and as a result, i was integrated into the goldman sachs firm.avid: did you ever meet a person who turned you down at goldman? lloyd: i knew who it was. this is 36 years ago. so for many years after i got there there would be no one threatened by being at odds with me. it took me a while to work my way up the letterhead. david: did you feel like you are ready to be the ceo of goldman sachs? lloyd: i never felt like i was ready to be the ceo. i've been the ceo for 10 years and i still don't feel like i'm ready to be the ceo of goldman sachs. ♪ ♪ david: you wound up as the vice chairman of goldman sachs. it's ok number of years. lloyd: when i was living through it, it wasn't so quick. sales and trading and over time, i became a vice-chairman of the firm. one of several. but my particular coverage was over all the sales and trading businesses at that time. david: those are the ones when you could lose a lot of money so quickly. i'm assuming you were worried about people under you making a a mistake -- a big mistake. lloyd: it was good training for t

did you feel like you are ready to be the ceo of goldman sachs?: i never felt like i was ready. i've been the ceo for 10 years and i don't feel like i'm ready to be the ceo. but there was a conversation. we kind of knew that he was being asked to do that job. he came back and he talked to me. i was very comfortable and i liked my job. for the previous 15 years, i was in the last job i could be in. other things opened up, but i reported to people, my contemporaries at the firm for a long time. i didn't think i would necessarily rise and have important things happen. he told me that he was offered this position and he planned to stay in the firm for longer time and not taking the job. he thought that there was still a possibility that he would leave at a certain age, i would still be young enough. and i said, that's fine. it's not like i'm waiting to take your seat. so it's fine. but notwithstanding him saying that, i guess he got another call to go in, and he decided to take the job. no big surprise to me. david: so you became ceo? lloyd: i got the

sachs.ut that barely describes her commitment to the education of those within the investment community. her work at the cfa institute, her work for years with goldman sachs. what is the difference between what you do and what david kosten does everyday at goldman sachs? abby: tom, first of all, i'm delighted to be here with you. tom: for the whole hour. that is great. abby: absolutely. for the year-end retrospective and a look ahead into the new year. i spend most of my time thinking about the intermediate to long-term outlook. david and many of my other colleagues at goldman sachs really focus in shorter term. because we are trying to be helpful to our clients, and many of our clients do need that regular, hourly, daily update. i try to step away and work with our longer-term horizon clients, including individuals, endowments, sovereign wealth funds, and so on. tom: many people watching the this show looking into 2017 are huge abby joseph cohen fans. they are like, she is always bullish. a

and as a result, i was integrated into the goldman sachs firm.avid: did you ever et a person who turned you down at goldman? lloyd: i knew it was. this is 36 years ago. so for many years after i got there there would be no one threatened by hanging out with me. it took me a while to work my way up the ladder head. -- letterhead. david: did you feel like you are ready to be the ceo of goldman sachs? lloyd: i never felt like i was ready. i've been the ceo for 10 years and i still don't feel like i'm ready. ♪ david: you wound up as the vice chairman of goldman sachs? lloyd: it just a couple of years. when i was living through it, it wasn't so quick. sales and trading and over time, i became a vice-chairman of the firm. one of several. but my particular coverage was over all the sales and trading businesses at that time. david: those are the ones when you could lose a lot of money so quickly? so you are worried about people under you making a big mistake? lloyd: it was good training for the job i'm in now. i spend 99% of my time worrying about the 1%

abby joseph cohen, goldman sachs senior investment strategist. under intense negotiation for me to do this one-hour special. i said we can do it, but for one section of this special, i have to go along with abby joseph cohen. so we are doing that right now on the institute. graham dodd was basically an industrial book where you took the net income statement down to the bottom and you looked at gap earnings. the world changed. where will we be one year from now or five years from now on how we do security analysis? abby: fabulous question, tom, but i want to broaden it out. tom: please. abby: and number one, if we had had this conversation a decade ago, we would have been talking about an accounting system in the united states that more closely paralleled the international accounting statements. that is happening. number one. number two, we are seeing from annvestmenanalysis standpoint that a lot of our work is getting a little bit muddled because of the use of cash. in 1999 and 2000, 70% of the cash for companies in the s&p 500 went back into the

