you are nothing without goldman sachs. we can replace you at any minute and you will never make a dime outside these walls. i actually believed it, i was nothing without their name, nothing without their money. so yes, i can see how when i should have walked away, it was years and years before i did. i see that clearly. >> another stunning point in your book -- you took a year and bonus in 2003 of $11,000, which is a tiny amount of money but it was important to you. plus an $11,000 bonus from your friend. you were amazed, right? >> i'm still a little shocked. like are you seeing this? i knew i was onto something. there was a restaurant called pete pizza and just before the housing crisis in late 2006, we send them over a million dollars in pizza orders. that was one restaurant and i was like this is going to be really big. at that point, i realized i had a tiger by the tail. my passion, one type paid off my student at, which is what i was trying to do, my passion became helping independent restaurants succeed in drive. it

goldman sachs hires 50% women. less than 20% at the partnership. i want to see that number change. >> goldman sachs has, since the publication of your book, not been too happy with it. they have disputed your characterizations of what is called the misogyny at goldman sachs. they refused to respond to -- >> you know that review. anonymous allegations. what kind of english do they speak at goldman sachs? i think that's a weird word. do you give goldman sachs hire arcs for anything for what you hear as an outsider? >> i respect their opinion. they are entitled to theirs, i'm entitled to mine. i feel like i'm in a good place because for 18 years of my life, i got that job at 21 and lived at -- left at 40. i lived and breathed what that firm thought of me and it feels good not to care what they think of me anymore. but i respect their opinion. [applause] >> eric, to come back to the grand scope of things, you are the leading historian of the big myths. what were you thinking as you first took aim at this huge project? was this bigger than any of the bo

we look forward to goldman sachs in the next hour and goldman sachs -- tomorrow.4.1 percent is a legitimate deposit rate, the real deal. jonathan: decent enough. lisa: better than some market money funds. tom: triple leverage, a gross of 12% and you take out the fees and it is good. sonali: jonathan: -- jonathan: i will take five if we can get it. lisa: is hard to find unless you are investing in more speculative assets. you look at the prospectuses and you see what people's desire for safety exceeding the desire for 5%. tom: check writing is down. jonathan: why are we still writing checks? i know people in their -- pay the rent in manhattan i checked. -- pay their rent in manhattan by check. tom: are we going to the coronation? jonathan: we are not going to the coronation? goldman sachs earnings in the next hour. ♪ ♪ ♪ the vehicles are all-electric. the feeling is all mercedes. the choice is all yours. see your dealer for exceptional offers today. everything's changing so quickly. before the xfinity 10g network, we didn't have internet that let us play all at onc

in this hour we will hear from goldman sachs.nter stage for investors after the bell we will preview those numbers. plus, new york columnist, tom friedman, on u.s. and china relations. the second hour of "squawk box" begins right now >>> good morning welcome to "squawk box" here on cnbc we are live at the nasdaq in sometimes square i am andrew ross sorkin along with joe kernen and becky quick. >>> nasdaq is up about 78 points, and the s&p up about 17 points and we are looking at treasury >>> we are getting ready for goldman sachs. the first quarter results. i was trying to figure out why the dow is up 136 points, and j&j also up. bank of america reported 94 cents a share, and that was well above estimates of 82 cents. and revenue came in better than expected >>> becky is going to be speaking to ceo brian phoeupb has not. >>> you started looking through the regional banks, and there will be winners and losers, and we have talked about that over time the biggest winner, m & t bank, and the biggest loser, state street it shows you i

ed: the other big story is apple in partnership with goldman sachs offering a savings account with a5% yield. why is apple doing that? >> this was introduced several months ago. it was a little bit delayed and is now rolling out in the wallet app. some people think apple has big ambitions here and that is true. the reality is that this will still be u.s. only an apple cart only and this will eventually expand as the apple card expands hopefully. many people in europe want their hands on that. 4.15% is a good rate and that's a quarter percent higher than the rate that goldman offers in a savings account through the goldman sachs website versus the apple card and this is apple wanting to give more people reasons to hold onto their iphones. it will make it all but impossible when you add a new feature to switch away to android. ed: that's the latest on apple, thank you. coming up, revenue for fixed income is one of the main highlights as big banks like goldman sachs and bank of america report quarterly results. more on how they performed coming up. let's look at some of the stocks. some

