were bailed out by the taxpayer so the united kingdom came in and they rescued royal bank of scotland they rescued lloyds they rescued northern rock all these banks that collapse they took care of them they took over and they all therefore they have zombie banks they have zombie companies they have the quantitative easing in negative interest rate policy insert all that stuff is kept zombie company will say in the second half royal bank of scotland as part of their belly they turn around and they killed tens of thousands of british small to medium enterprises the i mean and smash and grab and took that money for them some exactly why they don't have any friction growth in wages because they've got predatory a loyal bank of scalloped it's right in the name yet it's not just wages g.d.p. it's output is actually things that you create cars. you know products widgets televisions furnace is lights you know art finance like things like that they are producing less the ordinary worker goes in for eight hours a day and they produce less the other thing i think could be part of it and they're still all trying to

these two banks and it's no coincidence in fact it's quite deliberate that it's the royal bank of scotland and lloyds each course. these are the two banks that were built so it's different state below it's the state sopore the regulated by the state the majority were majority owned by the state and it is your right to see a state sponsor of terror some. state run institution state controlled state funded state controlled orchestrated the b.b.c. yeah the state funded broadcaster as also got a little slime on their birds there the b.b.c. got a copy of this one six six in august of last year from a whistleblower and when the. on the news and six o'clock on a bank holiday weekend. they were then threatened by as you know a state broadcaster then threatened by the state regulator the financial conduct authority and the individual journalists were threatened with. arrest and criminal prosecution and jail time for if they deal to publish anything in this report or leak it. that's the extent to which our government and regulates us of going and trying to cover this up so just to make clear now just got a lit

report well boys under pressure as eight of us fraud report is published so there was an internal lloyds banking group report written by a former manager apa bank and published on tuesday.

officers arrested lloyd banks after the 13th robbery which happened on 16th street a week ago. is facing 37 felony counts. >>> in san francisco, police are increasing patrol along the embarcadero because of tourism. they will keep a careful eye on the area watching for reckless drivers and writing tickets. just last week a car hit a pedicab that was traveling in the bike lane. a family was riding in the pedicab and was not seriously hurt. the operator is still in the hospital with critical injuries. we spoke with a bike rider that said the embarcadero can be dangerous. >> i see them using the shoulder to run red lights. they do not feel like stopping. >> investigators are looking about information about the pedicab incident. >>> new tonight, bringing the community together in the fight against crime. the city of oakland launched its friday summer nights program with three events in east and west oakland. it is called peace at the park. >> reporter: and mother of this eight-year-old said the event offers a safe haven. she is grateful that the program responsible for the gatherin

report well boys under pressure as eight of fraud report is published so there was an internal lloyds banking group report written by a former manager at the bank and published on tuesday alleges serious misconduct by the lender over the handling and disclosure fraud at this pos reading unit report written in twenty thirteen after the lloyd's manager had taken her concerns to the police alleges h. bos executives knew of the fraud as early as two thousand and four and failed to properly disclose it with far reaching implications given lloyds takeover of h. boss in two thousand and nine it also states lawyers mishandled this investigation and disclosure of the fraud following that takeover now m.p.'s had pleaded with lawyers to please release this to the public peace show the public which by the way have bailed out your bank and all the other banks and many of the other banks at least in the united kingdom in the certainly the financial system itself were bailed out by the inflation tax caused by the quantitative easing so they subpoenaed peaceful aides released that report to the public and wa

against manafort, the new evidence list showing he has keys to several cars, a benz, just like lloyd banks a land rover. that evidence spills on the larger case in both these trials. manafort's jeans, prosecutors say, were never empty, and they weren't just full of car keys. they were full of money. allegedly laundered money. i'm joined by mara gay, and nick ackerman. i put the question to you, beamer, benz or bentley? >> this is the whole argument they'll make to the jury. this case a all about greed, this is a man who basically earns $75 million from the ukraine government and didn't report it on his taxes. instead, he bought all of these luxury items. this is not going to appeal to the jury in terms of this person stealing that much money, that he doesn't -- stealing from the government, basically, not reporting it on his income taxes. >> you're saying just by defrauding the united states government, that's a form of stealing. >> right. >> because other people lawfully pay their taxes. >> that's right. there aren't going to be too many people on that jury that ever see that much money.

