you asked this on twitter or on facebook or you tube you the individual who's not goldman sachs would be the platform for asking this but goldman sachs asks in biotech research report is curing patients a sustainable business model and they ask this and april 10th report entitled the genome revolution the potential to deliver a one shot cure is one of the most attractive aspects of gene therapy genetically engineer itself gene editing however such treatments offer a very different outlook with regard to recurring revenue versus chronic therapies said salvia richter in a note to clients while this proposition carries tremendous value for patients and society it could represent a challenge for genome medicine developers looking for a sustained cash flow and he cited treatments for hepatitis c. which they used to earn about 12500000000 a year but it's now down to about 4000000000 because people right is caring people

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maria: welcome back goldman sachs david solomon is expecting economic growth to be between three and half% in 2020. at the world economics foreman dava switzerland this week i spoke to the ceo of goldman and we talked about digital banking to investing in the year ahead. here's what he said. >> the business climate feels really good because the economy is pretty good. as you look at 2020, it's a chance of economic slowdown around the world and 2020. i think it is underpinned by a very strong u.s. economy. consumers doing very well. the industrial manufacturing sector a little bit softer, but there is no question the consumers making up for it. and so i think we should see the world grow at 339 have% this year end barring from any event that would materially change his sentiments, i have a relatively confidence that it the economy is constructive. i hear from ceos as i'm getting around here and really engaging with people. they're talking about their plans for the year ahead. i'm getting a relatively confident message. maria: asset management had a real shakeup when we saw commissions

of goldman sachs and they mentioned tarp he gave them inside information that tarp was coming so they got to front on that and that's why a boy blankfein became a billionaire for running the utility of a of a bank you know goldman sachs is now a bank not a hedge fund essentially but again talking about this trying to propagandize the americans that is not the elites we the elites have and destroy the economy it must be somebody out there thousands and thousands of miles away who doesn't speak english and but he has weaponized means that he's the one doing this here's a final tweet here about the gallup poll gallup 60 percent of americans say they are better off now than when trump took office compared to just 36 percent who say they are not that is higher than during the reelection campaigns of obama george w. bush clinton or h.w. bush 60 percent of independents say they're better off than 3 years ago when this fact happens when trump wins reelection lloyd blankfein will say that he had nothing to do with this that is somebody else will find some reason and they'll be the ones on the

because again he said that that sanders doesn't care about the military but again goldman sachs pays less than 12 percent tax rate lloyd blankfein himself i don't know what he pays but i'm sure we know for a fact according to the i.r.s. that the billionaires pay less taxes than the working class there are loads of people in america who are the elite they pay very little taxes relative to everybody else but they love spending our money on military and big wars and budgets like that so again i'm going to turn to another tweet response to this from chris our nod he's written is an amazing book about the deplorable is traveling across america talking to deplorable people that are outside the you know the front row class the people like lloyd blankfein and hillary clinton and everybody on m.s.n. b.c. and he used to be a banker and i'm not sure if it was that goldman sachs but it was one of the wall street banks there if i'm russian i would go with hawking synthetic c.d.o. is to blow up the u.s. economy and screw over homeowners like this is so obvious it should be so transparent that the

she has been with goldman sachs since 1993.now the global treasurer and has an important role in ensuring goldman sachs is able to meet profitability targets they have set for the first time ever. she had a lot of challenging roles. there are some interesting places she could go, including leading trading, cfo. what are the challenges she has ahead? have beenf insiders ensuring she plays a big part in achieving the new profitability target. it is some sign she is ready to catapult a higher office. there are senior options available, cfo is one, leading the trading division. goldman sachs pledged to diversify their ranks, but it is harder than it seems. when you think about the senior women who could fit into these roles, that number is not huge. it is a small number of women, and she features in every conversation. romaine: she was elevated to treasurer a couple of years ago. there was some concerned you taking somebody away from a more viable position on the trading desk, moving her to treasurer. how is she received within the

morgan stanley has eclipsed goldman sachs in terms of stock market valuation, particularly as goldman has basically meandered and is having a difficult time finding a business model. they are going into -- they were known as a trading firm, high end investment bank. morgan stanley is known as white shoe as well but morgan stanley made the transition to dealing with small investors. goldman sachs has not made that transition, despite the fact you have regulations that essentially force banks into that space. so they are caught off guard on this thing, they have to respond. the response, we understand, will be buying a brokerage firm or buying registered investment advisers. there's a few firms like that that you can buy. hillman & freedman is one. you can piece them together and buy out your retail banking effort. morgan stanley last stand, from what i understand, is not e-trade. james gorman, people close to him say will buy or wants to buy before he retires, a commercial bank to even out that firm. midsized commercial bank. he has spoken about that with people from what i understand.

