WEBVTT - Capital One Buys Discover; US Warns Israel

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Amy Morris. Here are the

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<v Speaker 3>stories we're following today.

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<v Speaker 4>We begin with a big deal in the financial industry.

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<v Speaker 4>Capital One Financial is buying Discover Financial Services. We get

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<v Speaker 4>the details from Bloomberg's Doug Prisner.

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<v Speaker 5>It's an all stock deal valued at thirty five point

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<v Speaker 5>three billion dollars, and it creates the largest US credit

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<v Speaker 5>card company by loan volume. Historically, Capital One is catered

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<v Speaker 5>to subprime customers who carry a balance on their cards

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<v Speaker 5>each month. In recent years, the bank's been trying to

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<v Speaker 5>attract premium customers. Discover is long focused on prime customers

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<v Speaker 5>with better credit ratings. This deal comes after major declines

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<v Speaker 5>and Discover shares during the second half of last year.

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<v Speaker 5>It followed a warning on lapses in compliance. The issue

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<v Speaker 5>ultimately led to the resignation of then CEO Roger Hawkschild

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<v Speaker 5>in New York. I'm Doug Prisner Bloomberg Radio. He Doug,

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<v Speaker 5>thank you and checking shares of both companies. Discover Financial

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<v Speaker 5>shares are up more than eleven percent this morning. Capital

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<v Speaker 5>One is down more than five and a half percent.

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<v Speaker 3>And the financial industry is also in focus in Europe,

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<v Speaker 3>shares of Barclays up more than four percent. The British

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<v Speaker 3>bank is going on a major cost cutting drive and

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<v Speaker 3>returning billions to shareholders. We get more from Bloomberg Financial

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<v Speaker 3>reporter Tom Metcalf.

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<v Speaker 6>The big number is ten billion pounds both by dividends

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<v Speaker 6>and buybacks, and that's coming through I think between twenty

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<v Speaker 6>twenty four and twenty twenty six. So yeah, that is

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<v Speaker 6>a nice focus on returns and obviously they're sort of

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<v Speaker 6>very much embracing that. The other thing is is really

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<v Speaker 6>relation to the investiator bank. That's in many people view

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<v Speaker 6>why the shares might be a bit depressed just because

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<v Speaker 6>it takes up something like sixty three percent of risk

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<v Speaker 6>weighted assets for the whole group and what the bark

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<v Speaker 6>is sent today as expected, we're going to see that

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<v Speaker 6>reduced down or we're going to try and make that

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<v Speaker 6>reduced down to about fifty percent. And that's not by

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<v Speaker 6>necessarily cutting the investment bank, but that's by really focusing

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<v Speaker 6>on the retail side of things.

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<v Speaker 3>Bloomberg Financial reporter Tom metcalfs as Barclays is also overhauling

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<v Speaker 3>its operations and reorganizing into five new divisions. Those will

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<v Speaker 3>consist of its UK retail bank, a UK corporate bank,

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<v Speaker 3>a private bank and wealth management arm, an investment banking division,

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<v Speaker 3>and a US consumer bank.

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<v Speaker 4>Well, we also have earnings out of the Asia Pacific. Today,

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<v Speaker 4>amy shares of BHP are down about two percent. First

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<v Speaker 4>half net income plunged eighty six percent from the year

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<v Speaker 4>before after oversupplying the nickel market forced the world's biggest

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<v Speaker 4>minor to write down the value of key assets. We

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<v Speaker 4>talked about the results with CEO Mike Henry.

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<v Speaker 7>Balance sheet remained strong, with netded at twelve point six

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<v Speaker 7>billion dollars and all of that has allowed us to

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<v Speaker 7>declare an interim dividend of seventy two US since per share. Now, yes,

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<v Speaker 7>we have had a couple of exceptionals, including in our

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<v Speaker 7>nickel business. Now, by way of a bit of context,

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<v Speaker 7>the nickel business is the smallest by some margin business

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<v Speaker 7>within the BHP portfolio.

