let's get over to sonali basak. she has a little more details here and. expected some cuts to come but now we are looking at half of credit suisse's workforce. sonali: the language is important. half the workforce for the combined entity. it's about 30% of the total. 35,000 jobs, according to callings reporting across the world. this is about a significant reduction here of investment banking staff. credit suisse had a massive investment bank with the risk tolerance that was not the same as ubs. it will be interesting what they seek to do in the market. it is sensible that both in a downturn in the markets relative to a big boom cycle and the ton of overlap, then you add the nutrition that you also might get on the heels of any potential overlap there is when it comes to credit suisse and ubs staff, it's a lot of jobs about to hit the market. the way this will be done according to people familiar is three rounds of job cuts this year with the first round expected by the end of july. two more rounds planned for september and october. certainly through octo

he spoke with sonali basak at the summit in new york earlier today.n: the ai's have dominated the long portfolio for five or six months. if it as big as i think it is, nvidia is something we will want to own for two or three years. maybe longer. caroline: meanwhile, a little bit of breaking news. amazon planning and add two-year for prime video streaming service. as we have seen with disney and netflix -- more to come on amazon and generative ai. we have so much more. this is bloomberg. ♪ caroline: guess what we are talking about next? generative ai. of course we are. many feel this is truly a platform shift. or maybe take the other side of the coin, you think is hype. let's dissect it with cathy gau at sapphire ventures. i can only estimate how many inbounds you have suggesting they are ai. how are you deciphering which company is truly artificial intelligence amplified or those that are getting on the bandwagon? cathy: thanks so much for having me back. a great question. this is a question we think about constantly. the fundamental principles of inv

ed: let's bring in sonali basak who conducted the interview. sonali: coinbase's stock has been flying in the face of these crackdowns. it is at more than 100% this year. at the same time, it is up today. this is more than a 100 page response that coinbase has filed against the s.e.c. saying it intends to ask to dismiss this case. one interesting part of this is the argument they make about the s.e.c. allowing for the ipo in the first place and going through the disclosure forms already. our bloomberg reporter makes a great point that a lot of experts wonder whether this is really about the s.e.c. repair disclosure more than identifying the legalities inside of coinbase's business. it is an interesting case and a bellwether for so much of this industry. it also comes at the same time as coinbase being listed as the custodian for blackrock's etf tied to bitcoin. really on two fronts. one is a tense story and the other is the hope that they will be approving the bitcoin etf sometime soon. ed: we are looking at shares. they want the suit thrown out

did you see his footprint the last 24 hours echo reporting, sonali basak. oomberg got the most boring correspondent. [laughter] who is this guy? we do not hear from him because he is not a slick investor. sonali: not boring at all. what is interesting here is his move over to credit suisse. the chairman of credit suisse is known on wall street and morgan stanley for having one of the most loyal basis of people who have worked for heaven. that is something he has always understood. to bring tom lift morgan stanley after almost four decades to help lead the transition? the complication is not just the matter of bringing two but banks together but making the businesses work together. something morgan stanley was able to do early on. this is something ubs and credit suisse has been trying to work forever tom: -- to work forever. tom: i mean this with immense respect. he is the libor guy and set the benchmark calculation, think mary poppins and roadways to india, the libor funding of everything out there. we. doing this and will have a new thing which only ira je

sonali basak also joins us for the conversation.ppreciate the specific question may not be in your paygrade. you put a lot of work in for clients that are insurance companies. as we see these clients changing and have more of the events we are not prepared for, how do you think about some thing like that? anne: historically as a fixed income asset manager, we take a long view on risk. we incorporate this into our analysis and it falls into the environmental question. it has the paradigm of taking the long view. we have to think about what is happening around the world with regard to all sorts of risks. clearly, as i am here in new york experiencing this tremendous smoke, my eyes are tearing like everybody else. we have seen these kinds of significant environmental experiences in the past, hurricanes in florida, or wildfires we experienced in northern california over the last number of years. it seems to be getting worse and that is why we have to think about it and incorporated into our thinking in terms of risk management. sonali:

ed: ryan teague beckwith and sonali basak on the story we will continue to track.it for this edition of "bloomberg technology." catch me on twitter spaces in an hours time. apple, $3 trillion, mark gurman. this is "bloomberg technology." ♪ because of my short hair. but nobody even sees them. our nearly invisible hearing aids are just one reason we've been the brand leader for over 75 years. when i finally could hear for the first time, i started crying. i could hear everything. call 1-800-miracle and schedule your free hearing evaluation today. >> from new york city for our viewers worldwide, i'm katie greifeld. bloomberg's real yield starts now. coming up, powell and pe

