18 Burst results for "Goldman Morgan"

"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:31 min | Last month

"goldman morgan" Discussed on Bloomberg Radio New York

"Fed wants it. With 64% of typical business courses labor. Labor is not moderating. We're in an environment where there's much more demand for labor than their supply. It's not an environment where prices go down. So we don't have intelligent policies. They want to cut the gasoline tax the last time I heard you waiting to get price advantage and get more supply, not low taxes, which stimulates consumption. Leon, you mentioned the I word inflation. I'm curious about the macro hedge that seems to be, it feels like the momentum trade of the day, which is you buy commodities to hedge against all the other turmoil in the markets. Is that a trade you support? I understand the merits of the trade. No, I'm very much of a bottom up stock picking kind of guy. Yeah. I got lucky the last couple of years. And I came into last year with a very overweight energy position because the energy was 3% of the index that nobody liked it and these guys were very cheap and now all of a sudden everybody likes it and I'm getting nervous, but I've held on because they seem so inexpensive about cash flow. The time we've got left with you, I am fascinated what you think of the speed that the SEC is moving where mister gunslinger has so many issues you mentioned crypto Bitcoin, whatever earlier or the meme stocks. I know Leon you were sitting on your couch down in Florida playing GameStop. But for you and me, some of this modern trading stuff is nuts. What you see is that a tremendous disservice to the public. And I expressed that. You know, I became a big letter writer in my old age. I found the advice of Aristotle who said, intolerance and indifference is the last version of a society. So I started to speak out. So I sent Jay Clayton a letter pointing out to him that the market structure has been destroyed. And why do I say that when I came to Goldman Sachs 60 years ago, whether it was Goldman Morgan Stanley, Solomon brothers, Merrill Lynch, they traded stocks at 50 or 60 cents a share in the Volcker rule didn't exist. Now with commissions near zero and the vocal rule, the brokers in that stabilizes. Secondly, 50 years ago, especially as a New York Stock Exchange and 80% of the volume. Today, 80% of the virus offboard and thought pools. So specialists are not stabilizes. And then finally, for some unexplained reason, they eliminated the uptick role, which gave rise to these high frequency algorithmic traders. Yeah. Nothing about value they know everything about price and they drive the market higher than it should be on fire males and they drive a lower than it should be on fundamentals. And playing with the SEC to reinstate the uptick role for a period of a few months to seeing with just to experiment. I agree. Leo, we're out of time, we got to go. But I want to get you back on to pick up on the uptick rule. I think that's not a small item. Leon cooperman, I'm going to call him constructively cautious on the markets. Of course, iconic and with his omega as well. Futures negative 25, the down negative one 76. I'm going to call it a modest deterioration to the critic Gupta and I glued to DXY pretty. Through one O 8, wow. Through one O 8, I mean, it's the main thing. And take out these ripple effects dollar yen, one €37 dollar at a one handle time. And Sterling here, not the largest component, but there it is one 1904, we're going to get a one 18 pound Sterling in a moment with

Leon Jay Clayton Goldman Morgan Stanley Solomon brothers fed SEC GameStop Merrill Lynch Goldman Sachs Florida Leon cooperman New York Leo Gupta
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:43 min | 2 months ago

"goldman morgan" Discussed on Bloomberg Radio New York

"The markets this morning, the MSCI Asia Pacific index slumps 9 tenths of 1% European stock futures are down 1.3% Brent crude pulling back 3% at a $111 the bowel, the Japanese yen lifts two tens of 1%, currently trading a 136.18, so up by three tenths of 1% and ten year US Treasury yields currently trading down two basis points at three 26. Those markets now onto our top stories this morning, consumer price inflation in the UK is likely to edge up to 9.1% in May when we get the print in an hour's time. That's versus 9% in April. Last week, the Bank of England forecast that price rises would peak at more than 11% this year. The bank's chief economist two pill says more action will be needed in the coming months to get inflation under control. You should be confident that we will do what we need to do to get inflation back to target and at least in my view that will require further tightening your monetary policy over the coming months. That's the Bank of England's chief economist Hugh pill will be bringing you those CPI inflation figures when we get them at 7 UK time. Now, the UK's cost of living squeeze could lead to widespread industrial action as workers look for pay increases to counter sprinting inflation. Britain saw its biggest rail strike in more than three decades yesterday as 40,000 staff walked out in the first of three days of action over pay and conditions, more than a million commuters in London alone, though, opted not to travel, according to transport for London, but the RMT's London transport organizer John leitch told us on Bloomberg Westminster that the issues go beyond just rail workers. The railway staff as I say in the firing line today, but there are many, many other people out there in the British and United Kingdom's economy looking, hey, that's me too. And that's why Boris Johnson is not just got an his government has got an argument with my union. They're actually now finding themselves at odds with everyone around them in society. John leach there from the RMT speaking to a sampling burg radio. Now elsewhere teaching and postal worker union say that they could ask their members to vote on strike action, the communication workers union vote is scheduled for next week. In the United States inflation is also driving government and central banking policy decisions Richmond fed president Thomas barkin says the fed should raise rates as fast as it can without causing undue harm to markets or the economy. We are in a situation where inflation is high. It's broad based. It's persistent. And rates are still well below normal. And so I think the spirit is you want to get back to where you want to go as fast as you can without breaking anything. That's Thomas barkin speaking there. We'll hear from the fed chair Jerome Powell at 2 o'clock this afternoon, UK time, 9 a.m. on the east coast when he goes before the Senate banking committee. And now in Europe, Germany is said to be preparing to trigger the second level of its three stage emergency gas plan, the move would allow for a change in the law so that energy companies could pass on cost increases to homes and businesses. Germany is trying to reduce gas used to shore up inventories after Russia cut deliveries last week by about 60% through a key pipeline. U.S. president Joe Biden is escalated his war of words with U.S. oil executives whose he sought to blame for making excessive profits. Chevron chief executive Mike worth called on Biden to stop criticizing the fossil fuel industry, the president responded by calling the executive mildly sensitive. I didn't know how to get there feeling sure tech quickly. Look, we need more refining capacity. This idea that they don't have oil to drill and to bring up simply not true. That's ever on boss will be one of several CEOs meeting U.S. energy secretary Jennifer Granholm tomorrow with a view to developing policies to help ease consumer pain at the pump. And now to research from the resolution foundation think tank which says that Brexit has reduced the competitiveness of the British economy. The study says that a lot of openness to trade since Britain left the European Union will leave the country poorer in the coming decade with workers almost 500 pounds worse off in real terms by 2030. The analysis comes amid heightened tensions between Britain and the EU over the government's plan to rip up parts of the Brexit deal. Those are our top stories. Let's get more on the markets now and bring in Bloomberg's cross asset editor Joanna Austen, good morning to you, Joanna. We saw this Wall Street rebound yesterday. This morning team to be pointing back to selling though, what's going on? Yeah, Steven. So first of all, we've had a number of strategy reports out there adding to the gloom. So we're basically bouncing around as investors are attempting to price in the potential of a recession. So you have Goldman Morgan Stanley among those saying there could be more pain ahead. So it's just kind of trying to find a bottom where is it? But we do have John stills that Oppenheimer sticking with his current forecast for the S&P 500, which would now mean a gain of about 40% into the end of the year. Okay, so some optimists out there oil is sinking no today, Joanna. Yeah, Charlie and this one's interesting. Oil is really following the risk off sentiment in particular the concern about the U.S. recession and then risks economies around the globe. But that's true, even though the outlook for the market is set to remain pretty tight. And that's according to everyone from ExxonMobil to ING. So today's price action isn't necessarily representative of the outlook for the market per se. It's more kind of in the macro picture. Joanna, Bitcoin today, down 1.6%, but still back above that $20,000 level that we've been hovering around over the weekend. Is this a sign of some stability returning to crypto? Yeah, there's some stability. So it's more stable than if it were dropping to 15,000 or 10,000. But there is still a lot of concern out there also because we still have these firms that are saying they're letting people off. And issues with the freezing of withdrawals and things like that, there have been some bailouts and signs that things are studying a little bit, but the market is still pretty on edge. Okay. And on edge market, thank you so much, Joanna for being with us, a real-time market comedy and analysis. Check out markets live MLI V on your Bloomberg terminal Joanna osenga there are blue bag cross asset editor joining us. So yeah, I think it's a pretty crucial video that you're looking at those oil prices pulling

Thomas barkin UK US Treasury Bank of England Hugh pill RMT John leitch Bloomberg Westminster John leach London Richmond fed U.S. Jerome Powell
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:03 min | 3 months ago

