you're talking about a time when goldman did really well.hey had a phenomenal 2020 largely because of their wto strength. q1 has gotten off to a great start and the stock price is at an all-time high. you really should be seeing a sea out there, but you are not. what happens when that goes away, a lot of focus will go on the personalities and the culture. tom: i want to go on to the heritage and personalities you mentioned of the trading platform of years ago. the great phrase was that golden -- goldman sachs was always long-term greedy. they were going to stay with the long-term perspective. it is a dangerous question, i say with respect, would you suggest that goldman sachs has had a cultural shift from long-term greedy over to something that is new for mr. solomon? sridhar: i think there is no doubt about that. again, go back 10, 15 years and imagine going up to them and saying, i know you gave me a big promotion, but i am leaving for a startup that is backed by walmart. that is inconceivable. that is the new reality in dealing with risk.

sometime in the last two and half years, goldman decided it was ok. there's only two reasons they would have made that decision. one is he spent enough time in the penalty box to cleanse himself or his record. romaine: can i guess number two? erika: bill -- he was whale. spread among let's say half a dozen wall street firms. the executives inside the prime brokerage looked at that and said we are forgoing all of this business, can we please come to a decision that bill hwang is ok to deal with. eventually this decision yes was made and that's how they came to do business with them. carol: so here we are, i'm looking at the equity markets and it's not like we saw the financial markets fallout today. how do we explain that this is an important story, yet a lot of investors shrugged it off? erik: the simple answer is highly concentrated debt. bill hwang has up portfolio possibly north of $50 billion. it of the stocks that have been sold thus far, we are only talking about nine names, incredibly, highly concentrated. so while the prices and those stocks h

for a long time, he was persona non grata at goldman. they would not trade with him and they continue to go back -- continued to go back but he was too much of a risk. how did that change? >> clearly something changed. the fact remains goldman on boarded him as a client after their rivals have been doing business with him. the question is how did someone who was so publicly shamed by the trading, the hedge admitting to wire fraud, have a rebound? what does it say about our markets? fears of insider trading appear to be minimal. matt: i have a bloomberg client writing in and asking about the leverage rules. this is something that gary will want to look at as well. how does leverage regulation allow this? how to the regulations differ from those that credit suisse uses or nomura uses? >> that will undoubtedly be the big story emerging from this saga, this whole idea of unknown leverage that has crept into the system. traders familiar with the orders from hwang's firm describe him running a strategy with exceptionally large leverage. he buy

sonali: she was one of the most senior women at goldman.he general counsel, you don't see them out and about much in public, but they are such a beating heart of a firm. it is common for a ceo to be working with somebody who is their own confidant. karen seymour was known to work with -- very significantly. it is turning the page a little bit. romaine: some of these other names, how much is this internally for the people staying, a source of anxiety? sonali: if you are a young person, i would ask for a promotion. romaine: you are such a go-getter. joe: you were the one who asked about pay over there. sonali: eric moved to the buy side. hedge funds have been moving money for a long time. particularly chase coleman is the next generation of hedge fund talent. we have seen a few moves like that out of goldman in the last couple of years, the last couple of months. caroline: sonali bostic with the inside track. quite the interesting story. what's the first stock you are looking at tomorrow, joe? tell me it is rocket company. joe: it probably sh

goldman, morgan stanley, goldman off 2.5%. morgan stanley, still waiting for clarity.is the unknown. how has this been handled. the exposure and what is left unwind. tom: staying on 2% down versus 4% down. are you done? jonathan: you have permission to continue. tom: we are making up it as we go on this monday. 6.56 on remember the. a little bit of foreign-exchange movement. david kelly of jp morgan will not talk about margin calls, and then we are thrilled to bring you michael nathanson on the backside of this half-hour. thread hard not hurrah should has led our coverage -- sridha -- we just had a technical difficulty. sri just hung up the phone and said i did not want to talk to them. we will get sri back. what does the management of morgan stack -- of goldman sachs or morgan stanley do? jonathan: a lot of people waking up and saying i remember, a lot of people saying i've no idea who that is. he set off on his own or once upon a time. started have a family office, which translates to we are hedge fund but we cannot take outside money. we are an investment firm. he p

that is why goldman and morgan stanley can get 10%, 15% discount.just no appetite in the market. they have to fire sale more and take more of the losses. annmarie: it's a really good point. we are so focused on archegos that we rarely even talk about, for a lot of people, sometimes first mentioned. there is morning of more pain ahead in the hedge fund industry. how big is this fallout likely to be? shuli: i think it will be fairly contained. he still traded in the chinese adr space. there are a handful of hedge funds. for instance, they would probably get a bit. one of the stocks gfx was down like 40% on friday and 20%, 30% on friday. i think it is fairly contained but the biggest question is with the banks. the losses we are talking about in the billions of dollars. just for the record, credit suisse is off $3 billion. they are the ones in bigger trouble, i would say. annmarie: we will be watching out for more and your columns as well. bloomberg opinion shuli ren, thank you for your time and analysis. we look across equity markets, and the bond mar

