and that is finele with goldman sachs.her words, homogenousot boards are thin when they happen here in america, but in china they are totally fine. not to mention highly lucrative. if all this seems inconsistent, even have a critical, do not be surprised. goldman specializes in that. contains this preachy sermon on gender diversity, quote, when women lead, everything changes. in today's world, gender equality is an economic imperative and leadershipp opportunities will drive growthc for our clients, our communities, our people, and our shareholders. great. but they don't mean it. how do we know? well, goldman's board does not have parity between men and women. when the company's previous ceo step down in 2017 committee did not take a woman to replace him. he didn't have to take the job. he could've let a woman run for the first time in 150 years be better, he could step down from this job and he could do it tonight,e and he should, and demand a nonbinary person replace him immediately and donatend his severance to black li

let us go to what goldman sachs looks at which is business investment. link in the current news item, the trade war, with the dearth of business investment in the future out a year in terms of owning equities? abby: it is no secret that capex, business fixed investment was disappointing in 2019. in fact it was negative and we think this will continue in 2020, especially for structures. when we talk with companies about why that is, many of them do point to the uncertainty of the trade battles. we see this not just in the united states, by the way, but trade policy uncertainty is more dramatic in some other countries as well. what we basically see is companies are not sure about where they should be investing for their supply chains. so they are just sitting on their hands now. that is not good for long-term economic growth. tom: i'm going to predict in 2020 there will be a new study of what globalization means. from multinationals and the kind of big companies we are comfortable buying now in the u.s., what is the new globalization that abby joseph cohen

she is goldman sachs and has worked with the cfa institute. an extraordinary year to look forward to. thank you for being with us. much to talk about in the next half-hour. i want to talk about your new effort, thinking about immigration and what it means for the fabric of the nation. we must talk about the central bank. we have to talk out the markets. gloom accruesthe great piÑata. they love to go after you in good times or bad times. you cannot possibly go up and once again confounded not only off the gloom of last december but confounded over one year, two years, five years, 10 years to good and substantial equity returns. when does it end? tom, first of all thank you for having me here for this discussion. the gloom and 2018 him anyway set us up to a good start into money 19 in the markets. one thing i'm concerned about is how happy ever but he is at year end 2019. i think what is priced into the market now, is an economic scenario that seems to be the most likely. no recession, the economy perking up a little bit, corporate profits in mi

a knife or a story stirring up the business world this friday investment by goldman sachs say's it's going to have stop helping start up companies who lack diversity in their boardrooms go public in europe and the united states. we realize that this is a small step but it's a step in the direction of saying you know what we think this is right we think it's the right advice and won a position also because of our network to help our clients if they need help placing women on boards and so this is an example our saying how can we do something that we think you know is right now move the market that these political correctness culture may just kill me just have the best people possible on the board no matter what the race or gender i'm tired of people get in positions of power just so things can be diversified. this is dangerous foolish and moronic goldman sachs' tokenism is unproductive for diversity no one should attain a position of power based on an arbitrary characteristic positions of power need to be based on performance having token women minorities on boards to meet quotas isn'

i will come back with abby joseph cohen of goldman sachs.e will have a very special section right here on her current research. please stay with us. ♪ tom: we welcome you to bloomberg surveillance. a year ahead and we are thrilled to bring you abby joseph cohen, senior strategist at goldman sachs. there are so much more to the financial system in the u.s.. abby, the markets devolved into fed policy. are we done with the dots? can we bury them in 2020? abby: i do not think we will be paying as much attention to the dots because we think the trend in interest rates is a flat in 2020. here is the thing to look at -- it is just the way that we have seen this decompression of p/e ratios in the equity markets. we have seen a compression of yields in the bond market and we see compression in terms of the -- that is the duration of the bonds. lungs are not yielding more than shorts. are not yielding more than shorts. i find this disturbing. very different to say the least. abby: keep in mind that those --ple who argue that the big equity valuation i