mark: some of those cabinet members are goldman sachs alumni. to what extent to these former reflectsachs employees the values of the wider american public given that donald trump was so critical of wall street during the campaign? critical butas he his closing ads of the campaign ofked about thecabal criminal elites stealing from the working class and the h lee decimate literally showed lloyd blankfein. in the last few weeks, he has nominated several from goldman sachs. it's about half a dozen people from goldman sachs. that might be reassuring on wall street. hand, it's a remarkable departure from the populism of the campaign trail and i think it will put steven mnuchin under pressure today. about: what do we know his stance on a stronger dollar or china or regulations or even on the mortgage market? i think the new administration is feeling its way through a series of conflicting policy initiatives they have proposed. the border tax adjustment or an import tax or tariff. economics behind that assumes a stronger dollar to offset the tariff war

the guys at goldman sachs.they have total, total, total control over him. just like they have total control over hillary clinton. they have total. but they have no control, they have no control over donald trump. >> today the trump administration announced its fifth straight high profile hire from goldman sachs. just keeping track. the senior strategist at the white house, goldman sachs. the nominee to be treasury secretary, goldman sachs. the head of the national economic council, the president of goldman sachs. the head of the s.e.c., which is the top cop that polices wall street firms like goldman sachs. that will be a former lawyer for goldman sachs. and now today some new adviser job they created at the white house will be going to another partner at goldman sachs. anybody who told you definitely shouldn't vote for hillary clinton because look, goldman sachs. yeah you got suckered. today the incoming administration made one other big personnel announcement. they announced finally who they have chosen to ru

the goldman sachs senior investment strategist.go five hours on the impact of the election. what was your thought on election night? >> i was surprised by the results and there was a gap between the popular vote, which , and theon an electoral college confused polling. election, we have to do our analysis of what the impact is going to be and much of the rise in the stock prices was related to people selling treasury securities and recognizing that we were likely rise in inflation and interest rates, whether trump was elected or not. many of the equities that have performed well are from industries that benefit from a lighter regulatory touch. care,ial services, health energy producers -- let's call them the polluters. what we are seeing towards the end of the year is more interesting. it is a rotation towards fromnies that benefit economic growth. continues to grow and cyclical and commodity stocks do well. this is all internally consistent within the market. we look ahead and the question for all of the viewers is if we shift the

i think you call it goldman sachs. isn't that what you call it. >> usually that would be a good day and good college recruiting day for goldman sachs in ts

sony selling that state to todman sachs -- stake goldman sachs.is that enough to turn around this company? >> m3 has been one of the very good investments for sony. it's a medical services website in japan. it's done very well. the stock has been on a tear. they will sell a slice of that business to the local affiliate of goldman sachs. they will continue to be the largest shareholder in m3 going forward, so they will get some benefit from that. there are other parts of the sony operation that are doing well. that playstation game consoles have been a profit driver. they have been very effective at making these cameras for smartphones. that's been a growing business for them. right now, for the ceo, hollywood has been this trouble spot. he's going to try to fix it. he's going to hire a new head of that business. he's moving -- going to california to be able to do more recruiting. the head of that business left a couple weeks ago. yvonne: all right. betty: thank you so much, peter ahlstrom -- elstrom. lots of chaos after the executive order from pr

some people are starting to talk about, , what is itit, govovernt sachs, not goldman sachs. >> goldmanowes had a major presence in government all over the world, not just in america. they have been presidents of the world bank, the ec bank, bank of had a lot of the federal reserve branches, etc., etc. now it is not just mnuchin or abandon, there is also gary cohn, the number two at goldman sachs behind lloyd blankfein. they were sort of co-heads of goldman sachs for a lot of the relevant crisis years. he is now the chief economic advisor to donald trump, the head of the nec. jay clayton, goldman's lawyer. he worked for sullivan and cromwell, but he represented goldman. anthony scaramucci, another x goldman-ite for now a principal trump adviser. there are at least five high-ranking people in the white house whoever relationship with coleman sachs. this is a company who he specifically denounced during the campaign. juan: i want to ask about russia. the the weekend, we had controversy wiwith john lewis saying he does not believe donald trump is legitimate president part because of the ru

