we act like a u.s. bank. lisa: when you act like a u.s. five pillars of your organization. recently you offset some risk from your credit card portfolio. there is a real question here about where you see an opportunity to lend in the consumer space at a time of uncertainty in the cycle? c.s.: we view the consumer space in two ways. in the u.s. we have a great credit card business. we have 20 corporate partners, blue-chip corporations. we are looking to continue to grow that partnership business in the u.s. in a measured way because it has great synergies with our investment bank and is a great overall business for us. in the u.k. we have trends across the consumer franchise. it is our homeland, home turf. we look to increase that strength. lisa: is there more emphasis on growing in the united kingdom outside of the u.s.? the u.s. effort will be much more bespoke, focused on clear vertical rather than the whole picture. c.s.: we have a complete banking process in the u.k.. touching customers from the very largest corporations down to individ

in u.s. banks. the new onslaught? first, dagen and sean, what you have coming up? llions of dollars of border security but u.s. border security foreign countries border security. the guatemalan president wants even more. the green energy war driving up gas prices. >> rich lowry on the dark difference of a day or two president. the child attends at the wake up explain your police officer jonathan gillick. joe biden will be yakking it up with clinton and obama, a beach trying to raise money. we also have lieutenant governor of virginia on fact checking bs on fans. love it. top of the hour. ♪ makes it easy to save with a commercial auto quote online so you can take on all your others to-dos. already did. see if you could save at progressivecommercial.com. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business.

u.s. banking sector. it sent shockwaves through the global financial system. thewere looking for the next weakness credit suisse. then, the largest shareholder in credit suisse, the saudi national bank, said we have had enough. we will not provide more funds. that forced credit suisse to take an emergency loan of 50 billion swiss francs from the swiss national bank to shore up liquidity. the same week svb and the government fast tracked the rescue by ubs. ubs agreed to buy credit suisse in an all-stock deal worth not a lot of money. at the time, it was a bargain basement price. 3 billion swiss francs. former ceo sergio ermotti returns. we spoke to him a lot at ubs. the swiss establishment and the hierarchy of swiss banking said this is complex. we need sergio back. that is what happened. the acquisition was completed on the 12th of june in 2023. credit suisse shares closed at 0.81 swiss francs on the final day of trading. let's revisit the key stakeholders and what they had to say when the rescue deal was announced. >> translator: the latest developments that

u.s. banking regulators have an unusually large penalty on silicom bank last year, 280 $5 million and peas-- in fees. we will discuss this with sally bakewell. why was this fee so large? sally: when silicon valley bank was teetering on the brink of collapse it borrowed money from the federal home loan banking system. this system was set up in the depression era to lend to housing, but it has morphed beyond that initial mandate and you can probably get a loan for any purpose. silicon valley bank borrowed about $30 billion at that time. when regulators took it over, instead of keeping the loan outstanding they paid it back early which meant that they had to stomach the $285 million fee, but it reduces their borrowing cost and the longer term freeing up collateral. that is why we have this fee that goes into the bottom line of the federal bank, which was able to place a profit. sonali: should they be posting a profit off of the demise of another bank? sally: that question feeds into the broader debate over the system. it is a hot topic in washington and it was really amplified after the regio

we like trueist, for example, we like u.s. bank corp. ght? we're watching the basel 3 end game right now, the banking regulations and we've been talking to a lot of people about the banking regulations. here's what the wall street journal writes, the banking regulations will not address some root causes of the regional bank discomfort. thomas. and the broader outlook for regulation appears to put u.s. banks at a disadvantage. that's what jamie dimon told me when i asked him what jp morgan has to say about these basel 3 proposals. watch this. i you've spoken about this, the capital levels required for thebacks as we're end of the comment period. what is your assessment of these proposals. >> these will be embedded in everything. some said big corporations can afford it. they will pass it onto customers. it will be passed on in a million different ways. no one ever looked and said here's the outcome of the changes and we want these outcomes. the outcomes should be what you want. so the mortgage business is leaving bank, credit is leaving ba