issues related to goldman stocks, nay, he was kind of banished by goldman sachs, right? not doing business with you over the last 20 years, somebody let him back in. he's saved, i'm sure they brought him back in and now this, this was sort of a round trip for bill hwang and goldman sachs. >> yeah, it just goes to show you what the prospect of significant fees can do for your reputation but, no, you're right. it has been reported that, you know, he did not pass muster with goldman sachs' reputational committee. however, he did have agreements all over the street. we know at least six prime brokers that he was dealing with and you bring up kind of who gets ahead here with regard to those prime brokers. the ft actually published an article overnight on the main ones he was dealing with actually met last week and had a conversation about how to orderly unwind the trades and make sure everything was done in an orderly fashion and then, you know, certain firms broke ranks. they sold earlier. of course, it's kind of like a prisoner's clem mall situation there, with regard to ju

that's like the goldman and morgan >> yeah. >> let's talk about this, and then -- >> goldman is like,e give you a couple details on how that all went down. because for better or worse, i spent a good portion of yesterday trying to understand the ticktock of it all >> me too. >> let's do this here's what we're learning at this moment in terms of these margin calls that caused all of these ripple effects. we're learning how some of the banks helped bill hwang make large leverage bets less than a decade he was punished for his part in the insider trading scheme by the time nomura and credit suisse announced they had had faced losses that could be highly significant, goldman and morgan as joe and becky were just mentioning had already finished unloading their positions. but in terms of how this happens, it's a little more complicated than a bank turning around and saying how. what was happening, you saw some of the big chinese names that bill hwang had been in balling precipitously. by midweek, you had the viacom situation which is also something they owned and obviously discovery as well

city and goldman raise their interest. city says bitcoin could be the currency of choice for global trade. haidi: jamie dimon says he would like staff to take a vaccine in return to the office, but a shot will not be mandatory for now. our exclusive interview coming up. shery: let's get started with breaking news out of south korea. industrial production numbers for the month of january and a mixed picture when it comes to month on month numbers. we are seeing a contraction of 1.6%, missing expectations of a slight increase. also a contraction from the previous month in december when we saw a gain of 3.7%. the near number is a beat -- beating expectations of growth of around 6%. a much faster acceleration from the previous month. we have seen a shallow contraction for south korea. the global recovery supporting south korea exports, not to mention we have a vaccine rollout in south korea that we will be watching. we will be watching manufacturing numbers later. and we will have our eyes on the korean market. haidi: let's ta

goldman got out very quickly if you're a believer that this is an opportunity, you go with goldman because that's the one that's already quantified this, said not to worry about it >> jim, you said it a few mi minutes ago, bloomberg is citing an e-mail, saying the s.e.c. is monitoring the capital situation. >> there we go, monitoring that's what we need. i think they ought to call, i don't know if this will come in, but they should all all the firms to quantify the losses and then move on so that people are not trading on lack of information, and that would be terrible, so they ought to get their stuff out and let's see what happens. >> all right how about tonight, jim >> okay, bill foley, who is doing a couple of successful spacs, and dan mondor, inseego missed the quarter bad a lot of people were not happy about it it would be the only semiconductor company that's not doing weal we -- well find out if they're coming back. people believe in infrastructure, now, carl, they're playing infrastructure. >> we might get some more details later in the week. >> it's big. >> that's the scuttlebutt

we continue to see departures at goldman sachs.oming up, puerto rico bondholders cheer a deal to end it's nearly four-year bankruptcy, but the governor is not backing the plan. he joins us next to tell us why. when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $300 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store. matt: this is bloomberg markets. i am matt miller. puerto rico and rival bondholders reached a tentative deal last week that would slash the 18.8 billions of dollars owed by the federal government. it is a key step toward resolving the nearly four-year bankruptcy but governor pedro pierluisi has come out against t

a 25 year veteran of global -- goldman, and a member of the most important decision-making body at goldmanes on the heels of senior bankers defecting for a startup related to walmart friday. individually any of these departures would have been big news. but coming altogether, it made the story of lane's departure the most read story on bloomberg all day long. lane is now going to joint tiger global management later this year as president and chief operating officer. tiger global has issued a statement to that effect though they are not, to be on that, nor is goldman or lane. tiger global management covers roughly $50 billion in assets with half in the hedge fund the other half in venture capital. the unit that lane is leaving at goldman, the asset management division, notably made $8 billion in annual revenue last year, and was viewed as a critical focus of goldman's ceo david solomon. there is no question that departure hurt. rishaad: su, tell us more about this fintech startup walmart is creating? they want to just jump into the banking business? not that easy. we have departures related