"goldman morgan" Discussed on Bloomberg Radio New York

"The fears we have today are tied to one thing really inflation How can the fed or other central banks that matter really think they get into control in 12 months time I think that's incredibly implausible The challenge with inflation is that it's so misunderstood that the fed may need to overshoot in terms of rates As long as inflation expectations remain anchored I think the fed is okay with overshooting your target Of course the fed is weary doesn't want to cause a market collapse This is Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa abramo Good morning everyone Jonathan farrow Lisa Bradley and Tom keen on television on radio on Monday to a very busy week Yes retail sales tomorrow but John mostly it's a real Greek calibration inequities a recalibration in bonds Across the street and late in that effort as David costano for at Goldman Sachs he goes to 4300 from 4700 and that's not the first stack right on the S&P so far this year And in the near term it's four K on the S&P which TK is basically where we are And I keep going back to this point because it's so so important The fed is telling you they want tighter financial conditions The fed is telling you that they do not want high equity prices and Titus spreads They do not want a weaker dollar They want a further tightening of financial conditions That is essentially what Mary Daly the centrist San Francisco fed said last week Tom And I think that is so so important going through this summer The tightening of those conditions is bond price down We're going to address that in a moment John Amanda lineman with Goldman Sachs in the last hour It was clear There is a bond bear market The race term there is And in the treasury market specifically have we seen the highs That's what I want to get into Three 20 on a ten year was that the high for this cycle two 92 58 right now Bank of America does not think we've seen the high on the front end Yeah They do not think that story is over They think later this year when the fed has to reassess they have to reassess the long dots higher and your two year could get through 3% again The reassessment of this really globally folks is not only equities and bonds but Lisa abramo it's it's about what politicians will do with it The language on inflation the language on the pain to the middle class and yes the elites It's stunning what we've seen over the last 48 hours It's an election pitch as this is the predominant issue as people go to the grocery store and figure out what to do when IL 7 as you pointed out which tends to be the most expensive aisle Look we're looking at a market that's still showing signs of strength at least in the United States And this is the conundrum When do we start pricing in a growth scare We're already there a little bit When does it come to fruition given the fact that consumers still have cash and still are spending At what point do the retail sales that we get tomorrow show us a very different picture But critically and critical I thought nailed this Lisa the idea of consumers are still spending which consumer is still spending That's a good question right The sort of bifurcation of the haves and the have nots and how much does the fed pay attention to this Have they basically lost that social conscience that seemed to be a driver of them earlier Because inflation hits everybody and frankly it hits the lowest income individuals the hardest And that has to be their focus right now for every reason John what was the distinction in your reading over the weekend I mean it's almost like recalibration Monday here for me going in the midyear outlooks John They all start here coming out What was it that you saw They come to downgrades That's going to be the story for us at 9 o'clock on Bloomberg TV Thomas We count down to the open about Downgrades from Goldman Morgan Stanley not downgrading the year ahead outlook but in the near term say we could threaten 3400 on the S&P You've got a downgrade on growth from Goldman for the U.S. economy a downgrade from city for the Chinese economy Is that it Have we fully discounted the risk in our future Some people will be asking their question Here's my sophisticated data check to get it started John a Brent crude rounded up one 11 wheat up big corn up and rice is an unspoken story John Yeah it's pretty quiet in the treasury market Your ten year two 92 in the FX market Euro dollar basically going nowhere you're a dollar one O four 19 one O four 20 a tenth of 1% on that currency pair So a little bit quiet out there Tom the FX market and in treasury markets too Yeah I'll go with that as well I'm looking at rice right now It's gone from 12 up to 17 here in two years That's U.S. at rice That's the course of global story Looking globally at debt is Anthony Rodriguez Tony Rodriguez had a fixed income strategy at naveen throwed a good join us at today Tony You know the history of nuveen It is steeped in original products way back 30 40 50 years and of course he had been in the company in 1898 You've never seen price down like this have you Yeah good morning Tom good to be with you Most difficult start to a year that we've seen We're seeing a massive massive rising rates in the context of how low we had been when we were pretty close to zero across the board So you've seen almost double digit negative returns for the broad fixed income markets And so what we think that is is very much a significant re rating on both the fed and growth prospects And so the fed we know now is priced in pretty aggressively So we don't see a whole lot more coming from that side but we do think there's potentially some higher rates still in the medium to longer term end of the curve It's only talk to me about where that's going to come from in the treasury market and what's going to develop that story Yeah so we think it's going to come primarily from the front end to intermediate So we're going to see a further flattening of the curve When we look at the long end of the curve the ten year has been that we then the year around 3% will probably obviously see higher points in that over the course of the year We've already seen a three 20 But ultimately we think we end the year closer to three but the two year rises up to be basically a flat curve So the idea is that further.

fed Jonathan farrow Lisa abramo Goldman Sachs Tom Keene Lisa Bradley Tom keen David costano John Amanda John S Mary Daly treasury Tom Goldman Morgan Stanley Titus U.S. Bank of America
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:38 min | 4 months ago

"goldman morgan" Discussed on Bloomberg Radio New York

"With this Bloomberg radio business flash Here in Europe the FTSE 100 the regional underperformer down around a quarter of a percent The Dax up a tenth of a percent along with Spain's ibex the cat 40 up four tenths of a percent Italy's FTSE mid marginally higher overall the stock 600 benchmark is flat to the upside the best performing sector is travel and leisure That is because oil is selling off due to renewed lockdowns in China and that IEA report which stipulated demand will be dampened in the second half of the year Brent crude price at $108 a barrel down 7 tenths of a percent telecoms the sector laggard that is being pulled lower by Ericsson the Swedish telecoms company reporting earnings that missed estimates shares down 25% in the last 12 months and they are facing an unknown fine due to a corruption scandal in Iraq so Ericsson down 5.8% Looking ahead two futures price action E mini's drifting lower while now is like 100 futures drift higher in the weeds of earnings season in the United States Goldman Morgan Stanley Wells Fargo and city reporting later your struct 50 futures tilting upward four tenths of a percent U.S. benchmark ten year treasuries are bid yielding two 67 German tenure buns up one and a half basis points yielding zero 77 looking ahead to the ECB meeting later today will madam Lagarde set a path to normalization after hawkish moves from the bank of Canada the bank of Korea and Singapore's monetary authority earlier today the Euro up two tenths of a percent against the greenback at a one zero 9 position That's the Bloomberg radio business slash his Samuel Etienne.

Ericsson Bloomberg IEA Goldman Morgan Stanley Wells F Spain Italy Europe China U.S. madam Lagarde Iraq ECB bank of Korea bank of Canada monetary authority Singapore Samuel Etienne
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:05 min | 7 months ago

"goldman morgan" Discussed on Bloomberg Radio New York

"Opinion informed perspectives and expert data driven commentary on breaking news It is 9 20 in the city time to check in with Bloomberg opinion we're joined by opinion columnist Paul J Davies who's been writing about the consequences that come with soaring pay packages and bonuses that are being handed out to retain talent at the banks in the U.S. and Europe something that we've been discussing with the executives of those banks throughout the weeks of course as these earnings come in wage price pressures wage pressures across the banking sector firmly in focus but there's a catch for employees as they pick up their bonus checks There is something they should be considering longer term about the trend of wages in this sector Yeah that's right So it's been a very interesting result season It's been a very interesting bonus round Obviously there's been some huge payouts for a select few Perhaps a smaller number than a smaller number of people than we might have seen in the past But beneath the surface what's going on is the banks are trying to guard against higher pay becoming more embedded in people's expectations for next year So we've seen a lot more special cases of special bonuses rather doled out on top of or beyond the normal bones So and I guess the idea here is there is kind of inflationary pressures through the banking pay system at the moment and they're just trying to guard against some of that becoming more embedded if markets and deal making starts to take a bit of a downturn next year and in following years And the average cost of employees of paying bankers had been so coming down over quite a number of years So some of the good businesses were getting better at keeping a lid on on pay Yeah for some of the banks that's true I mean for Goldman Sachs in particular it's very noticeable I think what this reflects is more a change in the kinds of employees that fill out some of these banks There's obviously been a huge move towards much more reliance on technology much more electronic trading and this sort of thing fixed income trading is the next thing that everybody expects to become more electronic vibes sorry that's not a real word But anyway and so what we're seeing is many many more people paid in a more traditional corporate fashion with normal salaries less reliance on large bonuses and probably more disparity in pay between people within these banks which will be an interesting thing as we go forward I think And as we go forward how should how should we be thinking about and how should employees of these banks be thinking about the structure of pay and particularly on the back of such a stellar year that 2021 was in terms of trade flows and profit for these banks that may not sustain itself in 2022 It depends where you are and what you do So I mean something like Goldman Morgan Stanley at the big wealth managers like UBS there was maybe a bit of reticence or conservatism in terms of how much people were paid last year although UBS did bring up people last year and this year has been a catch up for many of those places Other places like Credit Suisse for example which is going through now of probably a long and quite difficult sort of restructuring what they've done is I don't think they can pay people quite in the way that many people would expect to be paid and or would hope to be paid And so what they've done is they've separated out a chunk of more sort of strategic share awards to be earned over three years And all this fits into a sort of a grander theme of trying to retain people rather than have them competed away at other banks Yeah it's really fascinating It's such a great piece as we come towards bonus time everyone's thinking about it Lovely Thank you so much Paul for coming on the program That is up in a bigger opinion columnist Paul J Davies And you can read more on this and other stories from bluebeard opinion Bloomberg com slash opinion and on the terminal op N go But we have another type of pay story coming up Tom Yeah.

