you applied to goldman sachs? yes, and i you applied to goldman sachs?plied to goldman sachs? yes, and i applied to some _ you applied to goldman sachs? 1a: and i applied to some banks. i wanted to be an economist. did you sit there, thinking _ wanted to be an economist. did you sit there, thinking you _ wanted to be an economist. did you sit there, thinking you could - wanted to be an economist. did you sit there, thinking you could work. sit there, thinking you could work there? i sit there, thinking you could work there? ., sit there, thinking you could work there? . , ., , there? i had these two drugs in front of me _ there? i had these two drugs in front of me and _ there? i had these two drugs in front of me and i _ there? i had these two drugs in front of me and i made - there? i had these two drugs in front of me and i made a - there? i had these two drugs in| front of me and i made a choice. when you're at the bank you get excited, you work in the british embassy in washington, dc. it was post 9/11. it embassy in washington, dc. it was ost 9/11.

you consider the 'ob at goldman sachafi goldman sachs? i was offered two “obs when goldman sachs?an sachs? i was offered two jobs when i finished university, . jobs when i finished university, goldman sachs and the bank of england. i chose the bank of england because i wanted to be an economist and also i believed in public service. i learnt a huge amount at the bank. i was on the japan desk analysing the japanese economy at the time they had quantitive easing and 0 interest rates and they had beenin and 0 interest rates and they had been in and out of recession for the best part of a decade. little did i know it would be parallel with our own economy a few years later. what own economy a few years later. what about goldman _ own economy a few years later. what about goldman sachs, _ own economy a few years later. what about goldman sachs, you applied question that yes, i applied to some banks, i wanted to be an economist. did you sit and think, i could work here, i could work at goldman sachs. do you think if the bank of england hadn't have offered you a job, he would have gone t

goldman's estimate is a little conservative.ap we are seeing between stock prices just above $40. the average estimate is $68. that is historically high, no question. the on that, this is a stock you start to see in the comparison chart but more specifically here , it peaked in february. just above $64, which is goldman's projection. it went down as much as 39% through last month trying to make a comeback and goldmans should help the company. >> when i was in new york at the end of the summer, overcoat eats helped me out because the taco bell was far away from my hotel. i was always sure to tip well because these drivers don't get paid very much at all. dave: they do not. part of that is their status, which has been an issue in the u.s. and internationally. you just had in the netherlands, overcoat drivers being classified as employees as opposed to contractors. a court in amsterdam ruled against the company in a case filed by a local union and they have the same situation in the u.k. where a judge ruled they needed to be treate

a lot of big players there -- will be there including goldman.ry: su keenan there with the latest. two of wall street's biggest banks have flagged results ahead of third quarter. jp morgan expects revenues to be better than forecast while citigroup says earnings from trading were probably decline by one percentage in the low to mid teens. wells fargo delaying his plans for two weeks while reevaluating the impact of president biden's vaccine plan announced last week, which will require large private employers to mandate shots or testing. it's the third time wells fargo has pushback is return to the office date. haidi: here in australia, westpac will be hosting consumer confidence, as the lockdown continues for much of the country. united group slid after the executive director director was charged with insider trading related to disposal of shares back in 2019. saying he emphatically denies the allegations. lots more ahead on the trading day to come. this is bloomberg. ♪ shery: for only the second time in the state's history, californians will dec

goldman seeing limited downside to beijing's regulatory clampdown. the vaccine optimism flowing into korean assets. south korea one of the better performers, the won leading fx gains. south korea expects 70% of the population vaccinated by next month. manus: that is a number nobody would have thought of before the olympics. let's cross to evergrande. investors are reacting and are on the street. let's get across to stephen engle on that story. juliette saly there in hong kong. juliette: let's talk about what is happening with evergrande, falling to the lowest level since 2014. you have evergrande nav falling by as much as 24%, but it's all about the question about the contagion of and how it will flow through. maybank saying they are not seeing systemic risk and chinese regulators will likely allow -- not allow it to evolve into such a risk. they still remain overweight on china. our opinion columnist says this could be the hunger games for evergrande, they have now hired financial advisors for the cash crisis. manus: sorry about the confusion. they

and are you with goldman _ levels. and are you with goldman sachs - levels.goldman sachs that - levels. and are you with goldman sachs that we | levels. and are you with - goldman sachs that we could see the price of oil at $90 a barrel by the end of the year? we have been more bullish or optimistic then goldman sachs have been for a long time but for us cities next year. this year, sure, we could get $90 if it is a cold winter but that cannot be a base, right now what is going on the key driver for oil has been natural gas prices which i know you guys have been covering for a while as well. gas is so, so high right now that it is pulling oil demand back into power generation, a bit like the 19705, and that is driving oil up. we do not think that can go on for much longer. given that these gas prices you are actually getting demand destruction, industries are shutting down but next year we think oil will go to $100, inventory is around the world are very, very low. and there is no investment and this is why we have been warning of the supply crunch for some t

