that's not a goldman call. i don't know i don't think anyone expected goldman to be blowout because after jp morgan it was impossible jp morgan was like what a bar. but down four? maybe they sent someone downgrades, i don't think they do >> we're nowhere near being done bank of america tomorrow morgan stanley on wednesday. amex on thursday afternoon. >> how do you -- how does anybody really flow back to banks with rates where they are. we'll talk about the president again going after the fed but like -- >> jp morgan made a lot of money on the curve. >> they did it was good numbers. >> the president is going after the federal reserve again as you saw over the weekend in a tweet he said if the fed had done it's job properly, which it has not, the stock market would have been up 5 to 10,000 additional points and gdp would have been over 4% with no inflation. quantitative tightening was a killer should have done the exact opposite over the weekend draghi expressed his concerns saying a loss of its autonomy could un

goldman and city with a revenue miss in the first quarter. shares of goldman are down

haidi: definitely the overhang for goldman.of the question mark business units that investors were concerned with, does this make the urgency for the strategic group viewed to be faster because the bank did not provide reinsertion -- reassurance on that either? devin: that is a good point. we all want to see what their plan is and the company has been dripping out some of the details around the consumer initiative and where it is going. the wealth management initiative. they are building a cash management business. we need more quantification around what the potential is and what the targets are. as we get more clarity around that, that will be important for the stock and will be what is necessary to see a sustained breakout. they talk about giving a more wholesome update at the beginning of 2020 and i think that was disappointing to the market. the market was hoping we would have something sooner than that, but that is not mean we will not get anything between now and then. i think they will be disclosing quite a bit as time g

how is goldman doing on managing cost? i think the year-over-year comparison is the key one. the first one is when we tend to see higher expenses. revenue looks a little better than expected. depends on the mix of things. but i think they are doing a good job on the cost front. that is something that is important across all the banks, as we are in a more important revenue environment. they blame the government shutdown in part for delaying initial public offerings, which i found really interesting. david: and we talked about that. the other thing i find interesting is so far i haven't seen malaysia. possible losses there. something we would all be looking for. : the question is, there is another figure they report they quarter, which is potential losses beyond reserves. that is sort of a reasonable loss number. based on what they know, about 2 million last quarter and it did go up this quarter. lisa: goldman sachs did acknowledge it was a mediocre overriding environment, and they blamed not only the ipo issue, but leverage

guy: does goldman sachs want to be j.p. morgan?arly in some ways it would, but i am curious as to how markets are going. they also were talking about this rollout of wealth management division, which they will run alongside it. it is starting to feel like a different goldman sachs than the one we used to know. pivot: it is definitely a , and an interesting time in the cycle to be making that pivot. goldman has been the most committed to its institutional business since the crisis, when others pulled back. they have really stayed consistently committed, as well as j.p. morgan. but they have been committed. started in consumer rollout. one of the things we saw was cost ratio coming in lower. part of that relates to the shifting business aspects at the company over time. i think the other thing with both banks is that even though they beat on the earnings side of things, revenue was probably about in-line and some of the key businesses, perhaps a little bit light and some other businesses, but really investors may not be giving them a

let's take a look at goldman sachs and citigroup, both trading down, more so goldman sachs.enues missed by a little bit, equities missed, and also backlog not so strong. citigroup beat topline and bottom-line, but investors selling those shares. that is the case for the bank index overall. wehaps not helping the fact have a bit of a bid for bonds. the 10 year yield perhaps weighing on this group. finally returning to the theme around china stock. we have very positive develop in from the s&p 500 in u.s. stocks, very close to the all-time high. this chart goes back to the s&p 500's all-time high back in september. in white, the shanghai composite. in blue, the emerging-market index. in yellow, the s&p 500. in purple, the dax. clearly the shanghai composite is leading not just this year out of that weakness, but on that recent moves down we see that it is not really translating yet to these other indexes. it has been leading on the year. something to keep in mind, we could just a little but of a pause for u.s. stocks as well. guy: be interesting to see whether the trade narrat

