1
00:00:02,480 --> 00:00:03,079
Speaker 1: Good morning.

2
00:00:03,080 --> 00:00:05,920
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

3
00:00:05,960 --> 00:00:07,440
Speaker 2: stories we're following today.

4
00:00:08,160 --> 00:00:11,440
Speaker 1: First, a hard fought, bi partisan deal to impose new

5
00:00:11,440 --> 00:00:15,320
Speaker 1: border restrictions in the US and unlock Ukraine waraid is

6
00:00:15,360 --> 00:00:18,360
Speaker 1: on the brink of collapse in the Senate. Bloomberg's Amy

7
00:00:18,360 --> 00:00:20,000
Speaker 1: Morris has the latest from Washington.

8
00:00:20,520 --> 00:00:24,400
Speaker 3: Republican senators left a contentious ninety minute meeting last night

9
00:00:24,800 --> 00:00:27,360
Speaker 3: arguing that a planned Wednesday vote on the measure is

10
00:00:27,360 --> 00:00:30,720
Speaker 3: too soon, delaying aid for Israel and Ukraine and leaving

11
00:00:30,720 --> 00:00:34,599
Speaker 3: the border situation unresolved. Republican support for the bill crumbled

12
00:00:34,600 --> 00:00:37,680
Speaker 3: in the face of opposition from Donald Trump, prompting a

13
00:00:37,720 --> 00:00:40,120
Speaker 3: reaction from Senate Majority Leader Chuck Schumer.

14
00:00:40,360 --> 00:00:44,760
Speaker 4: Everyone's asking the same question, are maga Republicans serious about

15
00:00:44,800 --> 00:00:47,800
Speaker 4: fixing the border or is this merely political?

16
00:00:48,000 --> 00:00:50,239
Speaker 3: The one hundred and eighteen billion dollar deal was the

17
00:00:50,280 --> 00:00:53,560
Speaker 3: result of months of closed door Senate negotiations. The key

18
00:00:53,600 --> 00:00:57,160
Speaker 3: Republican in those talks, James Langford, says he expects Wednesday's

19
00:00:57,240 --> 00:01:01,520
Speaker 3: planned procedural vote to fail. GOP discussion continue through today

20
00:01:01,880 --> 00:01:03,880
Speaker 3: in Washington. Amy Moore as Bloomberg Radio.

21
00:01:04,160 --> 00:01:06,240
Speaker 2: All Right, Amy thanks now to the latest from the

22
00:01:06,240 --> 00:01:09,120
Speaker 2: Middle East. Secretary of State Anthony Blincoln is back in

23
00:01:09,160 --> 00:01:12,000
Speaker 2: the region for his fifth trip since the October seventh

24
00:01:12,040 --> 00:01:15,440
Speaker 2: Hamas attacks. He met with Saudi Crown Prince Muhammed Ben

25
00:01:15,520 --> 00:01:18,399
Speaker 2: Salmon and is in Egypt this morning to rally support

26
00:01:18,440 --> 00:01:21,840
Speaker 2: around a ceasefire deal with Gaza. Meanwhile, Israel is warning

27
00:01:21,880 --> 00:01:24,800
Speaker 2: that time is running out for diplomacy with Hesbelah. They

28
00:01:24,920 --> 00:01:27,759
Speaker 2: ran back group it's been fighting along its northern border

29
00:01:27,840 --> 00:01:32,040
Speaker 2: with Lebanon. Bloomberg's Elisa Odenheimer has more on that from Jerusalem.

30
00:01:32,440 --> 00:01:37,720
Speaker 5: Kasballa actually has been attacking Israel since October seventh. They

31
00:01:37,760 --> 00:01:40,360
Speaker 5: said that they are backing up Commas and its attack

32
00:01:40,400 --> 00:01:44,480
Speaker 5: against Israel, and in response, Israel has been striking back

33
00:01:44,720 --> 00:01:48,480
Speaker 5: and has hit Heisbola pretty hard. But it looks like

34
00:01:48,680 --> 00:01:52,760
Speaker 5: both sides are trying not to inflame the other side

35
00:01:52,800 --> 00:01:56,240
Speaker 5: too much. Both sides have had casualties for sure.

36
00:01:56,560 --> 00:02:00,520
Speaker 2: Bloomberg's Alizadenheimer reports the near daily attacks, which in Israel

37
00:02:00,560 --> 00:02:03,160
Speaker 2: and Hesba Lah have forced about one hundred thousand people

38
00:02:03,160 --> 00:02:05,800
Speaker 2: to flee their homes on both sides of the border.