to lean on leader to dry growth. >> how important is them to goldman?is shows that it is very important. like many wall street major banks, it really wants to grow in the country. gorman's ceo touted leaders global connections. his clients across the region and his experience. goldman recently won approval from regulators of wealth management of one of the biggest chinese banks. chinese growth is looking like a tricky path. tensions between the u.s. and china have only ratcheted up. we have seen a longer -- a lot stronger rhetoric coming from george soros, who has called his investment in the country a tragic mistake. the u.s. has warned china is an unreliable place for america to do business. this just seems to be a difficult path. in some respects, goldman, in hiring somebody who has had past experience with contact -- complex situations, that this perhaps -- some of the -- >> u.s. finance officer sally bakewell. you can get more on your terminals and it is also available on the bloomberg mobile anywhere app. you can get news on the industries and ass

can you talk briefly about goldman? how she managed to escape some of the worst of the crusade for years and what changed >> well, goldman is a fascinating case, and what is so interesting about her story and why the long narrative is so important is that it takes a long time to get her out of the country. the government is determined to rid the united states of this notorious anarchist emma goldman. and emma is an immigrant from lithuania, which is part of the russian empire and comes in the late 19th century. she's radicalized by the hay market affair and becomes the leader of the anarchist movement in the united states. when i talked about the war on anarchy, it's the suppression of anarchists in the wake of the assassination of president mckinley in 1901 by a self-proclaimed anarchist who was born in the united states but he has a foreign-sounding name. again, we had conflation between the foreigners and the descenters of radicalization of the fear of subversion by those within the united states and those coming fro

you considered a job at goldman sachs. you considered a job at goldman sachs.ank of england, and i chose the bank of england because i wanted to be an economist and i believed in public service. i had a great time at the bank. my firstjob was on the japan desk, analysing the japanese economy. this was a time when they had zero interest rates, quantitative easing had been in and out of a recession for a decade. had been in and out of a recession fora decade. i had been in and out of a recession for a decade. i didn't know there would be paralysed with our own economy a few years down the line. but what about goldman sachs? you applied to goldman sachs? yes, and i applied to some banks. i wanted to be an economist. did you sit there thinking you could work there? do think if the bank had not offered you a job, you could have gone in a different direction? i had these two jobs in front of me and i made a choice. when you're at the bank, you get seconded to the us, you work in the british embassy in washington, dc. it was just post—9/ii. it was, and the reason why

anna goldman is an immigrant, part of the russian empire and comes in the late 19th century. she's radicalized by the hay market affair and becomes the leader of the anarchist movement in the u.s.. bob when i talk of anarchy, it is the suppression anarchist in the wake of the assassination of present mckinley in 1901 by a self proclaimed anarchist namely on charles glossed he. was born in the united states. he has a foreign sounding name. there is a conflation between foreigners and the centrists and radicals. the fear of subversion by those within the united states and those of the outside. he claims that emma goldman's speech set him on fire, and that he attended one of her lectures that hasn't spired him but the government cannot lynn link emma goldman to the assassination of president mckinley, and he admits that he acted alone, and that goldman had no idea that when he attempted to do. so despite that she is arrested, authorities have to let her go but there is a determination that she has to go in that the effort is going to be to deport her, and this takes a long time

we see goldman really leading in the financing universe. also want to mention another big move, beth hammock stepping into dennis' role. it is unclear according to my sources whether she will be remaining as chair of the treasury borrowing advisory committee, the treasury's bond whisperers. she's a very important person in the market, and certainly at goldman sachs taking a new role. alix: the new york times has a piece that elizabeth warren is asking the fed to break up wells fargo. sonali: they've gotten another regulatory penalty just as they were looking like they were turning the curve here. i also want to mention, an addition to this report by the new york times, elizabeth warren sending this letter to jerome powell. you also have last week's senate banking committee sherrod brown saying wells fargo's new fi -- new fines show that the bank is too large to manage. it is unclear what this means for charlie scharf's turnaround, though it pose competitions. alix: -- pose competitions. alix: the other top story where watching is -- pose co

the cfo is integral to the power structure at goldman, so focus on this move.ng the bank in january after nearly three decades, and dennis coleman, the cohead of the global financial group becoming cfo january 1. to ensure a smooth transition, he becomes deputy cfo almost immediately. coleman isn't the only beneficiary of this reshuffling. observers see the bank as positioning its treasurer doug camtek in bigger roles including taking charge of the global financial group. that is also something to watch. as for sheer, he is considered a strong partner at goldman and played a key role in the most recent effort to expand in mainstream banking. he said in a recent post connected to the announcement that he is not actually retiring from the industry. there could be new things ahead. so it seems like another announcement of where he may pop up next would be down the road. haidi: meanwhile, wall street executives challenging regulators this week. su: later this week, september 16, bloomberg has learned there will be a virtual meeting of top executives which include t

