where does james gorman stand on that issue? >> it is legitimate. look at the minimum wage since 1950, inflation adjusted. we are clearly creating societies where we have large groups of haves and have- nots. it was expressed by the public in the financial crisis, sometimes in graphic ways. >> do we need to raise the minimum wage federally or is it find state-by-state? raise.oes need to i do not know if it is federal or state. we have had a lot of competition for lower-level jobs that have either been outsourced -- i think it is time we adjust that. >> low-level jobs do not exist in your world. you run morgan stanley. you have traders sitting in mortgages, high yield, saying i want to get paid $5 million or i will walk. how do you balance this? >> we have 66,000 employees, and the number getting $5 million or more is a small number. of course, we want to keep them, but we have respect for great members all over the organization. we have 20,000 people in support functions. thousands work as assistants to the brokers doing their business. we care abou

tonight we look at new developments in brain science with "new york times" reporter james gorman and dr. eric kandel. >> and one of the big challenges is that trying to cope with neuroscience is like -- i mean, this is -- >> tell me about it. >> it seems bigger than the universe, you know? so all we can do is do a sampling of some of the projects and we thought, well, let's start out with mapping. it's not -- it's not everything but it serves as kind of a foundation. let's talk to some of the people who are trying to map the brain in different ways. >> rose: we continue this evening with the director of the new film "philomena" starring steve coogan and dame judi dench. >> john huston used to direct and you can hear -- you know, you can hear the music in it, you can hear the conviction in it. and you hear the shape and the musicality and it's -- it's a ridiculous thing about the cinema but it's more interesting than the faces. i've known lots of people who it's just listening. and you can hear when it's right. >> rose: we conclude with alexis ohanian, the co-founder of reddit. his ne

imchaber of commerce, james gorman and matt damon to name a few.eadlines we're looking at, "squawk" market master, also known as someone from pimco, mohamed el erian is stepping down as the ceo and co-cio. the company is not giving a reason for his farthdeparture. he'll stay on to consult for the parent company. >> people thought he'd run that someday, thought he was the successor to bill gross. >> he will stay with allianz. egypt has not figured out a leadership structure. i don't know whether this has anything to do with that but. >> it would clear the way for him to run for election in egypt. >> united technologist is among those set to release quarterly earnings today. we should get the numbers at the top of the hour. analysts anticipating utx will report a profit of $1.53 a share, revenue 17.1, $1 billion. only two on that beautiful 757 boeing, but two very good pratt whitney. government officials are said to -- because you're over water. you ever think about that going over, you can't land. >> most of the time you're going up the seaboard and

morgan stanley report as james gorman its call for less trading for less trading. and can you trust china's economic data? morning, this is "bloomberg surveillance." we're live from our headquarters in new york. i am tom keene. joining me as always is scarlet fu, our chief correspondent michael mckee, and our guest host, truly one of our most popular guests, robert albertson. also joining us is richard falkenrath this morning. >> we will start in england. retail sales up more than forecast. 2.6% in december. climate protection may cut global gdp four percent per year . that is according to the united nations. housing starts and building permits expected to fall a little bit. that will move the markets. industrial manufacturing coming out at 9:15. we have ge earnings coming up in just a few moments. morgan stanley reports the last of the big inks. -- big banks. one of the reliable conservatives in congress. on givingsident plans a speech at 11 a.m. the head of the nsa will no longer keep full colorful records under the president's plan. we had the latest development

james gorman has been deemphasizing analyst estimates. investorse part that and james gorman are focused on with morgan stanley beefing up its brokerage business. 19% pretax profit margin. another software watching is ge. >> ge shares have turned lower in the premarket. this is after the earnings-per- share matched analyst estimates. there is a track record of matching or just eating -- beating. revenues are slightly higher than analysts were looking for. when you break run the different segments, it was ge capital, the financial arm, that is trying to analyst estimates. some of the bigger infrastructure parts of the business, the industrial side, are missing the mark. ge capital is an important part. it makes up one third of revenue and operating profits as well. we look at how the stock price is doing, it is turning lower. they're looking for a conference call to begin so we can get more details on what is going forward. >> thank you so much for that. we have the nsa on her watch because the president is going to have a speech and annou

