goldman sachs.bank of america did very well. goldman is like morgan stanley, but what i'm looking is, hey, how is their investment banking business going to do and how is their trading division going to do is it going to compensate for the asset managers they're trying to grow as well they're highly volatile earnings so it will be interesting to see. i think we're in front of where they're going to restructure, so that's a really interesting question going back to where they were before normally when companies do that, it's more of a defensive move so i like to see how this is all going to sort out. >> any questions in tparticular that you'd like to hear answered by david solomon >> yeah, i think capital markets will be interesting. goldman is in the forefront of that so what is the activity? we've been hearing about public to private is that happening? what are the capital markets doing? rates have really jumped again, goldman is a leader in that area. and the asset management business where are th

on the other hand today, goldman sachs out. their thick beat by 41%, their investment banking down 57%. morgan stanley, the laggard of the group, if you can call being up by laggard. interestingly, we do have positive data out in the last hour, capacity utilization beating industrial production. factory manufacturing higher. we can see some of these import sectors such as automobiles and aerospace higher on the day. guy: good news/bad news. thank you very much, indeed. big focus on the banks. goldman sachs, it's traders once again helping to rescue the bank's earnings results from a sharp slowdown we are currently saying in investment banking. goldman ceo addressing some of the challenges the last hour. >> global economy continues to face significant headwinds. inflation remains high. central banks are raising interest rates at a pace not seen in decades. meanwhile, equity markets are well off the recent highs, to put it will instability and ongoing energy shocks. gbp growth expectations are declining. guy: show knowledge, trad

goldman sachs coming up. goldman coming up later this morning.netflix after the bloomberg. >> keeping up to date with news around the world with the first word. just 10% of britons have favorable opinion by him but -- of prime minister liz truss according to a yougov survey. these, one day after trust was forced to pull back on the bulk of her economic vision. some 80% said they had negative view giving her net favorability rating of -70. russian missile and drone strikes targeted ukrainian power infrastructure over the past week have failed to knock electricity supply off the grid for any prolonged period according to the international energy agency. strikes of targeted powerplants and electricity substations across the country. chinese junk dollar bonds have dropped to a record low as the crisis is showing signs of improving. the notes are dominated by real estate firms in the average price fell below $.56. it hit that level before in august before government support fueled a rally. at&t is counting on stimulus dollars to help fund its broadban

goldman on tuesday. a turnaround in a stock performance as a streaming company moves into advertising. tesla stock has been battling disappointing deliveries. also, elon musk's surprising decision -- the weakening and could pose risks for the asian financial system if companies have not properly heard their borrowing. many nations are in for a rocky ride as they adjust to dollar strength. >> when you have sizable movements in the dollar, it has very sizable implications for the global economy because it is so dominant in trade and finance. the important thing to keep in mind is that there are fundamentals that are driving these large rumors. the difference is in the path of monetary policy tightening. i think this is going to be a bit rocky for countries. they will have to adjust to it. they will have to use their tools to be able to keep inflation under control. >> let stay with the major countries. let's have a look at the yen experiment. all of this, what is the council of you and your chief economist

it is a goldman sachs do over.porate restructuring as far as letting go of initiatives. tom: this should be above the radar. is this a bank of failure? it is a big deal. jonathan: bank of america numbers could be due any moment now. we are bouncing back. this is bloomberg. >> keeping you up-to-date from -- with news around the world. newly appointed u.k. chancellor set of plans to bring order to reassure markets after liz truss' academic program triggered weeks of economic turmoil. a shortening of a planned universal energy support. >> no government can control markets. but every government can give certainty about the sustainability of public finances. that is one of the many factors that influence how markets behave. for that reason, the prime minister and i are committed. on friday, she listened to concerns about budgets and confirmed. >> meanwhile, hunt will address parliament with more details later. china said to stop selling lng in order to assist -- ensure its own supply for the winter heating season. they

