experience throughout the country, with these banks, they were targeted, the new banking regulations that come up. they seem very neutral, they were used as a cudgel by the state to wipe the singles of black economic progress off the map and like other banks and other financial institutions they could not whether the storm of the great depression so through and out of the great depression a dozen banks, there was a revival around world war i in the 50s in the number of black banks, the number of black banks changes all the time, there is a movement afoot called blank black that encourages all people to invest, to deposit $100 in a black banks to build them up. the hashtag bank black and the website, could probably look it up. you can search for them by the part of the country you are in that includes online and brick and mortar banks, we have a handful of banks that are more than 100 years old in existence today. >> really excellent, wonderful. i have a comment and a question from caitlin rose kennedy. she indicates she is a huge fan of your writing and lecturing skills and the quest

of black banks. the number of black banks changes all the time. there is a movement afoot called bank black which encourages all team 'oinvest -- diet $100 to a black bank in order to build them up are there's a #bankblack and a website, i think it's bankblack -- u.s.a..org. what that it lists black banks, you-same for them by area code or part ore the country you're in and includes both online andic mortar banks and we have a handful of banks that are more than 100 years old still in existence today. >> really excellent. wonderful. so, i have a comment and a question from kaitlin rose kennedy, and she indicates she is a huge fan of your writing and lecturing skills, and the question is about the idea of racial uplift and if they tied into the running of st. luke's, for example, did it ever bar certain groups considered to be unfit representatives of the race, like poor, unwed, black women, did it ever bar them participating in finance capitalism? >> i love and appreciate kaitlin, too. she's one of my fo

without stimulus, to the banks and the financial system -- do the banks and the financial system runore risk? have we lost the vice chair? >> it sounds like we have lost the vice chair again. i'm sorry, senator warren. warren: this is something that only works for the vice chair. i need the feds. >> he is the only one we've had the problem with. it was there at the beginning of the hearing. i am not suggesting this is strategic. do you want to let somebody else go and have me finish my question? >> the next on my list is senator schatz. do you have questions for someone else? >> all of my questions are for mr. quarles. >> next after you is senator van hollen. he may not be with us. he is signed in. senator cortez masto? senator van hollen is here. hollen: the bad news is i have questions for mr. quarles. >> senator jones? i don't know what to do, folks. cortez-masto: i do have some questions. let me start with the true lender rule. do you intend to move forward with the true lender rule? we do, as you know. we just finalized that rule, and we believe it is important for a wider varie

being pushed up and the larger banks being pushed into the next category or whatever we are not seeing that is actually happening with the larger banks but smaller banks can be put in some materially thinkifficult areas and i we need to look at what we need to do their. >> i would begin by echoing the statement in the recent remark that members of the board of that are subject to asset size thresholds. they're currently working on a set that would relieve for a time certain asset that trigger heightened scrutiny. and just orient committee members on this, there are a number of different requirements to kick in. and i think the direction of that discussion is something that will cap out at billion dollars. vice chair has it exactly right that larger levels, banks are capable but it is smaller banks that have difficulties. just close by saying that one thing that is important thee must accommodate dislocation created by the covert pandemic situation and at , it is important to supervisors that we have real's ability. chairman, we're down to just a m

morgan is the most influential bank in the world. but the one thing that i was actually i kind of have a chip on my shoulder to be honest is the late 19 nineties who was getting called? it wasn't americans. and then basically i would say you tell me what is the future after jamie diamond? what will it be like after? a lot of people give me answers that is a rifle but i have no reason to question it. >> and a couple of questions on the topic of glass-steagall 2008 and back the question with the separation between commercial banking and investment banking. i word say on that a theoretical case with the investment bank so what has become a moot point so let me say the body with paul voelker and then he would lobby voelker come on we can make an exception. we are not a retail bank but a wholesale bank. so from what you should have envisioned if you are a retail bank you should not be the investment bank because in the 1930s the retail bank stop the securities the investment arms underwrote. if you like the reason for separation. and then