39
00:02:05,840 --> 00:02:08,400
Speaker 1: Turn back to markets. Karen we saw a huge rally

40
00:02:08,480 --> 00:02:11,519
Speaker 1: overnight in Asia. Stocks in China gained three and a

41
00:02:11,600 --> 00:02:15,160
Speaker 1: half percent. In Hong Kong's Hang Sang Index surged four percent.

42
00:02:15,480 --> 00:02:18,200
Speaker 1: The games came after Beijing took more steps to stem

43
00:02:18,280 --> 00:02:21,360
Speaker 1: a stock route, including a pledge by Sovereign Wealth funds

44
00:02:21,400 --> 00:02:25,400
Speaker 1: to further increase holdings of ETFs. More from Bloomberg Asia

45
00:02:25,560 --> 00:02:28,000
Speaker 1: Daybreak anchor Brian Curtis in Hong Kong.

46
00:02:28,000 --> 00:02:31,639
Speaker 6: No more so called national team. This is an official statement.

47
00:02:32,000 --> 00:02:36,480
Speaker 6: Central Hoijin Investment has expanded its buying of ETFs. Central

48
00:02:36,520 --> 00:02:39,560
Speaker 6: Hoigen is the unit that holds Chinese government stakes in

49
00:02:39,600 --> 00:02:44,200
Speaker 6: big financial institutions. It's under the Sovereign Wealth Fund. In addition,

50
00:02:44,360 --> 00:02:47,000
Speaker 6: President Shijin Ping is set to receive a briefing from

51
00:02:47,080 --> 00:02:50,960
Speaker 6: Chinese regulators on the markets that underscores the urgency of

52
00:02:51,040 --> 00:02:55,560
Speaker 6: supporting the country's plunging assets. Also, the regulator, the CSRC,

53
00:02:55,760 --> 00:02:59,839
Speaker 6: said it will support listed companies to increase their stock buybacks.

54
00:03:00,280 --> 00:03:02,520
Speaker 6: In On Kong. Briant Curtis Bloomberg Radio.

55
00:03:02,600 --> 00:03:04,880
Speaker 2: Right, Brian Thanks in Europe, it's a very busy day

56
00:03:04,919 --> 00:03:06,880
Speaker 2: for earnings. We go to London and get the latest

57
00:03:06,880 --> 00:03:10,200
Speaker 2: with Bloomberg Daybreak Europe banker Stephen Carroll, Steven.

58
00:03:10,240 --> 00:03:13,920
Speaker 7: Good Morning, Karen, and Nathan Ubs is resuming share buybacks,

59
00:03:13,960 --> 00:03:17,240
Speaker 7: handing up to one billion dollars back to shareholders this year.

60
00:03:17,400 --> 00:03:20,720
Speaker 7: The Swiss lander also increasing its cost cutting targets, but

61
00:03:20,800 --> 00:03:24,640
Speaker 7: that wasn't enough for investors. Shares have fallen in Zurich

62
00:03:25,040 --> 00:03:27,680
Speaker 7: over at BP buybacks are getting a better reception the

63
00:03:27,680 --> 00:03:30,200
Speaker 7: oil giants, stepping up the pace and planning to buy

64
00:03:30,240 --> 00:03:32,600
Speaker 7: back three and a half billion dollars in the first

65
00:03:32,639 --> 00:03:35,600
Speaker 7: half of this year. Less optimism for the future from

66
00:03:35,640 --> 00:03:38,920
Speaker 7: the German chip maker Infinian, which is forecasting lower revenue

67
00:03:38,920 --> 00:03:40,960
Speaker 7: this year as it's hit by a slump in demand

68
00:03:41,040 --> 00:03:42,440
Speaker 7: from industrial customers.

69
00:03:42,440 --> 00:03:42,920
Speaker 8: In London.

70
00:03:42,960 --> 00:03:44,680
Speaker 7: Stephen Carrol Bloomberg Radio.

71
00:03:44,640 --> 00:03:47,080
Speaker 1: And Stephen's staying in tech. But here in the US,

72
00:03:47,120 --> 00:03:49,680
Speaker 1: we're watching shares of palent Here They're up eighteen and

73
00:03:49,720 --> 00:03:52,200
Speaker 1: a half percent in early trading. The company gave a

74
00:03:52,240 --> 00:03:55,000
Speaker 1: higher than expected profit outlook for this year thanks to

75
00:03:55,120 --> 00:03:58,520
Speaker 1: artificial intelligence. Bloomberg's Charlie Pellett has the story.