goldman sachs, down 2.6%. but nonetheless this company put up 5 billion into training last year, 4 billion this year not as great. alix: thanks a lot. abigail doolittle joining us there. his stockpicking bad? i like that example of bank of america and goldman sachs. let's get more insight on this question with ankur crawford thank you for joining us. is this a stock pickers market? ankur: it is, and in part because in times of volatility you want to invest in businesses that are in control of their own destiny. we are excited because this is what we are built for. active management is back. identifying businesses that will generate free cash flow, have pricing power, have product cycles that will drive growth over the next 2-3 years while performing this market. alix: give us an example of something that fits the bill? ankur: nvidia has outperformed in part is because the market is starting to recognize nvidia is the compute engine for the next decade and regardless of whether or not the economy is soft or we

a lot to watch bank of america and goldman sachs. big day.ng here. >> my pleasure. >>> coming up on "wex," the one word everyone knows today. we have amy wu silverman with the latest. >>> if you miss us, check us out on apple or spotify or other podcast apps "wex" will be right back (♪ ♪) how do we demonstrate our unmovable strength? (eagle call) nope. how do we show that we'll stand tall through the storms? nah. (thunder) how do we make our clients feel secure and- ugh... not lions. (lion rumbles) we do it with our people. people who've been looking after people for over 170 years. (vo) businesses nationwide are switching to verizon business internet. (woman) it's a perfect fit for my small business. (vo) verizon has business internet solutions nationwide. (man) for our not-so-small business too. (vo) get internet that keeps your business ready for anything. from verizon. >>> welcome back to "worldwide exchange." time for the "wex wrap-up. we start with apple opening the first retail store in india with tim cook on site a second location is

tom: so in the wound for goldman sachs later today.u step back from these numbers, what you learned from the health of the banking system and industry? charlie: there was a lot on the line, more than any other season as we had so much drama in the banking sector. some calling it march madness. it is good to be big. a lot of these banks stemming the flow towards higher. net interest income seeming to potentially peak. some banks trying to say they might see such big figures. tom: charlie wells, excellent as always on these big banks. the importance of being big versus regional. some are seeing a rebound in their fortunes. western alliance, interesting in the context of what is happening. beating earnings, deposits have actually recovered. why do we care for the first time in a long time about western alliance? >> they are one of the regional banks hardest hit in the aftermath of svb. nearly 90% after the collapse. they said in the earnings presentation that they recouped 40% of deposit loss from the 20th of march two the 14th of april,

obviously that was a part of the problem for goldman sachs in q1.ion, 6%, i think that surprised me a little bit which tells me they are gearing up for maybe a rough 2023. look, you know, if you can bring ipo's back to market, maybe second half of the year if the economy start to turn around, the fed changes course, you know, buy low or sell high, i will leave it at that with goldman sachs, maria. maria: most people look at the volatility index and companies will not go public until they feel stability and not volatility and that's certainly not been the case. stock down 1 and a third percent. thanks on that, cheryl. we will take a break. it is tax day, you have tonight until midnight to get those taxes in the mail. americans are contributing to the highest sustain tax burden in american history. the committee for federal subject brian is here. back in a minute. ♪ ♪ ♪ (water splashing) hey, dad... hum... what's the ocean like? uh... you were made to remember some days forever. we were made to help you find the best way there. there are some things t

goldman sachs for better or worse, in my opinion, typifies that relationship. >> goldman sachs, for those that don't know, was traditionally an investment bank but is one of the financial institutions considered elite. so the students like you were, getting a job at goldman sachs is the pinnacle you aim for. >> there are things i would have liked, getting into protected corner doors of elite america over the last 50 years. there are better skills one could have but it turns out that is the one on accident or on purpose i have repeatedly practiced. i did that in the summer of 2006 as a student in harvard i took a internship at goldman sachs, and there was something i learned that day, but i thought i would learn about evaluating companies and the important part i didn't learn very much about that. however, i did learn a lot about how to aggregate power. how to aggregate power in a way that wasn't actually to smack the aggregation of power. goldman sachs had a hallmark hallmarkevent that summer, whics service today, you go and plant trees. the one thing i noticed, nobody was really interest