Paul J Davies Bloomberg Goldman Morgan Stanley Europe UBS Goldman Sachs U.S. Credit Suisse Paul Tom Yeah
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:06 min | 7 months ago

"goldman morgan" Discussed on Bloomberg Radio New York

"Permits and jobless claims The FTSE in London the cac in Paris and the Dax in Germany are all up about half a percent then they came in Japan gained 1% to hang seng in Hong Kong fell 1% while China's CSI 300 rose 1% Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries I man cates This is Bloomberg Thanks so much for joining us for this holiday edition of Bloomberg daybreak I'm Nathan Hager the stock market is closed on this Martin Luther King holiday This hour we'll look at what's ahead for the markets in 2022 with Alicia Levine head of equities and capital market advisory at BNY Mellon wealth management plus we'll look at the highs and lows for President Biden as he enters his second year in office But first we focus on bank earnings We got the first round of quarterly results from the big 6 Wall Street firms at the end of last week Now it's on to Goldman Sachs Bank of America and Morgan Stanley So let's check in now with Bloomberg intelligence Senior analyst for global investment banks Allison Williams All right Allison we've had some time to mull over the results We've gotten so far from JPMorgan Wells Fargo and Citigroup what do they tell you about what we could see this week Well for Goldman Sachs there is one clear factor that we saw which was very strong investment banking fees And the fundamentals have been extremely strong for M and a and for IPOs we had record year in both businesses Goldman Sachs is a leader especially in the advisory business and we expect that they're going to report very strong fees On the trading side of things not as strong both JPMorgan and Citi group missed estimates there So a little bit softer but still I would say a solid result especially given the comparisons to a very strong year ago The one factor I think that is going to be in focus across all of the banks this week is the cost side of things And so JPMorgan guided to a much higher expense than consensus expected We did think that the cost could come in on the higher side there is obviously a few pressures going on inflation is something that we expect to see across all companies this reporting quarter but for banks it's more than inflation It's a higher cost to compete and it's really compensation and investment spending And that's what we're going to be looking for at Goldman Morgan Stanley and Bank of America It all feeds into inflation doesn't it the rising cost of keeping talent at their desks even as we wonder whether these banks are actually going to bring people physically to their desks There's been a lot of different policies when it comes to that Talk a little bit more about the inflationary outlook that we're hearing so far from some of these banks really interesting to hear from Jamie Dimon last week talking about cost pressures basically being here to stay Yes And so certainly as you point out there is the broad inflation aspect but there is also the aspect that is brought on by the fact that we do have record revenue in some of these businesses And so the war for talent is becoming increasingly intense and that's a big driver of cost It drove up costs in 21 It's going to drive up costs in 2022 The other factor is competitive investment So investments in technology investments in marketing et cetera and that is something that we also expect to see for the big banks There is competing not just with each other but the fact that there are all these other types of emerging competitors makes it broad based And what about loan growth Allison I know we were thinking that that was going to be a big part of the fourth quarter earnings picture You'd think Bank of America would need to outperform in that aspect of the business wouldn't they Loan growth is a key focus of Bank of America And in fact their management has been much more bullish perhaps even than some of the encouraging data that we've seen from the Federal Reserve sort of going into the reports But a key thing that we're watching and we did get some positive indication on is the use of commercial and industrial revolvers And so that's going to be a key positive on the card side of things That's an area that has been disappointing over the past year spending continues to be healthy It has slowed down a little bit in recent weeks and that should be expected But the what's really needed there for loan growth is more borrowing So if consumers spend and pay it back that's good and that's healthy and that's good for credit But consumers borrowing is really what creates that interest income I guess that raises a question about whether loan growth can continue to be a factor for any of these banks at a time when we're expecting that interest rates are going to start going up again and that could put a crimp particularly on the consumer side And that is a key question for the outlook just in terms of the banks are big beneficiaries of rising interest rates We've seen the stocks really benefit from that over the last several months and even perhaps quarters The question is how much do rates increase how fast And is it sort of at a pace that will still continue to allow healthy economic growth at the end of the day It is GDP that is the underlying driver to banks earnings We do think that rates can go up Certainly a bit from these exceptionally low levels and still support loan growth at the banks on the commercial side as I said that's where we've seen a little bit more of the encouraging trends on the consumer side It's really been the fact that consumers have more money in their accounts They benefited from the stimulus over the last couple of years And so that's really what has prevented the loan growth They don't need to borrow In the time we have left Allison what about Morgan Stanley They've been so focused of late on their wealth management side That could look good with all the deals that went down at the end of last year We do expect that to look good And the markets certainly elevated asset prices especially closing out the year are very good for the asset and wealth management businesses It also boosts the run rate going into 2022 They've did two big deals as you've said and we expect that those are contributing to revenue growth We also expect the bank to benefit from the very strong M and a and IPO environment they along with Goldman and JPMorgan are the leaders in those businesses as I said it's a record year The pipelines look great entering into.

Bloomberg Nathan Hager Alicia Levine BNY Mellon wealth management President Biden Goldman Sachs Bank of America Allison Williams Citigroup JPMorgan Wells Fargo JPMorgan Goldman Bank of America Goldman Morgan Stanley Allison Morgan Stanley Martin Luther King Hong Kong Jamie Dimon Paris
"goldman morgan" Discussed on Masters in Business

Masters in Business

06:49 min | 1 year ago

"goldman morgan" Discussed on Masters in Business

"Let me give you a little more context to be able to answer the question better So the big difference between private companies and public companies is access to information they are. They are very very very very different. As far as what is known about a private company in what's known about a public company public companies all the information. It's all you know. We all have access to the same information and knowledge it's very small margins on trading and all those things private by definition it's more opaque it's more Unknown about their financials and what's going on so buying in selling Private stock if you could even find some is been a historical challenge. What happens is companies. Stay private longer right. The issue for investors issues for the employees that are part of that company. You may have made on paper a lot of money but you may not be able to get any liquidity and so you have to figure out a way. How can you keep these. Companies private longer to build additional wealth and still provide liquidity to investors. And still probably liquidity to the employees one way to do it is to create an exchange in exchange for private companies shares and. That's what nasdaq private market has been doing. Historically done more than three billion dollars of trading in private shares and what we wanted to do pulling together this group so it's nasdaq ourselves. It's goldman morgan. Stanley and city is basically a consortium. That comes together at all. Bring something valuable to create in a private exchange. That is bigger. Bolder is more accessible to investors on the issue or side and on the investor side. And that's really what this is about and that's why we're excited to be working together so obviously it's a private exchange. It's not open to the public. How big of a market is this. How big can get and who are the buyers and sellers in this private market. These sellers of the issuers are really the vast majority of private companies that have raised. Maybe it's a series see round d round. So they're they're more mature they may be doing fifty one hundred million two hundred million dollars in revenue rate and so they may be two three four years away from going public and those companies one is you know. Maybe they've been around for eight years nine years ten years so they want to provide liquidity for early investors or for employees. So there's the issue where side of it so it's a big market. The issue is side is a big market on the other side. Is the the buyers right. So the investors will mostly be the institutional. Mostly be the ones who are maybe coming into invest in these businesses once they become public and they want to participate two or three years earlier while they're still a private so a lot of the investors will be the same investors. But you can see family offices. You could see some accredited investors participating in that and so is a big market on on both sides. And that's why we were excited to participate In this new joint venture with nasdaq and the other investment banks and the assumption is when you're buying pre ipo shares. You're getting discount from not only a couple years of growth. But what the ipo valuation might be. It depends. Sometimes you'll be getting a discount. And sometimes the valuation may go the other way right. It's just when people asked me the question about it almost makes it seem like you're guaranteed to make money because you're investing before a company goes public and obviously we're guarantees always say loaded. Yeah it just doesn't work that way right. It's but it's like when you buy a public stock. When you buy a stock you make an assumption about that stock you believe it has upside and it will go up every stock that you invest in buried. Is it always go up. Is every single day was actually actually for everybody for the past. Couple years has gone up. That's not what happens in real world over longer periods of time and look it was only a year ago we watched we work implode after a pretty rich up rounds. So maybe it's not that extreme of an example but there's no reason to think that a successful see round or d. round company can have things go off the rails and the next round is appreciably. Lower you asked me a question earlier in the discussion about how we deal with this high loss rate. Remember i mean even if they get to a later stage series c. or d. round and they are doing fifty a hundred million dollars in revenue. It doesn't mean they may not struggle. it doesn't mean they're they may not go out of business they still may go out of business so it's still. It's a higher risk. You're just trying to give information and accessibility to these private companies. So people can participate in institutions and individuals. And that's what's unique about it and that's what works at about so so you mentioned how much information is available for public companies. How do you go about doing your due diligence on private companies where you can't just sit a bloomberg terminal or pump something into google and find everything. There is to find out about a company. What is that process like. And and how much energy time and capital do you invest in it. Yeah well it is a function of a couple of things right. One is has to be the private company and what they're willing to share and then the buyer takes that information and they marry with any comparables that you can make in the public market and then you make someone's right that's why it's it is more difficult right. It will not be ever be as transparent as clear and with information accessible the way of public market is. That's why still a private market. But you should be able to make cert- assumption so let's say if it's a sast a sas enterprise software company. Well even if it's private you have public comes that you then can apply based on the industry the market where it's going growth rates all those things so you have to do work as an investor. But it's not. It's not as if there won't be comparisons out there that you can make judgment the you can make in order to make your assessment whether it's a good investment so i'm doing my research preparing for this conversation and i start working my way back through some of silicon valley banks early relationships. They were cisco's i bank. I know there were relationships with apple intel. Tell us about some of the history in some of the companies. svu has worked with. I'll give you some of the history..

goldman morgan Stanley and city google cisco intel apple
"goldman morgan" Discussed on CNBC's Fast Money

