sachs and united health care goldman carries about a 7% wea weighting. the whole thing, 17% between the two stocks if not for those two the dow would be positive today. you will have more on the goldman story coming up. health care, one of the drags. more broadly, united health. a 9% drop in universal health services on the day after the hospital operator reportedly generally positive quarterly results, but profit forecast did fall shy of estimates. outside the s&p a down day for acadia health care, operator of mental health and addiction treatment facilities more mixed results in a higher cost environment the best performing sector, real estate overall s&p 500 members, extra space and public storage out performing help from a smaller nons&p, and more generally positive results. seems like there's a lot of demand for folks hoarding and storing stuff off site with that in mind, i'm going to send things over to kristina partsinevelos here because real estate is one thing, but tech much more important from a sector perspective. >> i'll start with the crypto

goldman sachs hosting an investor day.ou can call this a real-time report card on how it is going. the stock is the biggest drag on the dow. kriti: you are seeing it come back slowly and drive the trade. this pivot from the macro. the micro coming in a little bit as well. the euro hotter than expected. inflation data from france and spain. who better to ask than michael mckee. there's is a lot to digest here. specifically when we talk about what the european inflation data is telling us. to what extent is this record french inflation data and spanish data that had ticked backup some sort of crystal ball or signal inflation is not a done deal when it comes to the u.s.? michael: it's a signal that inflation is not a done deal. there situation is a little different. much of what drove the price levels in those countries where food prices. it is not as directly translatable here were the wholesale food prices have been going down. we are waiting for that to transfer into the cpi. it did have a major affect on the bond markets

would tell you -- >> their returns are far superior than goldman sachs.an sachs expects to get to 15% rotce. morgan stanley is already at 15%. their goal is 20%. they're much better -- they're a better -- >> a bigger player in wealth management a year from now than today? >> they're not going to be close to morgan stanley. >> i don't see how they could. >> just go back to what worked for them which is catering to the elite whether it's consumer or corporations. you're right, steph. morgan stanley has won that broader game but the consumer business was never a good idea. they didn't execute on it well. >> they are leaning into asset management. >> so is everyone. >> they're clear and direct about the growth engine that it will be moving forward >> 70% of their business is capital. >> wealth management is the crown jewel of every firm on wall street right now. it may not always be this is what they're all saying they want to do. goldman bought one of the biggest in the country about four years ago i don't know that the stock price has benefitted from that >

>> the death blow was that goldman sachs -- i'll step back. one of the surprising things in my reporting is the extent to which the decisions ceo matt rosendale had an impact on the story of marcus, and its failure. he had done a series of reorganizations, shifting the walls around - >> and shifting people for this organization in 2021 you had a partner, omarishmail, one of the original architects of marcus, well regarded, an he felt like he had been looked over for this promotion that happened in late 2020 one of his peers got it, and he leaves for a place, a welcome backed fintech named one and this sets off a series of disastrous things for marcus waves of people leaving. lack of discipline leading to a boom and bust scenario and things went south. >> one of the things, kelly jump in a second, one of the things your reporting seems to be this, that there were a lot of people who felt that initial credit card deal with apple was very poorly engineered from the standpoint of goldman sachs. >> one of the delicious details in the story for sure

goldman-s shares tumbled. the bank is weighing a potential sale for consumer platforms which have lost nearly $6 billion since being set up. and goldman says it will take another two years for the new division to be even, offered an upbeat outlook for its wealth and management units. credit suisse seriously british rules in the green so capital fair. they criticize the bank for its approach to risk management and says it made partly false and overly positive statements to the regulator. the bank has been ordered to take several remedial measures while enforcement proceedings will be opened against four former managers. haidi: shares rallied to a three-year high. executive chair told us exclusively how the bank will measure success. >> success is delivering on what you commit. we delivered on the 2019 investor day plans in spite of covid, the war in ukraine, now inflation. this is really important. that gives us a huge confidence that the model works. it actually is providing good returns for shareholders. this

goldman when companies are going to market, they're reaching for goldman first. i don't care what you say and they're going to control the things they can control. meeting the long-term targets are more about efficiency ratios and being north of 60% return on tangible equity. these are articulated in stated objectives of the bank and right now, no reason to say they won't get there. they are beholden to macro they swing a big stick i think when they swing a stick in a down market, it's easier to focus on that. but i think they still wear the crown. >> what sort of multiple does that sort of specialized bank get? one that will ride high when times are good but will really feel the bumps when things are rocky? if we are to accept goldman as what it has been and that is to ride the cycle, what should that be valued at >> i think that comes into trading and investing acumen. just arguing that isn't that margin of safety inherent in the business model it's really in the executive team and until that changes, i think they'll continue to trade where they've been around