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<v Speaker 4>And beyond nickel, BHP CEO Mike Henry says, iron ore

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<v Speaker 4>remains the company's most important revenue earner. Prices for steelmaking

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<v Speaker 4>material surged twenty eight percent over the reporting period and

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<v Speaker 4>remain historically high, and that's prompting major producers like PHP

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<v Speaker 4>to consider development of once stranded deposits.

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<v Speaker 3>Back here in the US, earning season is nearing an end,

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<v Speaker 3>but it's not over yet. This week's big focus comes

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<v Speaker 3>tomorrow when high flying chip maker and Video releases results.

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<v Speaker 3>Bloomberg's Charlie Pellett says it'll put a big spotlight on

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<v Speaker 3>artificial intelligence.

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<v Speaker 2>The stock is up almost fifty percent this year. Sarah Hunt,

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<v Speaker 2>chief market strategist at Alpine Woods Capital Management, says there's

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<v Speaker 2>a lot riding on this report.

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<v Speaker 8>This is the big question. Yes, this is great technology,

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<v Speaker 8>can you monetize it? And Vidia is the poster child

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<v Speaker 8>for that because it's the demand for those chips that's

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<v Speaker 8>fueling everybody's usage of all of this. If they have

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<v Speaker 8>any kind of wobble that anyone can say, well, maybe

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<v Speaker 8>this isn't as fast and as quick as we thought

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<v Speaker 8>it was going to be. I think that the whole

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<v Speaker 8>story comes into question.

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<v Speaker 2>It's lofty valuation means there's little room for disappointment in

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<v Speaker 2>New York. Charlie Pellett, Bloomberg Radio.

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<v Speaker 4>All right, Charlie, thank you. Let's turn to geopolitics now,

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<v Speaker 4>starting with developments in the Middle East. The US is

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<v Speaker 4>preparing to warn Israel not to attack the southern Gaza

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<v Speaker 4>city of Rafa. This is coming in a draft text,

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<v Speaker 4>and we get the details from Bloomberg's Ed Baxter.

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<v Speaker 9>This is a UN Security Council resolution warning against a

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<v Speaker 9>Rafa assault, as well as calling for a temporary cease fire.

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<v Speaker 9>The resolution would say that an offensive would result in

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<v Speaker 9>further harm to civilians and further displacement, including potentially into

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<v Speaker 9>neighboring countries. The draft says that could have serious implications

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<v Speaker 9>for regional peace and security. Up to now, the US

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<v Speaker 9>has been reluctant to back cease fire proposals and stood

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<v Speaker 9>strong with Israel, but now apparent Biden administration frustration with

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<v Speaker 9>Prime Minister Benjamin nettan Yahoo, who says he plans to

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<v Speaker 9>go ahead with the assault if hostages aren't returned by

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<v Speaker 9>Ramadan at Baxter Bloomberg Radio.

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<v Speaker 3>All right, thank you, Ed, And we should note that

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<v Speaker 3>Ramadan starts in roughly three weeks on March eleventh. Meantime,

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<v Speaker 3>Russia's in Ukraine goes on, and this morning the Ukrainian

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<v Speaker 3>Air Force says it shut down all twenty three drones

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<v Speaker 3>and missiles fired from Russia overnight. Our regional governor says

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<v Speaker 3>three people were hurt. The war continues without fresh assistance

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<v Speaker 3>from the US and now. President Biden says he is

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<v Speaker 3>willing to meet with House Speaker Mike Johnson to discuss

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<v Speaker 3>stalled aid for Ukraine and Israel. He says the death

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<v Speaker 3>of jailed Russian opposition leader Alexi Nevali adds to the

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<v Speaker 3>urgency of the moment.

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<v Speaker 5>The way they're walking away from the President Russia, the

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<v Speaker 5>way they're walking away from NATO, the way they're walking

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<v Speaker 5>away from leading our obligations.

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<v Speaker 2>He I guess you're shocking.

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<v Speaker 5>I've been for a while.

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<v Speaker 2>I've never seen you like it.

