when i went to goldman sachs, it was 1974. the firm had a couple of loss years. was interested in working on financial issues and working with clients. i was interested in markets. david: when you were a goldman, you were not a person who bought your own private plane. you were not a person who had a big house in the hamptons? hank: no, we continued to live in the same house we built when i was making $36,000 a year. when i go skiing, it is a place -- it is not a place where fancy people go. david: with climate change, is it your view, is it due to human activity or wouldn't it have occurred without human activity? hank: david, it's been well documented that it is largely caused by human conduct. this poses an enormous risk for our economic security, for our social stability. i see climate risk as the single biggest and most certain and formidable risk that mankind faces. david: do you think the paris accord, which the current administration has pulled the u.s. out of -- technically, we don't go out of it for another year or so -- those people in the government s

shoqat: at goldman sachs --shoqat bunglawala at goldman sachs asset management.s up next. looks like we can open and the green. 1%.pean futures up u.s. futures also strongly positive. this is bloomberg. ♪ >> good morning. welcome to bloomberg markets. this is the european open. i'm matt miller in berlin. the cac trade is less than han an hour r away. here are your top headlines. ultimate authority. president trump says he has the final say of opening the nation despite the opposition of two broad alliances of governors. investors are risk on ahead

goldman sachs down by about 1.5%.credit losses swelling by $937 million, as they also have two allowances for credit losses coming in at $32 billion. one loss preserves eating into profits, something very similar to we saw from bank of america, wells fargo and jp morgan. bank of america profit plunging 45%. they are allocating $4.76 billion for loan losses. that is the most since 2010. we will have more on those bank earnings. walter todd of greenwood capital will be joining me after the break. this is bloomberg. ♪ ♪ alix: welcome to "bloomberg daybreak: americas." i'm alix steel. citi out with earnings. attorneys coming in light at $1.05 a share -- earnings coming share.t at $1.05 a came inst to credit $7.13 billion. the ceo saying they do have a very strong position on capital, as well as liquidity. that 87% ofut employees are working remotely. bank ofn and america, there's been a lot of articles about them having employees come into the office. ofy have a $21 billion worth new credit facilities approved. all of the

coming up, we will speak to sheila patel of goldman sachs. u.s.es have given up their gains, european futures firmly in the green. this is bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. nejra: good morning from london. this is bloomberg "daybreak: europe." these are today's top stories. global coronavirus cases top 1.5 million as new york and the u.k. report their deadliest day so far. ok prime minister boris johnson remain stable in hospital. oil extends gains ahead of today's opec meeting as top producers move closer to a deal to curb output. russia says it is ready to cut by 1.6 million barrels a day. ubs expects to purport -- report first quarter profit at about $1.5 billion. the dividend

a lot of good conversation today, jeffrey sachs will join us in moments. we are thrilled to bring you laureate michael spence of new ,ork city, and at 12:00 noon david westin in conversation with the vice president of the united states. let's get to the first word news. viviana: china accusing the u.s. of trying to shift the blame for its own coronavirus outbreak, responding to the report that china concealed the extent of the problem. the u.s. intelligence community reported that beijing underreported the total cases and deaths. providing for potential civilian use as many as 100,000 body bags. the military has half that amount and are looking to buy more. reserveowe -- the u.s. well allow -- will allow for an absorb of liquidity. in the u.k., boris johnson's government is learning the cost of its coronavirus lockdown. about one million people planned welfare payments. it is highlighting that the package may be too slow to stop a big jump in unemployment. global news 24 hours a day, on air and @quicktake on twitter, powered by more than 2700 journalists a

tom: with us is jeff currie of goldman sachs.ng the collapse of ethanol and hydrocarbons, but far more interesting is sugar indra bill -- in brazil buttressed up against the challenges of politics and the riau -- real. give us the goldman sachs call that links into a diminishing brazilian real. jeff: the entire commodity complex is facing a similar story. the supply is sticky to the downside. the demand has collapsed in the current environment. now,ook at the plantings they are likely to suggest a normal harvest in the northern hemisphere across the complex if you look at ethanol -- complex. if you look at ethanol, demand has collapsed. it is not just the demand of demand. is the food sugar is not big enough to offset that, so the key is some of the agriculture commodities, particularly corn, you are looking up historical carry outs which argues more downside. one exception in the commodity complex talking about food and agriculture really is the livestock market. there, you have enough supply that the risks will be more symmetri

