let's start with goldman. >> this is clearly a continuation of a move for goldman to distance itselfm a that into consumer banking. this was the first big signature deal of david solomon so it is noteworthy. the deal to buy united capital, goldman now saying we are evaluating alternatives for that business as we determine where to invest our resources and where we see the greatest opportunity. it is symbolized the earlier effort to expand business lines. the purchase of united gave goldman an instant footprint into the mass affluent market. at the time of the deal united had 220 advisors. it is now at $29 billion which shows you did not grow that much. there has been a lot of internal discontent within goldman because of what is going on. a lot of moves to unwind these initial moves by david solomon to expand goldman. there are many who say goldman should stick to what it does best, which is handling money for the rich. goldman sachs down a bit in the latest session. shery: let's turn to citigroup. we are expecting potential changes. not only in leadership but in structure. >> the ce

bloomberg learned who the buyer is a for goldman sachs investor advisory business as it refocuses attention on its ultra wealthy clients. good morning. welcome back if you are in london. i hope you had a good long weekend. i hope you're feeling refreshed. what you missed yesterday was s&p's first back-to-back gain of the month, but we are talking about august volumes, low volumes. still the rally yesterday has put the wind in the sales of asian equities this morning. u.s. futures are currently flat. now the markets have adjusted what we learned at jackson hole investors are looking ahead to clues on monetary policy. judging by yesterday's auctions of two and five year treasury notes it looks like investors currently expect another fed hike. both options through the highest yields before the financial crisis. we will get more on that shortly. this week, we get a data dump which is all-important in the data dependent era. later today it is a jolts data ahead of the jobs report friday. we get pce numbers this week which is the fed's preferred measure of inflation. what investors want to see as

goldman says to archer -- remember, goldman says -- it's not about selling access to his father, it's about selling the illusion of access to his father, is that fair? >> so archer responds, is that fair? i mean, yeah, i think it is. i think that's almost fair. and then goldman goes on, i believe we have more, yeah. he says, i think -- archer says think that that's why he was able to -- okay, hold on. we're running two things together. i want to come back to this. can we just a pause that for one second? so illusion pollution of -- illusion of access is goldman's lineful he's feeding it to archer, and archer doesn't buy it 100%. kind of, it's almost fair. hen he goes on to say because there was some actual connections. rachel: we have video proof of it where he said i told the, i'm going to pyre -- i told them they better fire the prosecutor else they're not going to get their billion dollars. pete: yeah. and to continue what you said, so goldman follows up and says, almost fair? why almost fair in and archer says this, a line fed to him, because there are touchpoints and contacts tha

david solomon became the ceo of goldman sachs in 2019, and the price of goldman sachs was $170. the price of goldman sachs right now is somewhere around $320. the slf was at 24 and today it's at 33. morgan stanley was in the low 40s. morgan stanley is 83 today. so has morgan stanley so significantly out performed goldman sachs? >> i am looking at the five-year chart, and it's 2 x. >> okay. in january of 2019, where was goldman sachs? >> a five-year chart. i don't know what happened in the first three months -- >> let's see if we can show a five-year chart of that. >> is it that morgan stanley is the biggest issue, or can we call it what it is, and there's a personality issue related to david solomon and there are individuals -- >> so there we go, viewers and listeners, you have a chart up there showing the five-year performance of goldman sachs versus morgan stanley, and goldman is up about 3%, and morgan stanley is up 81. >> those are the price statistics i gave. that's why you are seeing the reason tpfor the out performanc. i don't know if it's more personality related to solo

on dollar-yen we do have goldman with a call.yen falling to 1999 levels as the boj stays dovish. the revised forecast of 155 from 135 against the dollar. of course in the most recent session, the dollar trading near flat. shery: that is exactly the call i wanted to turn to when it comes to yen. they're expecting the yen to weaken two levels last seen a more than 30 years ago. this if the bank of japan sticks to the dovish stance. strategists projecting as heidi mentioned they had to reach 155 per dollar over the next six months which would be the weakest since june of 1990. they previously expected the japanese currency to trade around 135. also a three year veteran stock picker says every thing is coming together for a rally in equities. head of emerging and frontier markets john malloy favors companies including alibaba, tec and baidu. you can see the upside we've seen in the previous session. the risk reward is favorable for em equities even as mainland stocks in hong kong listed tech shares have the worst august in eight year

