goldman sachs. let's break down the price action this morning. equities drifting a little bit higher on the s&p 500. a bit of dollar strength against some sterling weakness. we snapped that winning streak on the euro and yesterday session. i want to get to western alliance. here is a name we have talked about a ton. out with numbers yesterday afternoon. stocks down about 2%. deposits coming back to stop the bad news, it is costing them big time. interest expenses up 25% from the first quarter. tk, you can track the money but you have to pay up for. tom: let's get to it. the index is what people like herman chan watch. he has been the foundation of bloomberg surveillance bank analysts -- analysis, should say, since i think march, whatever it was, st. patrick's day when the world blew up. what did you learn yesterday from western alliance? herman: we saw was returns were a bit more normal circumstances. the positives are coming back and greater than analysts had expected. but they're paying upper depo

goldman sachs.igroup and now this big head to goldman sachs.— in citigroup and now this big head to goldman sachs. if you zoom out from all of — to goldman sachs. if you zoom out from all of this _ to goldman sachs. if you zoom out from all of this the _ to goldman sachs. if you zoom out from all of this the bank _ to goldman sachs. if you zoom out from all of this the bank ceos - to goldman sachs. if you zoom out from all of this the bank ceos are l from all of this the bank ceos are breathing a sigh of relief because in part by there may have been disappointing news within the numbers and resort trading revenues taking head because last year there was also taffy on the investment banking side as well, the big picture is relatively they have weathered the storm we saw affecting smaller banks pretty well. that doesn't mean they aren't focused on the future in the future regulation that might be coming their way as a result of requirements to hold more capital, that is a live discussion. but i think

goldman is right. you know, that when my children engage in multi-million dollar influence peddling in foreign countries i often do what any father would do and ask to be put on speaker phone at their dinners. it's hard, one of them just graduated high school, so she's still working her way up. but you know -- >> gillian: good for her. >> yes, thank you, i'm looking forward to that romanian connection she can lay out. but you know, it's really amazing to watch the extent in which people like representative goldman will refuse to recognize any evidence. you could have a picture of president biden actually burying mountains of gold and they would say he was simply doing gardening. so you know, we have to get beyond that and just keep our eye on what the evidence is, and the evidence is increasingly defensemening. goldman himself tripped the wire when he tried to question whistleblowers in the last hearing and he ended up demolishing the president's defense. goldman got the whistleblowers to say yeah, the

goldman talent including marty chavez, the former cfo at goldman, who is also a partner there, hiredo certainly a big move in talent here. a significant person to be leaving goldman at this particular time. dani: even just -- kailey: even just six street itself, all the names, that is a lot of people from goldman. it is not the only string of exits they have had. how big of a problem is this for the bank? sonali: the people i named moved a long time ago, but the recent moves are very notable. think about katie koch, a significant executive running the public equities portfolio for goldman sachs. this year, she joined tcw as ce -- ceo. a big part of their strategy left to join vestry. this is a massive name as well. dena powell joined msd. you are seeing movement a very well-known names, some of which had been at goldman for decades, had started their careers there, in some cases, and rose to the very top. ullman has had turnover like this for a while. it does not mean -- new leaders do not just pop right up. but it is happening at a sensitive and a key time. dani: as we talk about th

that might be the silver lining for goldman here.if they execute going forward, assuming the last five years were awash in terms of strategy, especially with consumer problems. guy: bank earnings friday. massive week. fantastic coverage. sri joining us on the latest on goldman. coming up, joe biden wrapping up his visit to lithuanian. he just met with president zelenskyy. he will go to helsinki in the next few hours. we should reference the british pound, i will let alix think about this. it's not all bad over here. alix: [laughter] just for the day. guy: this is bloomberg. ♪ it can happen to the people who teach us and rescue us, the people on our team and in our family. it can happen to the people who serve us and the people who served. the people we work late with and stay out late with. it can even happen to the person in the mirror. opioid use disorder is a disease that can happen to any of us. it's possible recovery can happen to any of us, too. oh, oh, oh...i'll be the judge of that. oh, that's nice... oh!! searchable, verifie

