how much wells fargo will pay for millions of fake accounts opened in customers' names. >>> the idaho mother arrested in hawaii her two children missing for months tonight still no sign of them. relatives saying their mother may be part of a cult >>> the he are speaking out the tanker filled with jet fuel exploding on the highway. the new mom to the rescue. >> i said we have go to go or we're not going to make it. >> how she and fellow good samaritan saved the driver's life. >>> while concerns grow over the coronavirus, flu deaths hitting a decade high among children what parents need to know. >> announcer: this is "nbc nightly news" with lester holt. >>> good evening, everyone breaking news tonight, russian election interference taking on a new dimension tonight. democratic candidate bernie sanders said u.s. intelligence officials informed him russia is tampering with the democratic race by working to boost his campaign the news comes as president trump tries to dismiss a similar finding thatare line details. >> reporter: a crisis tonight over russian interference in the 2020 campaig

that's what it will cost wells fargo for a sale scandal. >>> and we now know when the air will be tested at the high school and when classes will resume. >>> student frustrati spilling over. the bullying claims at a middle school that what administrators are saying about it. >>> plus the new effort to fix a highway. traffic often backs up and now drivers play to pay to get it better. >>> and how the state wants to help owners to keep their homes from falling down. >> now, news to build a better bay area. >>> the government cracking down on wells fargo tonight. outraged by millions of fake bts created at the bank over many years. authorities stay bank will pay $3 billion in penalties. good evening. >> thanks for joining us. today's announcement comes four years after we first learned of the bank's marketing strategy which attorneys say wells fargo claims is based on products they actually needed. >> in truth, however, the cross strategy and pressure from leadership of the community bank to meet aggressive sales goals led to widespread abuses, unethical conduct, and illegal activity that r

a portion of that $3 billion will go to wells fargo investors. none of the money under the settlement will go to compensate the actual customers. >>> if you have been to china in the past month, listen up. the california department of health is asking you to self quarantine. it applies to people who returns to the u.s. on or after february 2nd. it is an effort to stop the spread of the virus. as health officials confirm two more cases in california. one in humboldt county and one in sacramento county. now that brings the total number of cases in northern california to 22. you could see where they are on this map. now most of the cases, there are 16 near travis air force base, they are being treated at facilities nearby. so far more than 76,000 cases worldwide and more than 2200 deaths. now cruise ships are big business for cities but after hundreds of passengers were quarantined on a cruise ship in japan they've received some negative attention. now cruise companies are taking steps to reassure passengers they are safe. christie smith spoke with

morgan bank of america citi group wells fargo and goldman are actually profitable since the share of the total subsidy from taxpayers that they receive $64000000000.00 a year is roughly equal to their typical annual profits that's right nearly their entire profit comes from taxpayer subsidies for exploiting you and me it's kind of the economic equivalent of finding out the largest hamburger producer in the country is making their burgers. of your cousins. to sum it up i am sick of these massive socialist we call big banks. but. not all bad news last week the former c.e.o. of wells fargo was banned from banking for a life and must pay $17000000.00 for the frank affair for the fake account scandal and which wells fargo created 3500000 fraudulent accounts for their customers so all ok. so that is good news so while it is good news to see your ban for banking think about how pathetic this is in the broader sense this guy john stumpf. was c.e.o. while wells fargo defrauded customers out of billions of dollars and then he was eventually charged a fee that is less then his yearly salary and

us attorney nick hanna slammed wells fargo's leadership, calling it a complete failure. this marketing approach which was known as the cross-sell strategy claims to be based on providing customers with products they actually needed and would use. in truth, however, the cross-sell strategy and pressure from leadership of the community bank to meet aggressive sales goals. >>led to widespread abuses. unethical conduct. in illegal activity that resulted in millions of accounts being fraudulent only hope and for customers. >>despite the hefty billion fine. the customers who are victimized by wells fargo will not be seeing any of that money the civil penalties will go back to bank investors and the rest to a us treasury. a fact that certainly upsets consumer advocates. the deal also does not protect current or former wells fargo employees from the threat of prosecution and just last month the bank's former ceo john strove paid nearly million to settle charges related to the incident. he was also banned from working in the financial industry for the rest of his life. trump to q

wells fargo down 1.9%.warren buffet the chairman and ceo of berkshire hathaway today one of the things that people wrote in, a lot of people had questions about the anks >> so what do you think about banks? because you don't look at day by day? >> banking is a good business if you don't do dumb things on the asset side basically the banks earn between 12% and 16% or so on that tangible assets that's a good business it's a fantastic business against the long-term ond. the question is really whether they do something done i feel pretty good about the banks we own they're very attractive compared to most other securities and most of them are by bank of america -- bank of america is buying in a lot of stock every year so our ownership of the bank of america this year will probably go up 7 or 8% without our spending a dime. they're very attractive against interest rates and against bonds and other stocks in my view. maybe you're talking about wells fargo? it just settled on friday. does this mean that they have