malaysia will reactivate an agreement with goldman sachs.me minister says the settlement was rushed and raised many questions. the deal by the previous government asked goldman sachs to pay $2.5 billion. melbourne has quietly overtaken sydney as australia's most populous city --. melbourne was home to 4.8 8 million people, following the inclusion of the area milton. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. >> let's get some morning calls. it is getting lonely up there for equity bowls. >> the s&p 500 has been higher for five of the seven last weeks. but there was a lot of doubt of how long this can last. this tracks the daily returns of the benchmark. outflows as much as $285 million in a single session last week. that was a record. this one saw inflows of about the same amount as well. goldman sachs is seeing a lack of sponsorship for the recent moves high that we have seen for u.s. stocks. the biggest

goldman sachs a re ort context? broadly, ai. goldman sachs a report saying _ context? broadly, ai. sachs a report saying they _ context? broadly, ai. goldman sachs a report saying they reckon _ context? broadly, ai. goldman sachs a report saying they reckon 300 - a report saying they reckon 300 million jobs will be lost through ai and some kind of redeployment. is that scaremongering?_ and some kind of redeployment. is that scaremongering? there will be re-adaptation- _ that scaremongering? there will be re-adaptation. we _ that scaremongering? there will be re-adaptation. we have _ that scaremongering? there will be re-adaptation. we have been - that scaremongering? there will be i re-adaptation. we have been through re—adaptation. we have been through several industrial revolutions. for once, in some industries and jobs will be affected but they will be creation of other ones. plan camp but will it just creation of other ones. plan camp but will itjust exacerbate creation of other ones. plan camp but will it just exacerbate the but will it 'ust exacerbate the financial but will i

on the trading side, we see good, thick numbers and goldman sachs does well there. they are much weaker at trading. you will see mixed numbers on the more important parts of the overall business >> john, one interesting story that we highlighted before coming out to you is from apple tapple. apple trying to take advantage of the outflows we are seeing in terms of traditional bank deposits is apple a serious threat to traditional lenders? >> i don't see them as a massive material threat. they are just starting out the big lenders have over $1 trillion each. it will be a long time before apple gets to that i'm not sure what apple's strategy is here they are looking to retain that business it is very, very small it will take a long time to start becoming a proper threat. >> john, let's come back to the original question of state street it does feel like this rocked the market yesterday and investors engaged in the space is there a risk as we hear from more lenders and regional small banks later in the week that we could see nasty surprises in there? >> i think the risk

goldman sachs and bank of america report today. plus, sterling pops as u.k. wage growth jumps unexpectedly but is an unwelcome boost that could raise inflationary pressures. francine:, let's take a looking at futures. for the moment gains across the board about 0.1% higher. the focus is on china growth and a little bit uneven. we have a story about brookfield not refunding debt or defaulting on commercial real estate debt. tom: that is a risk the a number of our guests have flagged. we will delve into that and get more details and lift the hood on the chinese equity -- economic data as well. also the top line, a positive picture when it comes to china. retail sales with consumer really coming back with force in areas of concern as we mentioned the headlines when it comes to industrial production and fixed assets. spain gains a .3%. ftse 100 6.6% coming in much higher than expected. again, raising the stakes for the boe is a look ahead to the next. in france the cac up a tent -- .2% on the fed you did hear from thomas barkan saying he wants to see more evidenc

the idea of goldman sachs -- walk us through those details there. sonali: part of this is because the blowout number you have seen last year and the year before. even with the numbers you slide goldman sachs, it was one of the best performances they've had in a decade. certainly in the last six years alone. but the question becomes where do the banks make money in trading of trading is under pressure? another interesting thing to member is goldman sachs on the equity side did beat on expectations and that is as they add a couple of quarters last year, have beat morgan stanley in the equity trading's number. that sets the bar for equity trading and supply is pretty low . but we are starting to see some fuel come back to the capital markets. let's see if that brings us into the second quarter. david solomon believes a lot of the volatility is behind us but you need some volatility to trade. kriti: thank you as always. she will be all over it tomorrow. i want to get more into the earnings season. joining us is the equity markets capital head of strateg

