gorman and mr.oynahan and others, that's all great, but somewhere out there there has to be a price to this and that's a huge mystery what it is going to be, what the price is going to be and what the wind of it as well. jon: this recession is not normal, jp diamond -- jamie dimon put it well, you will feel it, that seems to be the take away listening to the guidance from the c-suite this week. loan price to be seen in reserves, built at an unprecedented pace, more than people are expecting banks will need to. there is this question of what will be the area of growth without federal stimulus, right? that is what a lot of analysts are looking at in these earnings. there is that political question that if the largess continues, it will be a political question and if it doesn't, the banks will be considered a bastion of stability. jon: key to that, when does the consumer start to recover? the labor market hit a positive trend for a serious amount of time? we're looking for that next phase where we see

gorman seemed to indicate the same for morgan stanley.lly amazing when you think 5,300, they are at roughly what did he say 300 or so in the building, perhaps ramping that up to as much as 1,000 in the fall, but nowhere near capacity. it continues to be a question and, jim, you know, we haven't talked as much about the virus of late, but it's raging in a lot of states that we know well, and we're not even near the fall and flu and cold season when, by the way, if you were in an office environment and people start sneezing or coughing because they're sick, you're going to be overly concerned perhaps or very concerned even if they don't have the covid virus. >> look, i think, david, one thing we've seen, especially for goldman's quarter, big transactions are occurring via zoom, some places via webex and cisco. the idea that you have to go back, i know jamie dimon would like to go back, a lot of the guys at goldman want to come back, the bosses want people to come back but they don't want to go back. the work from home thesis since friday ha

look, gorman and our skeptical initially has done an amazing job of transferring the -- transforming the company

to you, matt gorman.t talk with me about, politically, with the president has done by commuting roger stone's sentence. >> yeah, look, one thing i wonder is whether the commutation is splitting the baby. does it alienate those who wanted a full pardon and alienate others, maybe independence, who are still deciding who to vote for for president if he didn't want it? at the end of the day, it is all a distraction. voters won't vote on roger stone's commutation pay they will vote on the economy. they will vote on how he handed the pandemic. >> harris: richard, i can hear you. i think you are set. i want to get your reaction. >> richard: i am. thanks for having me, harris. the privilege and drawback for being in a home studio. i think it is the president's power to commute whoever he wants. the most important thing to remember here is a process crime is still a crime, and roger stone has committed a crime and he is still a felon whether or not donald trump has -- >> harris: i'm going to step in. richard fowle

timbuktu, the -- we speak with james gorman, later this morning.g, this is bloomberg surveillance. york, guyeene in new johnson for francine lacqua in london. guy, is ityou sit, an ecb conversation with madame lagarde or is this just a yawn to get to the weekend? guy: i wouldn't go as far as a yawn, but i would not get overly excited. madame lagarde like all of us is waiting for the events of friday and the weekend, to say we are waiting for the council

james gorman also said that he is on the lookout are possible acquisitions as well.nie: thank you. coming up, retail recovery. u.s. retail sales surging, but what is the data really saying? this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg first word news. house speaker nancy pelosi says she is confident congress can pass the virus relief package in the coming weeks. the speaker said she believes republicans will ultimately agree to spending levels closer to the $3.5 trillion democrats are pushing for. republicans have agreed at least $1 trillion is needed. both sides are set to begin negotiations on further stimulus as early as next week. a shakeup of president trump's struggling reelection campaign. manager brad parscale will be replaced by his deputy bill stepien. the move comes as a new quinnipiac university poll gives joe biden a 57% to 36% lead over the president. it also said more americans trust biden's new a better job on the economy. scathing mary trump memoir about her uncle has sold a million copies on preorders alone. simon and schuster said th

jonathan: jeff gorman of morgan stanley -- james gorman of morgan stanley. and lisa abramowicz, i'm jonathan ferro. in the next hour we will catch up with jonathan golub of credit suisse. a little bit of an announcement to make. at 1:00 eastern time we will have a condensed "bloomberg real yield." we come back for 10 minutes with priya misra of dd security. a little project. time goes well, maybe over we will bring the whole thing back. a little bit of a flavor of "real yield" for the people who missed out over the last four months. a 10 minute version coming up later. has watchedgement you wind me up about this program for the past four months and thought we have to get him back. michael: i am surprised you did not -- tom: i am surprised you did not cram three guests into 10 minutes. jonathan: i tried. [laughter] lisa: i believe that. tom: priya misra will be perfect to drive forward this conversation. the dynamics of the bond market are tangible and these come right over to a statement on the american economic system and what it means for american banking.