, is that i think it really jump started the black banking movement with the first charter bank in 1888. >> so we have one one final question that we have time for and it's by nancy wheeler and i love the question. she thanks you and she thanks you for elevating early black women in finance ap we -- and we all want to know other than handing out copies of your book on the corner, how else can we educate people about these amazing women? >> there is the-- her house, the national park service has a wonderful video that it shows in the museum that you can access on youtube so you can learn more about it and i also think that pbs documentary, it's called boss. the black experience in business is a start. it's two hours long, but also, i'm in that documentary and i can tell you, i talked for three hours. there's so much on the cutting room floor that i'm hoping that the producer, stanley nelson, you know, it could be like a series, but it's a quick primer into a history of african-american, you know, business and wealth building. so that document boss, the black experience in business, which

the themit to legislation? banks are committed institutions are serving their committed tease and there communities happened to be low and moderate income and people of color. they are not just pillars of the community but in many cases, they are the only vehicle to give financial services. we are working hard to make sure those banks can sustain themselves. if we do what the we can to make sure they have regulatory responsibility and the creation of what i discussed in my opening statements would hopefully help with additional capital. they really need capital. we thought we could do a number of things on the regulatory side . they seem to be getting some assists on the technical side -- some assistance on the technical side but i bit -- but they need capital. they need others to invest. i couldn't agree with you more. with --your initiative which supports minorities and md i's is to stretch the capacity require we are going past the disappearance from the garden path. i see that minority banks and to thers are bein

we have the first bank of the united states, the second bank of the united states and the friedman's bank. they used a board of all white trusteeall-whitetrustees becaust trust african-americans to kind of know how to direct their financial futures and there was a kind of change in the bank that allowed it to be immense resources of a billion dollars circulated in terms of modern-day dollars in the near decade that it operated and through that corruption of the white trustees and other people connected to the bank like the finance user new york it led to the demise so that is the common story i just want to say in my book i try to look at how african-americans use the bank and from the plans and divisions thavisionsthat limited economicf these trustees to lend to meet their needs and then i also point out that, two parts i make about the bank is that black women, black people never abandon their network they forged through slavery and after. they put the bank in that network and even though the failure of the bank was devastating for people to lose as a symbol of progress and citizen

clawson will be the key going forward. i think banksso far shown over the last -- caution will be the key going forward. i think banks have so far shown that theyast months have been. [indiscernible] context, that overall i think we will have to see how the economic evolution will continue to go. we expect the forecast from the european central bank in december will be a key component to the discussion. alix: do using that loan provisions have peaked for banks -- do you think that loan provisions have peaked for banks? dr. campa: we saw an increase in provisions in the second quarter. the evidence so far from the third quarter is that provisions have declined from the second quarter. i will suspect that as we get the second wave, the provisions will continue to rise. that is our expectation, that they will continue to rise over this coming quarter, and the beginning of next year. guy: we obviouslyguy: need some way, the industry needs some way of quantifying all of this. stress teststhe next year would be a useful way of determining whe

and you could see the number of black banks. the number of black banks changes all the time. there is a movement of sorts called bank black which is encourages all people to invest, to deposit $100 in a black banking order to build them up. there is that # bank blackberry there's also a website, i can look it up i think it is a bank black usa.org. black banks you can search for the buyer area code for the part of the country you are in. it includes both online and brick and mortar banks. we do have a handful of banks are more than 100 years old that are still in existence today. sue and really excellent wonderful i have a comment and caitlyn rose kennedy. she's indicated she's a huge fan of your writing and lecturing skills. and the question is about the ideas of racial uplift. and if they tied into the running of st. luke's november bar certain groups considered to be unfit representation of the race for the poor, unwed black women. didn't bar them from participating in finance capitalism? >> guest: i love and appreciate her to. she's when my best students. definitely respect