of goldman sachs here in d.c.egulators have been looking at this business and have also -- will also be talking about specifically during the panel tomorrow about the view from the c-suite's strategic questions about how to manage the business in this environment. beyond goldman sachs we hear from j.p. morgan tomorrow. jamie dimon speaking in d.c. today. the earnings will be the bellwether here not only in terms of profitability for consumer businesses but the street will hold -- hone in on what kind of provisions we might see in those consumer businesses and mortgage business in particular and the pain that might feel. when it comes to the consumer and every trading desk that might have exposure to mortgages across the street. alix: i stole your tease, sorry guy. guy: she just needs to be back tomorrow, that's what i said. because tomorrow is good to be a quite busy day. the next 24 hours let's talk about that. jamie dimon will be speaking at the aif. achievements on the infrastructure law. friday of course over

goldman's revenue was down 50 7%. -- was down 57%. at least half of the other six banks, goldman's fixed income led trading gains. that sent the stocks higher. all of the bank stocks went higher, a lot of green on the screen in the latest session. the ceo also pitched investors on the new vision for the company. they have been reporting about a major reorganization. turning away from their consumer business and they are leaning into what they do best, trading and investment banking. combining the two units. there were questions about that. on the conference call, a noted bank analyst said he was surprised there has not been able up yet. he asked goldman what they are doing to prevent third-party risk. goldman said that they are released on risk management and talking about the economy. they seem to have a lot of different ways to address the fact that they are bracing for the worst without actually saying that. they say that they are really being cautious going forward. paul: the other trade we are following is netflix. shery: continu

goldman would be my favorite. think forward and remember in another year or so, these mortgage rates will have to come down, the fed will have to get their foot off this gas pedal and we'll see better times but market will price that in months before it happens. cheryl: with goldman sachs in particular, the thinking goes in particular with goldman, it is investment banking revenue, it is commodities, it is fixed income trading. all of that, it is not going to be a good quarter, not going to be a good year but for any of them. in particular goldman is a little more sensitive to that. as far as jpmorgan chase, i see your point. look jamie dimon is still running that bank and his comments about the economy, he has been very clear. the one thing i'm curious about is with wells fargo. wells fargo the biggest chunk of their business is mortgages. more west coast than east coast but we've seen a shift in housing. demand is down. wouldn't that hurt wells fargo's bottom line, just in a general sense? i'm not asking to you

goldman sachs president and ceo john wall drin joins us. we'll talk about deal making and the big reorganization big tech earnings on deck. margin contraction in focus. not stopping a fund manager from going ahead of their results we'll talk to them in just minutes. brian -- >> contessa, thank you very much those are individual names let's talk about the macro markets. they're looking good stocks overall rising for a third day. the dow, s&p and nasdaq, nasdaq up 1.7%. the dow on pace -- i know a lot of people don't watch the dow, but the dow is on pace for its best month since november of 2020 basically two years. here is what else is moving this afternoon. xerox shares falling after the company cut its full-year revenue guidance they blamed inflation. they blame supply chain constraints. by the way, weber is up 30% after its biggest shareholder offered to buy all the outstanding shares this is weber, the grill maker twitter shares moving higher in the past 20 minutes or so. david faber reporting equity investors and musk's deal for twitter

only 16% decline for goldman versus 21% for the s&p you would have been better off going with goldmand egg all over my face today. now it is egg and ham. up three bucks i felt morgan stanley wasn't as bad as people said i keep coming back to the wonders of wells this is wells's time the stock was much, much higher in 2018. and the dean of the group delivering that amazing number david, you're supposed to chide me on that >> i'm supposed to chime in here >> chide not chime >> i've got a lot going on >> a lot a lot. >> i didn't know you were jammed oh, wow. i'll come back to you. i'm jammed of here >> the best two-day gain for the nasdaq since march 15th and 16th >> this is important because that is the mike wilson theory i never used to talk about mike wilson but he predicted exactly what's happening. and i think that's rather remarkable >> well, today it's over at b of a. >> yes. >> the positioning cash levels, sentiment screams market capitulation under weight is a three-standard deviation. it feeds their argument that you're going to see a bear rally in the first half of next year i

