1st cousin tom and 1st because it's a tradition versus you know the new prostitution or majority way of thinking so you have that tremendous divide different philosophies together and stanley represents one side and tom represents you know. my name is stanley tom i'm the tribal minister for a newcomer to this and comes recently i was selected to be a tribal at the ministry board in your own school teaching new entity there was a election dispute. in october all. the new cars from council. somebody who works there. said we've never had to. hide a while. and it's an accident these you were being accused of not having 8 years 8 to 9 years of election when we moved in you had election and all these years i know it was coming up. and some of the smarter words began following the money and realizing some of the money's not accounted for while they actually suspended the elections. well once they suspended the elections there was a there was a feeling that the community was being left out of the process yeah they were scheduled to leave in 2012. but through the division and then the infighting and some of the you know bureaucratic issues that they had stalled as it stands now the

in morgan stanley's case, it is not about cost. tom: lisa, you cover this with aberdeen standard.of these become a trademark. lisa: the asset management model is getting whittled away by the low interest rate regime and the idea interest funds have taken hold. erik schatzker, there are dueling narratives. on the one hand you have asset management firms that are saying our business model is threatened by low yields and low fees and then you have banks that say their wealth management arms, the idea this is been a profit center for a lot of big banks. which is it? erik: it is kind of both and i will explain why. if you are pure asset manager and do not have more than a million dollars in assets, you are in trouble. you do not have the have to to compete against the black props and the invesco. are diversified institution like morgan stanley and you have an investment bank and you have a wealth management business, the asset management business, which is what we are talking about when we are talking about adding eaton vance is the third leg of the stool. i hesitate to use the word be

stanley's cfo. this is bloomberg. ♪ tom: bloomberg surveillance. good morning, everyone.lacqua and london, tom keene in new york. an extra neri news flow today. we want to get to global wall street. the transformation of goldman sachs. and with morgan stanley out this morning, what james gorman has done. ryan, thanks so much for being with us. here is the symbol drill. morgan stanley, coming out of a horrific crisis, we know what the japanese did. up 8% per year. goldman sachs legs up 3% per year. -- lags up 3% per year. our goldman sachs and morgan stanley in a new regime where we can expect much better shareholder return? honestly, great questions, and i think both morgan stanley and goldman sachs companies that are changing faster than the broader financial system, so that puts them into a good place for the future. regulated somewhat slowly, so it will take used to play out, but morgan stanley is further along in the journey. if you look back at the last 10 years, they more recently brought trade, they are really shifting dramatically towards asset and wealth manageme

the lightning had the stanley cup, the bucks have tom brady, new the rays have the american league pennantinner-take-all game seven with the astros. the legend continues to grow, smashing a two-run shot. the second of the post season sitting a new record. he's raking after missing the first five weeks of the season with coronavirus. he wasn't even called up to the rays until the end of august. now he's the american league championship series mvp. the rays, the team with the third lowest payroll in baseball, in the world series for the first time since 2008 with the 4-2 win. >> you sit here and look at this group of guys, and i always say we don't have a whole lot of household names, but at the same time, people are making a name for themselves right now. and if they don't know the names by now, they better learn them. we've got some boys who can play. >> reporter: so the rays will face either the braves or the dodgers, powered by back-to-back home runs in the first inning. l.a. avoiding elimination for the second time in less than 24 hours. beating atlanta by two. this right here is one of

tom keene and lisa abramowicz, i'm jonathan ferro. breaking down on equity futures. on the s&p, we are down 0.9%. $1.1713.ar, 0.6991%, somarket, a break of about 70 basis points. morgan stanleyust coming out. we want to cross over to our colleague sonali basak, alongside tom keene in new york to break down the figures. sonali: really clean numbers over here. beat, and epsties beat. they are the number one equity shop on wall street. when they had been playing tag with goldman sachs in them a recent -- in the most recent quarters. the question is, do they have the pipeline in investment banking like goldman sachs says they have? it is a choppy time in the markets, and we see the rusted liquidity continue. -- the rush to liquidity continue. jonathan: we will catch up with you a little bit later in the segment. down 0.9% on s&p hundred futures off the back of more decisions -- s&p 500 futures off the back of more decisions in europe. as reaction by policymakers, well as market participants. what are we hearing from germany, from france, spain, italy, the u.k.? what is the difference between the approaches? ,> we are hearing leaders of and french president macron announcing this