says his client was a victim of the bank. the reason was that my client invested in the supposedly secure financial model on the recommendation of the thorazine bank. comics risk double tax refunds. ever came up. in the trial against sarah xen the parties contradicted each other. but miller's lawyer got some unexpected help from inside the bank. a long time employee passed on internal documents that helped a cut side win the case for miller. the sara zene informant wants to stay anonymous but is willing to talk to us about what he witnessed at the bank. i saw that the bank wanted to sell and had already sold a financial product clearly designed to defraud german tanks authorities when customers bought the product they were told that what they were buying was completely on the level and legal according to the informant the product originated with mr comics himself berger confronted with the accusations berger told us by email that he only advised a few clients regarding comex and no banks but the former sara xen employee says o

the number of black banks. the number black bank changes all the time. a movement afoot which is bank black. it encourages all people to invest, to deposit $100 in a black bank in order to build them up. there is that # bank lack for there's also a website, i can probably look it up. i think it's bank black usa.org. with that list of black banks you concert mention search by the by your area code are part of the country you are in. it includes both online and brick and mortar banks. we do have a handful of banks that are more than 100 years old that are still in existence today. >> really excellent, wonderful. i have a question from caitlyn rosa kennedy. she indicates that she is a huge fan of your writing and lecturing skills. the question is about the ideas of racial uplift. they are into the running of st. luke's. for example did it ever bar certain groups for be unfit representatives of the race like poor black women. didn't bar them participating in finance capitalism? >> i appreciate her to she's a former student. yes, definitely respectability pol

angel here the u.s. banking market has been right for consolidation for quite some time now as the national players expand more and more and bulk up that's where pnc comes in to play like in texas, huge markets there. more deals under way from that big tie up you remember that bbnt and suntrust that was seen as the first catalyst >> i wonder if this may be politically driven as we've seen the rise with president trump and obviously corporate tax and they thought maybe we'd like to wrap things up before we head to a different type of administration >> also, valuation and timing could play a role here this deal in terms of pricing, paying and seeing the banks take off here is this the opportunity. have we potentially seen the bottom when it comes to bank trading. that could be part of the opportunity they've seen we'll leave that conversation. coming up on the show, china's recovery continues driving markets higher along with news of a massive regional trade deal after the break. stressballs gummies have ashwagand

the first bank of the united states. the second bank of the united states and the freeman's bank. as a board of all-white trustees they did not trust african-americans to know how to direct their financial futures. and there is kind of a change in the bank that allowed it to be an immense resource of billion dollars circulated in this bank in terms of modern-day dollars in the decade, the near decade that it operated. and through that corruption the white trustees and other people connected to the bank like the koch brothers of finance in new york, it led to the demise of the bank. african-americans lost millions of dollars of their deposit. that is the common story i want to say in my book i try to look at how african-americans use the bank how they kind of subverted some of the plans and visions that limited economic vision of these white trustees to bend the bank to meet their needs. i also really points out two things, two points i make about the freeman's bank. that black women, black people never abandoned their own economic network. they forge through slavery and after they

that were formed by the federal government so we have the first bank of the united states, second bank of the united states and the friedmans bank, a board of trustees because they didn't trust african-americans, how to direct their financial futures and there was a change in the bank that allowed it to be an immense resource, in modern-day dollars, the near decade it operated been through the corruption of white trustees and other people connected to the bank like financiers in new york, led to the demise of the bank. african-americans lost millions of dollars of their deposits. in my book i really try to look at how african-americans use the bank like women. how they subverted some of the plans and visions, limited economic vision of white trustees to bend the bank to meet their needs and also point out two points, that black women, people, never abandoned their own economic network they forged through slavery and after, put the friedmans bank in that network and the second thing that even though the failure of the bank was devastating not just on black wealth but also people to use