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

with goldman sachs this week, they will be one of the big beneficiaries of that latter trend of peopleaking money out of deposits and into money markets because they have the biggest money market business. >> that is a very, very interesting point to pick up on. i think people were surprised of the extent of jpmorgan chase beat on net interest income. they would have thought they would, perhaps, not be able to lift margins as they did because so many deposits have come in and they have been a beneficiary, they managed to do well overall, deposits have been leaving the system and going to money market funds when it comes to the health of the consumer, interesting comments with citi ceo saying that the bank softening in consumer spending this year. jamie dimon warning about the potential for things to slow down also jamie dimon saying higher interest rates expose vulnerabilities in the system. you have to see what is happening with the regional banks. the interesting one is the regional banks this week. >> you have charles schwab shares down 30% since svb collapse potential to get into t

chief global equities strategist at goldman sachs.ng up, stocks on the move including phillips. we will have the details and plenty more coming up. this is bloomberg. ♪ tom: back to the open. 24 minutes into the european trading day. a lack of direction across equity markets. flatten your. futures pointing to the downside in europe down by .4%. autos, energy, tech under pressure. autos down .4%. let's get to your stocks on the move and our equities team. joe easton is standing by. >> we are starting in the healthcare space looking at phillips and amsterdam. that one jumping around 11%. a lot of the headlines today were around the potential payouts for the sleep devices with concerns around potentially cancerous impacts. people are ignoring that today. jumping over there and amsterdam as their ebit tops analysts expectations and some of their supply chain issues. that stock has absolutely slumped over the past year given these legal claims and finally seeing a bit of reprieve for phillips today. meanwhile, i'm also looking at software

depressed in terms of deal making and ipos and all the things that make goldman sachs goldman sachs. what do you do steph called it a hot mess >> i think that was a good description. it was a hot mess and for the reasons she highlighted. i'm sticking with the stock. this is a highly profitable bank yes, they did beat on this quarter's earnings, tangible -- return was below where they want it to be when you put the numbers together, you realize this is a company that even in a bad quarter, this was a bad quarter, had enough cash flow to buy back $2.5 billion of shares that's against the market cap of roughly $100 billion they're going to do more than that in good quarters, and the good quarters will come whether it's deal making picking up or what i think is probably the most important them getting back to their roots the foray into consumer lending, consumer finance, was simply a mistake. they've recognized it. they've correcting from it i look forward to them getting back to their core roots of high-worth individuals and very high quality companies >> do you think the guy who made t

goldman sachs and morgan stanley round out u.s. bank earnings this week after jp morgan citigroup benefited from higher interest rates. meanwhile, sky reporting barclays will cut over 100 investment banking roles. plus, french president emmanuel macron and axis controversial pension reform after clearing a key constitutional hurdle. he gives a speech later today. francine: last time he gave an interview, there was controversy. we will see what happens a third time. gains are quite sizable. we will see how the day pans out. tom: we are considering the day that came out from the u.s. on friday, where there were expectations around inflation picking up around the university of michigan survey and also the retail sales out of the u.s. the focus tomorrow is a big data drop for china, that index currently gaining. we will bring you that story in more detail in a few minutes. there also looking ahead from fed speakers before they go into their quiet period. there is a solid handoff from china as we look ahead to the data. the cac gaining

but goldman sachs, could be the first half of june. so we're pretty much seven weeks away from the u.s. defaulting for the first time ever. mr. fitzpatrick, your leadership yesterday unveiled a $1.5 trillion hike with a whole host of cuts and all sorts of other budgetary reductions. are you supporting that? mr. fitzpatrick: well, i'm going read it first. but i will i'm reading it first. i will say they will get there at some point s that next week? maybe, maybe not. i think it's probably going to have a few tweaks. right now people are going through it. we have signals, aim scheyer you know. in various different groups of different ideological perspectives. people are reading through it and identifying this and that. and bring it to leadership and we'll see what happens. the bottom line is that i think people are viewing this differently than say a stand alone bill that's either going to be taken up in the senate or wholly rejected in the senate. people are viewing this as a volley. they know the magnitude of the debt. i think people w