CNBC's Fast Money

08:32 min | 1 year ago

"goldman morgan" Discussed on CNBC's Fast Money

"We've already heard some minor. Downgrades to that loan activity. I think jamie diamond said recently. They're seeing a teeny weeny bit of loan growth. That's not great. So you're seeing deposits up you're seeing rates that came in that probably does not speak too well for q. Three in my opinion. I think that we've seen a big surge in q. Two of some capital markets activity. I suspect that slows down a bit and then we start getting into difficult. Comparisons for the back half of the year. So i am not that excited about banks beep case so the i want to bring this up because we just showed all of our viewers and listeners. Who can't see it out there. Chart went up. That we just saw was the s&p five hundred regional bank. Etf the reason. Why i want to bring this into this. Discussion is because interest rates have been at the center of a lot of the market volatility. We've seen as of late and it's because of those moves and ten year treasury yields that we've seen regional banks react. Perhaps even more so i would say this is as you approach. Bk this bank earning season. How much more of a tell about the american economic recovery will the regional banks be tied to interest rates. Then the money center banks or the investment banks like goldman. Sachs morgan stanley. I think that's a great point. I mean if you look at regional banks. It is all about that net interest margin and all blown growth. So what you want to see. Is you wanna see the regional bank. Say hey listen you know. We think the worst is behind us on the bond market. You're starting to see the curb steep and a bit And we're actually seeing some demand for loans. That's the real key here. Does the american public demand loans. Do they wanna borrow money. 'cause that's the vote of confidence. If you go out and do that you feel like you're jobs going to be okay. You're going to be you're going to be spending it on something so that to me is the real key now ahead of that we also have. Cpi coming out which could move rates as well which would impact the regional banks as well. But if you're trying to get a read on what's going out there. I think carrying out of spot on. It's all about loan growth right now because everything else might be as good as we get. Yeah i don't mean to going to go away as far away from new york and wall street is we can but think about what china just did and you were talking about it on friday. Show that reserve on friday. And you think about if you're anticipating what some of these banks are going to say about the back half of the year you know at this stage of the recovery. I would be a little careful here. I'd curb your enthusiasm because if you look at the way that china's recovery and they supposedly kind of recovered sooner than us the fact that they are easing again. I think is really interesting so to me again. I think we have difficult comparisons. I think there's a lot of good news in it. I think you really want to keep an eye. On what the the pace of china's recovery is specifically what they're doing with their bank reserve so care. Can i bring this back to you. You you kick this thing off as we talk about the leading indicators for this particular season i mean. It's been a great point that dan is just made. We've been looking towards the chinese economy the chinese markets as a leading indicator. Not because they're better than us per se. i mean. we know that they're not. It's more the idea that they came out of this quicker than we did so we. It was a blueprint. If you're looking towards the financials there and what the regulatory crackdown for big technologies and everything else does it tell you anything at all. Maybe nothing about what's happening here with the us banking system. Are we going to follow them into some kind of stalling out in the in the us economy overall. That's the trillion dollar question. I think we're still in the the the sort of reopening binge so. I think we've got a little ways to go. I mean china was. I don't know four or five. Maybe six months ahead of us. So if they're just stalling now i feel like we've got a ways to go and so i do think that we're gonna see that loan growth and i think banks will be the beneficiary but i also think that it's some of the things that are good about the economy consumers having a lot of money. That's not so great for banks if their credit card balances low. Those are great margin products. And we want those credit card balances to actually take up. That would be good. So i'm optimistic that they'll have good things to say but i'm not so optimistic about how the market will react to earnings are so guy when you look at it from your standpoint. I mean i look at it. Say hey if i allocate money. It's the the money centers. Like jp morgan or city or bank of america. It's the investment banks. morgan stanley. Goldman sachs. if it's a regional. Pnc maybe us bank. Is there a place where you feel like you want to be ahead of the earning season. The bet that you wanna make which part of the banking spectrum will it be. Yeah that's a good question. I would say insurance and if you want to go down that rabbit hole because i happen to think that rates are headed higher became mentioned that the best is over. The worst is over but he was saying is in terms of the yields. Bottoming out he thought that trade was probably over and yields are headed back hire. I agree and we had. Chris verona on thursday and he prissy pretty much laid out what's transpired over the last two trading sessions or so so i think rates higher higher rates should help the insurance so to answer your question in that overall financial bucket. Names like prue metlife. I think are interesting. Here aren't insures. that's a good call there as well. Aren't the chart master. Says we may be in for a rude awakening when those bank earnings starts across. Let's get to cornerstone macro carter. Braxton worth cbw for what. He's seen in the charts and carter. I don't like rude awakening so take us through. What exactly is going to startle me. Besides my alarm. That sometimes goes off to in the morning you know. I think it's what karen said. I mean the results are likely okay. Hard calms notwithstanding. It's all about just one thing how the stocks react which is to say. There's no such thing as good or bad results only results and how stock react to those figures. Those results determines whether it's good or bad and exactly Three months ago. It was a monday april twelfth this being the twelfth of joy we were setting up for the week the big bank earnings and the numbers were darn good stocks basically never followed through with relative performance peaking that that monks and been downward sloping and ever since i have charged that i don't know if you have them on the screen but if not Basically the thing to look at here is how ebanks despite making new all-time highs the pk index. Finally just in the past four months getting above. It's two thousand seven peak. That's a long slog just to get back The relative performance continues to be on inspiring. And so the question is is one really compensated for the the risk in the beta associated with a very cyclical area of the market financials and banks in particular versus the market overall and in principle. The answer is no now. they're always ones. That are better than i have some favorites. If one workers look at the big financial reporting this week. I think block rock is going to be. Okay goldman morgan stanley. Pnc also a favorite among those reporting but citibank on the other hand wells fargo. Not so good thank. America does not look all right so so carter. If it if it doesn't look good what exactly could make it. Look better for some of your not so favorite picks are are you watching the charts behind the ten year yield. That closely is that is that. What's going to drive the trade for all of these. Is that the tail. That's kind of wagging the dog or vice versa. Not so much. I mean obviously financials industrials also have had a bit of touch goal here lately as rates have dipped as low as one to five percent but here back at one three five one three six. I think rates are sort of where they belong. You can say such a thing and that that's not really the driver. Now now it's going to be about Copying against very hard numbers hard to cop against From the trading activity and also just the the general risks that We are seeing some peak economic data and by association. Maybe time to be of course more defensive unless cyclical all right. So there's the call of course interest rates at the level. They should be is going to be something there. Thanks very much for that quarter now. We have a huge interview. Coming your way tomorrow be sure to catch our exclusive interview with goldman sachs chairman and ceo. David solomon on the banks earnings report. That's tomorrow three..

jamie diamond Sachs morgan stanley china goldman sachs Chris verona prue metlife treasury Pnc America jp morgan morgan stanley dan bank of america new york carter Braxton goldman morgan stanley ebanks karen citibank
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:08 min | 1 year ago

"goldman morgan" Discussed on Bloomberg Radio New York

"Slash Dashboard. Okay, I'm 34 years old. Yep. I'm working at U. B s the Union Bank of Switzerland, right? I'm in New York. I was in Connecticut, but that didn't work out. So we all moved back to New York. Got some empty space up and I'm going to work from home. Two days a week. Should only bear security. Go. You're right. Are you kidding me? Well, this is a talent retention story all the way. Remember you. Bs is also one of the biggest wealth managers in the world, So a lot of their advisors are already in different hubs across the United States. Which kind of gives them that flexibility to do something like that. So is this focusing primarily on that side of the business? Because I'm thinking about that? The trading floors again? I'm thinking about that monster's trading for they had back in the day up in Stanford traders. In fact, Yeah. Oh, my goodness. I mean, that was a sight to see. I mean, even driving by on the train, you can look into that building. Remember the first day I walked out on it. And it's literally like a movie. Yeah, exactly. It was not. It was incredible and fast forward to 2021. That training desk is so much smaller right? A lot has made electronic and they've also cut down in many businesses, so the trader doesn't come in. What's the Morgan Stanley Distinction here versus you. Bs more instantly wants another stockbrokers at Morgan Stanley still have to go in the office itself to go into the office. I think it will be interesting to see where Morgan Stanley changes its footprint across the US to though we have seen Bank of America say they're going to double down on Florida, Texas, so we'll see what the enemy If I've been even tight oyster in Portland, Maine, and I'm looking across of the Morgan Stanley office. They're not going to be going to even tied oyster anymore. Something's happening now. That didn't happen so much before. If your wealth manager Morgan Stanley, and you're doing well, you can say Peace. I'm going to go do this on my own. I'm going to go work for another type of wealth management firm there, many that are growing from dynasty to Greg Fleming's firm. So there's competition like you hadn't seen it before. Morgan Stanley looks different now. Also, they also have e trade now, so it'll be interesting to see where they focus their efforts that integrating two major businesses e trade and eaten bands and Other add on acquisitions they've done to the asset manager. They're going to want people there for that. Remember also, if you're Morgan Stanley and Goldman Sachs, you could afford to lose people. You have 20 to 30% of deal share in the United States, right? The M and a market is really dominated anywhere between 70 80% of the deal share can be Jess Goldman Sachs, JP Morgan Morgan Stanley. So if people want to leave, as long as you have your key rainmakers there and the people who are running the ship, then you can afford to loosen people well said that the key rainmakers are going into the office. Yes, I think so. Like I think what I'm hearing Tom. I think you know what we're hearing for some of the ups for examples on the wealth management side, some of the more retail facing businesses perhaps a little bit more of a flexible Schedule again. They're already in satellite offices outside of the Big New York HQ. But if I'm thinking about the corporate and investment bank Shonali is it fair to think that it's going to be more in the office than less and more? Kind of in the office every day versus hybrid. Yes, it depends on again who you are. Goldman, Morgan Stanley JP Morgan, You're coming into the office. Absolutely. But you know you mentioned Perella Weinberg earlier. They sent out a memo to their staff earlier in this year and said, We don't need to do all of our work together all of the time, But we do need to do some of our work together some of the time so that again if you're trying to retain talent You're trying to be more flexible. But if you're at the very top, and if you're you're worried about trading, you're worried about hiccups. You're worried about volumes, which everybody is. Then you're coming into the office. I think it's just I think September is gonna be an interesting time from that post Labor day when we all have that back to work mentality, anyway. Is that going to be a time when managements are going to say Okay, here is our policy. You know, the clients will be back by then, too, so private equity firms hedge fund firms. They're kind of chilling right now, but at the end of the year, they will be also be emotionally. I'm not focusing. It's time for surveillance correction. J G tweets in Thank you, JD for listening up in Scotia. It's Carrie. Not Corey Price. Okay, just in the fervor of it, I mispronounced. It's okay for the Montreal Canadians. It's gonna be. It's Ted. Not Tom Williams. Right. Equivalent standard equivalent. Okay, Hell, not Bud K Line, right. Got that right. Sorry, JJ. I went down in flames on that. All right. Clear. You're watching Canadians. Tampa tonight? Absolutely not. Um, you lost me two minutes ago on NBC. I mean, where are we going to find this tonight? Which is a bad question. Asked on NBC sports, But I don't know That's a bad question at once They allow sports betting in New York. That's when I start watching with you. Mercenary with our news in New York City is Michael Barn.

