tim sloan was clear.e government to stop changing the goal posts when it comes to capital levels, bank liquidity requirements. he wants those to be fixed so there is some certainty that a bank like wells fargo can work towards in the future. he also wants the fed to fix the testingcess, the stress process that the fed goes through when they determine how h bank is allowed to return to shareholders. dividends,backs and wells fargo would like to return 75% of its excess capital. right now it is stuck in the low 60's. right now tim sloan believes if he got both of those from the government, wells fargo would be target to its own for returning excess capital to shareholders. vonnie: you can see erik schatzker's entire interview on the bloomberg or online. mark: authorities in manchester, england, have identified a 22-year-old man, salman abedi, as the suspect in last night deadly terror attack in the city. it is not clear if he acted alone. a 23-year-old man was also taken into custody earlier today. the quee

jonathan: jpmorgan jamie dimon and tim sloan open up about their businesses in exclusive interviews.> competition is a good thing. i have never been worried about competition. >> my number one job is to rebuild trust with all of our stakeholders. jonathan: conversations on europe as the ecb appears to unwind qe. and the e.u. and the u.k. get ready to hammer out brexit. >> is very important she needs to be -- the ecb needs to be fully in command. >> i did not fear that markets would be in a position where they would be surprised about -- by what we would do. jonathan: it is all straight ahead on "bloomberg best." ♪ hello and welcome, i am jonathan ferro. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from around the world. this week began with an unexpected change for one of the big three u.s. automakers. vonnie: fort replacing the ceo mark fields with jim hackett who has been running ford's spark -- smart mobility unit since last year. >> there has definitely been pressure at fort because stocks have fallen so much during ma

erik: i talked to tim sloan about that, too, scarlet.ells fargo is country's largest mortgage lender and it happens to be the largest lender for purchased mortgages. those are people actually buying homes for the first time or buying a home as opposed to refinancing an existing home. they have a lot at stake in the future of fannie and freddie. tim's loan made it there that believes the government should have a much smaller role in the mortgage market. does he believe the government should have no role? no. he says there is a role for the fha to help first-time homebuyers and a place for the v.a. to help people in the military acquire homes, but over time, without saying that they shouldn't exist he made it clear that fannie and freddie should play a much smaller part in the mortgage market. as a result, he also told me that wells fargo at some point this year will try to revive what was reason to call the private-label securitization market. that is to say take loans it is originating and instead of fellow -- selling them to fannie, sel

that is tim sloan. vonnie: thanks to erik schatzker. it is time for the latest bloomberg business flash. sears has breathing room. they plan to extend parts of its $4.2 billion debt. they will have another six to their repay loans lenders. plus, sears will pass out $515 million in pension obligations to metlife. in germany, the parents of mercedes-benz is being investigated it manipulated diesel emissions. --y waited almost a dozen they raided a must but offices and they are cooperating. they have been in the spotlight bypassed awagen mission roles in millions of its cars. billion were, $4 to be distributed to victims in the ponzi scheme. investors have not gotten a dime. the justice department disclosed a statement after a freedom of information act request from bloomberg news. they said on the website that the payouts would take place sometime this year. that is your latest bloomberg business flash. continuinge more coverage of the terror attack, next. this is bloomberg. ♪ vonnie: live from bloomberg world headquarters in new york and

vonnie: also this hour, an interview with wells fargo ceo tim sloan.erview comes just days after a contentious wells fargo shareholder meeting. oliver: and tricking the fed balance sheet may not be as easy as janet yellen hopes. we will look at the potential hazards as the fomc that's set to meet tomorrow. let's check markets with abigail doolittle, where we have another

vonnie: also this hour, an interview with wells fargo ceo tim sloan. the interview comes just days after a contentious wells fargo shareholder meeting. oliver: and tricking the fed balance sheet may not be as easy as janet yellen hopes. we will look at the potential hazards as the fomc that's set to meet tomorrow. let's check markets with abigail doolittle, where we have another record for the nasdaq. oliver. indeed we do, a bit of a risk on day at this point. the dow reversing a small loss after the eyes and manufacturing number for the month of april came in slightly disappointing, but now higher, joining the s&p 500 at session highs. more than half a percent, putting another intraday record high on pace for another record close. keeps going in a bullish direction. let's look at the stock driving the records for the nasdaq. apple, amazon, and facebook. apple and facebook are posting intraday record highs. amazon on pace for record apple does report tomorrow after the bell and investors are looking for $2.02 on 50 tri-valley dollars in revenue but it

jpmorgan jamie dimon and tim sloan open up about their businesses in exclusive interviews. >>