. >>> wells fargo is reportedly nearing a deal over the massive sales scandal. >>> a lifeline for sears that may be too little, too late. and the wait is over for baby yoda fans everywhere it is friday, february 21, 2020. "worldwide exchange" begins right now. ♪ >> good morning. happy friday welcome to the show. here is how stock futures are setting up their friday today. you can see here, stock futures indicating 140-point drop for the average. s&p open down about 17 points. the nasdaq is off by about 75. this is after a wild ride that had the dowdown about 350 points you can see there in that time lapse, a huge volatile trade in yesterday's session. in the bond market, 10-year benchmark below the 1.5% mark. 1.48% there. two-year at 1.37%. treasuries a key focus as people buy up the safety of u.s. government bonds let's send it over to joumanna bercetche in london with an update of what is happening around the world >> good morning. the handover from wall street has been interesting we are seeing a little green here shanghai composite up. the tech sector slightly better up 1.1%. this o

they say wells fargo has a pattern of foreclosures. >> we're here because wells fargo wrongfully foreclosed on my client's home. they sold her an $800,000 home at a public auction for only $51,000. they left her with nothing. >> she reportedly made every mortgage payment on time until 2018 when she fell on hard times. at the time foreclosure wiped out over $17,000 in home equity. we reached out to wells fargo for a statement and haven't heard back. >>> part of the san francisco tenderloin neighborhood got a deep cleaning today. crews picked up trash, power washed, and cleaned up graffiti. every thursday morning 15 to 20 crew members will focus on a specific neighborhood. outreach officers will talk to members of the community, and the goal is partnering with them to help maintain their spaces. at the time program runs through june, and then the city will evaluate how well it's working. >>> and new at 6:00, is the smart train working? that's at the very heart of the biggest measure on the ballot in the north bay come march 3rd. >> wilson walker has more on what measure i would mean for voter

the deal does not protect current nor former wells fargo employees from the threat of prosecution. today public health officials confirmed 2 new cases of coronavirus in california. >>one in sacramento county and one in humboldt county. sacramento county officials said the person who recently traveled from china and returned to the us on february 2nd. officials say that person has remained self quarantine after displaying mild symptoms in humboldt county officials said the one confirmed case of coronavirus is a humble county resident. a person who had close contact with the patient is showing symptoms and is also being tested. right now they are being quarantined at home and monitored for symptoms. health officials said the public's risk of exposure is extremely low. today's new cases bring this is the total number of victims in california to 15 and those 15 cases are included in the 34 people in the united states currently testing positive for coronavirus call for grant lotus joins us from our newsroom tonight with the latest on the spread of this infection. grant. >>ken pam, the d

by my math he sold a massive 60 some million share stake in wells fargo and trimming goldman sachs, tim seymour, there is more to dig into here. what if any of the moves sticks out to you. >> the move in kroger certainly is interesting because first of all kroger had a massive move in year end depending on again you get the information it's dated in hindsight. but you knowthe question for me -- profits in supermarkets are going one way. look at this going down and ultimately you have a dynamic where you have a very overstored competitive landscape where i think we know all the big box stores are involved. i would not be a major buyer of kroger here. but i think there's been a turn around there and a margin story. and you have to give the oracle of omaha the ability to say, across all of his different properties they must be seeing something. i believe that that's part of the insight you have when you are berkshire hathaway is to see through other portfolio companies into others. >> the one thing about the 13 fs we have to remind the viewers. they are back-dated i want what they owned at

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that was tracie mcmillion of wells fargo investment institute.e, we want to ask you about this rationalization. v-shaped recovery of markets on the back of some kind of, you know, virus selloff, which is what we are seeing? mike: it would be surprising for me to see it. we may have a sharp rebound this week. i think we really need further confidence that this thing is contained. president trump speculated that it may be the warm weather suppressing viruses. but no one is sure about this one. it is so different. i don't think people can be confident that the warm weather will snuff this thing out until we see evidence of it, so i think this is not a one-day event. we could see a rebound. i think there is some cash. there are investors who would like to buy this dip, but i don't think this will go over quickly. i think we will continue to see up-and-down, and more likely down for the next few days. guy: mike, it is amazing that people have not taken opportunity to load up. up-and-down, and more likely down for the next few days. is that mentality,