shery: bloomberg has learned goldman sachs has agreed to sell a business.keenan joins us now, further signs of goldman's retreat from retail. >> much has been written and said about the ill-fated foray, and this is a sign of the bank retrenching, goldman striking a deal to sell the investment advisory business that stemmed from its purchase of united capital. they are selling it to a wealth management firm. the uploading comes just four years after goldman acquired it and signals they are moving away from consumer banking and back towards servicing money of the uber rich. again, this was a purchase and 2019 to reach the affluent market that was ancillary to consumer moves, this was the millionaire next door. it was sort of rich people, goldman did not reveal the price of the sale but expects to reorganize a gain in sharp contrast to the other sale on the way, we are told divestment of an installment lender is being sold at a steep discount that underscores the retrenchment underway. haidi: what is creative planning getting from this? >> more assets under ma

goldman would love that, speaking of goldman. market unfreezlf you see a little thawing there i'm still very surprised you haven't seen more mna in the financial markets. i think there's potential for consolidation. you see potential lift for consolidation. i love the companies with the wall lance sheets that might be able to snap someone up. one thing that's interesting, we haven't seen warren buffett with his massive cash boards. he is a dragon on the gold stockpile there. he hasn't moved yet. that's interesting if we see berkberkshire, you ha some of the huge companies that have the balance sheet in cash to make the acquisitions, you could. you could see second half warm up a little bit. >> victoria, thank you >> a few minutes left. >>> a lot of stoes we riwant to get to it's closing time. we earn your trust. maintain our financial strength and stability. and deliver solutions that meet complex needs. massmutual. partnering with financial professionals, benefits brokers, and institutions. my cpa told me i wouldn't qualify for

the head of commodities at goldman sachs. you think of commodities being really tough guys, sent me a beautiful bouquet. that just melted my heart. >> how long was it where you were considering telling corporate? how long does that process take and do you confide in coworkers up to that point >> sure. i realized i was transgender in october of 2018. i immediately came out in my social life but i wasn't quite comfortable with the idea of coming out at work i didn't come out till seven or eight months later people don't come out because they're fearful of being accepted early on i told people in our human resources department that i am transgender and i probably would be coming out at some point, but i wasn't comfortable yet. and so they were there helping me behind the scenes and ready to help me once i decided that i wanted to come out. >> it sounds like they had protocols ready to go. >> yes. >> it wasn't just ad hoc or improvised. >> that's one of the biggest things i would tell companies is first of all have a plan in plac

sources say barclays, goldman sachs, j.p.ill be listed in the prospectus later this month. arm's approach is a departure from the common practice of having banks compete for the lead spots that would give him a bigger share of the fees. applied materials posted a stronger fourth quarter forecasts and the latest sign but the chip industry slump may be easing. the largest u.s. maker of chipmaking machine, sees sales in the fourth quarter of about $6.5 billion, which is ahead of analyst estimates. it says adjusted profit will also come in ahead of expectations. the ceo gary dickerson says the ai boom and rise of internet-linked devices are creating the rises. paul: let's look at markets. one market open, new zealand. off by .3% right now. some losses for u.s. equities at the thursday session as well. i look to the open in australia, asx futures off by about .4% right now. the aussie dollar took a beating yesterday on the weaker than expected employment numbers. since recovering $.64 versus the greenback. we are standing by for i

and then goldman says, but how would that work?evon says, because people would be intimidated to mess with them. and goldman says, in what way? and he says, legally. will: he's explaining the value of the brand, the brand being biden. rachel: right. because hunter is nobody without joe biden. will: that's right. joe biden is the brand. pete: biden is the brand. will: that's right. almost naively, like, goldman is walking town this path with him. but what's the value of that brand, and he lays it out. reluctantly, only because goldman keeps asking follow-up questions naively. pete: yeah. rachel: but kind of says so all this money goes into hunter's account, into all these shell companies -- by the way, also in the name of some of the grandkids -- and then the money gets shoveledded out to different people in the biden family. it's very easy to find out if the money ended up paying for joe biden's, you know, beach home or his bills which, by the way, many of the e-mails this hunter biden's laptop indicate that they did. the reason we

that takes us into the goldman story.berg has learned that goldman sachs attempted to sell its consumer lending unit, greensky, is now reaching the final stretch. su keenan is with us from new york. sources are telling us some of the major pe giants are in the mix for this transaction. su: this is part of goldman's effort to unwind the ill-fated foray into consumer banking and my getting. it is banking services to the masses. this is the consumer lending unit. it has been trying to sell it and has repeated -- before reportedly selling it at a discount. now, sources telling us that groups featuring apollo, pug i, and 6th street are said to be entering bids among early september. they also learned that their bidding partners where major players bid apollo has been partnering with blackstone on a proposal. some say 6th street is working with a number of parties on a deal. and pagaya is cooperating with general atlantic, another big pe player. there are a number of options that golden -- goldman might pursue. and they might r

