bank and another 16 percent are under banked. one out of four 85 percent in black cities don't have access to a savings account or a checking account. many of these are on banked or under banked individuals experiencingeconomic distress . their lack of access to banking compounds the difficulties they have in accessing housing credit and other essential services so there are structures in place now i think to support working-class individuals. again the majority being my neighbors in that regard and i understand the struggles of what we're trying to do here . figuring out how to fix it because as a result even though has accelerated the trend toward digital cash remains the primary method for 35 million americans and that's 14 percent of our population. we know that it's expensive to be poor in ourcountry . even as financial institutions offer so-called low cost bank accounts it is rarely free particularly for low income families who may struggle to maintain abalance . they recoup the cost of maintaining an account through other

the war bank and do it. and that's why it's actually extremely unfortunate that the bank are to erase doing business initiative, which a lot of taxpayer money i've been spent to establish because of ernest, the core behavior at the top of the institution. but there is that because of the fact that the board, which he the $170000000.00 a cost every year did not played so bill side road own issues within your management. and so, you know, i believe that the bang should continue to missouri during business, but unfortunately, because of, of issue during business of a big v as to neither p, it should be mentioned that crystelina, georgia, eva who is 2nd in command at the world bank at the time now head of the international monetary fund has called the invest investigation. simply untrue, ah, how. how much is the pattern that has been written about not only are in those who have been reporting on this case, but you know, the washington post just recently came out and just said, this is a big deal in a fully a ful

deutsche bank is rates house. in terms of comparison to the u.s., that is what the market is going to be doing. the u.s. banks were driven by advisory. let's keep that in mind. a few other stocks which are doing, let me bring you some of the news flow from dws. we will catch up with the deutsche bank ceo a little bit later on. to dws, net inflows of $12 billion. the market was looking for $7.46 billion. you see a monster flow but we know that anyway from the bank of america, bank of america's flow results that they give us on a weekly basis. net revenue for the third quarter. revenue comes in at 644 from ahead of the estimates of 627. that is the top line from dws. very comfortable beat on the inflows. that is the critical point. let me take you to another start which was just reported in ecuador. they have reported their net for the third quarter. the norwegian energy company says it plans to increase the share buyback to $1 billion. good news all around if you are a shareholder. my guest is the ceo. always good

banked. >> and i yield back. >> the chair recognizes the gentle man for five minutes of questions. >> i will say i am perplexed. went under banked becomes more banked in this proposal makesro it easier and then to increase participation in the banking system. they across island to check theo banking account in the attempt to get people to pay their taxes but we also have to make it easier to use cash. at the small business owner some of the challenges that we face our with cash. we have one coach coaching that class. i came by one night it was like $5700 in the cash register. but two couples have paid their entire annual membership so theoretically if that is on a regular basis i would have to maintain security that is a one-off thing to make sure it doesn't happen again but so here we are trying to make it easier for people and going erinto the small business owners and that's extremely challenging by the way and to track people's money but also to use cash so the most shocking thing about a

but how can you ever trust a bank that in vain, solicitors within how, how can you ever trust the bank that created fictitious bank accounts? this did the botanist. how can you trust a bank that bribes? the defense witness. as in my case, i really have learned a lot about how this came about historically. but the thing that really does upset is what it's done to the united kingdom. but it's done to great britain because it frightens me for the teacher, this country because there is a high level deep corruption and i cannot see a bright future for britain unless something pretty cataclysmic happens. me. i think that despite the effort so parliamentary committees and working groups looking at solutions such as a new type in our system and changes to contract law. these are all things that are useful and there needs to be changes to regulation. to stop this ever happening again. but i'm concerned that politically, we're deliberately diffusing the whole situation. we're deliberately losing sight of what's the only important thing here, and that is justice and compensation for the historica

we want to help on banked and the under banked become more banked but this proposal once to make it easier to stay under banks by removing an incentive to increase americans trust in the banking system. some of my colleagues want to track everyone's bank account in an attempt to get people to pay more taxes but we also have to make it easier to get , to use cash. i guess the last thing is as a small business owner, some of the biggest challenges we faced were withcash . there was one night, we have one coach, coaching a class and there's a class with people in it and i came by one night and there was like i don't know, $5700 in the cashregister . normally we kept i don't know, 100 two couples pay their entire annual membership. so i theoretically if that was going to happen on a regular basis i would have had to hire a person to sit outthere. i would have had to maintain security over it . that was a one-off thing and we made sure it never happened again but businesses make their own decisions. here we are trying to make it easier for people to stay on banked. we're going into this small b