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<v Speaker 3>President Biden says he's considering new sanctions on Russia over

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<v Speaker 3>the death of Alexi Nevali, but with sanctions already on

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<v Speaker 3>Russia over the war, it's not clear how much more

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<v Speaker 3>the US can do.

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<v Speaker 4>Man Russian President Putin may be violating UN sanctions with

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<v Speaker 4>his latest move to boost ties with North Korea. According

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<v Speaker 4>to state media, Putin gave North Korean leader Kim Jong

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<v Speaker 4>un a brand new car. A Kremlin spokesman says it's

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<v Speaker 4>an Oorus. It's a Russian made alternative to Mercedes. Luxury

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<v Speaker 4>vehicles are on the UN Security Council's list of banned

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<v Speaker 4>items for export to North Korea, but there's little the

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<v Speaker 4>Council can currently do to punish Putin.

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<v Speaker 3>And in China, the weak property market remains a major

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<v Speaker 3>concern for authorities, and now China is ramping up support

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<v Speaker 3>for the property sector with one of its biggest rate

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<v Speaker 3>cuts ever. Bloomberg Daybreak Asia anchor Brian Curtis has more

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<v Speaker 3>from Hong Kong.

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<v Speaker 10>Chinese banks cut the five year loan prime rate by

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<v Speaker 10>twenty five basis points to three point nine to five percent.

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<v Speaker 10>It was the first cut in the rate in eight

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<v Speaker 10>months and the biggest ever. The one year rate was

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<v Speaker 10>maintained at three point four to five percent. Now, the

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<v Speaker 10>move on the five year raises expectations of more aggressive

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<v Speaker 10>measures in the coming months. The lower rate will allow

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<v Speaker 10>more cities in China to reduce the minimum mortgage rates

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<v Speaker 10>for home buyers, although we have to say the reaction

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<v Speaker 10>in the markets today was underwhelming. In Hong Kong, Brian Curtis,

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<v Speaker 10>Bloomberg Radio.

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<v Speaker 4>And that's time to take a look at some of

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<v Speaker 4>the other stories making news in New York and around

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<v Speaker 4>the world. For that, we're joined by Bloomberg's Michael Barr,

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<v Speaker 4>Good morning, Michael.

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<v Speaker 11>Good morning, Nathan. Former President Donald Trump is now comparing

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<v Speaker 11>the sudden death of Russian opposition leader Alexing Navaldi to

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<v Speaker 11>his own political problems. According to Trump, Navaldi's death has

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<v Speaker 11>quote may be more and more aware of what is

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<v Speaker 11>happening in our country and that rigged elections and grossly

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<v Speaker 11>unfair courtroom decisions are destroying America. Presidential rival Nikki Haley

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<v Speaker 11>jumped on Trump for refusing you condemned Vladimir Putin.

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<v Speaker 4>I don't know why he keeps getting weak in the

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<v Speaker 4>knees when it comes to Russia. But I'll tell you

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<v Speaker 4>what Russia is not getting weak in the knees.

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<v Speaker 11>Haley spoke on the campaign trail in Camden, South Carolina.

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<v Speaker 11>President Joe Biden is said to have raised forty two

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<v Speaker 11>million dollars for his re election campaign and the Democratic

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<v Speaker 11>Party in January. The president now heads the West Coast

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<v Speaker 11>for events with deep pocketed donors. Biden's campaign and says

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<v Speaker 11>the president ended January with the one hundred and thirty

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<v Speaker 11>million dollar war chest for his re election effort. Nearly

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<v Speaker 11>the entire California coastline is under flood advisories affecting about

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<v Speaker 11>thirty seven million people. Days of heavy rain in the

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<v Speaker 11>drought stricken state has left the soil saturated, causing the

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<v Speaker 11>risk of dangerous flash flooding in the Bay Area of

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<v Speaker 11>The rain washed out part of Highway eighty four in

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<v Speaker 11>Almeda County, causing traffic delays. Caltrans spokesman Bartney.

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<v Speaker 7>The pavement slips down right or becomes unnavigable, so we

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<v Speaker 7>can't have people driving on.