, goldman has actually performed when you get a chance to buy goldman that is under water, so to speak, on an rsi level i think you want to jump at that but yes, you have to look at the yield curve. eventually, yields will go up. eventually the curve will steepen. hopefully the curve will steepen because i am pretty deep into value stocks and value stocks do need that? >> banks are value. >> steve, we will take a break here stick with us because we have breaking news on general phil lebeau. >> general motors has put together a plan to fix the recalls on chevy volts to fix the battery fire problems. chevy will be repairing these modules starting in october. they don't say how long it will take but they are working through this process of not only fixing the defective modules now that they have determined exactly what the problem is, in these chevy bolts that have these batteries that were manufactured by lg chem. they are going to be fixing them and putting in diagnostic software so they will be able to even better monitor these vehicles so they can determine if there are any problems i

goldman says tax reform not reduced economic growth is the key risk for investors p >> kansas city southern says it will terminate its merger agreement with canadian national it's giving it five business days to come back with a better bid than canadian pacific's currently favored deal. >>> beijing looking to bring up allie pay, china's most popular payments app that 3m news rolled in about a half an hour ago they cut their auto production targets as it's running even hotter than they thought. >> they were looking for 3, which sent the stock down. when you see down at the beginning of the year, remember, we're in that period where we're really looking at 2022 there's a chart for you. you just don't have any incentive to buy david, i find there are a lot of stocks like 3m that are looking down at the opening. the overall futures indicate that things are up, and it turns out that the 3ms, whichever company's down, both nike and 3m are in the dow they can send it down lower. >> they can. i mean, right now it doesn't look like it's going to be too much damage. we'll see how the stock opens 29 m

i would agree with goldman sachs on that one.ould be concerned about the impact on the global economy. dani: i'm afraid we are going to have to leave it there on a very somber note. manus, just want to mention, hong kong asking banks to report exposure to troubled evergrande. giving banks 24 hours to report their exposure. this is bloomb (announcer) if you've struggled to lose weight, you might think you were born with a slow metabolism, but what you may have is insulin resistance. fat becomes trapped inside your body and it becomes very difficult to lose weight. now there's golo. golo works to reverse the effects of insulin resistance, increase metabolic efficiency, and targets stubborn belly fat. join over two million people who have found a smarter way to lose weight and get healthier. go to golo.com and change your life. that's g-o-l-o.com. >> good morning from bloomberg's european headquarters. 6:30 a.m. in the city of london yet i am dani burger. manus cranny alongside me. this is "bloomberg daybreak: europe." here's what y

this is according to a new survey from goldman sachs.or more, let's welcome joe wall , the national director for 10,000 small businesses voices. let's also welcome our own sonali basak. >> joe, you cited this issue about inflationary pressures. which specific inflationary pressures are you seeing impact these small businesses more than others? >> thank you for having us on. as we look across the data, cross industries, we are not seeing a lot of fluctuation that you would see in construction, manufacturing, retail, hospitality. that is where we have the highest level of inflation. dating back to june, over the last three months, 81% of small businesses say inflationary pressures have intensified for them. in terms of the impact to their financials, three quarters say it is impacting their financial health. we are seeing it across the board, and that is consistent with june as well. the only thing from june is that the data has intensified. numbers are anywhere from the mid-80's to the high 90's across industries. sonali: always interesti

today goldman sachs downgrading its u.s.c outlook on delta headwinds and the consumer impact of pandemic aid measures ending as we just discussed. a former department store ceo suggests it's premature to presume retail will see a blow a senior advisor to mastercard, steve, thank you so much for joining us here today. you know, i know that august was pretty strong by mastercard's num numbers. back-to-school has been pretty g good as well is this something that is a new trend or is this just a natural replenishment for school supplies after a wacky 2019 and 2020, or is this real consumer strength >> well, good speaking with you. i think we are seeing some really, really good consumer strength out there if you look at the mastercard spending numbers for august, the ex-autumn was growing at 10% after continuing to see that similar kind of growth in the june/july period so back to school is very healthy. the consumer has money in their pocket and i don't think it's just a replenishment you have clearly had the recovery category,

it is just a cfo change at goldman sachs. goldman sachs named dennis coleman as the new financial officer as of yet -- as of next year. as you said really well, basically banks are rethinking the way they look in the years to come. the pandemic was a tipping point for a technological shift and trying to bring up some of the younger banks in a way it had not been in the past. tom: mr. coleman very much associated with united kingdom as well. also associated with us is barry ritholtz, bloomberg opinion columnist. thank you so much for joining us. housing. we needed a dishwasher. the sump pump had been used in hurricane ida. i love homeownership. is it worth it? barry: you have to live somewhere and as someone who has lived in rentals and my own house, it is nice not to live in an off-white no change to any of the living circumstances. the old joke is no one watches a rented car. nobody improves a rented apartment. if you want an updated kitchen, if you want to paint your house a different color, ownership is how you manage to d