Tom Williams Corey Price 20 New York Goldman Sachs United States Morgan Stanley New York City 34 years Tom Florida Bank of America J G Connecticut Greg Fleming Ted NBC Michael Barn US Perella Weinberg
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:08 min | 1 year ago

"goldman morgan" Discussed on Bloomberg Radio New York

"The U. S Capitol last week. This has been a special report. I'm that Madison And I meant about droll is in Hong Kong. Here. This house top is the stories and the markets Goldman Sachs, Citigroup and J. P. Morgan Chase plan to pause all political donations. Goldman may cut contributions to leaders who objected to the U. S election result. JP Morgan is suspending and down most Republicans and Democrats for six months. Citigroup will put a hold on donations in the current quarter hotel group. Marriott was among the first corporate to sever ties with GOP senators objecting the results sticking with banks Goldman, Morgan Stanley and J. P. Morgan Chase a de listing 500 structure products in Hong Kong. This is to comply with the Trump administration ban on investments in firms alleged to have ties to China's military. The products include warrants and call a bull bull bear contracts. Meanwhile, Beijing is pushing back against US sanctions. It's issued new rules to counter so called unjustified foreign laws, Chinese companies and people will not need to comply with international restrictions. Also be able to sue global companies if they're interested damaged by foreign laws. K K A has raised nearly $4 billion for its first infrastructure fund focused on the Asia Pacific. The initial target was for $3 billion KK are tapped investors in Asia, the U. S. Europe and the Middle East in Indonesia. Authorities say they've identified the location of two black boxes from a plane that crashed on Saturday. It's rare JIA, which it went down into the Java Sea, minutes after taking off from the capital, Jakarta, 62 people were on board officials say the aircraft broke apart upon impact. We're seeing mixed trading in Asia this Monday, Japan closed her public holiday. Meanwhile, Hong Kong is higher. Japan stood long by more than a percent. Australia also off by 8/10 percent. Currencies awakening against the greenback, the Aussie dollar and the Korean one saying the biggest losses meanwhile, commodities starting the week in the rent bring crude down more than 1% Global News 24 hours a day on and on Bloomberg quick Take power by more than 2700, journalists and analysts in more than 120 countries in Hong Kong. I'm Annabelle Drollas. This is Bloomberg. This is.

Hong Kong J. P. Morgan Chase Goldman Citigroup Asia JP Morgan Bloomberg Japan Asia Pacific Morgan Stanley Annabelle Drollas Madison Beijing Java Sea China Middle East Republicans Marriott Jakarta
"goldman morgan" Discussed on Shares for Beginners

Shares for Beginners

13:08 min | 2 years ago

"goldman morgan" Discussed on Shares for Beginners

"Moon. That's that's one of the other interesting characteristics of these kind of firms is that you have a great deal of access to management as well much more than the bigger end of town. Definitely I mean a lot of management. I find they're like very approachable. The wand understand her shareholder based understand. There's a lot of retail investors in there. If you drop an email to see Yorkers a lot at them you know. They print their phone number email address. You know at the end of more. Stay at six announcements again. I mean that would never happen in. Asx Top twenty. You know they'll have an entire investor relations team internally just to manage shareholder queries and so you know the only time you'll see CEO at the AGM and do hang around after the AGM is on the you might get a quick chat room for five minutes on the flip side of Microsoft APPs. Email to see you more than more likely not did probably email them back probably email. Ube active himselves. You know. I think it's a big benefit talking to senior management to if you send Milonga questions and they come back to do a quick phone call too because the numbers are one thing whether they released today to the ASX but it's getting context around those numbers that You know really makes a difference. Still you know a few Sierra Headline Flash UP FOR XYZ COMPANY DOWN PROPHETS DOWN. Twenty five percent year-on-year think. That's like terrible results but that might just be desks. One major project was supposed to start in April has now been pushed to July. And actually they've upgraded the scope Walker and it's going to be you know twenty five percent bigger than it was so you know if you look into next year. It's actually a a win for them. To dislike delay has made the actual photo contract has got bigger having that interaction with management gives you a lot of context on the numbers like from year to year and also context of where they're going in terms of the broader strategy. There isn't an index isn't there. There's a small Cap Index on the Essex. I was actually I was having gone. Become sick side to find out what that code is. Is there a code that you can look up this index for yet whether it's actually to indexes to look at so there is the Small Ordinaries Index which Do you have the code for would be? I think it's ex. S all is the code. Sadat's shoes by guess allotted like kind of small cap managers and and even Microsoft managers strangely enough right across. That's probably the one. Most people definitely institutions base would. Would you be familiar with then? Denver's another there is actually in Essex Microcosm Index. Which is the one that I look at. And that's the is emerging companies index and a cord I know is X. EC and. I've been doing some analysis Sunday index over the last two months where everything that's happened with corona virus so I mean just to give you an idea of volatility and microcapsules March. Twenty twenty was actually the worst Vermont for the index since the index started which was in January thousand four and it fire surpassed the the worst Montijo C. Which was October two thousand and we just finished April last week and April twenty twenty was the best ever or de index by a long way so yeah bought under downside match you up to wash their for multiple and air for them was the best ever moment along. Show up so if you want. Volatility Calm Communist six. Mccaffrey index and even in the worst month just to give us farther inside so in in March you know we had you know crazy up is in crazy down days of more down than up but one of the updates towards the end of March was actually the biggest single day gain for the index since it started. But that's the that's the kind of guess market tougher. Intimate extreme measures are obviously being point. Place Globally from a health perspective and a social perspective and a business perspective and has been share is a mirror of the economy society in general. And you know that's been mirrored in the moves were seeing in share prices in index bought in Australia and and globally. That's an interesting thing about this though is because it doesn't have the same amount of liquidity as the larger capitalized companies. So it's actually a smaller amount of money moving in and out of the system and I've heard speaking about process discovery. Can you just give us a bit of context about what price discovery is? And how liquidity actually a fix that surprise discovery. I mean it's where buyers and sellers every day and you know. Every trade is a prices every in itself because the buyer thinks he's got it correctly. Pricing Decelerating Steve Guy Correctly priced. And and you end up share price that that they agree on now if you've got a low liquidity he stock that means you haven't got that many buyers and you haven't got that many sellers so the opportunities are the frequency of price. Discovery is much reduced in the microscope ended market now at the top end demarcus. And you know you've got trades going through I'm sure your listeners. Probably Ready La Boat Algorithm trading in all a semi controversy. That's happening Matt. Top End of town and ETF providers of the provide huge liquid. He at the top end of town. So you know prices covering dare happens. Much more frequently and is probably. I'd say generates much more accurate results. In terms of what the true underlying value. The company is at present minute reflected in the share price whereas at the smaller. You don't have that frequency of price discovery so you can have a greater probability of things being underpriced obviously and overpriced Sunday on the other side. Because you haven't got Quantum of buyers and sellers on a daily basis hourly minutely basis to workout. Okay why is the kind of fair value stock price sh of the company at a particular time? So that's another reason. I'm attracted to the small town is because you have less price discovery happening. You've got more chances of something being undervalued by democracy purely because there isn't a lot of people focusing on us and La is looking on. It can expand a bit farther on that in terms of price discovery I institution of names and Goldman Sachs had a good piece which the end of last year. When we're talking about you know to analysts coverage of this was now in small caps kind of one level up so there you're probably talking about marker caps companies tree hundred million to about one point five billion dollars. Suspect that's kind of Smallcap MARKET CAP range. But they're saying you know since the GMC the number of analysts in the sector son to sell sites that working for you know Margaret Spells to ubs Goldman's Morgan Stanley or other kinds of stockbrokers most people would no doubt has note has decreased sitters less endless covering the small-cap universe and even to analysts who are still covering the universe. They're all congregating around the kind of market darling names to tell him. So there's a concentration of what they're researching on and anders less of them so you have even more stocks gained elected. Now that's in the small cap so in the Micra cap and you could probably assume that there's even less coverage sender wasn't a GMC in one way it's a negative because it's hard to find research hired to find information on these companies so you've got to do a lot of work yourself but on the other hand know that's what creates opportunities and. I think that's why we've seen the last few years we've seen quite a number of managers. Launched dedicated micro cap funds because. I think they have come to the realization. That there is a lot of mispricing down there if you are willing to do. There is the possibility here finding a good portfolio of companies down there so these these manage funds or both both manage phones and ally sees so you know my old house wills National Day of a Micra Catholic now. Severa is a day have bought a managed phoned and they have a an LLC focused on the so you know depending on which kill might suit your best you know you. Can you can access micra cap equities through the guys and perennial started Micra Cap Fund just over three years ago? There's four vehicles tree managers and there have started things in the last in the last three years anders others. I just can't think off the top of my head. No we've got to listen to question from Trevor Miles and that is about Wade. You find out the information. What what what. What's your go-to sources for finding information about these kind of companies? Some my go-to source I think is the ASX announcements page because as I said earlier in the interview it's quite hard to find these companies and find information on them to the announcement page is definitely like number one of the pages. It has already announced since for a particular day so I just go on there like five Turkey in the evening after I finish work and I looked down to all the announcements that have been there for today and I'll click into once you know share codes high. Don't recognize one side do recognize and you know. See what they're announcing and you know that's a great way to flying new companies too because if you take out the ASX two hundred. They're still another two thousand companies to to look one hundred six means impossible for one person or even a even really a small team of people to to keep on top of everything. That's happening the second place I kinda go and look at is website that was started. Buy An analyst called Andrew Page called. Straw we've we actually have. We've had Andrew on the program as well. Straw man to me is is is a is a really good resource because there's a lot of Microsoft small cap names on there and find a respect right analysis as well isn't it exactly a finding analysis and research of of a really high level and you know again you know a lot of people who are posting on there are MOMS and dads retail investors. Doing part time. But you know they're putting analysis that he's as good as anything that you get from sell side analysts broker analysts because it's all about collecting information and unfortunately or fortunately Mike Up. She got to do a lot of legwork. To Guide around. Disinformation INSTALLMENT. Of Very reese use resources and he gets been an. I'll give Kudos to Andrew. I think it's been a great addition to did investor landscape in Australia. Especially in the small micro and just to provide a platform for resources in research and doubter. People can use the third-place Kinda looking for is on twitter. You know allotted a straw man. People I know are also on twitter but I find. Twitter is also a good place to find new ideas. You know people are talking about what's going well in their portfolio or going terribly in their portfolio and I take everything that people say onto a WHO A pitcher solid. There's probably hidden agendas here. Darren everywhere. Gotta. Watch out for that pumping don't you yeah exactly? But in terms of trying to find ideas and and things and people are talking about democracy. Because you know if one person I guess tweets about then you might see a few others and you know it shows that there's kind of a level of interest in people you know it's moderate Arab Coppola people as well as the people on twitter.