goldman sachs's general counsel -- karen is the second to lead goldman's cap decision-making followingc. rio tinto's chairman will not be seeking reelection in 2010 you -- 2022. the fallout from rio's actions have a relay the departure of the ceo and other senior executives. the tammany's fruit giant is said to be waiting -- this fruit giant is said to be weighing options. the fried chicken chain competes with kfc. the main fund is seeing near record influence. they added $454 million, the second-biggest influence ever. that came following a four-day route that set the exchanged rate fund down over 15%. rishaad: let's look ahead to friday now where china's national people's congress gets underway. they are setting out the economic plan for the next five years. they are managing a remarkable rebound from the coronavirus pandemic. the chief asian economist joins us now. tell us about what you're looking for out of this meeting. >> it is shifting back to a pre-pandemic timetable. at this meeting, the agenda won't suggest the country is back to normal. there will be two overarching things

the market right now higher rates a covid resurgence we have some answers from our stock survey and goldman sachs wants in on the bitcoin craze. details on the potential plans to offer digital assets. dom will join us i have a president ent for you. >> the lovely plant we have all for you. >> i'm going to take this plant with me right now. it might be a way to symbol infrastructure or digging or something like that. i don't know what's going on i'm going to hold this plant basi awkwardly. i'll put this on the side. the dow industrial is green like that plant at one point. the s&p up 32 fp nasdaq far out performing up nearly 2% on the day. 240 point gains. we're watching an interesting thing play out awaiting president biden's remarks on the long awatsed infrastructure plan. we heard about it from many presidents before. united rentals is down now it hit horde highs earlier today. there's a question there's a little buy the rumor sell. i would notice that u.s. steel is up 2% on the day so far sells fell shy of expectations they upped their guidance for the full year. it's up 5% down componen

interesting story out of goldman sachs.igrate it and call it woke, some people call that evolution, everybody. charlie gasparino. all right, markets are coming off their highs. the s&p has just cut its session high in half. still up 10 points. we are coming right back with much more, stay tuned. ♪ ♪ iving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it. principal. for all it's worth. living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio, the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause deh

will the moving remake the company for the better that's what goldman hopes.s - welcome to three brothers bakery. - we have cinnamon, apricot, and raspberry. - we have a location that has experienced four floods, a fire, a hurricane, and obviously now we're in the pandemic. this is during hurricane harvey. the water was like a river. - when you talk about nasdaq, people don't think about insurance or catastrophe risk but that's a product they offer. we have 12 companies that build these models. for example, we have fathom. they are experts in building flood catastrophe models and we get it through our nasdaq platform. so insurers would be able to provide the right guidance to janice and people like her project forwards the risk and actually use that to advise the policy holder where they buy their house or where they buy their next commercial property. - now we have this predictive flood modeling that we can go to and find out if it's gonna flood there or not. and if it's not, then guess what? we get to sleep easier. we get to go on a vacation. we get to grow.

the other story is that goldman sachs' chief lawyer has now departed. starting to rack up now. a number of senior exits over the last few days. now the chief lawyer. alix: the chief lawyer eric lane, and the two executives really instrumental in markets, going to walmart. this is right after bonus season, so a lot of this is the reshuffling of wall street, but nonetheless, these are big names and big titles being lost. guy: absolutely. karen seymour is the person we are talking about here. i don't know where she is going, but it is going to be interesting to see. general counsel is probably one of the most prominent jobs, you could argue come on wall street in terms of the legal jobs that are out there. but it looks like she is going to be departing. as you say, a huge list now beginning to stock up at goldman sachs. more on this to follow. this is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been

a lot of folks inside goldman are asking the same question. why does it matter so much?ke other investment banks, goldman sachs did phenomenally well in 2020 with its best performance in a decade and stocks at an all-time high. on the business front, there can be no complaints. yet the ceo here is worried about the lack of an office preference -- presence. he wants more and more people to return to the office and it is causing increasing frustration. folks want to be back in the office and they would like to see more empathy and more flexibility when it comes to what will be a post-covid new normal. romaine: and a lot of this is really contingent on vaccinations and getting covid under control. things outside the control of many executives out there. but we have seen them as a way to jawbone, i guess, administrations, someone out there, to pick up -- pick up the pace of the stuff and leverage people back to the office. >> that is probably where i disagree with you, absolutely vaccines are a big part of it. you are trying to figure out the wind down of the pandemic and wh

shery: we have occlusive reporting into tensions at goldman sachs.departures and work from home policies are sparking angst. david solomon is using the company for personal trips. the senior thinking reporter has this. this is supposed to be a good time in terms of business for goldman. what is going on in the culture side of things?. >> you are right, shery. the business is great. their stock is at an all-time high so their legal problems have been put to rest and yet you have a number of other situations at the bank. you have high-level senior executives who left. as we show in our reporting, -- company jets for his personal weekend trips. the question that will continue to haunt goldman and also other firms is how flexible the world face will be after covid subsides and that's a challenge that goldman will have to deal with an address in a manner that satisfies their workforce. haidi: and how does the leadership style of david solomon in particular play into these broader themes? >> it's very interesting, haidi. when david solomon took over from l