goldman sachs investor day kicking off.k at the 118 page powerpoint. i've driven into it and page 63, executives can come out with platitudes as loaded as you would see any investment firm with the positive. it's a big theme as well. what i would say is the money charts on page 63 where they look very optimistically net charge-offs in the consumer banking rolling over and doing better towards 2025. jonathan: one goldman sachs. tom: that's page one. jonathan: sonali basik coming up to talk about it. >> keeping you up to date with news from around the world with the first word. the supreme court hears arguments on president biden's move to slash the student debt of 40 million people. republicans contend the president is overstepping his authority. biden put a freeze to penalties on his first day in office. rishi sunak's government has a hard sell. convincing to back a post-brexit deal. he spoke with reporters in belfast. >> i'd like to engage with the parties and it's one of the key parts of this deal, safeguard sovereignty.

since leaving goldman sachs in 2018, it's about time.en rumored for a lot of positions before, including ceo of wells fargo. him taking over at a private asset farm -- firm, it's pretty crazy to hear. the pitches interesting. harvey schwartz rose that the ranks there, particularly at goldman sachs. he was a sales executive for a long time as well. in that time, he had built a lot of relationships with clients, investors around the world, sovereign wealth funds, which is something that could come in handy when the fun rising has been difficult -- fundraising has been difficult. the other thing to keep and i out for, for harvey schwartz and assistance, is the talent story. what is this going to do to bring people together, to improve morale after such a big shakeup at the top, after some senior executives have left? kriti: there has been a bit of musical chairs, for lack of a better term. what else do we need to know about that? sonali: we were talking about asset management and the carlisle since baird you don't often see asset managers m

all the a way at the bottom there, turn your attention to goldman sachs. it is the biggest laggard, now down 3. very low, close to the lows of the session. now, at the bank's investor dayed today, ceo david solomon bluntly said in so many words that that goldman's foray into main street banking -- something, by the way, that was launched well before he was named ceo -- has been a bust. solomon bluntly stated, quote, we've significantly narrowed our ambitions for consumer strategy. he then revealed that goldman is considering strategic alternatives for its consumer business which has lost a pretty jaw-dropping $4 billion over the last 3 years. that division includes the apple card partnership which lost $1 billion in just the first 9 months of 2022. but also that pricey acquisition of green sky, the platform that offers loans for home improvement and health care. now, that $2 billion acquisition was driven by the solomon regime. ing spiking costs for the division are one thing, okay? we get that. but now it's paired with the consumer very wary about an econ

goldman sachs is the best in investment banking goldman sachs is the best in trading.nd let's pull the lens back for one second if we could and understand both in the case of goldman sachs and morgan stanley, they've done remarkably well since where they were prepandemic. morgan stanley up 60%, goldman sachs up 450%. the rest of them, jpmorgan, citi, bank of america, they're flat prepandemic they've done a good job. this is a step in the right direction. more needs to get done >> i mentioned mayo. i want you to hear what mike mayo thought about investor day. he talked about the challenges they're facing. >> they did have a terrible fourth quarter they are likely to miss their targets this year and next i personally asked a lot of questions around that. but, you know, just like in sports, as in wall street, winning cures all. if they can get to their targets, then all this other stuff will just be noise >> one of their targets, joe, is to, you know, grow their asset management biusiness, which is the reason you're bull irk on morgan stanley over goldman sachs. that's th

to goldman's 125. pass regulatory muster but those are the type of deals, that shows you the sort of box david is in right now. he has shareholders who don't like the last, clearly the last quarter, don't like the fact his retail banking business kind of imploded on his watch even though he did not create that problem. that was handed to him by lloyd blankfein, his predecessor. most, the logic suggests he needs to do a deal to basically get sort of flatter earnings and better quality earnings in asset management, wealth management. a lot of those places are just too big. they will attract a lot of attention from regulators. he has got, he has basically, the choice of doing, sort of mid-sized deals, a northern trust that would be a significant deal that is a 20 billion-dollar company. that would be a 20 billion-dollar plus deal. that's a big deal but again not like sort of transformational but it would be good or improve the business bottom line, hamstrung by lack of deal flow, volatile markets, of cour

goldman. tom: solomon and gorman, don't overlay.% per year. jonathan: that was good enough. sri, thank you. looking forward to your coverage tomorrow, the latest on goldman investor day tomorrow. equity futures, s&p still elevated, up .4%. coming up, gene tannuzzo. ♪ this is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh >> folks are just kind of tired of the uncertainty. >> i do worry about too much focus on these lagging indicators. >> there are a few good data points that have come out. they are a trap. >> growth is definitely not as weak as people expected three or four months ago. >> we are not at the beginning of the cycle, where close to the end of the cycle for the fed. announcer: this is bloomberg "surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning. we welcome you on a monday. an eventful monday, as we stagger into march. futures up 17. john, equities, no