that was james gorman, ceo of morgan stanley care and let's get more insight here with marilyn watson. we were talking about wall street versus main street, the underlying real economy versus not. how do you see the rates market moving forward? is it a flat or curved, or do you see growth coming in and boosting main street here? marilyn: we have seen some growth coming in, certainly in the short term. i think a lot of contingents have been surprised by strength of some of the rebounds in the u.s. but also in europe, china, and elsewhere as well. we had a strong recovery for many sectors. also, the data is volatile. there is a huge amount of uncertainty as we continue to see how the pandemic progresses and the impact on the economy. it might tail off from here, but i do think we will continue to see this growth coming through, but obviously in a volatile fashion. it remains very uncertain that we move forward. you a question .hat jon asked mr. gorman how easy is it to assess credit quality even what is happening with monetary policy, fiscal policy, and what is happening with the virus?

guy: that was morgan stanley's james gorman. a cautious approach.s paul why you -- paul romer, nyu school of business. thank you for your time today. we have a high degree of's uncertainty -- we have a high degree of uncertainty, watching the sun belt. looks like we are stabilizing at a fairly high level. what does congress need to do, what does washington need to do in terms of the next round of stimulus? what kind of a package would you be looking for? right to're absolutely focus on the uncertainty. changes.nges -- it any increase in uncertainty will make people thinking about opening business, making an investment, all of those people will hesitate when uncertainty goes up. what congress needs to do is reduce the uncertainty. a lot of the uncertainty right now is because of this tension over what to do about unemployment compensation. this is a case where reasonable people can differ. they will have to come to a compromise over these two positions, which it is good to help people when they are in distress, it is good to provide stimulus to the e

james gorman gives us his take.usiness that in times of severe and when markets are active in volatile, we would perform well. this is that crisis and that is what we delivered. i think it validates the strategy. it is our strategy. it is not for everybody. this is what we chose. we did not want to be credit heavy. been a strong argument over the last week. we have heard from several ceo's on this program that we haven't fully realized the risks around this recession, that fiscal policy has made it more difficult to assess credit worthiness and there was going to be more pain in the months ahead. would you characterize things differently? james: for the economy, it is very hard to tell. outbreaks we are seeing across the south and southwest, it is interesting to see how well people come back to their place of work functions it is too early to tell. we are not a credit centric institution. for us, it is less relevant. for the marketplace, until people get back to work, you were going to have consumer credit problems.

. >> julie: matt gorman, richard fowler, appreciate it.ent warning from health experts as coronavirus cases spike across dozens of large states including texas. up next, a lab report from the lone star state spirit also details on how leaders are looking to take a possible surge. plus, the battle over american monuments. while democrats are in a tough spot as they turn from leaders, to lincoln and washington. ♪ now is the time for a new bath from bath fitter. every bath fitter bath is installed quickly, safely, and beautifully, with a lifetime warranty. go from old to new. from worn to wow. the beautiful bath you've always wanted, done right, installed by one expert technician, all in one day. we've been creating moments like these for 35 years, and we're here to help you get started. book your free virtual or in-home design consultation today. >> i'm very concerned and i'm not satisfied with what is going on because were going in the wrong direction. if you look at the curbs of the new cases, we really got to do something about that. quic

in a way i think gorman is a genius. i would say it was genius. >> [inaudible] with she's asking for a comment on the bill moyers series. >> i didn't see it. he's so ecumenical. to dissipate and then to the christianity i don't have that ecumenical impulse but if you applied it to music or color or poetry, the reason some people are not is because they buy into their version of the singularity of superordinate over others. it is today's list such efforts bill moyers and others made. to simply acknowledge the differences but i try to do a and which i desired zero curiosity. >> ali dismissed? >> thank you, everyone for coming. [applause] [inaudible] you are watching booktv on c-span2, television for serious readers. tonight we are spending the evening with late author and columnist, william f. buckley junior, founder of the national review magazine, host of "the firing line" television program and had a long-running newspaper column. up next, from 1997, mr. buckley reflected on his feet in his autobiography "near by god."