goldman sachs has a lot of seasonality built into their expenses.rst quarter and then kind of improve as they have a lower compensation rate as they get in the backend of the year. they may be flattening that out to give us a little better trajectory through the year. but the expense saves we're seeing here is a positive sign for the returns that are so critical for the country. dagen: david solomon, goldman saks ceo said we are pleased with the performance in first quarter especially in the context of a muted start to the year, unquote. maria: it was muted after last year's selloff at the end of the year and then of course the government shutdown. we're going to take a short break. when we come back, we're digging through the goldman sachs number with marty mosby. the numbers are out, the stock is up and we're talking about it with vining sparks analyst marty mosby when we come back. zero to 60 in under three seconds, lamborghini's most advanced car yet on the plaza. we'll check it out coming up. stay with us. moving? that's harder now because of p

i'm interested in the history of goldman sachs and therefore i read william goldman's book.i'm wondering if you read it. the thing that struck me about it is that - - legendary principal partner there, was able to get on the board of at least a dozen of the fortune 500, maybe even the fortune 100 companies. and then come back and trade on the information heat beginning at the board meetings. i was wondering if you had read that book and what you think of that. my other question is very simple. do you think thomas picketing has nailed it? thank you. >> i think i review that book for the daily beast back when it came out. so yes i did. it's a very well researched. it's a good book. i think his name is william - - anyway. we will get it. sorry about that however, one of the things that happened in the initial goldman sachs. it's a fascinating set of relationships. sidney weinberg who was around at the time of the crash in 1929. he was running goldman sachs as it was participating in a lot of what were culturalist. now they are called clo's. conglomerations of stocks and other s

or there's a necessity to help goldman or j.p.gan chase or help someone who has an institution that is part of history in the fabric of how the fed was created and benefited from how the fed is graded and continues to benefit from this implicit subsidy and not just the fed but all that central banks provide to the largest banks in their respective country. i think that's a flock. >> host: are the us and china central banks in your view colluding? >> guest: okay. so, this is a interesting question because the major collusion i talk about in the book had to do with predominantly g7 countries and what was interesting after the financial crisis was that the method they were using and the timing of quantitative and reducing rates and a putting money to swap between them to make sure the currencies were moving back and forth between the central banks into the banks of the major banks in their respective countries because they work with each other across borders and all of that happened with phone calls documents that happened in the boo

i am interested in goldman. it wants to make a push into the consumer space and be more like citi in terms of the classic investment bank, and now into retail banking. when you start to see ceos use words like disruption, that is a departure. about thend out ability of that project over time. if you look at goldman's numbers, this chart is the personification, this is the it, the all ficc, isn't death of volatility? this has been the oppressive factor for many banks. yes, in conjunction with new issuance, and we have had a bull market of a decade, loss of equity retirements and that has helped drive this. you had a strong issuance market, and that fell off a cliff in q4 around fears of volatility. the one thing i would say this year that will be stronger for banks in the u.s., a lot have moved to using loans rather than fixed income bonds as part of their financing profile. those have a shorter duration profile and were attractive to investors he will years ago because they immunized you against fed moves. it wi

goldman urging investors to hedge risk. i'm talking about goldman and equities.re going to talk about blackrock and bonds. manus: treasury yields are dipping. in middle of your sheet. you are all too confident about the next move from the fed being two rate cuts. get ready for a rate hike. we will show our last guest also said -- we are going to show you some carlos ghosn pictures, but the equity markets, you want to be short dated paper. let's have a look at these live pictures. carlos ghosn is in prison. this is his lawyer. the news conference carlos ghosn intended to hold, then he was rearrested with the new suggested or alleged misdemeanors in regards to finances. we are keeping an eye across that. in.re going to listen we will come back to that in a second. juliette saly is ready to rock 'n' roll in singapore. >> we have started to see more of an uptick in late trade in asian equities. it was a cautious day. they are tomorrow super wednesday. today, not a lot occurring in terms of market moves. you have seen the nikkei closed higher by 0.2%. flat, along with

goldman, i'd like too see if they'd make progress with markets and banking franchise.ll way too small as i've written in the past. they have to grow deposit base that's what i'm looking for with citi and goldman >> let's take a look at the bigger picture we've heard the yield curve is not as important to banks as we once thought it was. is the fact we have yields as low generally speaking the way that they are right now a hurt or a help for these banks? >> the policy combination is a hurt it puts pressure on loan spread. at the same time the funding costs are normalized they're going to continue to go up we saw 70% increase in funding costs for jpmorgan you're going to see that you're probably going to see funding costs double for u.s. banks over the next 12 to 18 months. >> now the money center banks are one thing. the mixed money center banks are another. let's take us through the regional banks what is the outlook for the regional banks >> they tend to have more pricing. they can charge more for their loans and their deposit base tends to be more stable and prices m