we begin with the relevance of the world bank. have low rates to borrow in money but out significant are these institutions anymore? there is some concern >> she got the -- >> she got the support. they are tamping it down and saying we are going to stick with this right now. we heard from the ims chief -- imf's chief economist. >> the board came out with a strong statement saying there is full confidence. the issue of the data had nothing to do with the imf. we place incredible amounts of importance on data integration at the imf. we have many checks and balances. i feel good about where we are. >> you have been put under no pressure to make the data fit the narrative being delivered further. there is no incidence of that happening at the imf. >> i have never faced about pressure. >> you heard it there. what do you make of that? you heard the support. >> the accusations are not about the imf but this speaks to a larger issue. they have pulled back the curtain on the geopolitical positioning and the lobbying that goes on behind the

banks. the three year below the 1% yield now for australia. technology as well firmly in focus. the chinese big names in hong kong down 3.6%. geopolitics, china telecom being close that of the market in the u.s. part of the mix . francine: if we dig deeper into the sectors, earnings are dominating the news. puma raising its sales on profit forecast. deutsche bank maintaining market share. there was a little bit of concern because of the equity division. the one thing we are looking at, technology. on the health care side, because of the vaccines that could be approved for the younger people around the world. health care getting a bit of a boost. look at staples, raw materials and information technology stocks. we had twitter in line with expectations, even though apple changed their data and has not been reflected in the numbers. we need to look a bit deeper into alphabet, for example, the parent company of google. we will have a full roundup of tech stocks with laura wright. tom: we have ap

so the banks are regulated by the central banks by the financial conduct authority, sort of people. and they're, it's a revolving door. they all their friends, their mates. they don't wanna put 3rd me and jail, nobody wants to do that. whereas big coin is regulated by the users and there's millions of them by the nose, by the miners, by all participants. if you're a bit coin or if you have, once a toshi, you are a regulator. big coin, right? we're all in the consensus algorithm is regulation by consensus. so that's already built into that protocol. so let's look at some of the headlines. you know, max mentioned, you know, all the scandals that of the pass, bernie made offs. fraud went through their a i g scandal there. defrauding went through their m f global. went through there. and i want to call your attention back to repo one o 5. early days of kaiser report, we covered repo $1.00 oh $5.00. and that was lehman brothers. used that. so did m f global bo lehman brothers? did all their a lot of their hidden debts? remember, if you have nothing to hide like bad debts, if you use repo

how do you make the on banked banked -- the unbanked bank? >> the core of what we do is digital banking. thanking someone as part of the journey. -- banking someone is part of the journey. there other things that come along. there is financial education. there is credit. teaching them how to invest. getting them on a marathon to financial help. this is a marathon. that is what we do. caroline: this is a marathon that needs to start with people at a younger and younger age. we have had the hope foundation raising the flag. we looked at the introduction of the meme stock craze pair the ability to put your money to work. the prayer that we can start to erode and equality. need to start with financial literacy. at what point is that happening? are you able to provide financial literacy? >> we make it very relatable. sometimes financial literacy comes off with a negative connotation. for us, how do we have uncomfortable conversations but in comfortable settings? the truth is how we are talking about this segment is try to focus on someone living p

the asian development bank and u. k. ensure of prudential are working on plans to buy coal power plants in asia and shut them down long before they come to the end of their lives. china's president, she ging ping pledge to end funding coal projects overseas. that could affect $54.00 megawatts of planned projects, which could save the world 3 months of global emissions. but details is scarce, and this only applies to overseas investments. china has been the biggest funder of coal plants, investing $45000000000.00 since 2014. japan is the 2nd biggest with $20000000000.00. now we mentioned that because it's the biggest shareholder of the asian development bank along with the united states. b a, b, b as finance, $42500000000.00 of all types of power projects. since 2009, it's new plan to buy coal plants is likely to cost around a $120000000000.00, which the big scheme of things isn't much rich nations was supposed to be contributing a 100 $1000000000.00 a year to poor countries to mitigate the impact of climate change rig