Microsoft twitter ASX Australia Goldman Sachs analyst Small Ordinaries Index Andrew Page AGM Micra Cap Fund Essex Microcosm Index Twenty twenty Steve Guy CEO La micra Essex Walker
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:07 min | 3 years ago

"goldman morgan" Discussed on Bloomberg Radio New York

"On the impeachment fire in a private meeting he told US diplomats that the whistle blower is almost a spike and that quote we are at war wallstreet executives a bustling for a slice of China's nine billion dollar annual financial sector profits thanks from JP Morgan Goldman Morgan Stanley and city are in Beijing to meet with senior regulators we have another fine mess in the IPO market instead of a cold office listings hours before it was set to begin trading on pallets on join the ranks of eye care flops and semi conductors could face a rough day that's often micronation a weak profit forecasts and one that trade tension may prolong the memory chip industry slump all the news you need to start with a check out date for canoe mobile phone on the big big anyway. right hander George thank U. S. and P. futures up ten points Dow futures of seventy four nasdaq futures up twenty four ten year treasury down six thirty seconds yield one point seven one percent and that's a Bloomberg business flashed on the job thanks so much to Bloomberg interactive brokers studios in always interesting as we talk to global Wall Street when a major bank makes major changes it is been a train wreck at Wells Fargo there's no other way to put it in within all that is the history of the bank Jennifer Crocker national first interstate bank of North America first security meeting with northwest and finally pulling in from the Deep South the venerable Wachovia bank and you just still all into what John Stumpf what I was on stage of Mr stump days weeks before he was shown the door in it has been basically I'm gonna say what four years of chaos three years of chaos him slam was a follow up act. when you went over to Wells Fargo did you set the stage coach over in thirty seven I haven't seen the stage coach is there right along is that how you get to work in the morning that's how they used to get to work it is a venerable name and boy is it trouble Belinda finance proportionally Bassett driven by the studio to catch up with this once fine Curtis and date have a new CEO told me about the new man at the top should now they it's crazy Charlie sharp it's only been at the top of bank of New York Mellon for about two years and now he's making his next big move to Wells Fargo much harder story to clean up hi you know a a point that we made earlier interestingly he's had a lot of experience of regulators also I mean he was one of the bank CEOs that was down in Washington earlier this year and so he's going to be very interesting to see how he he how he deals with the rest of regulatory issues cleanup packed it's a long list was the top well my goodness well first of all I maybe that that feds asset cap at Wells Fargo cannot grow because the fed said it can not after so many issues that it had in terms of the fake accounts scandal. to talk to me about what he has to do as they can get that lifted to get that lifted add to make sure so remember Wells Fargo this is an outsider for the first time running the bank Johnstown Tim Sloan we had people who and even Alan Parker the general counsel was a lawyer by training but still you know seen as part of the inside of the bank to clean up culture is a difficult thing to prove that you can go and so Charles Scharf may bring in more people all right that's one big thing he might do and then he also has to show that he can turn around how fundamentally the bank behaves and how it to customers the legacy of this and this goes back to sandy wells hall Montgomery the other days could see Mr while out and about is James Dimon was thrown out to bank one off of commercial credit here assistance and one of them was the young young intern who is now going to take over Wells Fargo and along the way this guy ran re am I correct the rain retail for James Dimon the chase and I think they did pretty well is he can the JP Morgan chase Wells Fargo I mean that's certainly a thing to think right well well it was a board what's the board thing called remember Wells Fargo I'm like JPMorgan Wells Fargo is primarily a consumer bank so when you say JP Morgan you also think about sales and trading and investing banking and all these other things I think and it's a must have a does have all of that but it primarily cleaning up the consumer businesses is what he's going to have to DO SO JP Morgan eyes who JP Morgan is this the new financial supermarket right it's it's it's everything to everybody so making it that is not really the game here it's cleaning it up psychologically where is the center of Wells Fargo mean we in of the heritage of this John is a is a Pony Express in the stage coach with a brand with going from Saint Louis west you know chase by Indians and left. this is the part of the fabric of our our history is Wells Fargo is a huge deal the Pony Express yeah in it you know some of its mythology and some of its actually accurate but what should not only wears psychologically JP Morgan New York Park Avenue yeah you're asking. Wells Fargo is based in San Francisco right so it's a sample disturbing remember after Wachovia also they have deep roots in the south as well and so again not like JP Morgan which has this huge global expansion plan this is America's bank right and what he has to deal with this mortgages to Americans across the country right that's a very different thing from where he was chest at bank of New York Mellon which is yeah Custer it's a city it's clearing service it's really much more plumbing of the financial system let's go back to the beginning of this conversation the cap on their ability to grow their ability to remove that cap and then grow let's pretend the captain exists how easy would it be to get this company ground again well I mean it's really twenty seconds not easy. not easy and it's definitely a catcher game here you have the biggest growing faster JP Morgan Goldman Sachs Goldman Sachs getting into wells Fargo's businesses with the consumer and so how do you catch up to that when you do have all these regulatory problems I'm not sure just to clean house there is a new era and no it's totally is certainly possible twenty or thirty people does he bring them from BNY Mellon or dizzy he what's he do or can I tell you something let alone being Y. Mellon what about JP Morgan is he going to go back to his old shop and say Hey I need you guys to help me here six thank you so much as a correspondent John us in the news this is Shea so she does she said breaking this is running around the newsroom yeah all that it's four hundred basis points plus a JP Morgan twelve percent plus per year the last ten years and Wells Fargo under performing at seven point nine percent per year so there is there's a delta there is they say that's a Greek letter John I was at the delta thanks for what we do in the real yield here that we'll see at one PM look I think it's really hard to know what to do with the politics at the moment so gonna be talking about that just a little bit below so get into credit hi your credit and the essence of what happened what was saying any cracks in the primary market it will be interesting features of nine Dow futures up six John for on I ready to brief you on a Friday in the queue I can't believe I'm saying this Q. four two thousand nineteen this is a kid..

Wells Fargo JP Morgan JP Morgan Goldman Sachs Goldma wells Fargo BNY Mellon US Wachovia San Francisco America Y. Mellon John us Custer John I John Shea twenty four ten year nine billion dollar six thirty seconds
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:18 min | 3 years ago

"goldman morgan" Discussed on Bloomberg Radio New York

"Slash tax certainty now let's check the latest headlines of Hannah George at the Bloomberg daybreak desk morning Hannah good morning Karen president trump is pouring fuel on the impeachment fire in a private meeting he told US diplomats that the whistle blow it is almost a spike and that quote we are at war wallstreet executives a bustling for a slice of China's nine billion dollar annual financial sector profits thank you JP Morgan Goldman Morgan Stanley and city are in Beijing to meet with senior regulators we have another fine mess in the IPO market into cold office listings hours before you set to begin trading and palace on join the ranks of IPO flops and semi conductors could face a rough day that's off the micronation to weak profit forecast I'm willing to trade tension may prolong the memory chip industry. well the news you need to start with a check out date for a new mobile phone on the big big anyway. I thank you and S. and P. futures are up twelve points this morning Dow futures of ninety four nasdaq futures up thirty one that actually Germany's up nine tenths percent ten year treasury down eight thirty seconds yield one point seven one percent the yield on the two year one point six seven percent NYMEX crude oil up to ten percent or twelve cents at fifty six fifty three a barrel call my school down one point one percent or sixteen dollars twenty cents at fourteen ninety nine announced the euro one point oh nine two one against the dollar and that's a Bloomberg business slash and here's Michael bar with more on what's going on around the world Michael Herron top administration officials knew about a whistle blower complaint soon after it happened according to several media reports a US official and another person familiar with the matter say the White House and the justice department learn about a C. I. A. officers concerns about president Donald Trump around the same time the person filed the complaint the trump administration wants to cap the number of refugees admitted into the west eighteen thousand the lowest number since the resettlement program was created in nineteen eighty and Thursday night a end up a lot to the eagles beat the Packers thirty four twenty seven baseball the Mets lost along with the red Sox the national vase and giants one global news twenty four hours a day all on air and it took doc on Twitter powered by more than twenty seven hundred journalist novelist more than a hundred twenty countries I'm Michael bar this is Bloomberg all right Michael thank you six.