goldman sachs, nonmaterials losses.t not even a client of these guys. morgan stanley, i think they smelled the trouble early on and sold some, sold positions, at least that's what i'm hearing. they're not going to be that far in the red. but credit suisse and nomura, you're talking about big bucks there. so big at credit suisse which was its main, i guess, lender and broker that, you know, some people are saying they may need an infusion of cash from the government, the swiss government. at least that's out there. the ceo, tom godstein, i think his name is, is going to have a hard time keeping his job because, remember, he took another loss for a similar client, so he's got two huge screw-ups in a year that's not even -- that's just about a quarter over, you know? your job is definitely in danger. but this is where it gets really interesting, liz. the losses could be piling up here, and we're -- we may just see the beginning. that's what traders are saying. there's lots of blood in the water. and one thing i will say is

goldman reaffirming encyclical and grow space in the em space. are favoring bank stocks, and they are sticking with low yield there yash -- low yielders. goldman saying this confirms that em policymakers are less likely to look through inflation pressures, so they expect a hawkish shift by central banks which could be supported for em currencies. goldman pointing out that last and equities, they have lagged, but the real rate moves down. heidi: what is rbc capital seeing when it comes to where we go from here? >> the team over at rbc, they are saying the current soft patch is largely close driven rather than fundamental distress. taking out the momentum for the scene of commodities as inflation hedge, plus we are seeing unwinding of the popular long evacuation trade. so they say the soft patch should not detract from what they believe will be a strong summer for the global oil demand, so they are maintaining their view for w-2 i to average $57 for this summer. rbc capital saying don't fight the constructive correction and wait for the flush of oi

goldman warning returns will be considerably slower from here.ourse we are headed towards the china open as well. what are you watching? sophie: keeping an eye on banking stocks after we saw solid report cards from tcb and bo, on friday. after that, analysts predict 45% more upside potential for chinese banks listed in hong kong over the next one to four quarters, knowingly sector has just started to see a recovery in earnings and valuation. stocks are still trading supercheap, but staying near record lows. also noting loan growth, still expected to be slow for chinese banks on the mainland as a stimulus is being paired back on the mainland. haidi: next, dozens of protesters in myanmar were killed in clashes as a country sees its deadliest weekend since the february coup. the man fast becoming myanmar's main opposition voices calling for more pressure from the international community to oust the military. you will hear our interview with him next. this is bloomberg. ♪ ioomberg. ♪ vonnie: china has announced retaliatory sanctions against u.s. offi

you're asking who's on the phone for goldman sachs? >> supervisor peskin: well, that would be one answer. who's the principal of goldman sachs that's representing this vehicle? >> the entity is called broad streets investment partners, and it's the broad sheet of the bank. the individuals, partners who work with us, those are alex geek. alan cava is his partner, supervisor, i believe, boss, so those are the individual names of the folks that we've been working with for the last four or five years. >> supervisor peskin: i think i'm missing one name. what's the collins' name? >> our local entity within the hines partner, we've got a local partnership between hines and urban pacific. >> supervisor peskin: can you elucidate on who that is, through the chair? >> that is who the partner of parcel f are. >> supervisor peskin: can you elaborate on the partners of goldman sachs? >> urban pacific is another partner that we've been working with on the deal. so not sure what you're asking me, supervisor peskin. apologize. >> supervisor peskin: no

goldman sachs has made itself a player. goldman had blacklisted bill swan -- it's a huge margin call, but what is going on here? guest: we have to go back to who bill swan is. some see him as a bright and talented analyst from back in the 1990's. he started his own fund, but sometime in 2001, he was trading across confidence and there were insider trading charges that prompted a charge of wire fraud. that was -- in the last few years since that setback, that family has -- goldman wanted to do business with this fund because they were throwing a lot of business to rival commissions. goldman has gone from blacklisting him to becoming one of his biggest financiers and that has landed them in the nexus of this margin mayhem that has played out over the last few days. haidi: what was it that changed? was it that he was not punished enough? guest: we are still in the early stages of reporting this out. the insider charges go back to trades carried out in 2008 and 2009. by the time goldman wanted to change its policy, it had been

tom: would you change to buy or sell on goldman sachs or morgan stanley?d: not on this news alone. when you think about what they are doing every day this type of risk is there and if you have the controls and procedures in place to mitigate the risk, we will find out if that's the case and we could separate these dealers like morgan stanley and goldman from the others if they are exposed and there's minimal or no loss that sets them apart from those with sizable losses. jon: one of the many questions is just how many bill hwangs are out there right now. what do you think the banks that fall under your coverage are doing? a reappraisal of their clients to look for more billhwangs? -- to look for more bill hwangs? gerard: they will do a deep dive to make sure their books are in order. they will make sure there are not exposures like this to other customers. they are constantly monitoring brokerage accounts, but may be a more in-depth review is warranted considering what happened ryan day. -- friday. jon: what is your topic? gerard: bank of america. you talk