shery: thank you so much from the goldman sachs investor day conference.ockwell beating expectations with been th -- better-than-expected first quarter warnings. this is bloomberg. ♪ shery: this is bloomberg markets. i am shery ahn in new york. amanda: i am amanda lange in toronto. rockwell automation reported earnings this morning and raise guidance for fiscal 2020 off a better-than-expected quarter. the manufacturer sees a strong performance in the automotive and semiconductor segments. it said double digit is ahead in i.t. their ceo and chair joins us from milwaukee. i wanted to start with what lies ahead for you. you are a company that is intimately tied to the industrial manufacturing base, global supply chains. we would have been talking about a phase one trade deal if we were talking to you about virus that may be shutting down one of the globe's largest economies. where in your risk profile are those issues today? >> there remains a lot of uncertainty in the manufacturing environment around the world. we do see a reduction in some of the key produc

>> i bought goldman sachs after the quarter. in a different position than i'm sure amy and steve are, who probably bought it a lot sooner and are in position to having profit in the stock. i look at today's event. i agree with everything you said but after listening to today, i have to understand as a goldman sachs shareholder, which i will remain, as someone who supports and believes in what david solomon is doing, this is not the goldman sachs of the past. it's never going back there. i thought potentially it would be this is not a trading shop this is a company that's going to focus on the consumer business and that's where the technological efficiencies are going to be. that's where the r & d spend is going to be. that's where the technology spend is going to be they're going to have checking accounts think about that goldman sachs will have checking accounts as a shareholder, i have to get used to this is not the goldman sachs growing up in the business. >> we are goldman. we owned it for a long time. i agree. it's underval

there is room to go for goldman sachs. goldman sachs can run. jp morgan i am saying committed. at all-time highs. where i beat myself up is on wells fargo. two months ago you said what if the new ceo comes in and kitchen six of the quarter the problem i have is i don't think that was even a kitchen sink that was brutal. and the commentary -- >> you think it could get worse. >> he indicated on the conference call. he basically gave no visible for 2020 i believe in the ceo, and in the turnaround but that doesn't mean i have to lose money in their stock. the litigation expenses at $1.5 billion were incredibly high the consumer revenue growth was awful. this is a real turn around story that's going to take time. i am wrong to think that i could just sit there patiently and wait i would rather go and put my money behind the expectations to have the trading revenue be strong and follow goldman sachs. >> he have the, why citi. >> it is trading below it is historical average in terms of the valuation. it lagged its peers dramatic for all the reasons you are talking about. they had issu

but we can't knock goldman sachs too much here, right goldman sachs is the one that is -- maybe it's too late, but at least -- and it's not their board. they're talking about other companies. >> right. >> we're not going to take your money unless you do this there's got to be at least some bell ringing for them. do you think, joanne, that others -- here is looking at all the other banks out there -- will follow? >> i think they will it's a good first step he said it himself, it's a first step david solomon said they might lose business because of it. in this day and age there's absolutely no reason why any company can't find qualified women to sit in those board seats. we're 30 years in of women earning more college degrees, graduate school degrees. women make up more than half of the workforce. we actually need to see more of these women who are emerging into board seats and they are qualified. >> i should say, goldman sachs, 10 board of directors for them are female. >> yes another point about goldman -- this is an interesting one, right? when i talk about we need to start this ear

goldman sachs holding its first ever investor day-to-day.is there and joins us now. 0.5%.ock is down about are investors taking the news today with a grain of salt? why is the reaction a negative one? sonali: this 13% return on equity is much less than the heyday of goldman sachs, and it is right about in line with what morgan stanley is also investing. some good things, goldman hopes to reduce their expense base here, but we have not heard about what they really want to do next yet. what is their plan for that consumer business? we should hear more about that is the business heads speak to us in more detail, but right now, goldman sachs has a $100 billion goal to build that deposit base. let's see how far they get and how they get there because right now, we don't know whether that means completely organically, through acquisition, and how a digital bank can get them to that place. that has itsa bank integrity under control? that has been called into question over the last couple of years. bank'saring about the approach to dealing with that