-based index. >>> there's some breaking news here on wells fargo.y may have been ready to settle with the s.e.c. and doj that has indeed happened $3 billion will settle three different issues as a result of criminal and civil investigations into the seams practice dating back to 2016, when it first became public. it also involves a deferred prosecution agreement. it ties together three outstanding issues hanging over wells fargo, adding to about the rough total of $4 billion they have paid over the course of the last four years. probably going to be taken as relatively good news by the stock. it was, of course up on the reports today when the other banks were down, and scanning through the release, no sign -- any clear announcementon what they're thinking in terms of charges towards individual there have been civil charges to individuals, but we don't know about anything further there's been some relatively clear criticism, despite the knowledge of the illegal practices, leadership failed to take sufficient action, but overall, all three outstanding

does it really make sense because wells fargo kind of now wants to get involved into the entire k y z due diligence sleuthing space when they were actually the ones who actually made a complete mockery out of k y c in the early 2000 they were the one who altera client data and did not perform any due diligence on all of those fake accounts are they open so it's really interesting that they're trying to kind of re brand and revamp their image to become more high tech more into what the other big bulge bracket banks are doing in order to compensate for all their losses in the past years and is one of the concerns here that elliptic on an institutional level really becomes a gate keeper and new exchanges will almost have to get very approval i mean so it appears that instead of you know look at the regulatory body we're just going to have to go through one company now so does this create its own set of problems in this situation. it does and in a way it does make sense for wells fargo to get in on this business because put it this way this is a very profitable and lucrative business this

it does and in a way it does make sense for wells fargo to get in on this business because put it this way this is a very profitable and lucrative business this is the equivalent of any ratings agency any credit ratings industry that we have in the established equities market so anyone who rates companies and rates them triple b. or aaa that kind of gives companies investors confidence in what this company is about and so this is a transition going to be a ratings agency for crypto exchanges so while they might start off with good intentions let's look at what happened in the last financial crisis that was in the ratings agencies played it indisputable role in furthering the financial crisis allowing banks to take on enormous amounts of risk that they were not aware of because they're a 3rd party and banks trusted that 3rd party information so same way here with this ratings agency if they become the go to to factors rating agency for all these exchanges banks are actually going to rely on this information and who's to say if these exchanges fail and then the banks are on the hook they

but the study authors maintained they used wells fargo own data.tudy called on congress to enhance oversight for state and regulators to stop the financial abuses and to increase transparency. but i won't hold my breath. the best move would be to stop borrowing from these institutions or at the very least voting for elected officials who will hold them accountable for this misdeeds. so wells fargo and upstart, even if i don't gotcha yet, i have my eye on you. and we'll get you eventually, maybe sooner than you think. (whistling) (whistling) save up to 65% off top mattress brands. mattress markdowns event now through february 24th. score extra savings on mattresses from tempurpedic, serta, beautyrest and sealy, starting at just $399! kick back and relax while we do all the heavy lifting. because every single mattress ships free! you don't want to snooze on these deals. shop now through february 24th. only at wayfair.com. itso chantix can help you quit slow turkey. along with support, chantix is proven to help you quit. with chantix you can keep smok

senior executives knew about it, but didn't stop it until 2016. >> wells fargo traded its hard-earnedeputation for short-term profits. >> reporter: david, the settlement includes a $500 million which will be distributed to investors. and tonight, the door is still open for additional charges against other executives. david? >> we know you'll stay on it. >>> a toddler missing. why it took so long and a 400 pound bear right after break. thousands of women with metastatic breast cancer, which is breast cancer that has spread to other parts of the body, are living in the moment and taking ibrance. ibrance with an aromatase inhibitor is for postmenopausal women or for men with hr+/her2- metastatic breast cancer, as the first hormonal based therapy. ibrance plus letrozole significantly delayed disease progression versus letrozole, and shrank tumors in over half of patients. patients taking ibrance can develop low white blood cell counts which may cause serious infections that can lead to death. ibrance may cause severe inflammation of the lungs that can lead to death. tell your doctor right