sonali basak joining as they are.oh booking.com, ♪ i'm going to somewhere, anywhere. ♪ ♪ a beach house, a treehouse, ♪ ♪ honestly i don't care ♪ find the perfect vacation rental for you booking.com, booking. yeah. >> the relationship between the united states and india will be one of the finding relationships in the 21st century. two proud nations. two proud nations with the love of freedom, secured our independence. bound by the same words, our constitution. first three words, we the people. alix: that was president biden with the relationship between the u.s. and india. we spoke with latin america prime minister yesterday. and worsening signs of -- vice president harris will have a meeting with them followed by a community event in washington. the goal is a long-lasting relationship. they have a history of announcing cooperation agreements but that failed to materialize. we are watching these stories. the bed, bath & beyond may get a new lease on life on the internet the home goods company that filed bankruptcy last

ed: thanks to sonali basak out there in new york. venture capital giant sequoia capital is splitting global operations into three separate firms. as you put it will tensions between the u.s. and china continue to simmer. let's get more details with all things venture capital with "bloomberg technology". let's start with the sequoia specifically. i kinda feel like the writing has been on the wall for this three separate entities for some time. >> i think that is right. this has been rough, just going back here, sequoia had a very tough year, a lot of challenges from -- challenges related to the change of structure before the public markets tanked to their backing up twitter, to their backing of ftx, the largest crypto implosion you guys have been talking about on the show on and off and on. they have had a lot of issues this past year, increased tensions from washington, d.c. to clamp down on what you are doing in china, what they have been doing in terms of supporting investments there but directly from their u.s. partner and through

joining us for more, sonali basak.loomberg the talked about how hedge funds were scooping up the talent with huge payouts. what do we know? >> huge payouts, 10 to $15 million -- $10 million to 50 million payers and -- 50 million dollars. they are making more of the top five nba players are making at this point. so hedge funds rbc a hot job. i will say this is not for everybody. there are a lot of hedge funds that are past models. they have flex ability. in terms of how they pay employees because they can charge their investors. that only works for hedge funds and they have been growing assets meaningfully so they are looking for talent and willing to pay for it. guy: so the buy side good, sell side? >> bad. it is not as easy as that but certainly the sell side in particular has seen a lot of pressure. the buy side outside of the large funds have also seen pressure including on when it comes to staffing. it is early in the year so i would not be surprised if you saw pressure in the hedge fund industry. there are massive

. >> sonali basak. have a fantastic holiday weekend. i matt miller.g. somebody would ask her something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair. but nobody even sees them. our nearly invisible hearing aids are just one reason we've been the brand leader for over 75 years. when i finally could hear for the first time, i started crying. i could hear everything. call 1-800-miracle and schedule your free hearing evaluation today. romaine: six months later and seven stocks higher equals the best first half in a year in the history of the nasdaq 100. live from bloomberg world headquarters in new york, romaine bostick here kicking you off to the close. the year started off with a bang in u.s. equity markets. it looks like we will finish out the day similar to how we started. we will close out with a more than 1% weekly going for the nasdaq, 2% for the standard of course, 500, 10 of the sectors on the week are higher. treasuries, in

private markets with craig packer from blue owl capital who oversee $144 billion in assets and sonali basakme ask you about what private credit can do if we see a contraction in credit from the banks? does private credit pick up where the banks have left off? >> thanks for having me today. what we do is primarily finance companies being acquired by private equity firms. and not small businesses. if you see contraction in conditions for small businesses that could create some opportunities for us but that wasn't where we were competing in the market before. we like figure companies. the banks participated in that market by committing syndicated leverage loans so that's been a competitive set that's been consistent. there may be opportunities but i don't think it's a big part of what we expect going forward. sonali: have you look at your existing portfolio? what does a potential recession mean for what you already own? what are the worries about conditions moving forward and are there any lag effects of higher interest rates? >> this started at the end of last year. private credit has done ex

i am sonali basak.unt for opportunity is a daunting challenge given fears about recession and historic volatility. bloomberg's annual invest conference brought together the biggest names in finance, economics and investing to discuss strategies around those challenges. those discussions focused o