romaine: you were just listening to our exclusive interview with christina minnis at goldman sachs.'s turn back to the covid-19 crisis. are an95 masks, if you health care worker or first responder, these are the masks a lot of those folks depend on. masks, isker of those now suing the middlemen who sell those masks, claiming that some are inflating the prices. joining us now, susan decker. great to hear from you. explain to me exactly why 3m needed to essentially sue the people who are selling the masks. >> 3m has been very vocal about the fact that they say, we are not trying to profit over this, only charging usual rates. these were companies that had one to new york city and one to california, charginge have masks, over what 3m was charging and calling themselves authorized distributors. 3m said, they are not affiliated with us, this is a trademark infringement, and they filed a lawsuit against them. all that,aving said what can be done? what can states do about it? >> states can't do a whole lot. they are the ones in these bidding wars. there have been calls to say -- [inaudible

goldman sachs selling apple and a big a-block. is for apple we have a lot more to do in fact, we have a lot more to do on cnbc tonight not only are we going two hours live that's right jim is off today so we have a two-hour "fast money." we'll roll right into our special, continued coverage of "markets in turmoil" right here on cnbc. on deck here on "fast money," why you need to pay attention to two things with oil and what each of those things might be telling you right now. plus, an interview that you do not want to miss california governor gavin newsom's efforts on the states trying to get its once golden economy back in business the california governor coming up live here on cnbc's "fast money. we've got a lot more to do and we'll be right back right after we'll be right back right after this achiuest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement. >> welcome back to

we look ahead for results from goldman sachs.is bloomberg. ♪ nejra: this is bloomberg daybreak: europe. manus cranny in dubai. let's get to bank earnings. u.s. lenders grapple with an economic standstill. a staggeringe amount of capital for bad loans. jpmorgan and wells fargo hosted their highest low loss provision in a decade, setting aside more than $12 billion to cover default. droppingreported a job first-quarter provision of a $.3 billion. in 2019, it's a $6.8 billion increase and a jump of four -- 450%. goldman sachs is reporting today and we will be watching out for low loss provisions but also its trading income which is expected to rise 3%. we spoke to the cfo was wells fargo -- of wells fargo. >> as it relates to loan losses, that's right. there's a new accounting standard that came in in this quarter. our provision isn't terribly different as a result for this quarter. estimatione of loan but we analyzed our allowance under the old gap and under the new gap and came to a similar outcome. the difference in this quarter

that is more than goldman sachs. forecasting a loss of $12.5 billion for the year ending in march. the japanese company has written down the value of investments in companies, including the office rental startup wework and oneweb, which filed bankruptcy last month. apollo's global management flagship credit hedge fund is scoring gains this year. they profited from well-timed shorts and purchases of high-grade debt during the panic. it had been quickly amassing holdings in investment read paper in march before the market rallied after the fed intervened. that is your bloomberg business flash. royal is holding gains today. oil was holding gains today. bloomberg opinion editor robert berg us says even a big deal in production curves can only do so much in the face of the demand shock. he argues there is unlikely to be a market recovery without an oil rally, writing the energy industry is a bond the biggest employer -- among the biggest employers in the u.s. economy. it is going to be hard for equities to sustain any sor

david: you came from goldman sachs, but at goldman sachs you were not managing hundreds of hundreds ofe, so how could you be the chief operating officer? jean: i did not manage hundreds of hundreds of people, but i did see a lot of business and talk to a lot of entrepreneurs. i think also is just in my genes. i want to lead an organization that is of this generation. david: who were the big investors in didi in the early days? jean: there are number of them. the strategic ones that we have, tencent, alibaba, tim cook and apple, a lot of very well-known financial investors. david: most of them, are they large institutional investors from the u.s. or china or all over the world? jean: a mix, it is diverse. david: when you join the company, you had a market valuation of $500 million or less. let's say i want to invest at a $500 million valuation, could i do that today? jean: not really, not even when you are nice and friendly. david: you are running one of biggest companies in china and one of the bigger companies in the world in terms of market value. how do you keep that from going to y

