. >>> it is a mixed session for the major averages as the nasdaq moves higher while goldman sachs weighs heavily on the dow. this is the make or break hour for your money welcome to "closing bell." i'm mike santoli sara eisen is at the world economic forum in davos, switzerland. here's where things stand in the market the s&p 500 fighting its way back towards the 4000 mark, but you do see the weakness there in the dow all day. it's been the underperformer under the weight of a couple of big financial components look at the worst performers so far today in the dow goldman sachs leading to the downside remember, this is a price-weighted index, big individual dollar drops really do weigh on it travelers also a disappointment on earnings. we'll talk about that more and verizon, 3m and honeywell contributing to some of the downside action. tech a relatively bright spot. coming up on today's show, two key interviews on the consumer and supply chain we'll here from enrique lores about the pc market and what he's seeing out of china and later the ceo of williams sonoma weighs in on the state of

even the dow seeking pain when it comes to goldman sachs. the 10 year yield 347, and massive selloff, up8 basis points. the intraday volatility becoming the theme. what happens as we have that drumbeat to that february 1 fed meeting? i am interested to watch that. the dollar index is mostly unchanged, taking its cue from the bond market. how long before talk about $100 oil again? brent crude trading with an $87 handle. jon: let's dig deeper into that tech story. the nasdaq 100 has allowed the usual suspects with multiple percentage gains, netflix among them. that is still the big reaction to the quarterly results last night as they continue with the management transition. up more than 6.5%. we have moved past the big bank earnings but the regional players are reporting, including the parent of silicon valley. you were talking about the goldman sachs story. we will track those headlines. "the wall street journal" reports on a probe of the consumer business. what were the safeguards like as they were ramping up in lending? goldman is under pre

goldman sachs is excited, too. their ceo says rebuilding ukraine represents good economic incentives for real return and real investment. imagine. whose money is that? it's going to be yours to rebuild ukraine. these guys will get rich from it. see how it works? because these people have no self-awareness, the president of ukraine, zelensky, went on camera to say he's thrilled about all of these economic opportunities. watch this. >> it's obvious that american business can become the loco motive that will push for our global economic growth. we have already managed to attract attention and have corporation with such giants of the international financial and the investment wall as blockrock, j.p. morgan, goldman sachs, such american brands as star link, westinghouse. they have already become part of our ukraine way. your brilliant defense systems such as himars are already united our history of freedom with your enterprises. we're waiting for better. we're looking closely at abrams. thousands of such examples are po

tom: what do we have at 7:30, goldman sachs? sonali had what they were doing their layoffs and such. and morgan stanley a victory lap as they continue to consolidate. jonathan: good morning. equity futures a little softer on the s&p. a four day winning streak. the longest daily winning streak since last year. in the bond market, yields higher by four basis points, 3.5476. your stocks up 9.6%. if you want to pick a single name, -- tom: we sat at the meetings at the world economic forum, everything is overwhelmed by the presumed china opening and against that the challenges of japan. our lead guest to get us started will help us with that a lot. jonathan: we will talk about the boj in a moment. are things getting better or worse? >> it feels like you have conflicting single -- signals at the moment. real optimism, at the same time, yields moving lower it is the bond equity rally that is the perfect storm for the u.s. dollar. a conflict between the messages. jonathan: do you think the move we have seen and the dollar so far is sust

read the news out of goldman sachs.offices in hong kong, edmund koh, president at asia-pacific. good morning. >> thank you for having me this morning. david: the way ahead, that is the theme. why don't you find that for us? >> this edition of the greater china conference, we have been doing it for 23 years. i think the exit of zero covid and some of the macro policies we are seeing drifting towards growth is signaling the way ahead for the chinese economy. and -- no end for this particular period. david: i want to ask you about what is happening. it is affecting a lot of businesses across the border on the mainland with his surge in virus cases. how is your team doing? any changes right now? >> no. we have 1400 of my colleagues in china. it has not affected the way we work. we have some infections as well. you see a peak and then you plateau out. china is still going through that period. when we look at the economy we thank with the exit of zero covid and the growth initiatives the powerpack of growth initiatives will c

namely one, goldman sachs.e hope in this market because gold man goldman had the largest miss in ten years or fell 391 points goldman is an investment bank with no ipo and no merger business to speak of so of course, the numbers were bad and even goldman is making changes that seem to be paying off there was far more risk than we thought. it makes no sense to slam the whole market when wells fargo, jp morgan, citi group, morgan stanley was amazing today. the big consumer banks indicated consumers are responding to the fed's rate hikes except for travel because life is too short. i think we need to focus on the companies making changes to become more profitable or the ones raking it in now other than tossing out everything over some earnings jitters i end tonight's program with a message of constructive optimism we've had a ridiculously strong market this year hascashing out makes a little sense the fed is preserving your wealth, not trashing it. that with the fed not against them i like to say there is always a