what is the investor thesis for goldman sachs?we've been in the wealth management business for a long time. we just dealt with the ultra high net worth slice, and we now see an opportunity for a united capital opposition to expand that to high net worth individuals, so that is a really good opportunity for us. one of the things we laid out today as we look for opportunities that are adjacent or synergistic with strings that we have in our core business. that is an example of that. when you look at goldman sachs and you ask what the broad thesis is, what we try to lay out is opportunities that strengthen our businesses, add some new businesses, diversify our revenue mix so it is more durable, and run the firm more efficiently. if we do that, we will driver turns higher, and hopefully shareholders will be rewarded. sonali: you didn't rule out a merger or acquisition. do using the federal reserve will give you the leeway you need to buy a bank? david: i never said that we would buy a bank, so it is interesting you are asking that que

morgan goldman sachs did. some stuff whose vocabulary is beyond many of us to understand but in terms of perversion i would say that j.p. morgan goldman sachs and others are just as problematic as as wells fargo is just that wells fargo screwed people on a retail level as opposed to a higher level now prior to this entire revelation well it was actually a growing bank with huge profits and a really fast lender division as well so since they had that sense this entire scandal blew up they've had stagnating earnings of just under 7 percent year over year compared to citibank and bank of america who are up more than 30 percent last year so are they doing enough at this point to get back on the right track or is this all is this regulatory issue a death knell for wells fargo they're actually under a size restriction growth i mean the federal reserve has put them on a cap that they can actually grow i actually think in addition to that that consumers looking for a bank while banks are sticky it's kind of hard to le

well it's a mad announcement you know goldman sachs have made this announcement a time when you know they are part of a major bidding process to be part of the saudi arabian oil conglomerate of those i.p.o. i don't think that board is going to be particularly diverse and for their business reasons they've actually excluded this policy from all of asia because they know that most chinese japanese most companies across asia will not have diverse boards so i think it's completely hypocritical completely banal completely pointless and i think that actually instantly patronize ing to the women who do make their way up through these companies and on to these boards independently inevitably goldman sachs is announcement will now mean the allegations of tokenism will simply go up you know the idea will be that you can't get you can't be taken public if you don't have a woman on your board so anyone nell from these companies any woman who receives a place on that board based on merit will be forced to believe that it's merely because the way the company wants to go public i think it's wrong.

this is dangerous and moronic goldman sachs tokenism is productive for diversity no one should attain a position of power based on an arbitrary characteristic positions of power need to be based on performance having token women minorities on boards to meet quotas isn't diversity the better solution is to get more women minorities into college and graduate m.b.a. schools so they can filter into those positions on their merits while diversity as you may know is the buzz word across a wide range of social spheres after the moment with particular criticism aimed at the oscars that buff does in the u.k. as well for locking representation of awards ceremonies it's not only that though we also have that the bait heading tech giant google whose hiring practices have been slammed for failing to better accommodate minorities spiked magazines look get us seize the banks diversity drive will actually backfire. well it's a mad announcement you know goldman sachs have made this announcement a time when you know they are part of a major bidding process to be part of the saudi arabian oil conglomera

find your degree at snhu.edu. >>> goldman sachs announcing that it is reorganizing its businesses moving away from the sort of opaque labels it used until today. it is the latest move by ceo david solomon to transition goldman from a trading house into a more consumer facing bank with digital aspirations joining us now, banking reporter hugh song. good to see you. used to be goldman was just different. it was a this morning white shoe investment bank. but it was different than its competitors. now it is more like them >> used to be different was good but five years of a stock underperformance versus the likes of the consumer facing products the apple credit card is one thing. there's another business calls marcus an interest bearing savings account. i guess they're bundling these products together? >> it's finally time i guess they reached prime time, scale enough, where they want to put them together and call it consumer wealth management division this new business that they're taking out you know, the flip side it's a tiny business still and so you actually now have a little more trans

