goldman specializes in that.ins this preachy sermon on gender diversity, quote, when women lead, everything changes. in today's world, gender equality is an economic imperative and leadershipp opportunities will drive growthc for our clients, our communities, our people, and our shareholders. great. but they don't mean it. how do we know? well, goldman's board does not have parity between men and women. when the company's previous ceo step down in 2017 committee did not take a woman to replace him. he didn't have to take the job. he could've let a woman run for the first time in 150 years be better, he could step down from this job and he could do it tonight,e and he should, and demand a nonbinary person replace him immediately and donatend his severance to black lives matter. but needless to say, he wants to do that. diversity for thee, but not for me. the reality the kind that obsesses over which people or which race or gender, ethnicity, are doing too well and need to be pulled down by force. america unfortuna

she is goldman sachs and has worked with the cfa institute. an extraordinary year to look forward to. thank you for being with us. much to talk about in the next half-hour. i want to talk about your new effort, thinking about immigration and what it means for the fabric of the nation. we must talk about the central bank. we have to talk out the markets. gloom accruesthe great piÑata. they love to go after you in good times or bad times. you cannot possibly go up and once again confounded not only off the gloom of last december but confounded over one year, two years, five years, 10 years to good and substantial equity returns. when does it end? tom, first of all thank you for having me here for this discussion. the gloom and 2018 him anyway set us up to a good start into money 19 in the markets. one thing i'm concerned about is how happy ever but he is at year end 2019. i think what is priced into the market now, is an economic scenario that seems to be the most likely. no recession, the economy perking up a little bit, corporate profits in mi

>> i bought goldman sachs after the quarter. in a different position than i'm sure amy and steve are, who probably bought it a lot sooner and are in position to having profit in the stock. i look at today's event. i agree with everything you said but after listening to today, i have to understand as a goldman sachs shareholder, which i will remain, as someone who supports and believes in what david solomon is doing, this is not the goldman sachs of the past. it's never going back there. i thought potentially it would be this is not a trading shop this is a company that's going to focus on the consumer business and that's where the technological efficiencies are going to be. that's where the r & d spend is going to be. that's where the technology spend is going to be they're going to have checking accounts think about that goldman sachs will have checking accounts as a shareholder, i have to get used to this is not the goldman sachs growing up in the business. >> we are goldman. we owned it for a long time. i agree. it's underval

goldman was to be like everybody else. they want to be a major bank.he consumer business will be a lot smaller. it can lower their cost of funding while diversifying the revenue base. shery: how is the strategy playing out with investors? >> so far we see the stock down a little bit today. for a long time goldman sachs said this will not be a huge blowout day with huge announcements. this is day one for david solomon once again. he started at the end of october. he's been laying out a new plan for himself. now he is saying this is a new goldman sachs. this is how we will execute our new business. everything that happens between now and the next year is going to be a very big deal. people are going to want to see him push those targets higher to compete with his rival banks and businesses. amanda: we hear from david solomon saying if anyone of these really hit, it could pretty strong growth. is there a fear goldman is moving away from a model that has worked well for a long time to something that does have a bit of unknowns in how well it can do? >> the

let us go to what goldman sachs looks at which is business investment. link in the current news item, the trade war, with the dearth of business investment in the future out a year in terms of owning equities? abby: it is no secret that capex, business fixed investment was disappointing in 2019. in fact it was negative and we think this will continue in 2020, especially for structures. when we talk with companies about why that is, many of them do point to the uncertainty of the trade battles. we see this not just in the united states, by the way, but trade policy uncertainty is more dramatic in some other countries as well. what we basically see is companies are not sure about where they should be investing for their supply chains. so they are just sitting on their hands now. that is not good for long-term economic growth. tom: i'm going to predict in 2020 there will be a new study of what globalization means. from multinationals and the kind of big companies we are comfortable buying now in the u.s., what is the new globalization that abby joseph cohen