goldman?llion 3$3.9 billion in viacom dumped y other firms in fire sale trade that forced selling led to the biggest one-day drop for viacom and discovery. down 27% it hit bigger parts of the market like the k-web etf it is not known if this forced selling is over. if all of the margin calls have been met or if archegos is forced to shutdown calls to the firm were not returned if more cash needs to be raised, we could see more selling. this is a big story and it is getting a lot of attention this could be one of, if not the biggest single hedge fund margin call, of all time. or at least in many years. the ripple impact from friday felt in early trading this morning. according to reports, nomura is warning of a late significant potential loss from an unnamed u.s. client is indeed related to archegos the claim against the client was $2 billion they owe much of the credit risk on the trade those shares are down 16% in japanese trading credit suisse also says first quarter results could suffer a m

morgan chase and goldman in the global merger space.king clear they want staff back in the office and that includes hundreds of interns back in major city offices by the summer. we heard from the co-ceo, he really says that they believe they are passionate in their belief that the merger business is a business of humans, interaction, apprenticeships and mentorships, and that works best when everyone is together. while they are urging staffers to take the vaccine, they also acknowledge that it is going to be a tricky issue because there are people with religious and other beliefs that mitigate against taking the vaccine. there is an indication that is an issue facing ceos and one that will need to play out. haslinda: more and more companies, including jp morgan, goldman saying the same thing. tell us about the plans. su: j.p. morgan chase summer interns will be getting a taste of office life this year. different from last year, when most of the major wall street banks either delayed, shortened or made virtual they're paid summer intern p

and you can see today, hugh, it would normally, goldman sachs, endorsement of goldman sachs, bitcoin from 4,000 or 400 to where they are. but this is a jor maevent for gol goldman in an endorsement bank appreciate that. >> coming up, to a breaking private sector employment data from adp stay tuned come on, come on...yes! hey ava, how's my bracket looking? um, i'm trying to find a nicer word for dumpster fire. um, you're not ava. yeah, this is gary, i invested in invesco qqq. a fund that invests in the innovations of the nasdaq-100. like this artificially intelligent home system. you don't have to be an ai voice architect to help dictate the future. any other questions? yes, when will you be leaving? become an agent of innovation with invesco qqq. ♪ it's moving day. beand while her friends areon doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go

does goldman just have a better team? does the goldman team see the problem, understand the magnitude of the risk better? is this a skill set that credit suisse really has and is strong enough in, given the complexity that goes hand-in-hand with being a prime broker? andreas: it is difficult to say. ultimately it comes down to what we just heard from sree, -- from sree, where she said it is basically speed. guy: that's the point, isn't it? goldman sachs got there early and dealt with it. what on earth was credit suisse doing, sitting around and waiting? i am wondering where the problem lies therefor at credit suisse, that it would have been aware of the problem, but did nothing about it, or didn't do enough about it quickly enough. andreas: that is probably the billion dollar question they are facing. alix: so how should an investor be looking at a bank like credit suisse based on that? andreas: well, but we have seen obviously started with green sill already. some kind of reassessment of the risk profile, i would say, an

you think that's proof of concept what have goldman sachs is doing or a threat to goldman sachs. >>s is doing i, as you know, you are very kind, i was part of a whole team that evaluated the firm's possible entry into consumer finance and worked on it with many people and contributed to the building of it i would say, wilf, the way to think about all of this is that in the future of the financial ecosystem, which is already arriving, you had better be the producer of some products or services that are wrapped in apis, application programming interfaces so the computers can call them. and you better be an astute consumer of lots of apis provided by others and there really is no intermediate strategy. that has very much been part of the success of the goldman strategy. >> but ultimately, wouldn't it a scary prospect for the country's biggest retailer to dive deeper into the world of banking directly to the consumers? >> well, sara, there is many points of view on this i actually had the privilege of teaching a class at stanford gsb last spring. the court materials are on line in case

junior annualests at goldman complain of a crushing workload. analysts quoted saying my body physically hurts all the time and mentally i'm in a dark place. i can't sleep anymore because my anxiety levels are through the roof joining me is banking reporter the way wall street can churn through young entrants into this space is kind of legendary put this in context for us how much of this is because of the pandemic how much is what you would expect during a booming time >> hey, jon. nice to be with you, man it is true that it's both. this is always the case on wall street, certainly for the decade plus that i covered it which is that it's sort of a meat grinder which is you think of as a pyramid and thousands of junior analysts start from college and hopefully do well in academics and be seen as a promising person on wall street. they get sucked into the programs and it is an indoctrination, a win knowing out process in which if your pain tolerance isn't high enough and can't survive the 100-hour work weeks maybe you don't get to associate and so

