jon: james gorman speaking earlier with sonali about bob iger.isney and focus today after winning the support of a key shareholder in its battle with activist nelson peltz, bob iger working out that deal with another activists investor. disney and exchange will share information and meet with value act. another investor, blackwell capital, supporting three directors who would champion bob iger's strategy for the company going forward. ed ludlow joining us to put all the pieces together. i'm sure this is a great disney plus original series here that could be in the works down the road from all this back and forth. walk us through these chess moves. ed: iger has the support. they put out a joint statement in which they basically said at a time where the big tech companies are coming for media companies, disney is best placed to leave the industry. we don't know the size of the steak and his neighbor bloomberg has reported it is large and growing and then you have nelson pulse. he wants to put himself on the boards and address what he sees as overco

let's pick up a bit about what we heard from james gorman.t is buzzing on wall street, banking, finance. also looking at what is happening on campus. clotting gay's -- claudine gay's departure from harvard. we will wait to see whether she departs or not -- we were waiting to see whether she would depart. the question now is what happens next? are we done? is it over, or or more heads like the following? >> it is a tricky moment. i remember when claudine gay ended two of her counterparts were in front of congress. that testimony did not go well for them. the thought of all three could be on their way out. liz mcgill resigned a few days later but harvard came out in support of claudine gay. she managed to stay in that seat. it looked like she would be able to ride it out. but antisemitism on campus led -- did not lead to this resignation. it was the plagiarism accusations. when you combine all the campus issues and the questions about her academic eventual, you have a situation where it was going to be so hard for her to continue. now the focus

he implied he and gorman are much more similar than not gorman brings a positive mojo to the businessnvestment banking revenue was up 5% and cfo tells me that the backlog is a, quote, bright spot as they look forward optimism around green chutes bolstered goldman sachs shares for most of the trading day though they are down .3% right now despite declines in investment banking during the fourth quarter goldman ceo said on the call that the, quote, level of strategic dialogue has definitely increased asset and wealth management at goldman was a top line 23% jump in the fourth quarter to record 2.8 trillion in assets under supervision, guys. >> so leslie, we heard optimism before about an increase in ipo and m & a activity what's different this time >> yeah. i think it was james gorman who said, you know, if we did have green chutes throughout the course of 2023, someone forgot to water them. so the question is, why is it that we have been hearing so much about this pent-up activity and all of these discussions that are taking place across corporate america, but we haven't seen that real

but is this about gorman premium starting to fade?sure he didn't wake up and what that reaction, but is it a function of higher compensation costs? what are his headwinds at this point? katherine:. >> i was trying to parse through what it was, and the new bit of guidance was that net interest income was kind of flat. it's not entirely surprising i mean, on the $12 billion revenue base, i think the guidance was within $30 million or $40 million of where we had it previously. at the margin, was it positive? no. but did it deserve this kind of reaction? i think not. the nice thing about morgan stanley's business model now is that where james gorman -- the word he had always used was that the asset and wealth management businesses provide a ballast. i think that's right. to the extent that people are expecting a big capital market the rebound next year, i think goldman is probably the better way to play on that than morgan stanley. morgan stanley is a more diversified business. at the end of the day, in down markets, morgan stanley had hi

likes gorman thinks gorman is a great guy, everyone thinks gorman is a great guy but that's not enoughn is irrelevant to him. >> do you see the potential for a detente the way we had on air last year? >> no. i think this is enough is enough. we really need to have -- not "we" peltz needs to have the transition now, things are not working. let's understand, he's not saying the company is not working. he questions bob iger's leadership and he's not going to let up. and value act is not a factor in nelson's thinking. the thinking is the total share over turn is abysmal. it's hard to argue. remember i said it's hard to argue with certain situations because the numbers are bad? >> yes. >> like empirical i made some bad moves you have to talk about the bad, talk about the 1200% gain in nvidia, this is a bad move for anybody who bought it, including me. they like the independent voices coming in but he doesn't think it's enough. remember he's got $3 billion worth of stock and he's got mr. perlmutter's stock, part of that mr. perlmutter i've known for a long time, he has a big position -- anyb