76
00:03:58,440 --> 00:04:02,880
Speaker 9: With Denverb Software and analysis. Company said it expects adjusted

77
00:04:02,920 --> 00:04:06,320
Speaker 9: income from operations of eight hundred thirty four to eight

78
00:04:06,480 --> 00:04:09,920
Speaker 9: hundred and fifty million dollars for this year. Analysts had

79
00:04:09,960 --> 00:04:13,360
Speaker 9: expected seven hundred and sixty point three million, according to

80
00:04:13,560 --> 00:04:18,039
Speaker 9: estimates compiled by Bloomberg. Palenteer CEO Alex Karp said in

81
00:04:18,080 --> 00:04:22,039
Speaker 9: a letter to shareholders. Palenteer also reported twenty twenty three

82
00:04:22,120 --> 00:04:25,280
Speaker 9: net income of two hundred ten million, its first year

83
00:04:25,440 --> 00:04:29,720
Speaker 9: of being profitable. The results exceeded analyst estimates of one

84
00:04:29,839 --> 00:04:33,360
Speaker 9: hundred ninety four point five million. In New York, Charlie

85
00:04:33,360 --> 00:04:35,000
Speaker 9: Pellett Bloomberg Radio.

86
00:04:35,000 --> 00:04:36,919
Speaker 2: Right, Charlie, thanks, we have some more news on the

87
00:04:36,960 --> 00:04:40,520
Speaker 2: artificial intelligence front, and Video and Cisco Systems are teaming

88
00:04:40,600 --> 00:04:42,680
Speaker 2: up to make it easier for corporations to build their

89
00:04:42,720 --> 00:04:46,760
Speaker 2: own AI computing infrastructure. For Nvidia, the partnership opens up

90
00:04:46,760 --> 00:04:50,719
Speaker 2: another channel for its technology. Cisco, meanwhile, gets to capitalize

91
00:04:50,720 --> 00:04:53,400
Speaker 2: on the AI spending boom that's helped turn Nvidia into

92
00:04:53,400 --> 00:04:55,400
Speaker 2: the world's most valuable chip maker.

93
00:04:55,600 --> 00:04:58,120
Speaker 1: Well, Karen more, trouble may lie ahead for Boeing after

94
00:04:58,160 --> 00:05:00,600
Speaker 1: it's spent most of this year grappling with problems involving

95
00:05:00,600 --> 00:05:03,320
Speaker 1: the seven thirty seven Max Jet. Let's get the latest

96
00:05:03,320 --> 00:05:05,000
Speaker 1: with Bloomberg' John Tucker, Johnny and.

97
00:05:05,000 --> 00:05:08,840
Speaker 8: Nathan Bowing's largest union will demand a forty percent pay

98
00:05:08,920 --> 00:05:12,440
Speaker 8: raise for its workers. The International Association the Machinists and

99
00:05:12,480 --> 00:05:15,360
Speaker 8: Aerospace Workers so as it's willing to go on strike

100
00:05:15,800 --> 00:05:18,520
Speaker 8: that would shut down Boeing plants in Washington and Oregon,

101
00:05:18,560 --> 00:05:22,280
Speaker 8: including assembly lines for the cash Cows seven thirty seven jets.

102
00:05:22,640 --> 00:05:26,240
Speaker 8: The current worker contract expires in September A talks are

103
00:05:26,279 --> 00:05:28,880
Speaker 8: set to start at March eighth. Pile this on top

104
00:05:28,920 --> 00:05:32,240
Speaker 8: of a host of problems. Boeing already faces questions from

105
00:05:32,320 --> 00:05:36,680
Speaker 8: lawmakers and investors over manufacturing. The latest problem an issue

106
00:05:36,680 --> 00:05:45,800
Speaker 8: with misdrilled rivet holes. On John Tucker Bloomberg Radio.

107
00:05:43,400 --> 00:05:44,560
Speaker 2: Time Now for a look at some of the other

108
00:05:44,720 --> 00:05:46,640
Speaker 2: stories making news around the world, and for that we're

109
00:05:46,680 --> 00:05:48,440
Speaker 2: joined by Bloomberg's Amy Morris.

110
00:05:48,440 --> 00:05:50,880
Speaker 3: Amy, Good morning, the Good morning, Karen. The House of

111
00:05:50,960 --> 00:05:54,640
Speaker 3: Representatives Committee on Rules held in meeting yesterday concerning the

112
00:05:54,680 --> 00:06:00,040
Speaker 3: possible impeachment of Homeland Security Secretary Alejandro Majorcz Republican Committee.

