and cover of bloomberg businessweek as well, it breaks down jane fraser's big plans to remake citigroupave mike mayo on set, critical of citigroup and its executives, but said james fraser -- jane fraser is a changemaker. do you agree? >> she's got a lot of big plans here and citi is in desperate needs of a change. they lag their rivals, j.p. morgan and bank of america. i think she is trying to bring the breath of fresh air, and she is in it to win it. romaine: she has only been on the job for a few months. what are some of the many strategies she has communicated? with regards to what citi will look like into her tenure? >> one of her big focuses is wealth management. citi has long punched under its weight in that area. they were forced to sell off to morgan stanley, a huge win for morgan stanley. they have turned that into this powerhouse. you see them wanting to get bigger in this business. romaine: but we have not seen the type of acquisitions then we have seen out of morgan stanley, for example, and even jp morgan to a certain extent. >> late last year they got saddled with two con

jane fraser is about six months through the job. once there's more time, if they start to make progress on those regulatory issues, you may start to see the story start to turn around. plus, they just started embarking on a lot of these changes when it comes to their global wealth and consumer business, so seeing that take shape is what investors are waiting for. mike mayo even doing some of the parts. jonathan: thank you for weighing in on this. in this conversation -- i think this conversation is going to continue for a long time. citigroup up today in the premarket. for the stock, $70.88 -- $70 28 cents. this stock has severely underperformed. tom: i must admit, i am still scarred by the 10 for one reverse split. i move the decimal psychologically to $7.08 per share after the shenanigans of 2008-2009. what is stunning to me, you look at a given powerpoint presentation and do the sesame street thing, which one does not look like the other. citigroup right now doesn't look but the others. jonathan: mr. corbin had a tough job. ms. f

"fortune" editor telling me that takes guts on that list, as you mentioned, jane fraser, currently thestreet bank she set apart herself by touting a more flexible return to work plan, pushing for a hybrid solution, no zoom fridays. fraser, just six months in the job and already finding ways to stand out. shep >> seema, thank you. >>> nhl teams called out on twitter by one of their own. allegations that the teams have been handing out prescription drugs to players even without a doctor's consent now league officials are looking for answers. >>> and tom brady, not the only one breaking records last night. the numbers are in and the biggest winner of the night may not even have been on the field. ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to unveil them to the world. ♪ baaam. internet that doesn't miss a beat. that's cute, but my internet to ustreams to my ride.orld. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k strea

well, there was always a level of hyperbole, but basically there jobs both diamond and jane fraser that bite and spoke to them about how to put pressure on the republicans to not wait to the last minute so that nobody, including the mark is going to be particularly nervous about a default, and whether or not they're going to be successful or not is remains to be seen. well, what's interesting here is that the republicans want to avoid a filibuster by the democrats, and what they want is what they call a budget reconciliation. which basically means that the democrats all want that issue trouble now, and the republicans want to wait. so as they go into next year, they have a good talking point for the mid term elections. so it's really kind of up here. we are united states, it's people, and the markets and the economy sort of caught in the middle. and we'll see whether or not these ceos have any kind of influence for public sentiment to support a passing sooner rather than later. of course, we know that senate republicans at a certain point also wanted to make sure that debt ceiling was d

ceo jane fraser says all hour-long meetings should be shortened to 45 minutes.ays the density of the workday is impacting employees. google's online store crashed tuesday as it debuted its pixel six phone. customers trying to buy it were met with a sluggish website. googles upgraded its latest pixel with a better processor and camera as it tries to compete with the iphone. rishaad: we've got more news breaking at the moment. this is coming through at the moment, that there is the belief that north korea has a new type of ballistic missile. they did have these ballistic missiles fired. the deputy chief cabinet secretary is speaking in tokyo and talking about them. they believe this north korean missile fell outside of the economic zone of the country. that is what we have. we have a bit more on what is going on in pyongyang, message they are trying to put across after this. this is bloomberg. ♪ rishaad: we've got a bit of a bifurcation. chinese stocks are down, but hong kong benefiting. we've got the picture, a positive one, a focus on corporate earnings coming i

it is a wait-and-see story for jane fraser. one quarter does not make a trend.r gains in investment banking. bank of america doing extraordinarily well. the ceo, everyone from james gorman to jamie dimon talking about inflation and the potential for rate hikes. still very sanguine on the economy. volatility is good for banks. weight correction, not as good for banks. we are seeing things in line with the former and not the latter. guy: as we discussed in that conversation and you've talked about many times, compensation costs are rising at a ferocious rate. gorman sounded relaxed. he thought he could compensate that with other moves into other parts of the business. what impacts are these higher costs having? we talk about the operating efficiency of these businesses will where are we in terms of this journey? is there an expectation it will peak or will it keep going? sonali: we still see a lot of reserve releases that are patting the bottom line. you do see headcount at wells fargo lower and bank of america as well lower. when it comes to investment, you wonde