here is how goldman recalls in his letters. what happened to him then?t night in a trench in the snow, at full speed and in the snow i was surrounded. under fire, i was starving, i was undermined by mines, enemies were shooting at me. and i shot them dying in the lord. i have seen death more than once and i have seen the death of our fighters. already in office lieutenant, he writes a wonderful poem, a special correspondent, the front-line newspapers looked out for us and clicked a watering can. i took the address with me. and we again went to where the shots were and look how young i am. 286 are transferred to poland near krakow, well, you know the story of how this city was saved and the artillerymen practically did not touch it. it's hmm an architectural marvel, but, nevertheless, the 854th regiment, received the city's title of krakow war senior lieutenant. he graduated in berlin, but the place of celebration was remember, i remember correctly, yes, everything, this war will be remembered with the elder lieutenant to mikhail golemon until the end of

attention turns to goldman sachs and attention turns to asml. it is a beat for their second-quarter booking for the chipmaker coming in at 4.5 billion euros, the estimate was for just under 4 billion euros. third quarter net sales, these are the estimates. they are seeing it higher on the high-end. the estimate was 6.5 one million euros for the third quarter net sales. as the low end of their estimates. the high end is 7 billion. the one disappointing thing is the gross margin for the third quarter. the forecast was 50% in the estimate was 51.3% perhaps costs are going to be an issue for them going forward, but at least for this quarter, they did have a better gross margin. the gross margin was 51.3% in the estimate was 56 -- 3.6%. overall, as i mentioned, the guidance is higher now and higher than estimates and they are saying that the sales growth towards 30%. that is the latest from asml. we will keep an eye on any commentary they might have during our call about china demand, especially for the deep ultraviolet chips. when it comes to the ov

goldman tends to be conservative. how does that commercial real estate impact in the market across the other banks? matt: more sellers in the market where there are very she buyers. let's stick with the banks. one of the most listened to analysts on the street, mike mayo wells fargo, joins us right now in the studio. what is your take now that we have seen for the most part all of the big banks and goldman sachs seemingly the worst among them, how does it look to you? mike: let's go from the big picture to the specific. this idea that banks will have a big liquidity capital or solvency issue is off the table with the bank earnings. the industry has turned a page. there are still earnings issues. i have still taken my estimates lower. as far as big picture issues, you had all of this hocus-pocus, math, financial analysis after silicon valley and first republic failed, saying look at those are the banks. it is not happening. this bank crisis discount without a crisis creates an opportunity in general. goldman sachs in p

but the fundamentals are there goldman had some missteps, right. so the whole retail move hasn't worked out you'll see more write offs there. i'll go back to what i said, as they go down the line, their bench is the deepest in in the industry it's like next person up all the time they cut a lot of heads. meta and the others weren't alone in hiring during the pandemic now they're right sizing -- >> take goldman you think they're going to be more efficient it's their year of efficiency whether it was their own doing or forced in some respects on them by, as you document, some of the missteps that you say, but let's say we think that capital markets are going to pick up you get more i.p.o.s, m&as going to pick up isn't now the time to look at the stock? >> it should be. >> i talked to bankers all day every day, right, because private markets. and most of them, you know, didn't think the capital markets would open until second half of '24. now we're seeing, selectively, the best get done. the ones with most track, but still a small number you'll see mi

you know, this is goldman. maria: exactly.ay than five years ago. very different. cheryl, thank you. stock is down a third of a percent right now and we'll be right back. stay with us. only at vanguard, you're more than just an investor, you're an owner. our financial planning tools and advice can help you prepare for today's longer retirement. hi mom. that's the value of ownership. ♪ i have type 2 diabetes, ♪ ♪ but i manage it well. ♪ ♪ it's a little pill with a big story to tell. ♪ ♪ i take once-daily jardiance, ♪ ♪ at each day's staaart. ♪ ♪ as time went on it was easy to seee ♪ ♪ i'm lowering my a1c. ♪ jardiance works 24/7 in your body to flush out some sugar! and for adults with type 2 diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. jardiance may cause serious side effects including ketoacidosis that may be fatal, dehydration, that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the

