joining us now is larry fink. rock linked on linked in's list as top company that people want to work for. larry, thank you for joining us. black rock coming in at 19. the only financial firm in the top 20. one of only five companies, i think, in the top 20 that is not a technology firm. what do you think is going on? why do you think you're attracting people like that? >> good morning. it's a big honor. we work hard in trying to attract young kids. we have over 230,000 applicants. we pick anywhere between 1 and 1.5% of the app applicants. i think it's about young tale talented professionals are looking to be emotionally involved with the company they're going to work with. i believe more young people are believing in our mission. whether it's our conversation about long-termism or our conversation about how should we focus on retirement and then importantly when you think about other metrics, whether it's turn over and people, if anything we have a history of keeping our people very long time. and sometimes we pr

future of the financial services industry as hsbc and mcquarrie are said to count headcounts, and larry fink warns of huge consolidation. opec dissents on the in a. crude dissents under $50. is saudi arabia's oil minister calling the shots? a warm welcome to the program. let's have a look on what is happening at the futures. we are not getting an incredibly strong picture from the futures this morning, i have to say. we've got euro stocks up just a fraction at the start of the are p and trading day. the ftse 100, perhaps it's a little bit on the back foot. of getting a great deal momentum perhaps coming through from the asian session. we still have some big agenda items on the radar with the ecb meeting and the jobs report, plenty still to digest. matt: take a look at the nikkei, down 1.6%. take a look at the yen strength that we are seeing, 109.95, how many yen you get for your u.s. dollar. the aussie dollar on the other strength,owing some not the kind of strength we saw earlier in the session. we saw an hour ago a 1% gain against the greenback. 0.5%. only see it up losses in brent, the gl

we are pleased to welcome back larry fink to studio 57. >> why are you smiling?. managing that type of money is enormous responsibility. >> so how do you see where the world is in terms of the global economy after brexit? what impact and how fast does it seem to be rebounding in the short term? >> i think people are reassessing what brexit means. it's not a financial krcrisis le we saw in 2008 or 2009 so we don't have to y types of falling-outs. on the other hand, it increases uncertainty in the world and i think we have been living in a world of great uncertainty and this is what is creating so much fear. and it just add to the uncertainty. we are not going to know the ultimate solution or the result in the uk until possibly -- >> if there is uncertainty and if there is diminished growth, then there will be less investment in the future. >> charlie, no question. the uncertainty is a cause for people to pulling back. there is 55 trillion dollars sitting in banks worldwide right now. a record amount. this is a time when there is over 15 trillion dollars of money i

larry fink doesn't want to see keeping all that money in cash. i think it's one of those things where the market is going to move on, but it could still be annen unresolved situation. >> meanwhile, more big banks make moves off the bank stress tests. details coming up on jpmorgan and we'll recap this rally day, two days in a row now for equities, when we come back, after this. >>> welcome back to "closing bell." we're getting more updates after-hours from the banks that have passed the federal reserve's comprehensive capital review and analysis. and we are just getting news from jpmorgan. it is increasing its dividend to 48%. that's something the bank had already announced several weeks ago. but it's also increasing its share buyback authorization to $10.6 billion, according to the company. shares up 1.6% on that news. wells fargo, its dividend is 38 cents and no mention of a buyback in the press release. but certainly, we'll keep you guys posted as we get more of these releases that are coming in. bill and kellie? >> all right, kayla, got your h

larry fink, ceo and cofounder of black rock. we are in aspen colorado. vid rubenstein, the co-ceo of the carlyle group, will be taking larry's place in this chair in a few short minutes. for now, oliver, back to you in new york city. oliver: turning to renewable energy now, i want to bring in kevin walsh. it holds a portfolio of equity and debt investments in more than 200 products with the capacity to generate more than 1400 gigawatts of power, primarily from the wind and sun. think a lot for joining. let's jump right into this conversation about the switch to renewable energy. you brought a great chart that shows wind and solar capacity on the rise. that wind line for solar is basically a financial. what does that mean for business? kevin: we invest in projects and that is great growth for us. we will continue to invest and we think it's an attractive investment. we enable ge equipment orders when we do that. we think that growth chart is good for us and good for ge on the industrial side and we will continue to do so. shery: we had this unexpected exte