goldman headlines with this projection, baseline forecast. because of recession which is not what goldman predicts, a growth scare or a convincing decline in inflation they caution there is a lot of uncertainty around the outlook, but here is their new baseline forecast, 25 basis points. future rate cuts of 25 base points per quarter, ending up at 3 and 3.25% as their new neutral rate pretty slow to get there the motivation for cutting outside after arecession, restrictive level back toward neutral once inflation hits the target goldman's call is not new to traders in the fed funds futures market for several months now they have traded with a likelihood of a rate cut beginning with a 62% chance of a cut in may and near certainty by midsummer not really a market moving call here sales forecasts, average estimate of 4.16 or down almost 75 bait points from the current level. the market is more aggressive than the fed or goldman with a 4.16 year-end funds rate john williams in an interview last week said if the fed doesn't cut while inflation fal

the offices of goldman sachs today. _ to be the offices of goldman sachs.the offices of goldman| sachs. today, the building is being — sachs. today, the building is being repurposed _ sachs. today, the building is being repurposed into - being repurposed into apartments. - being repurposed into apartments. part- being repurposed into apartments. part of. being repurposed into apartments. part of a| being repurposed into - apartments. part of a much bigger— apartments. part of a much bigger conversion— apartments. part of a much bigger conversion wave - apartments. part of a much. bigger conversion wave which city officials _ bigger conversion wave which city officials hope _ bigger conversion wave which city officials hope will - city officials hope will provide _ city officials hope will| provide much—needed city officials hope will - provide much—needed housing. where — provide much—needed housing. where we — provide much—needed housing. where we stand _ provide much—needed housing. where we stand in— provide much—needed housing. where we stand in right -

sonali: switching gears to goldman, they are getting out of that united capital business. we also reported that that green scale is entering the home stretch. they are working on their best final offers and have sold this market loans. you look over at jeffrey's and they say that goldman is getting closer to being a more durable and profitable business. are you sold that the job is closer to done for david solomon and john walter? mike: over the last six or seven years, goldman sachs has gone from wall street for straight. ash main street. i never thought that was a good idea. they have lost $3 billion and now david solomon wants to go back to their heritage. the sale of almost all of united capital announced yesterday the potential sale of green sky, which show that goldman is becoming more got wall street bank, which is been strong for over 150 years. sonali: can they declare victory now? do they have a while to go before the street can be convinced their job is done? mike: i do not think this is a matter of declaring victory. it is about containing losses and containing

one of the ways to do goldman sach's and hallmark event that summer which was service day.ou, go to harlem and plant tres thing i noticed him shut up in harlem no one was interested in planting trees everyone showed up except for thesh boss who was nowhere to be found but nobody was planting trees there telling investment war stories. there catching up on office gossip know was planting trees the thing that went to harlem to today but then of course the boss shows up an hour late the guy at the top of the food chain goldman sach's they were a slim fit suit, taylor church they doo not were rolexes they were cheap visibly black cheap strap digital watches as a show of a false humility. shows up now without watch and said hey guys will take some pictures and get out of here. that's exactly what we did we went to a bar nearby and started drinking. i asked when the older associates nearby said look, who want to call it a social day we should've called it that rather than calling it a service day. his response stuck with me said have you ever heard of the golden rule questioning

goldman sachs for better or worse, in my opinion, typifies that relationship. >> goldman sachs, for those that don't know, was traditionally an investment bank but is one of the financial institutions considered elite. so the students like you were, getting a job at goldman sachs is the pinnacle you aim for. >> there are things i would have liked, getting into protected corner doors of elite america over the last 50 years. there are better skills one could have but it turns out that is the one on accident or on purpose i have repeatedly practiced. i did that in the summer of 2006 as a student in harvard i took a internship at goldman sachs, and there was something i learned that day, but i thought i would learn about evaluating companies and the important part i didn't learn very much about that. however, i did learn a lot about how to aggregate power. how to aggregate power in a way that wasn't actually to smack the aggregation of power. goldman sachs had a hallmark hallmarkevent that summer, whics service today, you go and plant trees. the one thing i noticed, nobody was really interest

goldman stock has risen significantly under solomon.ong with a lot of the financial media the internal discontent that husband expressed by a lot of senior management -- that has been expressed my a lot of senior management as these deals have been unwound. the bank has also been pursuing a sale of green sky just over a year after it bought it. another sign of how management is backtracking on that strategy. the stock took a bit of a hit in the latest session. paul: at the same time we have potential changes at city in the executive ranks structurally as well. su: this could be a major structural change, the biggest in a decade. fraser, according to sources close to the matter considering an overhaul of the firm's most powerful committee of decision-makers. this comes as longtime deputy paco is thinking -- is planning to leave. he has been at city for three decades and had led the biggest unit, institutional clients group. with this move we are told that city is also mulling a decision to scrap to operating units it had to house various