colleen: we are overweight banks, large u.s. banksnd regional, and overweight the insurance sector. when we think about where spreads could go, as i mentioned, 10 to 15 basis points tighter, that's where we think about where we are from a strategic perspective, shifting to a neutral allocation in the asset class broadly. risks in the near term, now that we have gotten through the march fed meeting that everyone was focused on, we had a rosy forecast from the fed, even though we had higher growth and higher inflation with a lower unemployment rate than previously anticipated. we think it is a solid backdrop for markets and finally think about, when we talk to clients, it's about yields being attractive from the high perspective and that seems to be driving the market more than tight spreads. vonnie: would you look to something like financials to pick up a few basis points, colleen? colleen: no, i don't think that was necessarily were we would be looking, in that market. right now, i think -- we generally view most of the high-yield mar

good thing you chose u.s. bank to manage and grow your money.ith our 24/7 support at least you're not taking chances with your finances. yeah, i think i'm gonna need a chair. oh, ohhhh. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. get an expanding library filled with new online videos, webcasts, articles, courses, and more - all crafted just for traders. and with guided learning paths stacked with content curated to fit your unique goals, you can spend less

so u.s. banksuite well capitalized and we're not talking about reducing current capital levels at all. really in the basel iii e game, capital may well go up and what we're talking about is whether the proposal that was put out by the bank regulatory agencies, including the fed, which has now been the subject of quite a lot of comment, whether, you know, what changes will be appropriate to that. that's what we're talking about. we'r]ñe not ta about reducing existing capital requirements. sen. fetterman: ok. and then i also want to play off of alleague from tennessee. i actually agreed with him and he's concerned about the deficit, about it's $1 trillion for every 100 days. so now if the federal government added $3.5 trillion to the deficit by extending the trump tax cuts, would that increase or decrease inflation? mr. powell: so i'm going to fall back on our long-time reluctance to comment on fiscal policy. we take fiscal policy decisions, whatever they may be, we thing as they are and we conduct m

one of the things that is apparent, those banks regional in the u.s. and overseas have significant exposure to the office commercial real estate market are being forced into valuation re-appraisals. that has hit nycb hard. we have seen write-downs, and a bank in germany has a lot of exposure to the office sector. we need to look at other real estate sectors because there is an occupancy issue. and a rental payment issue, that is also in commercial. some of the housing subsegments, what we would say is because of the percentage in commercial real estate being that much higher in the u.s. regional banks, we think it is more of a challenge for the regional banks than the banking system as a whole. we do not see it as a systemic risk yet but it creates an opportunity to express sectoral preferences on the long and short side in a small to mid cap space in the u.s. annabelle: marc franklin, managing director, manulife investment management. still ahead, we will speak exclusively as the international expansion plans gain traction and momentum. cheng siak kian

u.s. central bank should delay or slow the pace of interest rate cuts. >> in my view it is appropriate to reduce the overall number of rate cuts or push them further into the future in response to recent data. tom: s&p 500 gets a late day booster finish at a record high. we will take a closer look at how markets have fared so far this year as we head into the last major trading day of the quarter. plus intervention watch, the yen with the many traders i 152 per dollar as a possible trigger for officials to take action. fresh records across european stocks in the u.s. european stocks three straight days of gains in european futures looking to build on that despite the caution. christopher waller wants to see a couple months were dated to get the confidence before he is clear that there is an ability and a window to cut. cautionary lines coming through from chris waller, and use all that move across the yield curve. comments coming after the market closed stateside. ftse 100 edging closer to the 8000 level pointing up by .5 of 1%. commodities getting a lift in the session. s&p closing above

u.s. banking system is sitting on 2.2 trillion dollars of unrealize losses due to very problems that took down silicon valley bank last year and our vexing community bank and broader markets not spooked by this right now. but that 2.2 trillion dollar number has much to do with commercial real estate loan portfolios set to mature soon? right? how soon could this problem get considering loans will have to be rewritten at much higher rates? >> thanks for having me on. let me clarify this, so the 2, 3 trillion loss is just the decline in values, due to higher interest rates. and the top of that you have about 60 to about 80 -- to commercial real estate, that calculation about 14% of all commercial real estate loans are underwater many of the current volume less than the balance and 44% of all office loans what it means there are actually several hundred in the u.s. mainly smaller mid-side banks that are similarly within the community bank and s&p in other words -- their at risk of solvency and assets is less than the face value of the debt which is mainly deposits. just to state one thing it d

