ralph hamers will be taking over at ubs.ot of questions about how the strategy will look going forward and how different it might look with leadership at the bank from an outsider, but also one that comes more from a retail banking arm and digital transformation. hamers has shown the ability to boost revenues. a 20% drop for the stoxx 600 bank index and 30% decline for ubs. in terms of what might have job, hehamers into the could get a pay raise. ing paid him about 2 million euros annually in recent years, including salary and a relatively small variable award. sergio ermotti received roughly $14 million for 2018. income comes in a little bit weaker than the estimates. end of euro 43 per share up 7%. but we are seeing is the solvency to ratio is up five points. the full-year net income is the right headline. full-year gross revenue at 103.5 billion euros es. we will speak to the ceo of ax./ don't miss that conversation. let's get to the broader markets. after we saw a record for u.s. stocks yesterday, we see a bit of a pullb

. ♪ has named ralph hamers as -- ralph its new ceo. hamers will take over november 1.prising pick for the world's largest wealth manager. last month ubs cut financial targets for the second time in as many years. what you think of ralph hamers as the new boss? anti-amoti. he is more in retail banking and a mati was the investment banker amoti was the investment banker. the timing is a surprise. buyorgan stanley agreed to e*trade, stand-alone brokerage. it is an all stock takeover valued at $13 billion. >> this is another wall street bank rang to get main street customers. >> i think that is what is driving it. right now they cater to the wealthiest u.s. consumers and that will give them access to more retail investors. analysts this morning on the call seemed concerned about the dilution morgan stanley could see if thoseill concerns linger but it seems morgan stanley feels real good. borman has said he looked at the asset many times over the past 20 years. i think he was excited about something that gives them a bigger presence and wealth management. ♪ unicredit has em

they had a profit -- ralph hamers may make?arning. >> it could be because he had a eputation for that at i.n.g. u.b.s. needs to have some kind of swiss focus at the top. it is sort of a retirement home for some of the banking executives across europe because of the high pay. the expectations for someone like hall of famers are very high. -- hamers is very high. matt: thank you. talking about the change at the top of u.b.s. later on we'll speak with the chairman of u.b.c. gold prices continue to flirt with new highs trading above $1,600 an ounce. strategists at u.b.s. say the rally has more room to run. let's get the morning call. >> a little bit of a different u.b.s. story. this comes from strategist at u.b.s. wealth management. they say it has further to run. so for that reason, they suggest being long gold. that's what their positioning is right now. they say it could top 1050 in a few weeks. why? throughout the coronavirus outbreak investors have been treating gold as the haven of choice. yields go lower. stocks continue to

what do you think of ralph hamers as the new boss?my first impression is he is sort of an anti-amoti. he is more in retail banking and amoti was the investment banker. the timing is a surprise. >> morgan stanley agreed to buy eu trade, one of the few remaining standalone brokerages. it is an all stock takeover valued at $13 billion. >> is this another wall street bank rang to get main street customers? >> i think that is what is driving it. right now they cater to the wealthiest u.s. consumers and that will give them access to more retail investors. analysts this morning on the call seemed concerned about the dilution morgan stanley could see, and we will see if those concerns kind of linger, but it seems like morgan stanley feels really good about the move and is excited. you know, gorman himself said he looked at this asset many times over the past 20 years. i think he was excited about something that gives them a and wealthence management. ? >> the ceo of unicredit has emerged as one of the main contenders for the top job at hsbc.

is themes as a surprise candidate, ralph hamers.y argument would be wealth management is not a complex business. if you can run a retail bank at low interest rates or negative -- and you know, banking,school, boring and yet, he made it a profitable global systemic bank for six or seven years. i think that he will be able to run a wealth management business. this is about advice, about bringing banking products to my in this case, more wealthy people, but i wouldn't say it is necessarily a very calm business. somebody in banking who has experience in running systemic bank and a wealth manager, that would be my point. he has a good track record in fintech, something ubs was lacking. they started the robo advice, which one year later, the kind of slashed the project again. ubs really has to catch up in terms of digital transformation. i think that is a key reason they brought in the sky. vonnie: he does have -- brought in this guy. vonnie: he does have a reputation for that. there's also scandal. is the lesson here that it is very hard

ralph hamers will take over. live from london, i'm guy johnson, with vonnie quinn in new york. down to the european close here on "bloomberg markets." ♪ we begin with u.s. crude oil inventories for last week not as weh of a build -- vonnie: begin with u.s. crude oil inventories for last week. not as much as a

his departure has been expected more than a year the company a pointsippointing s ralph hamers you can take a look at shares of ubs and how they are reacting as we speak a little bit of green there. >>> democratic presidential candidates facing off. this was the first debate performance for michael bloomberg. the other candidates came out swinging >> i'd like to talk about who we are running against. a billionaire who calls women fat broads and force-faced lesbians no, i'm not talking donald trump. i'm talking mayor bloomberg. >> his first chance to face criticism on the world stage here is an exchange when elizabeth warren pressed for a release of nondisclosure agreements of harassment in the work place >> i hope you heard his defense. i've been nice to some women that just doesn't cut it the mayor has to stand on his record what we need to know is exactly what is lushirking out there. he has gotten some number of women, dozens, who knows to sign nondisclosure agreements for sexual harassment and sexual discrimination are you willing to release those women so we can hear their side of

ralph hamers has a reputation for being mr. digital. sts probably one of the undisputedly inp, so they have been working on a lot of digital products. that is the expectation for hamers, bring ubs to the next level in digitization. francine: the head of credit suisse and the head of ubs have both been replaced in the space of three weeks and investors were not really expecting it that much. how will it change the swiss banking landscape as a whole? >> i think it is a good question. obviously, the cases are very different. there was a lot of drama at credit suisse, it was a corporate governance issue. at ubs, it was probably a more orderly process. both banks are under pressure. they both have litigation issues. ubs has a big case in france and the u.s., which could put the capital return policy under pressure. so, i think it is good for a change in the sense that you need ceo's to create new business models, somebody with fresh ideas. i think that is also behind both of those replacements. i don't think it will change the swiss financial