on goldman sachs. >> right, goldman sachs, amy spoke about it the other day, i spoke about it. i think it's cheap here. you've seen headline issues on it in terms of david solomon, the ceo. i think david has done a pretty good job. no ceo is mistake-free in their reign. and now getting ought of those mistakes pretty well. capital markets will come back. it's also a hedge against a bear view because if the market keeps accelerating, then you'll see the ipo market open up sooner than i think, and right now the base case for that is second half of '24. anything that happens quicker, we're still seeing some bleedout. i think that's an anomaly. that's why goldman sachs trades in a range 320 seems to be the bottom. comfortable where i felt like adding and you couldn't tolerate much more negative press than you've seen from that, and i think that's behind us largely now. shares of baba -- >> hang on a second. you can't believe -- and i'm not saying you spells cifically, yo can't believe the economy is going to still take a large turn for the worse and then believe that capital markets

leslie herod was a bad year for goldman. -- last year was a bad year for goldman.e partly subsidizing consumer banking. they are upset. they go to the ceo. you have to have strong opinions to change a culture like david solomon is doing while trying to generate profit. a lot of people are upset about what they are getting paid. tom: you are an expert on board analysis. we have mr. montag over at bank of america. he returns. you have someone like david who ran the ship and into thousand seven under prices. how do you look at legal text right now -- at the goldman sacs board right now? mike: i have been a critic of bank boards, probably representing corporate boards more generally. they are soft, do not hold management accountable. they do not listen to shareholder concerns. and i look at goldman sachs more than anything else, like any bank board, i think there push for change is probably not that much. that is the reality of corporate america. i wrote my book about it. i still see it. some other banks today, i am happy to talk about her i think there is more need fo

we know that barclays, goldman, j.p. morgan, but there are 10 second-tier underwriters, citigroup, deutsche bank and jeffries. and a lot of securities firms have dial-up, hsbc holdings, and this as well. we don't have direct comments, but we are counting down to that ipo -- ipo leave to be happening towards the end of the year happening to eight to $10 billion. that will be the year's biggest ipo. 28 banks now lined up for that. plenty more to come on "daybreak asia". this is bloomberg. ♪ ♪ (upbeat music) ♪ ( ♪♪ ) woah. ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. 76% of 23andme health customers surveyed reported taking healthier actions. constant contact. because they know health isn't just a future state. health happens now. start your dna-powered health journey today with personalized insights from 23andme. shery: take a look at how currencies are trading at the moment after we saw that d

it does from what makes goldman goldman, is a bank as a trader.onathan: this speaks with mike mayo said, traders who felt like they have not been rewarded for how they have executed. the more i walk away feeling like this is deeply personal and not strategic. sri: there is a strategy of to it and a place like goldman sachs will be point out, it is a firm -- their mistakes are magnified. jonathan: i feel the same way about red pens. lisa: i'm not superstitious. jonathan: do not use red pens. it is what teachers do. lisa: is a trauma from grade school? jonathan: i would not call it trauma. this is a bloomberg. ♪ ny is eligible. [whip sound] take the first step to see if your small business qualifies. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before invest

amy raskin, you are up first. >>> i'm going to go with goldman.o push steve on his decision-making this morning. we think stocks trading by capitol markets come back. >> farmer jim. >> boeing last week, one step back on the 737 fuselage news. and i got two steps forward on the news they are going to start delivering plans to china again, here's the entry point. >> weiss, bob is at a tough month, right? >> is finishing on a strong note as china finally gets the message. they are bleeding out these liquidity measures. i think they will continue to do so. this is a great entry point. and, amy, thank you, i'm glad you said goldman. you are much smarter than me. >> thank you, weiss. joey. >> minor pullback in marietta. >> tao is good for 200, three and 20 is higher. closing bell exchanges now. >>> i'm john ford and kelly evans. powell check, tce and jobs on deck. you want to figure out where the markets go from here? there is one event our guest is watching for clues. one is with the ticker and the trades she likes. plus, from the economy to national s

goldman sachs says yes. we'll break down why they say shares can jump another 50%, e ofoue,salesforce, crs onof the big winners today. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. >>> a couple hours into trading well off the session highs as bulls try to make it five in a row. let's get post to post with bob pisani. >> we're down 1.3% for the month. the turn-around is quite notable. tale of two parts of the month. first part of the month we had stronger economic repor

they will not be so confident as goldman sachs.hey would really want to see inflation cooling and maybe some weakness in the jobs market. neither of those are happening very much at the moment so the message will be that we are going to stay the course, keep rates up, and the market will have to wait. we are not going to give you any messages for the time being but there is time to lower rates. lizzy: thanks to mark cranfield for that update. coming up, gas supply risks are mounting as europe heads towards autumn. we will discuss the outlook, next. this is bloomberg. ♪ >> if you are caught watering your lawn on a hot day, you can get a fine of 50,000 euros. germany is adjusting to levels of heat it is simply unprepared for. only one in 10 germans has an air conditioner verses nine out of 10 households in the u.s. last year, more than 8000 people died in germany due to excess heat, the third highest in all of europe. the health minister you rolled out its first-ever heat protection program, hoping to save thousands of lives every ye