that is similar to goldman.had a week year ago quarter, but we are also seeing strength doubling down. alix: where is all the strength coming from and kennett last or is that trading activity a one last orthing -- can it is that trading activity a one quarter thing? higher primary activity translates to good secondary activity. that has been a strong story all year. that is one area where we think there could be less of a tailwind. our credit strategist has said that he expects u.s. issuance to be lower next year. we have a lot of strength in the fourth quarter. that is part of it. , anotherest rate story thing that jp morgan cited, we are comparing to a year ago, you cannot read much into the 83%. i think the beats are because issuers came out stronger, and with interest rates and what has been going on with the fed, i think there is been opportunity for some of the u.s. banks. we will see what happens. alix: cinelli bostick of bloomberg also joining us. basak of bloomberg also joining us. sonali: the eps also

goldman's murky right now.re going to go buy the stock at these levels, you must know something about what they're going to talk about at the end of january and that is so locked down i know i've been working endlessly to try to get it and i can't get it >> yeah, would they repurchase over the year, 25.8 million shares of common, 5.43 billion they spent on that, too. >> woo, citi repurchase, bank of america repurchased, these companies are rolling in it. >> jim we'll get your mad dash in a few moments larry kudlow is going to join us to talk about the signing of phase one, later on to morning plenty to get to, including initiations of peloton, a downgrade of beyond meat underweight on aramco. a lot to get to this morning we'll get to cramer's mad dash and the opening bell in a few moments. ♪ ♪ >>> we see a healthy consumer environment, strong labor environment. percentage of consumers in the workforce continues to grow. wages are rising consumer confidence is strong and all the indicators right now would say th

a knife or a story stirring up the business world this friday investment by goldman sachs say's it's going to have stop helping start up companies who lack diversity in their boardrooms go public in europe and the united states. we realize that this is a small step but it's a step in the direction of saying you know what we think this is right we think it's the right advice and won a position also because of our network to help our clients if they need help placing women on boards and so this is an example our saying how can we do something that we think you know is right now move the market that these political correctness culture may just kill me just have the best people possible on the board no matter what the race or gender i'm tired of people get in positions of power just so things can be diversified. this is dangerous foolish and moronic goldman sachs' tokenism is unproductive for diversity no one should attain a position of power based on an arbitrary characteristic positions of power need to be based on performance having token women minorities on boards to meet quotas isn'

is bank ofig earning america and goldman sachs, it's a messy quarter for goldman sachs down's extensive 1% -- down 6/10 of 1%. guy: at the headline level markets are not going anywhere, the european stocks are flat, the pound is flat against the u.s. dollar, this despite some week inflation today and another member of the bank of england coming out and talking about a rate cut coming from the bank. the expectation that we will get another cut is growing. the ruble as well, we saw some movement. the prime minister will be stepping down with a lot of questions surrounding why, and what that means for president vladimir putin's future. everyone is waiting to see that trade deal get signed. vonnie: let's stay there, a president assad to sign -- president trump is set to sign the phase one trade deal in the tower. the agreement would lead -- leave significant tariffs in place and would punish beijing for failing to deliver on key pledges like currency, and intellectual property. steve mnuchin spoke about the issue of future tariff rollbacks earlier today. >> as part of phase two, there will

the goldman call the best of those. i'm not panning the others 50% is a provocative headline from our friend mike known for provocative headlines. >> why couldn't that happen? three years, 50%. >> 15% per year. >> largely viewed as undervalued even given the run they have had. >> i'm in citi and i can see it with citi. i know jpmorgan is creme de la creme of the industry it makes it harder to get there i like citi and goldman sachs. that's why i'm in them goldman sachs was held back so long because of the 1 mdb scandal. it's sound like that's getting behind them. not yet but getting behind them. great franchise, capital markets, investment banking are crown jewels i think goldman and citi both on valuation goldman is close to book value still those are the two top particulars. >> you own jpmorgan. >> i do. i think it's a great stock i want to point out what jim said i think jpmorgan has done a great job on management business and goldman sachs with the recent purchase of united captain being able to expand the reach of