that's the word from the chairman and ceo of black rock, larry fink. in an interview the head of the world's largest asset manager said returns from the typical retirement portfolio likely won't be as high as they once were. >> i think it would be wrong of you to expect anything beyond 4% or 5% at this time. if you're putting money to work today, you should be savings without objective. if you're in more you can mitigate that. if you go into that without that assumption i think you're going to be wrong. >> he explained as you get closer to retirement, the asset mix of a typical retirement portfolio changes and tends to favor bonds over stocks. >>> there is a fierce battle among companies to attract the best workers. and linkedin using data from more than 430 million members is out with its first-ever ranking of the most sought after employers. dierdre bosa has more. >> reporter: results are in and tech is winning the talent war. in the u.s. google takes the top spot followed by sales force, facebook, and then amazon. but it's not just the top five or t

coming up later today on "bloomberg markets," erik schatzker speaks to blackrock ceo larry fink.from aspen. this is bloomberg. ♪ francine: tom, we have breaking news on the private sector, certainly in terms of corporate stores. see idc to buy private bank or for $3.8 million -- to buy bancorp.ank or -- now to the terrible suicide istanbul airport, which killed at least 40 people. from theto our guests london school of economics. he covers the middle east and terror groups. thank you for joining us. it is a terrible story. are we going to see many more attacks like this? this seems to be a copycat of what we saw in brussels a couple of months ago. brusselsah, it is plus. this is the most skilled and ambitious to take place. not just in turkey but almost everywhere here? this particular operation targeted one of the most important commercial and also symbolic targets in turkey. bombers.cide they basically attacked the nerve center of the security forces. you might say this is the special operation forces of isis, and they are trying to send a message near and far that theyan do a

the ftse has -- fink sit down with larry in the hour.i will be sitting down with sam eisley, cofounder for his current pick in the pharma sector.

. -- an exclusive interview with blackrock ceo, larry fink. >> looking at a risk rally underway, theulie hyman is looking at movers, another broken oil the old. -- oil deal. julie: this was a long time. energy transfer partners and , energy companies transfer terminating its merger agreement with the company, about 18 months of negotiations between these two parties. the falling price of oil killed it. here is the different prices, after months of negotiations this deal with was about $33 billion, announced at the end of september, then oil cap going down. a lot of questions about whether the deal would get done and both parties negotiating to potentially get out of it. and thate judge ruled paved the way for it to be terminated. how the stocks are trading today, the actions, this is something that had the big reaction on monday, post-friday when the decision was made. williams is little changed. on a potential deal front, medivation, the biotech company, watching this, this company is still a takeout target for global pharmaceutical companies even though it has been spurning their a

foreign secretary and then after that, blackrock ceo larry fink joins erik schatzker for the aspen ideassurveillance"s with tom keene and we will be talking about the referendum, currencies, and these markets. ♪ the relief rally city, thein europe anda warnine french president says london will suffer from brexit and merkel says there is no backing out now. state made anamic attack at the istanbul airport that killed at least 40 people. this is bloomberg "surveillance,"

he spoke yesterday, scarlet and oliver, you recall, first with larry fink from blackrock.hey manage $4 trillion, and he said he thinks it is debatable whether britain will actually end up exiting the european union, and then he spoke to david with stein of carlisle who said he does not think they will exit in the next two years, and finally, you get jes staley saying he does not think london will be diminished as a global financial hub. none of the incredibly overblown concerns we have been hearing. i have a picture of how much it costs to ensure barclays debt against default the last five years. you can see it has come down over the last couple of days as the equity prices recover, but it was not as high as they had gotten to back in february, and not nearly as high as you see deutsche bank and unicredit. it costs a lot more to ensure their debt than barclays. oliver: good -- scarlet: good chart. speaking of deutsche bank -- deutsche bank shares are trading at a 30-year low. you had a double whammy from the federal reserve and the imf because last night the fed said deuts

