tom: james turner, cfo of prudential. you for your time on the back of these earnings and looking to the quarters ahead for the insurance assets manager based out of hong kong. that's get the bloomberg business flash with madison mills in dubai. madison: meta is planning to cut 10,000 jobs and close 5000 open rolls. this is its second major round of layoffs. the facebook parent already laid off 11,000 workers in november, around 13% of its staff. this comes as the company bids to become more efficient and improve its financial performance. meanwhile, sources tell bloomberg's that apple will make bonus payouts less frequent for some of its employees. they are also limiting hiring for jobs and closely watching travel spending. bloomberg has also been told that hsbc is cutting the base pay at offers a newly promoted senior investment bankers by a quarter. sources say some new managing directors are now offered a salary of about 225, that compares with 300 thousand for those already in the same position. this comes ahead of a

here in the u.k., the introvert prudential -- insurer prudential temple 10%.lant by banking stocks left london's ftse down to its lowest level this year. today was the worst performance for the next, which lists the largest committees on the london stock exchange, since the start of covid-19 pandemic. let's take a closer look at credit suisse. today is the second name sharp falls for its shares after the swiss bank yesterday disclosed that its auditor had identified material weaknesses in its financial reporting controls. it's main shareholder is the saudi national bank. it says it cannot increase its stake on dilatory grounds for -- regulatory grounds. our business presenter looks at credit suisse's growing problems. >> tre are specific reasons credit suisse is in this position. there were big issues over mozambique, i ts investments there. it was convicted last year of failing to prevent money laundering. it unveiled a big turnaround plan and announced a $4 billion loss last year. specation clearly over its financial health, whether it could meet the repayme

. >> we have a strong macro prudential policy regime in this country. banks and financial policy committee is on the case in terms of security -- securing financial stability which is important for monetary policy. we can focus on our job on returning inflation to target. dani: let's bring in bloomberg's leigh-ann gerrans for more. is this the boe saying we are near the end? leigh-ann: it might be. they are not saying but hinting. that seems to be something that happens cared last night, andrew bailey was talking at the london school of economics and as we got there most in upbeat sentiment when it comes to the hiking cycle we have seen here which has been the quickest in three decades. it is really not close to what they wanted to beat which is 2%. last week, we saw a quarter of a point hike. what is interesting is bailey echoed what he said last week at the central bank meeting when they did hike rates to 4.25%. he did hint that this could be the end. once again, last night he did that and also said that it remains resilient here in the u.k., the bank

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prudential regulation of these institutions merits serious attention, particularly for capital, liquidity and interest rate risk. resolution plan requires for these constitutions also merit review including a long-term debt requirement to facilitate orderly resolution. recent efforts to stabilize the banking system and stem potential contagion from the failures of fsb and signature have ensured that depositors will continue to have access to their savings, small businesses and other employers can continue to make payrolls and that other banks, small, medium and large can continue to extend credit to borrowers and serve as a source of support. the fdic continues to monitor developments and is prepared to use its authorities as needed. the fdic is committed to work cooperatively with their counterparts as well as with policymakers in the congress. to better understand what brought these institutions to failure and what measures can be taken to prevent similar failures in the future. that concludes my statement and i would be glad to respond to questions. >> mr.. barr, you are recognized >>

under current law, the federal reserve has discretion to provide stronger prudential standards on banks with assets between 100 billion dollars and $250 billion. exactly the size of silicon valley bank. that authority is not being used right now. vice chair bar, we will use you -- will you use your authority to strengthen rules for the largest banks in this country as you use your authority to strengthen the rules for the largest banks, will you be reaching banks with assets of at least $100 million question mark -- $100 billion? >> senator, we of course would need to go through a notice and comment rulemaking in this process but i anticipate the need to strengthen capital and liquidity standards for firms over $100 billion. >> so this is the area we are looking at. we will push down further in terms of the greater scrutiny. chairman, let me turn to you. once the fed began torching rule after rule in 2018 for big banks , the fdic under your predecessor joined in on the fun and also started weakening fdic rules across the board. it happened with liquidity requirements, stress tests, you