earnings from wells fargo and goldman sachs and morgan stanley pointing to the down side. investors watching for fed rate hikes. we have the ceo of oppimas great to have you with us. it feels like a lot is already understood what to expect from the banks. we know dealmaking has slowed down what are the potential surprises that we need to be on alert for here >> i would be surprised if there were any surprises at all this morning. all of the trends are established and it doesn't look like any is an outli aaoutliae outlier at all that's going to be a bit of a difficult thing to predict where that will land as you point out, we know investment banking has been badly. we know the lending front has gone up. we know delinquency rate it is an open book the other question is how much are the banks going to put aside with loss provisions for losses they expect to accumulate on the credit portfolios in 2023? that is a bit of an art more than a science that will, of course, have an impact on earnings it is up to them those are the things that are variables. everything else is set at

that will be my response to goldman sachs. haslinda: how much does goldman sachs oh malaysia? million as suggested before? >> that is the arrangement. i would want to see more responsible response from goldman sachs, so we can end this. it's a big institution. there positive issues with them but, they're also huge problems in the past. i don't think i would want to venture to that. my only appeal is for them to make -- to settle this deal. 1mbd as known throughout the world. it's in the books. goldman sachs should come out clean and deal with malaysia. don't think you can dismiss this as something small that you can use your strength to dictate your terms. haslinda: goldman says that malaysia is intentionally undervaluing the assets to forced goldman to pay the 250 interim payment. >> if you want me to pursue that i would say, given a fair deal, we're supposed to be paid much more than that. ok? which i intend to deal with them. if this thing is not settled. it's not my intention. i'm new in the game. i want to settle old scores. we have to move on. if they come to pressure us

sachs. happy birthday, guy. buy tesla. they cut prices on cars just-in-time for your birthday. i am alix steel with my cohost in london, guy johnson. by my calculation, if i gave you $1000 for every year you have been alive, you could avoid a model y. congratulations. guy: my birthday is tomorrow, not today. friday the 13th not the data have a birthday. happy birthday to whoever it is. i think the markets are having a mixed day. i am sure it is the banks. i know the tesla price cut is helping. alix: i also have to say the s&p failed at the 200 day moving average yesterday. you never liked that and it is a long weekend in the u.s. but all that said, we are well off the lows. guy: let's talk about that. my take away from the university of michigan numbers is the consumers like lower inflation. give me the numbers. mike: as our former vice president dan quayle once said, happy campers you are, happy campers you will be. people do like lower inflation the fact it appears growth was reasonably st

we have a $2 billion loss in goldman sachs banking echo those conversations never happen at goldman sachsourse not, because they did not have this unit to the scale five years ago. in the beginning, i remember having conversation and so much of the purpose was to diversify and lower the cost of funding. but the cost to do that, markets are still giving you 335. most of the large banks have not budged among .01%. so it costs a lot to get customers. there is big reporting from liz hoffman that showed you it was not all just the decisions they made. they hit a lot of hiccups along the way. one interesting one being an issue with a vendor. i thought that was very interesting attention as goldman expands. how do they expand not just to meet the consumer but to keep their existing client happy. lisa: how much of these cuts really are just delayed attrition? sonali: a lot of that is definitely true because in the pandemic, they were making so much money. even this coming year, even with profits falling off, they are expected to post their second best year by revenue. i think we have to quickly c

let's begin with the holiday shortened trading week and quarterly results from goldman sachs and morgan stanley let's start with goldman, which clearly does not appear to be a good quarter i want to get your take. >> well, we needed to have more m&a in order to offset some of the things we saw both management and expenses not good spending a lot of money, david, on consumer. not being offset by anything that's involved with investment banking. so you also had some -- a big balance sheet. they spent a lot of money and it wasn't clear, the return they got on it. so i would use the term disappointing straight out i think they're going to feel disappointed it's not up to snuff of goldman sachs. and they didn't make nearly as much off of their equity i think you and i both know, that's pretty much what you need to do. >> noncomp expenses i'm looking at a quick report from jpmorgan, a flash report after the earnings noncomp expenses up 13% year over year. >> that's not acceptable either. look, it would be one thing if you had a gigantic wealth management business or a big jump you saw at morg