blackrock ceo larry fink says the decision to leave the european union will lead to cash hording.he u.s. federal reserve is not likely to lift interest rates in 2016. >> i actually believe that brexit will lead to more uncertainty and moderately slower growth. i am under the opinion that it is highly probable they will not do any more tightening this year. k.y: that was larry fin, i want to be where he is in that shot. wayne bowers is still with us. we are still trying to understand the ripples, how this is going to affect the way we price assets. most things price off the risk-free rate. the fed, according to larry, is not going to be raising rates anytime soon. we of already touched on the bond market. talked to me how this flow into treasuries is going to continue. -- talk to me about how this flow into treasuries is going to continue. wayne: we had a conversation with investors last week regarding the impact of negative rates. but if you turn that around and look at it from an insurance premium perspective, what is the downside of my position in bonds? or -10 basis points? fro

first we'll be talking to larry fink of blackrock. and the ceo of morgan stanley is here. milliband, he's the ceo of the international rescue committee and the foreign uk foreign secretary. we'll talk to him about brexit, a lot of different things happening. and he'll be talking to us about the refugee crisis, the largest at any point in history at 20 million. we'll talk about that impact on the vote this week as well. >>> and we'll talk to michael froman and talk to him about what is happening with brexit and some of the other deals we have been watching and whether or not we can get a trade deal pass in this country again. >>> and there are all kinds of companies that young people want to work for. they are -- there are ways to figure out which are the most attractive. linkedn has a new list put together based on the millions of people trying to get resumÉs out to find job on its site. that list will be lease in 35 minutes' time and we'll have it right here on "squawk" exclusively. suzy welch has been here working for six weeks to figure out which companies are most attr

anna: that was larry fink, speaking there.tting some comments, from the russian central-bank. instability is growing, they say. they say the brexit was unexpected by markets. it depends on your definition of a "black swan," i guess. also saying, we see limited direct impact on russia. we continue to get further commentary from various central bankers about the impact of the brexit. we heard from the south african establishment yesterday, talking about the impact on their establishment. the thoughts around the story are increasingly global. kokou agbo-blous is still with us in the studio. when you think about the global implications -- there are many countries around the world, asking themselves if they are impacted because of their relationships with the u.k. they are also asking whether they are exposed on the global trade front as well. : ultimately, what brexit can lead to is global barriers and trade barriers. this is why we expect central banks to be more active than they have been in the past/ our economists have conclud

larry fink says he is expecting consolidation in the asset management industry, this as his struggleenchmarks and these new u.s. rules that favor passive strategies. there are too many money managers struggling to get anything better than average returns. >> we believe there is going to be a massive shift more into passive, and we believe it's going to create a huge consolidation in the asset management industry. >> china's official factory gauge is remaining an expensive ofrain come at into evidence gradual economic stabilization. p a mise the figure, 50.1. to private measure fell 49.2. that is essentially in line with estimates and on from 49.4 in april. we have new york traded oil headed for the longest run of decline since april. the uae's representatives are saying that the global oil supply has caused prices to slump, and that issue is correcting itself. >> we will need to give the market sometime, and the markets will correct itself, as we saw from the beginning of the year until now. upward,een correcting and i think all of those are good signs. we just need to be a little bi