what do you expect from goldman.ir dna. >> hugh son, thanks for coming in. >>> we going to talk more about goldman sachs' strategy at 8:40 with bank analyst mike mayo. we haven't seen him in a while. >> mayo. "officer and a gentleman." >>> secondly a new bloomberg report says apple is laying out rules on its tracks in its new buy now pay later service. they'll look at which apple devices they own they'll look at which customers have applied for an apple credit card the criteria now being tested by employees will determine whether the company is willing to lend to applicants and how they will react. >> lou gossett jr. and robert gere richard gere in the white uniform? >> i remember the song i remember the movie. >> the white suit. "an officer and a gentleman. that was unbelievable. not quite the american gigolo, but close. >>> why would someone want a goldman sachs credit card? they didn't really address that, do they get skymiles. >> what's on the back of the apple card it turns out that apple insisted they wanted th

you're a former goldman man, jim.ve to tell you, i've listened to your interview and i'm reviewing again. i thought it was unbelievable. holy cow, i hope the -- you elucidated more from solomon than you'll get at the investing day. i think the lessons learned are not fully learned. i think you correctly mentioned that the credit cards have been just horrendous for them poor execution has hurt their earnings the ft piece yesterday which talked about how they're the wrong bank, a bank of 2008 i don't know, andrew you know that period very well did you come back and feel that goldman has a game plan for consumer >> you know, i think their game plan is actually to move, frankly, away from consumer and into the wealth and asset business how quickly can you scale that basis? when you look at what the ft said, morgan stanley has already gotten there in terms of accusations. the question is whether the brand and the relationships that the firm has are not just strong enough, but so strong that they can develop into that and w

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no one from goldman ever goes to walmart to go up against goldman. this is a great piece.ical to the goldman i know, but as my wife would say, jim, the goldman you know is 40 years old. >> it does remind me of the mike mayo note the other day, for the first time in decades, it's not on some list of most preferred places to work >> goldman was always the hardest place a get a job. i'm going to step back i think people still want to get a job very badly the a goldman there was this great, go west, young person, move but i'm seen no diminution of people wanting to work at goldman i still think getting a job at goldman coming out of school is a great honor. that has not changed >> all sectors are green not as good as consumer discretionary, which leads me to amazon this morning, you tweeted about their exploration of ultra-fast delivery >> there was a guy at my house at 6:00. i said, what are you doing dropping off some pants i bought i ordered the pants at 5:30 last night. andy jassy, whom i know, i mean, there is -- well, i mean, the guy was, like, it was 5:00 p.m right ther

scrapping gulf coast a goldman sachs card >> the goldman sachs card or the potential goldman sachs cardsualty of their pivot away from the consumer at first, we had heard about marcus loans basically being shuttered. that was their inaugural product. they're shuttering that. and then we learned that this, that the digital checking account they'd been working on for years and had piloted with employees is just being shelved. so once you got to the point where they're not going to be the main -- they're not trying to be the main kind of transactional bank for main street a lot of these ancillary products that were theoretical products on the road map that they were going town vail over t the years, the rationale for those products essentially evaporated >> what good is the apple partnership for them if they can't leverage it into other things >> you're talking the pro goldman sachs proprietary card, which is, we built this thing, we already sunk the money into this, the millions of dollars to create this new tech platform for apple, for gm, for other folks, why not just use it for our own

caroline: goldman sachs faces a stripe. all that and so much more coming up from the private markets back to these public markets. let's check in, optimism managed to push through even as we look towards the key inflation. s&p back above the 4000 level. msci all country index pushes up. we will take into that. the seven year yield managed to pull back after it reached a record high at the auction earlier today. let's see what is happening in the world of crypto. i'm looking at what has actually been about the 23,000, almost 24,000 level down over the last couple of days. we have managed to push away from the correlation of the stock market. ed: for the technology sector, earnings is still a sector. not only missed expectations but guidance for the four year and set really low expectations for 2023. see the stocks drop pretty significantly. this is the second best performer the software maker beating -- cutting prices in more than a hundred countries but lower income markets where they have fewer customers still reacting neg

i do like goldman quite a bit. i agree on something citi is trading that i could see better returns there even though it is far from the creme de la creme within the industry. i want to point one thing out. i did the math it's a 14% annualized return to get to a trillion dollars. is that higher than the market average? it is. is it outlandish no, not if they execute well your point about jamie dimon is well taken however this is a sector i want to be in, and the way i like playing it is to have the creme de la creme and a dark horse with citigroup >> i don't know the answer so it may be unfair to ask you this, when is the last time that these stocks have had that degree of annualized return for that long a period of time dare i say never i don't know the answer to that question i'm guessing not often >> i don't have the numbers in front of me, but you'll remember going into the financial crisis, and i know how that sounds, but those three years going into the financial crisis, the financial sector was on fire there