is bank ofig earning america and goldman sachs, it's a messy quarter for goldman sachs down's extensive 1% -- down 6/10 of 1%. guy: at the headline level markets are not going anywhere, the european stocks are flat, the pound is flat against the u.s. dollar, this despite some week inflation today and another member of the bank of england coming out and talking about a rate cut coming from the bank. the expectation that we will get another cut is growing. the ruble as well, we saw some movement. the prime minister will be stepping down with a lot of questions surrounding why, and what that means for president vladimir putin's future. everyone is waiting to see that trade deal get signed. vonnie: let's stay there, a president assad to sign -- president trump is set to sign the phase one trade deal in the tower. the agreement would lead -- leave significant tariffs in place and would punish beijing for failing to deliver on key pledges like currency, and intellectual property. steve mnuchin spoke about the issue of future tariff rollbacks earlier today. >> as part of phase two, there will

treasury commissioner will join us live this morning >> and bank of america and goldman sach numbersmp rips apple over refusing to unlock phones it is wednesday, january 15, 2020 "squawk box" begins right now. >> good morning. welcome to "squawk box" here we are live from the mart in times square let's take a look at u.s. equity futures. yesterday, the dow pushed higher about 32 points. s&p and nasdaq pulled back slightly you actually saw the big six averages hit regard highs. the nasdaq and dow utilities and 52-week high for the russell 2000 and dow transports. today, we are indicate slightly higher as we await more earnings reports before the opening bell. right now, the dow indicated up about by 14 points if you look at what's been happening in the treasury market, we watch the

sonali: this is a big cultural shift for goldman sachs. st investor day ever at 200 west. you can see around me it is completely full because this is a moment in time that has not been done before. is goldman ready for a culture of a consumer bank rather than investment bank? not to mention, the median term targets of 13% return on equity and more than 14% on tangible equity, that is close to where morgan stanley is as well for their medium-term targets. so how does david solomon today create an investment thesis for they havechs while been lagging their peers? alix: and also stepping into the environment and beefing up their consumer arm that is really quite bedded if. it is not new for them. it's been around since 2016. but to really expand that, do we have any reading on, say, apple pay with the apple credit card? what is next? sonali: first we have david solomon speaking along with his main deputies. by 10:00 today, we will hear from the different divisions, including from that consumer and wealth division. they have told investors that

to have in the leg like goldman sachs has been doing.nda: in terms of what is happening in the fixed income space here, a huge driver of success is quarter. what is underneath that and what are the fundamentals that are making the market so hot? sonali: volatility is back in credit markets so that is a great thing. the yield curve disparity has really been helping them through the end of last year, and the sustainability of results is a big deal. goldman has told wall street that he believes on average, fixed income revenues could come in at more than $1 billion per quarter. morgan stanley is making significant investments in electronic trading. that is what made them the number one stock trading firm on wall street, and let's see if they can pay off in fixed income there. shery: sonali basak, thank you. coming up, no one makes money like the most feared man and the most aggressive realm in finance. this is bloomberg. ♪ ♪ shery: this is bloomberg markets. amanda: i'm amanda lange in toronto. shery: i am shery ahn in new york. schwab plan

bank of america and now goldman sachs today.ve been talking ability out performance. that's been a tail wind. and there's enough to go around. >> we've already heard this is the take up that you're getting right now. thank you. you have done your homework. you do well. i want to thank you for being here with us. >> my pleasure. >> it's great to see you we'll check in with you later. >> i just add i love this mnuchin interview live camera. the treasury secretary will be joining us in about ten minutes time we're getting ready for that right now. >> it's not going to happen immediately. anyway, a reminder that you can always watch us live on the go on the cnbc app. we're coming right back. >> coming up on squawk box, what's in phase one of the china trade deal we'll hear from treasury secretary steven mnuchin about the potential economic impact and then at the top of the hour, kyle bass discusses market implications and much more plus, house minority leader kevin mccarthy joins us with his take on the deal and what's next for cong