and goldman sachs restructuring within that investment bank as well.es at the top of the list with energy and telecom, a safe haven tilt this morning. at the bottom of the list, consumer products, technology lower .7%. nasdaq fell and close lower by more than 3%, the s&p lower 2.5% friday. the university of michigan survey confirming inflation is persistent and the fed will have to do more. let's go to the bank of england, it has confirmed it will terminate emergency bond buying as the new chancellor jeremy hunt is due to make a statement on britain's fiscal plans at 11:00 this morning. for more, we are joined by bloomberg's lizzy burden, breakdown the statement that be a we confirmed they did ramp up bond buying friday. >> this statement is intended to call markets while they have wrapped up bond buying. they are saying various repo facilities are available if needed, the broader message is the bank of england now wants to refocus on fighting inflation but it's there if necessary. this is the message andrew bailey tried to hammer home at the imf over

i took a look at goldman's value at risk. if you look at the trading desks, it is not up across every business line. where was up was interest rates in particular compared to the other businesses. when we talk to the cfo about leverage loans they are keeping a handle on risk appetite. let's think about what david solomon had to say about the economy. he is worried about the tightening and keeping an eye on it. he says when you tighten economic conditions so quickly, and we really are tightening them very, very quickly, you are going to have disruption in economic activity. kriti: speaking of, i want to talk about him relative to his peers. we know brian moynihan, jamie dimon, they have been vocal about the strength of the consumer. put david solomon's view into the concept of broader macroeconomics. sonali: jp morgan, jamie dimon, said consumer cracks might start next year. david solomon voiced concerns about the consumer. we did not hear that from brian moynihan. for bank of america and j.p. morgan, they were the most belove

goldman sachs really has traded right along with morgan stanley. even though the business mix is quite different between the two. it's interesting, because it's not as if goldman is really held back by the same concerns that the bigger retailer banks are, which is credit and things like that it's really just about deal activity and the fact that investors tend not to really want to pay up that much for trading profits, even though goldman has proven it's a franchise and it's relatively consistent it's just not something that they've put a multiple on in this environment. >> it's hard to tell the sustainability as well goldman sachs up 2.3%. netflix is up double digits in a week but lower ahead of the bell mark, what do you expect? anything different than what the market is expecting? >> i think the real question, we already know the ad product is coming out in early november across 12 countries and we know what the price points are. what the market wants to know, are you coming into this from a position of weakness or real weakness they missed two

but it is such a difficult space for goldman.ifficult to get in here -- it is expensive to get in here. the technology is really difficult to pull off. also, it is an incredibly competitive landscape. you have the legacy banks operating in this space, the jp morgans and bank of americas. you also have sofi, laser focused on user experience, and that is hard to match. tom: i love this story because it is fascinating. goldman sachs with the clout they have and all that brand prestige, yet because of all those challenges having to walk back their push into consumer and the retailer. thank you, charlie. fascinating and fantastic on these stories. credit suisse looking to spin off one of its units. we will continue to watch both of those stories. let's get the first word news now with alice atkins. alice: u.k. prime minister liz truss is planning to speak directly to mp's in her conservative party this week as she seeks to rescue her premiership. the bank of england has this morning announced additional measures to support market func

maria: goldman sachs is out with earnings right now.in better than expected at $8.25 a share. that's versus an estimate of $7.69. revenue this morning coming in at 11.98 billion on goldman revenue for the quarter, that is better than expected which was 11.41 billion. keith, your thoughts on the goldman numbers and overall this earnings season coming in a little better than expected, the stock market reacting at the highs of the morning right now, up 422 on the dow. >> well, number one, isn't that great to see that we do have resilient companies filled with brilliant people, can put up good numbers. i am surprised that the beat is as high as it is with goldman in sick. there seems to be a very sharp split this earnings season between companies of size and scale and companies driven by consumers. i think consumers are struggling, actually and there's a big bifurcation between what's happening out there and where this country's going. i think we've been in a recession for months and months and months and the data is just now catching up. e