guy ran, wells fargo investment institute senior global equity -- scottt -- guy wren, wells fargo investmenttitute senior global equity strategist. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." a little earlier today, i caught up with howard marks, cofounder and cochairman of oaktree capital. oaktree over the last few years have been buying up in not massive quantities distressed debt in china. not,ed him whether or given what is happening with the coronavirus, he sees what is happening in china coming in opportunity to maybe acquire a little bit more distressed debt over in china. this is what he had to say. howard: our investment may have been a trickle because we are feeling our way and getting use to a new market. -- notre's a good amount for them, but there's a good amount of distressed debt in china, more than a trickle. clearly,inly -- look, the virus, have it goes on any period of time, will wreak havoc in certain parts of the country and the economy. china is talking about having 4.5% growth in the first quarter, wh

joining us from los angeles is kirk hartman, wells fargo asset management president and cio.if this is a buying opportunity. they should have a bias towards risk. do you agree? kirk: i think you have to take advantage of dislocation. we are looking at mispriced value, and i think there's a lot of mispriced value in europe. there's clearly going to be short-term volatility related to the coronavirus, but there are definitely opportunities worldwide. alix: where? kirk: i would looking at it international dividend portfolio with a lot of european stocks. you're going to look at things like oil. oil stocks are not popular in the esg community and are going to have some volatility. but oil stocks are very cheap. a number of financials are very cheap because there buying back shares and returning value to shareholders. cloud spending as a percent of i.t. is going to go from 6% to something like 12%, so there are clearly values out there. alix: let's unpack that a little bit. europe, no doubt at the end of the year, was about going to value. what do you think? seema: i still like eu

wells fargo will be by your side, helping you make it happen. this is your moment. this is how empowered becomes empowerful. tis better than the criminal in democrathe white house.esident we all have progressive plans to address the big challenges facing our country. what makes me different, is i've been working for ten years outside of washington, to end the corporate takeover of our democracy, and to return power to the american people. i started need to impeach to hold this lawless president accountable. i'm proposing big reforms like term limits... ...a national referendum... ...and ending corporate money in politics. as president, i'll declare climate change an emergency on day 1. and, use those powers to finally address the climate crisis. and, i've spent 30 years building a successful international business. so, i can take on donald trump on the economy - and beat him. i'm tom steyer and i approve this message - because there is nothing more powerful than the unified voice of the american people. >>> welcome back to mornings on 2. it's now 4:15. san francisco

supporters of the woman say that her case is part of a pattern of wrongful foreclosures by wells fargo. the 77-year-old widow from the philippines reportedly made every single mortgage payment on time until 2018 when she fell on hard times. the foreclosure wiped out more than $700,000 in home equity. >> the house is how i remember my husband. it is our place. and i will do everything i can to keep it ours. >> the bank sold her house at auction for $51,000. wells fargo released a statement today saying in part quote unfortunately despite our efforts to reach ms. pobre through phone call, letter, and e-mail, we were unable to make contact with her until after the foreclosure sale was completed. >>> this month mark it is 75th anniversary for the battle of iwo jima. >> the veterans who fought were honored in san francisco today. a commemoration ceremony was held at the marine's memorial club and hotel. the veterans honored tonight are at least 95 years old. at the time battle began on february 19th, 1945. it was more than a month before u.s. forces took control of that island. the battle c

taylor: doug brown, wells fargo managing project director, thank you. taylor riggs in san francisco, thank you. it is time for your latest bloomberg business flash. the biggest auto lender in the u.s. is getting into the credit card business. i led financial has agreed to buy a subprime lender for nearly $2.7 billion in cash and stock. allied has been looking to diversify. shares are down 10% this morning. blue apron is evaluating options to jumpstart its business. among the possibilities, raising additional capital or selling assets. the one time unicorn startup now with a market value of less than $60 million. bloomberg reported a fourth quarter loss -- blue apron reported a fourth-quarter loss that was worse than expected. ahead, we will speak with ukraine's foreign affairs minister about a range of issues , including the ongoing conflict with russia. ♪ cayou help keep these guys protected online? easy, connect to the xfi gateway. what about internet speeds that keep up with my gaming? let's hook you up with the fastest internet from xfinity. what ab

wells fargo remains under probation with the federal reserve. >>boeing says it wants to end a million tax break it gets from its home state the world trade organization says. the tax break washington state gives boeing violates its rules the wto restricts government support for exports. it's a termination could open the door for retaliatory tariffs from the european union. so state lawmakers are trying to remove the tax break quickly and boeing supports the effort boeing and airbus have been feuding over alleged government support for decades. >>if you frequent the costco food court for those cheap hot dogs and pizza, but you're not a member are not going be able to do that for too much longer. costco says buying items from the food court has always required a membership they just you know haven't really enforced it that is until now. according to a costco spokesperson starting next month the warehouse chain will require you to have an active membership to visit the food court which cost about 60 bucks per year. >>up next what you need to know a