Bloomberg US JP Morgan Goldman Morgan Stanl Hannah George Michael bar Donald Trump president Michael Herron Beijing wallstreet China NYMEX red Sox Michael Mets Twitter Germany
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:39 min | 3 years ago

"goldman morgan" Discussed on Bloomberg Radio New York

"Hattrick of tries as big relegation fossil in rugby Union's premiership tonight. Bottom side need Kosovo host LeicesteR who sit just two places and five points ahead of them on Edinburgh. Continued that push for a playoff place in rugby, Union's pro fourteen this evening, they ho- second-place and Tema conference be much. That is you'll European spoil. Now, let's turn to first quarter results the next focus point full equity mall as kicking off today for US banks, J P Morgan and Wells Fargo do out this morning with Goldman Bank of America and more. Stanley reporting next week for J P Morgan today net. Interesting come will be key having jumped ten percent in the fourth quarter. Now, the group has warned it expects little change for this set of numbers for more. I'm joined by Bloomberg's senior finance editor. Jim hurtling, Jim great to have you with us here. So first of all, what are you going to be focusing on in this set of owning? Well, J P Morgan particular has already signaled that trading revenues duck going to be that great that really the key is the metrics related to the economy. Their lending their deposit, their lending growth, their deposit growth, and in particular, their their net interest margin and their bad loans. So that's what we're looking full for JP Morgan in terms of some of the other banks. I mean, always when these come out ends up being a very mixed bag. So what will be the focus points? I mean, let's begin with Goldman because let's be honest. That's the one that usually does tend to steal the focus out of the mole in we'll go. It's gonna be interesting because they're the most exposed to to capital markets trading. And while advisory has been pretty strong, the the first quarter most industry executives who've spoken out have have tended to tamp down expectations deeply will recall. The CEO of UBS taught said it was the worst quarter in his memory or something like that. So those firms like Goldman Morgan Stanley who are most exposed to the capital markets. That'd be for me. Anyway, the most interesting to see how they they navigate the water. Yeah. Definitely is it expected to be concern across the board in terms of trading revenue, particularly given the low volatility that we've seen despite the big run-up in equity markets thought Steph s quarter. Let's right excuse me. We've seen. Concerned about the flattening yield curve, which is sort of a critical metric for whether you're in the straight lending, you know, straight banking or investment banking trading that the the slope of the yield curve is sort of a critical starting point either to drive lending prophets or or trading profits. Volatility is a great shot in the library out. She's showing the cave e w index against one of the yield curves. You can definitely see that correlation of both of them on that downward slope to gather Jim hurtling great taffy with us in the studio. Bloomberg's senior finance editor. Jayme hurtling looking ahead to first-quarter results season, full U S Bank. So as I was saying earning season does seem to be the focus now and in terms of the expectations. More broadly. Consensus is expecting a decline in earnings full the first cool to questions over how much picks up later in the year. And also how much is priced at two equity Malk as we can discuss that mole. With some of our guests later on in the show. But in terms of the stock six hundred we're actually coming off the lows now forty minutes into the equity session was still down almost two tenths of a percent. A meanwhile, US futures setup to the upside now at one tenth of a percent, it only takes veterans.

J P Morgan Jim Goldman Morgan Stanley Bloomberg US rugby editor Goldman Bank of America rugby Union Goldman Union Kosovo premiership Stanley LeicesteR Edinburgh UBS Wells Fargo
"goldman morgan" Discussed on WAFS Biz 1190

WAFS Biz 1190

03:50 min | 3 years ago

"goldman morgan" Discussed on WAFS Biz 1190

"Rugby league Superleague Huddersfield one eight thriller against Castleford last night finished twenty points to eight. Eighteen to the giants from Alex melon hattrick of tries as big relegation battle in rugby Union's premise ships in art Balsam side, Newcastle host LeicesteR to sit just two places. I'm five points ahead of them on Ediborah continued that push for a playoff place in rugby, Union's fourteen. Missy thing they ho- second-place OSA that Pinellas conference be match. That is you'll European spoil. Now, let's turn to first quarter results. The next focus point full equity mall case kicking off today for US banks, J P Morgan and Wells Fargo due out this morning with Goldman Bank of America and Morgan Stanley reporting next week for J P Morgan today net. Interesting come will be key having jumped ten percent in the fourth quarter. Now, the group has warned it expects little change for this set of numbers for more. I'm joined by Bloomberg's senior finance editor, Jamie hurtling, Jim great to have you with us. He is. So first of all, what are you going to be focusing on in the set of things? Well, JP Morgan have particular has already signaled that trading revenues going to be that great. So that really the key is the metrics related to the clube their lending their deposit, their lending growth their deposit growth, and in particular, their their interest margin and their bad loans. So that's what we're looking full for J P Morgan in terms of some of the other banks. I mean, always when these come out ends up being a very mixed bag. So what will be the focus points? I mean, let's begin with Goldman because let's be honest. That's the one that usually does tend to steal the focus out of the mole. We'll go. It's going to be interesting because they are the most exposed to to capital markets. Trading and advisory has been pretty strong up the the first quarter most industry executives who've spoken out have tended to tamp down expectations, deeply you will recall the CEO of UBS tossed said it was the worst quarter in his memory or something like that. So. Edo that those firms like Goldman Morgan Stanley who are most exposed to the capital markets. That'll be for me. Anyway, the most interesting to see how they navigate the waters. Definitely is it expected to be concern across the board in terms of trading revenue, particularly given the low volatility that we've seen despite the big run-up in equity markets Steph s quarter. Let's right excuse me. We've seen. Concerned about the flattening yield curve, which is sort of a critical metric for whether you're in the straight lending, you know, straight banking or investment banking trading that the this loop of the yield curve is sort of a critical starting point either to drive lending profits or or creating profits volatility. I'm in the library actually, showing the cave e w index against one of the yield curves. You can definitely see that correlation of both of on the downward slope to gather Jim hurtling great with us in the studio. Bloomberg's senior finance editor James hurtling looking ahead to first-quarter results season, full U S Bank. So as I was saying earning season does seem to be the focus now and in terms of the expectations. More broadly. A consensus is expecting a decline in earnings full the first cool to questions over how much that picks up later in the year. And also how much is priced in to equity Malk as we can discuss that mole with some of our guests later on in the show. But in terms of the stock six hundred we're actually coming off the lows now forty minutes into the equity session, we're still down almost two tenths of a percent. A meanwhile, US futures setup to the upside now at one tenth of a percent. At deed. We believe resume is a great way to see an overview of a candidate. But you're not hiring resume you.

J P Morgan Goldman Morgan Stanley US rugby Jim Bloomberg Morgan Stanley editor rugby Union Castleford Goldman Bank of America Goldman Union Missy Ediborah Pinellas Huddersfield Malk
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:17 min | 3 years ago

"goldman morgan" Discussed on Bloomberg Radio New York

"He is co chairman of Guggenheim securities and was the chief restructuring officer at treasury following the financial crisis. So you mentioned you got a phone call. What made you decide to take? What sounded like a pretty thankless role. Well, that's that's what I do for a living. Pretty thankless roles. But. But. I think I thought I might be able to make a modest contribution given my background, and I had been a student of the financial crisis as it was unfolding. We at Lazard we're running leading restructuring practice. We had a lot of these the front end of the subprime crisis. Running coming through our doors American mortgage companies originators and distributors coming through. I mean, they were the first to fail right? The fried joined of the system was the first to fail and that was enough seven and curious fellow. And there was a plethora of these companies coming in. It was like what's going on? There was a website called mortgage implode dot com, and it tractor Sunday four hundred of them blew up, but it would track it in real time and kept a running list. It was quite astonished and some of the biggest ones new century American Home mortgage showed up at our doors is our clients. We presided over and help the liquidate themselves in effect. And. So I my antenna went up. I got smart about the subprime crisis and leveraging of the financial system, and how they were levering themselves around these products and others. So when this call came, you know, having become a student of what had gone on in the American financial industry between two thousand and two thousand eight. My curiosity alone. Drove me to Washington. So so the news crosses AIG gets one hundred eighty two billion dollar bailout. What's your immediate response? When you see these these are heart. We're kind of used to them today. At the time. These numbers were just unfathomable. I mean by the time, I got there. G had already borrowed from the fed in one pocket or another one hundred and thirty two billion dollars. So that was in over the course of eight weeks between September eighteenth. When the first loan was initially Inc. Was inked to the time. You know, the transition team was in place that we are now trying to figure out what was going on. They had borrowed one hundred and thirty two billion dollars. And that's when you know, the restructuring I began, right? The in in in most cases, with the exception of Lehman Brothers. What the federal government the fed the treasury and the FBI did during the. Course of two thousand eight was just refinance the balance sheets the short short-term debt coming due on the balance sheets of all of these companies saying these companies are effectively solvent. But they have a very short term liquidity issue. And if we could free that up, well, these are companies worth worth saving, and if they crash it causes a big problem, otherwise well, and it's expert would say there two definitions and insolvency ballot sheet and talk on see where your liabilities exceed your fair market value your assets. And then there's illiquidity your inability to pay your debts. When do it was clear at the time that none of these companies could pay their debts. When do they needed in effect? What the fed was established to do to be a lender of last resort. An emergency provider of liquidity when the market's freeze up in their panics, and the fed the FDIC and the treasury department did this to a fairly well during the Bush administration under the leadership of secretary Paulson, and Ben Bernanke the fed. So by the time, we get there. In lehto. We haven't yet assumed the powers, but there's a transition going on a baton passing exercise going on between the Paulson treasury department and the guy nerve treasury department and those guys had worked together previously. So wasn't like they were strangers Geithner was the president and the New York, right? So everybody kind of knew each. Yeah. Know, there was a very seamless transition, and you know, sometimes you get lucky as a country we have the leading economic historian of the great depression setting as the chairman of the Federal Reserve he may not have had a playbook as to what to do. But he knew what the fed did wrong in the thirties. And he was dedicated not doing that. Again. Hey, learning what not to do is half the battle ahead of people. So so you mentioned difference between the liquidity events Anna solvency event, and you mentioned in passing Lehman Brothers. Let's talk about that a second. There have been some academic studies that said at the time Lehman Brothers went belly up. Their value was somewhere. Between a negative hundred billion dollars and negative two hundred billion dollars of all the companies out there. They really seem to be completely insolvent Stayman. Well, so if you took a snapshot, I would venture to say if you take a snapshot and Mark to market the balance sheets of any of the major financial institutions that are typically the broker dealers Goldman Morgan Stanley. Narrowed lynch. On september. First, maybe make it September ninth today after Fannie, and Freddie are taken into conservative ship and panic runs through the entire conventional and subprime who'd already run through the subprime market. But now you take the largest Monday. That can exactly and you put them in a conservative on the on the theory that either their illiquid and needed government support or their insolvent and the government balance sheet, toback them. If you took a snapshot of the balance sheets of any of the major financial institutions, the United States on September, ninth and said, Mark this all to market right now where anything is trading might. I dare say in a balance sheet basis, they'd all look insolvent. But and that was sort of the thing is there's a relationship between your ability to maintain a position, and you're solvency. So you know, canes famously said the markets can stay irrational longer than you can say solving. But if you can stay solvent that is liquid through a downturn. You're okay. You're okay. And so in better come out the other side, I actually pretty good. So in the case of lean and right? So you have Leeman weekend. You know, this story has been told many times, but the the the fed at the New York fed they're trying to figure out if they can broker a marriage between Leeman and Barclays or Leeman and Bank of America. And each of those institutions perspective buyers is doing diligence as fast as they can on lemans book. To try and figure out which part of the Bank. If maybe the entire part of the Bank, they will take and in particular be a has done as good jobs could be done in the circumstances in analysis of layman's real estate portfolio, and they conclude that the marks that the cut the last marks on the portfolio vastly overstate the value, right? Fabricated completely fabrics. Who knows whether fabricated the market was can collapse if you could have held on to it. So who knows coming up? We continue our conversation.