i will come back with abby joseph cohen of goldman sachs.e will have a very special section right here on her current research. please stay with us. ♪ tom: we welcome you to bloomberg surveillance. a year ahead and we are thrilled to bring you abby joseph cohen, senior strategist at goldman sachs. there are so much more to the financial system in the u.s.. abby, the markets devolved into fed policy. are we done with the dots? can we bury them in 2020? abby: i do not think we will be paying as much attention to the dots because we think the trend in interest rates is a flat in 2020. here is the thing to look at -- it is just the way that we have seen this decompression of p/e ratios in the equity markets. we have seen a compression of yields in the bond market and we see compression in terms of the -- that is the duration of the bonds. lungs are not yielding more than shorts. are not yielding more than shorts. i find this disturbing. very different to say the least. abby: keep in mind that those --ple who argue that the big equity valuation i

to have in the leg like goldman sachs has been doing.nda: in terms of what is happening in the fixed income space here, a huge driver of success is quarter. what is underneath that and what are the fundamentals that are making the market so hot? sonali: volatility is back in credit markets so that is a great thing. the yield curve disparity has really been helping them through the end of last year, and the sustainability of results is a big deal. goldman has told wall street that he believes on average, fixed income revenues could come in at more than $1 billion per quarter. morgan stanley is making significant investments in electronic trading. that is what made them the number one stock trading firm on wall street, and let's see if they can pay off in fixed income there. shery: sonali basak, thank you. coming up, no one makes money like the most feared man and the most aggressive realm in finance. this is bloomberg. ♪ ♪ shery: this is bloomberg markets. amanda: i'm amanda lange in toronto. shery: i am shery ahn in new york. schwab plan

there is room to go for goldman sachs. goldman sachs can run. jp morgan i am saying committed. at all-time highs. where i beat myself up is on wells fargo. two months ago you said what if the new ceo comes in and kitchen six of the quarter the problem i have is i don't think that was even a kitchen sink that was brutal. and the commentary -- >> you think it could get worse. >> he indicated on the conference call. he basically gave no visible for 2020 i believe in the ceo, and in the turnaround but that doesn't mean i have to lose money in their stock. the litigation expenses at $1.5 billion were incredibly high the consumer revenue growth was awful. this is a real turn around story that's going to take time. i am wrong to think that i could just sit there patiently and wait i would rather go and put my money behind the expectations to have the trading revenue be strong and follow goldman sachs. >> he have the, why citi. >> it is trading below it is historical average in terms of the valuation. it lagged its peers dramatic for all the reasons you are talking about. they had issu

used to be goldman was just different. it was a this morning white shoe investment bank. but it was different than its competitors. now it is more like them >> used to be different was good but five years of a stock underperformance versus the likes of the consumer facing products the apple credit card is one thing. there's another business calls marcus an interest bearing savings account. i guess they're bundling these products together? >> it's finally time i guess they reached prime time, scale enough, where they want to put them together and call it consumer wealth management division this new business that they're taking out you know, the flip side it's a tiny business still and so you actually now have a little more transparency into how tiny it is and how high the costs are as they're boot strapping these businesses and investing tons of money into these businesses. i think what you'll see over the next coming years, david solomon lays the ground work for the recovery in the share price is that you're going to see massive growth in these consumer businesses which w

but we can't knock goldman sachs too much here, right goldman sachs is the one that is -- maybe it's too late, but at least -- and it's not their board. they're talking about other companies. >> right. >> we're not going to take your money unless you do this there's got to be at least some bell ringing for them. do you think, joanne, that others -- here is looking at all the other banks out there -- will follow? >> i think they will it's a good first step he said it himself, it's a first step david solomon said they might lose business because of it. in this day and age there's absolutely no reason why any company can't find qualified women to sit in those board seats. we're 30 years in of women earning more college degrees, graduate school degrees. women make up more than half of the workforce. we actually need to see more of these women who are emerging into board seats and they are qualified. >> i should say, goldman sachs, 10 board of directors for them are female. >> yes another point about goldman -- this is an interesting one, right? when i talk about we need to start this ear