goldman sachs with the latest to come out and cut the growth forecast for china. what you have? sophie: that's right. goldman trimming the trajectory for growth in china through the year and, we have seen third-quarter growth coming in at 0% on a quarterly basis, and they trimmed the annual to 8.7% in light of industrial production, they anticipate downside pressure. at a time when the economy has been relying on energy industries. checking in on the offshore yuan, it has managed to stay on the front foot. capping a five-day gain even as we have seen higher u.s. yields put pressure on emerging currencies, touching the 111 handle against the greenback. in commodity markets, we are seeing crude hold at $75 a barrel. market deficits are calling for more upsides. the aussie dollar has been tracking the rise in energy prices, as well as iron ore, amid some restocking by china steel mills. . it has weighed on minors in australia, stocks set to cut the longest run since december, 2017. shery: fed officia

but with supply disruptions goldman does see a deficit for nickel this year. so they have raised their price targets for that metal. but it is lumme number that has the most bullish fundamentals among base metals according to goldman as it's already in a clear deficit with in a aggressively widen over the next two to three years. we should push aluminum into an era of price strength and it could top $3,000 before too long in london. despite the upside anticipated from metals, switching out the chart on the terminal, aussie mining stocks are set to halt their longest streak of quarterly gains to december -- since december of 2017 and the iron ore slump driven in part by china's curbs on its steel industry on the mainland. and the materials subindex falling 12% this quarter. that would be the first down period for the sector since march 2020. so the earnings outlook certainly looking to be impacted, haidi. haidi: yeah. and we do have potentially geo political tensions and some saberhagen rattling coming into the fray the start of trading here in asia as well. ja

higherand higher, and if you follow the investment firm goldman and sachs, it is projecting a ten dollarto $90 by the end of this year. today in asian trade, brent climbed by just shy of a percent to $80 per barrel, it has not been there since october of 2018. the concern is that this will fuel inflation which is also headed upwards in many key economies around the world. let's talk this through with the chief chief investment officer. i'm sure you have been listening to the conversation so far. 0bviously listening to the conversation so far. obviously in the uk, we are seeing prices go up at the pump but this is a global issue? . , pump but this is a global issue? ., _ . .,, , ., issue? the idiosyncrasies of what has — issue? the idiosyncrasies of what has happened, - issue? the idiosyncrasies of what has happened, in - issue? the idiosyncrasies of| what has happened, in terms issue? the idiosyncrasies of - what has happened, in terms of the global picture, really in a nutshell, what is happening is there is much more demand and consumption of oil than we had expected there would be, an

next, the bloomberg scoop, goldman makes a high profile external higher.have more on the bank's new head for asia. this is bloomberg. ♪ ♪ >> goldman sachs hired mckenzie had to karen asia-pacific operations. in the bank's most prominent outside higher for asia avenue are as goldman moves beyond international probes into its role of looting malaysia's investment fund. for more, sally bakewell. who is kevin sneed are and how surprising was this? >> this one definitely elicits a few questions. he was the top guy at mckenzie until earlier this year when he was ousted by senior managing partners. it appears to be related to the fact that his efforts to resolve a number of crises they were facing were not up to scratch. it is particularly interesting because goldman has its own troubles in asia. its own asia business took a battering last year after being -- for the scandal with probes into the looting of malaysia's run mbd investment fund. what we have is -- who was fresh from mckinzie but with issues surrounding his departure. [no audio] >> we seem to have los

goldman sachs' vision of the future the firm launching a new actively managed etf its second ever. can they rival the success of arc's cathie wood. we speak with one of the managers about the similarities and key differences. we'll dig into that. plus a bold call from an influential wall street watcher. why esg investing in a waste of time and it's going to cost everyone he'll join us to make his case >>> and america's best-selling truck for the past four decades has been electric. the first lightning ford f-150s are leaving the factory today. we'll speak with ford's president of the americas about presales, range and competing with tesla first, we begin with today's market the dow down 143 points after giving up all of our early gains. we're down about 0.4% across all the major averages the nasdaq down about 0.3% all of this happening after a better than expected retail sales report hitting ting aroun0 a.m. a rebound in bond yields that had been declining going back to the weaker cpi this week these declines are being seen across the commodities copper, silver gold in the red toda

goldman sachs economist cut their forecast for u.s. pointing to a harder path ahead for the american consumer. overall expansion is seen at 5.7%. goldman fears the delta virus may have demand switching from goods to services. supply chain disruptions are also hurting inventory stocking. 10 men charge for killing police officers during a rally in 2019 -- the south china morning post says they are accused of conspiring to place explosive devices with the intention of causing death or severe injury. they've been charged under the city's antiterrorism law. angela merkel says she is shocked by the death of a close confidant just days after he took on the role of ambassador to china. he was among her closest advisers, having gain her trust during the 2015 refugee crisis. the chancellor said he has deep humanity and extraordinary competence. the president of el salvador says the country has 200 bitcoins and plans to buy more, posting on twitter brokers would make more bit coin purchases before tuesday when el salvador adopts the currency is l