morgan stanley ceo james gorman says the economy is a big factor in public mistrust of the banks. >> this is the most damaging financial crisis since the depression or maybe before that. you have all the home foreclosures, the bank failures, and the impact that have on the global economy. it was devastating. this will take a long time to recover. >> is the industry not doing enough to restore that trust? >> i think the industry is doing a lot. you need strong institutions. the first thing they did was to start recapitalizing and got their leverage. the industry started shedding the businesses that were at the root of what got the big banks into trouble during the crisis. >> populist opinion isn't negative against banks. what is your strategy to tell the great american banking story? >> i don't know you can't tell a story to an audience that's not ready to listen. we have to get employment particularly in the u.s. where more people are in jobs. if they have jobs, they're more willing to listen. a lot of the blame for the failure in the economy over the last couple of years was the fin

the eastern, james gorman joins bloomberg, live from davos, switzerland. >> looking forward to that intervieware back with our guest and cohost for the hour. look, all of us had a hard time coming into work this morning, given the weather. last night's snowstorm, the weather channel named it snowstorm janet. at any rate, when you were at nbc, you helped to acquire the weather channel. i watched a little bit of it last night. it got me thinking, how many people do tune in to the weather channel? this?ou a part of did you tune into the weather channel during the snowstorm? >> i did, just to have it on. we talk about it endlessly. when there is a storm like that, you just want to hear about what is going on with the weather. i want to hear about it, i want to know where it is coming from, i want to hear words like polar vortex, arctic jill. >> you want a name? >> i am warming up to the names. i think it is appropriate, at this point. they are as significant as hurricanes, why not name them? >> people running to the weather channel? it, did were running people call you for the weather report? >>

james gorman writes in today's new york times about the teams worked to develop the first interactive wiring diagram of the living, human brain. his data could help us answer this important question, how do differences in brain wiring relate to differences in our behaviors, our thoughts, emotions, and experiences? of a five-year effort supported by the national institutes of health. of course with me on this journey to help understand this research and its potential impact is eric kandel. i'm pleased -- with great excitement i read this this morning and then called him up. it's like we are back in the saddle again. [laughter] >> brain science is alive. >> you gave us a great moment. tell me about what led you to this. , but youdid you write were a guinea pig. >> we have been thinking -- we cover advances, new stories in neuroscience often, but we had been thinking we ought to do it in a little more systematic way. asked mego my editor to start looking not so much and some of the applied research, but into the nitty-gritty, how neurons it is obvious that the technology is changing, mon

they call it the james gorman body indicator.r we were first to report they were going to have a great quarter. how did we know that? someone noticed his body language. he was walking around like mr. big guy. lori: a lot of bravado. >> a lot of bravado. another term they use inside morgan stanley. lori: these are employees. >> people telling me that. now he is walking around like -- ashley: like what? >> the opposite. and you know -- lori: why don't you demonstrate? ashley: what kind of body language? >> if he was standing up -- >> i asked him to do this. >> this was james gorman last year. and now. lori: and now? >> they call it the walnut indicator. don't ask me why. that is the name that go inside morgan stanley. and you know, now it is not quite, not quite what it was. lori: i thought yesterday's discussion on interns at goldman sachs falling asleep in the john was pretty bad but you managed to surpass that. >> i tell you this, i like to have fun with the wall street guys and wall street is not jjst numbers and dollars. it is

. >> what is the difference working with gorman? >> jamesnd i have had a lot of history, working together for 15 years ago and john came from goldman sachs and i did not know him before them, so i have a longer relationship with james. and did they run the organization in a different way? >> john and i overlapped only a brief time. james is focused at morgan stanley on the businesses that are in place. having wealth management as a significant pillar of morgan stanley, alongside institutional securities and wealth management. that division for morgan stanley and the fact that james was the boss was one of the big reasons i came to morgan stanley in 2010. the business he was building and the fact he was in charge. >> we are going to continue the conversation. lots more to talk about -- recruiting, retention, cultural incentives on wall street. sit tight. we are going to take a quick commercial break. coming back with greg fleming. >> in a moment, we are going to be speaking to greg and we will also speak to the woman who runs the idw group an