james gorman telling us exclusively where he sees the biggest risks for china's leaders. challenges on demographics, in terms of building a consumption economy. they are still in export, savings-driven economy. on the other hand, china is 1.4 billion people, second largest economy in the world in gdp. it's a key factor in global economic health. haidi: chinese president xi jinping is also looking to woo foreign capital while reshaping china's business environment. but beijing's mixed messages are leaving investors more cautious. let's bring in zhi xiaojia. really great to have you with us. we are going into the new year with the same problems and a lot of them are longer-term structural problems for the chinese economy. we have seen a few policy overtures already. he funding injection when it comes to lending banks, for example. are we going to see any big shift in policy to try and support the economy? xiaojia: thank you. i definitely see that chinese policymakers are showing a stronger willingness to put their policy measures of the bit easier in order to boost confiden

he is taking over from james gorman who had that role for about 14 years.g up to become executive chairman, at least for about a year or so. take a look at the performance of the big six banks. you can see morgan stanley the second biggest laggard of the group up 10% of the year. bank of america up about 1.7% in 2023. so pick has his hands full. we spoke with him back in october when his position was announced that he would be filling that role as ceo. i asked him kind of what the change in strategy might be and what he wants to put his stamp on. take a listen. >> the business strategy is sound. there will be no change in strategy. we know where we are after 15 years of transformation under james' extraordinary guidance. we have a strategy where we have a world-class wealth and management business, world-class integrative bank and there's so many opportunities to grow both of them globally, it's a strategy that's in place and we're going to keep with it. >> so change in leadership at the top, but no change in strategy. now that doesn't mean he doesn't have

james gorman, a lot of lessons learned. what will the next era of morgan stanley look like? with his time? guy: we are looking forward to that conversation tomorrow. this is bloomberg. ♪ ♪ ♪ ♪ ♪ ♪ ♪ >> from the heart over money and power collide in the silicon valley and beyond, this is bloomberg technology with caroline hyde and ed ludlow. caroline: we are at world headquarters in new york. ed: and in san francisco, this is uber technology, happy 2024. caroline: a brand-new year, on the

on january 20, 2021, amanda gorman, the youngest person ever to serve as the inaugural poet said thiswe are far from polished, far from pristine, but that doesn't mean that we are striving to forge a union that is perfect. we are striving to form a union with purpose. to focus. focussed. propose a country committed to all conditions of man and we lift our eyes, not to -- we lift our gazes not to what stands between us but to what stands before us. we close the divide because we know to put our futures first, we must first put our differences aside. if our children are our future, let us be urgent about the promise of america. it must be that we put our future first because their lives are depending on us today. madam president, i yield the floor.

rishaad: james gorman with bloomberg's sonali basak.have the hang seng .6% lower, japanese equities under a bit of pressure as they catch up after their extended holiday. we have the chinese premier on a visit to the chipmaker yangtze memory technologies. he has at the moment been talking about the need for innovation. also of course, we are looking for any impact perhaps from the earthquake in japan. seatac says -- citi says the company is under pressure, noting that it is focusing on quality growth rather than high growth in the short term. putting sports apparel makers under a bit of pressure is the citi analyst there writing about pressure because of the surge in competition and expenses as well. that is a look at overall markets and different asset classes and how they are faring. this is bloomberg. ♪ rishaad: shanghai we have a sinking feeling again for equities in china, we're seeing these come about even as we've been better than expected read on p.m.i. services data, also while looking at the bond market there, we've got 10-yea

>> on morgan stanley -- so james gorman is gone and most of their execution issues are probably behind he set them up on great footing. he says him seven the challenge will be strategic. like, they have to get into the right other areas and move left and right, and we don't know yet. it's an unproven situation, a brand-new ceo. does that give you any concern? >> no. i think ted pick was a great pick because if you look what james gorman did, 60% comes from wealth management. that will get better. the rest of it is, you have m&a activity, that's where ted pick came from. that's where you're going to see much better execution because that's where he will focus and you have a great balance sheet. you have over 3% dividend yield. so i like jpmorgan, i like morgan stanley even better at these prices. >> you have morgan stanley as well. >> i'm nervous, to be honest, it's up 24% from the lows. >> uh-oh. i know what happened the last time you got nervous heading into earnings. do you remember that one? >> and i was right. >> that was nike. >> this is the reason i'm nervous, nothing to do with

we spoke exclusively with the james gorman on his way out. >> they could move a couple of times.started this journey with inflation at 10%, rates at zero, unemployment at 3.5 percent. my objective was to get us to 4, 4 and four. 4% inflation, 4% unemployment. we are about 3% inflation, 5.5 at rates and 3.5 unemployment, so rates will come down. kriti: morgan stanley's former ceo james gorman. his last interview with our very own sonali basak. crypto asset manager grayscale investments is in talks with firms including j.p. morgan and goldman sachs for them to potentially play a role in its proposed to bitcoin etf. the banks are considered to be authorized participants, firms that have the power to create and redeem shares of the fund. as grayscale looks to convert its bitcoin trust into an etf. to the biggest hedge funds. they ended the year with double-digit gains in what was a bumpy one for investors trying to navigate 2023. ken griffin's main citadel wellington fund posted 15% return, izzy englander's millennium gaining close to 10%. let's see if those gains actually sustain in