i mentioned goldman's 9:00 p.m. policy.r a bank of america intern died. a lot of the change has to do with recruitment. in the aftermath of the 28 -- 2008 financial crisis when big banks were competing with silicon valley for town, that to make a career in banking more attractive. they cannot just say come here and you will work as a junior analyst for two years and if you survive, maybe we'll make partner and make huge amounts of money. that path is probably less attractive to a younger workforce. it is also less viable even at goldman, where the partnership ranks have been shrinking in the new ceo david solomon has been cutting wages. the social pact of ruin your life for a few years in order for a shot of lots of money down the line, that has kind of broken. another thing happening is the covid crisis and the overall backdrop. people are working from home. i can many places, the line between work and time off are becoming much more blurred. deals are doing gangbusters at the moment. yes -- yields are doing gangbusters at

and goldman sachs-- goldman sachs and the like in a new bill and archegos were in trouble, but insteadthese investment banks did was started liquidating ahead of everyone else's dumping shares friday so goldman and morgan will come out a bit better than everyone else as they already started selling first and that's why stocks are down 30% friday. the ones left holding the bag, they were the ones selling last. they will be feeling a lot of pain from this. stuart: no wonder you got some calls and people are angry here to get out first, save your own neck. if you are last, you lose big-time. susan: also brings up the question about goldman and morgan and how they treat their clients because you are dumping shares to clients and knowing there are more block trades to come in the price will go down further so what is that say about the client relationship? you are dumping stocks under them knowing the price will fall further from their. stuart: its eruptions within the wall street community, but not really a parent to those outside the community. susan: j.p. morgan says it will cost investm

but the head of goldman's consumer bank are joining the new venture.hlights how serious walmart is in this space. rishaad: absolutely. that's key to it, because goldman came out and said the two who had moved to walmart, they wish them all the luck and said they have so much talent anyway that it would not even matter. reading between the lines. it is all about how serious the retailer is to try to intertwine itself and the financial lives of their customers. it is pretty audacious, and it comes against this background of warnings, the banking industry faces tough new challenges. i suppose part of that is regulators have paved the way for corporate giants in silicon valley to expand into payments, as well as other services. you are absolutely right, it is all about their intent and the seriousness behind it, as these two high flyers are poached from goldman to join the supermarket chain. well, it is a bit more than that. haslinda: it is all about the competition. every company is a tech company now, and every company is taking on the banks. i remember

meanwhile jpm and goldman accounting for almost all the dow's gains. let's get to the judge >> carl, thank you so much welcome to the halftime report the tech reck higher rates and if the stock market is getting it all wrong i'm going to take you to the wall first and foremost. show you where the markets are trading. the dow hits another high today. it's the tech stocks that are under big time pressure. look at rates. the ten-year at 173 this it's the highest level in more than a year. the trend continues. ten-year moves up. tech stocks move down. john, you're getting pretty concerned from what i need in the notes about where rate are and where you think they may go and the reaction in the market >> yes, scott. obviously this is great for banks. it is not great for a lot of other stocks exactly how far they go down will depend a lot on how fast we go up in terms of those yields, scott. so you know, i'm looking around at a lot of the banks that i own, and i'm viewing those as partly a hedge in other words, i've been building bigger positions in those ba

what do you think, do you agree with goldman sachs, is the market's reaction to the bond market justifiedank you i do mostly agree the level of greats today is not a problem and we think any kickup in inflation is likely to be transitory that said, it's great news we have a new month, a new vaccine and a new issue to focus on, so markets are starting to move away from covid and move to other issues clearly, interest rates and inflation are squarely in the head lights for what investors are looking at today. >> i'm looking at names like amazon, apple and alphabet trading about 15% to 20% off their recent highs >> any declines in great companies are discouraging but we think it's part of a healthy rotation when you move into these new areas, it can be bumpy and we're starting to go through that transition now, starting to look what the area beyond covid looks like and that is causing investors to look into more things like small caps. >> where would you put money to work on the first day of march >> we think the areas with tailwinds are interesting. with a strong and improving economy, and

find out what's taking a toll on the mental and physical well-being of goldman sachs' junior bankers.sers on the nasdaq today amid a big tech sell-off. we're back in a couple of minutes. for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin hey frank, our worker's comp insurance is expiring, should we just renew it? yeah, sure. hey there, small business owner. pie insurance here with some sweet advice to stop you from overpaying on worker's comp. try pie instead and save up to 30%. thirty percent? really? get a quote in 3 minutes at easyaspie.com. wow, that is easy. so, need another reminder? no, no no, i'm good. uh, yes please. oh. ho ho ho, yeah! need worker's comp insurance? get a quote in 3 minutes at easyaspie.com. >>> the volatility or fear index higher today but falling sharply the last two weeks posting its second close below 20 yesterday. a move showing the move in sentiment. joining us to break it down is katie stockton katie, befor

especially at goldman sachs.complained very loudly and became something of a social media sensation when they combined working more than 100 hours per week. it also has a covid overlay as well. covid has forced a lot of changes over the past year. it looks like it is making wall street a little bit more soft and cuddly. >> soft, cuddly, what will banks do? what will happen to those 100 hour weeks? >> that is the question because people are saying what does that mean? does the work just go away? does it fall to more senior bankers who will be complaning -- complaining very loudly if that is the case. rishaad: the story has been u.s. centric. is it an asia issue as well/ ? >> asian bankers are also famously overworked. a lot of these policies are filtering through as well. in terms of local banks, in australia for example, they have allowed their employees to basically work flexible hours so they are not demanding people to be back in the office 100% at all. they said that at an ongoing basis, most people will be w