goldman is the biggest underwriter of ipos in the u.s. joining us is add the aftermath -- abby and jeff. this seems like this could be real change. goldman has significant influence. they were the top u.s. underwriter last year, one of the top three in the last decade. it is more than a pr stunt. >> even if there is never an ipo they refuse to do, they will probably make everyone who wants goldman to underwrite it to have a diverse board. that's more likely to happen. the tail will wag the dog into doing what it has to have done instead of refusing business. it is kind of p.r., but an ultimatum that they will enforce it before the pum company goes public. you in.t to put the interesting thing is you are seeing a lot of ipos in the tech space. this could have some significant ramifications for the tech sector. >> that is right. the pressure has been building for quite a while for people to pay attention to a lot of the issues. diverse boards is at the lead of that. what we are seeing relating to technology, where there are a lot of compani

goldman sachsd and jp morgan for the review.ned considering an expert from its supply chain. that is your bloomberg business flash. matt: thank you very much. are back in vogue after tensions seemed to fade between the u.s. and iran. markets may be overly optimistic. here is dani burger. dani: they say the market is under appreciating the risk of tensions whip up again between the u.s. and iran. the latest development did nothing to ease the issues. you have iran backing away from its nuclear agreement and the u.s. adding sanctions. you need to hedge this risk, especially heading into the u.s. election. the u.s. may step up its rhetoric against iran. it is all about the momentum traders. these things tend to revert. anna: thank you very much. just a few minutes from the start of cash equities training -- trading. a couple of stock specifics for you. second-quarter numbers coming out from the recruitment company. strikes in france and the fires in australia and the elections in the u.k.. matt: we also have a stock in frankfurt to

goldman sachs holding its first ever investor day-to-day.is there and joins us now. 0.5%.ock is down about are investors taking the news today with a grain of salt? why is the reaction a negative one? sonali: this 13% return on equity is much less than the heyday of goldman sachs, and it is right about in line with what morgan stanley is also investing. some good things, goldman hopes to reduce their expense base here, but we have not heard about what they really want to do next yet. what is their plan for that consumer business? we should hear more about that is the business heads speak to us in more detail, but right now, goldman sachs has a $100 billion goal to build that deposit base. let's see how far they get and how they get there because right now, we don't know whether that means completely organically, through acquisition, and how a digital bank can get them to that place. that has itsa bank integrity under control? that has been called into question over the last couple of years. bank'saring about the approach to dealing with that

goldman says one of the reasons the u.s.so dominant is how strong epf growth has been the peak in 2006. earnings have grown 90%. the annual rise rate looks like 5% and goldman sees that falling to 4%. that still beats out europe at 2.7% however, asia's growth rate according to goldman will be 5.9% beating the u.s.. goldman says there is no huge reason for the u.s. to underperform but if anything, the growth gap shrinking is a good reason to rotate outside of the u.s. coming yet exposure in asia and europe especially they havehen risks like exit faded and now shifted to the u.s. residential election. manus: ok, maybe it is time to make that move. thank you. our guest toast this morning is wouter sturkenboom -- our guest this morning is wouter sturkenboom. it is incredibly interesting to see the momentum in china and asia and the kind of money that has flowed in there. take me through your thinking of the allocation to that part of the world and the growth differential that goldman sachs has laid out. wouter: goldman make some

what is the investor thesis for goldman sachs?we've been in the wealth management business for a long time. we just dealt with the ultra high net worth slice, and we now see an opportunity for a united capital opposition to expand that to high net worth individuals, so that is a really good opportunity for us. one of the things we laid out today as we look for opportunities that are adjacent or synergistic with strings that we have in our core business. that is an example of that. when you look at goldman sachs and you ask what the broad thesis is, what we try to lay out is opportunities that strengthen our businesses, add some new businesses, diversify our revenue mix so it is more durable, and run the firm more efficiently. if we do that, we will driver turns higher, and hopefully shareholders will be rewarded. sonali: you didn't rule out a merger or acquisition. do using the federal reserve will give you the leeway you need to buy a bank? david: i never said that we would buy a bank, so it is interesting you are asking that que