i got out of wells fargo my frustration with wells fargo had to do with something charlie amonger broughtustration with the ceo i am taking u.s. bank over wells. >> also -- talking about rates earlier, if you still see the ten year go down, bank are going to go down with it i think it will be a future opportunity but a tight correlation between yields and how bank perform. >> you can bet on days like this the questions are coming in for our investment committee we will take a break couple men's and we will answer them. on shake shack, ge, occidental petroleum and more, when we come back legendary terrain in telluride, the unparalleled landscape of park city, or the famed peaks of whistler, you've faced the hassle of lugging your gear through the airport. with ship skis, you're just a few clicks away from having your skis, snowboard and luggage shipped from your doorstep to your destination. with unrivaled pricing, real time tracking ship skis delivers, hassle free. ship ahead and go catch those first tracks on fresh snow. ship skis. your skis. delivered. ♪ ♪ don't just plan to retire. pla

as you remember, wells fargo got caught in a number of issues. the biggest was bankers signing up customers for millions of accounts that the customers didn't want and in a lot of cases customers didn't know they had. >> right. >> so then affecting their credit as well. >> yes. >> thanks. >>> well 5:16 this morning. look, new, scott, look at this one. "star wars" fans are doing a happy dance. disney has unveilsed the new misdemeanor for the mandalorian it includes lego sets and dolls and board games but as you you already know baby yoda is a stealer and still a new animatronic edition available. it retails for $60. it is not clear when you can plunk down the cash but it should be coming soon. >>> there you go. 5:16 now. prince harry creating a buzz after posting a fake conversation with music legend squ jon bon jovi. they will attend thein victus games. he said he was living on a prayer and thinks he should sing back-up but harry said he won't sing but will give it a shot. >> kind of funny. >>> amy schumer sharing a big piece of wisdom with the w

o conocidos de las víctimas para convencer a las personas a que les envíen dinero >>> el banco wells fargoo servirá para compensar a clientes ya que wells fargo ha hecho recubrimientos para posibles pérdidas >>> podrá volar a 155 millas por hora y serán seguros para poder luchar contra los incendios en la noche >>> tendrán la capacidad de liberar hasta tres veces más cantidad de agua que la flota existente y con esto los bomberos esperan poder combatir los incendios más rápidos y salvar más vidas >>> 6:00 de la tarde con 18 minutos, a quien telemundo 48 vemos cómo la autoridad del tiempo nos habla de las temperaturas >>> es buena noticia la de los helicópteros porque cada vez es más extremo el cambio climático en nuestra región, este viernes las nubes están en alto y se siente la humedad que viene del pacífico subtropical por lo tanto no traerá descenso en temperaturas así que feliz viernes para todos ustedes, célebre con mucha responsabilidad, vamos a ver dónde está el sistema que traerá a california algunas lluvias de hecho ya lo hace. el centro del sistema se encuentra en el pacífico a

>>th man is behind bars suspectin a string of recent bank robberies i contra costa county the wells fargo bank onmount diablo boulevard in lafayette was rbed on februa 19th. investigators think that robberiesconnection to another one at a wells fargo on rago way in orinda february 11th. and then thre was one at a wellsfargo in walnut creek on bruary 1st. brendan gray has been identified as a uspect in all 3 cases. he has been booked into jail on 3 counts of the alameda county board of supervisors has voted to ban e sale of vaping products and the county's unincorporated areas this partof an effort to curb the use products and e-cigarettes particularly among young school students inalameda county whhave bought vapin products reported that they did so at a store or through anotheperson that's compared to 6.5% who bought the devices online. the board has to vo on that ordinance a second time to ratify it if approved it would take effect 90 days aftethe second vote. the 2 former schoolmates from the bay area accused of murdering a policeofficer in rome, they were in crt in italy today finnega

he's accused of robbing 3 wells fargo banks this month alone. the first in walnut creek on the 1st, the second in orinda on the 12th, and the most recent was wednesday at the wells fargo on mount diablo boulevard in lafayette. he's being held in a martinez jail on a $300,000 bail. at the live news desk, i'm susie steimle. >>> the memorial service for nba legend kobe bryant and his daughter gianna will be held at staples center in los angeles on monday, and security will be tight. police warned people not to come to the memorial if they don't have a ticket. the celebration of life will not be televised outside the center, and no one can get inside without a ticket. >> do not impact the rest of the los angeles downtown community by trying to come here and be part of something that you'll noa part of. >> we hope t bethat everybody heeds the message. >> the memorial will take place from 10:00 a.m. to 12:30 p.m. kobe bryant, gianna, can , and 7 others died in a helicopter crash last month. >>> a woman wants to connect california to its gold rush root