113
00:05:59,640 --> 00:06:03,800
Speaker 10: Chair, consequences of this crisis have been stark and sobering,

114
00:06:03,880 --> 00:06:07,080
Speaker 10: and there's hardly a community anywhere in this country it's

115
00:06:07,160 --> 00:06:08,359
Speaker 10: not felt the impact.

116
00:06:08,640 --> 00:06:11,919
Speaker 3: Democratic Committee ranking Member Jim McGovern truly, this is.

117
00:06:11,920 --> 00:06:15,640
Speaker 11: One of the most pathetic, embarrassing things that this committee

118
00:06:15,680 --> 00:06:16,320
Speaker 11: has ever done.

119
00:06:16,200 --> 00:06:18,600
Speaker 3: And the House plans to vote today on two impeachment

120
00:06:18,680 --> 00:06:22,760
Speaker 3: articles against Mayorcis. The wind whipped storm that dropped an

121
00:06:22,880 --> 00:06:25,760
Speaker 3: historic amount of rain on California this week has killed

122
00:06:25,760 --> 00:06:28,280
Speaker 3: two people and has caused as much as eleven billion

123
00:06:28,320 --> 00:06:32,000
Speaker 3: dollars in damage and economic losses, and it's not over yet.

124
00:06:32,120 --> 00:06:34,360
Speaker 3: More rain is expected and there is said to be

125
00:06:34,400 --> 00:06:37,720
Speaker 3: a risk of landslides and rock slides. More than two

126
00:06:37,760 --> 00:06:41,000
Speaker 3: dozen structures are reported damaged by heavy rain and mudslides.

127
00:06:41,279 --> 00:06:45,240
Speaker 3: Los Angeles Fire Chief Kristin Crowley please stay away from

128
00:06:45,240 --> 00:06:48,040
Speaker 3: the La River and other moving water now.

129
00:06:48,120 --> 00:06:49,080
Speaker 5: Due to the heavy rains.

130
00:06:49,120 --> 00:06:52,279
Speaker 3: The ground has become soft and slippery. You could easily

131
00:06:52,320 --> 00:06:56,800
Speaker 3: fall into the wash, so please please be careful. Los

132
00:06:56,839 --> 00:07:00,400
Speaker 3: Angeles Mayor Karen Bass has declared a local state of emergency.

133
00:07:00,600 --> 00:07:04,480
Speaker 3: Some areas, like Montecito, are under evacuation orders. The Mali

134
00:07:04,560 --> 00:07:08,119
Speaker 3: Police Department has released the first probe into the wildfires

135
00:07:08,120 --> 00:07:10,800
Speaker 3: that broke out on the island in Hawaii back in August.

136
00:07:11,240 --> 00:07:14,240
Speaker 3: The fires that destroyed the historic Lahena district of the

137
00:07:14,280 --> 00:07:17,280
Speaker 3: island were responsible for the deaths of one hundred people

138
00:07:17,480 --> 00:07:20,080
Speaker 3: and the burning of more than sixty six hundred acres.

139
00:07:20,600 --> 00:07:24,880
Speaker 3: The report found that emergency dispatch was overwhelmed by call volume,

140
00:07:25,160 --> 00:07:28,760
Speaker 3: with wind and flames leaving Lehino without cellular or Wi

141
00:07:28,760 --> 00:07:32,640
Speaker 3: Fi capacity. King Charles the Third is receiving treatment for

142
00:07:32,680 --> 00:07:35,920
Speaker 3: an unspecified form of cancer. It was discovered during his

143
00:07:36,040 --> 00:07:39,040
Speaker 3: hospital stay last month for treatment of an enlarged prostate.

144
00:07:39,400 --> 00:07:42,280
Speaker 3: Buckingham Palace did not disclose the type of cancer that

145
00:07:42,360 --> 00:07:45,400
Speaker 3: was found, but did say it was not connected to

146
00:07:45,440 --> 00:07:49,160
Speaker 3: what it called a benign prostate condition. King Charles will

147
00:07:49,240 --> 00:07:53,120
Speaker 3: continue state business but has suspended public duties and appearances,

148
00:07:53,400 --> 00:07:55,720
Speaker 3: and Prince Harry has spoken to the King about that

149
00:07:55,800 --> 00:07:58,720
Speaker 3: diagnosis and is set to travel to the UK from

150
00:07:58,760 --> 00:08:02,440
Speaker 3: California to see his dad in the coming days. Global

151
00:08:02,480 --> 00:08:04,480
Speaker 3: news twenty four hours a day and whenever you want

152
00:08:04,480 --> 00:08:07,600
Speaker 3: it with Bloomberg News Now. I Amy Morris, This is

153
00:08:07,640 --> 00:08:08,520
Speaker 3: Bloomberg Karen.