>> well, i was talking to some traders this morning who tell me that they think that goldman sachs' sentiment's hard to see how goldman could be off the mark for the first and second half of the year. you'd think about what makes up the foundation of the stock prices that we see in each and every one of the companies that make up the do and the s&p and the other indices. it is company profit. and the thing is with the coronavirus, it's like a double wammy for these companies. not only are they being hit by the supply chain disruptions because of the coronavirus hitting china, which is clearly interconnected with so many u.s. companies. u.s. companies are also getting the double whammy, the second part of that, by demand. the worries that you are seeing in the plunging prices right now on wall street, the worries are that demand will fall. and that is -- goes right to the consumer. the worry is that the consumer will pull back. you are seeing wall street actually prepare for the "r" word, for a global recession. the concern is that if this goes on long enough, we could see a global recession.

the tune of about 12% or 13%, so could have been down a lot more interesting, carl, also to see goldman sachsrading down, albeit again it's recovered from some of its losses, less than 1 purse down, perhaps from the opportunity cost of not having done this deal >> great interview and repo reporting. was this type of potential deal making whether today's deal with morgan stanley and e-trade, was this inevitable or perpetuated by some of these disruptors, these start-ups like robin hood coming in and giving everybody a run for their money? >> listen, i think as we've discussed at length over the last six months, the likes of robin hood certainly were a catalyst, a spark to lead to the original price cutting amongst the brokers and then the consolidation that saw schwab by tv am td ameritrade. since then, ebay was thrown around as a potential takeover target for the likes of morgan stanley and goldman sachs. their share price is up 40% or so since october clearly, that gave them much more currency to act than they had previously goldman sachs's share price also up in that period of time, perhaps

these are people leaving at a very important part of change at goldman sachs. is the case, it is a case of goldman not able to hold onto talent because others are willing to poach them? or do we have a sense of where they are going to order where the -- to or what they are planning to do? sonali: some may go to private equity firms, hedge funds we have heard of, venture capital firms. so away. with that said, let me read you a text today that one of the competitors sent me. they are also limiting about taking shares from goldman sachs in these businesses. traders to bankers happening at goldman sachs. we are listening to them speak today at the economic club in new york. scarlet: the cfo. sonali: the president. scarlet: got it. ok. sonali: he was interviewing senator's ken griffin, which -- citadel's ken griffin, which is a frenemy. technology is the big edge in the equities businesses. romaine: ok so that is fine and dandy. we have lost these people. are they being replaced? we heard they have a deep bench but we did not get names. sonali: remember, this is th

goldman sachs lead analyst for software and other companies coming from the goldman sachs internationalhnology conference from san francisco. thank you for joining us from your conference. we appreciate that 2 billion users on what's app. that sounds great. except when i use what's app i don't pay for it does it matter to facebook. >> what's app certainly matters to facebook because it's part of the whole facebook collection of applications and it's part of the community and keeps -- keeps you integrated across the different applications that they offer, whether messenger, whether that's the facebook flu app or instagram. i think it does matter and it shows the utility of the platform that they built >> hey, heather switching gears to microsoft you've been an unabashed bull on the name a long time the stock up 17% after a bang up year last year the multiple getting to 15-year highs. what do you tell investors here, just hang on, right? and what is the bull case near-term from here? >> so it's not just a near-term bull case. i think it's a multi-year and a long-term bull case. because if

it wa nted investment bank goldman sachs.the coronavirus will wipe out any growth in american company profits this year. also, the international monetary fund said the coronavirus will clearly have an impact on global economic growth. even former chair of the federal reserve, america's central bank, said it was conceivable that this outbreak could throw the us economy into a recession. and companies continue to respond. facebook is cancelling its developers' conference. it is facebook‘s biggest annual event, and they are doing so because of concerns over the coronavirus. united airlines is now letting customers change their flights to italy because of the outbreak in that country. and, despite attempts by the trump administration to calm americans by appointing vice president mike pence to lead america's response to the virus, wall street remains unconvinced. samira hussain in new york for us. for more on this, i am joint in our studio by our asia business correspondent karishma vaswani. asian markets have been reacting to th