do you want to build a blackstone inside goldman sachs?id: there's actually a significant alternative to asset managers inside goldman sachs. we've been managing a lot of money across a broad series of platforms for a long time, and we've done it for a number of different businesses inside the firm. one of the things i think we recognize as a macro trend is the demand for broad global alternative asset managers, which is a business we are in. it is increasing, and it is one of the things here at the conference. there are a lot of clients that advocate that kind of -- that allocate that kind of capital. we see opportunities to expand what we are doing for clients in that business. i will be a little more focused on --wing ou -- at focused on growing our client access in this area. i think returns over a long time client management has been very strong, and a think that has led to a desire, especially in an environment where fundamental returns seem to be coming down, to look for ways to meet the liabilities. i think that will continue, so i

we are excited about goldman.hey need to talk about wealth management, talk about the cash management businesses. we maybe didn't get enough about that today i think that's also where some of the softness is but we are excited about where they're going. and so it's just a matter of timing in our opinion. >> mike, both of the two that reported today, fairly cheap compared to their historical own performance and the rest of the group. which is your top pick >> citigroup is our number one pick citigroup today with the first quarter results had the highest return on tangible equity in over a decade. so in a way it's like tiger woods. the best results in over a decade not the, you know, as many green jackets to say the least but it's the best results in over a decade. the stock's trading a little over tangible book value but what's underappreciate sd that citigroup reiterated financial targets for next year that implies that consensus should be 15% higher so not only do they not cut guidance, they reiterated guidance t

david: what year did you join goldman? robert: 1994.you worked there for a while, and then how did you decide you wanted to go into technology banking? robert: right. well, like all things, in the land of the blind, the one-eyed man is king. at the time, technology for us was defense contractors. we had another company we to public called microsoft. we had another company we called on called ibm. that was the world of technology as far as goldman was concerned. david: were there are a lot of african-americans in technology area at the time? robert: very few. very few. i was our first m&a banker on the ground in san francisco focused on tech and then we decided to form a tech group and so that created a whole other nexus and dynamic of opportunity. david: your job is to convince clients to hire goldman and give them good advice. robert: you got it. right. david: did you meet steve jobs? robert: i did not meet steve jobs personally, but i was on the team that we actually got engaged. we had to, at the time, you may not remember this, appl

, ceo and chairman of goldman sachs. you have tim geithner ultimately came in. he was new york fed president at the time and then became treasury secretary under obama at the turn of the year after that crisis. so you have all these individuals who effectively have the ability to direct policy and money coming out of washington to their own institutions, which are public institutions. these are banks that trade on stock exchanges, they are monitored supposedly by the federal reserve because one of their day jobs is to be the regulatory sort of answer, oversight body, to these banks. they are monitored and yet their individuals have such a tight relationship with the central political powers of the country that they are able to get money effectively to themselves when they need it in far greater figures than individuals are able to galvanize to do that. as a result, money goes from taxpayers to benefit them and not just when there's a crisis, but even from the standpoint of, for example, a legal act called the glass-steag

that will tap into the goldman sachs resented.ith a concern about your apple card, it will connect you to goldman sachs about statements and disputes. emily: do you think that apple can transfer the sort of aspirational nature of the apple brand to a credit card? i really do.i reall having to integration with the wallet integration and see a breakdown of your spending will powerful for a lot of people. there are a lot of apps online. i have tried a bunch of them but none of them are very good, but it seems like apple's interface will be one of the simplest efforts. i think it will get a lot of customers. emily: you and i were at the unveiledre apple its content streaming plans. a lot more questions than answers, but certainly a lot of celebrity funk. over the last several days, what has been the buzz in hollywood, especially with disney coming out with its service on thursday? how optimistic are hollywood insiders about apple? mark: everyone wants to know the price. they want to know what apple will charge. i think it will be arou