morgan stanley stock down in the premarket by about 1.9%. tom: a little bit of a move here. an't say enough about the history here involved with morgan stanley and eaton vance. eaton vance touched lightning 30 years ago when they figured out in aanaged funds relatively small shop up in boston. hit a homerun in products with the idea of text managed -- of tax managed, particularly tax-free funds. that is some of the innovation that a conservative fund up in boston brought, today taken in by morgan stanley. jonathan: let's get to our next guest, shall we? sir peter westmacott, u.k. former ambassador to the united states. thisually try to make program a brexit free zone. we can't do that now. can you walk me through what is going on? [laughter] sir peter: i thought you were going to ask me about the debate last night. it is very hard to tell what is going on with brexit because here in london, there are good prospects of a deal, which is what boris johnson is talking about, but you talk to the people in brussels, and although there was maybe some movement on some of the issues,

one of the stories tom and i was talking about yesterday with morgan stanley, morgan stanley lookingor new headquarters. unclear whether this is good news or whether they are downsizing because they are expecting people at home more. jim: apart from the short-term pressures in real estate in certain sectors like leisure retail -- leisure, retail, hotels, there are big existential questions to the productivity of space of office buildings. on one side of the case, it's absolutely clear we will not have everyone in the office the way they used to be. that's challenging for corporate's. it changed the nature of how we work together and the benefits of us working together in the one physical space. but it's clear people will want more flexibility and corporations will have to respond to that. it's also clear post pandemic that there will be over arm and space, the gentrification of office space that was a really -- was really a trend the last few years will end. i don't think that is the end of the office at all. we need to effectively enable companies to establish values and be producti

tom: we have people driving off i-80. of optimismmmer from morgan stanley. it for 10 minutes. lisa: it is important, and they have been right, and it is very much what we are seeing in the sales. in the jobless numbers, you cannot let this go. the fact people are getting laid off and it is permanent. tom: i would say this two america's, one benefiting from the digital dominance and the other passing right by and that is the election tension. jonathan: former vice president joe biden would agree with you on that. die 1-800 rabin e. you might get lisa answering the phone. you two would be good friends. lisa abramowicz, tom keene, jonathan ferro. tom: are we doing this tomorrow? jonathan: come tomorrow. i will be around. i promise. ritika: with the first word news, i am ritika gupta. boris johnson is now planning for no deal brexit. johnson claims the european union are not offering good enough terms on a free-trade deal. he says he is still willing to hear from the eu if leaders come back with a fundamental change of approach. president trump and joe biden or

stanley tomorrow morning 7:30 eastern. that is when we round up the big bank earnings. tomlast five or six days have been amazing, talking about thebanks into this, and in process of this pandemic and how they are doing. i will be honest, i don't know what to make about it, other than clearly, as christian just said, morgan stanley has an action vision, and to be honest, we are all looking for action from the others. jonathan: i think it is still wait-and-see for so many of them. this is the guessing game on the provisions side. of 2021 and the two 2021 -- the trajectory of 2021 hinges on what we see out of d.c. tom: i am looking for an injury point -- an entry point on apple, but also an entry point on jp morgan. i am just losing as i go. lisa: an evergreen quote. [laughter] jonathan: this show. lisa: you can do this. jonathan: i've got it. this is bloomberg. ♪ jonathan: from new york and london, this is "bloomberg surveillance." we are live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i am jonathan ferro. your equity market looks something like this

tom: an eventful friday to say the least. what we do on friday on radio and on television is get ready for the weekend reading and get ready for the next week. stephen stanley expert. won everyt -- he has trophy. what is the distinction? what is the update in your american economic call? down.n: we are slowing we have gone through the fast recovery phase and gotten back to some percentage of normal. consumption spending through august was 80% of pre-pandemic levels. employment only a little bit -- only a little bit halfway back. now we are sending into the next phase, which will be continued recovery but at a slower pace. there's been a lot of discussion around the stimulus and in my mind, a lot of people are assuming the economy is entirely dependent on another round of stimulus yesterday. certainly more stimulus sooner iuld push growth higher, but think the economy can continue to recover without it in the near term. what is the tom: partition in america among goods producers versus service producers? stephen: it is stark. the goods side of the economy is back to pre-pandemic levels. goods orders, there are a number of parts of the economy -- booming migh