goldman sachs on this friday says it is time to sell apple's stock. they believe that iphone demand will continue to fall as consumers dry up and also this is interesting, guy adami, that lack of travel, the inability to physically be with each other might cause delays because engineers and product designers simply can't get together in the same room to finalize whatever it is they need to do. your take on the goldman call on apple. >> and on top of that, maybe supply chain issues which we haven't talked about which all of this sort of flies in the face of what tim mentioned the other day, some of the news out of taiwan semi clearly a mixed bag. what's my take on it it's amazing when people say something negative about apple, you might as well be insulting somebody's first child it's incredible to me how passionate people get about this stock, just generally speaking in terms of the call, you know

a managing director at goldman sachs and isui now at kkr, at the big private equity firm. finance remains at one of the areas that is really one of the hardest for women. she did talk about that one of the things she finds herself doing much of her time is just encouraging young women, and telling them it's okay. recognize that you are amazing. recognize you can do good work. and don't let anybody stop s you. it may well be that you are right that there's a higher bar for women. >> define genius from your perspective because we are having a hard time grappling with the definition as it relates to your books and your perspective and in the broader women's perspective.

policy of making it more difficult to get a mortgage here's what a former manager at school meant sachs says j.p. morgan made it harder to get a mortgage so they raise the bar when you standards to 20 percent down the credit rating of $700.00 plus that's interesting because boeing has a junk credit rating a credit score of $500.00 and they're allowed to borrow billions from banks and government revolution is coming funny you know it's amazing i put in the context of again central banking because central banking was supposed to be the lender of last resort and central bank it was a buffer to the system so in moments of extremists like a pandemic it should be easier for people to borrow money and to acquire or to preserve wealth or to buy a house but instead it's become more difficult because the banks of the central banks are heading toward feudalism and we'll talk to dr michael hudson about that later meanwhile look at the interest rates for credit cards the money that is borrowed by big banks is 0 and is sometimes less. 0 j.p. morgan one point last year was paid to borrow money every t

goldman sachs, david -- which happened to report today -- goldman sachs says buy tesla why?ndustry leader in evs it's poised for long-term growth david, they love the balance sheet. it's got $6 billion in cash they have the edge, the model 3. it's shipping in volume. there's, i guess, 15% unemployment people want to snap these things up it has a battery efficiency. all in all, i think when -- when you're having about to go into a depression, when you have dramatic unemployment, what do you do you buy the stock of tesla doesn't that say it all? >> it does say it all. >> this is a blue chip >> apparently with a 1$130 billion market value up 70% this year on that note this does seem to be -- i don't want to call it the nifty fifty, there are a group of stocks in ascendance. >> i was going to do that! we were trying to make an acronym, it turned out to be a 50-letter acronym. it was a whole scrabble board. netflix, david the race is to figure out how many new netflix customers they have is it 200,000? 500,000? "tiger king. when the president was asked about "tiger king" that was

goldman sachs says now the the time to sell apple do you agree >> i disagree. i look at the slowdown you could see here as what you would expect ahead of the 5g launch of the phones if you look at the dhachart thai brought in, you can see the shares have pulled back. i don't see that being broken again. i think this is a time on any sort of pullbacks we want to be buying apple shares in here. >> chad, many people would say apple is up with of those tech companies you want to own. strong balance sheet, a good component annual growth rate what do you think? >> at the right price, unfortunately when it comes to where we are, large cap growth companies have out performed by a considerable margin in relationship to large cap value. for example, if you look at the rustle 1000 growth index you would see only 4%. if you look at the russell 1000 value, it's down close to 21%. i understand why they move rapidly off the bottom due in part because of a lot of cash on the balance sheets and a high level of predictability. once again, valuation doesn't matter >> got it. comp

