tidjane thiam is joining the business.ice over the long-term is up very nicely. -- over the long-term is down, but this morning, it is up very nicely. francine: we will also talk about apple;'s new watch. ♪ tom: the vice president's scathing in criticism of senate republicans. they advise iran on president obama us negotiations in a " remedial civics lesson." american brady dugan exits and will be replaced by tidjane thiam of ivory coast. good morning, everyone. this is bloomberg "surveillance," live from new york. i'm tom keene. joining me olivia sterns. brendan greeley on hiatus. olivia: and administration exposed when accused gop lawmakers are trying to establish a back channel with iran to scuttle the nuclear talks. president obama said the republican move will not stop negotiations. >> i think it is somewhat ironic to see some members of congress

tidjane thiam has spent a lot of time there. it really gets down to what is credit suisse going to do? are they going to be a bank to private wealthy investors and private individuals, kind of like the track ubs has taken, or will they -- brady dougan split the difference and has pared back some of the debt trading, but not all the way. it is a strategy question that may be for the board, for the new ceo, but they need to make a decision on which direction they will head. olivia: that would be my second question. tidjane thiam has risk management in his dna. the question is whether or not credit suisse will follow the model of ubs and get out of the risk your trading businesses and pursuit more of his wealthy client businesses. hans: that is the long-term strategy of ubs. you have seen most of the major european banks do that. deutsche bank is an outlier. they are waiting for fixed incomes and commodities to come back. if it does, their theory of the cases they will be in a strong position. their theory -- their theory of the ca

tidjane thiam has a tremendous track record in asia.ly in asia, but in asset management insurance. it can see some link as well. that is very much what investors are asking. and hoping for. francine: i remember we spoke to him about five or six years ago after he tried to buy a part of aig for provincial. you said you have to be bold because investors forget and forgive. if you do both at the beginning, do you think you're going to have a big announcement or will he take his time? >> he's got the reputation for being disciplined asset locator. he has the track record. we know asia is growing of growth for asset managers. that is where his experiences are. guy: would it be better to appoint somebody from a more wealth management background? >> it is an interesting question. we saw the share price performance reaction to the appointment of someone who is seen as perhaps in between the two. not an investment banker, not a wealth manager, but i think the fact that he has a very good track record in execution and has an expertise in the area

mark: how much should we make of the fact that tidjane thiam has never run a bank?e to grasp the intricacies of the investment banking division. is that a negative or a plus? >> i think it is a fair question. for me, it would probably be a negative. i think ultimately they are different businesses. people act differently. the drivers are different. i'm sure he's very experienced so sure, we will also get a lot of help in doing all this. but on balance to me it is more of a risk than an asset. anna: does it suggest they are about to do something quite drastic on strategy? they bring in an outsider who may have more success in bringing -- in being quite ruthless. >> this leadership change would suggest that. credit suisse was already moving in the direction of cutting back substantially in the investment bank. i would imagine if you bring in somebody who's basically made their name growing an asian asset gathering business and replacing somebody who is an investment banker, that's basically all you need to know. mark: what is the right business model in this era of hi

tidjane thiam at prudential had a bridge that gap with business in asia and the u.k.as well. and the shares have been really close to a record high. and if that was a strategy that was paying off for him at the time. jonathan: i want to get a feel for this. the financial crisis claimed the head all brady dougan, was at the regulatory issues that claimed brady dougan's job or was it strategy? guy johnson: i think of was strategy. you look at the underperformance of the stop and he tried to do it in the way and it was a -- there was a compare and contrast. he didn't come out well on that. just the bank ed evans and got -- jonathan: ed evans and guy johnson. that is it for "on the move." "the pulse" up in 4 minutes time. it is not about equities market. euro/dollar, lower. and the german 10 year bond keeps going lower, lower. record lows. the 30 year at a record low as well. if you want to talk about the markets i them on twitter. good luck for the rest of your day. ♪ guy: insurance premium. credit siu'suisse soars. francine: crash crunch. european finance ministers pres

we also know that tidjane thiam is a go getter. he likes to go after m and a. he has his work cut out for him on the regulatory front. we know that by the end of the year. the swiss federal council will be announcing capital levels including the leverage ratio. then he will have to revive the share price. i was talking about the share price before he will have to talk to regulators but he'll have to like every other ceo on in industry. he'll have to navigate through a choppy and volatile market environment. but beyond all what investors want to see right now is a clear and very credible strategy over at credit swiss. will there be a further retrenchment and deeper cuts at the investment bank for example, that's the big question out there. >> he has his work cut out for him there. thank you very much. let's take a look at how markets are trading here in europe. this is the second day that quantity native easing is in europe. you're seeing a lot of reaction. the equity markets not so much. this is the second day of decline. the indexes ended yesterday. we're seei

credits we's replacing longtime ceo brady dougan with tidjane thiam an insurance executive. spoke to him about that and here's what he said about taking the role. >> it is a really good brand. it means a lot to me because that is something you can work with. you have a lot of good people and a great staff. >> shifting to sports, a former line will be calling miami home. he signed with the dolphin for $114 million for six years. the nfl plus free agency time just got underway moments ago. and this just crossing on espn -- jimmy graham traded from the saints to the seahawks. lots more of this coming in the next goers. my next guest has played 13 seasons in the nfl. robert griffith played in the pro bowl in 2000 and now he is running for executive director of the nfl players association. great to have you. take me behind what is going on for players right now. what is it like behind closed doors? >> there's a lot of excitement and a lot of uncertainty. players have the opportunity to get to free agency have to understand that this is their time to cash in on all the hard work t

tidjane thiam will replace brady dougan. shares are rising on that report. in other news global news a new report suggests that european stocks may surge 70% by the end of 2016. they offer investors a historic yield pick up over corporate and government bonds. the stocks haven't been this cheap for more than 50 years. when yields go negative that's what can happen. dallas fed president richard fisher is calling for the central bank to end it's monetary policy and press ahead with the interest rate hikes. he is steps down after ten years at the fed. >> it's been ten years? >> we know he'll probably be an nbc contributor? i would think. put in a call. really take his career to the next level. >> we should definitely do this. >> definitely. take his career to the next level. really make something of himself. among our stocks to watch this morning, qualcomm announcing it will buy back up to $15 billion of its shares and share it's quarterly dividend. shares of urban outfitters getting a boost. posting better than expected squartly results. same store sales risin