led to the demise of the bank. afcan-americans lost millions of dollars of their deposits. so tha is the kindest or i just want to sit in my book i really try toook at how african-american used the bank, especially black women, how they can get subverted some of the plans and visions, the limited economic vision of these white ustees to bend the bk to meet their needs. i also really point out, two things i want to make about the bank is that one, black people never abandoned the own economic network, that they had forged through slavery and after. they just put the freedman's nk within that network. the second thing even though the failure of the bank was devastating,ot just devastating to black wealth but also just devastating for people to lose as a symbol of progress and citizenip and opportunity and freedom for them, to lose that bank, it convinced them that they neede toontrol their own financial institution. and so the kin of bittersweet or the upsid if theres one, of the closing of the freedman's bank is that

so, we have the first bank of the united states, the second bank of the united states and the friedman's bank. and a board of all-white trustees because they didn't trust african-americans to kind of know how to direct their financial futures. and there was a kind of change in the bank that allowed it to be of immense resources, of a billion dollars circulated in this bank in terms of modern-day dollars in the decades that it operated. through that corruption of the white trustees and other people connected to the bank like the financiers of new york it led to the demise and lost millions of dollars of their deposits. that's the kind of story i want to say in my book how they kind of subverted some of the plans and visions and limited economic visions of the white trustees. the friedman's bank was not network the opportunity to lose that bank it convinces them that they needed to control their own financial institutions and so the kind of upside is that it started i love the question she thanks you and thanks you for elevating the finance -- i also think the pbs documentaries, the black

bank. that is the argument, the retail banks stop security. that was if you like the reason for separation. and that is what the division would have looked like. that of the bottom line is the question right now. >> i will jump in with the question from charlie dreyfus reflecting on the fact that jpmorgan was the leader in growth stock investing funds in the 70s. it got hurt, did they ever recover from that merger? >> reporter: what about nick? the fabulous track record. >> you have good questions. here is my take. jpmorgan investment bankers, you are absolutely correct the mistake was being too concentrated and when the second shot hit, was very sensible and said we made a mistake. the investment management became the new gospel, diversification. it played to the screen, people, process, their argument to go to the bottom and consistency. still commanded a bulk of the defined benefit. they lagged, didn't have a big mutual fund, today they built that up, one of the things that cause them to lose some standards. >> reporter: i will close in a ph

>> the way that i think about it is the banking industry in the 1980s there were 14,500 commercial banks. where are we at the time of the merger and then to add wells fargo we have six financial institutions so goldman and morgan stanley. the six largest institutions hold 60% that raises two questions. question number one, are they too big to fail. i would argue that is still a challenge. i feel they were both rocksolid and one of the advantages that it has today that is a great question, nick. >> what is the metric i'm trying to look at in the compliance violation and the like. of course it didn't come through the financial crisis with the toxic security loans. but even on this i have to say go back to j.p. morgan and there's many of the attributes and strong balance sheet, capable people. but even the great j.p. morgan has been cut off with violation it's related to trading but they would say you can't be on top of everything. and i understand that. when i joined j.p. morgan there was nothing more compliant. this goes back to the code of morgan. basically j.p. morgan junior said a bank

morgan is the most influential bank. the period i kind of have a chip on my shoulder is where again who is getting the first call. i think it was goldman sachs. >> i would say tell me what's the future but what will the firm be like. i have no reason to challenge that. i will leave it at that but that is the big unknown. >> we have a couple of questio questions. should there be a separation between big banking and investment banking? >> you could make the theoretical case but there's really no investment banks left. he would talk to him all the time and lobby him to make an exception for us. we are a wholesale bank so in his world with the divisio the e you a retail bank. in the 1930s that was the argument if you liked the reason for separation. that's what the division would have looked like so the bottom line. >> a question from charlie dreyfus reflecting on the fact j.p. morgan was the leader in the corporate pension funds in the 70s and had a significant share. did they ever recover from that? >> you really do have go