it seems like goldman is in more of the hot seat.ange." for more analysis on the markets, you can always sign up for my newsletter by using the qr code on your screen. >>> coming up next on "power lunch," the big interview of the day, with jamie dimon. we'll get his reaction to the credit downgrade, the general state of the economy much morisome cing up on the other side of this quick break across the globe, industries are transforming and businesses need to navigate the changing landscape to stay ahead. when you partner with barclays, every change leads to a bold possibility. you have the vision. we have the insights, financial solutions and global perspectives to help you make it real. barclays corporate and investment bank powering possible. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones >>> welcome to "power lunch. i'm kelly evans. coming up, we've got a discussion with jamie dimon, in montana, touring bank branches

jeff currie leaving goldman sachs.of the firms's commodity research team for three decades. pretty bold calls. on his way out of goldman. as i understand no sign as to the ultimate destination. heading to the exit. tom: it is like a daily trip of people leaving goldman. we can pay homage to jeff currie , the pareto economist from chicago. his style of call. or is this more about goldman sachs with the announcement their family office had left five days ago? i think the family office left. i immediately say omg is jeff currie going to six straight -- to 6th street? with him exiting this is a hugely fluid time for this venerable institution. lisa: i do not have a sense of what is transpiring and where he is going or what the catalyst was. taking a step back, this is been a hugely difficult time for commodities analyst. i'm not talking about jeff currie. a lot of people calling for a super cycle with a lack of investment in fossil fuels. graduates are shifting away from that as a career. we are looking at the potential fo

cohen room number debt goldman sachs sonali: this is one of the big questions.to make change or it's like the classic wall street coup. this has happened time and time again. jamie dimon lost his job over it. this is not what you are seeing a goldman sachs. you are seeing john being loyal. if you are keeping the number two, is always a bridesmaid in everbright? if you're gary cohen, you never make it to the top. john is only 54 years old and has been considered for a lot of other ceo jobs. carlisle, for example. the question is, why hasn't he left? he's always been the clear successor to david. he's been a key part of the strategy change in the strategy fixing you are seeing in the consumer business. this year is a real test of the two of them in terms of how they navigate both morale and these difficult business decisions. alix: does he like being the guy to have to execute the strategy know he likes? sonali: if you watch the way he's been doing it, he doesn't put emotion around it. he's very focused on the facts. the way he's been doing it is piece by piece. h

sources say that is what is happening to goldman sachs.ple close to the matter tell bloomberg several new staffers are being brought on board to address concerns from regulatory authorities including the federal reserve. this hiring binge is coming as the firm is cutting executives from the moneymaking ranks due to a slump in business. bloomberg reporting shows there are more openings at goldman for compliance staff than bankers. it is not unusual to face questions from regulators, but there is growing pressure from the fed over the past year. this is a situation not ideal for banks because supervisors can impose potentially onerous measures. one source tells bloomberg goldman is dealing with a confidential measure imposed by the fed that predates the current increase in scrutiny. while david solomon has been under a lot of pressure, including discontent at his bank, he has shared with colleagues that he believes the current situation is more reflective of a generally tough client for the industry. goldman makes it a practice not to commen

getting a job at goldman sachs is like a pentacle.'s things i would like to have been better at one of the things i've been good at getting myself into protected corridors of elite america i've done that over the last 15 years and it turns out that was a skill on accident i happened to repeatedly practice. i did that in the summer of 16 included in took an internship at goldman sachs. there was something i learned that summer but it wasn't the thing i expected to learn i thought i would learn about evaluating and valuing companies i didn't learn very much about that. however, i did learn a lot about how to aggregate power how to aggregate power in a way that wasn't actually appearing to smack of the aggregation of power to do it was goldman sachsthat a hallmark event that summer which was service day you go trees the thing i noticed when we showed up in harlem nobody was interested in planting trees everyone showed up except for the boss who was annoyed nowhere to be found but nobody's planting trees they were in telling investment wa