u.s. banking system can handle this issues in commercial real estate while he signaled more banks may fallthe regulations are coming. we will preview the regulations while awaiting key job stated this morning. it is jobs friday the fibroid jobs report out at 8:30 a.m. eastern, all hands on deck. european markets are mixed, take a look at the eurozone, the s&p 100 and bonded as lower by 33, the cat crown in paris is higher by 17 and dax index in germany lower by ten. in asia overnight green across the board, take a look at asia you will see the best performer overnight, the korean index, cosby index one and a quarter percent, the others will be higher fractionally. joining the conversation gop strategist joe pinion, cheryl casone and lonski group founder john mann ski. "mornings with maria" is live right now. ♪ ♪ ♪. maria: time for the hot topic of the hour president biden delivering the third state of the union address touching on taxes, crime, inflation in ukraine, white house correspondent hillary vaughn live from capitol hill with the speech details. good morning to you. >> president bi

u.s. banking system. just a year on, where do we stand? i want to bring on vinod khosla.ted you to come on the program in part because you are one of the first vc's to look at what was happening and offered to make personal loans to the founders of the startups in your portfolio, but you are also a silicon valley veteran and had a close association with silicon valley bank by virtue of doing business. what was the net result of all of that? vinod: the net result has been minimal, to be honest. people have moved on. they have other banking sources. some of the people involved are still around, working for other firms and other entities. lfe g -- life goes on. the valley has adjusted. ed: you noted other sources of banking. it brought names like mercury, what i would call alternative lending or transaction services, to the fore. if there were lessons learned, it was high concentrations at svb. if you were an early stage startup, you had your banking there but you also have your debt there as well. it was also the first place you could get a check. is that concentration risk

>> we have been on the funding, we have been talking to the treasurer, because the u.s. bank contact we have now we are part of the city wide rfp they did two years ago, so that how we enter into contract with u.s. bank. at this time, our funding available is not significant enough to really reach out to the city, because the city has its own pool of funding investment, but right now we don't have enough funding to start a conversation to join the pool. >> the basis for my question is just to insure that it is significant advancement for the housing authority to be in a position where there are reserves and strategy associated with expertise thats allows the body to invest and seeks return that helps with long-term financial obigations some you just mentioned. the intention making sure the conversations are in place is that, it shows movement of the authority, two, it provides transparency around investment strategy we can pursue and also due diligence made with those other entities to insure everyone is aware of the actions we are taking and have the ability to take so that

u.s. banking sector. our semiannual global economic prospects event led by karen dinan on the us economy with remarks by tian le hang on the chinese economy a m on our lessons from exchange rates. an update on too big to fail with martin gromberg, the chair of the fcic and tobias adrien from the imf among others taking place wednesday, april 10. and then a horde of central bankers and those who love them in the following week. in particular i want to feature themes in this year's economic report of the president our joint conference with the imf on steerinstructural change. the latest in our biannual rethinking economic policy conferences. are grateful to partnership with the whole imf and others on that. een roads, if we're going to have greater equality and deal wi■. ai, we havhée to be able to ster structural change and have it mean something more than it used to which is the oecd laundry list of liberalization. and we're very hopeful that our confere believe includes a colleague or two from the ca --

u.s. authorities feared was a spreading and destabilizing bank run, u.s.ties invoked emergency powers to cover all uninsured deposits and create an unusually gene■g'2rous emergency lending facility. this -- these actions stabilized the financial system and they shielded the economy from harm. but the recent troubles of new york community bank corps and the unfortunately named republic first bank corps reminds us there's still banks still in trouble, particularly these who have invested in commercial real esate. so i think it's understood that bank failures are inevitable, despite the rules about capital, liquidity and risk management since the global financial crisis. today we ask what lessons we should learn from the march, 2023 episode, including steps that policymakers, regulator, supervisors, bankers should take to reduce the risk that the failure of a couple of banks, not the biggest banks, can threaten the stability of the entire financial system. and end up with taxpayers riding to the rescue once again. somebody, i'm is originally responsible for t

what is the fed doing with the new capital rules in terms of putting u.s. banks at a disadvantage? ke our banks uncompetitive if they impose the basel-3 new capital rules being pushed by elizabeth warren and others in washington. it's a bad idea. jamie dimon is right. and the impact of that is less credit availability for small businesses, for households in america and making american banks less competitive as he noted to banks around the world so it's a bad idea but there are other biden policies that are bad too. they have a rule called rule 1071 which will curtail lending to small businesses if they push he it through. and we have new costs being pushed by the cfpb, consumer protection board as well that are raising costs for banks and making it tougher for them to do their job of lending money to small businesses and our house holds. maria: is it still a very tight lending environment, congressman? what do you think that means for the macro story this year? >> i think it's tougher because high interest rates have made the cost to refinance loans coming due this year trickier. pe