several members of the audience are asking how central banks see the prospect for central bank digital currencies, and also whether this would risk crowding out cash and non-cash electronic payments. let's start with chair powell. here at the fed and in the united states, we are committed to carefully evaluating the benefits of a central bank digital currency. for the u.s. system and international markets implications, we have been actively participating with andrew and christine and other central banks at the bis. we feel that has been a productive collaboration. decision tomade a issue a single central bank currency, and there is quite a lot of work to be done as we engage with public constituencies here in the united states and around the world. also, the dollar is the world's principal reserve currency. i assure you that we will approach the question with great care. from our standpoint, the main dc could on whether a cb improve a dynamic and stable payment system. we have strong demand for cash, which is different from some other jurisdictions. we really would need this to be done

and you think of the bank at that time. they were critical to the financial solvency of this country. they bailed out the u.s. government. the stock exchange. it's almost like they bailed on the world in various panic's. that was chronicles. when you got there. the first time in 1978. what did it represent in finance when you got there in finance. i would just begin by saying i'm from the west coast. i it know what wall street was. a bank examiner one time the fed places to calls the first is to j.p. morgan ceo. the have of the city bank. that really have an impact on me. at that time. who was in trouble. in new york city. who was leading is leading the charge on getting funding for new york city. what fascinated me was going for work in a bank. and of the world that morgan played in coming to the assistance the culture again it was all guard. you were a kid from the west coast as you said. it was a very different environment. a true fiduciary. they put the interests of the clients first. and also trusted advisors to wealthy

all of a sudden now the banks continue. made it through the first crisis but long story to cut to the chase is jpmorgan along with everybody else, one day i worked for my boss, we were supposed to write a story on mexico. our blend is to mexico, a little upbeat story. go on vacation to cape cod. all of a sudden i read the newspaper, out of the foreign-exchange reserves, argentina. i came back over labor day. we were supposed to be laid up a few weeks, came back with what is going on, direct quote to me is i have never seen dennis so scared. what do you mean? he knows the bank has more loans out that is matching our capital. for the first time we are in jeopardy. what happens after that. >> host: did jpmorgan along with everyone else, that -- what obviously happened with developing companies, was that a mistake, did they do something they wouldn't have done in the older days, did they take risks they normally wouldn't have done? was it a mistake or that was just where the business was and you take your chances and hope it wo

how -- what is the reaction of the banks? all of them are the same -- to ofuce costs, and one way reducing costs is to create kosmos energy. -- cost synergy. costreate kosmo synergies, this is what you do in spain, and spain has a lot of national domestic consolidation, and they continue to do it, and they are right to do so. italys what we see now in , when i see the product, it is about growing italian domestic synergy. so this is what we are going to see more and more, because there is a push for consolidation, domestic consolidation. on the other hand, cross-border consolidations is a meaning you have come a more difficult, they don't bring the same impact. now, we may see limited operations. of course there will be -- never say never, you know. there will be some limited operations, but i do not foresee any large operations, for the reasons i have mentioned. on the other hand, what we see not in retail but mainly in corporate and market banking, we see a consolidation of market shares, cross-border. thankne: mr. lemierre,

so we have the first bank of the united states, second bank of the united states and friedman's bank. to kind of know how to direct their financial futures. in the modern-day dollars in the decades. that is the common story i want to say. i would also point out two things they never abandoned their own economic networks that they have forged through slavery and after and put the friedman's bank in the network and the second thing that even the failure of the bank was devastating for peoe to lose as a symbol of progress and citizenship and opportunity and freedom. it convinced them that they needed to control their own financial institutions. so the kind of bittersweet for the kinthekind of upside if thee of the closing of the bank is what jumpstarted the movement. >> we have one final question we have time for. she thanks you for elevating and we all want to know other than handing out copies of your book how can we educate more people about these amazing women? >> there's the national park service that has a wonderful video that it shows in the museum that you can access on youtube s