morgan and goldman sachs and barclays so they will be listed at the front so they get the lion's sharef the fees and the rest will get something. matt: i wonder what the tombstone will look like? >> if you going to investment banks, you might see them and sending out a lot of them. amber: has the nasdaq run up to far, too fast, our guests say if that's the case, why haven't we seen any any ipo's. the run we've seen in the nasdaq is tempting. >> and we will also see if this one performs well, instacart is waiting in the wings and the consumer grocery name in the u.s. and there is alsoclavio which is important for softbank which is the owner but important for the ipo market going forward and the window will open right after labor day we will see how these come up with an. amber: as you mention, important for softbank which has a blemish record when it comes to investing in the tech space. >> they've had a lot of missteps and a lot were around the startup ecosystem and harm is not in that. this is a big, mature company does been around a long time and they have tons of relationships and t

congressman goldman, thanks so much for joining us. general garland said he believed it was in the public interest to appoint david weiss as special counsel overseeing the biden probe. do you agree? is it in the public interest? >> well, i defer to the attorney general's determination on this. what we now know is that david weiss, the trump-appointed u.s. attorney in delaware, was right all along, that he did have ultimate authority. and when he asked special counsel status because the plea agreement has broken down and he may have to charge hunter biden outside of his own district, which he requires additional authority to do, he got it. and this is another reflection of the true independence of this department of justice, a trump-appointed u.s. attorney investigating the president's son. that is pretty remarkable. and you don't hear from the other side a respect for the fact that joe biden has stayed out of this investigation. and so i defer to merrick garland and david weiss. if hunter biden has committed crimes, he should be charge

goldman sachs predicting when jay powell and the central bank may reverse course on the rate tightening cycle >>> china hitting another speed bump shares of real estate are plunging >>> dealing for a fight. u.s. steel rejecting $7 billion takeover calling it unre unreasonable. >>> ev price wars back on. tesla cuts price on some models in china >>> the american consumer just continues to spend andnot just on the essentials. latest figures from mastercard it is the latest on monday, august 14th, 2023 of t you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm dominic chu in for frank holland. let's check on the futures it is on the positive side of things dow implied higher by 33 points. s&p implied higher 8 nasdaq is 46 points of the dow riesing in the last fou of five weeks. the tech sector has been stumbling. nasdaq with the pullback of 4.5% the worst stretch for the index going back to december of last year checking on the bond market. yields in focus. 4% level in key. we are there for the 2-year treasury or rather the 10-year treasury

. >> gene goldman, great to have you in studio. we'll talk soon. >> time for a check on the top corporate stories. we have silvana henao with those. >> a list of underwriters for the chip makers offering is expected next month. goldman sachs, jpmorgan, will split these evenly as the lead underwriters, assisted by 28 banks in total seeking a valuation for the offering of between 60 and $70 billion. instacart is reportedly planning to launch the long awaited ipo next week with a filing next week. the company is opting for a traditional listing on the nasdaq. instacart confidently filed last year, but delayed the offering in october due to poor market conditions, and the company slashed its internal valuation by nearly half to around $13 billion. and shares of applied materials rising this morning, up about 3 1/2% after the chip equipment makers third quarter revenue and profit beat estimates, aimed at also offering strong fourth quarter guidance, citing strong demand from chip makers setting up new production hubs. applied materials

congressman dan goldman of new congressman dan goldman of new york will join me next.it and fight. subject 2: it doesn't feel good because you can't play outside with other children. subject 3: as a parent, it is your job to protect your family. but here is something that i cannot do. i cannot fix this. i don't know if my daughter is going to be able to walk. i don't know if she's going to make it till tomorrow. [music playing] interviewer: you can join the battle to save lives by supporting st. jude children's research hospital. families never receive a bill from st. jude for treatment, travel, housing, or food so they can focus on helping their child live. subject 4: childhood cancer, there's no escaping it. but st. jude is doing the work, continually researching towards cures, giving more than just my child a chance at life. interviewer: please, call or go online right now and become a st. jude partner in hope for only $19 a month. subject 5: those donations really matter because we're not going to give up. and when you see other people not giving up on your child,

goldman sachs has changed a lot. this was this closely held partnership and when david solomon came in, part of the promise was to open this up, more shareholder friendly. we were doing investor days now, but what happened was with the personality traits that he has had, there has been a lot of friction between david versus the employees versus the media. and so that tension is now coming into the spotlight in a much bigger way, especially after the series of articles over the weekend. now, the question is, are those another set of just articles? because we have seen kind of a lot of discontent over the years, or is it something where the rubber hits the road and starts to impact goldman's performance moving forward and this year is a big year to really set that mark where is growth going to come from if it's not going to come from the consumer banking? and if it's a time of difficulty for certainly getting deals done and other types of investment banking activities, a few things they're putting their money on asset