of wells fargo, got him fired! and the fight to take back a senate seat from a popular incumbent republican. got that one done. so here's how i see it. there are a lot of folks who are going to talk about what's not winnable, what can't be done, and definitely about who can't do it. they're going to talk about it right up until we get in that fight, we persist and we win. that is how i will be the first woman president of the united states of america! [cheering] sen. warren: all it takes now is us. we're in this fight together all the way. keep in mind, this is not a fight done by consultants. this is not a fight for advisers. this is a fight from the heart and together we are going to build not an america of the past. we're going to build the america of the future, the one of our best values. i believe in you. [cheers and applause] [chanting] >> hello? thank you all for being here. three days before the first in nation primaries. my name is ellen. i'm one of one of the organizers here in manchester. i'm going to g

fight to hold executives accountable, ceos of wells fargo, got him fired.applause] fight toen: and the take back a senate seat from a popular incumbent republican. got that one done. so here is how i see it. there are a lot of folks who will talk about what is not winnable, what cannot be done, and definitely about who cannot do it. they will talk about it right up until we get in that fight, we persist, and we win. that is how i will be the first woman president of the united states of america. [applause] sen. warren: all it takes now is us. we are in this fight together all the way. keep in mind, this is not a fight done by consultants, not a fight for advisors, this is a fight from the heart. together, we are going to build not an america of the past, we are going to build the america of the future, be one of our best values. i believe in you. [applause] [chanting "warren"] [applause] hello? thank you for being here. three days before the first primary. [applause] hereone of the organizers in manchester. if you quick instructions before we go out, then w

see what happens when the market starts trading, but we're talking about that settlement with wells fargor the account scandal. . >>> thank you, for joining us here on mornings on 2. friday, february 21st. i'm pam cook. >> and, good morning. i'm dave clark. i went outside to try to find some rain, but i couldn't find any. not a drop. >> you won't find any. >> no, i know. >> i've put the skis away i think we're done. . >> we need a miracle in march and i don't think that's going to happen. we're running out of time to get significant rain a lot of high clouds over us. so 40s and 50s on your temps here. a little think that's about where it's going to stay. so if you're heading south, there will be some rain. 40s, 50s on your temps in l.a. but very mild for us. again, temperatures way above average. >>> sal castaneda is here. he's been talking about the peninsula. >> i don't want anybody to be surprised if you're trying to catch a flight at sfo. there is going to be some slowing still although they've improved it there was also another collision in the back up. they had a hard time getting a

i don't know how to get a real handle on that i don't know how you do your work at wells fargo without knowing overall. >> all we can talk about is what's happening today the revenue dynamics we know today. >> you see companies with down 90% comp sales >> companies that they will say 50% to 60% of the doors closed, zero revenue the others, essentially no one walking in comps down 75% plus. so yeah. it's a big deal. for the global guys they do 10% to 20% of revenues there think about some of the brands who have lowered guidance on the out quarter, 8% to 10% sales in china lowering guidance 75%. >> i just can't think of any other instance where things are down 90% this is very unique and something that kind of shake your head at thank you. appreciate it. will you call me when you -- in a couple weeks and let me know >> my first call my first call. >> i don't believe you for more on the coronavirus, tune in to cnbc special report "outbreak: coronavirus" live continue at 7:00 p.m. eastern. >>> coming up, the fs and plasma no that was for the director. looks like the new white house budget

wells fargo reorganizing under a new ceo.ls fargo trying to regain customer trust and repair ties with regulators. some canadian marijuana companies are just so what from running out of cash -- just months away from running out of cash. they have a median of 6.5 months in cash. they say many cannabis companies will either have to raise capital or find a merger partner. i thought that story was fascinating given how much allion will unpaid -- we had feet to cannabis -- how much attention we all had paid to cannabis companies in canada. romaine: someone a couple of weeks ago to talk about the difference between the canadian and u.s. companies, and how there had been a shift south of the canadian border. scarlet: changes at the top of these canadian companies. this is bloomberg. ♪ when it comes to using data, everyone is different. which is why xfinity mobile created a different kind of wireless network. one that saves you money by letting you design your own data - giving you more choice and control compared to other top wirele