second question, if the purpose is to align u.s. banks with peers elsewhere in the world, why is the fed imposing requirements more stringent? why is the fed goldplated? the third question, how do you reconcile the recommendation for standardization with congress' requirement for tailoring? the fourth and final question, do you think that it could have the unintended consequence of reinforcing the trend towards shadow banking? is there a sense where we are transferring risk from the regulated sector to the deregulated sector? i will give you the time you need to answer. chr. powell: i will start with a yes to the fourth one. that is clearly a risk. we have seen mediation activity moving out of the territory system. in a word or two, what was it again? >> you testified. chr. powell: i address this in my opening remarks. it will always add safety incentives. but there is a cost. it is very difficult. i have said for years that i thought it was about right. i voted for all these increases. the second one was about gold plating. i said this i

i spoke with jamie dimon earlier in the year and he said the new basel three rules are putting u.s. bankssadvantage, here's the exchange, watch. >> i know you spoke quite a bit about this, they require capital levels for the major banks as were nearing the end of the comment. for the basel three end game proposals for regulators what is your assessment of these proposals. >> they will be embed with everything. some say the corporation pass it on to their customers, it'll be passed out in a million different ways, what bothers me the most no one looked at it and said here's the outcome of the changes and we want the outcomes, the outcome should be what you want the mortgage business leaving banking and a lot of credits leaving banking that's what the regulators want, so be it but have other serious concerns we would have to hold 30% more capital in the u.s. than competitors, foreign competitors in the u.s. i don't think that's appropriate i have strong objections and i think the work was poorly done. maria: that's pretty sizable 30% more capital than your foreign competitors. >> jamie dimo

that's what u.s. bank is for. huge relief.h... ♪ at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. >>> welcome back to "power lunch. consumer sentiment hitting highest level in two years inflation so high our next guest seen the consumer trade down and out with a list of six retail stocks that look like bargains revealing those names and a read on retailoverall, chief researc

the 2023 annual report stated that u.s. banks to continue to have sound levels of regular capital and healthy levels of profitability while maintaining ample liquidity buffers. as the chairwoman, you would agree with this statement. correct? >> yes. >> okay. you have been careful not to get into the in game discussions, i assume you don't want to comment ? >> that is correct. >> nonetheless, it seems the fact that we have made it clear that the banks might not have sound level of regular capital and healthy levels of profitability while maintaining ample liquidity buffers suggest we may not need a lot of additional changes with regard to the in the game -- endgame proposals. secretary yellen, fair to say that probably our government is not on a fiscally responsible pathway right now? >> i do believe we need to reduce deficits and stay on a fiscally sustainable pathway. thus far, in real terms, the interest burden of the debt has remained within or below historical norms. the president's budget last year suggested substantial defi

the fsoc 2023 annual report stated, u.s. banks continue to have sound levels of regulatory capital and healthy levels of profitability, while maintaining liquidity buffers. as the chairwoman of the council, i think you would probably agree with the statement. correct? okay. i also know that in the past, you have been very careful not to get in the middle of discussing the endgame discussions. i presume you do not want to comment on that at this point. >> that's right. >> nonetheless, it does seem to me, we make it very clear that the banks have some level of regulatory capital. they are maintaining liquidity buffers, seeming to suggest that we may not need a whole lot of additional changes regarding the endgame proposals. secretary yellen is it fair to say, probably our government is not on a fiscal path right now? >> i believe we need to reduce deficits and stay on a fiscally- sustainable path. thus far, in real terms, the interest burden of the debt has remained global. it has remained within or below historical norms. and the p

the phillies of signature bank and itsoversees to arrest what u.s. authorities fear is a destabilizing bank running u.s. authorities invoked emergency powers to cover all uninsured deposits and create an usually generous emergency lending facility. thesein actions stabilize the financial system and shielded the economy from harm. the recent troubles of new york community bank or court bancorp and unfortunately named first bank core are reminders that there still banks that are in trouble. particularly those who invested in commercial real estat so i think it is understood bank failures are inevitable despite all the changes to rule the liquidity regulation and risk managementriskmanagement since a global crisis. a but today we ask what lessons weou episode of policy policymakers and regulators not the biggest banks can threaten the stability of the entire financial system. and up with tax payer writing to the rescue once again. somebody i'm not sure who was originally responsible for this phra first from the , economic historian who originally won the