in 20 minutes, call it 30, we get numbers from bank of america and onwards three banks. a big turnaround, the curve has been flat or the last couple of days. 81.32. crude, up more than 1%. tom: i'm glad that you mentioned crude, 84. 84.16, a little bit away from bursting through. that will be interesting to watch. you mentioned the turkish lira. i see a more constructive take. jonathan: do you? i see a lift, if that is what you need full -- if that is what you mean. i don't think the blue has faded away. i don't think we settled anything going into year in and i don't think the data will settle anything for the next three months. tom: the vix under 18. here is reality. jon ferro eats marmite, which is inedible. worse is vegemite from australia. what you need to know after hearing the president of the united states is that the los angeles times says it is 100 thousand year plus for the longshoreman unloading vegemite in long beach and l.a. he hates both, marmite and vegemite joining us from bloomberg government. i was surprised. i knew he would center on labor, but i was

all those countries, the banking system, the commercial banks, chase, bank of america, wells fargo, they are equivalent to china in terms of here's what you will do for the banking system. you are not going to make a ton of money on this. you are not going to get wealthy through the system. you are going to facilitate what we tell you to do and that's how this is going to work. the system and the uss decided, we don't play that. we don't want this thing to come about and they put a lot of lobbying efforts to making sure that it does not. the american banking association put out and testify before congress that digital currencies are a problem. they say they it can do more harm than good. they said things like, another large banking organization has come forward to say they don't even think the federal reserve has the power to do this, that it could only be authorized by congress despite the fact that it is very clear that they are responsible for printing money. the argument is, does digitally printing money count as printing money. it means less profits for them. the other issue is a lo

about the bank at pan, about the bank of england. the one notable accepts exception, perhaps amongst a large central banks is the people bank of china has been very rest about the gas purchases and, and sort of using as in the case, always in the past and trying to go this route for some reason. the holding back on that sort of criticizing of central banks. so that critique from 9 it could apply certainly to any one of the central banks. i think it applies to the fed meeting between the cracks. and so i think that's where we stand, that there's some stop saying, well, inflation is getting out control the central bank seem to step in and do something you ask about how concerned is the fed about employment and things like that. it seems to me that the fed is most concerned about increasing interest rates or reducing on purchase and tapering and crashing the stock market. they really, really don't want to do that. however, if inflation carson creeping up, their hand is going to be forced and they don't want to do that. so they're going

yeah, the all the central banks, whether it's a bank of england or the fed, or bank of argentina, they think that somehow big coin is triggering a crisis, not understanding that big coin was a response to the crisis. the crisis was central banking. the coin is a response to says right there in the genesis block, a chancellor on virgin 2nd, bail out for banks that makes direct reference to the central banks, malfeasance and crisis. so, but you know, they'll learn and they'll get the price they deserve. you know, they don't want to buy big, quite a half a 1000000. they want to buy it at a 1000000. they'll stumble in a 2000000. god bless them. now j. p. morgan and jamie diamond, probably the poster child for big coin idiocy recently reported that their institutional investors are buying big coin rather than gold as a hedge against inflation. so neck, this is a growing talk and talking point is that, you know, people are now actually beginning to recognize that big coin and not only kind of competes with gold, but it does actually, it's actually vastly superior perrier to gold. and what's

so what does this tell us about the world bank and it's other reports, and if the mighty world bank is vulnerable to political and financial pressure, what should we say about smaller institutions and governments that are trying to fight corruption? they were talking with unit kelly, dean of the sanford school of public policy at duke university and author of score card diplomacy, grating states to influence their reputation and behavior. and for brief food are a former officer at the world bank and the office of the un high commissioner for human rights, and currently the managing director at out leadership. thank you both for joining me today. and let me just start with unit. can you help us set the stage for what has happened in terms of the accusations that have blown about the world bank doing business report? sure. so the bank started publishing this part, you know, 2004. i became quite an influential report. many countries of trying to, to move up in the rankings that you said. and over time, countries work with the bank on what kinds of reforms can be undertaken. and the pressu