a lloyds bank report said conference was unchanged at the lowell -- lowest level. consumer index fell to the lowest since february and rates are widely expected to rise by a quarter point this week while concerns grow over the impact of a no deal exit from the european union. global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. kurodacoming out of the press conference, the range of 10 year moves is doubling from 1%. when you're dealing with the size and scale of the jgb market that is not to be ignored. let's turn back to the corporate news as we count our way down to the market open. ep churning out more profit in offeringd quarter reassurance to investors about its financial strength after announcing its biggest deal in almost two decades with bhp. joining us now, bob dudley, bps ceo and also our correspondent. as you sat down you said it, great deals followed by great numbers, gearing down the debt, all this is a message to investors. bob: it shows more confi

a report from lloyd banks says come putting optimism was unchanged and at the lowest this year.the consumer companies fell to its lowest since february. rates will widely expected to rise. the u.s. treasury department says government borrowing in the second half will jump to the most since the financial crisis. had ation's fiscal health lot to do with the strengthening economy. $250 billion.o that is the fourth-largest total for that. on record. the man who popularized the term new normal says the u.s. is the economy is shrugging off the malays. the u.s. is now alone in finding high-growth with 2.5-3 percent. inquite the term new normal 2009 as a way to describe the meager outlook for we can expansion and form a galatian. -- weekve gone from the expansion andweak more regulation. >> that trade is over a very long term. you have to be careful how much you can do upfront. >> global news, 24 hours a day. powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen, this is bloomberg. haidi: this is a longer-term approach. money managers are getting

. -- a report from lloyds bank says company optimism was unchanged.reate uncertainty. commerce secretary wilbur ross withnafta negotiations mexico are going well and they may be closed to wrapping up. he says the president-elect has wasted no time appointing a new trading before he takes office in december. earlier this month, president trump said he may pursue a bilateral deal with mexico and separate negotiations with canada. is said tof the nyse have fired about a dozen employees at the chicago exchange after acquiring the business earlier this month. ceo john karen is among those that left. the chicago exchange try to sell its self earlier this year. the deal was rejected by regulators. the exchange handles less than 1% of u.s. equity trading. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. i am jessica summers. this is bloomberg. yvonne: thank you. time to see how the asian markets are shaping up so far this morning. the early release of china pmi numbers took us

>> to michael steele, i want to say thank you for that reference earlier and i will say it was lloyd bankse ice on my neck kooems keeee crystal cold, also a bill crystal reference. >> you can get a lot more of this on "the beat" at 6:00 a.m. eastern. michael steele, former mi-6 agent michael steele. >> there you go. dossier author michael steele. >> what is going on today? >> according to sean spicer. >> is there a tape, yes or no, michael? >> there's always a tape, baby. there's always a tape. >> michael, thank you very much. have a good weekend. we'll have much more on the michael cohen story just ahead. plus, one of donald trump's longest serving employees with inside knowledge of the trump organization finance reportedly has been ordered before a federal grand jury. more on that when "morning joe" comes right back. (vo) this is not a video game. this is not a screensaver. this is the destruction of a cancer cell by the body's own immune system, thanks to medicine that didn't exist until now. and today can save your life. ♪ ♪ to me, he's, phil micwell, dad.o golfer. so when his joint pa

banking background. that is one area goldman sachs has really been pushing. under lloydas been diversifying, referring to investment banking. solomon was going to have to focus on building during his reign. what will his legacy actually be? >> he spent 12 years at the top of goldman sachs. he managed to navigate these them -- the firm through h recession and political and public scorn during that period. there has also been some to mold -- tumult with trading operations over the years. he has put the firm back on track with the last 12 months. up the investment banking side of the business. his legacy will be one of stability, getting the bank back on track, and leaving them in good shape for david solomon to take over. awayad: what was taken from the late things -- latest earnings report? russell: quite a mixed bag. stocks fell initially on news that the equity trading division was not doing well. revenue fell. fixed income commodity and currency trading did better than expected. some analysts are expressing concern about rising expenses. it was a mixed bag this year. d