of goldman sachs one year after the crisis said that goldman sachs workers were the most productive in the world we as economists use to really debate and contest that word there's different theories of value and actually first we debated value and then that turned into a theory of price today we have basically an approach to the economy which is all about prices supply and demand curves that determines price and that determines what we value so the logic actually got reversed think of it chains shareholder value shared value and goldman sachs calling goldman sachs workers the most valuable but what does that actually mean and so when we don't actually have a way to distinguish value creation from value extraction it becomes much easier just to throw the word around in fact the reason i wrote the book believe it or not is that in the two thousand and fifteen election when the labor party lost the analysis by labor members themselves by leaders in the labor party the next day was we lost because we didn't embrace the wealth creators the value creators and by that they meant business and

right here on cnbc this comes a day after citi and goldman sachs earnings reports came out goldman the weaker performer closing down almost 4% on lower than expected revenue numbers. bottom line earnings did, though, beat that was largely on the back of new ceo david solomon cutting compensation costs for his bank's employees a new era at goldman sachs and on wall street for sure. black rock's larry fink will be coming up at 6:30 right here on "squawk box" this morning. a must see interview at cnbc exclusive. stay tuned for that one. >> what stands out to you in the early stages >> we have a distinct shift here where banks have seen a lot of pressure or net interest margin pressure, which is the main driver of a lot of their top line die to rising deposit costs, combined with a flattening loan yield. in the first quarter it was reporting decent nim numbers, and the commentary is very cautious around that, and that is one of the investors that we've come close to peak earnings from those banks through this part of the cycle >> so peak earnings doesn't sound very good. is there something

start with goldman.seemed to be the future forecast for the trader and revenue. >> it is a tale of two different worlds. largely driven by lower taxes and expenses. division, a lot of the call spent with traders and analysts was focused on whether they could change the footprint of the main trading division. the numbers were fine. they were affected by the trading slump but that was all of wall street. it was really the trading aspect, how they can rebuild the division and get consistent returns going forward. -- ieason why the shares believe it was one of the worst performances this year for the goldman stock. if everybody knows the trading environment is great, are investors homing in on something that they think is going on at the bank? 18 was a strong quarter. bankeason it affects a like goldman and stanley, the trading outlook isn't that great. weigh aeight -- a will lot more on these banks. romaine: the shares in citigroup held up a little bit better than goldman today. you had an efficiency ratio

goldman sachs will have call centers to deal with disputes.andle the distribution of statements. of course there will be a panel through apple pay app, but all the financial stuff, the nitty-gritty, will be done by goldman sachs. they will support, but that will tap into the goldman sachs representative. to call apple with a concern about your applecart, they will connect you to goldman sachs if it touches on statements and disputes. emily: do you think that apple can transfer the sort of aspirational nature of the apple brand to a credit card? mark: yeah, i really do. with thehe integration wallet application on iphones and being able to see a breakdown of your spending will be powerful for a lot of people. there are so many apps, like mint, to manage her finances. i have tried a bunch of them but none of them are very good, but it seems like apple's interface will be one of the simplest efforts yet. that theyst for yo will get a lot of customers. emily: you and i were at the event where apple unveiled its content streaming plans. a lot more

are all involved, richard goldman, spoke in 2009. >> here's to the next 20 years of inspiration. >> reporter: it has honored 194 activists from 89 countries who have used the prize to expand their work. >> much has been accomplished over the past 30 years, add to that list, the astounding selection of the 2016 when her, as president of the nation of slovakia. >> it will help with the work we are doing, drawing attention to some of the issues, and raising awareness. >> this environmental prize is so important, recognizing the work of people around the world who often go unrecognized. >> reporter: former vice president al gore praised the passion of those who kept up the fight. >> remember that the passion for social justice, the passion for environmental justice, the passion for change, the passion to do the right thing, is itself a sustainable resource. >> reporter: their vision helping to keep that passion for protecting the planet alive. >> [ applause ]>> reporter: and the six prize winners will be flown to washington dc, where there will be another ceremony on wednesday.>> in the