thank you very much, jeff currie of goldman sachs.n this program, a 2020 currency winner off the trade war pause. and if you are heading out, tune into bloomberg radio across the u.s. on sirius xm channel 119 and the bloomberg business app. this is bloomberg. ♪ alix: time now for trader's take. joining me is vincent cignarella come a of the bloomberg audio squawk. i teased to the aussie dollar. what are you looking at? i can say the loonie. i can't say the aussie dollar. just making sure i am getting rid of the idiosyncratic stuff. vincent: really like the aussie dollar in 2020 for a variety of reasons. number one, we've got the trade war behind us. number two, this is unfortunate reasoning, but fiscal policy is going to ramp up. there's going to be a lot of funding going into australia. it is going to be very good for their economy. should be good for their currency as well. recently come australia was privy regional comprehensive enema partnership. billion dollars gdp. that chinaagreement has to basically change supply chains. austr

economist at goldman sach that wraps up our coverage today.'ll hand it back to you >> thank you i know you'll be tweeting that out. if you want to get in touch with the show, do so on "street signs" and coming up on the show, a tale of two banks. jp morgan's fourth quarter leads the giant to the most profitable year ever and wells fargo puts out a report to forget don't miss the interview with wef president happening around 11:00 a.m. central european time i'm really into this car, but how do i know if i'm getting a good deal? i tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if i'm getting a great price. this is how car buying was always meant to be. this is truecar. looking to get your business off to a fast start in the new year? it's go time! switch to comcast business and get fast internet on the nation's largest gig-speed network. plus, complete reliability with 4g lte backup. and, cloud-based security to help protect the devices on your network. gr

goldman sachs ceo spoke yesterday with bloomberg at the goldman sachs 2020 investor day in new york.ck is positive. people appreciate the fact that we did it. they really appreciate the transparency. they appreciate the fact we have laid out a clear path forward for our business, strengthening business, making investments into businesses. the feedback has been constructive. >> you are entering a transaction banking, wealth management, a lot of banks are in that space. how does goldman differentiate itself? >> we have been in the wealth management business for a long time. we have dealt with the ultrahigh network, we have an opportunity for united capital acquisition to expand that to high net worth individuals. that is a good opportunity for us. what we laid out in our investor day are opportunities adjacent in our business. ,hen you look at goldman sachs the broad thesis we tried to laid out today was we try to strengthen existing businesses, add new businesses, diversify revenue mix so it durable, and run the firm more efficiently. if we do that, we will driver turns higher. >> you

goldman sachs has called off it's taken uber.all street lender owns about 10 million shares of the ride-hailing giant at the time of the offering. .ber shares plunged goleman was restricted from selling shares until six months after the ipo. taiwan semiconductor posting a bigger than expected rise in profits. the robust results demonstrate how investing in new technology has safeguarded -- safeguarded the market lead. h -- xpo logistics considering a selloff of some units. which not determined businesses, considering an exit from the supply chain in europe. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. thank you very much for the roundup from hong kong. here's what you need to know for the trading day ahead. calling for sweeping constitutional changes. anne-marie is changing -- tracking the changing political landscape of russia. putting context for us. >> it's a big reshuffle, dramatic and unexpected move. a low

that's why i'm in them goldman sachs was held back so long because of the 1 mdb scandal. it's sound like that's getting behind them. not yet but getting behind them. great franchise, capital markets, investment banking are crown jewels i think goldman and citi both on valuation goldman is close to book value still those are the two top particulars. >> you own jpmorgan. >> i do. i think it's a great stock i want to point out what jim said i think jpmorgan has done a great job on management business and goldman sachs with the recent purchase of united captain being able to expand the reach of their wealth management business, i actually think that could afford greater upside despite the fact jpmorgan is sophisticated silver going to be the highest quality stock in that particular basket. >> i just don't think you can really at this point, other than public persona distinguish between brian monahan and jamie dimon in terms of excellence of running a back they are both excellent. to me bank of america is dark horse without that high visibility jpmorgan has. >> you go back ten