partner at goldman sachs. that brings us to five goldman sachs hires for the looking out for the little guy white house. remarkably enough they found another goldman sachs guy that will be taking over the office of public engagement and intergovernmental affairs. this week the new hire could be found in davos. while there he gave an interview to a russian state-run news agency saying the u.s. sanctions on russia haven't worked and have probably galvanized russians with the russian president, whatever that means and he said he could help arrange for investments which the u.s. put sanctions on in 2015 but hey this is a new day. the day of goldman sachs alums sliding in to federal government. half dozen so far. presents a new challenge. if this comes up, we may need a new collective work for a group of goldman sachs people, flock or heard or hack. like a portfolio of goldman sachs hires, a hedge, a purse, a gamble, an anti-regulatory framework. i don't know. what do you call it when you hire six people from goldm

they won't be doing that to please our industry or goldman sachs., it will be in the best interest of the british people in the british economy to be accommodative towards this important industry as they can possibly be. >> do you think there is this strong possibility that the main gainer will be new york? >> so far, i would say that it will is already a bit of a gainer. if we were operating our business to maximize global potential, we would get into the u.k. as much as we could, so if business needed to be done in the u.k., it was always there. but if a business could not be done in the u.k., we start to migrate. the time zone of europe is the best time zone from which to survey the entire world. you wake up with japan, and you go to bed at the close of new york, so that is the best place. if you live in new york, it is hard to watch asia, so we are on track to move more global activity and operations and technology, all those things made more and more sense to operate out of u.k. and out of europe. and so now we are slowing down that decision, a

david: that's right. >> if he get economy going you can talk about goldman sachs all you want. david: guy benson, charlie hit the nail on the head, if the economy really starts moving we saw wall street react today to what trump said, about you if the entire economy gets moving they don't have a leg to stand on, do they? >> that is the point, results. republicans have a chance to govern. if people feel like their lives are getting better, all the protests could do it tuesday, wednesday, thursday, every day of the week it won't matter. if trump doesn't govern well. david: give marcy a quick last word. what happens if the economy really takes off and double our gnp rate, what will you protest. >> look right now the reason why we have strong economy is because of eight years -- david: which don't have strong economy that is point. >> 82 months of job growth. look, i would, look there are plenty of reasons why donald trump is seen right now benefits and reaping benefits of eight years of president obama who invested in middle class. david: two days in power reaping benefits. that i

jpmorgan chase and american express, we have seen goldman sachs continuing its heavy advance, the notion anything financial will do well in this environment continuing where they left off. they could be the ringleaders in this parade and the ones that brought the consumer along, walmart and home depot will not but because financials, bashir price of how they are running up, can count for half of today's gains alone so the benefit with financials as rates go up, no brain winners and they and if it regardless in an environment like that, goldman sachs is the leader of that. jpmorgan chase, the idea they make money and can do well because their cd rates are somewhat behind, but it is like shooting fish in a barrel for the big banks, doing quite well

clayton has represented financial firms throughout his career, including goldman sachs during the 2008 bailout. trump has attacked his opponents for their ties to goldman and other wall street banks. will the perceived influence of goldman sachs on the incoming administration spark a demonstration at the bank's new york headquarters. about 40 protesters unfurled banners in the lobby before being ejected. they criticized goldman's role in the u.s. housing crisis and a history of former executive taking senior posts in government. they vowed to demonstrate again on january 17. the former head of the u.k.'s financial regulator has issued a rebuke to president elect donald

he is frankfurt and has the goldman sachs boys and girls.ents away from the start of your trading day. matt, you have the morning brief. matt: starting with the russian and. donald trump has been told of unverified reports the russian government has compromising information on him. how will the president-elect address this in his first press conference later today? then heading into their country, bill gross differs on what will mark the end of the bond bull run. are we already in hibernation? a $4.3 billion deal to settle a u.s. probe -- v vw closes in on a $4.3 billion deal to settle a u.s. probe. what will this mean for earnings? it is all down to what the president-elect is going to say. what is rex tillerson going to say about the relationship between the united faith and russia -- united states and russia? anna edwards, good to see you. take it away. anna: thank you very much. very good to see you. let us talk about the european open then. a lot of politics on the radar today on both sides of the atlantic and that's no doubt will captu