for tech stocks is a relative term ok and change at the top of investment bank goldman sachs who's a place in the successful lloyd blankfein. a lot going fine and he was the head of goldman for the past twelve years and now he's going to step aside by the end of september and he's going to be replaced by dell of david solomon who is with the company since one thousand nine hundred ninety nine by the way he's also known part time to that he likes to function as a d.j. so we will see if the employees of goldman really like his. well he is known that he might be might go some bold steps he is not necessarily loved goldman but he is highly respected and it might not necessarily be important to be loved by your employees as long as they respect yours so overall the choice was to be expected so he will take over or first on top of it goldman also had their quarterly numbers that came in better than expected still the stock of goldman traded slightly to the downside a solomon the part time a d.j. that's how we can find the right mix for goldman sachs thank you very much yes quarter of wall street. china is taking measur

banks. we have lloyd's and ubs. lloyd's is basically a u.k. only retail high net worth sma type of bank.gree to which brexit andcts the u.k. economy confidence, that certainly hurts banks. in the case of lloyd's, it has done very well with the exception of some of the provisions they have to make for ppi. they have done well even improving amid uncertainty. of whether kind through all of this. it is undeniable that if this brexit situation does not get resolved with some kind of reasonable outcome, it will eventually hit the u.k. economy, which to date has been relatively resilient. it has been some softness and weakness here and there, but i oundose the weaker p has helped the manufacturing and tourist sectors. uncertainty becomes very difficult for market dispense to do with. are americanro, stocks of value right now? are they attractive? david: you really have to go through sector by sector. it is funny. the u.s. market has become somewhat bifurcated even as the global market has become. certain areas in the tech space in particular are relatively expensive. other areas seem relativel

goldman sachs reporting in the future of the bank in question as lloyd blankfein has not mentioned successionthe press release. suffering a tech crash during its sale extravaganza and as the shopping resumes, bezos net worth is $150 billion. musk returns to twitter and a faux emerges in china. joining me now is lisa abramowicz. the lack of mention of succession and how that deals with the underperformance we have seen over the past year. anyone take it. outent: they have laid it and it is almost like saying it is not quite any of your business right now. i don't think there is an animosity for people between solid me -- solomon and -- not an easy transition. lisa: it is surprising because they telegraphed it. the new york times had an article saying they were going to announce it. everyone said ok, announce it. why didn't they? did lloyd blankfein say he is not ready to leave yet? does he not want to let go yet when things are going well? alix: what is interesting is the different areas. in equities, that was pretty light versus their peers. goldman sachs has traditionally been good with trad

lloyd: there is redundancy, leverage test. there was supposed to be a catch-all bank. you are supposed to have capital related to the riskiness of the assets in the balance sheet. there was a general worry that we weren't assessing riskiness in the right way. in the financial crisis, we under estimated the riskiness of certain mortgage assets. using the normal test of leverage, let's have a general catch-all where we don't assess riskiness. we will look at all the assets on the balance sheet including dollars in banks. that was supposed to be a catch-all to make sure that nobody -- kind of a version of an alternative tax if you will. well, it got to the point where that catch-all is now the binding constraint. those things have to be adjusted. the vokul rule, which was added to make sure that people had capital against their risky assets and you were able to wind down an institution that was failing. voker imported a state of mind test. what was the reason why you engaged in that transaction? to support a client's business or because somebody wanted to buy low and sell

banking, law and insurance. and here the government's plan is different. here at lloyd'sover are sold to european customers every year. and when it comes to services like finance, the white paper makes clear that there won't necessarily be a single rule book. and it won't necessarily be business as usual. the city hope the uk and the eu could respect each other‘s rule—making process, without it being identical. the government thought that would be a hard sell in brussels, so the uk is proposing to go its own way, which will make some services harder to sell in europe — a mistake, say finance chiefs. professional and financial services are really not catered for at all, and it's very disappointing. it's not providing the certainty we need. so, ifanything, it's going to accelerate our plans. lloyd's, for instance, we're moving to brussels — we will be full steam ahead, and many other banks, insurers and other professional service firms will be moving at pace now. business groups want more. more detail, more urgency and more cooperation from the eu. they want the eu now to e

banking, law and insurance. and here the government's plan is different. here at lloyd'suros worth of insurance cover are sold to european customers every year. and when it comes to services like finance, the white paper makes clear that there won't necessarily be a single rule book. and it won't necessarily be business as usual. the city hope the uk and the eu could respect each other‘s rule—making process, without it being identical. the government thought that would be a hard sell in brussels so the uk is proposing to go its own way which will make some services harder to sell in europe — a mistake, say finance chiefs. professional and financial services are really not catered for at all and it's very disappointing. it's not providing the certainty we need. so, ifanything, it's going to accelerate our plans. lloyd's, for instance, we are moving to brussels, we will be full steam ahead and many other banks, insurers and other professional service firms will be moving at pace now. business groups want more. more detail, more urgency and more cooperation from the eu. they