. >> interesting goldman took a crack at these corporate vaccine mandates yesterday. how many might convince or force to get vaccinated. 12 million people, they say. they argued by next july, mid-'22. 90% of adults with a dose. >> i find when i speak to ceos behind the scenes they're really reluctant to do what a couple people have done bob chapic from disney if they can stay off the red hot griddle of vaccines they're going to try to. i think the idea that as much as i thought initially there was a burst of corporate adoption. >> yes. >> i now think that there are ceos who just say, look. i'm getting some pushback. i don't want to offend people. >> a mixed bag i hear that but still that frustration amongst ceos they haven't been able to get their workforces back in the office in a meaningful way and here we are mid-september, pushing these dates back to january. led by the tech companies. it varies according to industry. many look at the largest, most important companies we have. apple, alphabet, or so many others, ah, can be next year by the way were, it's going to

goldman says down 1.5%, down 1.7% from this year.n: that is kind of normal in the low growth environments. we are having a huge post-covid recovery with big numbers and then we will moderate and go midcycle. we are not going to have the fiscal stimulus, and it is about -- and terms of equity markets in particular, what analysis has been right? it has to be the correct analysis. dani: but in terms of equity markets -- go ahead. alan: you go. dani: just quickly, and terms of the equity markets, we haven't seen a 1% of higher in almost 40 days. are we going to see it soon or does it continue to fall? 30 seconds. alan: it's good we haven't seen a rise, we need some consolidation and to reach the market. everyone is looking for a tencent pullback. but if you pull up another bloomberg indicator, people are short the aussie dollar, they are looking for -- it is not going to happen. dani: we are going to keep an eye on those hedges for you. that is alan higgins. thank you so much. coming up, we discussed germany. -- we and there you have it—

goldman is to many $3.4 trillion of equity options are set to mature.heck in on the markets. some modest optimism across asia, a bit of a mixed picture when it comes to china and hong kong, really the tech stocks listed in hong kong that are on terror. you can see that, up 3.4%. the context is that these companies have been under pressure, but the likes of jd and nate one are very much in vogue as we head towards a national holiday in china. futures in the u.s. are flat. jobs came in slightly higher than estimates. guggenheim suggesting maybe the tapir is going to be pushed back to december on the back of a wrangling and washington. iron ore is one to keep an eye on, ubs saying you were going to keep the $100 in the next few months, current session down. year-to-date, iron ore, you can see the picture. from july, that is when we got the record price in july, looking at a price drop of around 50% for this raw material . this squeeze in china on the property sector in the second largest is a key factor for assets globally, but of course australia, the cur

goldman sachs mandateing the vaccine. jpmorgan has not done so just yet. others about the vaccine or testing. what about hong kong? how are we doing there? are. >> i want to take a look at this prep index. you can see in hong kong here. we're really very close to this white line, prepandemic levels. we have been there for sometime. hong kong is very strict approach. they are taking a no covid approach there. they are isolating really from the rest of the world but they have had some backlash from business byes saying this could be debt home in their label. tom: is there a linning between sandwiches and users? >> i would love to talk about that. we have seen such a pickup in activity. the london underground, we have had the busiest morning going back to march. we are 60% below prepandemic levels but it suggests we are getting a slow return back to desk. that return to school factoring in. very interesting here. the story we will be watching in the case week, goldman sachs will be returning to full capacity in their london office. anna: there were lines outs

goldman sachs says oil is the target of $18 a barrel.it will be hard for investors to avoid inflation in this market. joining us now is stephen guestroom ski. as you look at things, where are we in terms of the price pressures, the supply and demand debate good have details out from iran over the weekend. how are things shaping up for you? >> when you look at it, there is a lot of upward pressure on the market. there is enough supply to meet up with demand. there were worries that the delta variant could curb this demand response and you could see that supply growth would potentially grow faster than demand. now, we are moving into a tighter market. the general view is that we could go up to an $80 range and at that range, you will need more supply in the market and it is challenging outside of opec-plus. manus: the balancing act is opec is putting 400,000 barrels a day back onto the market between now and christmas and the whole debate last week -- i'm wondering why they pivoted so quickly. ida caused a drop but that will alleviate, so

goldman sachs put out a notice today and said that 71% of options trading and the interest in it are in options expiries that are two weeks or less that goes to show, they might be more speculative in nature >> have a nice weekend, dom. >> you too >> thanks for watching power lunch, everybody "closing bell" starts right now. >> he always does. thank you, kelly, and dom. welcome to "closing bell." i'm sara eisen stocks are under pressure. nasdaq is the underperformer today, down a full percent as we head into this final hour of trading. >> i'm michael santoli in for wilfred frost. big cap tech is ticking lower. things like apple, microsoft and nasdaq are weighing on s&p 500 the material sector now down more than 3% on the week and vaccine names are in focus, as an fda advisory panel meets about boosters moderna, pfizer, and j&j, all in the red today. 59 minutes left to go in the trading week >>> coming up on today's show, plenty of questions in this question surrounding those vaccine boosters, and we're going to get some answers. hopefully from the fda this afternoon. dr. anthony fauc