tom was sleeping. in the bond market, 10 year yield unchanged. you know how this works. i framed the guest from morgan stanley, they talk about a v-shaped recovery, and they were right. everyone else was wrong. lisa asks some questions about why they might be wrong in a month, two months. those are the next five minutes here on bloomberg. andrew slimmon-- joins us now. what is the latest call right now? how do you see the evolution of this call at the house of morgan stanley that has been pretty spot on for the last six months? manager,s a portfolio i see the evolution as the equal weighted s&p outperforming cap weighted. as you know, up through september, the cap weighted was massively outperforming equal weighted, massively outperforming the small-cap index, and then something happened. we are starting to see more of these economically sensitive stocks starting to pick up. ishink the evolution is it not so much at the market level. it is more the rest of the stocks that have really liked behind. i think they are starting to ,rice some type of reopening but they did get very overbought on a short-term basis.

stanley cup. the tampa bay buccaneers grabbing headlines for for getting tom brady.imated to have lost $400 million in sports related economic activity because of empty stadiums, delayed games, even events canceled, march madness. the firestone grand bring as well. the teams are doing great but teams are not. it's a beautiful spot. "after the bell." don't go away. free access to every platform. mhm, yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪ ♪ ♪ ♪ ♪ ♪. connell: we're back with a "fox business alert" of the just learning that eli lilly is pausing its phase three trial of its coronavirus antibody treatment. this over safety concerns. now the trial's designed to test an antibody developed in combination with gilead sc

you've got the lightning who just won the stanley cup, the raies and dodgers in the world series and the bucs have tomtime super bowl champion squaring off against another future hall of famer aaron rodgers and the green bay packers. brady throwing two touchdowns in the game, including this one to his favorite target, ron gronkowski, the first touchdown after coming out of retirement to join brady in tampa. the first loss of the season, 38-10 win. the last few weeks have been a challenge for patriots quarterback cam newton back for the first time since week 3 after testing positive for coronavirus. newton throwing two interceptions and zero touchdowns. the patriots losing by 6 to the broncos, dropping their record to 2. this is the first time the patriots have had a losing record after five games since way back in 2002. and the tennessee titans improving to a perfect 5-0 after an impressive performance from derek henry, 6'3", 247 pound and completely and utterly unstoppable. 94 yard touchdown run in the 4th quarter. he was not done, took a direct snap in overtime as well, ended up punching it in for t

tom keene, i'm jonathan ferro. coming up around the opening shalett, morgan stanley wealth management cio.hape get a test in the next -- will deep the shape -- will the v-shape get a test in the next quarter? with some risk aversion and stocks lower, this is bloomberg. ritika: i am ritika gupta. tropical storm zeta is expected to become a hurricane as it crosses the gulf of mexico. it is picking up steam after hitting the yucatan peninsula and is on course to make landfall in louisiana today. it'll be the fifth named storm to hit the state this year. the national hurricane center is warning of a life-threatening storm surge. coronavirus hospitalizations have risen at least 10% in the past week, in 32 states and washington, d.c. new mexico led the way with a 68% increase followed by wyoming in connecticut. south dakota, montana, north dakota have the most current patients per capita. the search is putting a strain on the u.s. health care system -- the surge is putting a strain on the u.s. health care system. in philadelphia demonstrators clashed with police following the shooting death of a

they win the stanley cup, they sign tom brady and they are in the world series. jedediah: wow.lls 90210 and i can relate to that. the immigrant this as a judge rules if he is able to stand trial, nancy grace breaks down the case, coming up, next. knowing who we are is hard. it's hard. eliminate who you are not first, and you're going to find yourself where you need to be. ♪ the race is never over. the journey has no port. the adventure never ends, because we are always on the way. ♪ ♪ joe biden was raised with middle class values. joe doesn't need to be the center of attention. or see himself on tv. he has always focused on getting the job done. joe led us out of the 2008 recession, and increased health coverage for millions. as president, joe will focus on getting us out of our crises. he'll listen to experts, work across the aisle. and put the american people first. ff pac is responsible for the content of this ad. jedediah: illegal immigrant who shot and killed katie: stinley in 2015 is asking a federal judge to sentence him to jail or deport him back to mexico. jose garcia