let's talk debt ceiling according to goldman sach's in june, july, august goldman sach's so they first half of june. on the u.s. defaulting for the first time ever, mr. fitzpatrick your leadership yesterday 1.5 joined our hike was a whole host of cuts. you supporting that? >> are going to read it first 300 pages. but i will say they will get there. at some points. it's probably going to have a few tweaks. people are reading through it there missing that. i think people are viewing this differently. a stand-alone bill that's going be taken up in the senate people are viewing this as a volley. they know the brand the magnitude of the defaulting on the debt. knowing the final product where you meeting? i have some concerns with that but they can be laid up a. >> what is that is that fair? was it fair to me. i so want to read to their work requirements very important for me. medicaid and snap. twenty hours a week can be not only a working and can be looking for work. it can be training for each operator can be volunteering. it can be bulging of the church across the street for charity. the

makes income from goldman sachs. when it comes to european banks do you see a similar picture where investment banking is looking soft but deposits are holding on for the big lenders? is there more space to run for european banks or is the positivity priced in? emmanuel: so far has been a supportive earnings picture. rising rates aren't good for earnings and that is what we have seen with the big banks in the u.s.. as such qualities did fine. we are seeing -- on the banks right now. the central banks are having to hike more due to inflation and the risk of more credit -- down the road. tom: asset quality is a potential concern? emmanuel: if the central banks have to push hard on the brakes to get inflation down, they can do that without hurting more of the credit space and it's going to be very hard for central banks to really get inflation under control using higher interest rates as an instrument. tom: emmanuel cau, always fantastic to get your thoughts and analysis. head of european equity strategy with a target o

we had quite a negative close from goldman sachs after reported earnings missed the mark, sending thetock about 2% lower, 1.7% by the end of the day. johnson & johnson also another drag on wall street. this transpired into a negative session for asia as well you can see on the heat map behind me in europe, a lot of red on the map the stock is down 0.2% here we focus on the beginning of earning season, some of the company's data is beginning to come out we'll get to that shortly as well as inflation data out of the uk let's turn to the european markets and see the reaction the ftse 100, down 0.3%. potts, still 10% it's interesting to see how sticky it is the markets are pricing in almost at full possibility of a 25 basis-point hike at the next meeting given yesterday's meeting and today's cpi inflation surprising to the upside xetra and dax trading down 0.2%. asml, the dutch tip technology company came out with earnings today, and even though the earnings were better than expected, we are seeing a bit of a drag on that name. we'll get to that shortly. ftse down 0.8% in terms of sectors

you need to look at investment flows, goldman sachs says those have been week. perhaps investors not buying into the rally we have seen over the past couple of months. what else investors are focusing on is the results of the latest banc of america survey. it shows as investors are turning the most underweight stocks on bonds since the days of financial crisis. taking a look at where investors are putting their money into. we have gains in bitcoin, above the 30,000 level. we have been walking that since banking stress in march. also tracking the outlook for central banks, something that has been i'd. the euro yen approaching an eight year high. the ecb looking down three further 25 basis hikes. watching what is happening in bond yields, rising at the front end of the curve and we had more calls for further tightening. so much to pass through, the outlook for earnings and what it means for the state of the u.s. economy. haidi: a lot of focus and it comes to what the feeling is for the netflix story. pairing a steeper earlier decline of 10% in the after hours sess