in that environment, goldman sachs will benefit.ald john trump do that i willar faithfully execute the office of president of united states -- >> the office of president of the united states -- >> and to the best of my ability -- >> and to the best of my ability -- >> preserve, protect, and defend -- >> preserve, protect, and defend -- >> the constitution of big united states -- >> the constitution of the united states >> donald trump of the official president of the united states. plenty of trouble talk coming up. in the latest word on brexit straight from u.k. prime minister theresa may. >> we want to trade around the world, but we also want to make sure that markets are working properly. erik: this is bloomberg. ♪ ♪ welcome back to "bloomberg best." i'm erik schatzker in davos, site of the 2017 world economic forum. british's exit from the european union is the most unresolved issue facing global business today. u.k. prime minister theresa may is developing a plan. we want to build a global forain that is an advocate free trade,

the day of goldman sachs alums sliding in to federal government. half dozen so far.w challenge. if this comes up, we may need a new collective work for a group of goldman sachs people, flock or heard or hack. like a portfolio of goldman sachs hires, a hedge, a purse, a gamble, an anti-regulatory framework. i don't know. what do you call it when you hire six people from goldman sachs one after the other? send us your best, most printable suggestions with the collective noun we need a blank of goldman sachs hires. think about it, write it down, don't use the word "murder." send it to rachel.com. we thank you. we will see you again tomorrow. time for "the last word with lawrence o'donnell". good evening, lawrence. >> i take my home work assignment seriously from you. i think you know what you call it. i think you call it goldman sachs. isn't that what you call it. >> usually that would be a good da

is that a safe bet that it is good for goldman sachs? do you take the other side -- or do you take the other side? i think it is terrific to have a bunch of pragmatic business people participate in the process of washington but all of those people will be very focused on the reputation in their business. i think that this administration is going to be focused on growth. the people that can think in practical ways, it provides opportunities and jobs. it is a good thing and in that environment, goldman sachs will benefit. >> i donald john trump do solemnly swear. president trump: i donald john trump do solemnly swear. >> that i will faithfully execute. president trump: that i will faithfully execute. >> the office of president of the united states. president trump: the office of president of the united states. >> and will, to the best of my ability. president trump: and will, to the best of my ability. preserve, protect, and defend the constitution of the united states. >> so help me god. president trump: so help me god. >> congratulations

until thatjob offer came, he's been president of goldman sachs.hs shareprice soaring and that's good news for mr cohn. it has gone up. this is january and it has been going up. he's going to have to divest himself from the bank — that will including selling shares. the wall streetjournal puts a figure on it. it estimated that his exit will top $100 million. first of all, what is thisjob? $100 million. first of all, what is this job? what will he be doing? you will remember under the obama administration he assembled a council so people who were within the business community and also economists who got around and talked a lot about what the direction of the us economy and what should be done about it. this is an extension of that same kind of idea. what is interesting is when you look at the wider trump economic team, including other members of that team, there area other members of that team, there are a few goldman sachs veterans and thatis are a few goldman sachs veterans and that is part of the reason why we see the stock value going up so much

in the next hour — she will also be meeting the bosses of some of the big banks including goldman sachs for private talks. on wednesday the boss of hsbc said he's preparing to move around 1000 of his 5000 london staff to paris. that would mean around 20% of its european revenue leaving the uk, worth several billion dollars. swiss rival ubs also told the bbc that 1000 jobs may go in london as a result of brexit, again around a fifth of its workforce. and according to a report in the german newspaper handelsblatt today, goldman sachs may halve its london workforce, moving 3000 staff to new york and continental europe, a thousand of those to frankfurt. but when pressed on the matter by another news agency, goldman sachs said it has yet to make a firm decision. our business editor simon jack is in davos where he's been speaking to the chief executive of barclays, jes staley. jes staley has been singing the praises of londoners, but i wonder if that comes as any surprise? all banks have been looking at contingency plans, and as you said, hsbc have triggered theirs, they said we always said w