goldman sachs but says it is insufficient. u.s. futures gained at the open, reversing earlier prices. the nikkei futures also down 1%. we have markets closed on holidays including australia and new zealand. global cases also affecting sentiment in the markets. those cases rising towards 2 million with the united states the epicenter of you break after fatalities in the country surpassed italy. there are signs of optimism in the hotspots like new york. let's bring in sophie kamaruddin with the latest. we have seen president trump. .ager to reopen the economy we are seeing cautious optimism from governor cuomo. despite new york state seeing a more than 9000 cases there. you have governor cuomo saying he hopes to begin lands to planst the economy in -- to restart the economy in new york state. parts of the u.s. could be ready with emergency controls, but it will not be an all or nothing situation with state governors needing to oversee a reentry. trump's top advisor on testing said the u.s. is working diagnostics tof reopen the econom

katie koch of goldman sachs asset management. stay safe.mies grind to a halt. new york lieutenant governor basically saying the message to the fed is we need money. we will break it down. this is bloomberg. ♪ viviana: this is "bloomberg daybreak." the company that assembles most of apple's iphones will start making ventilators in the u.s. foxconn will work with medtronics on the design and develop and have the devices. no word whether the ventilators -- no word where the ventilators will be billed. foxconn has a factory in wisconsin. vw's cfo saying in a video to staff that the situation is fluid. other big companies such as boeing and hsbc have slashed or postpone their payouts. that is your bloomberg business flash. alix: thanks so much, viviana. bloomberg radio just had the new york lieutenant governor on, saying that new york needs a lot of help because the budget deficit is going to get hurt so much. state and city tax collectors are taking that hit. a few months ago, we are having minuteslosi -- a few ago, we are having into pelosi an

joining me now is jeffrey sachs, author of the "the ages of globalization," also has been writing about this topic as well. dr. sachs, this sort of technical question, it seems one of those moments where looking out in the comparative world and in some ways trying to take it outside of the hot stove of american culture war politics seems crucial. >> chris, thank you so much for the clearest explanation that i have heard on television or the media since this epidemic began. we have heard nothing but nonsense for weeks and weeks from the white house, and we have 60,000 deaths. and the fact of the matter is many countries have suppressed the epidemic. china did after its initial outbreak. taiwan. vietnam, hong kong, japan. you have new zealand, australia, so it's not purely a hypothetical, and it has nothing to do with the culture wars as you pointed out. it has to do with one simple idea, exactly what you said, which is that each infected person must be stopped from infecting more than one other person. that means several things. it means early detection of every case. it means early quar

apple is down today because it was downgraded to sell by goldman sachs. they predikct a 20% drop in stok from here. josh told you earlier he did sell a stock that he has talked about on this program. he's going to tell you what that is when we come back don't miss our exclusive with howard marks on monday we'll talk about the markets, his latest letter and more we're back in two mite nus. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ when yowhat do you see?itical issues facing our world, we see breakthrough medicines getting to patients in record time. we see harnessing natural gas unleashing the promise of clean energy. we see engineers simulating the future to improve today. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the

first check out shares of goldman sachs.ou the earnings did fall short revenue topped estimates the investment bank says it stopped purchases of its common stock in order to pour more capital and liquidity to meet the needs of its clients we're coming right back. knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. i'm good at my condo. well planned, well invested, well protected. voya. be confident to and through retirement. aand we're here for you -ry day fespecially now,rs. doing everything possible to keep you connected. through the resilience of our network and people... we can keep learning, keep sharing, keep watching, and most of all, keep together. it's the job we've always done... it is the job we will always do. >>> researchers race for vaccines as well as therapeutics, antiviral combat covid-19 our next guest says there's something more important. joining us now why serological tests are crucial. systems found end and former ceo and founder of biofirm and serves a

