i am erik schatzker and i sat down with wells fargo ceo tim sloan. ade some mistakes and are taking responsibility. erik: how much further they have to go. ♪ erik: it is unusual for a company as big as yours to say effective we, we screwed up on national television. why draw attention to yourself? attention to your mistakes, let's say by admitting that you lost customer trust instead of just moving on? tim: because we are telling the truth. we have been very clear. it is not the first time we made those statements on national tv. i've been interviewed by you and talk about it. but it is us. it is being honest. look, we have made some mistakes. we have taken responsibility. we are not perfect, but we will move forward because there is a history of this company doing a lot of terrific things which we talk about in the ad. and we focus on what we are doing for customers today. erik: the reason i ask why is because, if i think back to recent history, for example the financial crisis, there were lots of banks, probably too many to count, that made mistakes

i am erik schatzker, and i sat down with wells fargo ceo, tim sloan. e have made some mistakes . no question about that. we

wells fargo ceo tim sloan facing negative headlines. bloomberg's carol massar in new york. they started the conversation talking about the strength of the u.s. economy. economyrall, the continues to improve for a variety of reasons, that we probably do not have time to detail, but it is pretty consistent with the consensus in the u.s., and that is that we will probably have gdp growth in the seventh quarter of 4%, and we will have growth for the full year at about 3%. that is a big improvement from what we have seen over the last four years. there are certainly some clouds on the horizon. we are in the banking business, so we talk about recession all the time. we are in the business of taking risks. when you are in the business of taking risks, you need to make sure you are all-inclusive in terms of the potential. in 2005, 2006, this environment, people were talking about how we would never have another recession again, technology has done this, and people thought about taking risks in a different way. from my perspective, if you have b

scarlet: that was tim sloan at the bloomberg rake away ceo summit. bring you this update. has just finished voting on the -- on one of two measures. it does not have the votes to pass and has been rejected. the compromise measure was expected to face a vote at 5:00 p.m. eastern, delayed until tomorrow. -- seeking compromise on the immigration issue, a real battle between hard-liners and those that are more moderate. ♪ scarlet: this is bloomberg markets. let's bring you another one of our highlights from the bloomberg breakaway summit. we've been speaking with ursula burns, former chair and ceo of xerox. is not anywhere nearly as complicated as it sounds. first, you need somebody who knows more about it than you do. often times, i thought we needed to transform or think of some new service. but th wasn't where we started or should have started. digitizing the core of your business, digital can be used to generate new revenue, add new value to clients. but the first place we looked was inside our operations, to streamline and lower costs. that --us some to do some cap-ex to