trump went out of his way to attack goldman sachs.ing it with device anywhere from steve mnuchin, treasury secretary-elect, contender will have his confirmation hearings next week. that should be very interesting. steve bannon used to work, chief of staff, one of his senior advisors used to work for goldman sachs. gary cohn, head of his economic council, number two at goldman sachs. anthony scaramucci, transition official, mooch, does the skybridge alternative conference. runs skybridge capital, fund of funds, former goldman sachs alum as well. he is officially going as senior advisor with mr. trump to work with the business community. in the interests of fair around balanced let's go through many so of this. man of high integrity but here is one thing that will be brought up. he needs to sell i believe skybridge or at least his stake in it. unclear how much he owns. he owns obviously more than half before he can go to washington to avoid conflicts of interest charges. as you know the trump administration will be taken up whether to g

what is the goldman sachs distinction? -- wire they not going from morgan stanley or -- eric: it does not mean they are smarter than jpmorgan or morgan stanley. tom: james morgan would disagree. eric: sure he would. for reasons that are not entirely clear, there is bias on mr. trumps part on goldman dna -- trump's part on goldman dna. it might've been coincidental with steve mnuchin. seen, erikould've schatzker was at our world headquarters pacing back and forth with no one to talk to, because they are all going to the white house. francine: a lot of the bankers are dealing with brexit. the u.s. seems to be the natural place for they are going to have bigger profits because of the investment bank, interest rates going up. eric: u.s. bankers have a deep concern over the future of europe. we heard that -- you just heard that from lloyd. jamie dimon said the same thing. it is a nonzero mobility, and significantly greater than zero. i think that is what is coming through, strongest. there is enthusiasm for what the trump admin

goldman sachs rarely comments on a sitting administration and after goldman sachs a lot of people arenown to go into the government sector. lloyd's replacement is now in the white house -- a softer approach. stress benefits of national security, said he was grateful for our country being safe and it is those strengthened by the richness of diversity. also we have blackrock ceo larry fink weighing in. this is the world's largest money manager here. also doing a little back and forth talking about security and also talking about the importance of due process as well as individual rights. those are some of the banks that have weighed in. wells fargo as well as morgan ,tanley say they are monitoring but bank of america and citibank has so far declined comment. they are just of the latest in a series of other ceos who have come out a little more swinging, especially in the tech industry. look at all these names. apple, google, twitter, netflix, all of these have been slamming this immigrant a band. apple ceo tim cook saying apple would not exist without immigration. -- donald trump also ha

so i own goldman sachs the day after the election. i sold goldman sachs. now -- >> you cold? >> sold goldman sachs at 240 last week. sold goldman sack and the question become what's do you do with it? buy what? well, this morning i bought jpmorgan, i bought bank of america. why? earnings become front and center now. those companies report on friday. what i expect is that financials in those companies specifically will take the dow to 20,000, will give president-elect trump on inauguration day a week of price action above 20,000. i think it's going to be very strong price action from friday into his inauguration. and i think it's on the back of earnings we're going to see on friday. jpmorgan, have we ever heard stephanie and i talked about this, have we ever heard jamie dimon sound as optimistic about the economy, about the regulatory environment that he has on these recent conferences? i think that earnings call, when he talks about the outlook going forward, that drives the stock higher. bank of america, the comps to last year look fantastic. >> if the rising tide is going t

in goldmannvited sachs, morgan stanley into the process.o matter which bank is picked from the list, we will be formulaten helping to exactly which markets to go to. there is a long list of exchanges that would love to have them listed on there. they talked about the u.s., the u.k., listing on the home market. at least three markets in asia as well. there is still work to be done. that is part of the work. shery: thank you for joining us. our finance reporter on the road. burning out. moving to exiting the coal business. that is next. ♪ yousef: welcome back. you are watching bloomberg. check, cisco is buying dynamics for $3.7 billion. chuck robbins has the software to fire up fiscal revenue growth. scheduled to price its ipo in 2017, the first major tech offering. >> entertainment shares have slumped after it announced plans to buy the maker of talking $1 billion. year it was set to be exploring a sale with goldman sachs. >> the consumer protection agency wants market makers to step up battery safety after the issue with the samsung seven.