sachs by the way, this isn't just add goldman sachs, believe me., the ceo of goldman. nothing is going to change it takes a long time to hire and change these individuals and these businesses are flat out busier, making money so these guys are just getting incredible training, if you want to look at it that way, and working very, very hard. which is something they signed up, obviously something they knew graduating college and they're well paid. >> so, your managers or david ol l solomon sore whomever is not working as hard, going to the bahamas or whatever, as they pointed out. that's not unique when you're paying your dues on the lower rungs? kate >> it's not unique i'm sure david has a home in the bahamas and i'm sure he's working. taking calls and whatnot i reminds me of the piece i went on the schwartzman scholars. who are these masters in klein who started, started by steve schwarzman of blackstone they recently sent this letter, about 160 out of 600, not an insignificant amount of these scholars sent a letter to steve protesting some of this

, 25 -- you have seen goldman, 25%. there are political things that remain. the banks are healthy, they have been able to make it through the worst of the crisis. but we have seen these banks hesitant to lend, taking a lot of deposits, lending ratios quite low historically. there are political pressures around how much money they should be giving back to shareholders vs. lending out to the broader economy that is quite weak. >> talking of political pressure, sherrod brown, elizabeth warren, saying no, we need to keep these rules in place and built figure capital buffers, but i suppose with the rather hard-hitting news on the average ratio we got at the end of last week, perhaps we should be unsurprised. sonali: absolutely, caroline. what happens in the short-term as you get past the immediate pandemic responses and what happens in the longer-term, as you see the fed changed its strategy around the big banks, because we may see caning -- it is very politically fraught. we don't really know where the rules are going to go

. >>> later, banker backlash at goldman.ve that story coming up we'll be right back. ♪ ♪ >> announcer: this cnbc program is sponsored by truist securities dana-farber cancer institute discovered the pd-l1 pathway. pd-l1. they changed how the world fights cancer. blocking the pd-l1 protein, lets the immune system attack, attack, attack cancer. pd-l1 transformed, revolutionized, immunotherapy. pd-l1 saved my life. saved my life. saved my life. what we do here at dana-faber, changes lives everywhere. everywhere. everywhere. everywhere. everywhere. if you're 55 and up, t- mobile has plans built just for you. switch today and get 2 lines of unlimited and 2 free smartphones. plus you'll now get netflix on us. all this for up to 50% off vs. verizon. it's all included. 2 lines of unlimited for only $70 bucks. and this rate is fixed. you'll pay exactly $70 bucks total. this month and every month. only at t-mobile. and free, and free, and free, and free, free, and free, and free. free, free. and free, and free, and free, and free, fre

he is the second to leave goldman stop group. -- goldman's group. next, merck teaming up with rival johnson & johnson to ramp up arrival of the johnson & johnson vaccine. this is bloomberg. ♪ >> this is "daybreak asia." new zealand house prices rose more than 14% on the year in february. class a space before years. the current rate of growth for use over the coming months. that's be one part of the finance ministers directions. the rbnz to factor in the impact. the market is overheating amid record low borrowing costs. the biden administration announced its first sanctions against russia in a sign of deepening tensions. it's policy and kremlin for the poisoning and jailing of alexei navalny. it targets officials. it targets other russians allied with vladimir putin. the australian cabinet minister is at the center of a race allegation dating back to 1988 and he is likely to break his silence. government sources say the man is planning to make a statement and take several questions from journalists. he will not that down and will strongly deny any wr

is making good money. >> say it again. >> we found out why goldman is making good money. they're making their associates work hard. >> 100 hours is a lot of hours. >> why >> what they would like is for them to come back to the darn office but when you have revenue gains like what you've seen with jeffreys with more than an $8 billion market value and/or goldman which we pointed out with new high, maybe, all right, it's working, but a lot of them are still away, they may be working 100 hours in their living rooms or whatever, or their apartments, and who knows, their condos on the mountain in vail. >> these are the associates. they don't have mansions. >> the fact that these associates, that they even have a voice, what is that about? >> well, they're important >> you didn't write letters to the editor when you were young at goldman >> fire those people every one of them. >> it's a different world, jim, than the one that you grew up or i did or carl did. yes, it is very much so. very different now you give them gifts. give them gifts. you give them pelotons >> well, that's