alix: what is goldman's response?> the phone that including the names of the two individuals was an unnecessary invasion into their privacy and not central to the case. they said these are unsworn complaints and people never should see who these complaints were logged against. guy: solid reporting. thank you. mark is beginning to roll off, equities down, s&p down by .7%. this is bloomberg. hi, my name's steve. i lost 138 pounds on golo and i kept it off. so with other diets, you just feel like you're muscling your way through it. the reason why i like golo is plain and simple, it was easy. i didn't have to grit my teeth and do a diet. golo's a lifestyle change and you make the change and it stays off. golo's changed my life in so many ways. i sleep better, i eat better. took my shirt off for the first time in 25 years. it's golo. it's all golo. it's smarter, it's better, it will change your life forever. >> we are over an hour into the u.s. trading. alix: equities now taking a leg lower down 9/10 of 1%. abigail: we ar

they are trying to bring goldman sachs to the masses, if you will.sn't worked out, it has been expensive and is not making any money. it is a very crowded space. manus: david, thank you so much, unfortunately time is against us. bloomberg markets: europe is next. this is bloomberg. ♪ ♪

several big name companies reported before the bell and in my opinion it's goldman sachs.: we just went through that. it's doing well on a valuation basis. you heard greg and everyone talking about this on wall street. the fact that the stock is trading less than book right now, which make it is attractive in this type of environment. the bond trading picked up the slack and profit dropping from last year and better than expected and sales beat and as you know rejig internally with goldman sachs now being split into three different divisions and combining trading with investment banking, consumer fintech and includes the apple card division in the other two. stu: the market likes their reorganization and selling for less than book. susan: also banks to well in rising rates environment and we've seen, i would say some pretty good earnings from the banks side including jp morgan. stu: rates going up, that's a fact. then hasbro. they missed -- adon't know what that means, they're down -- no, they're up, they're up. susan: i would say hasbro, yes, they missed on bottom line an

what exactly have apple and goldman announced? what is new?ou have the wallet app on your phone, which all iphone users do, and the apple card which is a collaboration between apple and goldman sachs, you will be able to take cash back rewards and put it in a new savings account so you can create or generate interest on those cash back rewards. announcer: this is apple card. emily: is this going to be popular? >> this is going to be an entry-level free savings account built into your phone. i do not think people are going to want to store a lot of money in the account, but the ability to generate interest between 1% and 3%, sometimes they have 6% deals i think is going to be interesting. apple has not said what the interest rate is going to be for comparison, marcus, the consumer high-yield savings account from goldman is 2.15% apy. i imagine apple will be around there as well. this is a major push and it shows how far they are willing to go financial services. emily: how does this fit into apple's larger fintech strategy? >> they have been re

this income has driven goldman sachs.ome leading gains, equity and debt revenue collapsed along with the merger. shery: we are getting an interesting report when it comes to mckenzie not releasing its annual report when it comes to the data from 4 million employees of more than 300 companies. the women in leadership roles or quitting at a faster rate than ever. we are talking about companies in the u.s. and canada having a crack -- tracking the state of female workers great women are leaving companies at high rates. female employees remain less likely to get promoted for every woman at the director level who gets promoted, two female directors are choosing to leave the company. her saying that even turning -- we are seeing that even during sales results. paul: concerning statistics. the data made for interesting reading. look at some of the quotes and antidotes from the women interviewed, they are saying that life is short, why be somewhere that is not working out? one firm cannot give you need for the rest of your career

goldman sachs sees the same boost does not apply to consumer business. tomorrow goldman sachs is reporting they are watching the trading figures because they have been coming in above expectations and they have been strong in other places. they are expected to bring in $3 billion. they are expected to announce a third large restructuring of their business lines under their ceo who is entering his fifth year on the job. there are a number of executives who are rising amid this reorganization, the question is what does it mean in terms of potential future targets? a combined trading unit, an asset management unit, alongside a separated transaction banking unit that has the consumer businesses in a different unit. while these businesses have different expectations moving into next year which many executives see as a tough economic environment. haidi: we have seen the correlation between how banks do and the s&p 500 does and perhaps the chart on the bloomberg showing that very well. we are have started earning seasons -- we have started earnings season. anna