the 1st central bank chartered in 1694, i believe the bank of england, yes, the bank of england policy maker over there is one that big coin could trigger a financial meltdown. does this sound like the sort of blame game you might find somewhere like argentina, whenever they default on their debts by blaming others? what's going on neck? yes, it's it, it clearly is the sign of desperation. i mean, on the one hand, these folks, the central bankers are disparaging, big spent years disparaging bitcoin calling it names ad hominem attacks. so how does that all of a sudden, magically go from this online thing that they don't understand that they're making fun to an existential threat? the central banks? that's a pretty big jump. i'd say that's kind of a capitulation in there. do you think so? yes it is, and he's not wrong. bitcoin is a threat to central based and central banks deserve to be threatened because what they're doing is perpetrating as you guys have well covered, fraud of historic proportions. so excellent. so, and if he wants to try to take on big point, good luck to him. a big q

and i, i was saying, you know, i give this whole banking system. we're going to collapse within the next 6 months . what do you want to bet? and of course i wrote that back and i think it was 2008 or so. so with reason people say, oh you guys have been talking about, the sky is falling for so long. why should anybody believe you? but simple common sense will you, that we're not headed in a good direction that it can't possibly in well, and i guess the, the only thing i could say in defense of my st. my own premature call on disaster is that i lack the imagination to see how pump things could get. and one of the reasons for that is everybody benefits like goal that the one percenters are all getting richer for doing nothing all the time. and it's, it feels sort of like when, when, when everybody wins, except of course, the middle class and, and the have nots. so that's why it's persisted for so long and why folly and hubris could dominate without being challenged, as long as it has. but it, but if you just sort of apply your common sense in what you

banks. that will set the tone in terms of earnings on financials as you have a steepening yield curve. in europe, over $80, will the u.s. releasing special reserves provoke the saudis to do more? dollar-yen at a two-year low, jane foley says interest rate differentials are coming to bear on the yen. it is columbus day but you are seeing prices drop and yields rise as the belief that inflation is becoming a little more sticky. what is your medium term market risks? intermediate spike but not stagflation? the s&p 500 a little lower, early signs of the index is focused on the headwinds rather than the upside. there is a fear of high prices that is likely to remain. it will be prominent this week and already in focus, attention turning to wednesday's cpi figures. the bank of england might be next in line to blink with policy members saying a rate hike might be necessary imminently. let's see what our guest makes of it all. good morning. i found a word i find difficult to pronounce but i find it

♪ ♪ ♪ >>> a big day for banks. which banks report stood out to you the most >> bank of america they had good expense control. when you start to have that higher nim and better expense control -- sorry about that -- then you get good earnings that was impressive. of the bunch that was the best, a little embarrassing for jp morgan, not as good of growth as some others. that will weigh on jamie but the stock had a nice day sold off a bit going into this that was the most interesting of the bunch. morgan stanley, different kind of animal. i think there is a higher multiple >> dan >> i think karen is correct. the morgan stanley thing is interesting. goldman sachs will be tomorrow morning. i would be more focused on them. we were focused on the interest margins. i'm kind of more in that camp less than the money banks to this point >> guy, i know you watch closing bell closely and religiously >> religiously >> the valuation of morgan stanley versus black rock, the valuation of morgan stanley is considerably lower should i

it's monopolized by the central banks and big banks and 1000000000 banks, and they have for every ounce of gold to 50000 ounces of paper gold. they don't want the price to go higher, because it's in a free market. that's why the institutions want, they want inflation hedge that's sensitive to the market. they don't want to inflation hedge that only peter shift, thanks works. peter shift notwithstanding. i'll still hold my flag though that that market in correction for price is not going to last. i mean it's loud k minus last 45 years since 975 where they started treat futures. but at some point there will be enough of the crisis that people will demand, physical gold or the currency system will collapse like they will have to pass and gold will have to be rebellious. it's kind of like this. the trillion dollar platinum going right. just another step along after losing confidence in t, r in new in eventually, and then all the sudden anybody want go too. and at that point, the price is going to be $1750.00 announced and so on both and you know, for their specific reasons and then just wai

the bank of england made a $1000000000.00 in a day. and he's gone on to do speculative attacks against nations and toppled them kind of one by one ever since. and the news that broke yesterday again, like i said again i, i talked about a month ago, but this george soros well fund is now buying bitcoin. and of course, he doesn't probably run the day to day on it, but his wealth manager that runs it, the seo said, you know, we understand the problems of the dollar with inflation, etc, etc. that's why we're buying bitcoin. but i just thought to guy who's literally, the most famous guy perspective attack is now buying bitcoin. he's kind of professed or made famous, you know, taking the government. is he going to do a speculative attack against the dollar using their coin? it's an interesting way to look at it. right. you mentioned sorrows is $993.00 speculative attack on the bank of england. made a 1000000000 dollars in a day that was orchestrated by his money managing partner, stan druck and miller, who has been buying big coin now for th