we have a couple of guests coming up to talk about this fascinating to see goldman having to make this decision and what you see in terms of getting smacked around credit suisse and nomura, the lenders, they are getting hit in such a massive way this morning. saying they will both be experiencing significant losses resulting directly from transactions with what they are calling a u.s. client that is bill wang. >> this guy is everywhere. it is like a perfect storm he was in all those chinese internet stocks, too they are down for another reason all of these things started happening. it is like the guy must have been like what did i do? it was all dependent on various things they all went against it at the same time. >> it was also working for so long not so long. >> and muddy waters. the one stock people don't think -- there are questions about gsx from the start he had run that up as well the whole thing is crazy there's a reason you have to say you own more than 10% of something. you can get in trouble if you use these things and nobody knows, here we are again with -- i know what you

jeff currie joins us from goldman sachs. that's a good one. yours was better, though you're watching "closing bell. we're back in a couple gohealth has blossomed from an idea in a chicago apartment nearly 20 years ago to a listing on nasdaq today. we help seniors compare and shop for medicare options in their areas using licensed, trusted advisors and an online platform. gohealth has compounded at 52% a year for 20 years. we believe we're just beginning to realize the opportunity to improve access to healthcare for consumers. business, we believe we're just beginning to realize the opportunity you can turn your frontline reps into bottom-line superheroes. (keyboard taps) (bubble pops) now, his emails always strike the right tone. - [crowd] hooray! - [diana] learn more, at grammarly.com/business. so you're a small business, - [ or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but

goldman sachs culling atop on the issuance -- why?goldman sachs calling a stop on the issuance, why? simone: if you look at physical breakevens, it's roughly $67.85 per barrel and we are at 69.70, and that's why we are getting these projections from goldman essentially saying look, these countries would have needed the issue, about $270 billion worth of debt over the next three years if oil prices stayed at $45 per barrel, but if they go up to 65 barrel -- a $65 per barrel, on average, the number comes down to $10 billion of debt that needs to be raised. we are essentially seeing oil prices completely change the economic outlook that a lot of these bcc countries went into the year with. i'm sure there are folks like bahrain who still have physical challenges but there are others like qatar, saudi, the uae, that will find it easier to bridge the fiscal deficits. karen young adding to the commentary around the issue that is going back and forth, she said these government's better take advantage because this could be the last hurrah for

how do you perceive at goldman sachs that 8% gdp fades away.it be abrupt or will it be far more gradual and prosperous than we can imagine? >> the it percent forecast is for the fourth quarter number in 2021 and that's the way the fed looks at these numbers as well. we think they will obviously upgrade their forecast shortly as well. and our forecast, 2021, very rapid recovery. we've never seen these kinds of growth rates. afterwards i think the economy is going to be much closer to full employment by late this year early next year. in 2022, 23, we will see meaningful deceleration. maybe three instead of eight. but with an unemployment rate that is 4% in our forecast and employment rates that have mostly recovered the big slot. lisa: to build on what tom is talking about, this idea of faster and hotter boom but of much quicker cycle. what is the anatomy of an economy like that given the fact that markets and frankly economies often don't move in straight lines? there can be acceleration and boasts with how asset prices are. what do you foresee

jp morgan, goldman sachs, and citigroup are reported to be working on the ipo.king a look at australia and new zealand. australia's largest energy retailer is on watch over plans it is splitting its coal-fired generation into a separate company, agl is a topic that of greenhouse gases. bhb, that stock rising after a bump in weekly iron or exports. the minor has been -- iron ore exports. cba, after being sued, alleged that it charged monthly subscription fees when it was not allowed to do so. a modest upside for trading futures. this is bloomberg. ♪ wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. haidi: good morning.

goldman did not used to have a corporate jet.he was way late and almost missed a meeting at one point, apparently the ceo decided it was time and got a plane that he has flown on seven out of the last seven weeks to exciting destinations in the caribbean. but knowing david solomon those were not really vacations. even if he was kite surfing, or djing, i'm sure the other hours of the day he was working. goldman sachs has been cutting costs and boosting revenue to the highest level in a decade. if you actually look at the chart of goldman stock versus all of the other big banks in the u.s., david solomon has outperformed every single one of them, save morgan stanley. apparently employees are concerned with the changing culture but shareholders are very happy with the rising returns. still ahead, why the astrazeneca vaccine is causing concern with many suspending its use, including europe's largest economy. we speak to dr. amesh adlja of johns hopkins next. this is bloomberg. ♪ ♪ matt: this is "bloomberg markets ." i am matt miller.

britain one of the world's top financial services capitals issued new budget plans got to see a former goldman sachs johnson a risky so knock they join the show will be getting analysis rocks of universities professor danny dorling in the consult and editor of the london daily mail p.s. but 1st joining me now from seafood in the sussex is the biographer of towering 20th century economist john maynard keynes. welcome to going underground i want to get on to what you describe as a silent revolution going on there in this country about economics but as to this week's budget what do you make of it continued feeling amongst commentators certainly that. we must understand the economics of a nation is the economics of a a grocery shop. yeah well that's the that's the standard line isn't it i mean they're not they're not connected the purpose of the budget is to balance to concert the nation that's what the purpose of a government's budget is and therefore it is the only grace show up so to speak it alone has access to money and it can print so in that sense the government isn't a tool like a grocer's