and now the recognize the government and work with just goldman, because if the goldman goes by a solution, i think the that would be a counter productive act on the side of the financial community. because of this will be given the title on the excuse for the failure there may be facing and delivering the info services to the people. one is an hour at night. it, i think would more decided to come to an argument, industry, industrial, big organize. and therefore, be given the chance to, to, to run the country and see what happened on the point of delivering essential services to the afghans that requires cash. and cash is not something to african i've got to stand has a loss of and indeed the taliban is very restrictive in terms of a lot of the cash that it might have been able to get access to on one of the considerations from foreign governments. but on the 8 organizations, but also i believe from the world bank is that the government has to be seen to represent all of us can stand and only at that point will they allow cash to come into the country. so it's one thing to say that the tal

dan goldman thank you for spending time with us. to be continued.isn't going anywhere. >>> the biden agenda at a pivotal point this week. the consequences of any of it failing are bigger than we may realize at this point. could potentially endanger democrats ahead of the midterm elections. we'll be right back. one of my favorite supplements is qunol turmeric. turmeric helps with healthy joints and inflammation support. unlike regular turmeric supplements qunol's superior absorption helps me get the full benefits of turmeric. the brand i trust is qunol. wealth is breaking ground on your biggest project yet. worth is giving 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. [uplifting music playing] ♪ i had a dream that someday ♪ ♪ i would just fly, fly away ♪ >>> what does it mean for your age

there's only one. >>> welcome back, goldman sachs betting big on the buy now pay later space.uisition will help further goldman's push into consumer finance. shares of greensky soaring on the news joining us jason goldberg, managing editor of barclays, and hosting at his conference. we want to get to the conference in a moment, but firstly, this deal for goldman, is this a huge positive is it in fact a slight negative that it suggests that they haven't been able to grow in this sort of space sufficiently organically? >> listen, i think a few years ago, goldman sachs laid out a strategy to become a digital, you know, consumer bank, and they already have, you know, markets, unsecured lending product, a credit card relationship with app and will gm upcoming. they talk about rolling out a digital checking account, and now with the addition of greensky, they add a point of sale financing partner they scale up that component relatively quickly with this deal, and i think overtime they have the ability literally from scratch to build a very large consumer digital bank, which is an at

bank of america, goldman and morgan stanley and american express and blackstone but you have a new buy and that's sofi you must agree that you want more financials exposure here. >> yeah. without question of the last six weeks i've been on the show talking every appearance about adding to financial exposure for the exact reason that the possibility would exist that yields are going rise until the end of the year. yields will rise, growth will be challenged, that should be your expectation. i agree. you don't get out of growth names. expect that growth will have muted performance relative to the re-opening trades and financials are a part of that. i love financials overall as a sector i believe they offer something very compelling, that energy and materials might not offer and that's really the domestic exposure and the strength of a balance sheet and i really suspect that with the consumer and corporate behavior it's only going to acceleratein a re-opening environment that's going benefit financials sofi is a name i added recently. we all know the fundamental story surrounding this com

goldman sachs say let's take a look at this.htness in global gas supplies is a clear and potentially meaningful bullish catalyst to the oil market for this winter. will it build and boost oil prices? >> gas production is tied to oil production. we need -- when you invest in oil, you have a problem with gas. we will see prices spiral in both areas. manus: you think oil could spike too? >> an additional $10 on the barrel. the next six months. manus: in terms of will that endure, that is the question. can opec continue to add 400,000 barrels a month as you see it at the moment? >> is a challenge getting that done very quickly. surely you cannot have a cure in six months. manus: when do you think production for you will get back to your allocation from opec? you have underperformed. >> we see getting back to the opec level probably by the end of october. manus: thank you very much. we will check afterwards. the managing director of the nigerian petroleum corporation joining us here. annmarie: good morning. annmarie:thank you for bri

goldman sachs will be returning to their offices at full capacity.few of those social distancing measures. tom: ending the free food as well to support local businesses. vanke you for breaking that down for us. let's check on the markets. he change in mood after wall street closed lower. asia has picked up. japan is back in the green. chinese stocks are back in the green as well on the back of technology shares picking up, some change in the reporting and some walking back on the ban on online games. as far as futures in europe, they are pointing up by 0.3%. the futures in the green. euro-dollar at 1.18. the ecb saying that taper was not a taper. christine lagarde saying they are not tapering, but they were adjusting bond purchases. the focus now shifting to what happens in december. likely to be contentious. 's take a look at the things we are watching out for today. 11:30 a.m. u.k. time, the bank of russia announces its rate decision, followed by trade and dg -- trade and gdp figures. #xthe latest canadian unemploymt figures will be released. we ha