goldman sachs says expect more volatility to come, but at the moment, little change, manus.us: the ecb has completed most of its interest rate hikes that it needs to combat sticky underlying inflation, according to the governing council member. >> the defective are past rate hikes will be more significant than the one of our future decisions. it will then be key to stay the course from those -- to put it differently, the sprint is over, giving way to a more long distance run. dani: on the others of the atlantic, san francisco fed president mary daly says inflation can cool enough on its own without further rate hikes. >> looking ahead, there are good reasons to think the policy may have to tighten more to bring inflation down. there are also good reasons to think that the economy may continue to slow, even without additional policy adjustments. dani: of course inflation is historically more sticky in europe. how are triggers reacting to the european voices, the cpi data, with the fed considering its rate path of hikes. let's bring in michelle. these fed minutes grant a lot o

explain goldman sachs to me, please.t of money, but i'm told they sold some long-term assets, and that's what's upset the stock which is down 3.3%. have i got -- does this mean that the banking crisis or the banking problem is still with us? >> well, that's a great question, and i think with goldman it is more of a specific company issue, and they're addressing their problem with markets. you know, as you know, they made that big move into retail informing. that's not their forte, and i think they're realizing one -- they want to stay in their lane. i think we're going to see more of that where company-specific news will drive stocks. we saw bank of america have good earnings, deposit growth can, but that count mean all financials and banks will do well. those deposits came from somewhere, so i think we're going to have a case-by-case basis especially in the financials looking at goldman, bank of america and then the smaller regional banks you might have to be a bit cautious on. stuart: okay. one thing i don't understand

ed: nishi somaiya of goldman sachs, thank you. thank you to our own sonali basak for bringing us that conversation going from growth equity deployment to goldman's banking. coming up, elon musk says one of the big boosts from his return to twitter is advertisers are coming back to the platform. we will bring you more on what was discussed on a pretty extraordinary spaces last night. that is next. this is bloomberg. ♪ conventional thinking delivers conventional results. at allspring, we break away with purpose. harnessing data-driven insights and boundless curiosity. we dissect the market from every angle. helping to build portfolios that redefine what's possible. because investing isn't one size fits all. allspring. purposefully divergent. go. go air that runs factory. go sensors and software. go find leaks. go fix-em. emerson technology detects compressed air leaks to save manufacturers, like colgate, over 20% in energy costs. go brush your teeth. go boldly. emerson. caroline: last night, elon musk took to twitter to talk about t

>> no, we're not >> let's turn to goldman sachs and dig into capital markets, dom. they're only down 1% it this year with today's gain and i remember last quarters when was goldman reported the decade with the revenue drop how are they going to manage now? >> it's such a weird, bizarro-type world b of a and i'm not focused on deposits and retail banking and i'm focused more on capital markets and for goldman sachs i'm not focused on capital markets because the fixed income currency commodities are always strong there there are trading and volatility issues that will help drive trading and sales revenues there, and i'm focused on the consumer banking, and the market's division and the ones formally known as, maybe they're not using as much anymore and it's the mea culpa from the other folks at goldman sachs what do they do with it and this is all coming out on the same day that apple just announced it's got this new savings accounts feature tied to the apple card which is all tied to guess who? goldman sachs. >> it's offering 5% and the whole model is ironic they ran

goldman sachs seeing stocks around 2% if the rate comes in around 6%. let's get to some details with valerie. where will the focus be? valerie: it will moderate quite substantially. that is the bloomberg consensus estimate. a lot of it will be on the month on month court number that is expected to moderate, but not too much. .4% today. a lot of the attention will be on the breakdown of the core number between core goods, core services and for housing. we know core goods have been dropping but core services have continued to creep higher. it is good to remember the services and inflation make up a majority of the core information print. additionally, services and inflation is less sensitive to interest rates. has the fed tightened enough to moderate it? we have seen that super court inflation metric has really failed to moderate stench lien the last few months. we also get the fed minutes tonight. will they see a discussion on perhaps waiting the data. credit availability to consumer goods and small businesses has tightened in the month of march. will th

the metric that you follow at goldman sachs?become more bullish when valuation comes in line. if i were to predict it, the way that i like to calibrate these things is on growth differentials. that is why we pay a lot of attention to these revisions. unfortunately, growth differentials have moved against em. basically saying that, the u.s. outlook consensus has moved from thinking about a recession to a soft-ish landing, or a positive level of growth. the chart in front of you -- -- normally people would say that em looks cheap relative to higher growth levels and so on, but it has really come from underwhelming growth coming down to em valuations. are estimate forecasts some improvement into 2024 and 2025, but i am quite skeptical on the near-term performance title for em. very importantly, we should recognize that the global economy is still fairly fragile. we think the u.s. will have a soft landing, but we are talking 0.6% growth the next couple of quarters. we think the s&p 500 will trade lower over the balance of the year.