later, don't miss our exclusive interview with morgan stanley's executive chairman, james gorman. his way out. we will have an exclusive interview. in the meantime, i want to get some of our other top stories from this morning. harvard president cladding ga -- claudine gay stepping down and initial tenure marred by allegations of plagiarism. she says it's in harvard's best interest for her to leave the job. . her exit is a dramatic out face from her acclaimed start in july as the university's first black president. donald trump has filed a lawsuit seeking to restore his name to maine's presidential primary about. the state declared the former president ineligible for another term under the u.s. constitution's 14th amendment, which bars candidates to engage in insurrection. colorado republicans have already asked the supreme court to reverse a similar decision in their state. the social media company x has started to re-show news headlines alongside links shared to the service. the mover versus a change that owner elon musk said had come from him directly back in october. critics o

>>> joining me carol lee toti democratic pollster cornell belcher and republican strategist matt gorman toti welcome to sunday toti it's "meet the pres." >> announcer: from nbc news in washington, the longest running show in television history, this is "meet the press" with kristen welker. >>> good sunday morning toti urgent talks are ungds way in the middle east as american-led negotiators close in on a deal in which israel would suspend its war in gaza for about two months in exchange for the release of more than 100 hostages toti that's according to "the new york times" toti cia director bill burns is in paris meeting with egyptian and qatari officials. it comes as nbc news is reporting that the biden administration is discussing uses weapons in ammunitions sales in israel as leverage to persuade the israeli government to scale backes its assault on gaza toti officials tel aviv nbc news the u.s. is considering slowing or pausing the delivery of weapons including artillery and precision-guided munitions to pressure the israelis to do more to protect palestinian civilians toti all of i

on january 20th, 2021, amanda gorman, the youngest person ever to serve as the inaugural poet said this we are far from polished, far from pristine, but that doesn't mean that we are striving to forge a union that is perfect. we're striving to form a union with purpose. to compose a country committed to all cultures, colors, characters and conditions of man, and we lift our eyes not what-- we lift our gazes to not what stand between us, but to what stand before us. we close the divide because we know to put our future first, we must first put our differences aside. if our children are our future, let us be urgent about the promise of america. it must be that we put our future first because their lives are depending on us today. madam president, i yield the floor. ♪♪ c-span now is a free mobile app featuring your unfiltered view of what's happening in washington, live and on demand. keep up with the day's biggest events with life streams of floor proceedings and hearings from the u.s. congress, white house events, the courts, campaigns and more, from the world of politics, all at your si

but what if those financial advisors go into work and they have a boss, like james gorman, that sayst's just limit the amount that we're really offering up to clients. that's a real possibility that could constrain demand at the beginning. guy: speculative assets versus investment assets. thank you very much indeed. we'll look forward to your continuing coverage. we will watch out to see whether that happens. i think we're going to check the regulatory firings and make sure that we are good with this one. ok, alix, that's the news over the next 24 hours, building up to the c.p.i. print tomorrow. that's going to be very exciting. how much news is it really going to give us? alix: i know, really exciting. i have to wonder how exciting will it actually be? unless it's going to help us price out a lot of cuts, i don't know. that's it for me and guy. ♪ or filing returns. avalarahhh ahhh how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than y

nbc's vaughn hillyard is on the ground in iowa, matt gorman is a republican strategist, former seniorto tim scott's presidential campaign, and former aide to jeb bush and mitt romney. good to see you guys. vaughn, i understand that desantis got into a pretty testy exchange with a voter about how he approaches trump. what did you see and hear? >> reporter: right, chris, i think it's notable that that voter says that in 13 days from now he's going to caucus for ron desantis, but where his frustration lied with was the strategy that the florida governor has deployed in the last year in drawing some policy contrasts with donald trump or suggesting that donald trump equals losses for the republican party, but in the records of that voter there, this was a moment in which he feels like ron desantis needs to change up his strategy and go more directly at the behavior of donald trump and the consequences that that has for the republican party. i want to let you hear a little bit of me talking to that man after the -- you're going to hear my questioning of ron desantis on another question righ