don't see the movie he wasn't gorman's but he's now managed by a security company the doormen of egypt on al-jazeera. the u.s. is the richest country in the world yet it still doesn't have a universal health care system all the asking why not to influential republican lonnie chen some top democrats say it in a special edition of head to head in 68500 miles a year we would save under medicare so on study this doesn't happen in canada or spain or australia people don't die because they confidentially well they die because they can't get access to care head to head on algis iraq. this is al jazeera. hello i'm rob matheson and this is the news hour live from doha coming up in the next 60 minutes vietnam's pandemic success story comes to an end as the prime minister warns that every province in the city is at risk of corona virus infection . a scathing report uncovered 1000 in the u.k. reveals how tens of thousands were sent to elderly care homes without being tested . separatists in southern yemen who are backed by the.

bankames gorman says the is well prepared to handle the crisis caused by the pandemic.son williams joins us. morgan stanley had a high bar, but it seems that they delivered. and, in fact, their fixed income trading, an area that was strong across all the stanley cappedan it off with a very strong 170% increase. equity trading, where they are a leader, they actually also grew revenue, but not as strong as goldman sachs and morgan stanley, who are two of their main competitors. i would say that in general, for morgan stanley, the highlight was that they were able to turn in the highest profitability .cross morgan stanley did the best on that front. we also expect them to turn in the best profitability for the year. as we wrap up this week, on the loan provision front, is it concerning that they are bracing for a situation where they don't really know how bad it could get? n: i think time will tell if things are being very bad. one way to look at the provisions is to look at the reserve ratio and compare that to the buses that the banks had -- the losses that the banks had

both sci fi movie he wasn't gorman but he's now managed by a security company the doorman of egypt on al-jazeera. a global pandemic mass protests demanding change economic recession and geopolitical tensions not to mention the small matter of a looming election join me steve clemons in conversation with leading voices on the bottom line your weekly take on u.s. politics and society on al-jazeera. this is al-jazeera. hello i'm adrian for the good and this is that it was a lie from doha coming up in the next 60 minutes. we believe. you know what you just said. we believe. we have a strong case malaysia's former prime minister not to clear his name off to being sentenced to 12 years in prison for corruption. a rough ride ahead a leading air transport board he says the global traffic will take 4 years.

stanley'st was morgan ceo, james gorman.u leaders are attempting to reach a deal over the recovery plan. blocarket is hopeful the will secure an historic agreement. arriving at the summit moments ago, german chancellor angela merkel said she hopes for a solution, but the talks will be tough. joining us now is our reporter in brussels. great to have you with us. how likely is a deal by monday, given some of the comments we have already heard, not just from german chancellor angela merkel, but also the dutch prime as well? europeanen you talk to leaders, you can see that the mood here is very cautious. there are still big differences when you look at the southern european countries and the so-called frugal for -- frugal 4. there are differences in plans for this recovery. we know there are different ideas for the format of it -- will it be all grants? increasingly, there is a debate about governance. if you do see countries like italy and spain get this windfall of cash through the recovery fund, who is going to ensure that th

look, gorman and our skeptical initially has done an amazing job of transferring the -- transforming the company that transformation continues. they've got the best of all worlds in tirms of investment banks. they have great mma. they have issuance and wealth management which is high margin business as jim will tell you. >> they have pretty strong sales. medical devices down e e everybody was locked in. johnson and johnson doing enough to make sure it stays in your portfolio? >> absolutely. we have seen a return of elective procedures. i think it bodes well for a company like merck where two-thirds o of their business depends on position administered medications. >> let's move onto a third stock. that's abbott labs covid-19 testing well out patsing weakness in other units. their medical device sales coming in better than expected you got to like the number from abt. >> oh, yeah. absolutely i think they were looking for 6.8 million cayman the profit that drops to the bottom line, a lot better than the street estimate. i think this one was a bit of a gift at the end of june. it fell do