also anticipated, the next hour, jeffrey currie joins us from goldman sachs, the goldman sachs view as to the china slowdown. stay with us. from london, from new york. this is bloomberg. ♪ andhis low interest rate low inflation environment has significantly reduced the scope for the ecb and other central banks worldwide to ease monetary policy in the face of an economic downturn. tom: madame lagarde there on reduced scope it a terrific news flow this morning. we are touching on many stories with futures up 8 right now, down from where they were an hour ago. with us from london is david folkerts-landau of deutsche bank, not only reading -- leading the research team at deutsche bank with important research over the decade on flows of capital. david, you have been clear and straightforward on negative interest rates. we just heard christine lagarde speak of the lower bound that we are at. give us an update on where -- on what negative interest rates are doing to continental europe. david: first, lagarde has been dealt a bad hand, in a sense, as she is stuck with the situation she inherite

we want to be goldman sachs.ing banking services. >> we talked about revenue growth, but also cost-cutting. there are ambitious cost-cutting targets. how much includes job cuts? >> we have a cost target of $1.3 billion over the next three years. a significant portion of that allows us to reinvest in growth areas we are looking at. we have not specified how much is in the form of people specifically, but obviously people are affected by that. but we are also hiring people at the same time. there is a shift in the organization. we spent time thinking about how to get people into different strategic locations that are more efficient, new york and london and hong kong. we are making investments in our frontline businesses. people are moving out, people are moving in, but we think we can run the organization or efficiently. that is why we set the cost target. kailey: coming up, more compelling conversations. the fed vice chair details the fomc's latest policy meeting. the palestinians are not on board with u.s. plans

but goldman sachs is saying look at the national polls.ead they're competitive, this could go either way. now, if you add the political uncertainty on top of the health crisis. >> i think goldman sachs said this but i was talking to joe lockhart, the rule of thumb is the economy in the second quarter is what people take into the ballot box. >> they're saying that is a key predictor in presidential races. >> what a week. >>> all right, will he or won't he stay with the patriots? why the tom brady rumor mill is swirling this morning. andy scholes has the bleacher report next. 5g will change business in america. t-mobile has the first and only, nationwide 5g network. and with it, you can shape the future. we've invested 30 billion dollars and built our new 5g network for businesses like yours. while some 5g signals only go a few blocks, t-mobile 5g goes for miles. no other 5g signal goes farther or is more reliable in business. tomorrow is in your hands. partner with t-mobile for business today. tomorrow is in your hands. i am totally blind.

citigroup and goldman sachs expect zero growth in earnings this year.ank of america has cut its forecast for global growth to 2.8% for this year. for more on the market reaction to the virus in asia, juliet joins us from singapore. we see u.s. and european futures taking a significant hit, all down between 1% and 3%. how is it looking in asia? >> it is looking really ugly, to put it bluntly, but remember, it's also the last trading day of the month. asian investors on track for the worst month since the global financial crisis. the nikkei closing lower by 3.8%, 3.7 percent, its biggest drop since december 2018. in australia, we entered correction territory today, down 3.3% on the close, the worst drop since september 2015, down for a sixth session in a row. a career, of course, already in correction, down 10% -- or 11%, actually, from the peak before lunar new year. been holdings have up quite well due to the fact that we have seen so much stimulus and promise of stimulus push through. no surprise, you are seeing money going into the bond market, yields

morgan and goldman sachs.ts are well off the lows of the session but still in negative territory, leading declines for the broad s&p 500's real estate, energy, technology and health care is the best performer but it is not exactly performing well. there is a look at your 200 day moving average we have the s&p 500 falling below it. we will watch this but it could be we start to see algorithmic trading around this level. maybe that's the buying we are seeing today. >> there is fear out there because i'm looking at the fear green indicator. this is buying strength on global stocks and this is odlling us that in one peri of time the bears or the bulls are in control. we have not seen this level of strength and fear since the devaluation of the chinese 2016 -- currency sent shock waves around the world in 2016. the virus concerns are driving equity markets lower. us is max neeson. we were listening last night to president trump and his health officials briefed the press. divergentn this rhetoric. president trump sa

percent crude oil prices continued slide falling more than 2 percent to $52.00 a barrel analysts at goldman sachs have even projected the u.s. businesses could see no earnings growth in 2020 if the virus continues to spread. and let's go to our financial correspondent in new york yes quarter for more on this yes we've been talking about these losses for a few days now they seem to be getting worse can you put this in perspective for us how big are these losses it's quite massive what we're seeing into especially in the last hour of trading here we saw pressure even increasing chips and losing almost 1200 points down by almost 4 and a half percent and this week alone so far we lost more than 3000 points in the dow jones industrial average we haven't seen such a week since the financial crisis of 2008 to almost every day on almost every day we get more and more companies lowering their forecast through the corona virus then for the 1st time so far some investors are even talking about panic setting in here on wall street. panic potentially setting and i'm guessing that means that a floor to this is