eugene scott, a senior politics reporter for "axios," matt gorman is a republican strategist, former for tim scott for america, and aide to both jeb bush and mitt romney. robert, you remember all of this, i'm sure all too well. trump was asking illegitimate questions about president obama's birth certificate and intentionally repeating again and again, barack hussein o ba ma. do you think what he's saying is just noise or something that need to be called out? >> i think it's probably a bit of both. i think anybody that is going to campaign like this needs to be called out. as you said, this started ten years ago, fifteen years ago. this is the tried and true donald trump playbook. i also have no doubt that he's trying to throughout out different things on truth social to create issues and distractions and whatnot to try to get through new hampshire with a victory. this always has to be called out. this isn't how anybody should be campaigning in either party for the nomination let alone the presidency. >> a lot of people are looking at this, eugene as kind of a political strategy, rig

>> mike: matt gorman and jose aristimuno bringing it tonight.: think you guys for staying up. >> mike: presidential hopefuls donald trump and nikki haley have been trading barbs, some very insulting, others kind of funny. it's nothing unusual in the heat of a political debate, but could it go too far? >> i mean, did you ever think that she actually appointed you, tim? think of it. appointed, and you are the senator of your state, and she endorsed me. you must really hate her. [laughter] ♪ ♪ no, it's a shame. uh-oh. >> i just love you! [laughter] ♪ ♪ ♪ ♪ >> gillian: welcome back. mudslinging, always been a staple in american politics, but donald trump and nikki haley are getting in their fair share. are the jabs working? joining us now to get into it is the former aide to vivek ramaswamy, former presidential candidate. thanks for staying up late with us. >> thank you for having me. >> gillian: take a listen to this sound from earlier. this is a supporter of nikki haley talking about former president trump. >> nikki is going to unify us. nikki is

i don't have a strong opinion at this stage about if ozempic gorman zero -- or monzuro would cause cancer, but i do think they could impact the overall risk of getting cancer. >> "the david rubenstein show: peer to peer conversations: is sponsored by wells fargo. we are helping our clients forge what's next. ♪ david: talk about your background. where were you born? dr. vickers: i was born in alabama in a small town in the black belt of alabama. a rural farming area where my parents were educators. david: your parents were extremely well educated for blacks in the south at that time. how did they get so well educated? >> on my father's side, it was really parents who themselves had limited education. my grandfather with a fourth-grade education did not learn to write or read until he was in his 40's and really felt his children needed a college education. on my mother's side, her mother in the 1920's had to travel 200 miles to an academy started by presbyterians in the southern part of alabama to get her high school degree and then went 10 summers to get her bachelors degree. they had foun

. >> reporter: a complaint over indoctrination got amanda gorman's poem restricted to middle schoolers miami-dade public school. >> we've seen a force that would shatter our nation rather than share it. people will destroy a place or a people rather than to be accepting of diversity. >> reporter: there have been over 1,400 cases of book bans across 33 school districts in florida. troy johnson tracks black-owned bookstores. put into context for me what this bookstore signifies given what has been happening in florida? >> it's almost defiant. no excuses, it's going to portray our stories, sell our books. >> on the 1930 census, as just a list of people, including my family members, and no one could read, no one could write. and that just -- was incredible to me. >> reporter: henderson, the only black member of the tampa city council, wants others to learn their history. even if it's outside the classroom. cbs news. tampa, florida. >>> next on the "cbs weekend news," rocking the boat in hopes of finding calm waters. automated voice: please insert your parking ticket. it's going to take a l

amount due and willing to pay outside mediation was needed to prevent it. escalating her own vehicle. gorman got to the hundreds of elk i do. sometimes you or your castle can be hummed, said no, no, no, somehow it isn't capital heavy from being killed for this kind of thing. or the shower, what i got this was once before an account been city, and the fund north of gone to with this is a soldiers came and found the place down. this further, it was filmed secretly the allegedly show soldiers taking for the people the way to refugee camps without their counsel. the hood is came here for last rush, but not on the mother. gone as home to some hundreds of thousands of fool any food, but as they called themselves scared, they do not enjoy full citizens rights. and many canadians view them as thieves. socks trim is which experts say is unfounded. while we're having in gun that is a situation the house builds up to a point where the flooding need, or the fully be assets, right, is generally discriminated against. so typical of racism or at the center system. anything above the other is, but certainly