goldman sachs initiated coverage because they say it is a buy.'re saying it is outperformance, first mover advantage and outperformance in technology which they say is above the rest. 865, stu. you could have gotten in few weeks ago at 350 or so. stuart: right. that was a low 1/2, wasn't it, down to 350. they're talking about 865. that is amazing. it is up 30 bucks today. susan, thanks very much. ashley, come in please, what is this about abbott labs? they have a third test, what is it, third test for the virus, is it? ashley: they do. testing blood for antibodies. a million tests go out by end of the week. four million by the end. month and they want to get a better idea the antibody, how long does it stay in your system around does it provide immunity? it is part of a very important test in order to find ultimately the vaccine. but abbott lab sending out the virus screening, antibody screening, today hopefully to get a better idea how this virus works. stuart: ashley, isn't major league baseball, aren't they going to be, i hate to say guinea pi

it is not just goldman sachs.the other investment firms are trying to raise a lot of money because they see in investing opportunity, an opportunity to finance companies. they are desperate for cash bid it is an opportunity unlike anything we have seen in more than a decade, going back to the previous financial crisis. you have a virus stricken economy across the world right now where a lot of the distressed companies, you have to wonder if they will be able to survive. even the number of healthy companies are in peril. a lot of investors including goldman sachs are trying to figure out if they raise cash right now, if they can provide financing opportunities that helps these companies get a bridge to get them past the economic downturn. that is where they see the opportunity. that is why goldman sachs has drawn up the plan to raise funds. goldman is unique on wall street. unlike any of its peers, it has a huge investing business and it has been raising a number of funds where it would look to deploy client capita

who could have imagined this was happening to little sam sachs from north dakota. >> sachs was a paraglider during the d-day invasion of normandy. let's parade alone lasted about an hour. he received an honor from his birth city in grand forks. that's cool to see. he's come a long way. >> and he's still got it. man -- >> it's amazing. >> 105. 4:58 this morning, some states like georgia already reopening hair salons and gyms. coming up, the other states that are thinking of doing the same and which are not. also, what about us? >>> millions are still waiting for their stimulus checks. when they'll see that cash in their checking accounts. you're watching "today in the bay." . - communities of color have always been underrepresented in the u.s. census. let's change that. it's critical that you participate in the 2020 census to ensure fair funding for public services in your community. to participate, go to census.gov. >>> right now at 5:00, not staying home. a warm bay area weekend had many people out and about ignoring that statewide shelter at home order. authorities had to shut down parkin

goldman sachs says $190 billion u.s.e been suspended in the s&p 500, about 25% of last year's by that. do you think that is the end of that story, or where does that money go? potentially in the back part of the year, or does it elderly sit offered capital because we are in so much shock? noel: i'm guide you mentioned buyback. dividends have almost been the lightning rod for attention and really the attention is about all sources of cash. companies are absolutely about survival right now, they are about solvency. therefore all sources of cash are being focused on. capital expenditure, capital bank facilities and buybacks. i think buybacks, we know for the last couple of years the markets have been propelled by buybacks rather than earnings. we would absolutely expect to see buybacks being less a part of the story going forward and probably significantly so. i don't think buybacks will be a feature for probably another 12-18 months. i think we need to get through this crisis, and that's companies with a voluntary basis to

that is according to goldman sachs. let us take this to charles-henry monchau.e are waiting for a violent repricing and restructuring in the u.s. market. we saw a symbiotic relationship between the demise of crude and the drop in the s&p 500. that relationship giv diverged. without a significant lift in oil? charles-henry: that is a tough question. there are many divergents. , i don'time being think it is. [indiscernible] a narrow group of stocks. it looks like investors learned the lesson of the last 10 years higheru have qe and pay levels for growth. , yesterday to oil there was some technical explanations. real urgency there is no storage. moving on to the june contracts. i don't see how the markets can [indiscernible] nejra: exactly. that point.p made if you continue to see the challenges in storage than brent will chase wti down to the bottom. in the asian session, we are seeing falls on that crude plunge. credit markets are responding as well. do you think we will see brent react in a similar way to wti? and what implications will that have for your strate