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and that full reserve model being supervised by prudential regulators at the fed and treasury we've advocated that's what policymakers around the world are putting into the model. that's really key because we don't like the fact that some portion of what backs a digital dollars dependent on embedded risk in fractional reserve banking. we need to move beyond that if we want to build a safer internet-based financial system. >> is there more you can do around diversifying stablecoin, ensuring that we don't get what caused so much thanks. >> -- thanks. -- angst. >> are people moving from small medium banks. that's the questions everyone's asking. that's cascading across the markets by holding reserves 80% of u.s. t-bills providing daily transparency of that through a registered supervised reserve fund with blackrock. that provides an enormous amount of assurance. continuing her stations working with top insurance firms and making sure that those reserves, the cash piece are held in the highest rated lowest risk cash custodians. trapped funds in a failed bank is entirely responsible for that. obvi

doubt it will hold up, but also prudentially, as mr. schoen said , a prosecutor is not is nosupposed to bring a case t because he or she can.>> david >> but david , the fact that it's all mentioned, it seemss to to be some games being played here. you know, the kind of gotcha moment we tricked you. t we made you think it wasn'te coming out, and then we skipped out of town becausep whatever they want to keepe the drama going, doesn't thatdr. itself speak to the political nature of this case? i is right, preparing hisember,' campaign to run for governor here. remembers funny yo, it's funny say that because i've pulled a number of brand quotes when fr he ran for the district attorne. attorney , it was all about trump, how he' trumps the stront against trump, trump, trump.tru. that also raises independently some ethical problems for mr. mrme ethical problems for mr. bragg, i think. but as mr. wisenberg said , you know, this case prudentially is wrong, but also think about the evidence again, there could be surprises. maybe mr. said somethin

it violates every prudential, policy of underlying the prosecution function. it goes against the aba standards on it. it goes against mr. comey statement. our judgment is no reasonable prosecutor would bring case. prosecutors necessarily weigh a number of factors before bringing charges. those are all the considerations to be made. this harkens back to jerry n nadler saying we cannot trust the voters to get trump out of office. >> a washington post op-ed reads regardless of what people think about trump or the facts of the case, it's nod hard to see the problem. the process is controlled by democrats. every new york state judge is elected on participasan basis t. it would take a lot to ignore their voters desire for vengeance. >> do you really want a crazy prosecutor, do the democrats want a whacko trump prosecutor to be bringing an indictment against joe biden or whoever his successor is? we can't have something like this. bringing case against a former president of the united states, you better have a strong legal case. strong not only legally but in terms o

he wants the financial system to be dealt with through the fed's what they call macro prudential policyto use that word but i think viewers have to get used to the word macro prudential. >> fat balance sheet, tools, that sort of thing. steve, thank you. given a few more days like this and i wonder if he'll change his tune. by the way, bullard not a fed voter. dick kovacevich still with us. do you think the fed will ultimately be cutting rates this year because of all this? >> i doubt it. it depends upon -- how bad the recession is that's going to happen. i would like to comment. bullard is exactly right. i couldn't agree with him more. he's actually been right for a year or so in terms of his policy. what's important, again, to understand is what an outlier svb was. i don't know any other financial institution like svb. but depositors don't understand that they think it was so rapid and unexpected with svb it could happen to their bank. i believe it is going to settle down. it may take a week, it may take a couple weeks but but there's nothing fundamentally wrong with the banking indust

lawyers call it prudential that just means not legal. in and of itself. >> yeah. so it's a novel night here in america. thanks for staying on a little farther into our hour.Ñ■ i appreciate you, nicole. >> thank you, ari. have a great show. >> appreciate it. >>> i am ari melber. this is a special edition of "the beat with ari melz. donald trump indicted by a grand jury in new york.qm(p■h(lc that indictment is under seal. they have been notified he has been dieted. the process plays out here there should normally bee■ if y have a cooperativeñ■ process a meeting and schedule to be booked this is the first time a grand jury or any prosecutorial process has indicted a former i want to bring in the first of what we have lined up to be several rounds of experts for you in our special coverage. former fez ral prosecutor,l■ joe vance. maya wylie and former watergate prosecutor, nick ñr■ckerman. the you have said this was legally supported. what do you think now that it i■ happ happening,s this is not a novel event, if we had done this with richar