what are some of the other headlines for goldman?will hear details starting at 8:00 this morning with david solomon on how they aim to achieve that on a long-term while hitting this efficiency ratio of 60% or less. last year they were at 68%. how do you balance investment while also making sure that they are keeping costs in line? not to mention we will what to hear from david solomon on how he plans to execute the strategy if there is any sort of downturn ahead. does the strategy say the same if times get rougher? that's a great point. if it is going to be consumer banking, there are a handful of partners for the consumer banking division versus the rest of the firm. is that where you get that efficiency ratio? sonali: this is a big cultural shift for goldman sachs. this the first investor day ever at 200 west. you can see around me it is completely full because this is a moment in time that has not been done before. is goldman ready for a culture of a consumer bank rather than investment bank? not to mention, the median term target

you're doing great >> goldman sachs up $2.57. >> goldman is having a nice move today. >> on david's newsthat's minus. it's their news. >> did you see the fire upgrade? >> they are citing tensions around iran as we await some response >> it's been a laggard >> not a christine lagarde >> and i don't, i'm not sure i want it. crowdstrike has a division that competes with fire crowdstrike is so good people are underestimating the power of crowdstrike there's another one, the stock is down gigantically as is zoom video. >> these were ipos last year >> yes i'm excited about a lot of stocks but i keep thinking i've got one eye on twitter president. >> is the u.s. government uses crowdstrike to secure various systems or the electrical grid using crowdstrike to ward off what will conceivably iran incursions into other countries? >> yes >> the russians can basically turn off the power grid any time they want. >> that's scary, david don't scare people like that >> i think it's true >> don't scare people like that? >> why >> because you shouldn't >> okay. >> highlighting potential risks, which is sor

goldman sachs has called off it's taken uber.all street lender owns about 10 million shares of the ride-hailing giant at the time of the offering. .ber shares plunged goleman was restricted from selling shares until six months after the ipo. taiwan semiconductor posting a bigger than expected rise in profits. the robust results demonstrate how investing in new technology has safeguarded -- safeguarded the market lead. h -- xpo logistics considering a selloff of some units. which not determined businesses, considering an exit from the supply chain in europe. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. thank you very much for the roundup from hong kong. here's what you need to know for the trading day ahead. calling for sweeping constitutional changes. anne-marie is changing -- tracking the changing political landscape of russia. putting context for us. >> it's a big reshuffle, dramatic and unexpected move. a low

look, goldman's real good but goldman is up a gigantic amount.t goldman until the end of january, i think we'll outline a credit card strategy that will blow people away, credit card with apple >> i saw you tweet earlier, got to roll out the msm or get ready for the msm to roll out the china deal, means nothing and we didn't get anything. steve bannon went off in true bannon style, the trump doctrine, it's manifest in every part of this deal and you're seeing it around the world in demonstrations in iran, and taiwan, elections, and i mean, i was listening to him, mike not many people make that cogent a case for connecting all the dots >> look, you get mexico to do the right thing. you get canada to do the right thing, china to do the right thing. you were' unraveling what many presidents have done in this country, to cede these really just cede our country to these countries for no particular reason other than the fact that they want to be globalists i think globalists as men let's let the other countries do better than we do, maybe it helps earn

morgan goldman sachs did. some stuff whose vocabulary is beyond many of us to understand but in terms of perversion i would say that j.p. morgan goldman sachs and others are just as problematic as as wells fargo is just that wells fargo screwed people on a retail level as opposed to a higher level now prior to this entire revelation well it was actually a growing bank with huge profits and a really fast lender division as well so since they had that sense this entire scandal blew up they've had earnings of just under 7 percent year over year compared to citibank and bank of america who are up more than 30 percent last year so are they doing enough at this point to get back on the right track or is this all is this regulatory issue a death knell for a while. they're actually under a size restriction growth i mean the federal reserve has put them on a cap that they can actually grow i actually think in addition to that that consumers looking for a bank while banks are sticky it's kind of hard to leave your wells

will goldman see the same trade as citi and jp morgan?e is a bigger portion of earnings than most of the other banks. according to bloomberg intelligence, how they retain their competitive edge will be important for these earnings. ,ob cuts is also a question though it is unclear if we will get any commentary on that. morgan stanley promoted the least amount of employees to their elite level since 2002. goldman is readying a hiring spree in china. anna: thank you very much. hugh gimber, global market strategist emea, jp morgan asset management is still with us. nice to get the good news on jp linger but we will not on individual banks. i want to talk to you about your expectations for the sector. we look at u.s. banks and the story is about the yield curve. what do you expect to see from the u.s. yield curve, and from the way the banks perform in the u.s.? hugh: there is a steepening and the u.s. curve that has helped bank performance over the past few months, but we could be in an environment of the yield curve is flat or some time, part