goldman is slashing 6.5% of its headcount.autam adani's conglomerate has halved its revenue target and will hold off on new c apital expenditure. that is as the group looks to rebuild investor confidence after a massive selloff in its shares and bonds. opec's top official is urging countries to invest more in oil to meet the world's future energy needs. the secretary general says climate policies need to be more balanced, and policymakers need to look at the big picture. global news, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. laura wright. francine: olaf scholz party crashes to a huge defeat in the berlin elections. we will discuss what that means for the german chancellor next. and this is bloomberg. ♪ tom: welcome back to the open. 22 minutes into the european trading day. a holding pattern across markets ahead of the cpi print out of the u.s. tomorrow. gains of .2% across the benchmark. yields up modestly. futures in the u.s. pointing lo

also, jason snipe, you own goldman. >> yeah, absolutely.rms of this announcement i think is positive the retail business is an expensive business obviously to try to break into. and then starting to pivot away makes a lot of sense revenue down 48% asset management fees down 27% the stock is still up 8% year to date and trades at one times book i think they really need to focus on the underwriting business that will come back. it was obsolete in 2022. there's upside ahead >> joe what do we think? it's provocative mayo is a provocative guy. for a stock that's up 8% what do we think >> this is what you want goldman sachs to do, to go back to what their identity was and bryn highlighted how phenomenal they were as a trading entity when i think of goldman sachs i think of goldman sachs and their ability to trade markets and to generate revenue doing that. i think to a certain extent they lost their identity. it's one of the reasons why. i'm invested for capital markets towards morgan stanley morgan stanley knows who they are and the wealth manag

tom: sharon bell, goldman sachs. thank you. they are geopolitical tensions arising we will get more views on geopolitics and how you lay that across the equities space there'd coming up, a meeting between top diplomats between china and the u.s. over the weekend may have only heightened the tensions between the two sides. we'll bring you the details of that meeting next, and implications. this is bloomberg. ♪ tom: welcome back to the open. we are 11 minutes into the european trading day. modest gains of .2% for the european market. as markets -- the main benchmark and mainland china getting 2.4%. the main chinese diplomats and u.s. had a meeting that was meant to patch up escalations. they have only worsened elation's between the world's two biggest economies. let's speak to bloomberg's bruce einhorn in hong kong. let's start with the u.s.. what did blinken have to say about this meeting? he quickly jumped onto the u.s. airwaves. bruce: you're right, tom. antony blinken was supposed to meet with wang yi in other chinese officia

another company, goldman sachs. key update appeared the bank says it will take another two years to break even on its business. this is bloomberg. ♪ ♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family or passing down the family business or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready for today and tomorrow. the choice is clear: make your business future ready with the network from the most in

goldman says confusing equity market outlook.gan stanley saying you could have a drop of 26% of equity markets in the u.s. in the first half. u.s. equity markets are pricey. europe is stabilizing, down .25%. to the bond market, if you understand that field where dreams go to die, it is in the bond market. quite literally imploding, the best month since 1990 at the start of the year, don, toast. we have lost almost 3% in bonds, the bloomberg index has dropped by nearly 3%. unwinding virtually all of the rally at the start of the year. let's see with the pc and fed minutes due to the field of dreams, which is the disinflation. natural gas breaking the lowest level since 2020, and the aussie down a part of a percent as we saw wages come in later, invigorating the view that maybe the rba will have to be just as punchy. let's leave the assets for a moment. to the geopolitics of the world. president biden had words for russia in a speech marking the one-year anniversary of moscow's invasion of ukraine. >> a dictator bent on rebuilding

goldman scrapping plans on consumer bids, could it end up costing david sullivan the ceo his job? roku rebound surging after hours. we'll go inside the numbers. from the d-line to the bottom line na in dom can sue will join us. jim farley opening up on what it needs to do to improve its pos position. >> what exactly is behind the shortfall? >> melissa, jim farley was talking, a fire up did side chat with him and john lawler talking with the analysts there, saying this is where the company is right now, basically the same message, where they say, look we're at about a $7 or $8 billion cost disadvantage, we think at a minimum we can address it almost immediately things like warranty costs, as well as the efficiency sits it's not going to happen overnight, but there is the plan from jim farley then the question of whether or not when it comes to electric vehicles. lots of news on that front today. that's going to halted through next week. if you're a ford investor, the good news is you're hope form what they say comes to fruition if they have found it and can address it, then they'll