154
00:08:08,600 --> 00:08:10,320
Speaker 2: All right, Amy, thank you. We do bring you news

155
00:08:10,360 --> 00:08:12,800
Speaker 2: throughout the day right here on Bloomberg Radio. But now

156
00:08:12,840 --> 00:08:14,560
Speaker 2: you can get the latest news on demand, and that

157
00:08:14,640 --> 00:08:18,040
Speaker 2: means whenever you want it. Subscribe to Bloomberg News Now

158
00:08:18,040 --> 00:08:19,760
Speaker 2: to get the latest headlines. Right at the click of

159
00:08:19,760 --> 00:08:23,080
Speaker 2: a button. Get informed on your schedule. You can listen

160
00:08:23,120 --> 00:08:26,360
Speaker 2: and subscribe to Bloomberg News Now on the Bloomberg Business app,

161
00:08:26,360 --> 00:08:29,880
Speaker 2: Bloomberg dot com, plus Apple, Spotify, and anywhere else you

162
00:08:29,920 --> 00:08:37,360
Speaker 2: get your podcasts. Time now for the Bloomberg Sports Update.

163
00:08:37,400 --> 00:08:40,200
Speaker 2: Here's John stash Hour, John Ken.

164
00:08:40,000 --> 00:08:42,080
Speaker 6: And now call it Super Bowl Opening Nights.

165
00:08:42,120 --> 00:08:44,600
Speaker 4: So in Las Vegas, the Chiefs and forty nine Ers

166
00:08:44,600 --> 00:08:47,200
Speaker 4: met the media for the first time this week as

167
00:08:47,240 --> 00:08:50,360
Speaker 4: they prepare for Sunday's game, just as they did four

168
00:08:50,440 --> 00:08:52,959
Speaker 4: years ago in Miami, and the coaches are the same,

169
00:08:53,360 --> 00:08:56,920
Speaker 4: Andy Reid for the Chiefs, Skyle Shanahan for the Niners.

170
00:08:56,960 --> 00:09:01,040
Speaker 4: Shanahan was asked about the difference from last and Andy.

171
00:09:00,760 --> 00:09:03,040
Speaker 12: And their staff too, as good of a job as anybody,

172
00:09:03,040 --> 00:09:06,679
Speaker 12: with their scheme and their coverage, beaters and everything they do.

173
00:09:07,160 --> 00:09:09,800
Speaker 12: They still have the same quarterback and Patrick, who's as

174
00:09:09,840 --> 00:09:12,840
Speaker 12: good as it gets. He was then and it's hard

175
00:09:12,840 --> 00:09:14,400
Speaker 12: to get much better than he was then, but I

176
00:09:14,440 --> 00:09:16,920
Speaker 12: bet he is a little bit, and Travis and everybody,

177
00:09:17,040 --> 00:09:18,520
Speaker 12: so it's not a big difference.

178
00:09:18,600 --> 00:09:21,160
Speaker 4: A little controversy about the field and the forty nine

179
00:09:21,200 --> 00:09:24,400
Speaker 4: Ers are using to practice this week at UNLV. They're

180
00:09:24,400 --> 00:09:26,360
Speaker 4: a little upset with it, but they will continue to

181
00:09:26,440 --> 00:09:29,560
Speaker 4: practice there. Kansas City Royals, with a big signing their

182
00:09:29,640 --> 00:09:33,440
Speaker 4: young shortstop Bobby Witch Junior, who's been sensational in his

183
00:09:33,520 --> 00:09:35,079
Speaker 4: first two seasons and the Majors that has been the

184
00:09:35,160 --> 00:09:37,880
Speaker 4: number two pick of the twenty nineteen draft, locked up

185
00:09:37,920 --> 00:09:41,160
Speaker 4: an eleven year contract for two hundred and eighty nine

186
00:09:41,160 --> 00:09:44,440
Speaker 4: million dollars. Upsett in college oops, Kansas ranked fourth in

187
00:09:44,600 --> 00:09:47,520
Speaker 4: state game lost in Manhattan to Kansas State seventy five

188
00:09:47,520 --> 00:09:51,360
Speaker 4: to seventy in overtime. NBA Lakers making three wins in

189
00:09:51,400 --> 00:09:53,440
Speaker 4: the last four days. They won in Charlotte one twenty

190
00:09:53,440 --> 00:09:55,520
Speaker 4: four to one eighteen for Anthony Davis twenty six points,

191
00:09:55,520 --> 00:09:58,880
Speaker 4: fifteen rebounds, eleven assists. Cleveland stays on fourteen to the

192
00:09:58,960 --> 00:10:00,640
Speaker 4: last fifteen to one to thirty sixty one to ten.