jonathan: joining me around the in new york, subadra , mike of societe generale schumacher of wells fargo, and, in houston, cross mark's victoria fernandez. victoria, i want to begin with you. we should start with efficacy of the central bank move and the willingness of central bankers to step in. let's start with the latter. where are they? victoria: we are not seeing them willing to do anything at this point in time. the south koreans did not lower their rates when people expected they might. you have germany coming out and saying they have enough stimulus on the table right now. they are not willing to lower rates at this point in time. and i don't think we will see it from the fed. a lot of people wanted to have powell come out today to make a statement, or at least over the weekend, have a coordinated statement with all of the central banks around the world. i don't think we will see that. i do think they are a little more on the wait and see at this point in time. jonathan: that seems to be the case. richard clarida saying nothing. christine lagarde pretty much saying nothing. the c

for more on the deal, let's bring in former wells fargo ceo. ere do you think the magic is in the deal in this case >> well, this is really james gorman's vision. he wanted to emphasize the brokerage and growth management business reminded me of the dean witter deal it was a main street brokerage house basically. and i think he believes that emerging wealth is -- the emerging wealth customer base, many of those or some of those will become full-free brokerage customers as they increase their wealth over time i really think e-trade had to make some sort of a deal given the no-fee trading situation in the discount brokerage business. and i think they got a really good deal. this is a full-priced deal it makes a lot of sense for them we'll see how it works for morgan stanley >> it is a good deal you would argue from e-trade's perspective and i think some of morgan stanley's competitors are making the same argument. what's the worst-case scenario here so that investors understand largely they seem to like it because morgan stanley is hardly down at

the settlement with the department of justice covers wells fargo as a company. individuals who violated bank laws could still face more punishment and it doesn't do away with the problems. it is still under proceed participation and faces other considerations. >>> highway 37 in the north bay has been problematic over the years. flooding has forced its closure. now a north bay lawmaker has a bold proposal to make highway 37 a toll road to help ease congestion and protect it from sea level rise. >> cornell live with the story. >> reporter: 40,000 cars and trucks travel highway 37 between marin and soleano counties every day. check out the slow and go commute. it has been like this the last two hours. a proposed toll could ease congestion and protect a big stretch from sea level rise. >> i feel badly for the poor folks sitting there on 37. it needs some changes. >> reporter: it seems like everybody has horror story. >> it gets jammed pretty well. >> 37 eastbound is stopped. >> reporter: a stretch of commuter weary highway that's not getting any better. >> commuters

no word on how much wells fargo could end up paying. said the bank set aside more than $3 billion. wells fargo was rocked after it revealed it opened perhaps millions of unauthorized bank accounts to reach unrealistic sales goals. shares are down more than 4% this year, it's only february, but stocks are up big-time. ashley: a mobile merger is coming together. lauren: finally. tracee carrasco here with the details. tracee, happy friday. tracee: t-mobile and sprint agreed on terms for the merger. they agreed to improve the exchange ratio in the all stock deal for t-mobile's parent company, deutsche telecom ag. it will reduce shares of soft bank to 24%. sources say soft bank agreed to the change to to avoid losing e merger. iranian voters heading to the polls today as iran is expected to be black listed over the failure to address money laundering and support for terror organization. the wall street journal reports it's meant to put pressure on banks and businesses to cut ties with iran. this comes as 800 troops from the 82nd airborne tha

remember -- wells fargo, this goes back years now, extra accounts for people who never signed up for them. it was one litigation after another. this teams to be sweeping and will call for a wells fargo committing $3 billion to the justice department of security exchange commission to remove all the accountability around that. this might be it, at least we will see. do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. brown-bagging it. so why you paying so much for wireless? i don't know... the new tracfone wireless gives you all kinds of control. leftovers? tracfone lets you keep your leftover data each month. what are you doing? unlimited carryover data! hey! do you know you can get unlimited talk and text on america's best 4g lte networks for $20, no contract? unlimited talk? i like that! because on sundays you know i gotta talk to mama, then on... this is your wake-up call, people. the new tracfone wirel

bank wells fargo has agreed to pay $3000000000.00 to settle an investigation into its fake accounts scandal between 222016 the bank pressured employees to meet unrealistic sales goals they did to the creation of millions of credit and checking accounts rates existing customers was fargo has admitted to collecting large amounts of money in fees and interest as well as harming the credit ratings of some customers and misusing personal information. now for a quick look at some of the other business stories making news the 27 e.u. member states have failed to reach agreement after a marathon budget negotiations in brussels they blamed hard to bridge a rift between poor countries of wealthy states wanting to rein in spending those include germany and the so-called frugal for austria denmark the netherlands and sweet. speaking of the netherlands it plans to cut gas extraction from your largest field to a trickle before closing the tap completely in 2022 years after a series of damaging earthquakes gas mining from the groningen field is to be cut to $3000000000.00 cubic metres by next year earthqu