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<v Speaker 11>Residents of San Francisco say they are afraid for the

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<v Speaker 11>homeless because of the flooding. Supporters of a ceasefire between

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<v Speaker 11>Israel and Hamas held a rally in Paterson, New Jersey.

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<v Speaker 11>One of the attendees included Reverend Barry Graham, pastor at

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<v Speaker 11>Canaan Baptist Church of Patterson. We see the death, we

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<v Speaker 11>see the destruction, we see little children being carried out,

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<v Speaker 11>and I can't understand how anyone of good faith could

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<v Speaker 11>stand and not be convicted by what they see. Other

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<v Speaker 11>attendees said the US cannot remain complicit. The anger from

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<v Speaker 11>the New York Archdiocese continues over the funeral of a

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<v Speaker 11>transgender community leader at Saint Patrick's Cathedral in Manhattan. The

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<v Speaker 11>Roman Catholic Archdiocese of New York condemned Thursday's funeral of

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<v Speaker 11>Cecilia Gentilli. Tintilly, who was fifty two, was known as

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<v Speaker 11>a leading advocate for other transgender people, as well as

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<v Speaker 11>sex workers and people with HIV. Her funeral drew hundreds

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<v Speaker 11>of enthusiastic people to the church. Kathy run, a communications

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<v Speaker 11>director for the National LGBTQ Task Force, told ABC seven

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<v Speaker 11>it was more celebratory than we normally see in a

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<v Speaker 11>Catholic church, and actually it was kind of refreshing.

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<v Speaker 12>I think when one of the eulogists, you know, used

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<v Speaker 12>the word for prostitute in Spanish, and I looked at

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<v Speaker 12>the person sitting next to me and said, wait till

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<v Speaker 12>they translate that.

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<v Speaker 11>In a written statement, the past here of Saint Patrick's,

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<v Speaker 11>the Reverend Enrique Salvo, said they had no idea our

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<v Speaker 11>welcome in prayer would be degraded in such a sacrilegious

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<v Speaker 11>and deceptive way. Global News twenty four hours a day

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<v Speaker 11>and whenever you want it with Bloomberg News. Now, I'm

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<v Speaker 11>Michael Barr. This is Bloomberg.

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<v Speaker 4>Nathan all right, Michael, thanks time out for the Bloomberg

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<v Speaker 4>sports Update brought to you by Tri State out of

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<v Speaker 4>Years John stash All Ranks.

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<v Speaker 13>Nathan Jack Vaughn joined the Brooklyn Nets as an assistant

0:10:30.520 --> 0:10:33.559
<v Speaker 13>back in twenty sixteen. Four years later, the Nets fired

0:10:33.640 --> 0:10:36.800
<v Speaker 13>Kenny Atkinson, Vaughn philed in. Steve Nash was then brought

0:10:36.800 --> 0:10:39.480
<v Speaker 13>in his coach and Vaughn went back to being an assistant,

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<v Speaker 13>and then early twenty twenty two, Nash got fired, Vaughan

0:10:42.559 --> 0:10:45.880
<v Speaker 13>returned his head coach, held the job until yesterday. Fired

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<v Speaker 13>with the Nets twenty one and thirty three. Their most

0:10:48.160 --> 0:10:51.480
<v Speaker 13>recent game was a loss in Boston by fifty points.

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<v Speaker 13>Assistant Kevin Ollie takes over. He coached Yukon of the

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<v Speaker 13>National championship a decade ago in Tampa. Full Yankee team workout,

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<v Speaker 13>including the prize offseason pickup Juan Soto. He's only signed

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<v Speaker 13>for this upcoming season.

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<v Speaker 14>For me, I'm just focusing in twenty four I'm here

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<v Speaker 14>to play baseball. I'm focusing on playing this year and

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<v Speaker 14>try to win as much as you know we can

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<v Speaker 14>and being a championship to New York.

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<v Speaker 13>Yanke you GM. Brian Cashman recently admitted the odds are

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<v Speaker 13>this is a one years situation, but for now Aaron

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<v Speaker 13>Judge will have another star joining him in the lineup.