morgan or goldman, they were so fixated on winning the business of wework in getting this to the spot adam newman made them jump through hoops in every imaginable way so surprisingly to win back his goodness. one of the things that we saw and we written about this in the journal to get more in the book, they do the pitch and they said this is why you should target your business to wall street investors. goldman sachs cayman with a presentation and he showed slides interesting in their comparing wework in bob marley and mother teresa and maranda. just talking about it. >> the father performing at wework. i just want to make that point. >> and hamilton. >> getting into their summer camp to perform. we saw time and time again to the ipo the f1 that they showed to the world was mocked immediately. they often were competing against each other goldman sachs and jp morgan to get or keep this role leading ipo and often came at the expense of getting good advice to them and things, investors are going to not want the company to go public with you getting more shares, getting more voting contro

if you look at a firm like goldman sachs, about 80% our millennial and gen z. can convince him to move to florida, which is trying to move -- to be a base for wall street. if you cannot attract them, can you build unsubstantial presence? wall street south is never going to big that should be as big as manhattan. this is not the only move that firms are making, but attracting people has been a big? -- a big question mark this is a question, can i build a lifestyle that is exciting as manhattan down south? what will pay look like? these are all questions, but you can definitely see west palm, miami really trying to live people in. matt: where are we going to see trading floors? are we going to see actual equity sales? what units are moving? sonali: yes and yes. you are going to see trading talent in miami, especially since clients are down there as well. you see other areas in florida attracting talent as well, places that are not so crowded. it is all across the board. you see investment anchors down there as well, particularly with private equity and hedge fund

. >>> let's get to cnbc's hu son he has a scoop on the goldman reason acquisition of green sky.l us about the reporting hu. >> as i reported on cnbc.com, as we know on wednesday goldman sachs and green sky announced an acquisition by goldman sachs of green squi, a fintech player in the buy now pay later world. so you see this unfortunately sometimes with acquisitions that involve public companies but there was some unusual activity in the options market in calls that were purchased in the week -- or the two weeks ahead of the acquisition so, you know, this is a thinly traded market. you know, volumes are typically less than a thousand calls but they surged to about 12,000 in the days ahead, specifically in the day before the acquisition was announced there was a trader who bought 8,000 calls for greensky only paying in the scenario that greensky surged 30 or 40 or 50% beyond the $10 strike price these options -- these calls were specifically worth perhaps 5 cents when bought. the next day they were worth 3,900% more. an astounding gain overnight essentially. and what options exp

sachs is more prudent to do that and tech is driving the banks theme goldman sachs is a microcosm of the industry banks re-tooled their technology for the last decade. you didn't see the benefit of that until revenues came back and then they have record profit margins on these new revenues and they have some traditional banking revenues and when those come back you'll see record profit margins on the judicial banking revenue. >> joe, i want you to address this here you have the number one bank analyst saying i'll have everything i want every flavor in the cabinet except for the one that you like, and he's not the only one because i mentioned the downgrades of morgan stanley by other people, too. are we all offsides? >> i'm not selling not selling. they doubled the dividend, 3.1% yield right now when you look at the wealth management business, the growth is still there. you look at the capital market business and the growth is still there, and if you look at trading activity they're number one in market share for the equities division and you study the prior earnings report and you'll

downgraded to neutral by goldman.h on the space telling investors now is the time to own securities software. you can catch that call on cnbc.com after the break, andy jassy's opportunities and challenges at amazon ahead of jon's interview tomorrow, "techcheck" is back in two. jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world. today, global markets are challenging traditional assumptions like never before. there is a new, accelerated sense of responsibility, sustainability, and social equity. at nasdaq, we call it the "era of impact." and we're at the forefront of it. innovating technology, data, and insights to help you deploy an esg strategy to be see

i think goldman sachs might be a little bit too far. we just missed our last gdp if number, so i think this is one of those things that the fed or the administration can screw up, and i think they're both going to give it a good shot. cheryl: for 2022 they're looking for 4.6% annual growth, i think that's a good call. tim, from morgan stanley this morning with regards to equities, they say the next two month period carries outsized risk to growth policy and the legislative agenda. >> well, look, there's no doubt that september has a history of being the worst performing month of the year for the stock market where october always has a lot of volatility. a lot of times by the end of october the market has recovered. now, that being said is, the market has looked nearly invincible since the brief correction that we had in may. and sometimes when the market looks so invincible, it's time to take a little bit off the table. cheryl: you know, and also, scott, if you look at reading between the lines of these two massive reports that came fro

goldman sachs agreed to buy green sky for about 2.2 $4 billion goldman was one of the lead underwritersn green sky went public in 2018 at $23 a share. it is now purchasing the company at half that price. it is the market. a diagnostic testing company says its listings -- the merger gives them an enterprise value of 1.25 billion dollars. the deal includes forward purchase agreements. the deal is expected to close by the first quarter of next year. we have learned that india is seeking evaluation for its state backed life insurance corporation between 109 and 136 billion dollars and that will be the country's biggest ever ipo. the valuation is much lower than jeffrey's $258 but in line with others. sources say india would sell 5% to 10% of it. tata group and spicejet's owner have submitted competing bids for a state run carrier, air india. it came after the government sweetened the deal by allowing suitors to decide how much of the carrier's $3.3 billion debt they want to take on. proceeds from air india's sale will be a critical source of revenue to plug the governments widening budget d