helping the small stand tall. = hi matt miller with sonali basak. kailey leinz on assignment. above $30,000 and we will talk it with that in this program. sonali: fidelity is rating a spot etf of its own. net: operators curve operations in texas. the heatwave drives electricity prices sky high and threatens to cripple the grid. sonali: alex noren will tell us

back to the bloomberg best conference in new york -- president and ceo of tiaa is speaking with sonali basakli: -- >> we cannot have this conversation without talking about education. how do we make sure we are educating employees about the benefit, but what does it do have a secure retirement and ensure they understand that making sure they are secure puts less burden on their loved ones? there is an important goal in business and then in policy. in the business community, we have to continue to encourage congress to encourage the federal government to operate in a partisan way to provide solutions that make it easier for the average american, easier for business to make sure people can be on a path to a secure retirement. sonali: he started with that stat that 40% of americans run out of money. the real survey that is coming out, most people in the audience believe there will either be aftershocks in inflation or that new problems are coming. that is 60% or more. are you worried about the direction here? thasunda: i am worried but i have optimism. we are in it for the fight. we are committ

we are joined by sonali basak and special guest. sonali: we are joined by paul grewal. heels of this filing. 101 pages asking for dismissal. beyond talking about the case itself i want to talk about the arguments you make here. you talk about the sec's vetting coinbase to begin with prior to the ipo. what do you tell people the sec's job here was to have disclosures first and not necessarily questioning the company's business meretz at that time? -- meretz at that time -- merits at that time? paul: great to be with you. you are correct that in april of 2021 coinbase did list as a public company and that listing only was permitted after a six-month review by the sec of our draft s1, registration statement, and many, many documents, data polls and the rest that were provided to the sec so they could evaluate what kind of business was coinbase running. where we listing digital assets that fell within the scope of the definition of a security under the federal securities laws. what kind of assurances could investors have that this was an appropriate investment to make under

you had comments about this a couple weeks ago that went viral on bloomberg next to my colleague sonali basakts story of the day. liv golf. live and pda coming together -- liv and pga coming together. i don't know if you are a golfer but what do you make of this? >> it is fascinating. it is the last thing any of us thought would happen. what i would love to understand are the details of the deal. why did the pga do this? it is clear why liv did it. what are the financial -- what is the deal? a week ago, day ago, a year ago, that was the devil and today, they are your partner. jason: do you think it is good for golf? you are someone who constantly is assessing what is a good investment when it comes to sports. you're going to talk a lot about this over the next 20 minutes or so. >> i can make you any argument both ways. i can make you an argument that it is better to have covered this should and i can make an argument that it is better to have a monopoly. when you have more competition, there is more costs involved. when you have a monopoly, you are controlling the process so that tends to be

i am sonali basak. what a weird year we have had. it sets us up strangely for the second half. guy: tough time. this is where we are. whatever plan we had coming onto the field at the beginning of the year, that went out the window quickly. everything we thought would happen did not. we thought this would be the first half were bonds dominated, the dollar would get trashed. we were surprised by the fact big tech came out of the gates and continued to run strongly. everything has been whipsawed. this is the perfect example. sonali: i am sitting here looking at apple. i think some people are excited. it brings you back to a lot of vibes of the late 1990's. so it's giving me some nervousness as well. i might be the only one but i have a feeling i might not be. guy: i suspect you probably are not i think a lot of people have been challenged. if we are talking 1999, that sets the hairs on the back of my neck up because i remember that vividly. it takes me to our question of the day, talking about what kind of half we have had and what you do now. the question is a straightforward on

su: sonali basak talked to the top attorney at coinbase and they are bowing to take the legal battle.s. supreme court, the highest court in the land, if needed. they believe any court that would take a look at this might find the sec fundamentally wrong. of course the sec, dealing a one-two punch, claiming both binance and coinbase are illegal exchanges. the stock took a hit yesterday when the sec sued binance. it took a big hit, down as much as 20%, before recovering when the sec lobbed a 101 page suit at coinbase, alleging the firm acted as an unregistered broker, the same as binance. that it broke rules with its staking service. offering a return for putting up tokens to help facilitate transactions on the blockchain. it follows again the heels of the 136 page sweeping lawsuit against binance monday that alleged commingling of funds to the tune of over a billion dollars. the ceo of coinbase, brian armstrong, struck back in a tweet saying "instead of publishing a clear rulebook, the sec has taken a regulation by enforcement approach," he believes this is harming america and says if