193
00:10:00,760 --> 00:10:04,680
Speaker 4: Route of Sacramento, struggling six ers without Joe LMB lost

194
00:10:04,520 --> 00:10:07,680
Speaker 4: a home to Dallas one eighteen one two. Johns Dashdownwick

195
00:10:07,679 --> 00:10:09,360
Speaker 4: Bloomberg Sports.

196
00:10:10,920 --> 00:10:13,920
Speaker 10: From coast to coast, from New York to San Francisco,

197
00:10:14,240 --> 00:10:18,920
Speaker 10: Boston to Washington, DC, nationwide on Syrias exam. The Bloomberg

198
00:10:18,960 --> 00:10:23,040
Speaker 10: business app in Bloomberg dot com. This is Bloomberg Daybreak.

199
00:10:24,320 --> 00:10:25,760
Speaker 10: Good morning, I'm Nathan Hager.

200
00:10:25,800 --> 00:10:29,800
Speaker 1: On a big day for earnings in Europe, including from UBS,

201
00:10:30,080 --> 00:10:33,560
Speaker 1: the Swiss banking giant announced it will resume share buybacks

202
00:10:33,600 --> 00:10:35,959
Speaker 1: this year, vowing to hand as much as a billion

203
00:10:36,040 --> 00:10:38,720
Speaker 1: dollars to shareholders as it seeks to move beyond the

204
00:10:38,720 --> 00:10:42,880
Speaker 1: integration of Credit SUITEE. The CEO of UBS, Sergio Ormady,

205
00:10:42,960 --> 00:10:45,280
Speaker 1: was brought back to lead the bank last year after

206
00:10:45,280 --> 00:10:47,960
Speaker 1: it stepped into rescue its competitor and a government back deal.

207
00:10:48,080 --> 00:10:51,120
Speaker 1: Last March, Sergio Maddy sat down for a conversation with

208
00:10:51,160 --> 00:10:54,280
Speaker 1: Bloomberg Editor at Large Francine Lockwell, let's listen in now.

209
00:10:54,679 --> 00:10:57,040
Speaker 11: I'm very pleased that we finished the year with a

210
00:10:57,240 --> 00:11:02,720
Speaker 11: very strong momentum. We achieved a strong underlying profitability for

211
00:11:02,800 --> 00:11:06,480
Speaker 11: the second quarter, for the fourth quarter, and also we

212
00:11:06,559 --> 00:11:11,160
Speaker 11: saw clients confirming their trust in our organizations twenty two

213
00:11:11,200 --> 00:11:16,680
Speaker 11: billions of new assets, strong deposit influds across wealth management

214
00:11:16,720 --> 00:11:19,080
Speaker 11: and the P and C. We made good progress in

215
00:11:19,200 --> 00:11:26,000
Speaker 11: winding down part of the now core exposures, and also

216
00:11:26,360 --> 00:11:30,920
Speaker 11: that has allowed us to then also reiterate the story

217
00:11:30,920 --> 00:11:32,880
Speaker 11: that we are a capital. We want to have a

218
00:11:32,880 --> 00:11:36,520
Speaker 11: dividend that is increasing progressively, so we have an increase

219
00:11:36,559 --> 00:11:39,160
Speaker 11: of twenty seven percent of our dividend and also in

220
00:11:39,200 --> 00:11:41,160
Speaker 11: the second half of twenty twenty four, we will do

221
00:11:41,200 --> 00:11:41,880
Speaker 11: a share buy back.

222
00:11:42,200 --> 00:11:44,000
Speaker 13: How would you describe twenty twenty four. I know your

223
00:11:44,080 --> 00:11:46,560
Speaker 13: chairman has said in the past, it's difficult here.

224
00:11:47,360 --> 00:11:51,040
Speaker 11: It's a peopletal here because if you think about the journey,

225
00:11:51,280 --> 00:11:54,760
Speaker 11: the first six months are very intense. I think we're

226
00:11:54,760 --> 00:11:58,160
Speaker 11: going to go through the merger of the two operating

227
00:11:58,800 --> 00:12:02,480
Speaker 11: entity UBS and Credit Swiss AG will merge in the

228
00:12:02,559 --> 00:12:05,440
Speaker 11: first half of the year. The subsidiaries in the US

229
00:12:05,520 --> 00:12:09,840
Speaker 11: and Switzerland will merge also during twenty twenty four. So

230
00:12:09,960 --> 00:12:14,640
Speaker 11: this is the prerequisite to be able to realize our syndergies.