authorities have linked the gorman news station to extortion, murderand many extortion, murder and many president noboa because he's only take an office a couple months ago. only take an office a couple months ago-— only take an office a couple months ago. president noboa came into _ months ago. president noboa came into office _ months ago. president noboa came into office in _ months ago. president noboa came into office in november| came into office in november promising to tackle this surge in violence and gang related violence specifically. this escape of "fito" is being seen as a bit of embarrassment to the president. however, clashes between rival gang members are not uncommon. they're actually really frequent. authorities have said that more than 400 inmates are known to have died inmates are known to have died in such clashes since 2001. mimi, thank you so much for that update. franz beckenbauer, one of germany's greatest ever footballers, has died at the age of 78. he captained his country to world cup victory in 1974 then won the tournament again as manager in 1990. as a play

continue to work through these witnesses, rob walker, next week eric swearman, rob gorman, jim biden and hunter biden month of february. we have to make a decision do we move forward with articles of impeachment. >> sean: what about eric holder, lois lerner, they were never prosecuted. you were hesitant to give a new subpoena to hunter biden. you would give a second subpoena. he could have been charged with contempt of congress. >> to the peter navaro issue, this is real important h. ability to cross exam is fundamental to our system of justice and fact finding. this was the first committee in history there was no cross-examination. all partisan. this principle is as old as you get. in scripture, firsts to present case seems right until another is able to ask questions. it is the ability to cross exam. i can't blame peter navaro not wanting to go in front of this, executive privilege. they came after him full till. eric holder and others, doesn't seem to be the case. >> sean: your committee judiciary looking into doj and if they are web weaponized. >> on the other side you have someo

su: the new ceo officially takes over this month after james gorman moves on. his first order of business was the earnings call and having to warn about lower margins in the wealth unit which has been an area of strength. investors now turning their attention to the firm's ability to meet its goals and expanding its wealth business. shares dropped the most since the last earnings call, down as much as 4.3% at one point. fixed income trading fell short of expectations and executive said the lower wealth margins would be sticking around for a bit. saying the wealth business is in my blood. net revenue totaled $6.65 billion, beating, but again warning that the business has been aided by higher rates but it will be challenged going forward. haidi: su keenan there with the latest. coming up, ukrainian president zelenskyy meeting with business leaders in davos, trying to attract private capital. and why they see geopolitical turbulence becoming a constant concern this year. this is bloomberg. ♪ >> the resilience of the economies as well as financial markets to the ge

gorman highlighted itclearly. the stress tests are very significant.ce sheets. i highlighted a 50% deine equity prices over one year on top of that is simultaneously equity -- equity market shock with as much as of simultaneous equity decline. that puts buffers in place that protect the system. now of course a sound and secure system is imperative for the capital markets. we could always have debates at the margin as to whetr there are things that we can do to strengthen the system but a wholesale increase of 25% f largest banks of individual positions that affect different activities, i think that is ultimately punitive to economic growth and does not strike the right cost benefit analysis. of course we need to make the system secure. it is in good shape. that does not meannothing can be done but this is a wholesale change that leads to problems. ms. frazier highlighted one example, talking about farmers. airlines, jet fuel, other derivatives getting passed on to consumers. these utilities obviously get passed on. you can look at other transactions li

katie: that was james gorman speaking in the previous hour on the fed's rate path.bigail doolittle taking a look at how the markets are doing. abigail: it will be interesting to see whether the fed minutes have an impact on markets. it could be that the santa because rally that we do not have, if the minutes are dovish, the s&p 500 could turn higher. the santa claus rally is officially the last two trading days of the old year and the first two of the year. the s&p 500 down four of the last seven days, leading to the this decline, not just the s&p 500. people waited index underperforming s&p 500, nasdaq 100 dap, russell 2000. we have a wet two this decline. all these different areas declining. the reason the santa claus rally kind matter, if you put the bloomberg terminal in perspective, since 1994, 18 of those years have been rallies. that has led to a gain for the most part. generally, when this santa claus rally comes to town, it leads to a rally in that year. right now, we are looking at this decline. will those fed minutes change the trajectory of markets? this

gorman putting it back together, transforming and keeping it good.oal, don't change the strategy it's working elevator, up a couple floors explained. wealth asset manager and a global investment bank what we got. get the ecosystem working together, and i'm bullish about it number one is reiterating that the strategy is in place number two, talking about the culture. culture that got us through the cruises, through the transformation competitors now firing on all cylinders. make sure we mobilize around the firm getting along well, keep going on that. last piece, hit financial targets. $10 trillion in wealth asset management dollars will be coming a big number going to get there hitting 20% returns. that's it. 10 and 20. so taking time but i'm super bullish. >> the stock traded off on earnings i think by about 4%, and from what i've seen and heard, looks like concerns around the margins at the wealth management business. which, again, wealth management business, huge deal. why the stock has done so well sew long optimism around that, but margins aren't