guy: that was stephanie -- alix: that was stephanie cohen of goldman sachs earlier.y are expanding into buy now, pay later with the acquisition of greensky. david: we are talking about an all stock deal. we are talking about $12 a share, which does not sound like a lot and is not considering that greenguy went public in 2018 at three dollars. it shows they have had the relationship with the company for more than three years and decided to buy it to expand that consumer banking business market. that said, goldman has a deal with apple to provide installment financing for its products, so we will see if this takeover becomes part of that. now, this is a group, when you consider greensky and the fintech area that's really been in focus. if you look at the relative performance of these stocks, they have taken off this year. lending club the best performer in the nasdaq fintech intact -- fintech index. it has done well and they did a deal a few weeks ago with amazon.com to provide installment financing to its customers, so this is an area where we have seen interest. >> d

goldman says ending free meals in the office would encourage buying a local restaurant.im jong-un has shown of a thinner frame and haircut. no major new weapons were under display publicly with homemade security being a greater focus since joe biden took office. but he was drawing attention after notable weight loss. global news, 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn, this is bloomberg. >> speaking over the phone, president biden and president xi talking about what they can and cannot agree on. it is unclear whether they will be able to meet in person but in terms of market reaction, we talked to china. we see this over the past 24 hours. in terms of longer-term, this did dip a little bit further. we are now back to levels lasting in the market meltdown. it is good news that they are talking. >> it can't be a bad thing. surely. no doubt avoiding the story subject of where the coronavirus all started as well. that has been a bone of contention. president biden is ordering al

goldman has had people in -- wear our mask and come in. the idea that m&a is done better and young bankers are trained better when people are in the office, trading is done more aggressively, risk-taking is more possible and people are there. romaine: did you see the interview from the tpi cap ceo? you can't take risks unless you are in the office -- is that the gist of it? sonali: it's an interesting idea. you see people bringing the traders back and many banks, there are essentially war rooms being made for these traders who needed to be there because things are happening so quickly. but the question comes up again as you have folks like j.p. morgan warning of year and funding stresses, the worry about the underlying market makes you want your people close by and on call. romaine: do you plan to go out and stand outside these banks once again and corral these people? sonali: next week, there are two conferences -- there's salt and that digital asset conference wringing in people from all over the world. so while this week is very muted,

different from goldman, using it to fund other operations. some of the startups rubbing a bit of share in the u.k. market? >> the u.k. market is fascinating, on the one side you have the legacy banks, and then you have the fintech scene. some people i've been talking to have said did j.p. morgan know what they are getting into? on the other site, you have people saying if anyone can do it, jp morgan has the resources and know-how. if they can stick the landing, we will have a new banking presence in the u.k. manus: hsbc have their first direct products so there is vintage let's say online only as well. tom, great to have you with us. was there an irrational level of selling yesterday is one of the narratives in the market. futures bouncing back from a 3% implosion yesterday at one junction which jp morgan said it was technical, he was hedging going on. tom: that is it from "bloomberg daybreak: europe," the european open is next. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors,

she worked at goldman sachs in hong kong.the stock is way below the 14-dollar offer price on the ipo, they had a lot of hurdles to cross in terms of privacy concerns, removed from some of the app stores in china. there is this reuters report, which again i have not been able to independently verify but sounds like the cofounder might be looking to leave. airlines, you mentioned outperformance there, on optimism restrictions could be lifted with the fda relieving them of that 14-day quarantine for all vaccinated adults. but you know, when you're up in the down market, that is outperformance. i thought some stocks rallied 1 1/2% or so. stuart: american still below 20 bucks a share. hasn't gone anywhere. susan: hasn't gone anywhere for a few months. stuart: have we got something on smile direct? susan: outperformance, this is the latest meme performance. it has been going vertical. there is a lot of short interest in the stock. another wall street bets favorite. piling in to this to try to kill the shorts. see where that land. i

you applied to goldman sachs? yes, and i applied to some banks. i wanted to be an economist., thinking you could work there? i had these two jobs in front of me and i made a choice. when you're at the bank you get seconded, you work in the british embassy in washington, dc. it was post 9/ii. it was, and the reason why this was available was because the british government and civil service wanted to up their capacity at the british embassy in lots of different ways. one of them was its economic analysis. obviously, there were huge problems in the global economy after 9/11 with recession and interest rates cut. so, i have the privilege of working at the embassy and trying to understand what was going on in the the us economy. i was 23. did you meet the politicians coming across? gordon brown, in those days. i remember irvin king coming over and he met alan greenspan. and then the governor of the fed in washington. we went into the white house and met the chief adviser to the president that we used as our text books. ministers came over, but so did mervyn king. that was an amazi