he talked about the weakness in goldman sachs -- you talked about the weakness in goldman sachs. but on the others of the fence we have seen that morgan stanley stock price up more than 7% today. diversification the keyword as the management business has been helping out. it is interesting and a busy week for technology. we will get netflix later this week. roblocks is up 13%. beyond goldman sachs we are seeing weakness in travelers and storm related claims. kriti: the earnings story is driving a lot of the trade today. from a macro point of view one of the major focuses is the world economic forum. bloomberg speaking to major leaders, including bridgewater's bob prince. he discussed the trajectory of the economy. bob: the next shoe to drop is a decline in the economy and a contraction in the labor markets. the core issue with inflation is wages. jon: we will see what happens on the jobs front. the results of data on the economy in canada today as well as fresh data on the manufacturing picture in the u.s. let's bring in mike mckee for more perspective, international economics co

of goldman sachs. in fact, after christian -- so the red flags came up as far as you don't know what you're investing in. for me the red flags came up immediately when i hear $3,000 a month in interest on an investment, i worked with several anuity company, with large investments, $3,000 is unheard of anywhere. so that was a huge red flag. and then you know, thereafter, he followed confidential memorandum again from harvard city capitol but was acting at the endorse and everything as if it was on behalf of goldman sachs, he made all these representations as he was an employee of goldman sachs in fact when christian declined to invest, he essentially called me and was very upset. that was the last conversation that we had over the phone where he said he was very upset, he needed disbursements from goldman sachs. i said listen this is the nature of your business, clients have the right to choose or not to choose, he decided to forego it and that was that. and essentially he never spoke to me after that a

the man under him griffin came from goldman sachs. the likes of citadel, millennia, these hedge funds are thinking ahead. but even among the banks, remember even with this retrenchment, to you about in this next year and see competitive weakness in the banking industry, you see credit suisse firing by the thousands. you see other banks in a tough spot because of the macroeconomic environment. you have to ask what are the ambitions competitively, even for the biggest public banks retrenching today? alix: i appreciate this conversation. this takes us off well for earnings on friday. coming up, more on the question of the day and more on the markets. wells fargo chief investment officer will be driving us. this is bloomberg. ♪ >> we want to buy tech is a recovery story. we need to for the market before we can get to a point where you want to buy the tech sector. we go back to the quality issue. if i look at all the s&p 500 sectors and bring them in terms of quality, that hardware component ranks highest. you might not get cheap valuation

morgan stanley and goldman sachs from goldman sachs -- biggest banks taking a hit from investment banking. it is day two at the world economic forum. we will have more blockbuster interviews that include cbs ceo and opec secretary-general. later today, doma are exclusive with german chancellor olaf scholz. davos gets underway for the second day. markets are quiet. the big risk event is a boj. that has the potential to shake things up. until that, let me take you to equities market because there are declines. some consolidation given the strong your today declines we had. china gdp out but that data is backward looking. the markets not paying too much attention to it. lunar new year starts his weekend so perhaps some proffered -- profit taking of that. s&p had a holiday yesterday. european stocks in the cash session ended the highest since april a little bit softer this morning. we see some risk appetite to start this morning coming through was in bitcoin appeared we will see whether that is continuing as soon as the boards change. we are up just 1/10 of 1%. it is back above 21,000 there t

there will be a focus on goldman sachs, they had a difficult 2022.re estimates have been on a downward journey from about $11 .60 this time last year to $5.60. that is a downward journey that follows a major reorganization and layoffs. tom: how much diversions -- divergence do you expect to see? charlie: a lot of banks have already reported with large retail operations, so they are focused on the consumer. goldman and morgan stanley will get us more intel on what that deal flow atmosphere looks like. tom: in terms of the gauge as to the real economy, what are the data points you are looking for out of these earnings to give us a sense how these banks are positioning for the growth picture? charlie: these are bellwethers the american economy, and mashed and so much -- enmeshed in so much activity. when you see the ceos, recession has been the elephant in the room. trying to prepare for worst-case scenarios and explain why deals has been so difficult and get a slight sense of optimism. it is a difficult task but it is looking like the consumer is in go

and goldman sachs is not just an investment bank.ed its consumer bank under lloyd blankfein, the previous ceo, it became a new-fang ifinged type bank -- fangled. they weren't opening branches like jpmorgan, but everything was online, and you could open deposits, and there's a huge compliance aspect of in that you have to follow. they did ramp up for that. but, you know, apparently -- and this is what i'm gathering from my sources there -- they tripped up on some compliance issue enough hat federal reserve is making an inquiry. i wouldn't -- i'd be real careful on speculating this is some sort of an existential to goldman sachs. i mean, this stuff happens so much because the fed literally is in every major consumer bank checking these things. so is the consumer finance protection board, the cf if pb. -- cfpb. so this stuff does happen, but where this gets really interesting as a reporter covering it, where it gets sort of problematic for goldman management is what it means for david solomon, ceo. i mean, this is a guy, i know him, he'