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<v Speaker 15>I'm excited. I'm excited.

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<v Speaker 10>You know.

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<v Speaker 15>It's he's a generational talent.

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<v Speaker 11>You know.

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<v Speaker 15>We give up quite a few, you know, special pitchers

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<v Speaker 15>in the package. But I think everybody, everybody in Pinchtrofts

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<v Speaker 15>is looking forward to having won Soto Grissom, you know,

0:11:37.640 --> 0:11:40.000
<v Speaker 15>due all those guys you know in Pinchtrops. So it's

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<v Speaker 15>going to be a fun years.

0:11:41.720 --> 0:11:44.280
<v Speaker 13>Also from baseball, Red Sox signed the leader William Hendricks

0:11:44.280 --> 0:11:46.200
<v Speaker 13>for two years. He may not pitch much, if at all,

0:11:46.240 --> 0:11:48.839
<v Speaker 13>this season due to Tommy John surgery. The Giants signed

0:11:48.880 --> 0:11:51.560
<v Speaker 13>thirty seven year old Pablo Sandoval for if he makes

0:11:51.559 --> 0:11:53.920
<v Speaker 13>the team a third stint in San Francisco, part of

0:11:54.000 --> 0:11:58.320
<v Speaker 13>three World Series Championship Teams Series MVP back in twenty twelve,

0:11:58.360 --> 0:12:01.680
<v Speaker 13>sand of bal hasn't played the Major se The Lerner

0:12:01.760 --> 0:12:05.120
<v Speaker 13>family has owned the Washington Nationals since six two years ago,

0:12:05.200 --> 0:12:07.520
<v Speaker 13>they put the team on the market. Now they're taking

0:12:07.559 --> 0:12:11.120
<v Speaker 13>them off. William Byron won the rain del A Daytona

0:12:11.200 --> 0:12:13.480
<v Speaker 13>five hundred hockey. The Ruins beat Dallas four to three

0:12:13.520 --> 0:12:15.240
<v Speaker 13>and a shootout the Stars at the Garden tonight to

0:12:15.280 --> 0:12:18.040
<v Speaker 13>play the Rangers of one seven in a row Minnesota

0:12:18.040 --> 0:12:21.320
<v Speaker 13>Big Vancouver with a football like score of ten to seven.

0:12:21.400 --> 0:12:24.040
<v Speaker 13>The Wild scored seven goals in the third period. John

0:12:24.040 --> 0:12:25.480
<v Speaker 13>Stashaway Bloomberg.

0:12:25.080 --> 0:12:30.559
<v Speaker 16>Sport from coast to coast, from New York to San Francisco,

0:12:30.920 --> 0:12:36.000
<v Speaker 16>Boston to Washington, DC, nationwide on SYRIASXAM, the Bloomberg Business

0:12:36.000 --> 0:12:39.840
<v Speaker 16>app in Bloomberg dot com. This this is Bloomberg day Break.

0:12:40.920 --> 0:12:41.360
<v Speaker 2>Good morning.

0:12:41.360 --> 0:12:43.199
<v Speaker 4>I'm Nathan Hager on a morning where we have two

0:12:43.360 --> 0:12:46.240
<v Speaker 4>big stories in the financial sector. Capital One is buying

0:12:46.280 --> 0:12:49.320
<v Speaker 4>Discover Financial and a thirty five billion dollar all stock

0:12:49.360 --> 0:12:53.280
<v Speaker 4>deal that will create a credit card juggernaut. And Barclays

0:12:53.320 --> 0:12:55.520
<v Speaker 4>is embarking on a major cost cutting drive with a

0:12:55.559 --> 0:12:58.960
<v Speaker 4>goal to return at least twelve billion dollars to shareholders

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<v Speaker 4>in the UK. For more on these stories, we're joined

0:13:02.160 --> 0:13:05.000
<v Speaker 4>by Bloomberg's Charlie Wells. And Charlie, let's start off with

0:13:05.040 --> 0:13:07.880
<v Speaker 4>this Capital One Discover deal. What is the goal here

0:13:07.920 --> 0:13:11.040
<v Speaker 4>for both these companies to engage in this massive tie up.