goldman sachs numbers are out.d missed analyst expectations. 308 per share. the street was expecting 318 despite sharp revisions downward in recent weeks the miss was largely due to a higher tax rate than the street had been modeling net revenue of $10.9 billion, beating estimates but lower from the same quarter last year due broadly to industry wide capital markets on the balance sheet from commercial real estate and other investments investment banking fees declined advisory revenue down 46% due to the lack of completed mergers. increased quarter over quarter fixed income, currencies and commodities declined 26% from a tough comp last year and equities slightly higher asset and wealth management also down during the quarter just about 4%, primarily driven by weaker results in equity and debt investment. the firm is in the process of narrowing businesses and off loading on balance sheet investments to make asset and wealth management less capital intensive. it marked down investments by more than a billion dollars

goldman. mr. goldman: thank you, the distinguished gentleman from virginia. we don't have a lot of time to dig into questions. but i would just note for my colleagues on the other side of the aisle who are former prosecutors, you well know that the opinions of a journalist don't amount to actual evidence of anything. and it is a sign of the desperate attempt to satisfy your conspiracy theories that you're bringing a fringe right reporter to provide evidence of your -- for your investigation and i yield back. >> the gentleman yields back. the chair now recognizes the gentleman from louisiana. >> i'm grateful for that segue from mr. goldman because we're about to talk about hard evidence here. you've all seen it on display all day long. they've been doing exactly that. they've been trying to bully and defame our witnesses and try to cover up their opinions. they actually began the hearing with a motion to prevent them from testifying. you can't make this stuff up. it's on broad display for ebb. they did the same thing yesterday in the hearing with the i.r.s. wh

>> trace: i want to go back to the dan goldman interview there. hearing anything on the fact that he said look, this is all casual stuff. it was niceties. never business talk on the phone. he is acknowledging that the sitting vice president, joe biden, at the time, was talking to some of these business associates on the phone on these speaker phone conversations? did that strike you as some type of admission? >> it struck me as something new. we have not heard democrats come out so blatantly at least on camera, at least in publicly admit that then vice president joe biden or possibly former vice president joe biden, depends when some of these calls were, was on the phone with some of these business associates. you already heard goldman and other democrats, they're somewhat down playing in the sense that maybe saying that, you know, joe biden wasn't aware of who was on the phone. he was giving niceties, speaking on the phone. the question is, did then vice president is biden or then former v.p. biden know who he was speaking to? both sides are in a

morgan and goldman sachs.n in his statement highlighting that $100 billion in wealth and investment management net new assets, bringing in over $200 billion year to date. that is the number he wants to bring in more than $1 trillion every few years and he is showing you they are well on track but the story they've been talking about all morning is how much more business can they squeeze out some of these other banks have shut the market. tom: we are not comparing morgan stanley to j.p. morgan, we are comparing them to goldman sachs. sonali: i think they deserve the j.p. morgan comparison when they are trading at 1.6 times book value. tom: i am looking at a pretext margin. they will go to the decimal point. 25.2 is different than 25%. sonali: 25.2 is less than expected. tom: how does she do this. did she pull it all-nighter before this? lisa: i am looking at net interest income which came in below expectations versus the estimate of $2.3 billion. how concerning is that at a time when j.p. morgan and bank of ame

we heard about it on the goldman sachs call. talk to another investment bank ceo, rob brown, lincoln international joining us next. this is bloomberg. ♪ if you're trying to get a view of the whole organizational financial health and you're trying to do that through multiple systems, that makes it very, very cumbersome. ♪ it's not just tech, it's not just people. it's how they work together to provide that experience to the customer. as a finance organization that is what you want to do. ♪ and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com kailey: this is bloomberg markets. coming up, adina friedman, nasdaq chair and ceo, will join us at 245 -- 2:45 p.m. new york time. this is bloomberg. ♪ 10 now for wall street the -- the, where we look at what is buzzing in the world of banking and finance. big bank earnings have dropped out, dealmaking very much on

goldman had a noisy quarter.hing on return on equity, which came in at about 4% in q2. the firm took a hit to earnings from right down to its commercial real estate exposure and a prep for potential sale of green sky, the firm's online lender m&a and trading activity notoriously quiet during the quarter, really across the industry but for goldman, investment banking fees declined significantly, advisory revenue down 46% due to the lack of completed mergers within markets, fixed incomes and commodities declined 26% and equities slightly higher guys >> the stock moved today higher is telling on that outlook and those sort of green shoots in investment banking. leslie, thank. >>> regional banks are also reporting results today. a critical season for the smaller banks as investors and regulators alike focus on their health after several failures earlier this year. citizens financial, the latest to do so, a super regional, bruce van son joins us to break down those numbers and what he's seeing bruce, your stock is up