how did you discover the story of ashley sach? i heard about the story from a journalist down in savannah, georgia, who came to a presentation that i gave and waited until the crowd cleared afterward to speak with me. he told me that i had to see this object. ashley sach, which she had recently seen because the curator had been to town and talked about the sack which was owned by the middleton place plantation and offered them on the southeastern coast. and what is the story of ashley sach in a nutshell? the story of ashley's sack is about an enslaved woman named rose, who was living in charleston, south carolina, in the mid 1800s and who learned that her daughter was going to be separated from her soul, away from her rooms at that time. got her hands on a sack, and she packed with various items for her daughter. she gave her daughter, whose name was ashley, in the sack full of things that ashley would need to survive. right on the eve of their lifelong separation. and this story was embroidered onto the actual cotton sack itself

what are you expecting from morgan stanley and goldman sachs? 3,000 people. >> goldman has gone through a process of remaking themselves to your earlier comment with respect to the bank said of the business i said for many years it would be a good idea for them to buy a bank get people in there to run the bank side of the business. their performance in terms of funding cost which are high and credit costs on the loan book which are high are just not impressive, brian. they need to get their act together i think the way you do that is go buy core deposits if you look at morgan stanley, he has achieved stability because of the big book of fun funding. he has assets to manage and he has the investment bank which is the cream on the top >> chris, are you talking about buying a big regional bank or mid major? i'll not ask you to speculate. like a pnc or u.s. bank? a smaller player >> i used names. smaller is key the reason i love key is it is 100 billion in main street core deposits i think that fits very well with goldman. it is not too big to dilut

liz: goldman sacks is calling it one o -- goldman sachs is calling it one of the top picks. lauren: it's got a strong brand but i'm still in the boat, liz. liz: you've anchored about every show today, oh my god. you are the machine, girl. thank you very much. u.s. stocks and bond markets will be closed for martin luther king jr. day but the "claman countdown" is live and kicking because global markets, oil, metals were all open in trading earlier and tons of breaking news and we need to get you geared up for it. it'll be an epic year of earnings and economo data and french markets enjoying a solid green day and all closing to the upside here. big news though out of germany, who's dax has roared nearly 9% higher just since the start of january. for comparison the dow's gains 3% and christine lambreckt ask out about her concern of leading the military and she offered to send ukraine 5,000 helmets when ukraine was begging for heavy machinery like tanks to fight against the russian invasion. the dax up about a third of a percent and global currency markets are trading and euro h

. >>> coming up, goldman sachs' terrible, horrible, no good, very bad week.the bank the blues? the details next you're watching "fast money. back right after this. back when i had a working circulatory system, you had to give your right arm to find great talent. but with upwork, there's highly skilled talent from all over the globe right at your fingertips. it's where businesses meet great remote talent and remote talent meets great opportunity. ♪♪ ♪ this is how we work now ♪ all across the country, people are working hard to build a better future. so we're hard at work, helping them achieve financial freedom. we're investing for our clients in the projects that power our economy. from the plains to the coasts, we help americans invest for their future. and help communities thrive. >>> welcome back to "fast money. goldman sachs shares dropping 2.5% today on a report that the federal reserve is investigating the bank's consumer business the central bank looking at whether the bank's marcus unit had proper safeguards as it ramped up consumer lending earlier in

big banks back in the spotlight with morgan stanley and goldman sachs reporting. the stocks taking off in opposite directions. goldman seeing its biggest miss in a decade. morgan topping estimates we'll break down all the headlines and look at how to position plus, china's growing pains from a slowing economy to a slowing population, and a resurgence of covid cases. we've got the latest and what means for the china investing pieces and united airlines on deck to report we've got the action, the story, and the trade on all three ahead in the earnings exchange but we begin today with the markets and dom chu with the numbers. hey, dom >> melissa, markets were mixed earlier in the day, but they are pretty much in negative territory at this point right now. the nasdaq is outperforming a little bit for that tech-heavy side of things, which is still close to the flat line, maybe up about a tenth of 1%. about the middle of the day's trading range. meanwhile, the s&p has retreated from that 4,000 level, down just marginally right now but it's the dow that's the big story t