goldman-sachs is making a stand against all-white, all-male boards.epraved solomon issued an ultimatum from davos. hey will refew justin upton -- i.p.o.'s if they are all male and white. we have two to discuss with us. interestingingly enough, this seems like this could be real change. goldman has significance influence. they were the top u.s. underwriter last year, one of the top three in the last decade. this is more than a p.r. stunt. what do you think? >> even if there is never an i.p.o. they refuse to do, they are going to have a divorce board. that is more likely to happen. the tail is going to walking the doing into what it wants done. it is a real ultimatum that they will be able to enforce before the company goes public. >> it is in the u.s. and europe to start. the interesting thing here suh are seeing a lot of i.p.o. a's come in the speck space. this could have some significant ramifications, if you will for the tech sector. >> that is trite, taylor. i think the pressure has been building for quite a while for people to pay attention to a l

how long to get the prophet in retail banking at goldman sachs? in retail banking at goldman sachs? wait next week. tom: he upset banking like he upset gorman yesterday. sonali: did you hear gorman telling them they were being like children? tom: what is the number one question at investor day for solomon? sonali: it is 1mdb they have to get past, the largest legal charge in years. how long until these efforts pay off, and what do we hold you accountable to? what are the new metrics we need to follow? francine: what are the strategies of these big u.s. banks for china? how quickly do they need to ramp up presence? sonali: a huge deal, came up a ton of times already. even before these initiatives to open chinese markets to the u.s. , goldman sachs and jp morgan have over $1 trillion asset vantage men units -- management units in china where they can start allocating. interestingan relationship with china investment corp. in the u.s., a little tougher with the trade tensions. tom: let's look at a lineup of people who do not want to speak to sonali basak. they will avoid her like the p

top story.r goldman sachs making a stand against all white male boards. goldman will refuse ipos unless the company's board has at least one person who is not white, male, or straight. goldman is the biggest underwriter of ipos in the u.s. joining us is add the aftermath -- abby and jeff. this seems like this could be real change. goldman has significant influence. they were the top u.s. underwriter last year, one of the top three in the last decade. it is more than a pr stunt. >> even if there is never an ipo they refuse to do, they will probably make everyone who wants goldman to underwrite it to have a diverse board. that's more likely to happen. the tail will wag the dog into doing what it has to have done instead of refusing business. it is kind of p.r., but an ultimatum that they will enforce it before the pum company goes public. you in.t to put the interesting thing is you are seeing a lot of ipos in the tech space. this could have some significant ramifications for the tech sector. >> that is right. the pressure has been building for quite a whil

get a sense of how the market will open this morning, we have seen a sharp tick lower as we get goldman sachsow industrials down 55 points, goldman of course is a dow component. this is the issue. nasdaq right now down 4 points and s&p futures down 3. goldman sachs beating earnings on revenue but a miss on earnings. we're going to check the stock and tell you what it's doing right now and what is behind this 55 point move in the dow because this just happened in the last 10 minutes. we are waiting on the signing of the phase one trade deal with china this morning. that's going to be a formal big event at the white house this morning. plus, more earnings rolling in after bank of america reported better than expected results, goldman sachs as i just said missing earnings expectations at $4.69 a share versus an estimate of $5.47 a share. so i suspect this is one of the issues for the dow but let's check goldman sachs shares right now, only down a fraction. perhaps there is another issue for the dow. we're going to check why the market is accelerating the losses this morning. they were mixed on w

goldman sachs is of the same. is adding pressure on apple to unlock an iphone that belong to a terrorist. he says the u.s. helps apple on trade and other issues, so apple should help the u.s.. apple rejects the assertion that it hasn't helped answer that has provided gigabytes of data from cloud backup. that is your bloomberg business flash. thank you very much. coming up, money managers, mergers. that didn't go very well come a didn't? -- well, did it? ♪ nejra: this is bloomberg daybreak: europe. it is time to take a look at some european asset managers. there's details you need to know when your morning cup. dani burger has those. dani: specifically, jeffries is looking at a monday and ews. it is valued at 21% higher than where it currently is. a big bullish call. they say that these european continental managers look stronger than that of those in the u.k.. specifically, they say they are undervalued. a monday is traveling at a three times a discount to its peers. clearly, a by case here. there's a good kicker