joining me is u.s. bank senior vice president, head of public markets group, lisa erikson. thank you for being here this morning. tell us what you're expecting from the data on tap which culminates with the jobs numbers on friday from the labor department. how do you see the macro story? >> overall right now we are seeing generally a balanced macro year and what i mean by that is while we have growth measures generally slowing, they have been surprising to the upside and that's really been on the back of a resilient consumer, supported by a solid jobs market. and so when we look at the week ahead, what we're really expecting is similar data to what we've seen in the last couple months, whether it's the jobs data or some of the big box retailer earnings that we're going to see this week. we are expecting to see, again, some evidence that hopefully the consumer is hanging in there but really what's going to be key is, again, that rate of change. again, we know that policy has been tight and that we continue to

good thing you chose u.s. bank to manage and grow your money.h our 24/7 support at least you're not taking chances with your finances. yeah, i think i'm gonna need a chair. oh, ohhhh. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. >>> we are back with bitcoin hitting another record high today breaking through 72,000, almost 735 now let's get to bob pisani. >> for the etf community, bitcoin is the gift that keeps on giving since the ten spot bitcoin etfs began trading in january flows have increased. let's talk to a manager of one of the bitcoin etf, matt hogan, he runs the bit wise bitcoin trust. they started trading the nine spot etfs since january i've seen 1.3 billion into your etf. gray scale is seeing outflows. who's buying? is it retail? institution? do you have a sense wh

at the regional banks that was not being done. in fact, you the the u.s. introduced its regulatory tailoring and it's called regulatory tailoring but it was regulation and supervision that was tailored. so that the smaller regional banks between -- sorry between you know the small, the regional banks were not subject to the same regulations or the same supervision. so you know, the regulations we do think needs fixing. but in the supervision it's about, you know, the culture of the supervisors. how supervision is managed. you know. many of the powers are already there. david: so, susan, the lender of last of central banks historically dates 100 years more back. i guess to walter badgett. is that banks have very ill liquid assets, loans to marges -- to mortgages and business loans. very lities that can run. just like in the mary poppins movie, you can have a bank rto get their money out and the bank has assets that are still good, but thaw don't have the cash to pay out. and we learned during the great depression that that screw up the whole economy so we se

burying the companies and 24 million from overseas and burner phones involved and diamonds and u.s. banksg 150 suspicious activity with the treasury department and what the biden family was doing. what do you make of all this, hans? >> yeah, look, we had the testimony this week tony bobulinski with hunter biden and the biden family, and he was the third, third former business partner all of whom have consistently had exactly the same testimony. the involvement of joe biden, he's meeting with their clients and in fact they were selling the joe biden brand. this is the kind of behavior giving deals to children of important -- political figures that we've gone after american companies for for doing in foreign countries and foreign corrupt practices act. so, you know, you would think that if there's nothing to this as joe biden keeps saying, he'd look forward to the opportunity to be able to testify in front of this committee. elizabeth: watch a former biden insider testify claiming that hunter biden did talk with the chinese business partners about getting joe biden a board seat on a chinese

good thing you chose u.s. bank to manage and grow your money.rt at least you're not taking chances with your finances. yeah, i think i'm gonna need a chair. oh, ohhhh. >>> welcome back to power lunch. we've heard a lot about the return of bitcoin mania recently, but ether is soaring just as much, up nearly 50% so far this year. cnbc's tech reporter mackenzie slow substantial snow from the youth denver conference, or 20,000 people are estimated to have come in for one of the biggest crystal conferences of the year. matt, what are they talking about? >> hey, dame. so, what people are talking about, what is being built on top of if iran? we're also looking at trading bonds. he got caught and future volumes from bitcoin anti through that -- crypto funds are exceedingly people in 2021 according to the effect. now, part of the system with a major upgrade coming with ethereum in a few weeks. it's expected to slash transaction costs by 90%, vastly improve from the bill to be. the companies are built on top of the blockchain. there's also a lot of optimi