power panel matt gorman former senior advisor to tim scott.in walling, former biden campaign surrogate. kevin, i will start with you. you and i have had so many conversations and you know i feel this is not about age. if i were doing well at the same age people wouldn't be talking about it. >> we talked about this on "outnumbered" couch this past wednesday. number one, earth rider is the name of the brewery that he was at. it wasn't a random word thrown in there. >> harris: he was trying to figure out how the beer was made. please don't get it twisted to defend him. speak the facts. how it's made. i understood. >> there you go. this is going to come down to biden versus trump re-election fight in november. we know that. and if joe biden was running against someone younger that wasn't making these gaffes that we're seeing out of donald trump's mouth every single day i think it would be a different fight. the fact is americans will face a binary choice between donald trump and joe biden. we can go gaffe for gaffe from these two. we saw donald tr

joining me now is matt gorman, a senior adviser to senator tim scott's presidential campaign. thank you so much for being with us. what happened here? >> i think someone got a little out of there is a little bit. if you are trump, you are winning. just keep winning. you don't need to jump the gun here, and there are historically funds if they wanted to raise money so that when trump is actually the nominee they have it ready to go. people have been doing this for decades. there are funds that you can do that the don't call you the presumptive nominee when you are not yet. >> he is already taking criticism because of what he is signaling to do another term, that he is going to be undemocratic. and this is a move to take some of the democracy out of the nominating process. it is sort of interesting that that didn't occur to him or maybe that is something that he did not worry about. >> i can't speak for him, he probably heard the idea, it sounded good, but when he saw it in practice, again, you are up by 20 or 30 points in south carolina. you are on track to win this. at least r

guy: before i let you go, james gorman really relaxed yesterday.ike it's working out already. sonali: the guy is busy, he is a big role at columbia and is nominated to the board of disney yet he spent his break swimming. he is a long distance swimmer so when i talked about how i was trying to find balance, he said that something he is working on himself as well. given at the highest levels of wall street, people are going into this year thinking about balance. guy: that's a guy who knows how to stay afloat. great stuff and thank you very much indeed. another great interview coming up as well. the goldman sachs cohead of m&a. not a convincing bounce in european markets. german inflation is up quite strongly but maybe not as strongly as anticipated. there's been a cracking day today for next but it's not all good news for u.k. retailers. coming up, we will talk with ubs. this is bloomberg. ♪ you know what's interesting these days? bitcoin. look for bitwise, my friends. ♪ dramatic music ♪ [flight attendant alert] [baby crying] [snoring] [luggage rattl

james gorman, there were a few wins, business strategy, their focus on achieving long-term financial. they missed on equity and fixed income tweeting it is an area where goldman sachs comes out ahead. contributing to the optimism they beat on management revenues, compensation higher than expected. rishaad: this is the data dump revealing not so much of it. we hope you have live images, the momentum of recovery, that was the name of it. they highlighted against the background of employment being stable. population declining. ♪ rishaad: natural gas futures are down. looking at these geopolitical issues playing out, we have the supply and demand equation very much an integral element. david: speaking of energy. the ongoing conflict in the red sea. take a look. >> 85% of crude is important. ensuring they are not vulnerable but at the same time we pay for oil so there is a little bit of cushion but i'm confident but given the goodwill around the globe, i don't think anyone wants to see the tensions to be exasperated. i'm sure they will succeed. >> some are suggesting higher oil is inevita

they include former morgan stanley ceo james gorman and sky box jeremy derrick. is swirling. they're nominating directors to run against not disney and iger but the more hostile tryan and nelson peltz and last year that peltz nominated himself and former ceo to the board citing lack of stock performance and stock up 2% over the past year after 1.5 billion loss in the streaming division and underperformance in the movie division. today disney is up just under 1%. a choppy session after the stake steak house parent added two new members for the board. change comes as far of agreement between blumen and star board and boosting the price target from $30 to $28. barclay is lifting from $31 to $27 and they may be encouraged but investors are not and stock is down 2.5%. house speaker mike johnson getting a bird's eye view on the border crisis from eagle pass, texas, in the last few minutes. we're going to take you there and show you the at the president asks for more money to fix the issue. the national debt tops $34 trillion and the president asks for more money. sheil