0:13:11.480 --> 0:13:13.720
<v Speaker 1>Well, the goal here really is to compete. And I mean,

0:13:13.760 --> 0:13:16.920
<v Speaker 1>you know, there have been such intense credit card wars

0:13:16.960 --> 0:13:19.440
<v Speaker 1>in the United States over the past few years. And

0:13:19.520 --> 0:13:23.719
<v Speaker 1>what really happens here is Capital One gets size, they

0:13:23.720 --> 0:13:27.040
<v Speaker 1>get size, and they get the technology that comes from Discover.

0:13:27.480 --> 0:13:29.760
<v Speaker 1>So what is so unique about Discover is that they

0:13:29.800 --> 0:13:32.640
<v Speaker 1>have their own payment networks and that is something that

0:13:32.679 --> 0:13:35.040
<v Speaker 1>is actually very enviable for a lot of credit card

0:13:35.120 --> 0:13:37.920
<v Speaker 1>companies because it gives them a lot of control over

0:13:38.000 --> 0:13:41.720
<v Speaker 1>how much they can charge merchants. Now, what's also interesting

0:13:41.720 --> 0:13:44.680
<v Speaker 1>about Discover and what is really attractive for Capital One.

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<v Speaker 1>We know that Capital One has been trying to get

0:13:47.400 --> 0:13:51.040
<v Speaker 1>more prime borrowers over the past few years, and finally

0:13:51.080 --> 0:13:53.880
<v Speaker 1>with Discover, they're getting a huge tranch of those prime

0:13:54.000 --> 0:13:55.119
<v Speaker 1>Discover borrowers.

0:13:55.320 --> 0:13:59.120
<v Speaker 4>That's a really interesting point because in their history Capital

0:13:59.160 --> 0:14:02.920
<v Speaker 4>One and Discover have both catered to a very different

0:14:03.000 --> 0:14:04.360
<v Speaker 4>type of customer, haven't they.

0:14:04.679 --> 0:14:07.839
<v Speaker 1>That's exactly right, and look, Capital One largely subprime. These

0:14:07.840 --> 0:14:10.400
<v Speaker 1>are the sorts of borrowers who tend to have balances,

0:14:10.800 --> 0:14:13.400
<v Speaker 1>you know, on their books at the end of the

0:14:13.600 --> 0:14:16.480
<v Speaker 1>statement period. Over the past few years, we've really seen

0:14:16.520 --> 0:14:19.360
<v Speaker 1>a lot of marketing, you know, celebrities like Jennifer Garner,

0:14:19.440 --> 0:14:23.720
<v Speaker 1>Samuel Jackson in commercials asking that question what's in your wallet,

0:14:23.920 --> 0:14:26.800
<v Speaker 1>whereas Discover, you know, they have that more prime borrower.

0:14:26.840 --> 0:14:29.920
<v Speaker 1>And what's great about prime borrowers for credit card companies,

0:14:30.080 --> 0:14:31.640
<v Speaker 1>they tend to spend more and they tend to be

0:14:31.680 --> 0:14:32.200
<v Speaker 1>more loyal.

0:14:32.800 --> 0:14:35.960
<v Speaker 4>And on the opposite side of the coin, Barclays sounds

0:14:36.000 --> 0:14:38.280
<v Speaker 4>like it's going to be spending less or at least

0:14:38.280 --> 0:14:42.120
<v Speaker 4>cutting costs with this major cost cutting drive, and it's

0:14:42.160 --> 0:14:44.440
<v Speaker 4>going to involve a pretty major restructuring as well.