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that's what u.s. bank is for. huge relief. yeah... ♪ ♪♪ hello, mia.to meet your demise? man, we really need to upgrade your trash talk. ♪♪ nice shot... shot... taker. who programmed you?! i'll see you tomorrow. the future isn't scary, not investing in it is. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more in prospectus at invesco.com. my name is oluseyi inv and some of myves, ris favorite momentsses throughout my life are watching sports with my dad. now, i work at comcast as part of the team that created our ai highlights technology, which uses ai to detect the major plays in a sports game. giving millions of fans, like my dad and me, new ways of catching up on their favorite sport. >>>welcome back, everybody. a little over 10 years ago ea sports stopped making its ncaa football game amid lawsuits over the use of player likenesses and names. now, in light of the new name image and likeness rules, the video game is returning with what may be the largest scale

good thing you chose u.s. bank to manage and grow your money.with our 24/7 support at least you're not taking chances with your finances. yeah, i think i'm gonna need a chair. oh, ohhhh. complexity. healthcare payments are filled with it. wasted time, inadequate resources. confusion about the cost of care and how to afford it. it's time to simplify. waystar's technology is the way to make healthcare payments more human. the way for providers to prioritize care and improve margins. the way for patients to have clarity and trust. the way to care for healthcare payments. waystar. the way forward. >>> welcome back. let's hit some key retail earnings coming our way next week. lulu and nike reporting after the bell. you just bought lulu. it's been strong for so long, so what made you look at it finally now? >> a little bit of a play on the consumer offering brand power, history of consistent growth, leading returns on invested capital. obviously the earnings are next week. looking for mid-teens, top and bottom line, continued progress on operational e

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u.s. banking system. n asset like bitcoin that is a global asset, so people in all these different countries can access it, they can escape the debate. and escape bank controls, it is rational for people to do that. they don't have to have a nefarious reason for it. in a lot of countries, in a lot of jurisdictions people want to own their own asset, but want rule of law relative to the bank interest and surveillance. charles: countries like china attach it to social scores. that takes it into deeper extremes. lyn, great stuff as usual. thank you. >> thanks for having me. charles: we're still digesting that jobs report because a lot of information is rippling through. remember it is more than the headline number. kelly o'grady has more details. >> reporter: it may feel like 100 years ago that the jobs report was on friday a lot of people are sharper pencils. there was not a major firm expecting the unemployment rate to zoom up 3.9%. look at that month to month jump. 3.9, that is the highest rate we've seen

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u.s. banks are well capitalized, and generally speaking they're quite well capitalized, and we're not talking about reducing current capital levels at all, really, in the basel iii end game, capital may well go up and what we're talking about is whether the proposal that was put out by the bank regulatory agencies, including the fed, which has been the subject of quite a lot of comment, whether -- what changes will be appropriate to that. that's what we're talking about, not reducing existing capital requirements. >> okay. and then i also want to play off of a comment made by my colleague from tennessee, and i actually agreed with him, and he's concerned about the deficit about it's a trillion dollars for every hundred dollar days. if the federal government added 3.5 trillion to the deficit by extending the trump tax cuts, would that increase or decrease inflation? >> so i'm going to fall back on our long time reluctance to comment on fiscal policy. we take fiscal policies as they are and we con

bank of ireland is 241 years old and the u.s. is 250 years old.e meeting our investors and corporate clients. we know inflation has toned down from your ago with a .6% in the euro zone. we are likely to get to the long-term target of 2% over the next 12-18 months and that will impact monetary policy we can expect rates to come down over the course of this year. that's up positive to get to a more normalized rate environment for bank of ireland. sonali: how much does it matter how much they cut? >> it is important because much of our earnings is protected from error hedging strategy so it's important. what's important from my perspective as ceo is we get visibility on what a normalized rate is over the next three or four years. that's almost more important than the rate cut. bank of ireland is generating returns last year of 17.3%. we've got a target of 15% after 2025 and that supported by a rate environment between two and 3%. that's the sweet spot for bank of ireland. sonali: do you think it gets there? >> i do, you look at inflation coming down

u.s. showing signs of weakness but you know, in the regional banks, those are the ones most exposed to this segment of the u.s. property market so it is important to keep an eye on the regional banks. i mean, you know, that may not be the only one that will run into problems with the good news is that we have seen injection into the bank and that resulted in the bank share price posting again half a cent on closing on wall street after falling by 47% so i think as long as, you know, you have got support, capital infusion, and the federal reserve is prepared to stand behind some of these regional banks, we don't see the regional banks as, you know, a big risk going forward. >> right" we are approaching that anniversary somewhat of the regional banking crisis starting last year but thank you for your time this morning. that was the managing director at ocbc bank and let's take a quick look at some of the movers this morning because we are 10 minutes into the session so far for japan and korea. shares of asian energy producers , we are watching that down in australia but some of these names in