second ever investment day for goldman. we all know the bank was challenged they need to find ways to reassure investors, and also its own partners. get them in line with the ceo. and can restart growth. the wealth asset management business has growth potential. it will be important to reassure to reassure and regain confidence from investors. manus: manuel they are in hongag kong. let's see what comes of that investor day for goldman sachs. we will catch up with the president and chief operating officer of goldman's at 5:00 p.m. don't miss that conversation. dani, would you notice if you were $50 billion richer in the space of a month? i hope i would. i would certainly notice if i lost $200 billion, which elon musk was the first person to do. but redemption for mr. musk. manus: it takes the underlying stock, tesla is up 100%. it's ms. dea -- its nadir was january 6. nadir was january 6. he has now got 187 billion dollars, he has a wonderful bump. he is back on top. dani: so thin. he is at 187 billion, arneault is at 185, c

goldman sachs is expecting less than that.ty weaken compared to last year but it has been below $100 a ton for most of that period of time. there is going to be definitely an impact there. cost pressures is something bhp was talking about particularly around diesel. the same problems around china demand as well although as bhp said it is seeing some green shoots around that. rio tinto has been doing pretty well though. that has outperformed the broader -- even though the dividend is expected to get a bit smaller, it is still pretty healthy. >> paul allen there with the latest from sydney. we do have an exclusive conversation later. he joins us later at the times on your screen. >> let's take a look at australian bonds. we continue to see the downside for treasuries, the slump on tuesday when it comes to regional bonds across australia and new zealand as we get into the rbn decision. all of this really being enveloped by concerns about fed rate hike bets and we will see an environment of higher rates for longer as well as expec

jon: it feels like these continued swings might make it another profitable year for goldman.look at big tech as we roll into the close on this thursday. kriti: it all comes down to a question of participation. the issue last year was people didn't want to participate and deal with the volatility, something that the trading rooms and wall street and goldman benefited from. let's see if they attract new investors in 2023. it's all about the tech story today with alphabet and amazon and apple read after the bell and driving the gains in this market. more markets coverage ahead, stick with us. this is bloomberg. ♪ taylor: we are kicking you off to the cause. we have two hours left. the day after the event, usually there is a reassessment of things, but today it is off to the races. katie: same thing we saw yesterday, big, broad rally. it looks like we have tech leading the way scarlet: we have tech leading the way and the nasdaq 100 entering able market. a bunch of names reporting earnings afr

>>> too little too late with goldman sachs's david solomon talking about the biggest job cuts in years. >>> and what investors are doing for the first time since 2016 that is turning heads on the street >>> later on, one for the record books. kansas city chiefs beat the philadelphia eagles to claim the second super bowl win in four years. it is all happening on monday, february 13th. this is "worldwide exchange. >>> good morning good afternoon or good evening. welcome from wherever in the world you may be watching. i'm brian sullivan before we get started on the official show, a quick shoutout to the kansas city chiefs and all your fans. you are 2023 super bowl champs a textbook second half and looked like a painful 26 yard scramble from patrick mahomes to keep his team in the game and gimpy ankle. it would be a touchdown and penalty that would decide the game final in arizona. chiefs 38 and eagles 35. if you stayed up and watched the whole thing and watching or listening live to "worldwide exchange" right now, we feel you because we did the same thing. it could be a long day stilling

goldman-sachs ceo david solomon telling partners at goldman that media leaks are damaging the company'sording to the "financial times," solomon spoke for an hour last week at a meeting of 400 goldman partners down in florida he also addressed the company's recent layoffs, cutting 3,200 jobs, saying he should have acted sooner and perhaps the cuts could have been less severe if he had. i guess that's not quite the kind of solace that those partners were looking for. if i had moved sooner, i could have saved some jobs >> and strategic questions hang over the whole marcus issues, the consumer bank side, was that even the right direction to go in questions about his own future at the bank, and i think that his -- the tension in the meeting probably reflects the tension that is felt about goldman. they're at a difficult point right now. it's tough for capital markets when you don't have that buffer of wealth management that the morgans of the world have invested in. >> they do chase does jpmorgan chase you mentioned them and others and the investment banking business has been in a bit of a q

lauren: goldman sachs downgraded them to neutral.deterioration and profitability, most notably in the chicken sector. we one nike and home depot are both down. lauren: both down 2% and that is weighing on the dow jones industrial average. i don't have reasons each are down but they are a big reason the dow is down. fishermen sounding the alarm t over wind turbines off the what are fishermen telling you? >> reporter: they are telling me these offshore wind farms are threatening their bottom lines and it is only in the surveys to win develop and happens we will sit at the grocery store with prices and availability around the dinner table. we are at a commercial fishing. they fish for everything from crabs to scallops to squid and they are already having to change some of their roots because of the development and surveying of offshore wind farms. when the roots are longer it is dangerous during bad weather and more expensive because of the cost of fuel. i will show you a map of where these outlands for development exist. it happens to