i did that in 2006 it took an internship goldman sachs.ng i learned thatt summer but wasn't what i expected to learn. i did learn a lot how to aggregate power in a way that wasn't actually slow the aggregation of powers. nobody was interested, everyone showed up except for the boss who was nowhere to be found. they were telling war stories you know is what we were there to do. goldman sachs, a little known secret, they were taylor shirts but not rolexes, she black rubber wrist strap as a show of false humility. i asked an older associate, we want to it social, we should have just called it that.ck it was the golden rule. you treat others, treat others like you want to be treated. the golden rule is this, see who has the gold makes the rules and i call it the goldman school that summer, it is the rule i felt on display when they declare from the mountaintop but they would take it public in the united states because it was insufficiently diverse and limit racial and it was that abuse of market power to exercise power in the marketplace of id

goldman sachs also expressed concern about the quarter growth. security's regular has built a case against hengda about real estate disclosures, and they say they have cooperated and will fulfill their disclosure obligations. the agency inquiries are common and do not necessarily lead to penalties. >> we will be watching hong kong shares of tencent later on thursday after the company reported disappointing second-quarter earnings, let's break down those results now with our executive editor for each of technology either elstrom. -- peter elstrom. what does this tell us about china's economy broadly? >> all eyes are on the chinese economy at this point as we have reported over the past few days. there are many warning signs around the economy, so growth has been very important within china for the rest of the world and a big part is coming from tech companies. tech companies have reported the results over the past week, and we had tencent yesterday, it's a piece of the puzzle to see how the economy is doing. and tencent's results were disappoint.

still to come, gene goldman joins us next.s is bloomberg. ♪ wow, you get to watch all your favorite stuff. it's to die for. and it's all right here. streaming was never this easy, you know. this is the way. you really went all out didn't you? um, it's called commitment. could you turn down the volume? here, you can try. get way more into what your into when you stream on the xfinity 10g network. (aidyl) hi, i'm aidyl, and i lost 90 pounds on golo. i struggled with weight loss and weight gain my entire life. with all the yo-yo dieting i did in the past, i would lose 20, 30, 50 pounds just to gain them over and over again. in one year, i've lost five sizes, and i'm on my way to lose another three. with golo, i can do it. (announcer) change your life at golo.com. that's golo.com. >> you take 2.5 and for inflation you take 1.5 which is not especially aggressive for real rates, and you take 75 basis points for term premiums. you are looking at 475 on the 10 year and it obviously could end up being higher than that. it seems to me w

goldman, saying you must return. all employees must return.ot a statement, we are simply reminding employees of our existing policy, we encourage employees to work from the office five days a week. citigroup, jp morgan has had a strict three day a week policy for some time but also have been trying to enforce this. jp morgan this summer put in a policy they must commute five days a week. citigroup went as far as to tell employees this summer that maybe pay will even be involved if they don't start to comply with the policies. paul: this reluctance in the banking industry is being mirrored elsewhere. can we quantify it? >> the return to office has been below 50% for some time now. it's not an august phenomenon. we've known this. an australian company called xy sense monitors through sensors various work points around the world. particularly big metropolitan areas. according to its data, more than a third of these work points are never occupied. we are talking about cubicles, desks, workstations, never anybody sitting there anymore. for those oc

when the goldman act was enacted into law in 2014. we had tempered expectations for its implementation. over the past nine years, even our most measured expectations for the state department to fulfill its mandates have been disappointed and instead children men kidnapped separated from their parents and families and parents remain on the treadmill driven by a love of their children and i hope our government will be true to what it says on paper. that is a quote from dr. king biden away. mr. chairman, it is time to amend the goldman act to bring abducted children home. i offer the following recommendations to improve response, prevent abductions and reunite children with loving families. first, give congress greater authority and oversight capabilities 2023 national book festival and oversight of abilities to respond to an aide constituent requests. this speaks to notification. we were privileged, my colleague and i, to have a briefing with foreign affairs, committee staffers a few weeks ago. i posed a question about how frequent or h

goldman is experienced prosecutor and knows if the vice president is getting on the phone with his son'sts who are involved in international policy that he is involved in making, even if niceties are being discussed, that significant and a problem. that is if you knowledge the democrats at their word. there is plenty of evidence to suggest it went further and if you are at the top end of a scheme to influence pedal, you do not comment directly. you show up and show you are involved and you let your lower-level people handle it, that is how conspiracies work. mr. goldman has put people in jail for that, he knows that. >> carley: burisma paid hunter biden up to million per year, what did they get in return for the money spent? sam dewey, we appreciate it. two people jumping there burning boat with seconds to spare before the entire thing burst into flames. check out this video here. it is too late. get off the boat. >> get off the boat. >> it's going to blow. >> you want to jump out right now. >> jump out right now. [splash] >> carley: wow, witnesses urging the two to get out of the boat.