>> well, i think we have to consider the fact that there is certainly interplay between macro prudential policy and monetary policy. by making the new program a program where the assets on banks' balance sheets are valued at par, this to some extent offsets the drag from tighter credit conditions, tighter interest rates or higher interest rates and tighter financial conditions so there is interplay between the two. and i think to some extent that is why the fed will want to continue pressing on the policy brakes in terms of raising the federal funds rate a lot of observers were very quick to write off the possibility of the fed tightening monetary policy any further but we're seeing now there is a return and more nuance to this narrative i think we should not forget that fed chair powell and the rest of the policy makers at the fed are very much concerned about their legacy they do not want to be seen as having allowed inflation to run out of control i'm more on the dovish side. i think we will start to see accelerating disinflation going forward. but the fed seems to be more hawkish and

prudential has gone from $99 to $82 now. lowest in two years.e are typically pretty stable companies they don't move like this. and you think the risk they have in the bond market well, we talked about the bond moves we've been seeing. and then you think about the balance sheet stuff. i mean, this is a dangerous place. i'm glad con tes thhtessa is sha light. >> well, let's talk more about it let's bring in ryan krueger, a life insurance analyst at kbw, a steeple company. ryan, great to have you. is this a danger for the sector? >> thank you, sarah. as a direct impact is pretty limited, but there could be some knock-on effects over time, particularly around credit, as contessa mentioned in terms of the direct impact, it's really isolated to bond ownership of the troubled banks, but that only equals 0.3% of equity for public life insurers and no company is greater than 1% liquidity risk is a critical difference between banks and line insurers. most like insurance liabilities are long in duration, many of the liabilities cannot be surrendered or ha

. ♪ at prudential we think you should say it when things go right too.sell your business. or discover she's smart... really smart. now what? here's what: you connect with prudential's rock-solid team serving over 50 million people. with investment, insurance and retirement know-how. who's your rock? visit prudential.com or speak to an advisor today. bye, bye cough. later chest congestion. hello 12 hours of relief. 12 hours!! not coughing? hashtag still not coughing?! mucinex dm gives you 12 hours of relief from chest congestion and any type of cough, day or night. mucinex dm. it's comeback season. unless you treat dandruff regularly, mucinex dm. it will keep coming back. try head & shoulders. it contains zinc pyrithione which fights the germ that causes dandruff, and when used regularly, helps prevent it from coming back. for up to 100% dandruff protection, use head & shoulders. nicorette knows quitting smoking is freaking hard. you get advice like... just stop. go for a run. go for ten runs. run a marathon. instead, start small with nicorette, which wil

i think at the end of the day this is going to be the basic failure of prudential regulation one. oh, one. can i just ask a follow up to that because, according to public filings over the last 10 years, your campaign and your team has received over $21,000 from svb, including 5600 from the former ceo gary becker. i think everyone agrees there was certainly mismanagement at the least at that firm in terms of interest rate, uh, protections you've called for and just past week for executives and their bonuses from svb to be clawed back. why should there's be clawed back and your campaign donations not be returned. first and foremost. campaign contributions have never affected any bullet policy decision i've ever made full stop and i will make the determination once the report is done, and i expect i'll probably be giving this back to charity the way a couple of other members have. but i do think we ought to get our facts first. um, and when we see the report, and matter of fact, i'm going to get a chance to talk to mr bar next week in a public hearing if he's got an interim report, a