. >>> plus what is eating goldman sachs. the investment bank posting its bigger earnings miss in more than a decade. the traders weigh in on the financial folly. you're watching "fast money" live from the nasdaq market site in times square. we're back right after this. [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. [music - cover of blondie's “dreaming”] a bank that knows your business grows your business. [music playing] ♪ imagine something of your very own. ♪ ♪ something you can have and hold. ♪ ♪ i'd build a road in gold just to have some dreaming, ♪ ♪ dreaming is free. ♪ accenture, let there be change. >>> welcome back to "fast money. crypto's recent rally giving a boost to the gray scale bitcoin trust. the gbtc trading at a discount of just 36%. the discount got to nearly 50% at the end of the last year. what should we make this of move, ka

guy: we were just speaking to jeff currie on goldman sachs.cts a significant bounce back in the cost of fuel, significant bounce back. u.s. carriers do not hedge. how big of a headwind could this be? sheila: we will see. one of the biggest problem we have been airlines right now is pricing. fueling is really passed on to the consumer with airline fares. we are looking at revenue per passenger. 20% increase in the q4 quarter, which delta will start on friday. we expect that to go up 10 by the end of the year. iffuel increases again, pricing will abate, but we think a weakened consumer will cause airline fares to come in. we do not cover oil, we cover the airlines and manufacturers, but we don't expect a big spike. but that will be passed through to the consumer at the end of the day. guy: looking forward to the delta numbers on friday. thanks for joining us, sheila kahyaoglu. this is bloomberg. ♪ guy: as we come through to the end of the day in europe, european equities having a pretty good day. green on the screen. stoxx 600 at 447.60. miners,

goldman sachs is off by 2.6% we just got the numbers on that.looks unchanged by the way, that stock was indicated lower before the numbers came out that's a little weaker than we had seen goldman sachs at earlier this morning >>> when we come back, we have chevron ceo, mike wirth. we will talk about prices, production and inflation, the outlook for the global economy and what the white house is saying about the oil price cap and whether or not that's working. he will join us after the break. >>> signature bank is leading the way here, up by three and a third. why are 93% of sleep number sleepers very satisfied with their bed? maybe it's because you can adjust your comfort and firmness on either side. your sleep number setting. to help relieve pressure points and keep you both comfortable all night. save $1000 on the sleep number 360 special edition smart bed queen now only $1999. only for a limited time. >>> oil prices are expected to rise as china reopens and energy demands increase from the second largest economy. with us is chevron ceo, mike

goldman sachs chief european economist.s europe heading for a soft landing? jari: we usually think about the soft landing usually more in the u.s. context or we have to rebalance demand and supply in the market but in some ways you could apply this to europe which is much more about the energy shock and the reduction in the energy supply that we've seen in the need to reduce demand to rebalance the energy market and i think we've seen good progress on that. gas prices have fallen. commodity strategist and gas prices will rise a little bit into the summer but much less than we thought before so we think this is now an important headwind in the euro area economy that's gone away. with better data, china reopening we think there is a better chance for the euro area to avoid recession. guy: does that imply inflation will stay relative -- jari: headline inflation should come down swiftly. already seen that in the last couple of prints. gas prices falling. so we have taken down our headline inflation forecast, a core inflation of

he was a personal banker on behalf of goldman sachs. and all his representation were on behalf of goldman sachs. in fact, after christian, the red flags came up as far as, you don't know you're investing in. for me, the red flags came up immediately when i hear $3,000 a month. in interest on an investment. i mean, i've worked with several annuity companies with large investments. $3,000 a month is unheard of. that's a huge red flag. thereafter, -- with confidential memorandums again from -- city capital, but was acting at the dinner and everything as if it was on behalf of goldman sachs. he made all these representations as if he was unemployment goldman sachs, in fact, when christian declined to invest, he essentially called me and was very upset. that was the last conversation that we had over the phone. where he said, he was very upset. it was a company card. i said, listen, this is the nature of your business. clients have the right to choose or not to invest with you, he decided to forgo it. and that was that. and essentially, he n

sources say goldman sachs will embark on one of its biggest ever rounds of job cuts this week slash, with plans to slash about 3200 jobs. francine: let's take a look at futures. we are risk on. we are expecting optimism not because the data at ugly but because of the optimism of what central banks will do. optimism in asia filtering through to europe. tom: bad data good news for these markets, the ism print much lower than expectations, plummeting. supporting the view that the fed steps it down when it comes to that meeting in february, for the five basis points. the market pricing 32 basis points in terms of the next rate hike. the asian session, we will get to that shortly, currently in a bull market. the ftse 100 opening up .1%, gaining just 11 points. the spanish ibex down, and in france, range bound. let's see how pricing reflects a strong session in asia, and that handoff given the rally on friday out of the u.s. let's switch over and see if it is likely to continue as we look to futures stateside. the msci asia pacific again in bull market territory, gains of 20%, the lowest s