well it's a mad announcement you know goldman sachs have made this announcement a time when you know they are part of a major bidding process to be part of the saudi arabian oil conglomerate of those i.p.o. i don't think that board is going to be particularly diverse and for their business reasons they've actually excluded this policy from all of asia because they know that most chinese japanese most companies across asia will not have diverse boards so i think it's completely hypocritical completely banal completely pointless and i think that actually instantly patronize ing to the women who do make their way up through these companies and on to these boards independently inevitably goldman sachs is announcement will now mean the allegations of tokenism will simply go up you know the idea will be that you can't get you can't be taken public if you don't have a woman on your board so anyone nell from these companies any woman who receives a place on that board based on merit will be forced to believe that it's merely because the way the company wants to go public i think it's wrong.

i'm at the goldman sachs energy conference in miami beach. guy, jeff, tim and karen are all back at the nasdaq site. we're joined by brian singer is this in ma this is is many ways your conference and before we get into some of your picks, just two names on the conviction buy list, day one, key notes, we spoke to ceos, you've talked to them. what would you say are the one or two big themes/takeaways of today? >> i think this is the scenario where right now oil prices are much higher today relative to where both the companies and investors thought they would be just a month ago so one of the big issues that we're facing at the conference is are we seeing producer discipline, will we see producers begin to increase activity or will they use the incremental free cash flow for free cash flow to return to shareholders and the message that we're hearing is that discipline is holding which i think will help improve energy equity sentiment. >> most seem to have 50 to 55 as sort of their benchmark. the most amazing thing that we heard today came from

wells fargo faultering a bit today, you've got goldman and bank of america.ood morning to you, the big banks, are they important to the market now that we are sitting a stones throw away from record highs? >> they certainly are. the good news is so far so good. wells fargo is kind of an outlier. in terms of what we've seen so far, i would call it a victory i expect some really good earnings they would like to be one of the highlights it is not likely to be one of the earnings quarter overall the market thinks consensus is down i suspect they'll get a little bit up it will not be a banner quarter on the macroside >> what stood out the most to you about those reports from jp morgan chase and citi group. was it the idea that the bond service was back what does that tell you about later on today? >> you've seen a surge in the trading and investment banking the other part, consumer and loan demand is good to me that probably means again, you don't have much to worry about here in 2020 because you continue to see the consumer in a pretty good place seeing this othe

goldman sachs performance was marred by a $100 million legal charge for goldman sachs over it settler the 1mdb scandal. does it begin to get cleaner from here on out? >> that would be the hope for investors, right? the big news was the big charge. they took a $1.1 billion charge related to 1mdb. obviously, it is difficult because they can't necessarily say where they are versus the total potential cost. we have to basically have to wait for the final settlement to know what the final costs are. for bank of america, the disappointment today is clearly they are guiding to flat expenses, and perhaps less optimism on the revenue side. it is tough to say at this point who is being conservative or not, but bank of america less optimism than other banks. >> historic day. we are 30 minutes away from the signing of the phase one trade deal between the u.s. and china. it will leave significant tariffs in place, but it will punish beijing if it fails to deliver on key pledges. pres. trump: china has made substantial and enforceable commitments regarding the protection of american ideas, trade s

economist at goldman sach that wraps up our coverage today.'ll hand it back to you >> thank you i know you'll be tweeting that out. if you want to get in touch with the show, do so on "street signs" and coming up on the show, a tale of two banks. jp morgan's fourth quarter leads the giant to the most profitable year ever and wells fargo puts out a report to forget don't miss the interview with wef president happening around 11:00 a.m. central european time i'm really into this car, but how do i know if i'm getting a good deal? i tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if i'm getting a great price. this is how car buying was always meant to be. this is truecar. looking to get your business off to a fast start in the new year? it's go time! switch to comcast business and get fast internet on the nation's largest gig-speed network. plus, complete reliability with 4g lte backup. and, cloud-based security to help protect the devices on your network. gr