early and get what they want -- jonathan: stephen stanley, i think we might have a little bit of a disruption. my apologies, we are going to let you go. tomk you. jonathan: the relationship between the economic data and the increase in cases, i think that is a relationship we need to spend more time on is that correlation loosens up. particularly in the united states. in europe we have increasing cases, but there is an easier read for economist because they have the restrictions going back on the economy. i think for the united states it is different. without restrictions, the case is increasing, what does that mean for growth? consumerist disengage. read on the united states is harder, compared to europe, which is a struggle. what happens to america? tom: the mathematics of this, , fancymple virology differential equations, forget about that. the case calculus is different country to country. i would note in the last week the death count is moving up, not nearly like the cases, but nevertheless the deaths are lifting up a little bit. to the people say do not stress about this over the economy, that does give pause in the last week. jonat

tom harkin, the president of federal reserve bank of richmond. the editor of political report, chief executive order of life insurance company and the ceo of morgan stanley. the chief economist at moody's analytics, in that commission. that is a great agenda and i will see you soon. thank you. >>, got live on c-span2 at noon eastern we will bring you a discussion on governing priorities for the next president, then hosted by the american enterprise institute starts live at noon eastern on c-span2. >> day donald trump holds a campaign rally in iowa's capital of des moines. live coverage begins at 7 am eastern on c-span2. >> campaign 2020 coverage continues with candidates campaigning and debating. c-span, your unfiltered view of politics. >> during question time boris johnson answered questions from the house of commons on the government's handling of the coronavirus pandemic. >> before prime minister's question time i wish to make a short statement, a question from the honorable member, virtual participation and debate, the prime minister says

stanley has been looking for this to broaden out. i am not sure if he is one of the names you are throwing into that. tom: absolutely. look at the moves this morning. jonathan: we are up 1%. i see it. i'm with you. tom: we go to two digits on wednesday. jonathan: the s&p 500 down 0.1%. tom: you are so powerful. you are powerful. jonathan: do you sound gloomy? too much time with lisa. lisa: hey, i'm not gloomy. tom: you nailed it. [laughter] lisa: happy tuesday. jonathan: this is bloomberg. ♪ -- kailey: with the first word news, and kailey leinz. the president said he feels so contractinger covid-19, he wants to go into the crowd and kiss everybody. supreme court nominee amy coney barrett faces questioning on her second day of hearings. one will be vice presidential candidate senator kamala harris. hasson & johnson temporarily halted its coronavirus vaccine study. trial because a clinical patient developed an unexplained illness. the astrazeneca study remains halted in the u.s.. 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.

stanley has spent time shrinking and rightsizing out of the top banks. they were the smallest. you have them, james gorman making his last significant marks on the business. tomn? what are you doing? are you announcing on air that he's retiring? sonali: he said so. tom: why would this be his last effort? , eatonng in e*trade vance, how do you meld those two and what the next step, don't tell me it's retirement. sonali: he did say he was stepping down in the next few years. tom: mr. diamond has been stepping down for a decade. what is mr. gorman's next depth? sonali: that's why i asked if you want to be everything to everyone and he says he was not trying to be the biggest, but he wants the highest return. so let's see if he can get jp morgan like returns at a smaller scale. that's his objective. in the asset management business, the fee pressure is something most people are worried about. you mentioned calvert. fixed income is a huge business here. and a lot of people on wall street are more excited about the prospect of being associated with this business. with e*trade you have another strategy and a different client base. the everyday person. when he purcha

tom: i have not had a chance to talk to you since james gorman did his ballet, e*trade and eaton vance. is morgan stanley has he said we are not a bank? alison: he wants to tilt more towards wealth management. it is obviously different from the days of investment banking, which is the core capability, and they still are for the most part the largest inequities trading -- goldman did a little bit better. in the first half they are still big, they are still big in m&a and equity underwriting. it will be a great business this quarter, but they have said over time they wanted to shift more towards wealth. the big transaction they did years ago was a smith barney acquisition, and this year they did smaller things in 2018 and 2019, and this year e*trade, and now eaton vance. full price forid james gorman and acknowledge that an interview on bloomberg the other day. that is interesting to see him pay -- to see him say he paid a full price, but it is a strategic deal and not a crosscutting deal. tom: alison williams, thank you so much. for bloomberg intelligence, and all of her work on finance. sonali basak with