. ♪ bloomberg's editor at large erik schatzker caught up with tim sloan, asking which jobs will be replacedmputers five or 10 years from now. tim: any function that is repetitive can be done as well by a machine as by a human. i think any function that requires judgment, that requires listening, that requires empathy can be done only by a human, so i think you are going to see our business continue to evolve. that is why we are so excited about the innovation we are bringing to our customers, but there will always be a place in our industry for human contact. erik: if you look at the jobs today, how many are repetitive? tim: i do not know off the top of my head, but to the extent that we have a role that is repetitive that could be replaced by a machine over time, that is not to say we will not create new roles. our payments, virtualization, and innovation group did not exist nine months ago. we have 31,000 people in that group right now. erik: why is it so important for wells fargo to be the first mover in technology? you are spending a lot of money on improving consumer experience. why is

more of our exclusive interview from tim sloan in this hour. fiat.s.ued chrysler, alleging that 100,000 of its trucks and suvs cheated on tests. u.s. markets close in two hours, let's get a check on those skyhigh levels with julie hyman. we are approaching record highs

in the middle east and meetings with nato leaders and exclusive interviews with jamie dimon and tim sloand up next, more of the week's top business headlines. the congressional budget office scores the gop health care bill. >> the only score that matters is the one on the senate bill when that is done, and that they'll still looks like it is a long ways away. jonathan: this is bloomberg. ♪ ♪ jonathan: this is "bloomberg best." i am jonathan ferro. let's continue our global tour. in vietnam, trade ministers around the world discuss a number of sensitive issues at the annual aipac meeting. >> global trade and the threat of protectionism dominated the talks this weekend. the posts summit statement was diluted, indicating pressure on ministers not to criticize the protectionist trend. >> it is very interesting, this watered down communique. we seem to see that theme following the g7. >> the u.s. dictated the outcome. like you said, the diluted statement. ministers pledged to work on regulations, but there was no mention whatsoever on resisting protectionism and like you indicated, we saw this

kohl's, macy's, nordstrom, >>> wells fargo is holding its investor day today with presentations by tim sloannd other members of the management team they will provide new cost cutting targets. they usually host investor day every other year but holding one for the second year in a row as it works to restore confidence following its accounts scanned the. accountsscandal? >> yes. >>> time for top trending stories. news that donald trump fired fbi director james comey had some white house officials at a loss for words. the "washington post" reported today that the white house was totally unprepared for the fallout. when the reporter reached out for an update, a top white house aide texted two fire work emojis. i love this was a juicy detail included in the story. >> the only disappointment was that emoji. >> fireworks? should have been that one. >> why? >> crazy. >> or that. >> yeah. >>> tesla is taking orders for its solo roof tiles. the product is a cornerstone of elon musk's strategy for fossil fuel free lifestyle. they are more expensive than a conventional roof, but it will pay for itself o

vonnie: that was the wells fargo ceo tim sloan speaking at the milliken conference earlier today. have much more from milliken, including an exclusive interview with the city dell griffin at ceo ken 2:30 new york time. this is bloomberg. ♪ >> it's 1:00 in washington, 6 a.m. in hong kong, welcome to "bloomberg markets," with politics and policy under the new administration. in an interview with bloomberg news, president trump says that he's willing to meet with the leader of north korea and president trump says that he's considering breaking up the big banks. more headlines from the conversation, which just can did -- which just concluded. what can officials learn from tax reform? put together in 1986, bill bradley will join me. interviews with steve mnuchin and the nasdaq ceo from the milken institute in california. ♪ a lot of headlines coming out of the conversation between the president and the united states and my colleagues at the white house, which concluded just moments ago. one of the big ones here, president trump

hour, exclusive interview with wells fargo ceo tim sloan.n in manchester as they unfold.

