we heard from tidjane thiam similar things last week.resting to see how their rivals and competitors do and frankly a difficult market environment. it is the wrong kind of volatility, or you can be on the wrong side of the trade and lose some pretty big money. nejra: francine lacqua, thank you. we look forward to lots more coverage from davos. coming up, an exclusive conversation with the ceo of credit suisse, tidjane thiam, from the world economic forum. let's get more from the senior eu banks analyst at bloomberg intelligence. thank you for joining us on set. first take on these numbers from ubs. are investors going to be focusing absolutely on these outflows? >> not just on the outflows. if the guidance. the disappoint -- it's the guidance. . the fact is that the recurring income is off of a lower asset-based and the transaction-based income is at multi-quarter lows. you look at the outflows, not so good. you look at the investment bank, a big miss on equities, certainly versus the u.s. as well. i don't think the buyback will be enoug

that interview with tidjane thiam is always a highlight. more to come, the biggest names in finance, including philipp hildebrand, vice-chairman of blackrock, the chairman of ubs, and brian moynihan, the ceo of bank of america. stay tuned for that. syngenta, and the ceo of saudi aramco will also join us throughout the day. anna: that is it for the european open. 0.8% thise down by morning, waiting for guidance stateside. plenty more to come from davos. this is bloomberg. ♪ francine: gray clouds on the slopes. davos kicks off concerns about the global economy worries and political risks are back in full force. bankaul shares sink as the announced funds in the third quarter. they failed to impress. referendum. the labour party comes closer to supporting another brexit vote. prime minister theresa may

we asked tidjane thiam whether we are going to get m&a and he said not always. talked abouter greater european banking and the challenges ahead as the chairman of ubs switzerland. >> and you tried to push him and say, what is ubs buying? he would not go there. if you look at italy, europe is over bank. do you have the stomach if you are a bigger bank to buy one of these smaller banks? jon: do two bad banks make a good bak? nk? i'm not sure they do. >> this is what he said about cross-border consolidation. >> there are political issues and there is regulation which needs to consolidate at the european level so that from bankruptcy loans to capital requirements until we have a more level playing field. it is going to be difficult to have cross-border consolidation. >> are we having fun yet? we have another four days of this. will be interesting to see parallels with president trump and his agenda and a lot of focus on the ocean. what do we want to know? china and brexit. jon: what is fascinating is -- is howat is fascinating each year is different and the theme is

credit suisse tidjane thiam says things are looking up after a difficult fourth quarter, telling bloomberg around since the first of the year. he downplayed the idea european banks might consolidate to solve problems. >> there are political issues and there is regulation which needs to consolidate at a european level so that from bankruptcy loans to capital requirements until we have a more level playing field. it is going to be difficult to have cross-border consolidation. viviana: that is the business flash. francine: thank you. a lot of the top is going to be on risks for 2019, the mood different from last year. president macron showing up, we had theresa may. tom: a guy from america showed up. francine: there was a standing ovation at some point. today, you look at the concerns regarding global growth, you have president trump with the shutdown, you have theresa may not here as well. let's get back to john studzinski. i was going to ask about china and trade. commenting, why are people surprise? what should we be worried about? jonathan studzinski: what you heard me say was the u.s. go