231
00:12:14,920 --> 00:12:19,000
Speaker 11: We already achieved four billions of cost savings Etcitate twenty

232
00:12:19,160 --> 00:12:23,520
Speaker 11: twenty three. We now plan to have another gross savings

233
00:12:23,640 --> 00:12:27,360
Speaker 11: of nine billions between twenty four and twenty twenty six.

234
00:12:28,480 --> 00:12:31,400
Speaker 11: Partially this will be reinvested in the business to make

235
00:12:31,480 --> 00:12:36,360
Speaker 11: our platform more resilient and up to speed with the requirements,

236
00:12:36,440 --> 00:12:38,120
Speaker 11: but also to invest in our future.

237
00:12:38,200 --> 00:12:40,760
Speaker 13: So sera, how important was this investor update? Just to

238
00:12:40,760 --> 00:12:42,400
Speaker 13: give up a blueprint.

239
00:12:42,040 --> 00:12:44,719
Speaker 14: Of the kind of growth that you want to a

240
00:12:44,800 --> 00:12:47,160
Speaker 14: chain and how I think it's.

241
00:12:47,080 --> 00:12:51,199
Speaker 11: Very important for investors to understand how we are connecting

242
00:12:51,280 --> 00:12:55,240
Speaker 11: the dots between what we say in summer last year

243
00:12:55,800 --> 00:12:58,720
Speaker 11: and in respect of our long term plans in twenty

244
00:12:58,720 --> 00:13:01,880
Speaker 11: twenty six plans and going beyond that. So today we

245
00:13:01,920 --> 00:13:05,800
Speaker 11: are providing few dots between twenty twenty four and twenty

246
00:13:05,840 --> 00:13:09,680
Speaker 11: twenty six, how we achieve cost savings, how we manage

247
00:13:09,720 --> 00:13:12,760
Speaker 11: our balance sheet, how we want to manage growth that

248
00:13:12,920 --> 00:13:16,520
Speaker 11: has to come in a sustainable way. And also we

249
00:13:16,559 --> 00:13:20,400
Speaker 11: give also some indications about what to look forward after

250
00:13:20,880 --> 00:13:26,640
Speaker 11: the completion of the restructuring, which is then going to

251
00:13:26,880 --> 00:13:32,240
Speaker 11: enable us to harvest you know, the work and we

252
00:13:32,320 --> 00:13:35,400
Speaker 11: did with the quite attractive.

253
00:13:34,880 --> 00:13:38,480
Speaker 13: Returns, So how will we achieve this quality sustainable growth.

254
00:13:38,920 --> 00:13:40,920
Speaker 11: I think that one thing that we need to do

255
00:13:41,040 --> 00:13:44,560
Speaker 11: is to be willing in the next couple of years

256
00:13:44,559 --> 00:13:48,320
Speaker 11: to sacrifice a little bit of top line growth in

257
00:13:48,440 --> 00:13:54,040
Speaker 11: order to improve the returns on of our financial resources,

258
00:13:54,080 --> 00:13:57,400
Speaker 11: particularly on the balance sheet. So I think that you

259
00:13:57,440 --> 00:14:01,840
Speaker 11: know what we both was very strong business in terms

260
00:14:01,880 --> 00:14:04,760
Speaker 11: of client based, very good people, very good capabilities, but

261
00:14:05,040 --> 00:14:08,160
Speaker 11: the balance sheet was not properly priced. We need to

262
00:14:08,400 --> 00:14:12,040
Speaker 11: price risk in a better way and that will help

263
00:14:12,160 --> 00:14:16,000
Speaker 11: us to contribute to our financial targets for twenty twenty

264
00:14:16,040 --> 00:14:16,760
Speaker 11: six and beyond.

265
00:14:17,120 --> 00:14:19,920
Speaker 14: So exactly what does that growth look like?

266
00:14:20,280 --> 00:14:25,160
Speaker 13: Is it, you know, focus on the US or elsewhere everywhere?