the strongest outlook of any asset in 2023, according to goldman sachs.a bullish concoction, basically a perfect storm when it comes to this asset class going into the rest of this year. parallels from the run-up in 2007-2 thousand eight. the year is starting out with a pullback in prices, rising rates as well. we are watching for the impact of the china rebalance as well. prices to the downside after last week's gains. iron coming under some pressure, we need to hear from china's top economic planning body asking iron ore traders to provide details as it looks to head all fresh commodity inflation. great to have you with us. what was your reaction when you saw some of their policy makers murmurings out of china and the impact? >> it feels like some of the previous cycles we've seen when they are reverting back to the old tools of the economic growth engine, infrastructure property and the like. clearly it is an easy one for them initially. they need to be careful about extending that into a full-blown rally. clearly the underlying issues in the property

goldman sachs announcing its biggest round of job cuts. and cpi will be out later this week. >> thousands of rioters that support bolsonaro stormed congress another bildings in the brazilian capital. security forces took control and detained 400. bolsonaro says the protests are quote, not within the rules read president lula announced federal intervention to bring security under control. >> there is no precedent for what these people have done. these people will be punished. we will find answers and they will all pay the force of law for this irresponsible, undemocratic gesture. this gesture of vandals and fascists. manus: phillipe joins us, if we talk about brazil, what is the state of play? the justice minister saying it was almost a coup. >> good morning, manus. what we can tell for now is that the images we saw on sunday in brasilia, things are calm are now. it is the middle of the night in brazil, we have president lula da silva and some of his ministers saying this is unprecedented. and that the images and events from the day were ba

you see what they did to goldman sachs.ou saw what they did to travelers f we get more of that, that is worrisome. two things stick out like a sore thumb, i'm really surprised more people are not talking about. savings rates plunged down to nothing, credit card usage is skyrocketing. when you know the consumer is 70% of the economy that is something you have to got to think about, if we lose the consumer trouble lies ahead. that means demand fall all, valuations too high, market is in trouble regardless what interest rates do. i hope we're not there yet, if we are, we may have hit a wall in the market. i hope i'm wrong. the good news the nasdaq has a little bit of relative strength versus the dow right now which is good. we don't like it the other way. got to watch this economy. bad news may end up being bad news for a while. charles: i will add one more thing talking about credit card use going up. interest rates hit an all-time high of 19.1%. on average store cards are 29%. we're living on borrowed time. two of very best

so, again, goldman sachs coming at double mess.ing on morgan stanley, maria, back to you in davos. maria: we will get back to you when the numbers hit. thank you so much, cheryl. stock is down one and a third percent on goldman. quick break, we just heard from goldman, morgan stanley expected to hit the tape any minute. morgue a-- morgan shares expecty minute. ♪ ♪ ♪ ♪ ♪ maria: welcome back, morgan stanley is out. cheryl: double beat for morgan stanley. really big when it comes to asset management. coming at buck 31 adjusted. earning per share was 1.13, strong beat on earnings per share on morgan stanley but revenue coming 12.75 billion, the street was looking 12.64 billion, a few things to note here what they did say as they pat themselves on the back, maria, they say reported solid q4 reports amiss a revenue market. as for wealth management. net revenue 6.6 billion. mark and i were talking in the commercial break that it is about asset story when it comes to morgan stanley because they focus on business since 2008. they also talk

according to goldman sachs, this is worrisome. maybe we hit it a different way, folks.ccording to goldman retail investors sold 1 1/2 amount of times of stock they bought in investor revolution. everyone got into the market here t was fun. it was exciting. they're saying you sold more blue chip stocks, even more of your nasdaq 100 stocks. i don't know if that is true. goldman says you did. if that is the case, maybe, just maybe we went through the panic and capitulation phase in a whole different way. bring in ria advisors, their ceo, lance roberts. we had this conversation so many times about classic capitulation. maybe it happened but we didn't see the panic. can we check that box or do you need to see more selling, particularly amongst some of these technology stocks? >> no. i think we might have actually seen it. you know one of the problems we have today, more than anywhere else in history, is this illusion caused by passive indexing. we have record inflows last year into passive indexes which tend to support the market. so we had a lot of selling going on, a lot o

i wonder, cuts, amazon, facebook, goldman sachs.n, facebook, goldman sachs. i wonder, does it make you fear that more are to come? big job cuts at those organisations can sometimes have a knock—on effect. clearly they will have a knock—on effect, that is very much what 2023, we will see that happening more. we protect —— project globally employment growth, very little, to unpack that, you are part of the world where unemployment would rise, in europe we expect more or less the same. when you look at that state in africa, we might have 3% increase, however when you look at the increase in the walking population, that will again nullify a big part of that game, so globally you will see those announcements are quite serious. ., ., ,., see those announcements are quite serious. ., ., ., , serious. you also have concerns about the _ serious. you also have concerns about the quality _ serious. you also have concerns about the quality of— serious. you also have concerns about the quality ofjobs - serious. you also have concerns about the q