which way does a biden administration cut for the banks? vide: tom, i think, first of all, overall, i would say it is neutral, because, you know, the fed is in charge of a regulatory side. tripoli capital change, the business marco -- banks triple the capital change, the business model, if you think about it, it is a one and 100-year shock, making profits, and as a result, i think, you know, this time around, through the social utility, and i think at the same time, we are catching lower rates, which is important, because obviously banks are a conduit of the monetary policy. so the fact that we are not expecting rates to go any lower globally because of the fiscal stimulus, i think, means overall financial stocks are underpinned here. and into next year, when the vaccine will be deployed in 2022, 20 23, i think you will see a very positive scenario, whereby basically you get an acceleration in growth, banks, massive amounts of capital, and dividends that will be, you know, re-allowed, which means theall-in yields for sector, whether in u.s.

are not fulfilling their role as a bank when it makes sense for the government perhaps to introduce a public option and say look we're going to have a bank that makes loans that doesn't hoard the cast that doesn't increase wealth concentration and doesn't try to game the system all the time as we've discovered from some of these big banks that have to pay fines all the time for cheating. doesn't make sense to have a public bank like that i mean in europe for example you go to the post office and borrow money at the post office is also a bank and they don't it's just a bank right we don't have any real banks in this country live and i think there's a case made for that and that's that's the one policy option so far we saw this year is that they did something similar with you know the p.p.p. loan program but of course they structured it show went through the banks so banks got a cut of that it was. actually you know the fed i mean the treasury and the fed raise the backstopping you know the risks of the banks and so one way to look at it if you look at

the banks are involved came attached to the federal reserve bank. and the federal reserve bank is a huge ponzi scheme called the global banking financial. and the i.m.f. and the world bank and the people at davos and then part of the ponzi scheme by america's military. so america's military is kind of the force behind this global ponzi scheme. so if you are military, then the whole house of cards crumbles. the world is driven by dreamers shaped by one person with those dares to ask a new gold rush is underway. flocking to the gold to strike it rich as children are torn between gold was very poor. i thought i was doing my best to get back to see which side will have the strongest appeal. another big day for wall street. the dow futures jumped 500 points on news that pharmaceutical company announced the 2 had developed a highly effective coping scene as we previously mentioned. it was just one week ago when pfizer announced it developed a covert back seen how to achieve 90 percent africa c. in clinical trials. well, joining us now to discuss has been w

so when they print money, that mostly gets in the bank reserves and the 2 ways that, that broad money supply can increase our either banks, lend it to individuals and corporations and use the broad money supply that way. or the federal government runs these massive deficits that are monetized by the fed. and of course this year we saw the 2nd of that so we saw, you know, the treasury ran very large deficits. and a large portion of that chese issuance was purchased by the fed. so instead of extracted from the economy somewhere from taxes or lending and then put back an economy somewhere else, it was extracted from nowhere as extracted from new dollars and then inserted elsewhere in the economy. so we saw this big increase in the money supply, but we haven't seen it. you know, we've seen a g.d.p. decrease this year because of the pandemic. and because of, you know, there's a variety of factors there. so there's wealth concentration generally results at lower velocity. and also aging demographics in technology increases. so we're seeing basically that broad money supply is going up a lot

and they say the problem is not really who leads turkey central bank. the problem is that president edwin is meddling so much in the banks affairs that he's trying to influence to judicial system here. and that has seriously eroded investors' confidence in the turkish economy. all right. joining us from istanbul, thank you. and over we go to china where new figures show that factory activity expanded in november at the fastest pace in more than 3 years of the service sector also grew to a multi-year high. the data suggest the world's 2nd largest economy is on track to become the 1st to completely shake off the drug from widespread industry shutdowns due to the corona virus. ever more on this, let's bring in conrad who is in frankfurt. conrad good morning. the chinese economy is recovering, but how far can it really gets when other economies across the world are still suffering? good morning, stephen. well, while of course, the chinese economy is not totally independent from the rest of the world. in recent years, the economy in china has become more and

