be conscious of the swing that those -- we all tend to track the vix, and it spiked in august. the move the inteks have had since that july 20th peak to really the end of september which we all acknowledge is somewhat of the trough. it's been meaningful. keep in mind, they've had a difficult six-week period as they roll into earning. that's just challenging. the base of our buyers is just not as deep, and that's the issue. we've heard this the companies that can go public are having to do so at a deep discount. some are not even making up what they were valued at on the private market because the private market has been so good to them. square will get a lot of focus for that reason. square, the composition of their revenue will get a ton of focus because there are a few different business model there's. the principle focus will be can it match up to that private valu

ecm, dcm, m&a advisory. they're great clients to have and also a great source of insight and information and they're pleasant to deal with on top of it. >> louisa and nancy two other key take aways. first of all he's still passionate about cash dividends. that's going to be a core pillar of that strategy going forward and second of all a lot of speculation about potential acquisitions. is it going to be one? is it going to be a vital part of the strategy? no. this strategy is an organic one. >> we had news about wells fargo reaching a deal to add credit suisse advisors. what does it say about them pairing back their operations? >> they always said they would be reassessing a number of their businesses and they found out that the u.s. private banking business that doesn't make too much sense. it's not giving them the profitability in terms of the skill that they want so that's why they struck that deal with wells fargo to transfer some of the client advisors to wells fargo and they put a positive spin on it s

rumors swirl the pc giant is in talks to buy ecm in what could be the largest tech deal ever. >> hillary clinton takes on u.s. president barrack obama saying she does not support his transpacific partnership pact as she outlines her campaign to take on wall street if she becomes the democratic candidate. >> not so fast. the japanese retailer misses profit forecasts on impairment losses. >> a poll tile session yesterday but on this thursday morning looks like the dow is kicking off today on a four day winning streak so we'll see if the streak and the run continues. fair value is telling us it should be up to 13 points and the dow jones pricing in triple digit losses so we're 115 points below fair value. the nasdaq should be seeing losses of 32 and change but today the story in europe is all about the banks. european banks paired back some of their losses after some steeper declines to kick off this thursday morning and this stems back from deutsche bank. they're going to issue official earnings later on this morning but germany's largest bank said we'll tell investors what is going on and

rumors swirl the pc giant is in talks to buy ecm in what could be the largest tech deal ever. >> hillaryon takes on u.s. president barrack obama s

. >> ecm over goldman, missing expectations. you are really seeing a sharp slowdown in stock even at the same time as the capital markets have been pretty healthy for debt issuance. >> jpmorgan, they were much more positive on the broader economy. marion lake and her comments seemed to be much more positive. >> the goldman read and citigroup mentions it. >> the jpmorgan mantra is all about america being the best place to invest for the long term. they weren't shy about saying maybe analyst estimates weren't too high. they are not denying there are some near term obstacles in keeping those profits and those revenues growing. they are pull ibullish long-ter. they are saying, whether it was employment or retail sales or ppi, the path is getting easier for some of the doves on the fed. although, the cpi number throws a little wrinkle into that narrative. we get .2, month on month. estimate, .1. rent, up 3.7, year on year. it seems like a difficult environment in which to hike. >> some of us here feel hikes more than 3.7%. >> there i