we will go through the nuances of goldman sachs and morgan stanley.olate the power these big banks over to the super regionals, can you? ken: the regionals are much more .ensitive they don't have the capital one otherd they have point -- the card business is important. the downside is delinquencies for credit cards, but in terms of a growing economy that is a great place to grow. that draws the large banks on the consumer side. even with the rebound, how cheap are the banks? us -- is it super buy, is it buy? they are trading below discount net tangible values multiples. i think you have to look at the strength of the bank as long as the dividend is safe these could be in the second half of this year a great performing area if we use that cyclical stock, that is not going to be the focus of the market or strategists in till we see some recovery. these are great cyclical investments when we see a turn in the economy. what can you tell us about bank of america? they shifted about 3000 employees to small businesses. they have said they won't lay off peopl

goldman sachs has done a nice job in phasing in and guesstimating the forecast.to go back to em. what is the best outcome for the international monetary fund and the fed combined? how is that tantamount in terms of fx stability and what we need from the imf and the federal reserve combined? has alreadyhe fed acted extremely rapidly in trying to put a lid on those acute dollar funding shortages that we saw in march, and some of the extension of the swap line and the facility to allow emerging markets that have reserve to liquefy into dollar funding, those measures have been helpful, and you are seeing tangible improvement in short-term market stressors. part has beene addressed by the fed. where the imf and multilateral institutions and bilateral creditors come in, this will be a deep earnings and income shock for some of the poorest countries in the world, and that will raise real issues when it comes to get repayments. to the extent that for many of these countries need to have to a standstill, repayments stand still, and income replacement being put into place,

goldman sachs head of industry research.you expecting this week in terms of the opec plus ?eeting, managing this market there is an element of complex diplomacy going on. i think the actual outcome will be difficult to predict but there is no doubt it would be in the interests of opec to tax production and to avoid -- for this is a reason that country who sell on the stock market. [indiscernible] >> other companies can head forward at better prices. the interest is in of opec-plus to come back together and to try to -- to build up inventories. given the extraordinary scale of the demand shock. if storage runs outcome of the market is going to affect this problem pretty quickly. how much supply needs to be taken out? do you think at this point it could go some way towards balancing the market? marketsnk balancing the on a month-to-month basis in the middle of coronavirus is an almost impossible task. we believe at the peak this month we could have demand around 20 million barrels a day. moderate a build up inventory so that w

>> the first thing i have to say is i'm so proud of our people at goldman sachs. if you had told me even a couple months ago that we would have 98% of our employees working remotely and we'd be able to serve our clients, take care of our people, participate in the economic system, play our role as smoothly as it's going, and i won't say it's perfect there's bumps in the road, but their commitment, their flexibility, it's really been awesome, and i'm so proud of our team and what they're doing. now, obviously when you go through something like this, you know, it forces you to ask questions and think about things differently. we've certainly had certain parts of our business where people travel and they work remotely regularly but i think what's interesting is it creates a new lens to think about things that can continue to make this a very attractive place for people to work it can change the way we have our real estate footprint over time i think those are longer-term things i'm not at this point a big believer that the shakeup or the change once we get to the oth

bank of america, goldman sachs, citigroup follow tomorrow with earnings.anley also expected later this week, so a full roundup of what we can expect in terms of dividends but also lending in these banks. let's get to dani burger. dani: hi, francine. the first quarter come in terms of what we should be looking out for, it is going to be all about credit. not just because of the metrics we normally focus on. off ofe likely to move what strategists are forecasting because there is not a lot of visibility into what earnings are going to be. it would not be surprising if estimates are off 20% to 30%. with that in mind, intense focus is going to be, is there something on the bottom line that is due for a significant increase in lockdown provisions? what is setting aside credit losses? it not only gives us an idea economic turmoil and how severely it will impact individuals. asidens that money is set , not able to be spent on dividends and buy banks already under intense focus, not to mention the political pressure not to issue cash into the market that way. fran

goldman sachs ceo david solomon says they see 6% contraction in the u.s.banks struggle to assess how much to set aside for losses on loans. sonali: initial reaction is that wealth management number, where revenue is a little bit below expectations. onlysts will want some color why exactly that is and what the expectation is for the end of the year. alix: meanwhile, all banks see solid revenue. president trump talks with business leaders on plans to reopen the u.s. economy as initial jobless claims mount. expectinge are 5,500,000 as the consensus. if we get that number or just a little bit below it, we will all wiped out in one month of the jobs created since the great financial crisis. alix: now the market waits for first quarter gdp, industrial production and retail sales from china. >> we cannot expect the same amount of stimulus in china. alix: the imf says growth in asia will likely slow to a standstill in 2020, something that hasn't happened in 60 years. this comes while the g20 provides temporarily debt relief. >> they could only limit the damage. al