, but a lot of weakness on back of weaker bank earnings, and specifically there i'm talking about goldman sachs dragging down the overall capitol composite. that was down 4% on weaker than expected revenue >> full focus continues to be on earnings today we have earnings on bank of america, black hawk, johnson & johnson. after the bell watch out for net flick and ibm amongst others we've got the shanghai composite up about 2%. this was quite well for the european session you can see we're an hour into trading already. about 70% of the names are trading in the green stock europe 600 is trading up .3%. again, here same story as ever optimism about china-u.s. trade talks. china gdp numbers coming up overnight as well. a bit of optimism on the macrofront here's a picture across all of the individual indexes in europe we've got ftse 100 up about .4%. 32 points high are shrugging off some of the weakness in the minors rio pinto coming out this morning and slashing guidance in iron ore for the rest of the year i want to draw your attention to cac -- up .3% >> emmanuel macron was supposed to be gi

of goldman sachs one year after the crisis said that goldman sachs workers were the most productive in the world we as economists use to really debate and contest that word there's different theories of value and actually first we debated value and then that turned into a theory of price today we have basically an approach to the economy which is all about prices supply and demand curves that determines price and that determines what we value so the logic actually got reverse think of it value chains shareholder value shared value and goldman sachs calling goldman sachs workers the most valuable but what does that actually mean and so when we don't actually have a way to distinguish value creation from value extraction it becomes much easier just to throw the word around in fact the reason i wrote the book believe it or not is that in the two thousand and fifteen election when the labor party lost the analysis by labor members themselves by leaders in the labor party the next day was we lost because we didn't embrace the wealth creators the value creators and by that they meant busines

goldman sachs and citigroup announced their earnings today. goldman falling after it posted a bigger than expected drop in equity trading. meanwhile, citigroup phonics excess in bond trading, helping it to withstand a slump. let's go to jason goldberg, senior equity analyst at barclays. what were your key takeaways after you listen to the conference call with goldman? was a soundought it quarter. the stock had a big run-up into the corner, so you see some selling today. the biggest takeaways were how the company is redesigning itself, looking across its businesses, reimagining itself under a new leadership team, looking to address the customers it serves, and the products that it serves with. vonnie: obviously doing a successful job, but medium-term, any risks to those businesses it is maximizing? jason: the biggest risk near-term is the outstanding ndb remainsound 1 unclear. the other businesses are subject to the markets, which we have seen volatility come in a lot over the last several months. curious to see where that goes looking out. von

sentiment was hit after goldman sachs missed estimates for tray revenue. citigroup retreated after its revenue matched expectations. mark cranfield, bloomberg mliv strategist is in singapore. it wasn't really a stall for the csi 300. decent gains on the day, but making up what we lost yesterday. what do you see when you look at the chinese economy and attempts by authorities there to kickstart it? bloomberg's european headquarters in london -- pboc forstarted at the chinese markets opened today. money into the short-term money markets in china for the first time in 18 leaving the market to its own devices. it wasn't a huge amount but the growing impact was pretty important and that helped give equities a good start in the morning and they built on it during the afternoon. outfact the pboc is helping as filtered through the chinese markets and the hong kong markets. we also have central banks standing dovish around the region, as well. it has been a day when equity markets can feed off of the fact that the interest rate part of their equation is quite docil

goldman's equity showed a sharp decline. let's start with goldman.evenue structure has been quite static, and if you got such a static revenue structure, you can't afford a 40% drop in something, can you? >> part of it is the environment. it was a very strong quarter a year ago. goldman had a really strong rebound in the first quarter of 2018. if you look at this quarter, pretty much across the banks we are seeing decline. we did see at goldman a better-than-expected beat in fixed income trading. we saw the same at citigroup. however, both coming in a little bit weaker on the equities side. the thing with both banks, even though they beat the earnings side of things, revenue is probably about in-line with some of the key businesses, perhaps a little bit light in some other businesses, but really the beats driven andes and tax , that is why investors might not be giving them as much credit as compared to if it was a big revenue boost. >> a major fire devastating the notre dame cathedral. french officials say so far the source of the fire is unknown, a

is that goldman's optimism talking?aelle: it is difficult to say because we have been talking about this brexit discussion for very long and every time we thought we were close to a were disappointed. delay best will bring uncertainty, but we are closer it to a decision. we know that the u.k. pound is very cheap and if there is any outcome come of the pond well a rally together with the equity market, of course. there are a fish i wonder if that will also have anything to do with the fundamentals. economicshows a global surprise indices, a number of them reclining, that the u.k. outperforming. does this and coverage you to thision a different way on versus other bond markets like the u.s. and other zones? raffaele not necessarily. the u.s. bond market attractivehe most bond market in the world, the only one that is still in positive territory. treasuries trading around 0.6 real rates. if there is any positive resolution of brexit, i think that will lead the bank of startd to normalizing monetary policy, therefore, i see