for tech stocks is a relative term ok and change of the top of investment bank goldman sachs who's replacing the successful lloyd blankfein. your lot going find me he was the head of goldman for the past twelve years and now he's going to step aside by the end of september and he's going to be replaced by dell of david solomon who is with the company since one thousand nine hundred ninety nine by the way he's also known part time too that he likes to function as a d.j. so we will see if the employees of goldman really like his humans well he is known that he might be might go some bold steps he is not necessarily loved goldman but he is highly respected and it might not necessarily be important to be loved by your employees as long as they respect you so overall the choice was to be expected so he will take over or first on top of it goldman also had their quarterly numbers that came in better than expected still the stock of goldman traded slightly to the downside to his on the part time d.j. that's how you can find the right mix for goldman sachs thank you very much yes quarter of wall street american airplane

banking. david solomon is an investment banker and lloyd blankfein is a traitor. trying -- is a trader. it is trying to shift to a more bank's focus -- a more banking focus. it is also interesting he is handing it off to a renowned dj. alix: with no hair. the last story, also to do with goldman sachs. if you want to get the world cup team right, you go to goldman sachs. they're going to predict the scores and the simulations and they lost. >> strike one for the humans. interesting, we talk so much about machine learning, how much they are investing in this. what is more important than the world cup? what i found interesting about this is the machines kept getting it wrong. that croatiadea was going to do anything close to what croatia did. >> not only did they keep getting it wrong. the more complicated it got, the more wrong it got. the more data they fed to their programs, the more wrong they got it. it raises the questions about the modeling that is driving investment and the trading we see. >> that is interesting. that they said inherent randomness is one of th

banking group for a decade. he has some nontraditional elements there. this marks the end of the era for lloyd blankfein. an sachs since 2006. he's the man who led the bank through the financial crisis and the heightened regulations afterwards. >>> there is some d.j.desol here on youtube. >> is there? >> we'll take a listen at the break whampt would you do if your car died and you were 20 minutes there work? one man decided to hook it. when you're running a small business, it might even bring a blue screen of death. having it problems? ask a business advisor how to get virus and spyware removal, and 24/7 tech support. office depot now offers on demand tech support for as little as $15 a month. ♪ right now, buy one hp ink and get a second at 30% off at office depot officemax and it's also a story mail aabout people and while we make more e-commerce deliveries to homes than anyone else in the country, we never forget... that your business is our business the united states postal service. priority: you whenshe was pregnant,ter failed, in-laws were coming, a little bit of water, it really- it rocked our world

lloyd: the most important regulation and the most important role is the way the banking system has been deleveraged forcibly and aggressively. with allgh and looked these noises and people around the world would watch the stuff and in dismay about this public display come at the end of the day, the u.s. did it. the regulators did it. people write dissertations in the tranquilly of some library that they should have done this and they should have done that and they got it wrong. but at the end of the day, almost in the heat of battle, they did all this stuff and it got done. the stress tests were done in such an aggressive way. let me tell you, i was the focus of a lot of the aggression, but were done in such a way that there was no issue about whether it was convincing from the point of view whether it was just soft or whether it was real, and it actually persuaded the credit world that this was real and the banks were credit worthy. somerts of your are -- parts of europe are still not there, even many years later. there's time for an adjustment, not to appeal it, but to adjust. there's

services like banking, law and insurance, and here the government plan is different. here at lloyd'se will not necessarily be a single rule book, and there were not necessarily do business as usual. the city hope the uk and eu could respect each other ‘s rule—making process without it being identical. government thought that would be a ha rd government thought that would be a hard sell in brussels, so the uk is proposing to go with the way, which will make some services harder to sell in europe. a mistake, say finance cheese. professional financial services are are not at all, and not providing the certainty we need. if anything, it will accelerate our plans, lloyds, we're moving to brussels. we will be full stea m moving to brussels. we will be full steam ahead and many of their banks, insurers is an other professional firms will be moving apace. business groups want more want more. more detail, more urgency, and more cooperation from the eu. the mag they want the eu now to engage. we have flex ability on our side, we now need similar constructed and flex ability on the eu side. thi