of the central bank of america, the federal reserve bank, or it gold confiscation. or what do you $971.00 that going off the gold standard? like there were several and always receive popular support. there was always enough popular support. remember, when it sees across the room as a war hero, he had killed like half the population or 3rd of the population of gaul, and had all the rich to give it to the people. and the people of course, adored all the free goods that he had stolen from the so, you know, we, we have these constant situations where these are the game that go into, you know, popular support democracies. republics. that's why you have a republic gaule us. and this is remarkable man, or rachel maddow, just spewing the pro ponzi scheme war machine. because if they let this thing collapse under the weight of its own fraud, greed and money printing, they're all out of a job. right? because paul krugman has said that the u.s. dollar is backed by men with guns, and this was his argument about why the u.s. dollar was better than big coin. so we have another sim

the banks in the banks in when the banks actually comes to market. so i don't think cases going up is about to stop us and is bad for the world than a woman who's infected, not for the pharmaceutical companies or have a vaccine for the, for the illness. so i don't think that's driving. i think people are looking at this with some skepticism on either you have to write 5 stores of them. so i was madonna still didn't get the poll that you expect to get was such a breakthrough. so i think the markets are looking at, this is interesting, there's a chance this works, but we're going to reserve judgment. going to be something cautious about. so you are still through the, it seems that way. and then we're not looking at effect in an ounce amount of this covert vaccine in just one week's time of over 90 percent efficacy. but what does this actually mean for the rollout of the vaccine? which means a couple things. number one, obviously this is, these are claims being made by pfizer and by mcdermott these have not necessarily been verified that the vaccine woul

they're going to bypass the banks and they're going to bypass government because so central bank the roof is the bank of america it's got all 3 branches of government it's going to be in just one branch town you don't need 3 branches just get one branch that's the drone power branch that's all you need according to the can tell you in our class that's all they need they need that and they need the supreme court right because the government itself congress and the senate don't lead they don't rule they don't legislate really they let you know the supreme court or the central bank so congress is authorized to create money but under this scenario they're out of the picture they're authorized as well to declare war and they haven't declared war and the last you know 50 years since we went on the standard so central bank is simply going to hit the print money it's going to go directly into people's electronic bank account and it's going to be of course surveyed pretty closely and it's going to be like a giant video game where are you get more money and if you do the right thing in the gam

the bank's stock have surged more than 40% from its lows. while, officials say banks may be able to resume dividend payments next year if their balance sheets are strong. let's get straight to the banking sector with jonathan, senior banking analyst at bloomberg. one-off? is hsbc a jonathan: it is definitely not a one-off. it is a special case, because they have a very large hong that paid off when they could not pay dividends. when we think about sector and capital returns, hsbc is not one of the names that would immediately spring to mind as a way of claiming the capital return had been switched on. yes, we think the banks are strong enough, not just the bank capital return, it is also about a decent business plan and returning to profitability next year. they will be allowed come up to a point, probably with a para ratio limit, to begin to return capital. the ecb: jonathan, also, we understand, is reportedly signaling that it could lift soon. jonathan: we expect that the ecb will say after more on a case-by-case basis, and definitely in co

let's get to dani burger, who is outside the bank of england. e announcement stack up to expectations? it certainly is larger than what the market had been expecting. along with that corporate bond purchase you mentioned, another 150 billion going towards government bonds. that is 50 billion larger than the market had expected. look, this is really to keep up with the increased spending that we are expecting from the government, as they try to stimulate the economy, now in lockdown starting today. it really falls on the bank of england to keep that market functioning. the boe giving itself from to step up, increase that rate of purchases come january should the market functions deteriorate. they have also downgraded their gdp forecast for the fourth quarter, now seeing a contraction of 2%, though that could be optimistic. bloomberg economics estimating that in the fourth quarter, we will see a contraction of 3%. anna: dani burger at the bank of england. david stubbs is still with us. it caused a rally in the pound, despite the fact that this is a