0:14:44.720 --> 0:14:47.840
<v Speaker 1>That's exactly right. So this is Barkley's first major strategy

0:14:47.920 --> 0:14:50.960
<v Speaker 1>update since twenty sixteen, and it is a really big

0:14:51.120 --> 0:14:54.400
<v Speaker 1>test for the ceocs than kind of Krishnan. And what

0:14:54.560 --> 0:14:57.280
<v Speaker 1>is actually happening at Barkley's is really this pressure to

0:14:57.400 --> 0:15:01.200
<v Speaker 1>improve share price performance. So Barkley's has lagged a lot

0:15:01.280 --> 0:15:04.240
<v Speaker 1>of peers, and the goal here really is to kind

0:15:04.240 --> 0:15:09.520
<v Speaker 1>of bring expenses under control, to return capital to investors

0:15:09.600 --> 0:15:13.200
<v Speaker 1>via share of buybacks and dividends, and to simplify the

0:15:13.240 --> 0:15:15.760
<v Speaker 1>bank in a lot of ways, to overhaul its operations,

0:15:15.800 --> 0:15:20.160
<v Speaker 1>reorganizing into five new divisions UK retail Bank, UK Corporate Bank,

0:15:20.200 --> 0:15:23.280
<v Speaker 1>a private bank, and a wealth management arm, as well

0:15:23.320 --> 0:15:26.760
<v Speaker 1>as an investment bank. Decision and a division excuse me,

0:15:26.800 --> 0:15:27.920
<v Speaker 1>and US Consumer Bank.

0:15:28.080 --> 0:15:31.800
<v Speaker 4>So how could a restructuring like this get Barclays toward

0:15:31.880 --> 0:15:33.880
<v Speaker 4>this goal that it's put out there of a twelve

0:15:33.920 --> 0:15:36.640
<v Speaker 4>percent or more return on equity in the next two years.

0:15:37.000 --> 0:15:38.880
<v Speaker 1>It's difficult, and I think a lot of this points

0:15:38.920 --> 0:15:42.320
<v Speaker 1>back to that investment banking division, because that just soaks

0:15:42.440 --> 0:15:46.160
<v Speaker 1>up so much capital that Barclays has, you know, at

0:15:46.160 --> 0:15:49.160
<v Speaker 1>the expense of other parts of the business. You know,

0:15:49.360 --> 0:15:51.680
<v Speaker 1>what we're seeing at Barclays is a little bit of

0:15:51.720 --> 0:15:55.240
<v Speaker 1>an increased focus on the retail business. So you saw

0:15:55.720 --> 0:15:57.840
<v Speaker 1>in recent weeks that it announced it would acquire a

0:15:57.840 --> 0:16:01.240
<v Speaker 1>lot of Tesco Plc's banking business, and that is a

0:16:01.320 --> 0:16:03.360
<v Speaker 1>very high street bank here in the UK, and that

0:16:03.440 --> 0:16:06.400
<v Speaker 1>seems to indicate an attempt to go into some of

0:16:06.440 --> 0:16:09.720
<v Speaker 1>these to these parts of banking that you require less

0:16:09.760 --> 0:16:11.640
<v Speaker 1>capital but could be potentially more lucrative.

0:16:14.360 --> 0:16:17.440
<v Speaker 4>This is Bloomberg Daybreak Today, your morning brief on the

0:16:17.480 --> 0:16:21.040
<v Speaker 4>stories making news from Wall Street to Washington and beyond.

0:16:21.080 --> 0:16:24.080
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0:16:28.480 --> 0:16:29.600
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0:16:29.840 --> 0:16:32.520
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0:16:32.600 --> 0:16:35.160
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0:16:35.240 --> 0:16:38.040
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0:16:41.120 --> 0:16:42.800
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0:16:52.160 --> 0:16:55.760
<v Speaker 4>Listen coast to coast on the Bloomberg Business app, serriusxmb

0:16:55.920 --> 0:16:59.680
<v Speaker 4>iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager,

0:16:59.800 --> 0:17:00.200
<v Speaker 4>and I

0:17:00.320 --> 0:17:03.880
<v Speaker 3>Maybe Morris Join us again tomorrow morning for all the

0:17:03.960 --> 0:17:06.720
<v Speaker 3>news you need to start your day right here on

0:17:06.920 --> 0:17:14.000
<v Speaker 3>Bloomberg Daybreak