. >>> meantime, goldman sachs coming off an impressive quarter, thanks in part to the trump rally. and when we come back on "squawk alley," we will talk to ceo lloyd blankfein live from davos. a lot more coming up. >>> hello, everybody. i'm sue herera. here is your "cnbc news update" at this hour. senator lamar alexander, chairman of the health, education, labor and pension committee, says congress should not repeal obamacare unless it has a replacement ready. he released a statement ahead of his panel's hearing, which you've been seeing here on cnbc on the nomination of representative tom price to head health and human services. >>> three earthquakes hit central italy in the space of an hour today, shaking the same region that suffered a series of deadly quakes last year. no immediate reported casualties, but the tremors were felt as far away as rome. >>> ringling bros. says that its final show, which is going to be held at the nassau coliseum on long island in may, is sold out. "newsday" reporting that seats normally going for $23.75 to about $191 are now being priced on the seco

citi group, goldman sachs, u.s. bancorp, after the bell, netflix. just glancing at some of the data that's just hitting our wires. uk unemployment data right now, describing the uk unemployment level edging down a bit. the december account minus 10.1, we were looking at a figure higher than that. these are the fast the growth figures seen since december of 2015. in november alone, 2.8% to the upside year on year. uk job vacancies, 748,000 in the three months to december. which is slightly down from what we saw in the three months to november. julia? >> thank you very much. everybody welcoming it seems the clarity from theresa may and her speech on brexit yesterday. that includes the biggest business association. we spoke to carolyn ferber to get their view on the speech. >> the decision has been taken for the uk to leave the single market. that means all eyes from a business point of view will be on the kind of negotiation we have and the kind of new free trade deal we have. i think there will be a welcoming by business of the commitment to a new al

we have to talk about goldman sachs, morgan stanley. have been a big-time fan of morgan stanley. why is goldman still so much more profitable? it is 2017. the crisis is ancient history. goldman sachs is so much more profitable than morgan stanley. in the fourth quarter, 11.4% r.o.e. davide: it is called interest rates. goldman sachs basically has been a massive beneficiary out of the quantum -- quantitative easing program. people have been buying bonds for the last four years as rates one from 12% to numeral -1%. as the head of one of the highest market shares, it could have benefited. morgan stanley, the time, interest rates will normalize in america to around 2% or 3% normally and will make on return. they have $2 trillion of client savings, but they are not making money right now. tomorrow, they will be very profitable. i think morgan stanley will be as profitable as goldman. in the long-term, morgan stanley is more stable because it is last dependent on -- less dependent on client activity and more dependent on the wealth of the eco

goldman sachs of cut its london staff by 60% on brexit. investors await the rate decision at 7:45 a.m. eastern followed by mario draghi's conference. how does he address the recent surge in inflation. donald trump's treasury secretary nominee is set to face tough questions on his policy views from senate lawmakers on capitol hill this morning. it is going to pick up at 10 a.m. eastern. jonathan: thank you very much. two days after delivering her vision, prime minister may at davos. more about how they are adjusting for the brexit plan and to preserve the ability to preserve the eu access to their markets. take a listen to this. >> the position is a starting position in negotiations. the clock is now going to start to take and count down from 24 months. we will see how it develops, but it is way too early for us. >> there is a lot of water to go over the dam here in terms of timing and transitions, but we have to be prepared as it will be hard and fast. >> it will take a very long time to get full clarity that the banks and corporations and

goldman sachs steve mnuchin and rick perry. this follows a bruising day of hearings for trump's picks yesterday. more from manu raju from capitol hill. >> reporter: four of the nominees getting intense questioning from senate democrats concerned about ideological views. none more than tom price. congress member selected to be the new head of health and human services. not just on ideological views on medicare and social security, but what to do to replace and repeal obamacare. a number of questionable stock trades he made pursuing election legislati legislation. listen. >> did you buy the stock and introduce the bill to be helpful to the companies you bought the stock. >> the stock was directed by a broker who was making the decisions. i wasn't making those decisions. >> when you found out your broker had made this trade without your knowledge, did you reprimand her? >> what i did was comply -- >> that she made it? did you fire her? did you sell the stock? >> i complied with the rules of the house in the legal and above boardm