goldman sachs is going out of their way to lower expectations. are those earnings, do they offer you a pullback in market? if they would, -- as cautious as we have beenwe have been econome held our nose three times already and bought going for a underweight position roughly 3% overweight in equities. very doing it because we think the rally will have legs here even if storm cloud do materialize on the economic front, which they could, we think it is a way's away in it's getting pushed out so there's money to be made in meantime. tom: i look at reallocation. we come in every morning. lisa is here at 2 a.m.. i slight in at 5:30 a.m. and john at 5:45 a.m.. everybody is adjusting and rationalizing. do we need to rationalize a legit second leg of a bull market? steve: it depends on the asset class. if you're looking at a fixed income, we all know the list, given where it spreads and rates are, you do not want to get aggressive because it is trying to pick up a penny in front of a tractor-trailer. markets rallied during fed deposits, they will roll ove

. >>> and bank of america and morgan stanley recorded second quarter earnings with goldman sachs' numbers due today a soft landing is now firmly on the table. >> our research team, which is terrific, still has us in a slight recession, but they've moved that out again it's basically a soft landing, more or less >>> well, good morning, again, everybody, and welcome to "street signs. let's get you caught up with numbers coming out of the uk and that's the inflation numbers it has eased 7.9% but is well ahead of the 2% target rate but below the 2% they had been expected it helped drag down 8.7% the core over the year is 6.9%, also showing a decrease from the month before we're still higher than when we were back in april there's still lingering inflationary numbers nevertheless traders are looking at slightly lower points a 25 basis points move hike have increased to 65% after the cpi data was published from 58% on tuesday. now, let's just take a look at the reaction across fixed income it's quite extreme let's start with a 2-year gilt here we're below 5%, 4.83%, so we've moved 25 basis poin

what is astonishing for me, for goldman to say can we get away now? just had a close friend of the president's son saying that he was part of selling an influence pedalling brand. i don't think it's a time that most people will feel it's to take a powder. >> neil: that begs the question, we know the son was trying to leverage that relationship with the father. i think that's pretty clear. i'm not a lawyer. the leap here is to say that the father was getting something out of it in participating. he knew he was participating. do you think joe biden knew he was participating? leaving aside the far more explosive insinuation of profiting, which we can't prove yet. >> i think the assumption is that he knew exactly what the these meetings were about. just strange thing that he flies to china with his son and say, by the way, where are you going in china? are you doing business here? he makes all of these calls to dinners with foreign characters and he doesn't say who were those guys? why were you meeting? it is not very believable. i think that we also have

this plus 20% slightly stretchy valuation move >> i don't know, jim i see you trimming or selling goldman sachs so i teased it that's where you're looking to take some off the top. when i saw that move, it's interesting to me because those would suggest now is the time to buy not sell it. you're selling it at what some would suggest is the bottom. take me through it >> i bought the stock at the end of march 2020. it has handily beat the s&p 500. we can talk about the industry specifics but it's unavailably true i don't want to get on the air and defend that and talk to clients and why goldman sachs is something else and if we get a pullback, i have dry powder. maybe morgan stanley but i want to make one more point we are talking about trimming the portfolio overall. if you make wholesale moves into cash, you run the risk because of its own animal spirits catches a bit here >> i want to press you more on this goldman move. you're bullish on the economy, right? >> yes >> if you're bullish on the economy, bullish where we are in the cycle, you would then think there would be a coming pickup