julia: that was wells fargo t -- ceo, tim sloan. joe: "what'd you miss?"ng in a staggering chart -- was put together by mike mcdonough. this is about the university of michigan sentiment data. this is a percentage of respondents receiving on -- unsolicited positive comments -- you are just having a conversation that showed an hour, by the way, in government is doing or feeling. this linus come up like a rocket. julie and i both noticed this chart today, we are stunned by this. this is in the immediate wake of the trump victory. nearly 30% of respondents saying, i've heard the economy is good. ofpite some kerry ration trump's approval ratings, which we know about, have talked about on the show -- policy agendas fall, there is an extraordinarily high number of eople, and -- scarlet: even more amazing when you go back to the chart and consider, the average between 1981-2016 -- was 2%. they go from 2% thomas -- joe: shows you how great washington, d.c. is doing with the economy. scarlet: between what was saying -- in terms of paul's and being asked about the p

ceo tim sloan has pushed to rebuild shareholder and customer trust.year's fraudulent investigation cost of the firm $445 million in fines. bombarded eight chairm -- chairman iss a member of the founding family. suffered auber setback in its fight to be regulated as a traditional taxi service. and adviser to the european union has rejected the argument that uber is nothing more than an act. the opinion is nonbinding, but it gives an indication that uber might not be able to shake off national research and's. that is you-- national restrictions. >> macy's prices, plunging for the most in over five years. the department store, falling far more than expected. we will look at a drag on the sector. this is bloomberg. ♪ >> this is "bloomberg markets." scarlet: i am scarlet fu. >> it appears macy's ceo has a tougher job ahead of him than wall street imagined. ,osting yet another sales slump slumping 4.6%. on macy's miss is dragging the entire sector. scherzer jcpenney, kohl's, and nordstrom, all deep in the red. we're joined by our correspondent frot. thanks

tim sloan, the milken institute at 11:30 this morning.rg. ♪ did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's over 6 times faster than slow internet from the phone company. say hello to internet speeds up to 250 mbps. and add phone and tv for only $34.90 more a month. call today. comcast business. built for business. hey you've gotta see this. cno.n. alright, see you down there. mmm, fine. okay, what do we got? okay, watch this. do the thing we talked about. what do we say? it's going to be great. watch. remember what we were just saying? go irish! see that? yes! i'm gonna just go back to doing what i was doing. find your awesome with the xfinity x1 voice remote. tom: may you have a good may day. do we have snow in new york? markets are closed around much of the world. news, news, news. in washington, republican congressional leaders who want to focus on health-care and tax overhauls have given int

>> well, yeah, wells, one of the more contentious names, tim sloan was in the open market this week.arison against gilead. you have walgreens buy 160 million dollars worth in six months. where are insiders going today versus where divesting at higher multiples. you could have bought gilead 12 time earnings a year ago. the insiders are not falling on purchases, but talking about valuations. housing east going to crush it, lenar, the market only owns 43 basis points in housing. that's a stock picker's dream right now so you're aware. >> all right. we are now. good to see you. thank you, cole, david, good to see you as well. thank you. >> thanks a lot. >> thanks, guys. >>> minutes from apple's earnings coming up. find out how many iphones the company sold in the quarter and whether it makes sense to buy the stock at these record levels. >>> but, first, iac ceo here exclusively to discuss the latest deal to buy angie's list, a deal of the day. you're watching cnbc, first in business worldwide. you always pay your insurance on time. tap one little bumper, and up go your rates. what good i

we will be live with interviews from tim sloan, steve mnuchin, and david solomon.not miss the conversations. all of that coming up right here on bloomberg television. up 27. are firm, you are watching bloomberg. ♪ jonathan: congress cut the deal, but at whose expense? prime minister may insist she is not in a different galaxy in says a deal with europe can be struck within two years. let's get you up to speed on the market action. futures firm this morning. at 229. david: lots of economic data coming out today. at 9:45, market u.s. manufacturing followed by i send manufactured data after that and 11:30, the rest treasury is said to auction $33 billion. on let's get an update what's going on outside the business world. >> to u.s. is considering a range of options against north korea. >> mcmaster said the u.s. and -- in 10 ago, a man at a pool party. police say he killed the suspect after using a gun on him. in washington, house and senate negotiations project most of trumps wishlist. republicans vowed to eliminate hundreds of regulations aimed at curbing regulation.