i'm sure -- goldman sachs docs s nowhere.] >> what a wino, i'm just a reporter, i tried to break news everyday. liz: i did a story how obama was paid 250 grand. >> here's the thing we should point out, when you read public office and being the prince was public office, one way to cash in the books and speaks unto interne. speaking of gold the navy. liz: thank you. >> maybe there's a bigger story out there. liz: we are running close to the top of the dow this hour as the latest future speaker that we have been talking about is my gosh. this is the controversial won that helped a lot of marathon winners, right? susan: this is the 2.00. the second generation of self-lacing shoe. it costs $400. it is a pretty penny. it will be available this weekend in dick's sporting goods but only in los angeles and only in chicago and they have to buy it online. they're trying to get it ready in time before the nba all-star weekend. nike is up 20% this year. it has a bit of a lag, when it reports earnings next monitoreds the end of earnings se

that could pitch jp morgan against goldman sachs.ian fashion house product, the company star design are has been named as the cocreator. product returning to growth but political protests in hong kong and the coronavirus are hurting the fashion brand. warren buffett gave berkshire hathaway investors a preview of the future. in his annual letter, he said he will be hearing more from his top executives. they are seen as top contenders to eventually replace buffett. he is 89 but he has given no indication he will step away anytime soon and that is your bloomberg business flash. tom: i have been thrilled at the coverage of catherine of berkshire hathaway. bloomberg has tried to do careful analysis of the finance. year for the last 10 years, pretty good but just pretty good. in omaha, why aren't you at the lovefest? >> i am in new york to analyze the letter we wanted to get to the numbers of how berkshire hathaway did last year. it was not a stellar year for them. tom: did apple bail them out? not a preferred share kind of transaction. di

it's a good for goldman sachs, but not quite as good, but the currency with a morgan share price was weaker so you can understand i will also day neither of them will have wanted to say this deal -- and in that sense it's a big of a win here for james gorman here >> we've got more guests to discuss this with us, victor, from the online broker, and former director of trading at td ameritrade, and rudie adolph good afternoon to you both i'm going to come to you first, 4% down, stephanie >> i like the risk, about 3.1 trillion in assets 5 million new customers, to bring in about 60% of your business and less reliant on the institutional side that helps on the fee business side and then you get the millennial, a younger generation i like the strategies, but i did like your comments about the technology innovation, and that's what all these companies are spending a ton of money on is in technology you've got to integrate it. >> victor, i wonder what you make of this deal, a company like your own, that you've been in one of the companies, also like robin hood, that challenge the traditional

goldman sachs is assuming a 500,000 barrel per day cut.et is going to do if they do not cut. his royal highness is in riyadh. he just wrapped up some comments. it was closed to the press. he was asked about the demand story. he says he does not know yet the impact of the coronavirus. what is certain now is that they need to mitigate this uncertainty with supply and demand. he was asked about building consensus. he said sometimes, people just do not get along. i read that as they have yet to build a consensus between riyadh and moscow. matt: when you look at the power of opec, do you see it as diminishing a little bit in light of the coronavirus hit on demand? i think, matt, two things opec plus is struggling with right now. we are going to see a surplus in the first half of this year due to shale. opec plus is now on top of that struggling with what is going on in china. of course, china is the biggest consumer of oil and gas. iea says about 30% will be slashed in consumption due to the impact of the coronavirus. in this quarter alone, the

investors were particularly spooked by a warning from investment giant goldman sachs that the coronaviruse out all growth in us corporate profits this year. from wall street, here's michelle fleury. investors like the rest of the world will try to figure out how far this might spread and what it might mean. you see businesses continue to close, travel being disrupted and people staying at home. all of that not only has a human toll, it has an economic cost and thatis it has an economic cost and that is we are seeing pay—out in financial markets right now with the dowjones industrial average, the s&p 500 and nasdaq falling into correction surgery, falling into correction surgery, that is around io%. there have been lots of comparisons to the sars outbreak. back then, the us economy and china was far less integrated when it comes to supply chains than it is today. you see companies like apple saying there foxconn plant in china has been affected, that will affect the supply of iphones as that factory was closed and workers are now returning. but big consumer brands like starbucks, which ope

also this morning, a stark warning from goldman sachs which says u.s.nerate no earnings profit this year. none. let's begin with our chief business correspondent christine romans who is here when goldman sachs talks and analyze the numbers. people listen. this is quite a warning. >> it is. i want to show you what futures are doing. they're down sharply again. if the market opens like this you'll have the dow 10% off its most recent high. that's a big move in a short amount of time and reflecting concerns about what the coronavirus and basically crippled supply chains and tourism and people working from home and the health implications of this, what it could