the ibex up by 1.8%. by 15%.up other bankse prospect of further m&a in the sector. the business flash -- pnc financial has agreed to purchase operations for $11.6 billion making it the nation's largest regional bank. americagan and bank of move into new states and sectors. italian payment provider nexi is for $9.2g nets billion. a wave of consolidation in the industry. the world's biggest oil company is set to return to the bond market for the first time since last april. saudi aramco is looking to fund its commitment after weak oil prices left it unable to cover dividends. president donald trump is still refusing to concede the u.s. election. he tweeted overnight -- i can see nothing after speculation -- i concede nothing. hardline moves against china. jodi schneider joins us. he tweeted overnight and over the weekend. overview of his latest tweets and what he is communicating. jodi: he is communicating that he is not going to concede or at least not anytime soon. it has been more than a week now since joe biden was put over-

this is part of the future of banking. only is it about the accessibility and having your bank with you 24/7 on your mobile phone, but it's also about using technology in powerful ways to help solve problems for consumers. when i started borrow, it was about trying to create a new kind of bank that could make a difference in millions of people's lives who were not being served well by the brick and mortar banks. i would love to talk more about that. >> talk to me about getting a national charter. what does that mean and why is that significant? >> sure. we are very proud to be the first national technology company in the united states to be granted a full national bank charter by the office of the controller of the currency. we have direct membership into the fdic and federal reserve, which is quite something. this is a territory that has been largely protected by the incumbent banks. being able to break through that was quite a rigorous process. we had to gain approvals from all three agencies. we had to build a modern ban

the banks are involved in a huge ponzi scheme attached to the federal reserve bank. and the federal reserve bank is attached to a huge ponzi scheme called the global banking financial. and the i.m.f. and the world bank and the people at davos. and then that part of the policies game is backed by america's military. so america's military is kind of the force behind this global ponzi scheme. so if you defund the military, then the whole house of cards crumbles. seemed wrong. but old rules just don't hold any new role yet to shape out disdain for the conflict as a whole. and in danger equals betrayal. when so many find themselves worlds apart, we choose to look for common ground lead solos on the bull by countless national big city, bright lights, you jump, but you know, g.'s and many dangers of the rest of the cocoon. blatantly to insoles up a city where up to $300000.00 crimes are committed every year for the last limpid look at your mosque. it's filled to the reserve least one police officer. think every 200 residents in russia's capital cost on the list. i didn't put

operations of the spanish bank bbva. more ahead for the regionals, let's bring in head of u.s. bank strategy at rbc capital markets. great to have you with us. i feel like banks have the same problem as retailerretailers, br over banked so consolidation has to happen? >> i think you're right. when you look at the banking industry in the united states there's been a consolidation trend going on over 30 years in the 80's we had over 14,000 banks in this country today we're down to 5,000. i think the consolidation will continue and you're right we're still over banked and expect to see economy of scales drive the merger trends over the next 12 to 24 months. >> the number of banks that can actually do deals though, gerard, it want did he any of the large ones because they've got too many deposits at this point so how do you take a look at and assess possible targets and possible acquirers >> it's a really good question, because when i look back over the last two to three years it's been mostly smaller banks that have been combining and creating banks of sizes between $1 billion and

the market had been banking on a big reflationary impulse out of the u.s.ow it seems less likely >> yeah, i think that it is a surprising result. a lot of things to take in here. but i would still think that you will get a big fiscal stimulus package in a biden presidency with a republican dominated senate but of course it will be harder to negotiate but all politicians at this stage seeing the effect of the pandemic would appreciate i think that there is a need for substantial fiscal stimulus, but maybe it would be more across the economy than we otherwise might thought have been. >> and one interesting characteristic is that big chunk of the biden supporters believe that biden would do better at handling the pandemic and equally a big chunk of the trump supporters thought trump would do a better job at handling the economy. is it right to frame the discussion and from that perspective and that it is black or white, one or the other, so you choose the economy or choose curbing the economy? in many senses it also reflects the narrative going on in europe to