tom: one final question, and it is one that i would ask of sonali basak, our chief financial correspondentou take four weeks off in august, as does everyone else in europe. but what is the rationalization of headcount going to look like among european banks in the fall and even into early next year? is there a foreboding to that? jan-patrick: the headcount of european banks has never gone up in the past decade, and there is good reason for that, and i don't see that changing. most banks, especially the major ones, have cut headcount so far. they are not trying to pad more per year. ai is the big thing in the room. if they can cut even more, if they use more technology, the big thing is going to be credit suisse. the company had 50,000 employees, 17,000 in the investment bank. they want to do massive cuts. when a ceo says massive, it usually means 50% or more, is my guess. we will see tens of thousands of jobs being lost here again, mainly from credit suisse. but it is also a topic still for the other european banks. nobody is really hiring on a big scale here. tom: jan-patrick barnert, tha

there's a trend here into the summer wrapped around the world of sonali basak around investment banking going to see deals fall off, trading volumes expected trading revenues, expecting to fall quite significantly, just on a year over year comparison basis because last year was so great. then this captures it and the comfort for mr. solomon is i did a panel at davos with montag. he is a throwback. he is a guy from another generation. he is going to give a traditional message as a member of the board. lisa: that's the question. he is going to say his piece of mind. he returns to his goldman sachs. red and green on the screen. stay with us. this is bloomberg. ♪ the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com >> right now, we will be observant and see what the wider ramifications are. if this is not the end of it, there will be repercussions. central banks wi

sonali basak has been looking and trying to understand the banking impulse.e a 20% increase in capital a charger that the wall street journal is reporting. when you talk to executives, how much are they talking like brian moynihan? that this will be a dramatic shift happening over a period. >> there is that reality that there is uncertainty with with the consumer will look like by the end of the year. brian moynihan is one of the optimistic ceos but he has said that spending is starting to slow and jp morgan is also saying that conditions are tightening but we are not seeing demand up. when the coffers for the consumers dry up, does that demand tick up? so, i think that you are not seeing the worst of it. of course, there is a delayed effect. but that o charge, sticker shock. 20% higher. you have to consider that the big banks are not the ones who have failed recently. and you have to think about whether you constrain the big banks. s i thinko there are about 4000 jp morgan banks alone,. so, when you think about the credit contraction and ripple effects, that

jonathan: with sonali basak we talked about the possibility of recession, ai, and nvidia.umer staples? kristen: i would love to hear that in detail. when we talk about what has happened within the market more broadly i do think this concentration -- and everyone is talking about this. this is not a new story. there are seven stocks representing more than 100% of the gains. it is not a uniquely u.s. story. there is 10 companies representing 85% of the global gains. what does that tell me? it tells me the market is rational. where the money has been going into has been these mega cap companies with strong free cash for generation, the ability to fund growth, not dependent on credit markets, after balance sheets in order, and a lot of them have raised guidance. lisa: given there is rationality but you don't want to play that because you cannot predict the ai future, are you starting to say the rational plays of regional banks, of generally financials, areas that have gotten beaten up are looking good again? kristen: that is one of the themes and our outlook, this coming rotat

conversation because there's a lot of talk about in her world is bloomberg hypothetical scenario sonali basak here on the stress test. to any stress tests are a snooze fest but i see the fed's model for stress test is at 10% unemployment rate. why are we going through this exercise today at 4:30? sonali: i think the expectation is a test harder investor into tougher economic conditions. to the point you're making, a lot of criticism has been where has the fed been in testing some scenarios that had gotten the banks in trouble. another part of the test i think is more fascinating is the trading scenario. this exploratory market shock eerie at the reason it is interesting is because the federal reserve is going to be changing its stress testing standards and an expectation is trading desks in particular in the future would be facing tougher capital requirements. what does that mean? it has real business model implications. you see investment banks hold a in the market relative can -- relative to consumer banks. if the fed a stress testing that more rigorously, it means the returns cannot be as

this really rolls over to sonali basak's conversation yesterday.at? the world has changed. there is an interest rate. it affects equities, bonds, currencies, commodities downtown. lisa: it was fascinating. i want to spend time thinking about what he said. the financialization into the crude market. tom: in the next hour, mohamed el-erian is on. he is not with "bloomberg surveillance" but another show. stay with us on radio and television. good morning. it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. jonathan: let's get into the weekend. on the s&p 500, just about positive. back in the bull market. the countdown to the open starts right now. announcer: everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. jonathan: live from new york. the s&p 500 bac