267
00:14:25,160 --> 00:14:27,560
Speaker 11: I think that when you look at our wealth management

268
00:14:27,560 --> 00:14:31,120
Speaker 11: and business, we are planning to add around one hundred

269
00:14:31,160 --> 00:14:35,240
Speaker 11: million a year in terms of assets. This is basically

270
00:14:35,320 --> 00:14:37,680
Speaker 11: the net numbers. We're going to want to grow more

271
00:14:37,760 --> 00:14:39,960
Speaker 11: on a growth basis, but we are willing also to

272
00:14:40,120 --> 00:14:44,120
Speaker 11: let some assets go that are not yielding what we

273
00:14:44,160 --> 00:14:47,480
Speaker 11: believe is the appropriate level to cover for risk and

274
00:14:47,520 --> 00:14:50,640
Speaker 11: capital cost. And then beyond that, we believe we're going

275
00:14:50,680 --> 00:14:52,480
Speaker 11: to grow at around two hundred billions. So if you

276
00:14:52,520 --> 00:14:55,960
Speaker 11: think about what it is we are recreating, you know,

277
00:14:56,120 --> 00:14:58,680
Speaker 11: the business we just acquired, you know, we acquired seven

278
00:14:58,760 --> 00:15:02,000
Speaker 11: hundred billions of assets. In the next three to four years,

279
00:15:02,080 --> 00:15:05,960
Speaker 11: we're going to build up organically the size of credit

280
00:15:06,000 --> 00:15:08,960
Speaker 11: suits again, so it's very important for us to do that,

281
00:15:09,240 --> 00:15:10,640
Speaker 11: but in a sustainable way.

282
00:15:11,080 --> 00:15:13,840
Speaker 14: For the US, for example, can we se an acquisition No,

283
00:15:14,160 --> 00:15:14,680
Speaker 14: I think.

284
00:15:14,480 --> 00:15:16,560
Speaker 11: That the US what we need to do is now

285
00:15:16,600 --> 00:15:22,840
Speaker 11: to institutionalize our platform by giving more capabilities on deposits,

286
00:15:22,880 --> 00:15:27,240
Speaker 11: on credits. We need to brought up more of our

287
00:15:27,800 --> 00:15:33,240
Speaker 11: global expertise in terms of CIO offering products, the asset

288
00:15:33,280 --> 00:15:37,760
Speaker 11: management capability that are coming in. And what we need

289
00:15:37,800 --> 00:15:40,320
Speaker 11: to do is also to allow and make it easier

290
00:15:40,360 --> 00:15:43,400
Speaker 11: for our non US clients to book business in the

291
00:15:43,480 --> 00:15:46,600
Speaker 11: US because a lot of our global clients they want

292
00:15:46,640 --> 00:15:48,760
Speaker 11: to be also booked in the US and this is

293
00:15:48,760 --> 00:15:49,760
Speaker 11: the real opportunity.

294
00:15:49,880 --> 00:15:51,480
Speaker 14: So we believe that.

295
00:15:51,720 --> 00:15:53,720
Speaker 11: By doing that, we're going to be able to narrow

296
00:15:53,800 --> 00:15:56,600
Speaker 11: the gap to our competitors and setting the base for

297
00:15:56,680 --> 00:15:57,760
Speaker 11: the next phase of growth.

298
00:16:00,040 --> 00:16:03,440
Speaker 1: Bloomberg Daybreak Today your morning brief on the stories making

299
00:16:03,480 --> 00:16:06,120
Speaker 1: news from Wall Street to Washington and beyond.

300
00:16:06,400 --> 00:16:09,160
Speaker 2: Look for us on your podcast feed at six am

301
00:16:09,240 --> 00:16:12,920
Speaker 2: Eastern each morning, on Apple, Spotify, and anywhere else you

302
00:16:12,960 --> 00:16:14,120
Speaker 2: get your podcasts.

303
00:16:14,280 --> 00:16:16,960
Speaker 1: You can also listen live each morning starting at five

304
00:16:17,000 --> 00:16:19,600
Speaker 1: am Wall Street time on Bloomberg eleven three to zero

305
00:16:19,640 --> 00:16:23,120
Speaker 1: in New York, Bloomberg ninety nine one in Washington, Bloomberg

306
00:16:23,160 --> 00:16:26,160
Speaker 1: one oh six' one in Boston, and Bloomberg ninety sixty

307
00:16:26,280 --> 00:16:27,240
Speaker 1: in San Francisco.

308
00:16:27,600 --> 00:16:30,760
Speaker 2: Our flagship New York station is also available on your

309
00:16:30,800 --> 00:16:36,240
Speaker 2: Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus.

310
00:16:36,280 --> 00:16:39,840
Speaker 1: Listen coast to coast on the Bloomberg Business app, serriusxmb

311
00:16:40,040 --> 00:16:44,080
Speaker 1: iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager.

312
00:16:43,880 --> 00:16:45,040
Speaker 3: And I'm Karen Moscow.

313
00:16:45,240 --> 00:16:48,000
Speaker 2: Join us again tomorrow morning for all the news you

314
00:16:48,120 --> 00:16:51,320
Speaker 2: need to start your day right here on Bloomberg Daybreak