can goldman sachs make it three and surpass what's very low bar results?e'll return with much more after this break >>> welcome back to "worldwide exchange." i'm frances rivera with your latest headlines trump is involved in a new investigation. he was told by counsel jack smith he's the target in a grand jury investigation in the efforts to overturn the presidential 2020 election a target in a criminal investigation is someone prosecutors has committed a crime and may have to come in to testify. he gave him four days before the grand jury and predicted he would be arrested and indicted. >>> blisters heat continues across much of the country phoenix was engulfed in height bringing with it 110-plus degrees, shattering a record and no signs of letting up across the south with a record challenge from california to southern florida. >>> lotto fever is little new highs. there's a billion reasons to pick up a powerball ticket for tonight's drying it's now over a billion dollars. the largest payout in the game's history. nobody hit the mega millions that jackpot

stuart: goldman sachs.ughter] supposedly goldman is one of the bright stars of the investment packing, another reporter this morning, stock storm mohammed they do ask. >> we've made it to the end of the big banks reporting and goldman is the bad news, arguably worst of the big bank reports, the worst report under david solomon. topics fell 60%. as goldman retreats from its consumer business and takes a hit from commercial real estate, yesterday remember we saw morgan stanley go up from 1% to 6% of its ceo says he sees a bottom in dealmaking meaning things are getting better. stocks surged, goldman sachs ceo has not said that at least not yet, look at its wealth management unit, it brought in 4% lower revenue and banking fees fell by 20% the stock is down one and a half% premarket spirit even though goldman has his trouble, big banks are solid and sound. >> and i think the recession soft landing. it's pretty strong right now. stuart: thanks, checked the futures wednesday morning, still looking at tiny bit of

. >>> goldman sachs has cut the probability of u.s. recession from 20% to 25%.he bank has been more confident that inflation will fall to an acceptable level without recession. it warned it still sees slowing in the coming quarters as reduced bank lending has had an impact happy to say the chief credit strategist from goldman sachs is joining me on set. wonderful to have you with us. >> great to be here. >> the probability of recession from 25% to 20%. it was higher earlier this year. what is the probability of a soft landing >> you look at u.s. or europe, it is consistent with a soft landing. the idea you can re-balance the market without pushing the unemployment rate higher and trigger a recession. i think the challenge, however, on the market side, not just in credit, is valuations. i think the prospects of the soft landing improved the last couple months. there are valuation constraints with the equity market or credit >> before we dive into that, let me ask you why have higher interest rates and financing conditions not actually translated into the higher l

start to second ebb quarter earnings helping boos major indices to look at markets off highs a at goldman sachs reported earnings dow dispensing seven kawinning streak closing highest level since april 2022 goldman sachs reported profits of missing on earnings we've got stock lower right now netflix tesla ibm yieltd airlines out. >> building out 8:30 a.m. over par 20 minutes we have numbers irs whistleblowers testifying on capitol hill this morning learn more corruption the top of u.s. agencies fbi reportedly directing agent investing hunter biden to decline answering any questions from the oversight committee, "mornings with maria" is live right now. . >> north korea danger american soldier after he crossed the border greg palkot is live this morning in london with more on that good morning. >> good morning, maria. . there are new details about u.s. soldier going against traffic crossing from south korea into north korea dmv separating countries u.s. army private travis king on guided tour so-called joint security area in pan among jon made a break for it according to pentagon unauthoriz

dani: from goldman to the subject of today's big take.iew of thousands of pages of documents and females suggests -- emails suggest the relationship between convicted six offender epstein and jp morgan executive jes staley went beyond that of banker and client. epstein allegedly helped to staley's daughter with her education and offer tips for negotiating his multimillion dollar salary. a spokesman for jp morgan told bloomberg that any association with epstein was a mistake and in hindsight we regret it, but we did not help him commit his heinous crimes. staley has denied knowledge of epstein's crimes. a lawyer for staley declined to comment on this latest report. you can read more by going ni bigtake on your terminal, or on the web. turning now to nato, which wrapped up a two-day summit in vilnius, signaling that ukraine belongs in the alliance. despite initial tensions, president zelenskyy thanked allies for their support, hailed g7 security guarantees for kyiv. president biden who was in helsinki today reiterated allied support wi