. ♪ at prudential we think you should say it when things go right too.ere's what: you connect with prudential's rock-solid team serving over 50 million people. with investment, insurance and retirement know-how. who's your rock? visit prudential.com or speak to an advisor today. (swords clashing) who's your rock? -had enough? -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain with aspercreme. >>> our commentary comes from "cbs saturday morning's" michelle miller, whose memoir, "belonging," soon arrives in book stores. >> reporter: at the age of 24 i was surprised when my father urged me go find your mother because as far as i knew she had given birth to me, handed me to dad and walked out of my life forever. daddy's side embraced me with love. my mother's side, to my knowledge, to this day doesn't even know i exist. i grew up with longing and struggled to find a sense of belonging. two decades later i would finally meet the mother who abandoned me. i would l

b kitchen says him, or doran yaki some was an exhibit to prudential mer to run or put on crow. mr. should have, if you wouldn't really, she mission of them is that i wanna hear still say i can put a hooky was a lisa bernstein in. that's head of one car, which is actually kid. well, because i was using, yeah. toby will up she going to run your daughter, missouri. crazy. i think up i live. good in skill. i'm not to let you. so go to left, you a bunch of bravo. i'm sure yours about how should perform a job. these are brought be enough room to few question, paper bleachers. i'll go with bobo grade. this missouri as much as we mean for on us. nasa. michelle is my shipment of nath. i'm still ah rahman address. my even team of head of an o u. n. detachment, people be warned. musk of ice polls, magyar and jews are your enemies, eliminate them? remember, your leadership is the o. u n. your leader is step and bon dera, one and you blew a slower to limit the ginia or nibble you wore a stone. and you will lagoon on that and you will what julia carter level of the washing machine. we general co

under current law the federal reserve has the discretion to apply stronger prudential standards on banks with assets between 100 billion and 250 billion. exactly the size of silicon valley bank. that authority is not being used right now. vice chair bar, will you use your authority to strengthen rules for the largest banks in this country? as you use your authority to strengthen the rules for the large banks in this country, will you be reaching banks with assets of a least $100 million -- 100 billion dollars? >> senator, we, of course, would need to go through a notice in common rulemaking in this process but i anticipate the need to strengthen capital on the quitted east and urge for firms over $100 million. >> okay. this is the area we are looking at. we are going to push down further in terms of the greater scrutiny. chairman gruenberg, let me turn to you. once the fed began torching rule after rule in 2018 for big banks, the fdic, under your predecessor, joined in on the fun and also started weakening fdic rules across the board. capital and liquidity requirements, stress test, you

here's what: you connect with prudential's rock-solid team serving over 50 million people. with investmentnce and retirement know-how. who's your rock? visit prudential.com or speak to an advisor today. (man) what if my type 2 diabetes takes over? (woman)who's your rock? what if all i do isn't enough? or what if i can do diabetes differently? (avo) now you can with once-weekly mounjaro. mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7%. plus people taking mounjaro lost up to 25 pounds. mounjaro is not for people with type 1 diabetes or children. don't take mounjaro, if you're allergic to it, you or your family have medullary thyroid cancer, or multiple endocrine neoplasia syndrome type 2. stop mounjaro, and call your doctor right away, if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, vision changes, or diabetic retinopathy. serious side effects may include pancreatitis and gallbladder problems. taking mounjaro with sulfonylurea or insulin raises low blo

aia is up 2.8 percent, prudential also trading higher.posure to credit suisse, and that is lifting sentiment somewhat. anz banking is trading up 1.5%. keep it here with us. this is bloomberg. ♪ these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity app or upgrade to the speed that's right for you today. >> i think this so-called peace paper is not a peace plan. it is not a step by step plan on how to end the war, it is more of a position paper. this visit is a demonstration of the fact that china stands with russia and will not turn its back to russia. and definitely it does signal a lot of support from putin, and it is a demonstration that you can continu