part of goldman's strategy, this china sporgs very important.rces say that when david solomon took that top job in 2018, once offer the first things he asked for was a five-year plan to sketch out their expansion plan in china. goldman plans to increase its stake from about 33% to more than 50% and plans to take full control of that unit by the year end if they're permitted. they are planning to not only drive growth in asset management but other drive growth in other business and as great growth is important as they go away from cash and real estate. al across ng dismiss the board. china though is the rare exception. the bank says it's on track for double its head count in the mainland in the next three to five years. this looks like it is, what the start or in full? >> what we're hearing with the details that we're looking at in some teams in europe 20% cut with the head count. the real important thing is management when it's not needed. it's happening really in asia. it is going to shift to europe and the middle east and africa as well in ter

goldman was confusing, there is a litigation charge in there but that stock is trading up u.s. bank corp. about in line but, again, a little bit of confusion in figuring out the bottom line. pny was a beat even with the beats these stocks have had nice run ups and are selling off a little bit today one thing i want to point out, black rock an absolute asset gathering monster, hard to describe this company. $7.5 trillion in assets under management, one of the biggest ones that are out there and more importantly this inflows keep coming into the company, $75 billion in inflows into the i shares etf portfolio to give you a sense how big these companies are becoming, the big just keep getting bigger here i shares is 40% of the etf market, over $4 trillion, five companies are essentially 90% of the whole etf market brian, this is what i mean when i say they just keep getting bigger and everybody else is 150 etf providers basically is getting the crumbs from the top five >> that is an incredible number, incredible stat, incredible inflows and something we will talk about in a couple

this is dangerous and moronic goldman sachs tokenism is productive for diversity no one should attain a position of power based on an arbitrary characteristic positions of power need to be based on performance having token women minorities on boards to meet quotas isn't diversity the better solution is to get more women minorities into college and graduate m.b.a. schools so they can filter into those positions on their merits while diversity as you may know is the buzz word across a wide range of social spheres after the moment with particular criticism aimed at the oscars that buff does in the u.k. as well for locking representation of awards ceremonies it's not only that though we also have that the bait heading tech giant google whose hiring practices have been slammed for failing to better accommodate minorities spiked magazines look get us seize the banks diversity drive will actually backfire. well it's a mad announcement you know goldman sachs have made this announcement a time when you know they are part of a major bidding process to be part of the saudi arabian oil conglomera

goldman sachs ceo spoke yesterday with bloomberg at the goldman sachs 2020 investor day in new york.ck is positive. people appreciate the fact that we did it. they really appreciate the transparency. they appreciate the fact we have laid out a clear path forward for our business, strengthening business, making investments into businesses. the feedback has been constructive. >> you are entering a transaction banking, wealth management, a lot of banks are in that space. how does goldman differentiate itself? >> we have been in the wealth management business for a long time. we have dealt with the ultrahigh network, we have an opportunity for united capital acquisition to expand that to high net worth individuals. that is a good opportunity for us. what we laid out in our investor day are opportunities adjacent in our business. ,hen you look at goldman sachs the broad thesis we tried to laid out today was we try to strengthen existing businesses, add new businesses, diversify revenue mix so it durable, and run the firm more efficiently. if we do that, we will driver turns higher. >> you

goldman has become the latest to back away from doing business with such firms. hordern joins us. >> what you need to know is all ite, all-male is not cutting anymore, at least for goldman sachs. the biggest underwriter in the u.s. will no longer do business with a company lacking a director who is either a woman or diverse. the board must have at least one person who is not white, male, or straight. next year, the bank will raise the threshold to two diverse directors. the decision came after it learned that more than 60 u.s. and european companies in the last two years went public without a woman or person of color on the board. a professor at boston university says for goldman and wall street, this is a seismic change. we cover diversity and equality a lot here. questions will remain. how will other wall street firms follow goldman sachs on this? will they, will they not? is this just the beginning to bring greater representation to boardrooms around global wall street around the world? nejra: great question. let's get to the first word news with juliette saly