to "squawk box" in times square a news-filled morning for goldman sachs, the investment bank announcing that lloydwn end of september to be replaced by david solomon lloyd will remain chairman of the company until the end of the year, at which time he will retire and david solomon will also take the chairman role title at that point. the shares are at higher amounts. >>> fanduel will be using a sports betting platform on the track in new jersey. i think we should make a little pilgrimage over there. >>> and pipeline operator plains all american was rejected for tariffs on imported steel. they reported that suitable products were available from others >>> president trump met with russian president vladimir putin. senator mark warner asking if the country isn't being defended in public, how can we trust what he's doing in private? senator, this is a situation where the president is being criticized not only by democrats but by republicans fairly widely in this context. what do you think happened yesterday? >> well, frankly what happened yesterday was an embarrassment to our country when a very weak

i would point to banking and m&a doing very well under lloyd blankfein.at does goldman have to do better? alison: there are two mappings investors want to see. one, we've already seen some improvement. there were some structural reasons for that. from an investor standpoint, you can only sit with that for a few quarters, then you want to see some signs of improvement. that's one of the reasons why they said, we think, long-term, we have this one dollar trillion opportunity -- $1 trillion opportunity. the second part of it is the digital. the digital will take even longer. we'll have to see progressive steps. that's a little bit more -- again, it is such a deviation from their history, because we are late in the cycle when they are getting into the business, that's a much bigger question mark, but apollo -- a smaller part of the business. investors are looking for huge gains over a week quarter a year ago -- weak quarter a year ago. the expectations are even higher. lisa: you have a busy couple days ahead of you. thank you so much, alison williams, working

bank earnings in focus today. goldman sachs report in the next hour. ceo lloyd blake fine officially a ceo.to capitol hill today the testimony coming in concerns over trade policy and its effect on the colony. checking features right now hovering around the flat line up 13 points right now. s&p 500 and nasdaq down fractionally. take a look at yesterday's performance. the dow jones industrial average up 45 points. the nasdaq lower the session. nasdaq with a quarter of a percent yesterday. markets are edging higher. ft 100 up a fraction. dax is well in germany up just 10 points. asia overnight mixed performance as well. nikkei average up half a percent. the former was hong kong. the hang seng index down one and a quarter%. amazon prime day well underway but it did get off to a rough start. outages preventing customers from making purchases. the fallout in the biggest sales day of the year. we will take a look. wal-mart and microsoft are teaming up on a new car dealer microsoft ceo telling me in an exclusive interview when the partnership is so crucial. >> everything that she think about, whet

bank reported earnings. drop in equity trading among concerns raised by analysts. this also comes as goldman officially announces it will -- david solomon will be taking over as ceo ending lloyd. for more on the change of leadership, let's bring in out -- erik schatzker. a lot to be made about the fact that david came from the investment banking side. ceo, now taking over as and does that necessarily mean a shift in strategy? >> it sure could. it has been 12 years since the firm has been run by a banker. of a different kind of investment banker. he was an m&a guy whereas david solomon comes out of the leveraged finance world but they are bankers. bankers are by experienced different when it comes to tender -- temperament. people say rightly or wrongly that they are more strategic thinkers because that is how they have to advise clients. arele like lloyd blankfein more concerned with risk management he is fond of saying he spend 98 percent of his time thinking about 2% probabilities. that is not david solomon. being a different guy and having a different background, he has a different persona and the firm will take on a different persona as a result. blankfein pushed out of go

not a trader like lloyd he's probably not a risk expert in management like lloyd goldman sachs is evolving into a commercial bankys of the great investment bank are probably over goldman sachs has been for ten years now a bank holding company, and it's going to have to live by the rules of commercial banking and probably the skills that david solomon brings are exactly what's needed at this moment and that's for probably by he recommended him and why the board of the directors went with him. >> before we talk about the future i want to talk about the past and lloyd i spoke to jeremy dimon earlier. and he said lloyd is a friend of mine and i congratulated him early this morning it mentioned there about lloyd's guiding goldman sachs through the financial crisis >> he did a fabulous job at goldman sachs. the stock price outperformed the stock index over that time goldman sachs performed tremendously during a financial crisis and goldman had among the best returns in the banking industry. having said that, it was not perfect. they didn't pivot until about two years ago. the last five years goldman has had worst in c