by the bank of london, confirms it has submitted formal proposals to his majesty's treasury, the prudentialuk. we are expected see and hear more about what is happening on monday morning. reaction to that tomorrow and will bring it here on bbc news. britain's chancellor of the exchequer, jeremy hunt, says this week's budget will focus on trying to help more people, get back into work. there'll be help with the cost of childcare for those on universal credit, and those with disabilities. it's estimated ten million people of working age in the uk, aren't in employment. here's our political correspondent, damian grammaticas. hello, hi, guys. just 20 weeks ago, a new chancellor at a time of crisis. a central responsibility for any government is to do what's necessary for economic stability. remember them — liz truss and what became known as the kami—kwasi budget? jeremy hunt was brought in to clear up the mess. now he and rishi sunak have stabilised things, this week sees his first budget. mr hunt'sjob has been to inspire and restore confidence, reputations and, hopefully, growth. to do that, h

in appropriate macro prudential policy can contain financial distress in the current environment, while appropriate to monetary policy can continue to put downward pressure on inflation. that is the message he continues to give as he raised his terminal rate hike to 5.6%. another interesting offshoot is the move into growth from value. the index shows global growth stocks up, value down 4%. they think the fed will start cutting rates. haidi: one of the most interesting things is the revaluation when it comes to tech as the growth story. we were seeing indicators of expectations of rate cuts. traders are waiting back into duration. this is when the biggest bets we have been seeing. the gap between growth and value indexes are the biggest in five decades. it is due to run the risk of being caught out if inflation continues to come and hotter than expected and delays of those rate cuts. it is betting the volatility will spell the end of the central bank tightening cycle. we are seeing them load up on assets that will benefit from the pivot. we have talked about growth versus value, we are

macro prudential regulation. by the way, the fed has put over $300 billion onto the balance sheet.lood the liquidity, make sure there is no funding dynamic that puts stress. they're going to use that, then use the rate to continue to fight inflation. at the end of the day, you have a dynamic where inflation as the economy slows, inflation will start to moderate and it will allow them to pause. staying on pause, we are at levels that are very restrictive. to stay at levels that will be 5.25 percent, that's a restrictive policy in an environment where the velocity of money because of credit contraction is going to bro. i think it all makes sense for them to slow it down and you are starting to see that communication change a bit from the fed while trying to express his this as usual. >> how interest-rate sensitive is the economy right now as you get all of these tightening moves from the fed that my continue for a while? parks this to me is the most important point because this economy is not, people use the metaphor of this is just like this time but it's not. the u.s. economy is di

rollback really had to do with the threshold that moves you from regular supervision to enhanced prudentialervision. what i maintain and i think most bank supervisors understand to be the case is interest rate risk management and you have to kick the tires on that if you are a bank supervisor regardless of in the enhanced supervision world or regular supervision. this is the question of regular supervision. >> i'll ask the question that is asked in the hearing. were there any warning signs any agency should have caught to prevent this? was there a clear problem that is an issue that should have been addressed? >> yes. again, interest rate risk management is something that all bank examiners are supposed to go in and look at periodically and regularly. if they see an issue, they flag it. they write it up. they put it into the exam report and they elevate it to the board. the board of the bank and they require the board address it with their management team to get the problem fixed. if it is not fixed, they elevate it to a met to a memo of understanding and get the remedies in place and put i

the boe had a financial stability will be speaking at the university of leeds on prudential policy. then u.s. weekly initial jobless claims numbers. president biden bans on availing his u.s. budget proposal for the 2024 fiscal year. plan is expected to see a major pushback by republicans, considering what we seen so far the reports on trying to up taxes on corporations and billionaires is already getting some pushback. the u.s. lender hoaxes first level investor summit in paris. we are live at the french capital. later we will be speaking with the georgia post ceo as they deliver earnings. they will increase that share buyback. the rest of their earnings and outlook. this is bloomberg. ♪ dani: bank of america is hosting its first global investor summit in paris as the french capital's finance profile rises in the wake of the uk's exit from the european union. francine lacqua is at the summit alongside a guest. francine: we are excited to be here. this is the first global summit for bank of america. we will speak to great guests. to kick us off, one of the hosts at bank of america. t