>> yeah, i would say goldman is a player too but i mean we haven't seen goldman yet and they rely a lotjust talking about jpmorgan and he has been pretty negative out there. then he reports the quarter and it's a slam dunk quarter. it is very good. liz: true. >> i still think you can buy one of the best financials on the street, less than nine times earnings. you get a very strong 3.6% dividend yield. i like jpmorgan right here. not saying that goldman may not be a good buy. liz: that is so crazy. the pe is nine. folks that is unbelievably cheap. >> i agree. i mean it is well below its historical averages. banks also trade on discounts or premiums to book value. liz: yes. >> i think book value going forward regardless how you slice it, nine times is pretty cheap. liz: just checking morgan stanley's pe is 11. i just want to check bank of america because they did beat on both the top and bottom line. they have a pe just over 10. what else do you like because there is the discussion about inflation? we had ken fisher at the top of the show. he says the fed needs to let the snake of the eco

what have apple and goldman announced?f you have the apple card on your phone, which all apple users do, and you have goldman, you will be able to generate interest on cash back rewards. emily: is this something you think will be popular? mark: i do. i think this will be an entry-level free savings account built into your phone for many people. i don't think people are going to want to store a lot of money in this account, but the ability to generate interest based on cashback savings, between 1% and 3%, sometimes 6% on some apple products, i think will be interesting. apple has not said what the interest rate for this account will be. i do think this is a major push from apple, and it shows how far they are willing to go in financial services. emily: how did this fit into apple's larger fintech strategy? mark: they have in rebuilding their entire technical infrastructure, and this is a new piece of that. i have an apple pay later service coming. it all fits together. apple wants to basically create the highbank -- the eye

goldman sachs strong in fixed commodities decent tailwinds during the quarter but a massive slump inard. no indicationgoldman sachs wil escape that during the quarter interestingly we're anticipating a reorg. heavily telegraphed in the media today, which would basically be the second reorganization of g goldman's business during ceo david solomon's tenure at the firm over the past four years or so, making it look a little like it's pure in terms of a standpoint seas management in one, investment and sales another bucket and consumer consumer businesses including recent acquisitions in a third bucket something to look for tomorrow announcements on that front as well as, of course, what it's done in its core competence with regard to investment banking and salesman trading. >> thank you, leslie we'll look for all of that and an exclusive interview with david solomon on roblox. shares surging huge turnaround for a stock down nearly 70% from a record set just over a year ago investors cheering on stronger september numbers out from the gaming company daily active users closing in on 58 m

goldman sachs sees fed rates peaking at 5% in march boosting its forecast.futures and treasury yield start the week next. former president lula da silva beats bolsonaro in the brazilian elections seeking -- signaling change raid plus financing the turnaround. credits we set to tap at least 20 banks for a capital increase to help fund another multiyear revamp. we check in now on your markets. the story for credit suisse playing into that. currently the last time i checked the top of the list but we will break that down shortly. broadly across the benchmark the currency down, losses of about 10%. the lack of conviction with a very significant week indeed for these markets with the federal reserve, the expectation. more importantly arguably is the guidance from jay powell and whether he suggests the frontloading of hikes is coming to something of a conclusion. goldman sachs raising their terminal rate forecast but they expect 75 followed by 50 basis points. the dax down. the ftse 100 off. with the boe and their decision coming on thursday. let's get back to the

he ultimately wins it takes years in the interim tony goldman gets a. at his home one morning from someone who identifies himself as vinnie and is very upset that mr. trump is not getting his tax abatement. and there's a there's a threat in this goldman reports this to officials he is given a security detail it was i think the next day i don't have the book in front of you the next day trump himself claims he too got a threatening which was so. and and that call known many years later when the fbi files were undone. there's no hard proof of who called trump, but there is widespread for people around tony goldman that that it was trump himself. the way this story ends is that trump gets the tax abatement. eventually he wins in court. and it's the details are little dense, but ultimately, who has two children and a bad weight problem gets a call trump inviting him to lunch and trump ultimately offers him a job and goldman takes it. and ed koch almost fell over when he found out that goldman going to go work for trump and i would argue that that was one of