look at the latest erik schatzker interview with james gorman.acuity. >> he is on the painless bankers list. >> he says derivative in interviews. >> that is why you love him. >> i love him. he is great. much. thank you so data check here, stocks, bonds, currencies, commodities, churning off the first of the year, nymex crude is back above $93 per barrel. lots to talk about with alan krueger here on the american labor economy. .> we are just getting started a quick note, bank of america shares currently training hider and -- trading higher in the premarket. they got a little bit of a pop. yesterday,st from when jpmorgan reported better results as well, not getting much love from investors in the immediate aftermath. coming up, seven dollars $.25, the federal minimum wage. top economists are calling for an increase. is that the question? would raising the minimum wage help or hurt and why? not just the economy, but the low income earner. this is "bloomberg surveillance," on bluebird television and radio. ♪ good morning, everyone. "bloomberg surveil

and a big pay increase for james gorman.5 million stock honest that is double the one he got in 2012. in addition, almost twice as much as what he got the year before. shares of morgan stanley were left last year. that is one reason why. >> it is that season that everyone month so much. bonus season. >> or they fear so much. >> we will find out who did well. the story is the jamie dimon is getting a raise, even though they had the $20 billion in fines. we will see how many of the ceos get more money and how much they get. >> this is a topic of discussion in new york city. what was the biggest thing you ever got delivered through amazon? >> nothing out of the ordinary. books or an article of clothing or something. >> look at this. they would need a very large drone told deliver this. about two weeks ago, they delivered a nissan car in one very large box. one box. i got a lot of attention online. delivery, a company came up with this. joining us is their president. how does an idea like this come about? did they won a tie into

awards worth about 18.5 million dollars in restricted stock, and we also heard from morgan stanley, james gormanlion dollars. >> obviously, it's good to be the king on wall street. those guys making a lot of money. ♪ and thatt the hour, means bloomberg television is on the markets. thank you for joining us. let's get caught up on how wall street performed today. stocks rose, pushing benchmark indexes up from two-month lows. gains were fueled by an increase in consumer spending and corporate earnings that the estimates. the boards so nasdaq leading the charge up 1.3% at 41 23. the s&p 500 index up just over one percent. at 1790 four.1.1% dow jones industrial average nearly .75%. the markets have had some wild swings as investors try to find their footing in a new year of trading. swan wealth advisors' mark sebastian was on the floor of the cboe, where the volatility indexes traded. thanks for your time. the vix started out the year calm, but it has surged in the last week. is volatility going to settle in at this new level? >> it certainly could. i will tell you looking at today, if you see how m

to find a solution for long-term unemployment, james gorman, brian moynihan, the big names in attendanceest. rich: 2 dozen ceos in total, the continued job by the president of the united states on his state of the union address, his initiative to get folks employed or hired if they have been long-term unemployed so we met with 2 dozen ceos including some wall street names and greg brown of motorola, don thompson of mcdonald's, a number of others at the white house, he is speaking in the east room. this presidential initiative involves a few hundred companies, 300 says the white house and they decided to look at their hiring practices to make sure they are not weeding out those who have been unemployed for a long time through any type of mobile screening process they have. the president is going to be signing an executive order to direct government agencies to make sure they are not separating anybody who is unemployed for a long time. the president's initiative that he announced, he had a pen and flown to go around congress and using to help the economy but a number of republicans saying

is james gorman facing the right strategy for the bank? >> that it's not fair. s a partner -- [laughter] brandon --likes what what james is doing, so he is turning morgan stanley into the old merrill lynch, and it is going to be a better version. frankly, this quarter -- you know, this is his opportunity to do a victory lap and that is what he did. in 2009, he promised a 20% in wealthgin management. history got revised for a while at morgan stanley. he is delivering on it right now. 19%, he is right there, so he is keeping his word, but now he is moving onto the next challenge, which is fixed income, which is the our oe of the form. the firm is generating a 5%, 16% 6 % roe. he laid out today how he will get to a 10% roe pour th -- for the firm. >> goldman has brought its compensation down sharply, and that -- if you would've asked me five years ago which firm was going to take the lead in compensation reduction, i would not have guessed goldman sachs, but that is exactly what is happening. they said fixed income has changed, trading has changed, we need to get ma

chamber of commerce and david rubenstein, james gorman and matt damon. that's right. interview with jpmorgan chairman and ceo