a very brief response, professor lawrence goldman. i'm awfully sorry _ professor lawrence goldman.way offended — awfully sorry if i have in any way offended malik, i have been called upon to— offended malik, i have been called upon to make some comments and from the bbc's _ upon to make some comments and from the bbc's account on the website, it is simply— the bbc's account on the website, it is simply not altogether clear what is simply not altogether clear what is going _ is simply not altogether clear what is going on. i would simply ask why it is necessary to name someone who has made _ it is necessary to name someone who has made it— it is necessary to name someone who has made it very clear that her privacy— has made it very clear that her privacy is — has made it very clear that her privacy is being invaded? thank you ve much privacy is being invaded? thank you very much indeed _ privacy is being invaded? thank you very much indeed for— privacy is being invaded? thank you very much indeed for coming - privacy is being invaded? thank you very much indeed for coming on - very

and so when, when jim o'neil, the economist and goldman sachs, when he coined the term briggs at the time south africa, this is in 2001, a south africa joined the group in, in 2010 in 2001. the 5 member countries represented not even 10 percent of the global economy today, they represent a little over a border and so there is a branding, there is a procedure cache associated with members of the problem is though, that for those current members, they don't want to see their influence diluted. so the larger the group, yes, the less of the less cache there is for individual members. and so what i expect that we will see over the coming days is not finalized decision on admitting new members, but perhaps more concrete discussion around the criteria for expansion criteria for membership on august make one last point. and even though obviously we're currently talking about the brick summit, i think it's important to look at the summit taking place within a wider aperture. if you look at the interest among dozens of countries in joining the brakes, if you look at the expansion of the saying

goldman lied about that, too. >> dan goldman said archer testified that it was the illusion of access to joe biden that hunter biden was offering to these clients but in fact when you look at the transcript, what you see is that that phrase illusion of access is in dan goldman's question. it's actually not what devon archer testified to, he said, yes, but that's not quite fair, this was about showing that there was the signal that influence and access here. >> jesse: biden scandal is showing out like the russia hoax. telling the same story and you see the evidence and find out it's a lie. this is a big sigh on. an innocent man is being locked up so a corrupt politician can remain in power. archer's testimony makes joe biden a coconspirator in his son's bribery scheme. that makes him an accessory, joe knows this, he knows it's dicey, he hinted it april letter he wrote to archer 12 years ago. joe biden thanked archer for being in his business with his son, happy you guys are together. what was the real reason biden was so happy? well because it was at this moment that hunter and amper m

listen to that guy, goldman, say it's preposterous. no one in their existence, anybody who has had a career has had an employee called their dad in a meeting. it's never happened. i don't remember it happening in high school or college. it's just the weirdest thing. this is a guy. >> that's what he did for a living. he made it rain using his dad's influence. i learned one thing, you shouldn't have friends when you go to politics. they turn on you. there's like this close pal spilling the beans. that's why i refuse jesse's friendship. i know sooner or later he will turn on me. remember when the media and the democrats focused on trump? they compare him to the mafia. remember, he talks like a mafia don, blah, blah, blah. you always find out that whatever they accuse somebody of doing, it's what they're actually doing. nobody ever talks concretely about what they're going to do in the mob. they use, you know, metaphors and little -- they don't say they're going to kill you, katie. i thought about it. >> this is a piece a shop, wing wing >

goldman, congressman goldman but how would that work? mr.you know, you go into this and each side, josh, says, you know, this is how they read it. and it proves their side, their point about this testimony. but it doesn't look good. it's not a positive look. >> not at all. and fundamentally this is about credibility. how many times did we hear president biden saying he had no connection with any of his son's business partners but one thing we learned from the testimony that kimberley was alluding to he met with burisma executive at a popular restaurant. >> bret: cafe milano in washington, d.c. he had meetings not just phone calls or being on a speaker phone 20 times but actually had face-to-face meetings which is in contradiction with what the white house had been saying for quite some time. so when you hear those contradictions between what the official spin is from the white house and you see these revelations that contradict that spin, you know, it makes you wonder what else is there? >> bret: and that's what people want to know, mollie,

it's john rogers at goldman sachs. he is the chief of staff at goldman sachs.d he worked with arthur levitt at the sir purities -- at the securities and exchange commission and work within a democratic administration at the white house and he will take over. we know him from his work at bloomberg. mike: he worked with a lot of famous and important people including you and i. tom: he was instrumental in me coming to the company. it's good to see russell horowitz will advance to that important chief of staff position at one of our venerable firms. i don't see much action in the market off data. it will be different thursday with the inflation report. lisa: it will be different at 1 p.m. after we get the auctions of u.s. treasuries, the first of three sets of auctions today with 40 $2 billion of three-year notes being sold. tom: stephen stanley joins us now, the chief u.s. economist at santander. does the trade balance dated change things about what the trend will be? >> nho, because the data so volatile from one month to the next it really gives a clear view of t