the staff will be remote and in work -- in it office work on a permanent basis and look what jim gormanat morgue an stanl morgan stanley said. my long term goal is to have 50% of employees in the office not every day of the week but about 50% of employee hours work will be in the office. now this say long term idea. guys sh the key story here is technology it enables the businesses to work much more efficiently that is the key story here guys, back to you. >> what type -- technology really accelerated that trend, right? i mean that's -- that's how you really look at it. >> right and look what we're doing here i'm using these glorified ipads with a fancy lens on them and a lighting camera here to my right. this technology didn't exist five or six years ago. and this kind of thing as well as the wi fi system holding up very well is transforming the work from home business. it's really technological story as well as a health story. >> it sure is. we're all using similar equipment. some is a little more elevated than the pad caster. but as you say, it's fundamentally a souped up ipad bob pi

you and i are talking to james gorman tomorrow.ow is he going to answer that question in terms of what they need the government to do next? at the beginning of this crisis, wall street and washington had a very symbiotic relationship. all of the bank ceos and ken griffin down in washington with donald trump -- well, facetiming i guess -- but that relationship has started to sever as things get rougher. so keeping the peace between wall street and washington will be some thing to watch. jonathan: sonali, thank you. the stock up by a little more than 3% in the premarket. for equity futures, we drift a little bit higher, heading north on the s&p 500 by 42 points. we advanced by 1.3%. tom: i am looking for an entry point and i can't find a great one. the dow up 450 points. atwill get a dow print 27,000 in about two cups of coffee. we welcome all of you on bloomberg radio and bloomberg television. ." is "bloomberg surveillance what we do is conversation from the emotion and the character of wall street with sonali basak. now we look at

matt gorman, what do you think fast forward to election day or the day after election day and there'ssomething go president trump's way? you're seeing him lay the groundwork for mail-in voting, fraud, a question about the outcome. what are republicans do you think prepared to do if, in fact, it is abundantly clear joe biden won the election and purchase seems to refuse to acknowledge it. >> that's a good question. beats me. i guess short of escorting him out themselves. maybe once he leaves the white house -- once somehow he leaves in whatever form, that's when i think it gets interesting for me. if president trump loses, he's not going to be like bush or obama or almost any other president where they go silently into the night. he's going to be omnipresent. short of starting his own cable news channel, which he might do, he'll be on cable news, live tweeting, responding in realtime, and that's if he doesn't run. i can guarantee you there's serial news cycle of him teasing another run for the presidency. and you're going to have -- he has 90% approval in the republican party. he won't

matt gorman, richard fowler. thank you for watching at home. i am julie in for harris, and here is dana. >> dana: police departments taking hits across the country as protesters continue calls to defund them. hello, everyone. i am dana perino and this is "the daily briefing." new york city slashing the nypd budget by a billion dollars. protesters camping outside city hall saying even that's not enough. it comes as dozens of cities across the country are considering cutting funds and some are even looking to dump police department altogether. we have team fox coverage. alicia acuna you on what's happening across the u.s. so let's begin with aishah hasnie. >> hi, dana. protesters are still here and you can see behind me no signs of moving. we found out, a couple minutes ago i talked to an organizer that the organizing groups apparently are going to be leaving. they stayed through the budget vote as promised but they will continue to support anyone here who wants to stay and there are several people who do want to stay. we don't know how long it's