management certainly a key focus there as we've talked about many times under the leadership of james gormanf the country, the largest brokerage firm in the country we might add. look at that. $60.6 billion market cap. there was a point at which that was bite-sized morgan stanley. bite-sized. we haven't talked about consolidation in financial services in ages and we may still not be talking about it for some time to come. but as you see things normalize, may become a part of the conversation, again, unclear what regulators would allow. >> we had a rollout of the neutral morgan stanley. charitable owns that one. like that group. they had a lot of problems integrating smith barney with morgan stanley and it was technological problems. one of the reasons i liked workday in to solve it and it's the human capital company going into financial services. it's the most expensive stock i follow on an earnings basis, not including tesla and 3-d brick. >> not including amazon. >> why do you insist that amazon has to make money? why are you limited like that? >> i'm not necessarily limited like that. >>

joining us will be ray dalio, james gorman, matt damon, larry summers, steve schwartzman, lloyd blankfein>> welcome back to "squawk box." we're watching shares of mondelez international and pepsico this morning. mondelez has added peltz to its board. andrew ross sorkin as part of the deal, peltz would no longer push for mondelez be acquired by pepsi. peltz will not push for a name change for mondelez at this time. mondelez is former kraft foods. i'm dizzy by all this. they buy, they sell, they sell, they buy. that business operates under the kraft foods group name. peltz will continue to push for a split of pepsi's beverage and snack business. of course. that's an effort that's gone on for months. so far, unsuccessfully. >> we see mondelez not moving a lot in premarket and pepsi is lower by a quarter percent. >> are they going to spin this off or not. >> nelson peltz is not going to -- >> indra nooyi has said repeatedly, no. >> the last bit i read made me think it may be under discussion. >> she's been steadfast if saying she's not going to do it. >> we head back to davos, switzerland whe

ray dalio, arne sorensen, james gorman, muhtar, lloyd blankfein, eric schmidt and larry summers willw, we will. >>> coming up next, more trans over the pope's stance on economic and equality. michelle caruso-cabrera joins us for that. >>> the controversy, now ralph nader is weighing in. that story right after the break. >>> monday on "squawk box," a mega lineup of newsmakers. macy's ceo terry lundgren, randall stevenson, bmw north american chief, silver lake partners co-founder glenn hutchens, former saks ceo and a mystery guest that can't be missed. that's all monday, starting at 6:00 a.m. eastern time. conquer the morning, conquer the day. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-345-2550 ...you see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550 we have intuitive platforms tdd#: 1-800-345-2550 to help you discover what's trending. tdd#: 1-800-345-2550 and seasoned market experts to help sharpen your instincts. tdd#: 1-800-345-2550 so you can take charge tdd#: 1-800-345-2550 o

the company also in a strategic upgrade james gorman is raising the targets for the company's pretaxrokerage business, now expecting it to be 22% to 25% by year end 2015. and that excludes any benefits that you might see from a rising equity market and some other market factors. lastly i want to touch on the comp ratio within the investment bank, dropped from 42% to 45% last year and they expect it to trend down to 40% in years to come. carl, back to you. >> all right, mary, thank you very much. that's going to be a big story to watch. as is -- well, we'll talk about some of these stocks after the bell. but hp over at citi, meetings with management takes their target from 32 to 40 which is about a street high subjecting that they might be getting some share back in services after several quarters of share loss. >> well, last quarter was a good quarter for the company and showing progress in those areas. although yet to have any growth. 2014 is a key year for that. >> yes. look, i think part of my -- of the thesis that is developing is pc stocks going down. they reach some level. mayb

gorman and david with the new york times. tom gjelten of "national public radio" and an awesome shoes we have from the u.k. as you can tell by the shoes, james ball from the guardian. let's just start with the nsa stuff since it is a big issue right now. can we talk a little bit about how the introduction of these snowden leaks has kind of change the way we are doing business and how much harder or easier it is to report on the nsa and the intelligence community as a result of them? siobhan you have been covering the nsa. >> i think it kind of cuts both ways. you know, i haven't been writing so much on the documents themselves but i have been writing on sort of related nsa issues in the midst of all this revelation. i've actually found that as many people might feel a little bit less inclined to want to hear information about it there are probably at least as many at this point that now feel, i don't know if it's emboldened or they just feel this is an issue that's going to get more attention now so it's worth their while to share what they know with orders whether it's by way of context for additional information and details. i think probab