to access to the gym bank. all 3 got the premises in october 2015 because we banned to exist to the center by the armed group consoling the area. they sold the vehicles, they stole the lot of equipments, nothing left in the headquarter except the buildings and the gym by the war, forced 5000000 refugees out of syria right now. it's not safe for a doctor so hot to continue his work at home. how hard was it to leave that seed bank behind? i spent more than 27 years of my life working to the gym bank. so it's a like is someone who left behind the babies or a long, long history. we dealt with them day by day. we knew everything about the behavior, all of those plants in the field, in the plastic houses, even in the gym, bangs, time effort made by everybody, both syria and lebanon. ly, in the fertile crescent, which is where farming began. it makes this part of the world an ideal place to work on safeguarding future food supplies. this is the center of origins or we can probably the center of domestication because i

that's a chance on bank of 2nd below for banks. so this is funny to come full circle. so you know, as hyper bitcoin ization is setting in, as the 1st nation has just made bitcoin legal tender in their country. that's el salvador. and this is a headline that's happened in the last 2 weeks. we didn't get to get to it until today, but it's, you know, relevant to some of the other have, i'm recovering here. it coin could trigger financial meltdown, orange bank of england deputy. this was somebody named sir con list. yes. so he's complaining that. oh, you know, just like sub prime bitcoin and might cause the financial systems to collapse. but you know, if bank of england is worried, my theory is that if you have nothing to hide, you have nothing to fear from bitcoin right. if like bad debts, lots of fraud in your financial system, lots of money printing. you have nothing to fear from big coin, but all the major financial scandals, one through the city of london, went through the bank of england. even the bank of england was implicated in a precious markets rigging, scheme,

that investment banking revenue, again, showing you the bank's firing on all cylinders. it is so important that even as trading moderates, to keep an eye on both of these businesses. they did have reserve releases as well that would have helped to balance the bottom line, but with that said, again, jamie dimon guided that it is growing, in line with expectations. the question is -- cannot continue, and are they going to guided stability toward the end of the year? jonathan: sonali, thank you, stay close. tom, trading revenues for the third quarter, the estimate of $3.7 billion, just shy, no big deal here. the estimate 2.1 $7 billion, expected to be soft because of the year-over-year comes here, tom, they were difficult. if you look at equities, they were expected to be strong commanding skip over that bar. tom: jon, what is so important to me is the opening, said mr. dimon as these important numbers are released. it is about a 2 million plus release of credit reserve. this is jamie dimon saying everything is fine, we are doing great, we are improving forward, and we are

morgan and bank of america. i think she is trying to bring the breath of fresh air, and she is in it to win it. romaine: she has only been on the job for a few months. what are some of the many strategies she has communicated? with regards to what citi will look like into her tenure? >> one of her big focuses is wealth management. citi has long punched under its weight in that area. they were forced to sell off to morgan stanley, a huge win for morgan stanley. they have turned that into this powerhouse. you see them wanting to get bigger in this business. romaine: but we have not seen the type of acquisitions then we have seen out of morgan stanley, for example, and even jp morgan to a certain extent. >> late last year they got saddled with two consent orders from regulators, and one thing that was actually said, if you want to do any acquisitions, you have to run it by us. i think a lot of her strategy and thinking is around organic roast, looking inward and finding the gems hidden in the rough. taylor: and it'

guy: many in the banking industry would agree with you. is interesting that the bigger companies -- there is going to be huge resistance to the large companies doing any more acquisitions and the regulatory pushback is going to get greater and greater. you wonder if you take a step down into the next league in terms of the size and scale of companies we are talking about whether there is greater opportunity there to ultimately do deals rather than allowing larger companies to be able to make these as well. alix: you also might make the argument that pinterest has gotten cheap enough to do it now . you are not necessarily buying at the top. the news that bloomberg broke is that paypal is looking at buying pinterest at around $70 a share, valuing pinterest at about 39 billion dollars according to some sources. the market kind of taking it on the chin here. up to -- not hitting about $70 for that price. that is the news we are looking at here. pinterest went public in 2019, so it would not have been public for that long. ed hammond is here. i