chase's jamie dimon, brian moynihan of bank of america, and citigroups'jane fraser -- and citigroup's jane frasers. companies added more jobs than forecast in september, according to adp. business payrolls increased by 568,000, the most in three months, and it is suggested that hiring challenges are beginning to ease as more americans returned to the workforce. the government comes out with its jobs report on friday. energy prices in europe have extended their rally. the recent supply crunch showed no signs of easing, and that printed the european using -- the european union to move to protect the economy. spain and france are amongst those calling on the eu to investigate. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. alix: markets definitely volatile in recent weeks. the supply crunch added to investor worries about inflation, and then you top it off with slowing growth. just look at german factory orders, down by over 7%. so what do you do with that as an investo

morgan chase's jamie dimon and citigroup's jane fraser. it is a strategy shift by the white house.sident biden's team is trying to broker a deal to scale back his ambitious economic agenda. advisors are weighing liberal policy priorities against moderates' concerns about inflation and tax hikes. in michigan, he called foes of his plan "complicit in america's decline." fed chair jerome powell has game support that could gain him a second term to lead the central bank. more than half of republicans on the central banking committee are backing him. his most vocal opponent is democratic senator elizabeth warren. saudi aramco is close to claiming the prize of the world's most valuable company from apple. the oil giant has soared. its market value now sits at $2 trillion, not far from apples people and $3 trillion -- from apple's $2.3 trillion. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> we already have inflation above the fed's target. we have a lot

of travel restrictions has led to a surge in bookings in places like egypt and turkey. 3m ceo jane fraser'sre eligible for as much as $5 million in bonuses. mike mayo says citi did not sell off the targets. that is your business flash. you've got to love mike mayo. caviar, hot, 5 million butler bonuses -- $5 million bonuses. they are all the same. guy: mike is going to join the team a little bit later on. looking forward to that. that's going to be an interesting conversation. mike mayo coming up, 2:30 p.m. in new york. this is bloomberg. the close is next. ♪ (announcer) looking for a better way to lose weight and feel good? how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo offer all of that? because it's not like any of those diets you've already tried. it's the new way to lose weight. no stimulants, no starving, just results. results you'll keep for life. no more sacrificing to lose weight only to put it back on. no more sacrificing, period. it improves

at number two, the citi ceo jane fraser earlier this year she became the first woman to head a majorping the list, the cvs health and -- i should say, the cvs health president and ceo karen lynch. cnbc's seema modi now. what catapulted lynch to the top, seema >> reporter: shep, she's a less familiar name in corporate america. they're credited her pandemi response and a rollout of a vaccine across the country while also trying to disrupt an industry that is not known for being cutting edge a number of female leaders in health care made the list this year walgreen's ceo rosalyn brewer. health care insurance carrie anthem saw the ceo as number 7 pfizer's angela wang who played a significant role in getting the company's vaccine to market and making it a financial success, also known for her promoting diversity and calling on lawmakers to address the rise of anti-asian discrimination during the pandemic. >> such a wide diversity gap there has been progress in this year's list, right >> reporter: yeah, that's right. for the first time two black female ceos, brewer and thacinda brown ducke

at number two, the citi ceo jane fraser and topping the list, the cvs health -- the cvs health president what catapulted lynch to the top, seema >> she's a less familiar name in corporate america. they credited her pandemic response and a rollout of a vaccine while trying to disrupt an industry that is not known for being cutting edge a number of female leaders in health care made the list this year walgreen's ceo rosalyn brewer. anthem saw the ceo as number 7 pfizer's angela wang who played a significant role in getting the vaccine to market and hwang known for promoting university and asking them to stop antiasian discrimination. >> such a wide diversity gap there has been progress in this year's list, right >> yeah, that's right. for the first time two black female ceos, brewer and thacinda brown duckett. both known for their accomplishments in their respective industries and their efforts to try to advance women of color and paying it forward what's interesting is five of the women in the top ten took their jobs during the pandemic to join a company in the midst of a crisis with litt

fraser pushing for some changes there. >> citi has been standing out from the pack in terms of their return to work, return to office move, and janealready brought in a zoom-free friday, and now she is saying she would like people to restrict their meetings between 12:00 and 1:00 p.m. to 45 minutes -- excuse me, 12:00 and 1:00 p.m., no meetings, and meetings should be 45 minutes so people have time to catch up. shery: what does all of this mean for actual costs? >> definitely for banks trying to retain and attract talent, it will cost more. jp morgan said they are expecting higher expenses. remember, they already gave extra pay for junior bankers, and now it is the wealth advisors turn, but this is the cost of doing business when they are trying to generate record revenues, particularly in the dealmaking business. let's get you a quick check on the latest business flash headlines, netflix posting its highest subscriber growth of the year thanks to the popularity of "squid game." the company added over 4 million subscribers in the third quarter . about 140 2 million households started watching "squid game," making it the most viewe