in other news, goldman sachs lower than expected earners.xecutives had to assure investors' concerns over progress, dragging down results. goldman sachs focusing more on an electronic treatment requires more capital. central-bank policies are still a problem. his remarks echo the other ecb officials, but it is somewhat surprising after they pushed to offset some of the impacts of negative rates. bringing out nearly 10% stake in at&t, $1.4 billion. putting the company at $15 billion. they will have to decide how do portion the at&t's stake. the platform is expected to lose money. not expected to turn profit until 2023 or 2024. musk, agetting an on $15 million contract to fly spacex rockets into an asteroid, working to deflect the object with a high-speed collision. the target is for a june 2020 9ants i spacex falcon rocket. global news 24 hours a day on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am, r and this is bloomberg. pemmaraju, and this is bloomberg. thank you. goldman sachs

ashley: goldman sachs saying mr.going to win based on the strength of our economy in 2020. i guess that's playing into what you're saying but you agree with goldman sachs? >> you know, again, i'm not a political scientist but ray faire, a nobel winning economist, says if gdp is strong the incumbent wins. i believe gdp will be 3% next year. i think if that happens, ray faire would tell you the incumbent would win regardless of which party. the president has that strong a growth rate, they are likely to win. ashley: which makes next year critically important. you don't see any recession on the horizon, maybe mid next year or anything like that? >> no. i think it's highly, highly unlikely. the way to think about it is that with all the factories coming home, the unemployment rate in the 3s, wage growth so high, then you can expect demand to go high, too, because everybody in the cea, we put up a chart the bottom 10% of income distribution saw wages grow 6.5%. so that 6.5% growth in wages is going to lead to 6.5% growth

i created at goldman -- i also ran in analytics department in the '90s. in the creations that could enable these credit derivatives to be used for investors, for companies, and large quantities mix-and-match together, all the analytics for that i was involved in throughout my career on wall street. when i left and wrote this, toward the end of the book i said -- aristocratic derivative and ceos -- it got real technical on a sunday. debt obligations means a bunch of stuff together and that coagainst also. they were something that we could watch because they'll be at the crops of the next financial crisis. that is partly because i saw where they were going, i sawdi e junk that was being put inside of them and still is. then they were very small and a small part of the market and they were in fashion because they can make so much money like goldman sachs and ultimately they became the crux of the financial later. >> where you get your job? >> yes. i was a quantitative analyst throughout my career. i started as a programmer at the bank in the 80s from having

goldman sachs last week. right around here i talked about on the show, i got a little excited and thought it was breaking out it's right back to where i bought it. i don't have room in the financials i'd have to sell something to add citi, but i think citi's quarter was a very good quarter and citi is probably 67 going above 70, maybe even towards 75. >> bank of america tomorrow earnings size it up somebody >> i love moynihan i think he's an outstanding ceo. i'm looking for them to do better than what expectations are, and i like the way the table was set with pullback. stock has done well. it's traded up in the aftermath of jpmorgan. but to me, you'll not really get killed in these names. you're just not going to make a boat load of money going forward. >> one thing important to point out is all of these post earnings moves are happening in gaps and at night or before the open in the morning. so they're not really allowing you to trade the news. you have to almost place two bets the first is, what are the re

goldman who continue to support incredible projects all over the city. you to the corrett foundation. those were major contributions, and there are so many other people, whether you gave $5 or $5 million, every dollar that you gave made this project possible and you all should be proud for your contributions. i want be to thank each and every one of the tennis folks in the room. there are so many tennis people who make sure we protect the tennis courts in our city. that is so important. like i said, even though i tried and i wasn't that great, the fact is i had a place to try. that is what counts because you never know when you are going to basically create the neck serena williams or anyone else. we have to make sure those opportunities exist. thank you all for being here today. we are breaking ground today. i hope to see you back in 2020 when we open this brand-new incredible facility. [applause.] >> our next speaker ties to the theme that we have come a long way because to get this project before supervisor breed. we had to go through her chief of sta