people inside goldman sachs have an opportunity to learn an awful lot.ly that will benefit the country and the nation. i'm excited to see it. >> to finish kind of where we started, in terms of gary cohn's departure and your promotion, did it create a good opportunity for goldman sachs? was it time there was a shuffle in terms of leadership? how long do you see lloyd blankfein remaining as chairman and ceo? >> we have a very, very deep management bench. certainly we were doing just fine, and we all would have been happy to continue on running the business exactly the way we were. one of the things that's happened in the past is people have left for different reasons, whether to go into public service or whether to do something else. when it happens, it creates room for others in the management structure to move up. that's part of the tradition of goldman sachs. that's what happens here. i'm honored to be a part of that tradition. the team that's now moving up because of the leadership structure has worked together for 15-plus years. so all that will conti

but scott, i've been rolling different positions, owning goldman sachs, getting out of the goldman sachsat i like right now having the big five reported and seeing the significant increase in trading revenue that we saw not just from goldman sachs up 78% but how about morgan stanley over 100 something percent, it looks to me like the per farm mans might be right, that morgan stanley of the five might be the crown jewel. pete najarian have spoken about bank of america. i own bank of america. i like the way bank of america is trading in the wake of actually performing the least -- the least increase in trading revenue of the five. >> the point is is that every day over the last week minimum we have asked the question whether it's too late to get into the financials given the run they've had the since the election. jamie domd basically told you today, no it's not. >> i completely dpragree with t. what we're missing here, you just had the bank earnings come up, a table of them. both of them were beats. the banks have been trading off the past few weeks. i think that's entirely tied to the te

we saw the goldman sachs note.to focus on if you look at the regional exposure, 20% in brazil, 19% of profits come from the u.k. and 14% in -- spain. she does see a better 2017 both for the americas and for europe. does it mean that interest rates will change, does it mean there is more opportunity for cost cutting and they will be focusing in on the u.s. and the curl else between donald trump and what he means for the emerging markets if we do enter a trade war in the next six to eight months. anna: thank you. francine lacqua joining us from madrid. conversation around banking and the geopolitical context. futures are suggesting they will be stronger at the beginning of trade. he they are -- they are talking about spinning off the ipo. our guest goes to global radio after 8:00. at 9:30 a.m., i will have a conversation with the egyptian finance minister with mark barton his country goes to the international bond markets for the first time since it floated it currency last year. this is bloomberg. ♪ i've spent my li

sachs executive for a number of years and then did the same things he learned at goldman sachs on commoditiesissues, on foreclosures. on a whole host of issues with china and other things. >> it struck me as ironic today as he was talking about he had failed to disclose $95 million in assets. he explained it as accidental, that the paperwork is extensive and thorough and he was sorry he missed it. there's some irony in so far as there's a 90 plus-year-old woman who missed 27 cents on a payment who got foreclosed on and lots of people had the experience of trying to wade through loan modification paperwork and that didn't -- that execute didn't help them when they were dealing with one west. >> you're right about that and i just feel he forgot to disclose this and then he said that some of his offshore accounts, they were doing it, he didn't make any money from it, he was doing it for -- on behalf of not for profits and i don't think not for profits need to move offshore. that's why they're classified as not for profits and we're doing as we've done before petitioned and he was one of the five

nothing weighs heavier on the dow than goldman sachs. goldman sachs is 5% of the dow. when that moves up, es poe nextly it takes the dow significantly higher. it is somewhat skewed. neil: just interesting little side note, goldman sachs alone accounts for 20% of this gain. >> right. neil: go ahead. >> there you go. >> they exactly look to main street either. neil: by the way, it will be a goldman sachs dominated cabinet. that is whole separate issue. gerri willis is with us right now. gerri what do you think. >> listen, to your point about financials leading right now, the the gain we saw at end of the year it was technology. that was four horsemen. that was narrow move. neil: horsemen can change. >> you're starting to see things that are broader. that is a great reason to buy the market. do you buy the dow? no, you don't just buy 30 stocks. buy the market. neil: a lot of people are not as smart as charles. they take the fallback, i will invest in an average or these days they buy etfs if they like technology or banking sector, a good escape route, right? >> right. you