but could be a very meaningful business makes a significant meaningful contribution to goldman sachs.ness and tie other things in platform into this digit offering so we are excited about it but there is a lot of work to do we will provide more color on it, it in plans for that next week. >> we look forward to that i will be watching that do they call you d.j. sol. >> some call me desol is it a started with kids gave me that long before clear anybody would know anything about personal hobbies. >> what are those one is d.j., reports that you are going to perform at sports illustrated are you you doing this. >> the opportunity to play phenomenono for an hour that they would make it very, very nice charitable donation to shadow proof with music activities i decided to do it while down there play on hour saturday night be able to support, very, very important charity. >> so fantastic how long have you been djing. >> 7 or 8 years i enjoy it, and you know a nice thing to take mind off the focus of goldman sachs. >> thanks for leadership good to see you. >> nice to see you. thanks so much. >

we need to talk about your obligation to the goldman sachs company, goldman sachs asset management formble but a deleed to bring practice. you bring a new frame to global asset management to compete out there. hat's the 5 tell focus there as inest vment. >> you have to have your client needs. we intend to reinvest it on the questions clients are asking. >> they're canning us about e.c.b. and sustainability and asking us what to do in the low yield environment and how to think in the broad term of all our stakeholders. tom: we asked about pacific frontier and i don't want to get into "boom bust" with you. your lead leader was quite about on it as well. i want to put money in the market after bonds up, yields down, stock up, up, up. is the answer to buy more tesla. but i will say people have and then lized code with exposure to equities when you believe growth is stable. do we think growth is growing exponentially getting better the next year? no. but do we think the u.s. looks decent? there are hot spots in europe of both growth and pain and we have interesting opportunities particularl

that was goldman sachs chairman and ceo david solomon speaking to bloomberg at davos.d the latest ultimatum from davos. the era of the white male board coming to an end. goldman has become the latest to back away from doing business with such firms. annmarie hordern joins us. >> what you need to know is all ite, all-male is not cutting anymore, at least for goldman sachs. the biggest underwriter in the u.s. will no longer do business with a company lacking a director who is either a woman or diverse. the board must have at least one person who is not white, male, or straight. next year, the bank will raise the threshold to two diverse directors. the decision came after it learned that more than 60 u.s. and european companies in the last two years went public without a woman or person of color on the board. a professor at boston university says for goldman and wall street, this is a seismic change. we cover diversity and equality a lot here. questions will remain. how will other wall street firms follow goldman sachs on this? will they, will they not? is this just the b

. > day two of the goldman sachs global macroeconomic conference and goldman's chief equity strategist. >> we have breaking news out of south korea and fourth quarter g.d.p. numbers. this is much faster than what was expected and fastest pace since the third quarter of 2017. these are the preliminary numbers for the fourth quarter. the south s also korean economy expanding 2% meeting the bank of korea projections and have seen growth in household spending and gains and consumer confidence and a lot of it supported by the south korean with their budget being passed in august and seeing a growth of 1.2%, which would be the fastest pace since the third quarter of 2017 and for that 2019 growth of 2% which is atching. let's look at what it is setting up. we had reaction across asian markets which led to the european session in declines and the u.s. as well as account of the news of the spreading china case. avirus and one and not much of a rebound. futures are looking pretty soft and we are seeing a pretty down side at the moment. new zealand, .2 of 1%. and futures have turned positive and

. >>> goldman sachs overhauling its business will it move shares higher >>> hef ron and other big oil names under pressure the traders take their position. >>> tesla on a tear hitting new all-time highs should you get in at these levels the investment committee is ready to go. "halftime report" starts right now. >>> all right. welcome. good to have you with us on this tuesday. joe terranova, stover any link, and jeff farr is back. stocks modestly mixed. we begin with four widely held names. while woe don't expect another 32% years, we also don't expect selling pressure given the runway of disney plus. are more ahead >> i could see a scenario the next couple years it works its way up to $200 a share disney had an incredible year. they had 80% of box office, which is completely unheard of in the history of hollywood. they probably don't repeat that, and of course that's in the past, but you say to yourself what will change with the competitive dynamics of the media industry to knock disney out of the top position. and for me, it's really hard to figure that out. i'm not quite sure what'