i'll tell you where i'm in a quandary i want to take goldman-sachs for a second goldman-sachs spends fortune moving apple, right, they got the -- they bought this green sky and they're making a big push with marcus now, marcus doesn't really, apparently, work overseas. they got rid of green sky one year later they're talking about apple and how great the relationship is. does the new goldman worth a higher multiple? i mention this because you know what's around the corner earnings and other than blackrock, i don't see a lot i want to own. >> in financial services >> yes >> really? >> yes >> but what triggered this thought on your part was the opening of the ipo market. i know the connection you were making you didn't make it, but so -- >> karnak here >> that's me >> is goldman-sachs cheap here because if, in fact, the ipo market is opening, if you start to see more m&a transactions -- by the way, it hasn't been the worst year for m&a it just hasn't been as robust year as we had a couple years back but maybe the stock's cheap. >> exactly that's what i'm thinking i'm thinking if you go

goldman sachs, goldman telegraph did trying to get her expectations down last week who. >> the reasonldman sachs as a hard company to own and they make their money as traders as opposed to morgan stanley and fees. maria: and wealth management that was a pivot by james gorman the ceo of morgan stanley. he gets a higher multiple. maria: what about overall you were expecting pretty good numbers in terms of the second-quarter reporting season. >> i think we will see a dÉjÀ vu replay of what we saw in the second quarter which is better than what feared. going into the first quarter estimates for earnings to be down 7% in only down three and it's the same set of numbers expected down seven down three maybe even flattish. >> meta and microsoft a new software available to companies for the first time this is the meta a.i. model dubbed free for researching commercial use once again a.i. led the market yesterday and has been all year. >> it is fabulous i wish it wasn't because i think mark zuckerberg is brilliant but predatory ceo as people have gone to threads figuring out the hard way. this i

liz: so we really need to see an intraday of goldman sachs. see how it was down? guess what? profits plunged 58% in the second quarter. the outcome is putting pressure on ceo david solomon even though he has been at least today been able to turn this around but let's talk to charlie gasparino. >> one of the great things about the "claman countdown." liz: is me. >> besides you. liz: i'm kidding. >> got the name claman in there. not me. this is one-stop shopping for really good sources. you come here, having a cup of coffee with larry fink. see adina friedman. liz: bobby kotick. >> i asked adena, this is my wheelhouse i cover big financial firms. i said what is going on with david? doesn't seem, never seems to be able to catch a break, right? we're always talking about him. she said they work with him a lot and that he actually gives amazingly good guidance and i think that is why the stock turned around. he gave very good guidance to the street. the street is starting to believe his story he is getting some of these charges out of the way and that there is more clear skies com

congress meant dan goldman of new york joins me now., great to see you thanks so much for coming back on the show. this letter comes more than two years after secretary majorca launched that internal review. in the meantime, you've had this report that revealed the number of oath keepers members within dhs ranks. that figure was actually from 2015. we don't have an updated number about what it is, but the urgency is obviously still there. what is at risk if dhs could drags it's heels in the subject? >> well the urgency of course has increased dramatically after january six when members of the oath keepers and other domestic violent extremist groups try to overthrow the government effectively. so the risk here of course that the department of homeland security is charged with keeping our homeland safe. if there are domestic violent extremists with in their ranks, that of course runs counter to their mission and could've completely undermine your mission. so it's been two years which, is part of the reason why we followed up with yet anot

it will be interesting what this means for goldman come tomorrow. another stock we are watching is shares of microsoft, a record high after unveiling new pricing strategy for their ai offerings. they are also nearing the finish line when it comes to the big activision deal. or on what this means for the stock when we come back -- more on what that means for the stock when we come back. this is bloomberg. ♪ the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com amber: time or stock of the hour. microsoft trading at an all-time high today as the company announces pricing plans for commercial ai software. microsoft restructuring its $69 billion acquisition of activision blizzard. today was the original deadline for the deal to go through of the company needs to do more to ease government concerns. matt: they are definitely pushi