as goldman sachs, we have a higher peak. that the vergence in yields's ins that we are seeing weakness coming through the four for the end and wheat prices, russia withdrawing from that safe passage agreement and we have seen wheat prices spike up 5.5%. let's get to all of our reporters from around the world to break down our top stories on the u.k. grain story. he is normally here is the coanchor on "bloomberg daybreak: europe" but manus will join us from the conference at the center of the energy markets. the u.n. and turkiye have agreed to have ukraine wheat exports continue today. for more on this, we are joined by donna because aleuts go and sybilla gross. what does this latest development mean? can grain shipments keep going or will it be difficult now? >> it is a very good question. nobody knows. yesterday, turkey, the united nations, and ukraine agreed that shipments should still move and today we are expecting ships to come out of ukraine with grain. russia said that it cannot guarantee the safety of passage, so it

now, see, goldman, down in -- that's like the stupid goldman people who were short calls yesterday.arl, there were some people yesterday who went home and they had five mezcals, and they're still hungover when i was a newspaper man, i used to see guys drink whiskey in the morning like, what are you doing i'm pounding some jds, you know, green. i don't know anyone who was short those calls yesterday, i really think that they are candidates this morning for not being -- they're for alka-seltzer someone lost so much money yesterday, i don't even -- they lost more than the bank of england. >> yeah. fourth biggest reversal intraday for the nasdaq, fifth largest ever for the s&p >> can you imagine how wrong they were? they got short, and just when they finished their short is when they got the wama-jama, the upside that's what we used to call it, the wama-jama. >> given what you said about the reversal and given what you've said about some of the banks, we had dan niles on, he said, he's not long by any means, but he thinks october could be an up month. >> i was shocked at that, and i lov

rishaad: goldman sachs as well at with earnings. you could call them solid results.t was a brutal quarter, the last of the big ones to come out with figures. retail operations really perhaps something they do not want to be involved with anymore, one would think. su: yeah, there was a big reorganization. the big headline was they merged. two strong units, investment banking and trading, but the big story -- simple -- is that traders want to get help to rescue goldman from a sharp slowdown in investment banking. you are at trading operations which group 11%, better than forecast, and guess what? that was pretty much the story across the street as well as volatility caused investment banking to shrink and goldman's investment banking revenue slid. the volatility in the market meant a lot of trading, especially debt trading, and like many of its peers, goldman's fixed income led trading gains. that's why we saw a lot of green on the screen in the trading session. the ceo also had a lot to say about the economy. let's listen. >> the economy continues to face significant

what are we hearing from goldman sachs?abelle: goldman sachs has done an analysis here and have looked at some of the key terms. the ones that disappeared or dropped insignificance from this party congress to the last 15 years ago, there were terms like economy, market, reform. compare that to ones that rose -- security, people, socialism -- it does give clues to the broader outlook for xi jinping and the party moving forward. goldman sachs says it is not an inflection point for policy changes. they are looking at where covid zero goes from here and they say we are not going to see any sort of pivot until the second quarter of next year. they are sticking with focus areas like common prosperity. as for what they see in terms of the equity market, goldman sachs is sticking with their preference for a shares over offshore equities. this chart having a look at a-shares, we are trading at about a 50% premium. a little higher than the five-year average, around 32%. kathleen: what about the reaction from hsbc? annabelle: they are

he he he encouraged tony goldman, this commissioner. and this is actually an important story in a couple of ways, encourages tony goldman, the commissioner, to reject the tax abatement. trump ends up going to court. he ultimately wins. it takes years in the interim, tony lightman gets a call at his home. one morning from someone who identifies himself as vinnie. and vinnie is very upset that mr. trump is not getting his tax abatement. and there's a there's a threat in this, goldman reports this to officials. he is given a security detail. it was, i think, the next day i don't have the book in front me. the next day, trump himself claims he, too, got a threatening call, which was so surprising and and that call became known many years later when the fbi files were undone. there's no hard proof of who called trump, but there is widespread skepticism for people around tony goldman that that it was trump himself. the way this story ends is that trump gets the tax abatement. eventually he wins in court. and it's the details are a little dens