vonnie: speaking of m&a and investment banking, i want to get back to david solomon taking over potentially for lloyday be announced as early as tomorrow. what would it mean for lloyd blankfein and what does it mean now that investment banker will be at the helm instead of a trader? >> it matters absolutely. the trading desks are such an outside portion of revenue compared to the rest of wall street. there were some issues last year on the trading desk. investment banking right now if you look at the m&a league tables, for example, i do not believe goldman this number one. that is fairly rare. there is heightened competition. investment banking's across to your year-over-year -- across the street year-over-year, bank of america has been done. there are more boutiques on the street nowadays. how they get a share of the global m&a pool, equity capital markets, debt capital markets, david solomon has grown up in the leverage lending space as well and we are seeing leverage loan market superhot right now and competition is also heating up. we spoke about this earlier and it is not just m&a. we're going t

bank. solomon is expected to be named as the next lloyd blankfein as early as this week, according to "the g up, rising trade tensions. how global banks that finance trade in asia are in for tough times. ♪ ♪ you are back with "bloomberg markets." china is remaining on track to hit the annual growth target, with second-quarter gdp meeting estimates. the mainland industrial average trailed expectations. sales was upbeat. in our week long series, we look at the country's priorities and what they are for the next seven years. ♪ china"phrase "made in has it changed meaning over the years. it was historically synonymous with fast and cheap, but beijing wants to raise the bar with an ambitious strategy to dominate the shift from work. the focus is on new and high-tech industries, robotics, aerospace, artificial intelligence, and new energy cars. there are 10 sectors in which china wants a leading edge globally by 2025. has raise complaints about trade. president trump says it threatens u.s. growth and is built on "unfair practices" like forced tricks and mike -- they are promoting the plan in chin

curve >> dick, we wanted to ask you about newly appointed goldman sachs ceo, lloyd blankfine, another ceo to have steered the big bankcial crisis stepping down any thoughts on his legacy and his successor? >> you know, i think he is transformed goldman sachs, may not have had a choice to do that but he has, i think it's positioned very differently than tfgs it was in the past because it has to be i don't know david solomon but he seems to have a broad background and i think we'll be a good ceo for goldman sachs >> what do you think about the under performance of the bank stocks, even in light of what's been better results? they had a good day yesterday but more attached to the yield curve than the fundamentals of the business. >> i'm surprised i still think they are a good buy. they are buying back their own stock. the dividends will be significantly increased. they are about 60% of the p/e ratio of the market but i don't understand why they are not doing better which means they are a good opportunity to be buying at this level >> a lot of people are saying that cramer has been saying that for a while. thank you, goo

since lloyd blankfein took over 2006, opened in his outperformed most of the big banks apart from jpmorganth jpmorgan shareprice gains in student six? -- since 2006? guest: i think you have to focus on what they do very well, which is investment banking or advisory, which they are the leader in in terms of mergers and acquisitions advice. they also need to keep their expenses and check. there is a question should they be diversifying into more traditional banking businesses such as consumer lending, which of course, they are using their marcus channel to do that. there's a question as to whether that will be a successful as they hope it will become a but this is a pure play the capital markets business. theyis where i think should focus their efforts to continue to be that dominant player in capital markets. nejra: the point that you make about the question over moving more to the consumer banking, is that something that david solomon is likely to push for? guest: i think they are certainly going to continue to pursue it. it is something they spent quite a bit of time and money developing,

bank reported earnings in expensive. this comes as goldman officially announces david solomon will be taking over as ceo in october, ending the 12 year run. >> with lloydfein pushed out of goldman sachs? >> that's the overwhelming sense. why? the secession played out so in elegantly. they've been struggling in some areas. commodities and fixed income more broadly. it is overcapitalize dan hasn't been able to grow revenue. sense thats a goldman needs to reinvent that business and more broadly reinvents the firm. lloyd blankfein having been there for 12 years in the eyes of some people on the board and at his age, may have run out of ideas for how to accelerate growth at goldman sachs and transform the firm as vast as some people feel it needs to be done. ♪ >> federal reserve chairman jay powell making it clear to congress he wants to stay in his lane. his message may have come with a caveat. jay powell is said gradual rate hikes will continue for now. with is mostly concerned the economy and not making way for the markets. he noted very little about the biggest issues facing wall street and didn't say much about the yield curve other band they are watch