[laughter] did you decide to go to a great chinese firm like goldman sachs?almost accidental to join goldman. i was in research at goldman and i thought it was fascinating. i decided i want to do apply for a -- wanted to apply for a full-time job. that is why i ended up in the investment banking division in hong kong. david: you went to hong kong and stayed there for 12 years and became a managing director. jean: yes. david: if you are a managing director, most people would say it could not be better than that. why did you decide to leave? jean: a lot of people ask me that question especially when i resigned. said, i cannot believe you are joining a taxi company. when i first moved back to beijing, i always found myself struggling in the street with my three young children. i did not have a license plate to drive in beijing. you have to have your license plate and it is hard to get. it is a lottery system. it is hard to hail a taxi and then i met deedee which was a -- did which was ai very young company. that company was started in 2012? jean: i met the found

goldman sachs saying u.s.s probably hit bottom because of what the firm called the "whatever it takes approach of policymakers." goldman removing its production in the near term that the s&p 500 could fall to 2000. softbank will pay the price for some of those ill-fated tech bets. the japanese company forecasting a $12.5 billion operating loss in the fiscal year that just ended after writing down the value of investments in --panies such as and wework such as uber and wework. the world's oil producers agreeing to a historic output thatfter a week of talks involved the opec+ coalition and g20. now, questions as to whether it to shrink the massive glut of oil. alix: for more now, i am joined by mark rossano, c6 capital holdings founder and ceo. i have no doubt that you are really skeptical of this deal, but before we get to that, $23 for wti. what is your favorite trade? mark: at this point, i think you can start to pressure it to the downside. i think u.s. enp's are going to struggle. i mean, they were struggli

to ad you decide to go great chinese firm like goldman sachs?s almost accidental join goldman. -- in researchh i goldman and i thought it was fascinating. i decided i wanted to apply for a full-time job. that is why i ended up in the investment banking division in hong kong. >> he went to hong kong and stayed there for 12 years and became a managing director. most people would say life cannot be much better than that. you are on your way up to the very top. why did you choose to leave? a lot of people ask me that, especially when i resigned from goldman. believesaid i cannot you are doing the taxi company. when i first moved back to beijing, i found myself struggling in the street with my three young children. you need tobeijing have a license. it is hard to get -- it is a lottery system. and it is really hard to hail a taxi. >> that company was started in 2012? 2013.et the founder in i wanted to make an investment at the beginning. i tried three times and failed three times. >> on behalf of goldman or yourself? >> on behalf of goldman. >> and h

that is the global head of investment strategy group at goldman sachs.course, sonali basket here as well. as jobless claims surge, a record 10 million initial claims in two weeks. we speak to the former chief economist of the labor department, betsey stevenson. that is next. this is bloomberg. ♪ [ "one more time" by daft punk ] woo! [ laughing ] woo! play pop music! ♪ no way dude, play rock music! yeah! -woah! no matter what music you like, stream it now on pandora with xfinity. and don't forget to catch "trolls world tour". let's party people! ♪ one more time wordoomberg held headquarters in new york. i'm taylor riggs. markets rebounding after wednesday's selloff as oil prices surge. president trump saying russia and saudi arabia will cut output, sending brent crude up more than 40% before paring some of those gains. oil is down more than 50%. another record-setting week for u.s. jobless claims. more than 6 million americans filing for unemployment, almost 10 million over the last two weeks as the economy reels from the coronavirus. infections in the u.