>> this is mosh on the goldman side than apple side.sumer credit that has been a disaster for goldman and they're systematically rolling back from that. i was looking at the stats, the fico scores, the credit quality on the apple card are lower than capital one who is known for going after that kind of lower fico consumer. charles: yeah. >> it bottom fed a little bit on this product but look, apple it will be really if amex picks up this portfolio amex is cream of the crop in managing consumer credit that will be a formidable organization. charles: goldman says as they bail out out the banks we tried to be a consumer bank, we tried. we tried. thanks a lot. earnings season, coming up and you know what that means. danielle shay is here. be ready to make money in the second quarter. do you snow that there are more nba players making more thank $30 million a year than s&p 500 companies? no outrage from the left. jim bianco, what it means for the rest of us. ♪. thinkorswim® by td ameritrade is more than a trading platform. it's an entire tra

next week you could see goldman sachs and morgan billy, those are different kind of banks versus these but we will see what happens. >> they are much more tied to the capital markets in terms of investment banking and trade and a good quarter for the market so maybe they will get exposed but we have seen some deals and ipos, right? >> right and that's where you will see the pressure especially on goldman sachs where you might see trading on one hand elevated but other stuff not. people are preparing goldman sachs, it will be very interesting if they do disappoint even beyond what the estimates are. >> we've talked so much about the backdrop and all of the spending we've seen and stimulus in this economy on friday breaking news from the biden administration, they will automatically cancel student loan debt for 800,000 borrowers total of 39 billion in relief and this is incredible to me. we heard the supreme court cool the student loan debt forgiveness unconstitutional going forward with it. >> essentially they are saying i'm going to do what i want, i don't care what the supreme court

but these businesses, ultimately will be a positive for the company. >> where does it leave goldman 6onths, 12 months from now i think, the consumer business will be curtailed. we'll see, you know, with the apple relationship, in terms of the cards business presumably green sky won't be part of it some of the equity investments that took the charge of this quarter. if you go back a couple years, equity investments were over $20 billion and now $13 billion. these are heavily capital-intensive businesses i think freeing those things up, shrinking those investments and focusing on the investment bank trading and assess management will be a capital-free business. will allow buybacks. >> do you have to have investment banking and deal flow for goldman to light it up >> yeah. i think you do i think you have to get the stock here at the trough of that activity the green shoots aren't coming through. announced that it's up quarter on quarter and we've been in over a year lull in this activity. with the fed nearing the end of the tightening cycle and inflation coming down, you know, we think t

haidi: goldman sachs ceo speaking on the first earnings call.igher despite profit plunging. one of the weakest quarter since he took charge. let's get more from our asia investing editor who braced for turbulence. this was a noisy report, that was the word that was sort of used. what stood out to you? >> these were generally pretty disappointing results. 58 drop in profit was the steepest decline among its peers on wall street. as you mentioned, among the worst times of earnings under the david solomon era. and this is really driven by three main things, slow, dealmaking, and then we had some write-downs on the real estate book in write-downs from its business. none of this really came as a surprise because goldman sachs had been flagging this for weeks to manage expectations for the bad earnings on the day. and that probably explains why this shares actually rose on the day, up 1% at the end of the day. perhaps a sort of a relief rally that it was even worse. some aspects of the warning work -- earning were better than expected. it didn't match

haidi: goldman sachs says noisy -- a dealmaking slump. haidi: bloomberg reveals apple is working on its own ai tools to challenge the market leaders. and apple is one of those gainers, where u.s. stocks rose with real estate and utilities leading. u.s. futures under pressure in the after hours session. this as we had more optimism over cooling in the u.k. in the regular session, he saw u.s. treasuries joining of worldwide rally. those rice pressures in the u.k. dropping to the lowest in 15 months, leading to the speculation that central banks can go easier on raising rates. oil was under pressure in the new york session from the stronger dollar. traders ignoring for stockpile report that signet -- that signaled tighter market. we are following tesla, profitability shrank in the quarter. we are seeing market squeeze after months of price cuts. netflix down, take a look of the plunge of more than 6%. sales and forecast fell short. the new ad strategy, including their password sharing crackdown not doing as well is expected. haidi: let's get