goldman was the biggest the decliner in the dow. it was down near $63.e will get more on could this be the end of an uptrend? the big movers. they set baton for morgan stanley and bank of america, which report later today and tomorrow. come back moment like we saw with tiger woods. they missed estimates for sales and revenue. citi retreated despite meeting expectations. we have a little bit of insight into the oil picture. themay stay in a range -- title of this chart is in gtv. look for a wider range in 2019 if the uptrend snaps. you are seeing a pretty decent rise. we have oil up well over 30% year-to-date going into this month, but you are starting to see a bit of a downturn in that had something to do with the fact that stocks were lower, and in particular, banks were lower, concerned about growth. shery: su keenan, thank you so much for that. joining us now is our guest. great to have you with us. the optimism that we had last week over jpmorgan's results, pretty short-lived. how do you like financials in this microenvironment? guest: i think you hi

i think goldman sachs is new here. i watch predictive.org site, they have had trump ahead.rning 40. you so you bet a dollar, bet 40 cents you get a dollar back if trump wins. charles: that is site based on collective wisdom of gamblers, mostly professional type gamblers. goldman is saying economy, the economic renaissance, deroy is so strong and undeniable that it will get president trump over the top. >> i think that there is a lot of truth. "gallup poll" has him at 39%. i have him at 45. rasmussen has i am 52%. if the mueller report exonerates him as we expect that issue disappears. they're talking about 2.3 or 5% growth. i don't know if growth can't be higher if we get some sort of china trade deal, oil down from 65 down to the 40s. charles: oil at this point considering america will be the largest producer ain't bad for a lot of americans. it is not as detrimental. you can argue, while it may cost us more at pump we're creating a lot of jobs. >> creating a lot of jobs because of fracking. >> why would goldman be in this, predict something two years out doesn't that make

in an exclusive interview with cnbc, goldman sachs ceo david solomon says the u.s.ging along pretty well and reveals he has changed his view on the chances of a recession. >> i kind of said 50-50, but, youen, my guess is probably not. i think the chance of a recession is low, and i don't see any data in any way, shape, or form that leads me to believe that that chabs is accelerating. >>> we're just getting data out of the u.k., and let's break it down for you because we are seeing a bit of a reaction in the pound here core cpi has come in at 1.8% year-on-year this is versus expectations of 1.9% year-on-year. coming a little weaker on the core metric. when we were looking at the overall number it's come in as -- the rpi number has come in at 2.4% year-on-year the coal was 2.6% year-on-year this is the lowest annual rate since november 2016. just in terms of the core number for rpi, the rpix has also come in at 2.4% year-on-year. in terms of the breakdown between goods and services woor seeing goods innation of 1.3%. sterling dropped a little bit. i should mention, th

what do you make of that, and weave it into these goldman names. >> i don't know. i think, you know, the sense out there that i get from talking to people as well as economists is there is still strong economic footing. people still feel very positive about the economy. i don't think there's anything really out there to change that. we are going to get some good news, going to get some bad news. i think things are solid. liz: all right. when you see 111% to an upside of a stock, wow. interesting. again, risk. let's not forget the risk there. teddy, scott, jeff, good conversation. thank you. >>> we are 48 minutes away from the closing bell ringing. walgreens getting squeezed again. the pharmacy chain hitting a 52-week low after lowering its full year guidance, as profits from generic drugs squeeze its earnings. it's second to last on the list behind boeing. several brokerages cutting its price target to as low as $49 today. right now, it's at $54.60. >>> coming up, hollywood starlets make their debut in a boston courtroom to face charges and possible prison time in

goldman sachs's equity has doubled. we are confident that we can withstand shocks dodd frank has made the system safer and we made important progress adopting to that regulatory environment after ten years of experience seems appropriate to assess whether improvements can be made to avoid duplications and inconsistencie inconsistencies. we under took a three-year review of the firm's business standards and practices and most extensive review of the firm's history and ranging of conflict of interests to transparencies and disclosures. the changes we made are much longer and larger and ongoing commitment by our firm, opening to change and learn the right lessons from experience. we know that we won't make mistakes but we can learn from the responder ways to meet our customers and shareholders and regulators and the broader public as it relates to our business strategy and the crisis, goldman sachs entered the consumer finance market 2016, we launched our platform called marcus, designing marcus, we spoke with more than 10