speaking bank did you hear what's happening at goldman sach's? see transition everybody?a recession becomes reality and layoffs loom theg do perks that would used to enjoy it your job are disappearing i s faster than it will be goldberg's jewish fan base. [laughter] according to the "new yorking " they are taking away their free coffee perks for the goldman sach's employees. i know, stop the presses., or at least the frenchat presse. [laughter] w i knowhy. d that is why i sit here and you are in the audience. [laughter] so now those bankers will have to pay for it like the rest of us, just like i do for those massages. milt hemmer has such strong hands. sadly as in your post reports goldman sach's employees returned to work on tuesday tot find out they would have to pay for their crappy coffee, that is the post- words not mine. i'm guessing it is starbucks o like. happen t because you know what i always say i likeyo my coffee they like my door read black and really better. [laughter] [applause] books so to quote one worker they were confronted when they got there coffee w

i got bad news from employees at goldman sachs. looking at all of this, we have the reopening story as well very much at the four. -- fore. yvonne: china rejoins the world. a lot of the optimism and emotional reunions at the border here over the weekend when things kicked off on sunday as well and it seems like the u.s. jobs report which was mixed. wages cooling down and that lifted the market plus the reopening story and that basically means the rally has a bit more momentum behind us here today in korea punching 2% gains. hong kong at hsi at 1.8%. the dollar is sliding on the back of the u.s. jobs report, holding onto the losses as well. you are japan closed for today so no treasuries but basically regionally, we are all slightly higher here when it comes to bonds. that is the one to watch next. rishaad: this is the msci asia pacific. approaching a bull market, 19% up since we saw this -- those october bottoms if you well. 20% of course is a bull market, way past that whole notion of this essentially being one which is lacking co

andrew: abby cohen, a strategist for goldman sachs, likes twitter which is anti-tesla. among the major car companies, it has been leased committed to going all in on battery electrics, emphasizing hybrids, it believes the industry won't say, that the internal combustion engine cars will be around longer than people think. carleton: and in the financial sector. jack: one of the better known and best managed investment companies known for target date funds and mutual funds, plan a better stock market this year and a good balance sheet, 4% dividend yield. carleton: looks like some of our strategists have ideas for overseas investment. megan: we are interested in airbus, that duopoly between airbus, they are taking the lead in that narrow body class of jets. they took the afternoon to restructure during the pandemic and are situated well and the european-based company asm l, a dutch company, talked about how semiconductors are going to do well. the lead supplier for those semiconductor manufacturers. if semiconductors are doing well they are needed from electric cars to art

judge, do you spend your morning at goldman sachs. the anonymous banker goes on, we have to go to the checkout counter before we leave. i paid $2.99 for a cup of seattle's best. they're talking act coffee or a urine sample from kelsey grammar. he's clean now. come on, people, what's with the whining. you don't have to buy coffee. you can make your own or choose to not drink it. not like the gutfeld pay toilets at the studio where the audience has no choice. man, have i cleaned up on that, even if i don't clean them. but, look, no one is forcing you to work there. you're not changed to your desk like cat, that's for her own well being. caffeine is the least of their worries. as many as 4,000 low-performing employees, 8% of the goldman workforce could be laid off. so they might as well buy the coffee. they have a cup for people to drop change into. that was mean. i feel bad for them. but this is happening for everyone, not just wall streeters. so many americans are dreeling with inflation in an uncertain future. and for that misery, of

the second and goldman sachs's history.he profitability of that business is a key concern for goldman and a key thing that is on david solomon's mind today and tomorrow. guy: david solomon would not appreciate this on his birthday. as a think about the investor day, are they questioning his leadership? sonali: that's a great question. the clock is always ticking. they have medium-term targets. 10% of return on equity, that's below this medium-term targets. the question for david solomon becomes, what brings you to that point that you can deliver those medium-term targets as promised while keeping your people happy? you have executives acknowledging here that some of these compensation costs were also tied to this idea that they need to keep people happy and pay-for-performance at a time where they want to be set up for the year ahead. james gorman put that in a different way. he said they want to be doubling down as well. whether or not it is the same at both banks will show up in the numbers in the plan forward. guy: share

big banks back in the spotlight with morgan stanley and goldman sachs reporting.rgan topping estimates we'll break down all the headlines and look at how to position plus, china's growing pains from a slowing economy to a slowing population, and a resurgence of covid cases. we've got the latest and what means for the china investing pieces and united airlines on deck to report we've got the action, the story, and th