mattea's gorman will be with us live from canberra after the budget announcement. that is 1 p.m. in sydney, 11:00 a.m. and hong kong. shery: tesla extends its profit streak, paving the way for inclusion in the blue-chip s&p 500. we will discuss that with a company that has money invested intact and media. wells fargo securities and a hand joins us with her outlook for markets and why she says this stage is set for the equity rally to continue at least short-term. this is bloomberg. ♪ this is bloomberg. ♪ shery: u.s. stocks rose to a five-month high despite escalating tensions between the u.s. and china and the steady march of the covid-19 pandemic. anna han's wells fargo securities and joins us from washington. this chart showing how much fed support is out there. the balance sheet continuing to grow alongside the s&p 500 rally. given this backdrop, is there nowhere else to go but up? anna: it looks like it. with the expanded balance sheet like you mentioned, to grow even bigger, it is going to help push equities higher. it will push the risk seeking and what we have been calling

it actually started yesterday afternoon and closed highway 138 between gorman and lancaster.s burned, briefly threatened homes there. as of last night it was 40% contained. >>> marine authorities in maine are investigating the death of a woman who witnesses say was killed by a shark. a witness says that she saw one of them tossed out of the water. a scary situation there. so the coast guard officers say that the kayakers brought a pair to shore where the woman was later pronounced dead. if it's confirmed as a shark attack, this would be the first of any kind in the state since 1837 and in that case historians don't know if that attack was fatal. >>> an emergency landing turned one section of i-5 into a runway near camp pendleton. there are some photos to show you here. the pilot says the plane's engine failed just before 1:00 yesterday. first he considered landing on the pacific coast highway but realized it might not be wide enough. so after spotting a traffic break on i-5, he safely landed there. >>> one-time ucla soccer coach pleaded guilty to accepting bribes in connectio

. >> dana: let's bring in kevin molly, democratic strategist and cofounder and matt gorman, vice president of targeted victory and former communications director for the national republican congressional committee. let me start withdrawing the contrast between trump and biden on the economy. is this ground that the trump campaign and the trump administration wants to play on in the selection? >> you know what i found was very interesting, and the plan he unveiled today talks a lot about unions. is a big giveaway to unions, and if you pair that with what he said about american manufacturing in his jobs plan rolled out last week, he is very clearly trying to copy a lot of what trump has been saying on unions and trade and the like, undercutting him may be in ohio, michigan, and pennsylvania hoping to tap into those voters that were traditionally democratic union voters but went for trump in 2016. he wins those three states, the election is over. >> dana: to that point, so if you have an obama voter that then voted for president trump in 2016, does a speech like this try to answer the mail an

. >>> let's bring in matt gorman, former communications director for the national republican congressionalommittee, along with joel payne, democratic strategic who worked on hillary clinton's 2016 campaign and host of the podcast "here comes the payne." matt, with you first of all, the course correction we're talking about there with carol, how important of -- how important of a course correction is it for the trump campaign after what we saw in tulsa? >> it is very important. as carol said, everyone around the trump campaign realized they fumbled tulsa. it seems that seniors still don't want to go out in large groups and electoralwise, it is something to watch. trump won 65 plus voters by very large margin 2016. he cannot just win them this time around. he needs to win big. also, one other point, notice the state he's going to. new hampshire. that state actually hillary clinton won. but by only less than half a point. so i think as you're seeing states that the trump campaign recognize that he won last time, but are looking more uphill, like michigan, and wisconsin, he's going to need oth

later on, the morgan stanley ceo james gorman. we talk about bank earnings. reporting on wall street. that's coming up right here in hong kong. we saw the chinese economy return to growth in the second quarter. that marks an important milestone in the struggle to recover from the pandemic. gdp expanding a better than expected 3.2%. retail sales did not meet expectations. 1.1%kong at the moment down as it heads toward its lunch break. that's it for this edition of bloomberg markets. it is daybreak: middle east on the way next. ♪ it's pretty inspiring the way families redefined the word 'school' this year. it's why, at xfinity, we're committed to helping kids keep learning through the summer. and help college students studying at home stay connected through our university program. we're providing affordable internet access to low income families through our internet essentials program. and this summer, xfinity is creating a virtual summer camp for kids at home- all on xfinity x1. we're committed to helping all families stay connected. learn more at xfinity.com/