more so than even apple, which is six times the market cap of goldman sachs.what should we really make of these moves in the dow? >> yeah, i don't know that you make too much of it. i think you really just have to think where you're going to go from here. and as far as the whole wealth effect concept goes, that is true. it is true that if you're feeling more confident about your future, if you look at the labor market, if you look at wages, they're picking up. people feel wealthier. they're far better than where they were, where henry was talking about a few years ago when the dow was much lower. so, that's all good, but everything about the market is forward-looking. and i remember 1999 there were all these same kind of thoughts, you know. we were wealthy, the nasdaq was hitting new highs, all those kind of things. and it really wasn't the kind of thing you wanted to hang your hat on as it relates to returns in the next 15 years. so the wealth effect is good, but we really need to see top-line growth. and so, the important things that trump is talking about,

a spokesman for goldman sachs said it had not made any decisions. thise needs to address agreement spurring the rise of nationalist leaders. that is according to jamie dimon, speaking to bloomberg at the world economic forum in davos. >> if you have a le pen presidency, the eurozone may not survive. >> that is a pessimistic view of europe. >> long-term pessimism, yes. unless they change. >> global news, 24 hours a day. sebastian: this is bloomberg. guy. thank you very much indeed, sebastian. let us get back to davos with francine lacqua. francine: i'm looking forward to this interview, joe kaiser. you have many times cautioned about the rise of caution and the impact this could have a lot of companies because this linked to how people consume and behave. are you concerned that 2017, first of all, you see the fruition of populist votes, that the weight will continue? josef: we have already been learning about the geopolitical tension. it really does not catch us by surprise. it is about the rise of populism, but if you look at it, what i see will be

goldman sachs. the name that we have seemingly ignored -- >> stopped talking about entirely -- >> is apple. the donkey pulling the cart for years. >> i'm not a technician. 118.38 takes it out. you would start to see people saying, finish the double top. we're fine. apple said about their revenue stream, service revenue stream, can you extrapolate what they said about the app store to the service revenue stream, fortune 100 business this year if you can get it to where it's higher that's important. they had gigantic repatriation play. 40 bucks per share with no tax comes back here. >> three bucks a share with no tax? >> if they had no tax. >> now we're talking dow 25k. >> seriously. >> alphabet cisco and apple are the three big in terms of what you need for repatriation. those are the ones that would most benefit. based on iphone 7 weakness, nobody cares. they said nobody cared about mcdonald's. people cared about nvidia ran up to 118 and came back. hottest stock up 220% last year. apple is the one t

, half of the goldman sachs executives are in his cabinet.om price himself is embroiled in a little bit of a brouhaha right now over whether or not he was financially benefiting from a health care company -- >> here's the deal, draining the swamp, betsy devos is willing to take on the unions. draining the swamp is bringing in rex tillerson, who was the ceo of a major corporation, donald trump is bringing in talented, high skilled individuals who are willing to take on the bloated bureaucracy. i think that is the change we will see in washington. >> martha: thank you very much. happy inaugural week. good to see you in d.c. straight ahead, donald trump has vowed to rollback any of the obama executive orders that he deems unconstitutional. so, which will be the first to go? he's got a very long list and he's getting to work on friday. judge andrew napolitano just met with the president-elect yesterday. here's some with the juicy inside scoop of what he heard her in there and what we may see in the first hours of a trump presidency. plus, preside

i think you call it goldman sachs. isn't that what you call it. >> usually that would be a good day and good college recruiting day for goldman sachs in this case it's our lives. thank you. >>> president obama is still president and 272 people are the recipients of pardons are grateful for that. and if donald trump was paying attention to vladimir putin's press conference today he should have learned a very important lesson going forward. if vladimir putin volunteers to defend you, just say no. >> those people are worst than prostitutes. >> it's extraordinary how many times the kremlin is prepared to come to the defense of donald trump. >> false statements being spread to compromise the newly elected president of the usa. >> if putin likes donald trump, guess what, folks, that's call an asset, not a liability. >> this is more than being about him. it's about the united states and national security. >> 40% of americans approve of the way trump is handling his presidential transition. >> this is a transition and a very i