a couple of weeks ago, i spoke to james gorman about this.a suitable investment for your financial advisors to be offering their clients? he himself said it should be a very small part of their portfolio. so how much are you going to have managers running around pitching bitcoin etf's? if you are expecting that demand, where is come from, it seems like the tone from the top is "be careful," and i spent all morning long reading the risk factors -- because i have so much of a life here. [laughter] the risk pastors to all of these etf's, because it is worth remembering the volatility as part of the risk, price decline, but also the other structural issues. will the halving really create more of a price increase for bitcoin in the same way it has in the past? so far, the economic experiment has worked out for bitcoin, but there is no assurance that it will in the future. guy: sonali basak had a we, monday morning has basically continued -- had a cracking weekend, monday morning has basically continued along the same lines. brent crude is softer,

this is something we talk about with the likes of jamie dimon and james gorman, even david solomon haveked about concerns around the reputation of the united states government. also be some of the commentaries we're watching in 2024 when it comes to the election. and when it comes to the banking sector. i want to make that pivot as smoothly as i possibly can because they are interrelated, although i will imagine we will see more readout from the earnings, and terry we get today. goldman sachs and morgan stanley due out today with results expected to reveal a continued lull in investment banking activity but a time of hire borrowing costs and recession risks. jenny, some major names following on the heels of j.p. morgan last week. what is going to be the standout for you? >> a lot of it will be about the outlook these guys deliver. just like you said, we have heard from some of the biggest u.s. banks that dealmaking did not come back in that fourth quarter. trading was a lot softer. we're expecting to hear a lot of the same in terms of the fourth-quarter results. then it's all about the

katie: that was james gorman, morgan stanley executive chairman, speaking to bloomberg earlier this weekis stumbling as traders wait for the sec's decision on whether to maybe, finally improved -- approved an exchange traded fund that is holding the coin itself. for more we are joined by james seyfert of bloomberg intelligence. you and i, we are etf people. we have turned into crypto people over the last few months or so, but walk us through the timeline here. if you take a look at some of the reporting, what is going on on twitter, it seems like friday has been marked as this day con. it is actually happening right now? james: me and ellie -- me and eric bell tuners have been in the camp that it is happening next week. we think approval orders will be coming next week. i don't think we can get approval orders today because essentially we have seen all of these amendments and filings for prospectuses for these bitcoin etf's, but we have not seen any amendments to the 19 before documents, which are those of rule change documents everyone is following with deadlines. think we need to see a

joining us matt gorman and former secretary, and thank you for being with us. >> thank you. >> a bigcoming up ahead of us. let's start here, matt. i want to give you the lay of the land ahead of new hampshire when it comes to the latest polls from fox news. trump's got 52.6% support nikki haley 35.8 and desantis 6-- three and a half are undecided at this point. looks poised to be another landslide for the president. >> certainly nikki needed that boost in iowa. if you want to be the man you've got to beat the man. nikki has to get extremely, extremely close or win here, the x-factor are the democrats and independents. even though we have michelle wu and ro khanna campaigning for biden. they can cross over and vote for nikki. that could be the x-factor and boost her numbers and get her closer. >> i want to ask about the democratic side, the biden election campaign throwing their hands up in the air and taking themselves off the field on tuesday. interestingly, dean phillips was on our era couple of hours ago, talking about the fact we had historically low voter turnout last election c

matt gorman, vice president of the targeted victory and former senior advisor to senator tim scott andtic new york state senator. david, put on your secret decoder ring on an tell me what he said. >> 123 million spent. less than 15% of elible voters come out to caucus. 50% diehard trump supporters voted for trump and the des moines register they say only 71% of caucus goers will actually vote for trump. so this is, i think, concerning to trump. look, he is a former president. he is one of the only former presidents to ever run in a iowa caucus and the fact that he only gets 50% really is not saying much. i think he has a long way ahead of him. the fact that you have really the hard core base yes, they love trump. they love that red meat but it is not independents and democrats. >> harris: you know no one is 100% everything. your argument is interesting. matt, take it away. >> i guess what i'm curious about is they keep talking how weak donald trump is. a weak candidate this and that. but he is beating joe biden head-to-head and has been consistently for the last several months. take it