that's according to a new study by investment bank, goldman sachs, a curved spending closed shops and generous stimulus measures helped households pad their savings by the end of 2021. before relief measures ended and inflation sword as good against quarter in new york, yann's many american households did pad their savings through these english mal measures during this pandemic time. to what extent were those savings a critical for what came what came next. the stephen definitely was very crucial for a 20 a 22. i mean we had 2 factors that play. we had the stimulus money out of washington on $1.00 side, and then we had the american household spending a less and $2220.20 a one. so people spent less and restaurants that's for travel less for leisure, and saw that both let 2 additional savings in the united states or extra savings in the amount of $2.00 trillion dollars by the end of 2021. and that money came to use in the last year, especially when we had inflation kicking. and we also had almost record prices for housing. so therefore, that money was a pretty crucial can we say, how pr

but as you mentioned, and as a goldman sachs showed in this study, it's getting a less and less so. so it will be a big burden looking a hat for you as a consumer. so that was i cost of living. they have to live from paycheck to paycheck, and that's at the same time. are at record tice jones court in york. thank you. and e, u import embargo on russian crew products such as diesel and gasoline has been in effect since sunday. it aims to further limit russia's revenues from energy sales and therefore its ability to finance its were on ukraine. the measure is to compliment and import ban on russian seaborne crude oil that came into effect in december. russian oil tankers that won't be heading to european ports with shipping bands and price caps, you slammed its door shut and russian supplies since russia's invasion of ukraine early last year. the amount of russian crude oil arriving in europe has dwindled. at the end of 2022, it was only a quarter of the amount it was at the beginning of the year. but russian tankers haven't stayed home. instead, the kremlin diverted many of the shipme

and professor turley got caught by congressman dan goldman in the george santos like moment, trying tor congressman goldman made the point that jonathan turley has never worked and in government. jonathan turley immediately insisted that he was an intern, somewhere in the government, way back when. and then he claimed that he worked for the house of representatives. when the republicans in the house of representatives engaged him as an outside lawyer. that would be like a lawyer saying, i was a member of the mafia because they hired me as a defense council in one of their murder trials. the two former fbi agents both agreed that the fbi field offices in cities around the country are these centers are of procedural integrity compared to the horrible culture in the washington office of the fbi. never mind the new york city field office has recently witnessed the arrest and indictment of a former high ranking fbi official in that office who was accused of taking hundreds of thousands of dollars in cash while still on the job from foreign sources and then went on to work for the russian al

goldman's rocking it out with a big bullish call on iron ore.ay there is a lot of patience in the market for commodities but they don't question their conviction, they remain fully bullish on commodities through the year. copper, i felt we would throw that in, a system -- soupcent of green. friday marks one year since the beginning of the war between russia and ukraine. 12 months later, we take stock of some of the human impact and also the effect on the food and energy prices, inflation, and long-term consequences for the european economy. tom: russia invaded ukraine in the predawn hours offender 24th, 2022. this after president vladimir putin spent months willing up troops along the border. the unprovoked attack sparked the biggest flow of refugees since world war ii. over 8 million ukrainians have fled the war. tens of thousands have died or been wounded amid unspeakable brutality. but the impact extends far beyond the human tragedy. the fighting between two of the world's biggest food producers hampered exports from the region. together russ

now to the banking sector, goldman sachs ceo said he should have acted sooner to cut jobs.ccording to the financial times. the bank has plans to eliminate over 3000 positions in one of its largest ever rounds of job reductions. several european banks are reporting this week. standard chartered on their stay. first abu dhabi big reiterated it is not planning a bid for the em focused lender. those plans may be warmed up again, but they denied that. nonetheless, significant to watch the earnings on the back of that news. you've got sand and air -- santander as well. looking at a string of earnings from these european tanks to flesh out what we seen from u.s. counterparts. coming up, an exclusive interview with the portable -- cortical central bank governor. stay with us. this is bloomberg. ♪ - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair co

morgan and goldman sachs.nds is giving you yields four or five times what you would normally get. this is what the data is showing you. i would say, there doesn't seem to be anything particularly right now that indicates the inability to make short-term obligations. here is the thing. at what point does a crisis of confidence become a liquidity issue and a solvency issue? we have all seen different stories on this and how quickly not morphs. to be frank, the difference between genius and madness often enough in this case is the madness of crowns. we will see how this all plays out. shery: we will stay with delving deeper into adani and groups seems to be plunging by the day. it is weighing on india's credibility as a desk nation for global investors. we have emma o'brien joining us now. it has really been fascinating to me, we have made the comparison with similar emerging-market worker governance and debt concern stories. china, hna, evergrande. what has happened with adani that is materially so different in