goldman sachs out with a note saying, don't be surprised if this gets revised higher. we will get revisions for the last one because of weird seasonality covid issues. 2:00 p.m., the polish central bank governor will hold a press conference after the bank's rate decision. 3:00 p.m. u.k. time, the st. louis fed president will discuss the outlook for the u.s. economy at an event in arizona. coming up, aztec outperformed and banking shares tumbled, it was the worst quarter for active mutual funds since the end of 2020. more on that next, plus a deeper dive into the drama at credit suisse, as the government orders bonuses canceled. and the risks ubs is taking on as a result of this merger. this is bloomberg. ♪ dani: it would seem this year's market so far has been trying to deliver the most pain to the most number of investors. in the first quarter of this year, only 1 in 3 actively managed mutual funds were ahead of the wider market, according to bank of america data. instead investors got wrong-footed aztec outperformed and banking shares tumbled. that's what we're looki

goldman sachs a re ort context? broadly, ai. goldman sachs a report saying _ context? broadly, ai.hat scaremongering?

he's the head of communications for goldman sachs today. the outside crisis communication expert for dominion he was reaching out to producers, anchors, reporters at fox news trying to explain to them that the statements that were being aired on fox at that time were not accurate he ultimately unsuccessful in his real time effort to persuade fox to dial back their coverage of the dominion allegations. we might hear tony today on the witness stand explaining what it was dominion was trying to do in real time to convince fox not to do what it ended up doing and what has been brought us here today. we'll watch for opening statements and see where we land as the day goes on back to you. >> not a well-time day for tony given goldman sachs' earnings. >> reporter: it's a busy day for tony he's got the earnings and he's possibly testifying today in one of the biggest defamation cases in american history. >> goldman still down 2.5% important trial. >>> still ahead, where to find yield in that market and a quick programming note we're over 24 hours a

we will speak with david kostin of goldman sachs. strong beat inorganic revenue could be as high as a percent. we will talk to the cfo of pepsi, hugh johnston. consumer confidence breaks right now we will look ahead to visa after the bill. we may still be spending. the risk is that it is on more credit. i'm alix steel, with my cohost guy johnson in london. are we spending? am i spending? guy: your consumer confidence maybe different from the data we are seeing on the board in front of us. it is interesting that pepsi is looking really good. nestle looks really good. consumer names are looking really strong. new home sales plus consumer confidence data. let's get a macro read. i think today is about the corporate story. new sales come in way above expectations at 680 3000, up from 643,000, way better than what we are -- what we were expecting. if housing comes back, does that give the consumer another boost? at what point do we start to feel that? alix: we just went through the cycle for housing. is this your going to be more about au

we will speak to professor and economist jeffrey sachs. then president biden, who has just announced he is running for reelection, has formed a white house office of environmental justice. pres. biden: under this order, the environmental justice will become the responsibility of every single federal agency. i mean come every single federal agency. amy: we will be joined by indigenous activist jade begay who is on the white house enviroental juice adsory counl. plus, we will look at the firing of tucker carlson at fox news. all that and more, coming up. welcome to democracy now!, democracynow.org, the war and peace report. i'm amy goodman. in sudan, a 72 hour cease-fire appears to be largely holding, though there are reports of scattered gunfire and shelling in the capital khartoum. the army and paramilitary rapid support forces agreed to begin the three day truce at midnight following two days of negotiations roe bayou secretary of state antony blinken. at least 459 civilians have died in's fighting between the rival factions of sudan's mi