fed Lehman Brothers treasury Paulson treasury department New York American Home mortgage chief restructuring officer Lazard chairman AIG Guggenheim securities federal government Fannie United States Washington lehto
"goldman morgan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:17 min | 3 years ago

"goldman morgan" Discussed on Bloomberg Radio New York

"And was the chief restructuring officer at treasury following the financial crisis. So you mentioned you got a phone call. What made you decide to take? What sounded like a pretty thankless role. Well, that's that's what I do for a living. Pretty thankless roles. But you know, I think the I thought I might be able to make a modest contribution given my background, and I had been a student of the financial crisis as it was unfolding at Lazard. We're running the leading restructuring practice. We had a lot of these the front end of the subprime crisis running in coming through our doors mortgage companies originators and distributors coming through. I mean, they were the first to fail. All right at the front of the system was the first to fail and that was enough seven. And I'm curious fellow. And there was a plethora of these companies coming in. It was like what's going on? There was a website called mortgage implode dot com, and it tractor Sunday four hundred of them blow up, but it would track it in real time and kept running list. It was quite astonished and some of the biggest ones new century American Home mortgage showed up at our doors is our clients. We presided over and help them liquidate themselves in effect and. And. So I, you know, my antenna went up, I got smart about the subprime crisis and leveraging of the financial system, and how they were levering themselves around these products and others. So in this call came, you know, having become a student of what had gone on in the American financial industry between two thousand and two thousand eight. My curiosity alone. Drove me to Washington. So so the news crosses AIG gets one hundred and eighty two billion dollar bailout. What's your immediate response? When you see these these are heart. We're kind of used to them today. At the time. These numbers were just unfathomable. I mean by the time, I got there. Gee, had already borrowed from the fed in one pocket or another one hundred and thirty two billion dollars. So that was in over the course of eight weeks between September eighteenth. When the first loan was initially Inc. Was inked to the time. You know, the transition team was in place, and we now trying to figure out what was going on. They had borrowed one hundred and thirty two billion dollars. And that's when you know, the restructuring I began the in in in most cases, with the exception of Lehman Brothers. But the federal government the fed the treasury and the FDIC did during the. Chorus of two thousand eight was just refinance the balance sheets the short term debt coming due on the balance sheets of all of these companies simply saying these companies are effectively solvent. But they have a very short term liquidity issue. And if we could free that up will these are companies worth worth saving, and if they crash it causes a big problem, otherwise, well, it's not expert would say there are two definitions and insolvency balance sheet insolvency where your liabilities exceed your fair market value of your assets. And then there's illiquidity your inability to pay debts. When do it was clear at the time that none of these companies could pay their debts. When do they needed in effect? What the fed was established to do to be a lender of last resort and emergency provider of liquidity when the market's frees up in their panics, and the fed the FDIC in the treasury department did this to a fairly well during the Bush administration under the leadership of secretary Paulson, and Ben Bernanke the fed. So by the time, we get there in late away. We haven't yet assumed the powers, but there's a transition going on a baton passing exercise going on between the Paulson treasury department and the treasury department and those guys had worked together previously. So it wasn't like there were strangers Geithner was the president of the New York fed. Right. So everybody kind of knew each. Yeah. Know, there was a very seamless transition, and you know, sometimes you get lucky as a country, we have the leading economic historian of the great depression, the setting as the chairman of the Federal Reserve he may not have had a playbook as to what to do. But he knew what the fed did wrong in the thirties. And he was dedicated not to doing that. Again. Hey, learning what not to do is half the battle ahead of people. So so you mentioned difference between a liquidity event and a solvency event, and you math mentioned in passing Lehman Brothers. Let's talk about that a second. There have been some academic studies that said at. The time Leman brothers went belly up. Their value was somewhere between a negative hundred billion dollars and negative two hundred billion dollars of all the companies out there. They really seem to be completely insolvent. Well, so if you took a snapshot, I would venture to say if you take a snapshot and Mark to market the balance sheets of any of the major financial institutions that typically the broker dealers Goldman Morgan Stanley narrow Lynch. On september. First maybe make it September ninth today after Fannie, and Freddie are taken into conservative ship and panic runs through the entire conventional and subprime who'd Gordy run through the subprime market. But now, you take the largest know. Can exactly and you put them in a conservative on the on the theory that either their illiquid and need the government support or their insolvent and the government's balance sheet toback them. If you took a snapshot of the balance sheets of any of the major financial institutions, the United States on September, ninth and said, Mark this all to market right now where anything is trading might. I dare say in a balance sheet basis, they'd all look insolvent. But and that was sort of the thing is there's a relationship between your ability to maintain a position, and you're solvency. So you know, canes famously said the markets can stay irrational longer than you can say solving. But if you can stay solvent that is liquid downturn. You're okay, you're okay. And so in effect better come out the other side, actually, pretty good. So in the case of lean and right? So you have Leeman weekend. You know, this story has been told many times, but the the fed at the New York fed they're trying to figure out if they can broker a marriage between Leeman and Barclays Leeman and Bank of America. And each of those institutions prospective buyers is doing diligence as fast as they can on lemans book. To try and figure out which part of the Bank. If maybe the entire part of the Bank, they will take and in particular, be avai has done as good a job as could be done in the circumstances in analysis of layman's real estate portfolio, and they conclude that the marks that the cut the last marks on the portfolio vastly overstate the value. Right completely fabrics. Who knows where there's fabricated the market was can collapse if you could have held onto it. So who knows tell me up? We continue our conversation with Jim nill steam co-chairman.

fed Lehman Brothers treasury chief restructuring officer FDIC New York American Home mortgage Paulson treasury department AIG Jim nill treasury department federal government Barclays Leeman Goldman Morgan Stanley narrow United States Fannie
Goldman, Morgan Stanley Say Test Scores May Not Curb Payouts

Bloomberg Daybreak

01:51 min | 4 years ago

Goldman, Morgan Stanley Say Test Scores May Not Curb Payouts

"On some of the nation's loans oil is trading above sixty six dollars a barrel has ministers vienna agreed on a theoretical increase in production of one million barrels a day despite calls from iran to boost output further momentum in the euro area unexpectedly picked up in june a composite purchasing managers index to fifty four point eight in june here in the us we get that purchasing managers index rating at nine forty five am wall street time economists forecasts little change from last month's fifty six point four reading bloomberg's vinny down jude is reports us manufacturing brand largest benefitted from renewed spending and plant and equipment it may the market factory index retreated from three year high registering fifty six point four there is a wild card a mix the impact of tariffs on domestic production manufacturing accounts for about ten percent of us economic activity vinny del giudice bloomberg daybreak thank you vinny goldman sachs and morgan stanley are urging against getting spooked by their stress test scores of federal reserves had the two banks had the two lowest capital levels by one key measure in the latest results but the banks say not worry that may not affect dividends and stock by backs deutsche bank cabbie outlook for its credit rating lower to negative from stable by fitch ratings which sites risk tied to deutchebanks turnaround plan and airbus is threatening to pull its uk investments if britain walks away from the european union without a deal the company says a departure from the single market without a transition agreement would lead to severe disruption of production futures are higher and futures up fourteen points dow futures up one hundred seventeen nasdaq futures up thirty one the dax in germany's up four tenths percent ten year treasury down five thirty seconds yield two point nine one percent yield on the two year two.

Bloomberg Jude Morgan Stanley Airbus European Union Germany Vienna Iran Vinny Del Giudice Vinny Goldman Sachs Deutsche Bank UK Britain Five Thirty Seconds One Million Barrels Sixty Six Dollars Nine One Percent Ten Percent