will say relieved because right now they are trying to plug possibly a sinking boat with macro prudential, but it does do some of your job for you. because that is slowing the economy, that is what the fed has been trying to do. slower loan growth means slower job growth, just less resilience in the economy. it means that we are probably close to done with the hiking cycle. and what they need to make sure is that the credit crunch, so that credit just stops, that that does not happen. >> what can they do to make sure that doesn't happen and if there is a confluence it makes the fed's job that much harder? >> what they have done first is instilled confidence in the banking system, that we have unlimited policies with our lending facilities and working in conjunction with the fbi see in the treasury to store up deposits, key flows happening, and keep investor concerns about the health of banking at bay. so far, that has been working, but you always have to worry about what evil lurks around the corner. with financial plumbing, you just don't know. but the regional and small banks in the u.s

. ♪ at prudential we think you should say it when things go right too.ream job. sell your business. or discover she's smart... really smart. now what? here's what: you connect with prudential's rock-solid team serving over 50 million people. with investment, insurance and retirement know-how. who's your rock? visit prudential.com or speak to an advisor today. this is going to be great. taking the shawl off. okay i did it. is he looking at my hairline? my joint pain isn't too bad. well, it wasn't this morning. i hope i can get through this. is plaque psoriasis or psoriatic arthritis making you rethink your everyday choices? otezla is a pill, not a cream or injection that can help people with plaque psoriasis achieve clearer skin. otezla is also proven to reduce joint swelling, tenderness, and pain in psoriatic arthritis. and no routine blood tests required. don't use otezla if you're allergic to it. serious allergic reactions can happen. otezla may cause severe diarrhea, nausea, or vomiting. some people taking otezla had depression, suicidal thoughts, or

. ♪ at prudential we think you should say it when things go right too.am job. sell your business. or discover she's smart... really smart. now what? here's what: you connect with prudential's rock-solid team serving over 50 million people. with investment, insurance and retirement know-how. who's your rock? visit prudential.com or speak to an advisor today. (cecily) it's probably gonna take us a while to move this sign. (vo) who's your rock? better hurry! get welcome unlimited for just $25 a line. (seth) it's guaranteed for 3 years. (cecily) you get a great network and save money doing it. (vo) this offer won't last long. only on verizon. building a better bay area moving forward finding solutions . this is abc. seven news. good morning, everyone i'm kumasi, aaron from abc seven mornings, police in san jose are looking for the driver of a car that hit and killed a woman on a bike. last night. it happened on blossom hill road nearly avenue just before seven. p.m. police say officers tried to help, but the victim died at the scene and the driver didn't sto

here in the uk, the insurer prudential tumbled 10 percent.esterday disclosed its auditor had identified "material weaknesses" in its financial reporting controls. its biggest shareholder is the saudi national bank, which holds almost 10% of the swiss bank. it now says it can't increase its stake on regulatory grounds. our business presenter ben thompson looks at credit suisse's growing problems. there are very specific reasons that credit suisse's finding itself in this position. you may remember the greensill scandal — it was caught up in that — there were big issues over mozambique, its investments there. it was also convicted last year in the summer of failing to prevent money laundering. it unveiled a big turnaround plan, it announced a $4 billion loss last year. speculation, clearly, over its financial health, whether it could meet those repayments, whether it could meet those loans. and now, just the latest suggestions in its delayed company report that it was reporting of material weakness in its financial controls. picking up on those