goldman sachs also among those cutting jobs. >> there's a temptation to try to link up goldman sachs cutting jobs, walmart cutting jobs, gm cutting jobs, each case it's strategic, 2 to 5,000. t i know it doesn't feel strategic if you're one of those 2 to 5,000 people. in the case of walmart, they're automating warehouses. i'm long the stock called symbotic. it is helping walmart convert their fulfillment center into robotic facilities so that actually does save jobs. that's what a company should be doing. i hate to say that. because it is humans, people, families that are affected but if you're a company, your objective is to run your business as efficiently as possible and robotic warehouses are more efficient. in they the case of goldman sachs, it's a tough crowd. they cull 5% of their employees every year. the lea least productive 5% getu cut. if you're a goldman sachs stock analyst you have to rate 15% of your stock as sell. it's a tough crowd. maria: i want to talk about the macro story. jobs is one part of it you. stephanie pomboy sent something interesting, the pile of distres

he was indeed his boss at bebamam— sachs. he was indeed his boss at goldman sachs,— sachs.o some extent it seems that he believes he can be insulated from this process and this can be seen, at least through the eyes of number 10 as a boris johnson era. and i can see that as johnson era. and i can see that ae bebme— johnson era. and i can see that ae being wew— johnson era. and i can see that as being very political.- ii ria and i can see that as being very political. you knew,— as being very political. you knew, wew— as being very political. you know, you didn't he separated bbmeeb— know, you didn't he separated bbmeeb ae— know, you didn't he separated himself as well— know, you didn't he separated himself as well from dominic baab. — himself as well from dominic baab. amb— himself as well from dominic baab. ame bb— himself as well from dominic raab. and if you— himself as well from dominic raab. and if you think we were all raab. and if you think we were arr-week— raab. and if you think we were all-week talking- raab. and if you think we were all week talking about all her

my question is on goldman sach . about five years and it is far off its 2021 peak. should i sell? >> no, no, no. i like the stock of goldman sachs here. incredible low price series, not doing any banking. if we are seeing that they make money in this environment, they take the loss, get out of retail, then we are going to like the stock of goldman sachs. >> let's go to darwin. i love this stuff in college. >> calling you regarding [indiscernible] >> i think that there is only one of these companies. java trust owns it. i like boston. i like washington. i like macau. let's go to jared in colorado. jared. >> what's happening, jim. i'm a big fan. i'm looking for ray capital corporation, rc. >> this is what is known as a real estate financing small business enterprise loan company to which i said no to every single one since the show began and i have been right. now we are going to go to jim in colorado, jim. >> hey, big colorado springs to yet. >> how much do we love that air force academy show? have us back there. we l

profits at the investment bank goldman sachs have fallen by i9% as dealmaking and bond trading fell inr us bank, bank of america has announced it will cut 4,000 jobs. so what is going on with the banking sector in the us? let's talk to fiona cincotta — financial market analyst at city index. i'm yesterday we were looking at the ey getting rate of staff in the us?— at the ey getting rate of staff in the us? . ~ 1, ~ in the us? if we take the bank of america. — in the us? if we take the bank of america, the _ in the us? if we take the bank of america, the job _ in the us? if we take the bank of america, the job cuts - in the us? if we take the bank of america, the job cuts we i of america, the job cuts we announced —— they announced 4000, 2% of the workforce come after some quite up the results from the bank, we saw their earnings increased by 15%, they beat expectations on revenue and on earnings and profit, which is good news, so they have seen have really benefited from the higher interest rates in the us. but what they are saying is those job cuts are not because they are expecting a

but apple is doing it through a big bank, goldman sachs. you're already using your gadget, how you control this, could say i trust the bank on the back end and don't have to worry about putting in more data to the iphone, it has it. >> do you think this will catch on? >> it will. you have to have the apple card to do this, and people have told me they don't mind it. works like any other credit card, and if you're a young person, you're not using a checkbook, probably don't worry about your bank account, you're doing everything through your phone, something you're used to anyway. >> interesting integration, expanding in a different way. >> apple is playing the long game, you're right. we do so many things through the phones and devices, why not finance. >> will they try to take away the traditional so you consider moving to apple? >> it could be one saving account, or a young person just opening one. but people will compare, the interest rate is probably higher than you're making, that's incentive to save. would be a savings account and cred