that the trump organization and alfa bank appear to have been trying to hide. they see this was not made up. and these are the people who figured it out in the first place. so, they are the ones who have the receipts. so, we're starting to see their push back a couple of weeks ago. this is from the new york times several wreaks ago. quote, lawyers for one of the researchers, who the indictment discuss, said the alfa bank results quote, have been validated and our reproducible. the findings of the researchers were true then and remain true today. reports that least findings were innocuous or a hoax are simply wrong. a lawyer for another of the data expert see in the indictment said his client had a duty to share this information with the fbi. well, now tonight, we have reviewed a letter, i have reviewed a letter, written to john durham, the special counsel, and cc to attorney general merrick garland and that's a good thing, it's from the lawyer of one of the technical experts who is very -- who is described as the indictment. he's not one of the people charge. h

then there are bank banks. their business is not complicated, they take deposits, they make loans and they try to make money on the difference and hope that everybody pays back those loans. many of those companies, the ones that you own, anton, have had spectacular years. i don't know if you own these, western alliance bank corp., east/west bank corp., valley national bank corp the ones we see in our hometowns some are up 70, 80% in 2021. how much more do these smaller names have left in the tank, so to speak >> as i mentioned before, earnings estimates i think are still low if loan growth returns, i believe it will return i like to hunt in places that have above-trend growth. places like tennessee, texas tennessee first bank fbk and texas veritech, they're both going to have good growth this quarter in loans that's critical to be able to deploy that. yes, the returns have been spectacular this year but what's important is how badly these stocks performed for multiple years and obviously particularly they perfo

. >> i guess i've been scarred by following european banks for decades nad european banks really struggle in the low interest-rate environment. despite all the talks about interest rates going a little bit higher, i think the operative word is a little bit, we are still in a low interest-rate environment and that is a really hard business for banks. banks are making better profits, but the multiple depends on margins. if we are living in a low interest environment, it is hard for those margins to go higher. that is the crux of the argument. francine: some point, we will start normalizing the interest rate, won't we? we have to. [laughter] >> if you look at the forward curve, even the expectation about interest rates 10 years from now are still below levels. we are normalizing, but we are normalizing below levels. we are not normalizing to 4%, 5%, 6%. tom: the energy of marija stays with us. we get her thoughts on all things china, as well. coming up, evergrande's woes continue. shares plunge as much is 14%. this is bloomberg. ♪ francine: tom and francine here. welcome back to the open.

tom: will the old banks build their neo banks like goldman or will they acquire them? christian: i think acquisitions are excessive. it will be diluted to acquire a new bank. lisa: more broadly, why do think the goldman sachs transformation has been under by other analysts? christian: the part of it is we are in a very robust capitalist market. a lot of it is driven by traditional goldman, strong m&a, strong equities traded, things traditional. i think, the broader transformation, markets important, and asset manager, not easy. a lot of good stuff going on underneath but the reality is result is dominated by an awesome estimate. lisa: if you look at asset management, it is the investment banking, training that came in $1.5 billion in revenue above the expectation. a blowout quarter. is this the cycle peak or is this goldman sachs gaining share from the european peers? christian: i won't exactly call it a peak. fixed income starting to slow down, m&a is still growing. we are very strong here for 2020 and 2021 will be the best years for investment banking since 2009. we

will be joined by the world bank guest, and a bank governor. this is bloomberg. ♪ lots more on the way. this is bloomberg. ♪ this is bloomberg. ♪ david: welcome back. just approaching mid-morning, the start of the session in some parts of southeast asia. we are ahead of the thailand open. we are looking to where we are in north asia with the equity markets. there we go, a fraction of 1%. keep in mind a lot of these markets are largely more exposed to the oil story than some of their peers across the region here, guys. rishaad: yeah. looking at southeast asia they continue to open, or reopen their borders. of their economies have been hit really hard. in the process, let's get the latest from our reporter who leads the asia health and media coverage. rachel? rachel: what we are seeing in the region now is unmistakably this move toward reopening, these countries following the model that was pioneered in europe, travel is being resumed and reopened for vaccinated people. restrictions are going down. singapore, for example, is using vaccine m