goldman sachs, i think the manufacturing sectors will come back.are all encouraged a china's recovery. if you look at the real economy, the restaurants, the shopping centers, the hotels in china, hotels are running 30% occupancy . people are not traveling, not going to the restaurants, the malls. it will be slower here, depending on what happens on the medical front. all clear,verybody no one dying, americans will pick up steam dramatically. these first two quarters or this quarter will be on this. the markets are looking through it and saying it doesn't matter much. there are sectors of the market but have rallied so far -- that have rallied so hard. it seems inappropriate because to me the economy is damaged enough they were not at cyclical highs. i think certain sectors, and you are seeing it with microsoft or even amazon, which are not really responding. it is a shredded stock that was impacted by this that has been recovering the hardest, like our company which we announced over $800 million in cash twice and we still got caught. that was the

on the other hand, you see goldman sachs up on the day. is a real preference when it comes to wall street businesses as trading volumes hold steady and underwriting hold steady and debt markets to come back when it comes to the big institutions. romaine: what are the expectations of lending going forward? sonali: like i was saying when it came to the provisions, we did see billions of dollars inked at all of the consumer banks. what does that mean when it comes down to how long this lasts? at the end of the year, if this lasts beyond the gdp we see at the end of the year, we see all of the banks doing their part to help customers through the down part, but -- the downturn, but if they keep seeing loan-loss is rise, how long will they continue to lend as the question? weigh theple start to effects of the coronavirus even after the shutdown. with that said, larger businesses seem to have more access to debt markets today. we are waiting to see that trickle into a much riskier part of the debt market. scarlet: i am glad you bring up the capit

goldman sachs is not a big lender to small businesses. it's goldman sachs. the big lender to small businesses are the banks, chase, b of a, citi. citigroup doesn't even have its loan program operational just yet. this is a big mess. listen, if there's any sector of the economy that needs money, it's this. get it fixed, get it fixed now. liz: well, i would say, thanks, charlie, very much, to our viewers that it is a work in progress. they wanted to get it up and running. it's not perfect but at least some people are getting this money and we are watching everybody, all of you out there are feeling your way through what is a very unusual and very difficult time. so as we look at all of the companies that are trying so hard to help you work at home, we've got one we are talking about and it's slack. slack is raising the stakes. we have about 32 minutes left before the closing bell rings. the dow is up 90 points, had been up 937. the workplace messaging app is boosting its convertible debt offering by $150 million to $750 million. the offering is the first capit

when you graduate from harvard, did you decide to go to a great chinese for my goldman sachs?t was almost accidental to join goldman. i did a summer intern in the research division as an i.t. engineer in hong kong. i thought it was fascinating, what people are doing. i decided i wanted to apply for a full-time job. that's why i ended up in the investment banking division in hong kong. david: you stayed in hong kong 12 years and became a managing director. jean: yes. david: most people would say if you are a managing director at goldman, life can be much better, so you are up to you -- up to the top. why did you leave? jean: a lot of people asked me especially when i resigned from said i, my ex-boss there can't believe you're drawing a taxi company. when i first moved back to beijing, i found myself struggling up the street with my three young children. i did not have a license plate to drive in beijing, and it is hard to get because it is a lottery system. it is really hard to hail a taxi. and then i met didi at that time, a very young company. david: it started in 2012? jean:

they came to the banks, goldman sachs, and we absolutely supported our clients.ow that we have a function in credit market across equity and debt, they are saying we are hopeful the recovery will be quick but we are not certain. so let's tap across all markets. many of the transactions we have been involved with involve not only high-yield debt but also convertibles. side, i am-yield pleased to say that we have been involved in 75% of the transactions coming to market, but many are doing dual tranche offerings to make sure that they get maximum dollar and great execution. sonali: what are your private equity clients saying? we know there is a lot of dry powder in the industry. i'm told financing for deals was very hard to get done. do we think private equity firms will return to significant dealmaking anytime soon? say, they haveou a tremendous amount of dry powder, are some of the smartest investors in the world. i think we will continue to see some recovery, particularly in the leveraged loan market, before you see the classic leveraged buyout. i think they are