as you can see there is just so much since taking a guess is the fight of bragging rights the goldmans this is a heated discussion. about the tides the rest shelter meanwhile could use a hand in the battle against relegation. match day thirty one features the key players in the race for the european places frank but lives in town better braman an all in with the shops it's tight it's tense and it's coming down to the wire. welcome to the bonus they get here on d.w.i. mc mechanic line now it doesn't matter where double as are the table the road is always the biggest game on the calendar but this season there's a little extra spice shaka i have in the second worst campaign in the club's history and are dangerously close to relegation dortmund on the other hand are in the final round of a heavyweight fight for the title the last time dortmund did the double against shocker they won the league in twenty twelve as a pretty good omen and as another another win against shout that will put michael royce aside and pope position to win the championship. a few games in football evoke such passion

" sit do with makan delrahim and goldman sachs ceo david solomon.s either of those sit-downs. in the çóeantime, a quick check on where the major averages record high on the s&p 500 above that 2941 level. and just a little change on top with the dow down about a point. >> thate1 open music was c.j. f the hour the road map starts with boeing. reportedly failing to tell airlines it shut off the safety feature onsq 737 max shareholders. >> the s&p 500 and the nasdaq, new recorde highs >> a big week for investors gets under way.e earningings and thee1 fed bothun focus, 150 s&p 500 companiese t to report including alphabet zv tonight. >> we're going to start with boeing the annual meeting is getting under way about now as the journal says today the company did not tell southwest airlines its biggest e 737 max cut that a safety feature designed to warn pilots about a malfunctioning sensor had been deactivated in a statement to cnbc,w3 southwest says boeing told the airline the feature was turned off only after the lion air crash in indonesia and woul

in the case in goldman sachs, the government is suing them to recover nearly $600 million that goldman it should have known that this was an improper transaction. at the whole thing was corrupt. indeed, one of the goldman sachs' anchors has been charged. —— bankers. there is a fugitive businessman who was instrumental in organising all of the complement —— complex 1mdb transactions. it is a fugitive from justice and has also been charged. it is not known where he is was not the government managed to sell his luxury superyacht for over $126 millionjust luxury superyacht for over $126 million just today. it is not clear how much of the money the government will be able to recover they are arguing this must also be a priority, to get this money back, because they say that so much technically belongs to the malaysia people has been stolen. and what is the feeling about how this is being handled was not as you say the, the government is being forthright in what it is saying about how this trial has to be dealt with, how the money has to go back to the malaysia people, to the malaysia people

to some extent, you are going against goldman sachs.ast night saying sterling could be the best developed world currency player there is. thanks very much for joining us. mark cudmore, bloomberg mliv managing editor. we haveo point out stocks to watch. one of the big ones is rolls-royce. singapore airlines has grounded two planes do to rolls-royce engine trouble. we will talk about that and stocks to watch after this break. this is bloomberg. ♪ matt: five minutes from the open. let's get your stocks to watch. annmarie hordern is looking at rolls-royce. thomas covering the french aeronautics company. rolls-royce, what is the story? >> this news just broke. singapore airlines is going to be grounding two planes. just keep an eye on rolls-royce at the open. anna: what's the story? >> shareholders are selling their stake. will support the french company's strategy. a 23% premium to yesterday's close. stock indicators showing it up. anna: thank to the team. first go is the function on your bloomberg. this is bloomberg. ♪ so with xfinity mobi

when i look at goldman sachs, i think goldman sachs technically breaking out and goldman sachs h fundamentally focused on what you should be focused on as a financial institution, that is fin tech, the spin on fin tech, creating itself as a main street bank, relationship with apple. i like the pivot goldman sachs is making right now. secondarily i think there are select regional banks you can look at. texas banks, brian, texas capital, tcbi, these names are working as well. very low expectations. the banks pivoting where financials are going, when they're spending on technology, those are the names you want to on and i don't agree 13% of the s&p, you don't want to reduce allocations below that. >> we don't own any of the money in the big banks. >> that's what i mean. we can focus on jpmorgan, chase, all we want but the bank in the is ozarks is the best-performing regional bank. amer prize financial near minneapolis, lake mason, they're up 30% this year. >> exactly the financials have not been that bad if you look at the group, they're up 11 1/2% it's the smaller banks that have done much bette

goldman who continue to support incredible projects all over the city.