the world of etf, to me, makes it so it doesn't matter whether gorman does a great job at morgan stanley or whether sthou salman blows it out because goldman should have amazing trading. if we don't get differentiation, if we are anchored to wells fargo, people are going to regret that plus five buy at jp morgan will jamie come in hot will he? or david, will he just say, you know what? i can't forecast i don't know >> don't you think that's more likely >> yeah i do. >> he usually speaks to a level of reality and reality would seem to be it's going to be very difficult. the banks are going to have very strong debt and equity capital markets, record quarters and trading to your point. we also know reserves are going to go up what are they going to say about the mortgage >> unless markets, small business not a great time to get in them. morgan stanley is less with e-trade less and less involved possibility for loan loss. goldman before marcus was a dry cleaner, goes in, comes out. bank of america is a great bank but they've got a lot on the line given the fact that they've got a lot of cons

yeah, what did gorman said, it's not just kids trading some stocks there. >> right. >> your point onorgan stanley well taken, jim, although the stock is down today. it was an interesting week for the financials and not a great one in terms of the performance of the stocks overall other than morgan stanley, even what were very strong numbers from goldman sachs got a muted response from the stock market, jpmorgan led us off, muted response as well wells fargo we know was not particularly good but it actually did just as well if not better than some of the ones i mentioned. theres a look at citi. i don't know as we come out of this week having heard from all of these companies in terms of their earnings, bank of america as well, jim, do you think about buying them at any point >> i think the big issue -- yeah, i would buy jpmorgan the big issue is they took such huge reserves. if you get stimulus these stocks take off if you get a change. and by the way not if you get the payroll tax cut. my friend larry loves the payroll tax cut but if you get something similar to what mnuchin already

different performers another swing factor going forward is capital returns to shareholders here is james gorman on that. >> we're talking about 10 to $10 billion of excess capital and still laggering for some relief on the -- not to get too weedy about it but the way it calculates in compensation we want world class technology and invest in that and the next generation that jim is talking about that is critical to the future growth. we should increase our dividend and we should be back on the buy back trail not just yet let's get through the new stress test in september. let's see how the economy performs in the next three to six months but 2021, you know, morgan stanley should be doing something for the benefit of our shareholders and for our clients. >> we certainly are not there yet, sara, in terms of reinstating buy backs. but an optimistic call on the analyst call and the interview from james on the possibility of getting that and, perhaps, if you're looking for why morgan stanley is doing better than goldman sachs year to date it had a better capital performance in the stress test and may

cramer, david faber live markets are red, markets digesting the twitter hack we will talk to james gormanth laxman narasimham. >> i think that the futures day down n

. >> speaker: i'm francis gorman. i'm a resident of cal hollow and i've been a professional tour guide in san francisco since 1998. i'm with the committee on transportation and i would like to compliment the collaboration in trying to -- director testimontumlinmaking sure everyf transportation is considered in golden gate park and for supporting the institutions in golden gate park. i would like to encourage the idea of having the ssfmta rec and park board have a joint meeting. last week, when we had the rec and park meeting, i've been trying to get clarification on transfers because when we bring our tour vehicles from the ocean and highway, we want to go to the approved parking behind the -- if they're coming east on jfk, we need to make a right-hand turn on transverse and a left-hand turn on mlk to continue. i've been trying to get clarification on that very short stretch and i've been referred back to rec and park. >> 30 seconds. >> speaker: i would like to make sure that that area is safely considered, perhaps, h

. >> speaker: i'm francis gorman. i'm a resident of cal hollow and i've been a professional tour guide in san francisco since 1998. i'm with the committee on transportation and i would like to compliment the collaboration in trying to -- director testimontumlinmaking sure everyf transportation is considered in golden gate park and for supporting the institutions in golden gate park. i would like to encourage the idea of having the ssfmta rec and park board have a joint meeting. last week, when we had the rec and park meeting, i've been trying to get clarification on transfers because when we bring our tour vehicles from the ocean and highway, we want to go to the approved parking behind the -- if they're coming east on jfk, we need to make a right-hand turn on transverse and a left-hand turn on mlk to continue. i've been trying to get clarification on that very short stretch and i've been referred back to rec and park. >> 30 seconds. >> speaker: i would like to make sure that that area is safely considered, perhaps, h