. >> here at the goldman sachs global macro conference in hong kong. this is the first time this event has been held in person some of the start of the pandemic and what an action-packed lineup we have over the next two days. starting up with the chief economist. he will tell us why the bank has raised its forecast for where the federal funds rate ends up. when it sees another rate hike in june and the outlook for the boj later in the morning. we will speak with the former executive director about the outlook for maybe og -- for a boj led by you waited. haidi: let's get you into the market open as we get into the staggered start any australia. looking muted given the absence of a lead by trading in the u.s.. futures were soft in the u.s. asian equities looking to build on a robust session in the monday advance we did see in this region. we are seeing the ethics coming on 3/10 of 1% softer and with expectations on futures. kiwi stocks down by 2/10 of 1% as we head into the rbnz decision day. whether the -- whether they slow that trajectory. potentially

tom: jari stehn, goldman sachs' chief european economist.ine: we will hear more from the eskom ceo on south africa's power problems. this is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. tom: welcome back to the open. we are 42 minutes into the european trading day, the benchmark up .2%, the ftse 100 up .4% propelled higher by energy, that sector gaining 1.6%. brent and wti up struggling in the session. futures range bound stateside about the s&p and nasdaq. let's get the first word news now with laura wright. >> the rba has raised its cash rate by 25 basis points to 3.35%, in line with most economists. the australian dollar and bond yields jumped after the announcemen

it is on wall street and bragging rights involved and goldman under performs peers for the past fews the big bets on consumer banking that's cost more than it's added to the bottom line. think about the markets division that issues the apple card and some ate ill advised $2 billion acquisition of green sky handing out consumer loans of home improvements and healthcare and that consumer division shocking numbers and lost $4 billion over the past three years. remember when goldman went public before 2,000 and trading at four times and mike murphy telling you that's how we bank vendors and the idea. >> four times and obviously now way too expensive for goldman and too many missteps over the last few years and gone in this direction and switched course and gone in that direction and i like their focus on wealth management stuart: buying -- susan: buying back $30 billion in stocks. stuart: meme stocks. susan: heavy shorted trade and that's what meme stocks are now. amc up 85% this year in eight weeks and includes 22% rally from yesterday and three hours of trade and reporting earnings an

just recently goldman sachs announced 3,000 lay ahs and recently goldman sachs cut bonuses to employees90%. david sullivan the ceo took pay cut. the poor guy only made $25 million last year. now how he is suppose today survive off of that. it's nothing. look, the biggest issue with goldman sachs a lot of the critics right now are zeroing in on this investor day because when you go back to the very last investor day he did pre-pandemic early 2020 it was a complete flop. every single thing he talked about, every prediction he made, one of which was their consumer banking division, everything turned out to be a 180. everything that he predicted, the exact opposite happening. should we place any value on the stuff he's going the talk about because we know what they are doing with the consumer banking side of the business, that marcus side of the business, they are wining it down. it has been a profitless division for the last two to three years. it's not doing anything and it turned into a huge profit less bust. there's a lot of questions about whether or not they are executing properly on

we thought this would be a good time to grade goldman. >> well, as tim mentioned, it is difficult fort to give them an ache, but i thought they did a great job between john and david, i think they basically laid out a plan for growth. they have a physical stream without management. they still dominate in those areas. i think it trades multiple to book value which i think is 305 or so. 1 1/2 times book on this and you talk about a stock that should be north of 400. during david's tenure, the stock has effectively doubled. i don't think people necessarily love him, but i think there are a lot of people with bows and arrows showing to knock him off and i think that is unjustified. >> julie, where do you stand?>> c+ for me. >> that is failing >> banking and trading is an a+ business, but it is cyclical and that is why they have been trying to diversify away from that. everything that is happening has been a mess. it is disappointing to hear they have been talking about how they misunderstood the advantage. you think about it that is what they advise clients on,. it looks like they want to