how concerned are you about developments within real estate and regional banks of the u.s.? >> most regional bank analyst will target the concerns of this particular bank are representative of the concerns for the broader banking space. this is a bank that has its own lending book specific to new york, very exposed to new york commercial and residential real estate, but especially commercial properties in new york, and that is a unique market in and of itself that us post-pandemic friction of volatility to go through, so this is not news we want to suggest is indicative of some broader endemic weakness in the banking space, nor in the financial space at large. what i will also say is regional banks are less important to the outlook for stocks. regional banks as a market cap share are significantly lower than they have been in decades within the s&p 500, so what we might see commercial real estate continue to present problems for regional banks, this is a tiny portion of market cap. what happens in the financial sector right now is driven what is happening by fintech, consumer

u.s. commercial bank in the credit card market. for far too raised the law that there is a rubberstamping process of bank mergers and virtually all applications are approved. all the while, unbridled market consolidation poses great risk nsumers and entrepreneurs. what is the status of your updates to the merger review process? and does the fed plan to convene public hearings on the capital one and discover merger? >> i believe we are in regular contact with the justice department on what is going on with their review of practices. we are looking at that, and considering. i think on the potential merger that you mentioned, we haven't received an application. so there's not really much to say yet. when we do get that application, though, we are going to evaluate that merger as always under the factors laid out under the law, and that is our commitment. >> so you do believe that your bank procedures are ready to do the work that is necessary to evaluate this possible merger? >> i do. and are you supportive of an organized community h

bank pick. been a while since that, i would think. maybe based on this . joining us, mike mayo. mayo! wells fargo securities of u.s. people not understand what i'm saying? >> because you're referencing 40-year-old -- >> only 40 years ago. richard gere. mayo! mayo! this is a big deal for you and you think it's -- restructuring and latest note, this is, made you bullish honesty group? you compare to other restructuring. p&g, consumer products company? but i thought you said citi's over 12 with previous restructuring? >> i have one word to sum up my view. >> you brought a sign. >> yeah. >> oh, good. okay. >> thumbs up to citigroup. >> citi is on a detour from 25 years of horrific performance to improve performant. 0-12 when it comes to restructuring. we think for citi number 13 there lucky number, we think. what's happening here is in some ways subtle but extremely powerful. they are going from this matrix management structure all of these countries and functions, to five lines of business. very simple. services, banking, markets, consumer and wealth. the five heads of those businesses, you know, they are schmear, andr

u.s. banking sector is among the most highly regulated sectors in the country and in 2010, the passage ofk with 2000 sweeping pages across the industry. and dodd-frank established the cfpb, giving the new regulators authority over banks and nonbanks. part of this was supervision over the larger participants in consumer markets. cfpb's proposed larger participant rule from this past november is the sixth rule in this category. this time aimed at digital consumer payments applications. this rule would allow the cfpb to supervise certain nonbanks consumers. you discussed in your testimony how cfpb does not follow the administrative procedure act. can you expand on that? that's one of the fundamental issues. playing by the rules. >> well, there's the statutory rule making process that has to be followed, including plenty of time for respondents. i think that 60 responses were heard in this case and really was 41 days if you include the holidays was supposed to be 60. they have to provide justificationf consumer harm and a reason why they need to do this and they need to explain who is going t

national treatment in the quality of competitive opportunity when regulating foreign banks and assessing them based on their u.s operations. are you still committed to these principles? >> yes. >> how will these be reflected as you move to finalize the endgame proposal? >> we have received a separate set of comments from the foreign banks and we will look at those very much in the spirit. >> thank you. joe powell, the endgame will incentivize firms to credit risks off their balance sheets. one avenue for such a transfer is synthetic securitization, the framework for which must be approved by the federal reserve. it is my understanding that there is a substantial backlog reviews and approvals of these frameworks. it is concerning that the federal reserve is directed, directing the risk transfer, yet also impeding it in my view. can you commit to reviewing this approval process and taking steps to reduce the backlog of pending securitization applications? >> as i understand it, these transactions are becoming popular right now. we are not stopping them. we are being careful. there were similar things that happenr