and later on, blackrock ceo larry fink joins us from the aspen ideas festival.unds appealing. you can see that on bloomberg at 10:30 tonight, u.k. time. ♪ ?c+sv no turning back as david cameron expresses regrets over the referendum. germany's merkel says this is no time for wishful thinking. a new bloomberg survey shows a majority of economists forecast a u.k. recession after the leave vote. and terror in turkey. islamic state is blamed for the attack that killed at least 36 people. turkish airlines says the airport has now reopened for flight. ♪ anna: welcome to "countdown." i am anna edwards. it has just gone 7:00 in the morning here in london. we are getting some numbers through. this is from a retailer of electrical goods on high street. the final dividend will be 6.5 pence. like for like sales increased by 5%. full-year group comparable revenues up i four point 5%. this is a better looking story in the wake of the brexit referendum results. we will see if they have any comments to make about what they will see from the consumer in the wake of that. they say

let's talk about the morning must-read, larry fink speaking at the deutsche bank global financial conferenceerday. here is what he had to say about the asset management industry. agree there'slly going to be a massive shift more into passive so we believe it is going to create a huge consolidation in the asset management industry. " gemma godfrey joins us. this is something you have been talking about for quite some time, regulatory costs driving consolidation would not be a surprise. gemma: the greater use of passive is interesting. onlyood thing is that not do people and up getting diversification and broad exposure, but even high net worth, it is not just for the retail market, it gives them access to the market in a low-cost way. anna: is this good for clients also? if you are passively involved in equities you are maybe having to construct your own portfolio. you are having to make those decisions for yourself. gemma: warren buffett said to look at, track the s&p and he believed it would outperform the hedge funds. 60%tracker has delivered return in the basket etf about 20%. the second

we heard you say from larry fink and, it is not that big a deal. there seems to be a convergence.. getting quite on in years, i will not that -- but that against him, but he has been known to make inflammatory statements. is rap on the street is he talking his buck. i do not know if he is or not. it is one thing to be george soros investor and another one or ata leader at bmp jpmorgan or blackrock where you have a responsibility to give a public message that is more tempered. david: pretty much everyone is talking there buck, it is just -- talking there book, it is just a matter of which book they are talking. -- going out and saying he would go short the world, he thought we were headed for bad times. tom: to our viewers that do not know his history, he has earned the respect to be listened to that i am adamant about that. again, he is an investor talking an angle and in this case, a more allegiant opinion. he does not have a public duty as a financial officer to have a more tempered message. in.have it dovetailed a tempereder with mention -- tempered message about technology in

. >> this morning on the panel we spoke with larry fink of black rock who when i asked the group forir kind of best investment idea, he actually brought up mexican real estate. he invoked the fact that the peso is about 19 to the dollar, that it was weakening considerably. you know, in light of some of the political risks we've discussed, what do you think would happen to people who kind of make that long-term bet on real estate or other assets in mexico? >> well, obviously it's a good bet. and we have a division that does that for ourselves. i would say this, i mean, compared to new york it's dirt cheap. right? and certainly there's many ways to invest in that. but i would also open other avenues. for example, there's lots of miners in mexico, gold and silver miners, that are traded on exchanges. and these miners are going to have very low costs of production. so their margins are going to improve. they sell in dollars. and the precious metal's going up and costs are in pesos, so it's a good place to be. >> ricardo salinas of course took that world golf championships to mexico city.

shareholder larry fink described us that way. we like that a lot.fferent from -- >> hedge fund now an -- >> no. we don't hedge. that's not what we do. most hedge funds are hedged -- they're having -- it's not an easy time to make a lot of money in the hedge fund world today. >> against gains for their investors, kind of. >> hopefully not. >> they have been. >> well -- >> it's been a tough time. the kind of volatility that exists makes it difficult. we invest in companies. we are not portfolio managers. we invest in companies where we see an opportunity for the company to improve by focusing on improving them -- improving on the operating side. it's a long-term view, very different from a typical portfolio management, hedge fund, long-short balance. we think of ourselves as businessmen who invest in a portfolio. back to your question on philanthropy. basically what's happened is, first of all, a -- people have generated an enormous amount of wealth over the last several years. fortunately, we live in a world where there is a good ethic to give back,