disney named former morgan ceo james gorman, who has had experience with proxy fights and succession as well as sir jeremy darroch. there's another activist firm which says it supports iger. blackwell, which owns about 55,000 shares, nominated three of its own directors to the board, saying it welcomes other shareholders attempting to fix this iconic but wayward company. kelly, certainly very strategic here for disney to align with valueact. >> again, i'm just thinking about it, thinking about some of the success they have had there in the past. i wanted to ask you about kind of -- to the point about which way disney should go. we got this data point about how universal overtook disney as the highest grossing studio in the box office, and it speaks of the decline of disney at the box office. they didn't have one of the top three movies for the first time in a long time. the first time since 2014 none of disney's movies crossed the billion dollar benchmark. so there are real challenges here. >> yeah. look, there have been a bunch of movies that are scheduled for this year, some big ma

they all want to be james gorman.ali: it is incredible what they are bringing in terms of margins from these assets and with managers. if they cannot make money at his other businesses, it does dampen the story even for the profitable parts of the business. we will have citigroup, they are making tons of money in services business but markets and investment banking are lacking and credit quality they are below are gerard's estimates and they are below all bloomberg estimates on average. on cost, jp morgan which is among the best on cost control for such a large bank, really able to keep a handle on their numbers, they are above estimates on noninterest expenses. keeping these costs under control for the top four consumer banks is going to be a very interesting balance. jonathan: we are down across the board on a little more than 2%. slightly unfair for me to ask this question given you have only had 24 minutes to look at his numbers. based on what you have seen, who won the quarter? gerard: it is hard to say. jp morga

i applaud james gorman, how he handled the whole thing top to bottom.be smooth had and good and understandable. maria: what about the future? what kind of a '24 are you expecting? >> so i look at -- when you say we had a strong year, we're over-earning on nii and credit and stuff like that. i'm much less worried about the economy and the strong year and what's going to happen next year than the geopolitical stuff. that stuff is about the freedom of the western world for the next 100 years. so i'm not comparing that really to the economy this year and so for jp morgan we're going to serve our clients in 2024, 2025, whatever the environment brings. we always say that we don't know what the environment's going to be. look at the range of outcomes. can we handle them? and the answer is yes. stock prices are up. consumer's in good shape. but the extra money they got during covid, trillions of dollars, that's kind of running out. it looks to us like it's going to run out. it's been pushed out for a whole bunch of different reasons but runs out this year. the

there are success stories at that 1898 trans mississippi expo, the daughter of civil war veteran jj gorman, her father's photograph, which had been sent during the war from indianapolis to south bend while he was serving with the 86th indiana infantry. it had been in the dead letter office exhibit for 35 years, a newspaper reporter who came to see this exhibit said there is a melancholy collection from the dead letter office, including two cases of photographs of soldiers which were sent and miscarried during the civil war. looking at them, i thought, how young were most of the faces? so these fears offered some new success stories. but several decades past the war, of course, you can imagine that the success stories become fewer and fewer and fewer. in 1911, the dead letter office museum closed lb of soldier photographs, lingers in the dead lfi for il and it was still available for sort of infrequent observers and at it in storage and in the 1940sced embroil in world war two, the government decides to free up storage space at the post office building, and the album was divided and sold in

. >> that's what james gorman said. when rates come down, the flood gates are going to open. >> he chose this year, or last year, to announce his retirement. now, he got in at the right time. a lot of people say maybe he's exiting at the right time, as well. i'm fascinated to hear, again, what jamie dimon says in terms of commentary, given what he said over the last 18 months or so. and he really hasn't wavered in terms of some of the headwinds he thinks are out there. if some of those headwinds have abated, i'd like to hear it. >> meantime, investors are eyeing tomorrow's cpi report. will inflation have cooled further in december? let's bring in steve liesman. steve? >> yeah, it's a big number tomorrow, melissa, that's going to test the market's optimistic outlook for fed rate cuts. the consensus is a little hotter on the headline, unchanged on the core, but that's going to continue to bring down the year over year rate. this here are the numbers we're looking for, 0.2, up from 0.1 in the prior month. that will bring i

brought by the new york attorney general shows how his own nerves might influence the amount judge gorman have to pay in damages. wanna stick with me. i wanna bring in christine greenberg, former federal prosecutor and former deputy head of the criminal division of sdny. vaughn, you are in a unique position of covering trump's trials, where do you think the main focus is when it comes to his many legal challenges? where will trump suffer the most and how is he using that on the campaign trail? using t>> reporter: it is the l election interference case that is forefront and is mine. not only are we awaiting the appeals court decision on whether he is granted presidential immunity that all but tosses out those charges against him. for donald trump, the trial right now is still scheduled to start on march 4th here. the day we will continue to be looking at is the middle of july. that is when they national commencement takes place. that is when the delegates will go on to the floor of that convention hall and they will firmly vote to make donald trump, if he so is the nominee, make him the no