investors waiting reports from financials from goldman and state street and truist financial.ter a strong day with the kbe surge more than 2.5% led by bank of america and by mellon. still has a long way to go down more than 11% this year joining me now is devin ryan at jmp securities devin, thank you for joining us. >> good morning, frank >> we had a big week of bank earnings goldman coming up later today. what is the theme with big bank earnings >> i think the theme we're seeing this quarter probablyal year in a really tough back drop is the business models are resilient. i think more so than people probably have given them credit for and more so in the past. what you are seeing through the capital market central names is investment banking is very weak. particularly after a record year last year. areas like trading are picking up the slack and performing relatively well. interest rates are creating uncertainty in the economy for banks, the higher interest rates are a positive thing the theme is resiliency and also the theme of macro uncertainty continues here it is creating

goldman down 20% this year ken, thank you i appreciate it.eon don't miss the bank of america ceo interview on power lunch >>> and 21 sdays and counting until the midterms what you need to know. >>> and before we head to break, sam's club is raising the membership fee basic fees at the store will increase from $45 to $50 starting today starboard has taken a 5% stake in splunk. it plans to push the software maker to boost the stock price we will see splunk higher by 5%. and marriott entering the luxury yacht market the voyage from barcelona to nice this weekend. stay tuned you are watching "worldwide exchange" on cnbc. dad, we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones here, is cvs health. here, we'll never be told our concerns are all in our head. here, we don't think we should pay more than men for the same thing. or pay taxes for period products. here, we can ask tough questions, day... ...or night. and here, we're actually heard. and because of that, we can foc

for the better part of half decade, goldman sachs has been trying to crack the american consumer markete seen executives say they want goldman sachs seen as the american consumer as a "lovable teddy bear." the ceo has tried to woo the likes of reese witherspoon into partnership. what the big take shows today, the big final goldman was trying to create of gateway products for american consumers like checking accounts will no longer be offered to the mass market. they will be focused more on wealth and management clients, a smaller pool of customers. why is this happening? it is tough to crack the american consumer, it is expensive, the technology is hard and it is a very competitive landscape. dani: when not even reese witherspoon can save you, you are in trouble. thank you as always, charlie wells. coming up, a not so golden return from the golden week holiday for chinese investors. this is bloomberg. ♪ dani: welcome back to "bloomberg daybreak: europe," i am dani burger in london, and is cranny is in istanbul. let's look at what we will look out for this week. we have the ecb's dovish

and wall street, goldman sachs is planning to restructured biggest businesses into 3 divisions. it would be one of the biggest re shuffles in the firm's history. one of the strategic maneuvers would be to combine its investment banking and trading businesses into one you let's get more on that story from a correspondent, the new york stock exchange teddy australia. teddy was behind this decision by government. well, that's right. it's definitely a pretty big shake up, and it's evocative of some hard decisions for the direction of the bank. they are going to restructure to be somewhat similar to their peers. and they would like to boost their stock valuation which has in lagging relative to their competitors. like morgan stanley, now essentially what's going on is that goldman would like to shift it's a tragedy from investment banking, which has been suffering a bit this year with all the volatility in the market. they want to move into more steady profits, fee based profits, asset and wealth management, taking care of wealthy people's money. institutional investors. and this re

i own goldman.just wait until later on next year where i feel like we're in the economy where we're not late stage and you add to the position i think would be an opportune time >> stay with us. we'll come back. mike santoli joins us on the other side with his midday word. and cnbc is featuring our teammates and contributors here's the aqua media chairman >> the best thing here is that the latino cohort generates $2.7 trillion of gdp. now, when we think about the significance of the labor force providing 80% of net new, growing consumption at 2x the rate of the economy, something any investor, any executive, any person that's thinking about the sustainability of our competitiveness in this country inould be aware of thk about, invest in, and catalyze with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle

coming up, earnings season in full swing, goldman saks reporting this morning.- goldman sachs reporting this morning. we are also previewing netflix earnings. plus, american crime out of control, voters are sick and tired of it. who they are blaming for the historic rise in crime across the country. plus, three weeks away from election day, why republicans are poised to outperform democrats. don't miss a moment of it. you're watching "mornings with maria" live on fox business. ♪ my dad was a hard worker. he used to do side jobs installing windows, charging something like a hundred bucks a window when other guys were charging four to five-hundred bucks. he just didn't wanna do that. he was proud of the price he was charging. ♪ my dad instilled in me, always put the people before the money. be proud of offering a good product at a fair price. i think he'd be extremely proud of me, yeah. ♪ 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

sachs that reported higher than expected revenue profits and glaring asterisk and session high for goldman $324 and have it at $312 and change right now. look at the top of the nasdaq 100: some of the names are lucid, octa, and docusign and pandemic darling showing signs of life second day in a row. back to s&p up 23 point-blank layupses and the nasdaq, which is gaining as well as i showed you, they track that of the dow. see that dip around 11:43, 11:4. that may be because of something deeper into not just goldman's earnings but jp morgan, citi group, morgan stanley, bank of america results. all of them on the surface but morgan had pretty good quarterly numbers and year over year drop in profits and in some cases, goldman sachs, morgan stanley, citi, wells, very pronounced and brings us to floor show and guest today of waylon capitol advisers and ryan payne of payne capital management. ryan don't look a gift horse in the mouth and doing favors digging deeper here. how do you view the markets? >> i think the marks are cruel. cruel all year and i have scars on my back so cruel. you'll get

inside goldman now.or a while, that was even more effective, but even so, their point is that we have a lot of different levers that we can pull now they seem to be embarking on a possibility of making things a bit simpler in terms of combining some of the operating units and putting trading investment banking together. we'll see if that helps address -- >> and putting private wealth. >> -- this ongoing discount -- >> there was no real reason for that to separate >> no, why would that be separate >> have a lot of high-price people running things. carl, when i look at this thing, i say to myself, well, lloyd, you did okay it's my bank now i want to get out of these businesses, don't make a lot of money. i'm setting up, so i can get rid of them if i have to everything i just said will be denied by everybody. i used to work there, and like in "the fugitive," i don't care. marshal sam gerard i don't care moynihan did the best. goldman is very confusing. jpmorgan, i liked it until jamie told me not to pretty

thank you for joining us -- goldman sachs asset management, i should add. thank you for joining us. >> it is very much focused on how much further rates need to go. what is interesting, i think, is that central banks have traditionally contingent -- conditioned us to think about two years forward. we are now having much more emphasis on data dependency, as your previous color just said. headline inflation, ok, we are paying attention to that. the fed is focused on core inflation, and you see the consensus there, use just -- you just put it up on your screens. the fed is not going to blink on this, even with unemployment beginning to take higher, even with the activity data beginning to weaken. it is all about spot inflation the fed is not yet privy to. yvonne: the risk of overdoing it, how big of a risk is it? >> the fed has had so far, and there is criticism implied, but given where inflation has gone to, the variable lacks monetary policy, means you do not see the full effect of rate hikes for one to two years in the future, so if you go back to where you

goldman, as they look to reorganize your business, that balance isn't as big as you have from j.p.organ or bank of america. both of them are rising today. >> as the industry reports results, the industry is watching the development type to credit suisse -- credit squeeze is set to begin the sale of the u.s. asset management. walk us through some of the we know. >> asset manager as part of the big issues with green sale so it is not that the asset management didn't have issues but it is about half $1 billion of -- should they succeed on a sale of this asset manager, it would add to potential profit or potential capital inflows that you get from potentially separated -- separating a banking division and trading envision -- division and you have the asset manager. you have enough to stave off the bulk of a capital raise. >> helpful context in a fast-moving story. she covers wall street for bloomberg news and on the first topic, we covered of the bank earnings. bank of america and some of the big themes, let's bring in david george a senior research analyst. nice to have you with us an