>> i work for -- goldman sachs. >> you work for goldman sachs in new york?telling the goldman sachs lie six years ago. what does that tell us at this point with this guy? >> it tells us that he is always been a liar, he always has a hard time with the truth. even a time he's referring to himself as a politician, but he wasn't even a politician yet at that point, so is neither a goldman sachs pollack employee or a politician. and he felt very comfortable lying to a judge in a court of law. it just shows that there are no limits to what the things that he will lie about. >> let us help us contextualize about this, because there are multiple ongoing investigations into sandals at the moment. if you could lay out for us and give us a sense of what you're doing about the status of all these probes that are seemingly everywhere covering everything. >> so he is being investigated a pretty much every level of government right now. there's federal investigations, his campaign finances, there's local investigations about his handling of funds for a dying dog a number

as always a pleasure, congressman danny goldman. coming up, a highly unusual announcement from washington d. c. is a president tells the nation what he knows about the recent rash of ufos. that's coming up next. i've got this. ♪♪ we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find

cheryl, this goldman sachs report is interesting. quote, overheated cities. cheryl: i want to start with arizona, in particular scottsdale, arizona. this is one area we're seeing the biggest price reductions. i'm going to give you three different homes. you have to tell me which one is worth 1.15 million. here are the three homes right now. this is scottsdale. the first one, reduced by 50,000, four bedroom, two bath, 2,421 square feet, new pool deck, outdoor barbecue. is that the one that's worth 1.15, paradise lane. the next home is a five bedroom, four bath home, 3,879 square feet, the price reduction, 45,000 on this second home. and then the third one, reduced by 100,000, these are all recent price reductions i found, four bedroom, three bath, over 3,000 square foot. it's on a three quarter acre lot, there's a circle drive and room for rv storage which i think is important as i get older in my life. which one is worth $1.15 million, maria? maria: shoot. okay. i'm going to say 1.1 is in california. cheryl: these are all in scottsda

we have earnings season and the call from goldman sachs on oil at $100. we need to change the thoughts longer-term on stocks? madison: i think that's fair. longer-term, i think when it comes to where we are most constructive, i think we need to think about what are the drivers of cap acts? -- cap ex? that is geared towards the real economy not the mega cap tech leaders that we saw the last cycle. we have to think very carefully about how we are positioning further in this environment. francine: on the nasdaq rally, gains of 60% year-to-date. there are strategies saying the tech rally is too hot that they would have missed out on these almost double digit gains in tech. >> it's been a fantastic start to the year, a live asset classes. there is a lot of caution to be had right now because the signaling from the market and the fed remains at odds with one another. there going to be a re-conciliation at some point in we have to find out where that happens. there is potential for that short-term volatility before we get back the upside. i am broadly an agreeme

this goldman piece today on the tech layoffs we've gotten, they call it a ripple, not a wave, not atll emblematic of the overall job market maybe shifting some jobs around the bathtub but not taking them out. >> where the 6,500 people from dell where are they going i don't know i guess they could walk across the street if they're in austin, right? >> i guess but i mean, right. here's what goldman had to say about it at the same time, the numbers, granted, as a percentage overall, they're very small, although many of them are high-paying jobs we do have this belief somehow that people are able, then, to go somewhere else and find another job. but they're not insignificant. they're not insignificant. >> no, they're not >> we talk so often about alphabet, which hired way more people over the last year than they are now dismissing. it's not as though that's equal. but nonetheless, jim, there are significant numbers. >> there are, but let's say you're amazon, and you're jassy. we want jassy to add a hundred thousand jobs. >> they added 800,000 during the pandemic many of them, warehouse j

dan goldman of new york, jimmy osco it's of florida. it's hard for me today to not think of my fellow maryland are and friend elijah cummings, chairman and ranking member of this committee not so long ago. he recruited me to oversight, the central purpose of this committee, our job is to make government serve not as an opportunity for, greed and self indulgent, not as a violator of the rights of the american people, but rather as the protector of the rights and liberties of the people. and always the effective and efficient instrument of the common good, the greatest good for the greatest number of americans. we conserve every single day, and i take this duty seriously, and ensure with you but effective and efficient government. which delivers meaningful benefits to the people, which we serve. i've taken the liberty, mister chairman, of purchasing out of my own pocket, a copy of tom paine's common sense for every member of this committee, republican democrats, the pamphlet that launch the american resolution, because what we need to pro

goldman trades around book value, too the math should work on that to the benefit of shareholders longwe're watching an interesting take on the warner bros./discovery. needham asks if it could be the next disney, even after they missed revenue estimates and had the big loss for q4. laura martin argues advantages are deeper after splitting off, owning video games as opposed to park which she says has higher return on invested capital and targets younger audience julia joins us i'm starting to think the bull case is not so far fetched if net leverage should be comfortably below four times at the end of the year. >> yeah, i mean, there's so many things that really highlight the transformation of this company in the past year the first one, i would point out, is that they dramatically minimized the amount they were losing in their direct-to-consumer streaming business there's been so much conversation, not just about warner bros./discovery but all the media companies in the costs they sunk into these streaming business they lost half as much on d-to-c business laura martin was saying about