then next to me is wells fargo. it takes months to perfect these floats. builders try to out do themselves every year to make sure that the people watching the parade get a unique show. then the floats will be rolled out to second and market street, the starting line for the parade. there are a lot of other special moments, the vocalist for just jamming is the grand marshal for the parade. he will be honored for service with the nonprofit chinatown community development center which provides affordable housing. >> it's a dream come true, my goal in life is to serve the community. >> reporter: this parade is close to our hearts on ktvu fox news. we will be riding down the parade route later today. there are more than 100 parade entries and 400 volunteers to make sure everything goes smoothly, people come from all over the world to watch the parade. 1million fire crackers will be set off along the route. it's going to be a great event. something that we really look forward to every year. of course there are some concerns about coronavirus but parade organize

the deal does not protect current or former wells fargo employees from the threat of prosecution the los angeles times offering buyouts to staffers with at least 2 years of employment the move comes less than 2 years after the beleaguered newspaper was bought by a biotech billionaire who said that he hoped to turn things around. >>a times spokesperson says the move is intended to give them more flexibility to create and higher in no roles staffers were told that there would not any planned layoffs and email to the employee says that they are eligible though for the buyout the california times also owns the san diego union tribune the now defunct spanish language hoy and several small community newspapers next day to talk a little walk in la seems to be what's on the mind of this bear that was strolling through a southern california neighborhood. >>we'll explain it. >>and ahead as force a giant and the a's gear up for their opening spring t i thought steyer was brilliant in that moment. we have not said one word tonight about race. not one word. are you kidding me? the heart and soul

we begin with wells fargo.berg has learned it is set to pay billions to end investigations into consumer abuses. officials announced the bank will be fined $3 billion to put in and to scandals that has led to billions of dollars in operating losses. now to goldman sachs, preparing for more unexpected legal costs. the firm bumping up the number from $2.9 billion last fall to $3.3 billion. the firm didn't identify the cases involved. it has been trying to rake free of criminal probes related to the malaysian 1mdb scandal that has led to three goldman bankers barred from the industry. tesla got the legal go-ahead to resume clearing for a forest in germany. blocked then carmaker from building a factory there. it avoids a lengthy delay for the project. alix: if you want to learn more about tesla, tonight at 9:00 p.m., you can tune into my new special, "ev's on the brink of change." ev's have been around for a long time, but this really feels like an inflection point for when they start taking over. what is going to

wells fargo plans to cut hundreds of workers in the philippines.of those jobs will be moved to india, where the bank already has about 12,000 workers. wells fargo is joining a push across the banking industry to have tech workers in fewer locations. dividend,ashed its all supposed to gets first lost -- first loss in a decade. full-year operating income plunged to a worse than expected early percent. -- worse than expected 30%. alix: let's stay on autos for a second. tesla shares have risen about 83% since the start of the year. abouthas actually raised $14 billion over the last decade. investors really don't seem to care. instead of punishing the company for diluting shares, the market continues to send stock higher. why wouldn't they ask for more equity if everyone keeps on buying? similar story with its debt. we will break down more later in the program. coming up, the u.s. and china bigger over the coronavirus. the white house is questioning china's transparency. we will be joined by george magnus, oxford china associate. you are looking at a lo

wells fargo will be by your side, helping you make it happen. this is your moment. this is how empowered becomes empowerful. >>> i teenager attack at a popular tourist spot in san francisco, the details on what happened and what the group of attackers were after. >>> it could get hard to park along this very busy road in fremont, ny city officials are cracking down on the area. we have what is being put up to help stop people from parking there. >>> from ktvu fox 2 news this is mornings on 2. >> welcome to mornings on 2 on this thursday, february 6 i am dave clark. >> i am gasia mikaelian . >>> we have had some chilly mornings but the afternoon and evening could not be better. >> they are above average, low to mid 60s and some around 70. 62 in the city and 68, all above average. the temperatures cold for some with napa airport at 33 in fairfield at 33 but most locations up by about 5 to 7 degrees compared to the last couple of mornings. 30s and 40s but wall-to-wall sun, warmer with mid-60s for if you, and upper 60s this looks to be a quiet pattern for us. >>> hopefu