investment banking division for quite a while, and it a division that has grown increasingly important at goldman sachs. him taking over means a sea change for leadership of the company when lloydnkfein means in october. solomon will be making the decisions, obviously, and the fee-based revenue side will be what everyone is watching. lloyd blankfein came up through the trading side of the markets division and this will be a shift for one of the biggest, most important financial firms in the world. haidi: what about blankfein's legacy? dan: obviously, there has been quite a lot of growth at goldman sachs over the past 12 years. as i said, it's one of the most important financial companies in the world. shareholders have been mostly happy over the years. billions in profits. quite a lot of growth. his legacy, in many people's minds, will be tied to the aroundde credit crisis 2009, when goldman, for many people, was a symbol of everything wrong in our financial system, and he had to appear before congress and take a very public willing about subjects like greed and honesty in our system. in terms of the take away from earnings, what kind of scenario is david solomon inheriting her

course of the last ten years where i was running the banking business i think that process is an ongoing process, and, you know, the board and lloyd'sion is to how the succession will play out. >> aparentally we'parently we'rg closer. >> look at the "new york times," maybe it happens. >> dow is almost flat here down two points. we'll get to bob >> reporter: good morning. happy monday we started strong and faded a little bit oil is a big problem chevron and exxon. i want to show you the banks and better reception than on friday. bank of america there. they're up and the other names citi, jpmorgan and wells fargo up retail is having a good day. the retail sales numbers even a month over month were strong so ascena, macy's abercrombie on the upside that's the best since september of 2017 i think the number was health personal care up 2.2% internet is strong month over month these are good numbers. bars and restaurants up 1.5% energy is below $70 and that's a problem. we've got congressional oil minister talking about pumping a little bit more oil at the summit there so these are big moves now to some of the names. remember, generally,

lloyd blankfein as ceo. october 1 washer in the new era, only the second hand over -- new era.r in the solomon will be the bank's oldest new leader in almost half a century. blankfein has been at goldman for 30 years. he takes $85 million when he finally walks away. >> i will be stepping down as ceo at the end of september. and us chairman. and i will -- as chairman. i will retire at the end of the year. ramy: japan and the european union signed a trade agreement that lowers barriers on goods and services. it also provides a counterweight to u.s. protectionism. the deal removes a wide range of duties and regulatory officers. it will help japanese sell. the deal has been under negotiation since 2013. reports from london say you e.u.ns are being told -- nations are being told to prepare for a new deal brexit. appears on the days that the secretary visits brussels for the first time in his new role. they will discuss a wide ranging internal document that urges member nations to step up contingency plans for the u.k. to crash out of the block. amazon moves past it's difficult start to the annual time-based sales pro

lloyd's, you know? it is the safe pair of hands in a country that is improving. that is a great story. matt: you also have a good story on deutsche bankt you made a good trade on deutsche bank. talk me through this trade. luke: deutsche bank preliminary results came through and really did not give anything new. there were lots of headlines about problems in the u.s., about fines potentially. this has all been in the news for a long time. in the background actually i think deutsche bank has been gradually improving. without this -- we thought this would go to extreme levels. mid one 70's, rolled that trade all the way down to 140, and then closed it. it is always the detail with deutsche bank. it is the detail that can hurt you as well. there are times to get in and this is a reflection partly of volatile markets. you can find your timing, get into these situations when they are mispriced. in a way as an active fund manager it is a great place to be. matt: tomorrow we get the earnings -- the pre-reported three weeks ago. tomorrow in frankfurt we will get the details. this is a time when you want to be not touching that -- those swaps w

mean for them and a number of financial services firms like banks and insurers have already issued warnings. among them, the insurance giant lloydseen open spaces are together now worth more than £130 billion. the study also suggests that the uk's trees and woodlands remove £33 billion worth of carbon dioxide from the air. here's an interesting one. an offer of cheap teddy bears had to be abandoned yesterday over safety concerns after shoppers with young children were left queuing for eight hours. build—a—bear workshop was offering customers a chance to buy any bear, which can cost up to £52, for the price of their child's age. in leeds, police were called when a mile—long queue formed. in the next half an hour, we're going to talk about how they can get it quite so wrong. we will look at other examples of firms not getting their offer right and causing a lot of concern. build—a—bear not in the good books by a lot of kids today. not at all. ben, thanks very much! president trump has told the sun newspaper that the uk will probably not get a trade deal with the us if mrs may's brexit plan goes ahead. let's get reaction to this fro