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we should want that equality at goldman, we say we want an economy that's looking for everybody.one of the focused areas of the research is just the importance of the investment in these organizations, in these institutions that we see the research has been historically underfunded for many years what is is your advice to employers who are going to be looking at very shifting land scapes in terms of who is graduating from these schools what should employers do >> three things. one, you want to make aspirational goals for hiring from these inls stitutions so make it public. number two is really focus in on creating pathways. so at goldman, and we were just talking about this, we have a program called hbcu possibilities, market madness. every year we study at this and look at post george floyd, the rise of the black lives matter movement, the pandemic, we have had more focus on these institutions than we have had in the past at goldman, we bring in these students, 150 students from 12 hbcus and team them financial concepts we teach them the full scope, and then at the end, all of t

congressman dan goldman joins me on the latest republican

from martin ron goldman, "goldman solomon has not hit rock bottom yet," and he says his efforts to give investors the durable and less volatile bank they wanted lead them to a huge bet on consumer finance. it has cost billions and credit provisions and goodwill charges, and could cost a few hundred more. neither partners or shareholders are happy, and that is before seeing the final cost of undoing solomon's strategic missteps. you may say as a whole the banking sector is doing well but goldman, the results were not good. valerie: with earnings down 58%, it did not a good, but they spent time downplaying this earnings season for them. i want to mention the regionals where we are seeing broad margin compression when it comes to u.s. bank corp, and we saw compression at bank of america as well. this goes back to they have to pay up more for deposits. the regionals have this looming overhaul of capital regulations which will be enforced on smaller banks. with those in mind, it has been a battle for regional banks this earnings season. dani: let's get to our day ahead and what might be top

looking at the recession forecast from goldman - reflect. inflation is coming down without a big jump in unemployment. which is what many economists had been predicting. that is leading to predictions of a so—called soft landing, and that is the best of all outcomes which means the best of all outcomes which means the fed is able to slow the economy and bring down inflation while preventing the us from entering a recession and goldman sachs is the latest to say the odds of a soft landing have gone up.- latest to say the odds of a soft landing have gone up. thanks for “oininu landing have gone up. thanks for joining us- _ that's the latest from business. check our website or app for more business stories. you're watching bbc news. the bbc�*s top management have been facing questions in parliament about the corporation s leadership. director—general tim davie has confirmed the bbc has been in contact with the complainant in the huw edwards case. earlier, i asked our correspondent helena wilkinson, about the key points we heard from tim davie a

. >>> goldman reiterating warner bros. as top media picture analyst saying the risk/reward is much better when compared to traditional media peers. the stock is up 3.3%, outperforming a bit. >>> meantime, what do bars and restaurants have to do with the potential recession? more than you might think, according to recent data from barclays spending on food and beverage away from home remains strong. bar spending up 14 year-on-year in july. our next guest is seeing the benefit of some of those trends. we're joined by the ceo of sun tori, takeshi niinami. what a pleasure to have you back welcome. >> thank you >> we were talking during the break how global investors have discovered japan as one of the key trades of the year so far. based on what's happening in your economy. >> that's right. because of the, first of all, rate increase in last 30 years, so which happened, high rate hike, we should be sustainable we are now facing a tipping point from deflation to inflation. that is a critical moment. we have to keep increasing w

that has to be your goldman sachs, right >> it's mine >> it's my goldman sachs i think just as a portfoliot's trading, not a great quarter, i think it works from here >> jim >> there's still time to play economic strength here >> "the exchange" is now, everybody. ♪ ♪ >>> thank you very much, scott welcome to "the exchange." i'm kelly evans. here's what's ahead. one of the best real-time indicators of the economy just surprised everyone, and it's complicating the outlook for the fed and investors. we'll tell you what it is and where the market has opportunity because of it. >>> tesla and netflix, we have the trades from here with one highly potential downside of 80% and the other a 20% rally. not going to tell you which is which. stick around the analyst behind those calls are he

and goldman sachs further cutting the recession probability. there is a little more optimism that the u.s. will be able to hang in there despite the fact that china has not been doing as well as expected. haidi: this is the wildcard. in previous times of economic weakness globally china has always been countercyclical. we are seeing further signs of the economic deterioration despite in yesterday's numbers the consumer at the top levels still looking ok. looking at what wall street is seeing, seeing cuts to the china growth forecast when it comes to morgan stanley and other banks seeing growth of about 5%. the growth target is in jeopardy. we are also seeing signs that the stimulus forthcoming will be smaller and more muted than during previous periods. as well as the productivity of stimulus from china has become weaker and weaker as we are seeing with multiple rounds over the last few years. citi is lowering the forecast saying the official target set at five person -- set at 5% is now at risk. shery: let's hear directly from the treasury sec