continued appropriate macro prudential policy can contain financial stress and appropriate monetary policy additional action if necessary and that, you know, might allude to the meeting that's happening today. who knows. it could be an interesting weekend. he's not giving up anything when i read his comments there when it comes to the outlook for rates and it is dramatic, guys, the way that the market right now thinks the fed is wrong and folks in the back, if you could bring up the two charts i have, one is the fed rate outlook which shows you got a cut dialed in by the summer, so there you go, faber, your summer is gone because the fed will be cutting according to this, and then forget about the fall because they're cutting more and then just take a look notice the year-end rate and what we call the fed market gap. it's 128 basis points. what that tells you is that the market is 130 basis points below where the fed wants to be or thinks the fed will be by year end. the fed has the 5.13 and the market has 3.80 and change. we can debate is that right. whatever you're going to do this summe

under current law, the federal reserve has the discretion to apply stronger prudential standards on banks with assets between $100 billion and $250 billion. exactly the size of silicon valley bank. that authority is not being used right now. vice chair barr, will you use your authority to strengthen rules for the largest banks in this country? as you use your authority to strengthen the rules for the largest banks in this country, will you be reaching banks with assets of at least $100 million -- $100 billion? >> senator, we, of course, would need to go through a notice and comment rule-making -- >> i understand. >> -- in this process, but i anticipate the need to strengthen capital and liquidity for banks over $100 million. >> this is the area we're going to look at. we're going to push further down in terms of the greater scrutiny. chairman gruenberg, let me turn to you. once the fed began torching rule after rule in 2018 for big banks, the fdic under your predecessor joined in on the fun and also started weakening fdic rules across the board. capital and liquidity requirements, stress

. ♪ at prudential we think you should say it when things go right too.: you connect with prudential's rock-solid team serving over 50 million people. with investment, insurance and retirement know-how. who's your rock? visit prudential.com or speak to an advisor today. (vo) some people say the metaverse will only be virtual. who's your rock? but firefighters entering a burning house... will one day save time when lives are on the line. visualizing a patient's most recent scan... will help speed up decision making in the er. and while the woolly mammoth is still extinct... that doesn't mean students can't take field trips to visit them. the metaverse may be virtual, but the impact will be real. age is just a number, and mine's unlisted. try boost® high protein with 20 grams of protein for muscle health versus 16 grams in ensure® high protein. boost® high protein. now available in cinnabon® bakery-inspired flavor. learn more at boost.com/tv ♪ i want to take you away ♪ >>> back now with our "play of the day" and a group of retirees putting their own spin on

working over the weekend, i've been in constant contact with the governor of the bank of england, the prudentialulatory authority, the prime minister, to work up a solution. we do now have that solution, a sale has been agreed to hsbc, which is europe's biggest bank, one of the most credit—worthy institutions in the world. and what that means is that all those really important companies that had deposits with silicon valley bank uk can access their deposits, can access normal banking services as of this morning. it's a very important outcome, no taxpayer's money has been used, and i think it's the result of a lot of hard work, but i also think it shows that the uk has great resilience in its financial system, that we're able to step in with one of our biggest uk banks in a situation like this and protect a very important sector. i'm joined now by mohamed a el—erian, the president of queen's college at cambridge university, who also serves as a professor at the wharton business school and used to chair president obama's global development council. thank you very much indeed for your time today. t

as part of the prudential and financial responsibilities, we're developing scenario analysis to model the possible financial risks associated with the climate change and assess the resilience of individual financial institutions in the financial system to those risks. pause -- anyone who writes that way is an mo-ron. moe-ron. if you find someone in position of authority, particularly in economics, who cannot right a declarative sentence, be prepared for the banks to fail. esg and equity are only part of the problem. stupidity are a part of the problem. svb and ftx are two of several major players in the financial industry that have gone under in recent months. are you noticing this? the bank silver gate, more than 1 million in assets. crip to warrior, the $3 billion. block-fi and a number of others. on friday, wells fargo customers reported they didn't get their paychecks as expected. the bank says that's a computer glitch. we don't know. what's clear is we're witnessing something serious happening in the finance sector and in other sectors of our economy. we don't know where any of t