headlines coming out with that journal story are leading to the decline you are seeing in goldman sachse know more i'll send things back over to you. >> yep coming even as the cfpb is probing the credit card business even as we're close to session highs, dow is up 126 when we come back, why the apple exposed names in your portfolio may be at risk from a suppliers surprise we'll explain that one after the break. >>> plus, year of the rabbit or year of the bull why wall street is so optimistic about some of these names in china for 2023 when "tech check" tus. >>> welcome back with apple increasingly looking to move design in house, which suppliers might be most at risk. steve koeis exploring that. >> the latest versions of the macs with the newest apple chips. they're almost finished ditching intel for got. they're working on 5g modems to replace qualcomm modems. now, there are plenty of other suppliers with key components for the iphone and other products that could also be at risk ifapple decides to bring that tech in house, too. these are companies with significant dependent on sales t

we've got the technology and financial centers, we've got goldman sachs and citadel. can employ these people and we also offer great benefits to moving so i think the areas that really don't have those benefits, those value-adds we're seeing a pullback there. maria: yeah. i mean, i think you make a great point. there's a reason so many people are leaving high tax states and going to florida. chris murkowski, you're with us this morning. your thoughts in terms of this slowdown in housing? this is not like what we saw in 2006 because it was a different situation then with regard to supply. >> oh, praise god, maria. we don't want to go back to adjustable rate mortgages where everybody was getting a he reset and had no choice but to sell. even if goldman sachs is right and you see a precipitous drop in mortgage prices, if you don't have an adjustable rate mortgage you still have your house. it's a function of what you can can afford he every month. most people have a 30 year more mortgage. if there's an adjustment like we've had right now where interest rates have gone up

you saw goldman sachs not great earnings.stanley took a charge for cutting job cuts, if you have to go into the bowels of the, the guts of the earnings to see that. but i mean, listen, this is what i'm hearing from ceo level. they're planning more belt-tightening, more cuts. maybe not as drastic as goldman. goldman really ramped up hiring during the boom, spac boom, investment banking boom began in 2021. it ended when the fed started to raise rates. goldman the most dramatic. others are doing the same. it could last through 2023 into next year. neil: no matter how well the market does, if this continues today not with standing? >> i think the fed raising rates clearly put a damper on deal-making. neil: that is goldman's. >> jpmorgan does mortgages. higher rates hurt mortgage creation. you can see how it filters through the system. when you staff up, you try not to staff up, but goldman staffed up because they had a ton of deals and people working overtime. neil: parcel out with the bonus, that will get people to quit. >> wher

the dow is weighed down by shares of goldman sachs.gan stanley is among the top performers today beating fourth quarter earnings and reporting a revenue beat, a bright spot for the firm roblox shares getting a nice bump, including daily active users up 18% year over year and hours engaged up 21% year over year snap moving lower after getting downgraded to market perform at jpm securities the firm says time spent on that platform is declining. >> let's go to news update bertha >> here's what's happening at this hour. it is sort of a tale of two different banks, morgan stanley and goldman sachs. surging 6% revenue from its wealth management business hit a record as deal making continued goldman sachs posting a loss and its stock the first loss in two years. investment banking fees were cut in half, even as operating expenses rose. and the federal reserve says business activity in new york state has pulled back sharply to the lowest level since the middle of 2020 the empire index saying to negative 30.9. that is the fifth worst reading in

also on the show from goldman sachs to goldman fact the investment bank lays off thousands as a global downturn weighs on markets, get more from wall street. ah, welcome to the w business. this is christy plots, and back with you from berlin. it's becoming a major battle ground among rival superpowers. the u. s. is encouraging its international partners to join a plan ban of chinese computer chips, according to media reports, us ambassador to japan, rama manuel says the u. s. as in discussions with japan, another lens and south korea, nations critical to the industry supply chain. in an interview with bloomberg, he said, all the parties are at the table. all the parties have a mutual shared interest in the outcome. he said the deal must be multilateral in order to work. the korean government for its part has denied its and talks with the u. s. at the stage. meanwhile, another u. s. partner and the world biggest manufacturer of, of powerful semiconductors, taiwan has passed its own ships act to give tax breaks to key manufacturers. now, earlier i spoke to dan, i've a tech analyst at web

goldman sachs and morgan stanley.ook ahead and not to what to expect from european lenders as well as a compared to report their earnings at the end of this month. we continue our conversations with industry and political leaders in davos there let's get over to bloomberg's manus cranny on the ground as the world -- at the world economic forum. manus, good morning. manus: we are live from doubles. we have -- we are live from davos. joining me now is khaldoon al mubarak mubadala investment ceo fromceo . oh off scholz is no recession in europe. he says they will avoid recession. describe for me your outlook. has your mood moved on global recession obsession shifted? >> i think our mood is more of cautious optimism. i think the last two or three quarters and particularly q4 last year was very negative. i think that mood spilled over and markets all over the world and then you are seeing today the shift that you are describing. for my perspective, i think there's no doubt there are some headwinds. there are challenges ahe