they are building branches in new markets, and the banks come the global banks, the biggest banks are winning share where they want. within this comes back to the level of -- we think this comes back to the level of technology that helps them be more efficient broadly, as well as seeking out these new markets. jonathan: thank you, as always, alison williams. a whole host of banks reporting earnings tomorrow, then onto to goldman on friday. i think that final point is pretty important. we are not retrenching here. we are writing to the business. that gets lost. you talk about how big things are. things are getting bigger. tom: things are getting bigger. scale is picking up. i noticed the retail effort in the united kingdom is one example of that. is it optimism? i'm not sure. i don't see a tentative strategy at jp morgan. jonathan: things are getting better, they are getting bigger. on radio, on tv, this is bloomberg. ♪ >> i'm jim imagine with an exclusive -- i'm jamie mcgill with an exclusive bnp paribas update. shelby rogers came through a three set thriller against u.s. open final

who were the lead to bank of 5 banks that lent money to trex over the years, or they were the agent effectively and i met with them. i explained that that as a, as a non accountant, i was just concerned with historically codes. and all i want, what i wanted to do the right and proper thing to do was to bring in some specialist forensic accountants to audit and review are the past few years the codes. so i informed the bank, i told them what i was then going to do about it. they agreed to that. and i, within 24 hours of that i b. s. had suddenly brought in these restructuring specialists who business didn't need restructure to refinance. or we anything there was a historical problem. ah, but within that 24 hour period, another 24 hours passed. and then i find that the business is basically being lever up into pushed into this thing called g l g, the global restructuring group. and when i created this repeatedly, i was repeatedly told or so restructuring unit, it's like an intensive care unit where we're here to help. we will support the business. we will continue to support the management of the

matt lose eddie of deutsche bank -- matt luzetti of deutsche bank has a call. the rate hike is coming. tom: we have to adjust to what we see, but what i have heard from the pros, maybe you do it just atlanta gdp now -- to adjust atlanta gdp now to be not so gloomy. lisa: this is actually the base case priced into markets. you could argue whether this is hedging activity or real, but nonetheless, you ask this earlier, at what point is the fed's hand called by inclusionary impulses that continue to run hot? what does that do if they do raise rates? what does that actually materially affect in the inflationary outlook? jonathan: i like the distinction between trades going on and trades coming off. that is important. lisa: i appreciate that. jonathan: team effort, isn't it? that's what it is about. [laughter] lisa: holding hands, arm in arm, socially distance. jonathan: euro-dollar unchanged. the bond market unchanged. there's your wednesday morning. chairman powell friday. that is what we are building up for now. i 10 of earnings in between. from new york city, on

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big banks are going to report, bank of america, citi group, morgan stanley, wells fargo, all before the opening bell. >>> the biden administration meanwhile announcing ambitious plans for alternative energy with a big investment in offshore wind farms. details straight ahead >>> plus, u.s. workers pushing employers for better pay and benefits employees at deere are striking this morning and hollywood crews could be halting work next week >>> it's thursday, october 14th, 2021 and "squawk box" begins right now. >>> good morning, welcome to "squawk box" here on cnbc. i'm becky quick. along with joe kernen and andrew ross sorkin. and things are looking up this day. at least if you are a bull check out the u.s. equity futures at this hour you'll see right now there are significant moves, dow futures indicated up by about 220 points, the s&p futures indicated up by about 31, the nasdaq indicated up by 132 i'd tell you why but i'd be making it up look at treasury yields, the ten year yielding 1.535% so that hasn't budged a lot. 30 year up to 2.049% and a range of other issues, like energy, all

they will kick off big bank earnings. a difficult area and the banking sector, likely to be one of the key areas of focus. joining us today is filippo alloatti, head of financials at hermes. let's start on the loan growth picture. it is the time that we are finally going to see loan growth get back into first gear? filippo: good morning. it would be about time. historically, whenever they sustain growth, long growth. we are reading about supply chain bottlenecks. especially corporate, they are cautious when it comes to investing. that is the question that we need to solve. especially on the corporate side. that is verified. there is a huge support of the american administration. manus: we were looking at this, at that inflection point, it is kind of moving from reverse to first gear. we are kicking off the earnings season. we have long growth but also the reserve releases. reserve provisioning was a big feature of 2020, we began to see releases coming through, how much more will that be a part of this earnings season? fil

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