Campus Protests Heat Up, HSBC CEO Steps Down

Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan 0:00:10.880 --> 0:00:13.840 Hager and I'm Karen Moscow. Here are the stories we're 0:00:13.880 --> 0:00:14.680 following today. 0:00:14.920 --> 0:00:18.560 We begin with the latest on pro Palestinian college protests 0:00:18.600 --> 0:00:23.239 expanding across the country. Students at Columbia University are now 0:00:23.280 --> 0:00:26.639 occupying parts of a campus building. We get the very 0:00:26.720 --> 0:00:29.360 latest now with Bloomberg's John Tucker in New York. 0:00:32.760 --> 0:00:35.479 Dozens of students to enter the campus building known as 0:00:35.479 --> 0:00:40.000 Hamilton Hall after midnight. They barricaded themselves inside, piling tables 0:00:40.000 --> 0:00:43.839 and chairs to block doors and covered security cameras. Columbia 0:00:43.920 --> 0:00:47.880 University remains the epicenter the demonstrations taking place on campuses 0:00:47.920 --> 0:00:50.800 across the country and even around the world. The school 0:00:50.880 --> 0:00:54.120 is now suspending students who refused to abide by yesterday's 0:00:54.120 --> 0:00:58.240 deadline to vacate an encampment set Upollet, one of the organizers, 0:00:58.520 --> 0:01:02.120 refuses to go and call the protests peaceful and unifying. 0:01:02.520 --> 0:01:04.920 There has been no violence on this encampment. 0:01:05.240 --> 0:01:09.760 Students from diverse dot grounds have shared their religious observances 0:01:09.800 --> 0:01:11.560 together well protesters. 0:01:11.560 --> 0:01:14.840 At the University of Texas campus in Austin. They witnessed 0:01:14.840 --> 0:01:17.959 a forceful response from local law enforcement and state police, 0:01:18.200 --> 0:01:21.960 some in riot gear. At UCLA, students and faculty took 0:01:22.000 --> 0:01:24.920 part in a walkout. John Tucker Bloomberg. 0:01:24.480 --> 0:01:27.160 Radio, All right, John, thank you well. As those campus 0:01:27.200 --> 0:01:31.240 protests intensify, the White House is pressuring Hamas to accept 0:01:31.280 --> 0:01:34.679 a ceasefire deal with Israel. Secretary of State Anthony blink 0:01:34.760 --> 0:01:38.760 And has called Israel's offer extraordinarily generous. White House Press 0:01:38.760 --> 0:01:41.280 Secretary A. Karin John Pierre agrees. 0:01:41.200 --> 0:01:44.600 Now is the time for Hamas to take this deal. 0:01:44.760 --> 0:01:45.760 It is on the table. 0:01:46.480 --> 0:01:48.880 It is time to is way past time to get 0:01:48.880 --> 0:01:52.520 these hostages home. White House spokeswoman Karin Jean Pierre says 0:01:52.560 --> 0:01:55.800 Hamas and not Israel, as the bigger obstacle to peace. 0:01:56.000 --> 0:01:59.240 President bought and spoke yesterday with the leaders of Egypt 0:01:59.280 --> 0:02:01.800 and Cutter to put even further pressure on her Mush. 0:02:02.080 --> 0:02:04.880 Egyptian state media report A. Mush plans to give a 0:02:04.920 --> 0:02:09.679 written response to Israel's ceasefire offer, but it's not saying when. 0:02:09.880 --> 0:02:13.120 Turning to markets, now, Karen, there is an unexpected change 0:02:13.160 --> 0:02:15.919 of the guard at one of the world's biggest banks. 0:02:16.120 --> 0:02:18.280 Let's go to London and get the details on that. 0:02:18.280 --> 0:02:22.680 From Bloomberg Daybreak Europe Banker Caroline Hepger, Good morning, Caroline. 0:02:22.280 --> 0:02:26.200 Good morning Nathan and Karen. HSBC's COO Noel Quinn is 0:02:26.240 --> 0:02:30.040 stepping down after some five years for a portfolio career 0:02:30.120 --> 0:02:33.800 and a better work life balance. It was a surprise decision, 0:02:33.840 --> 0:02:37.080 but you can't say Quinn hasn't delivered, with record profits 0:02:37.160 --> 0:02:39.800 last year and a thirty five percent jump in the 0:02:39.880 --> 0:02:43.359 share price. As for first quarter results, pre tax profits 0:02:43.400 --> 0:02:47.360 dipped one point eight percent but beat estimates. Plus there's 0:02:47.400 --> 0:02:50.440 that three billion dollar share buyback. The bank is now 0:02:50.480 --> 0:02:53.320 looking at candidates near and far to a place Quinn 0:02:53.480 --> 0:02:57.080 will stay on during a transition. His success's main challenge 0:02:57.320 --> 0:03:01.600 grabbing growth in Asia and managing time US China ties 0:03:02.240 --> 0:03:04.720 in London. I'm Caroline Hepke Bloomberg Radio. 0:03:04.960 --> 0:03:07.560 Okay, Caroline, thank you. That buyback news seems to be 0:03:07.600 --> 0:03:11.200 impressing investors. Checking shares of HSBC. They are hired by 0:03:11.200 --> 0:03:12.920 more than three percent in London. 0:03:13.240 --> 0:03:15.920 Well, Nathan, we have management changes here in the US 0:03:16.000 --> 0:03:19.880 as well. The CEO of Paramount Bob Backish is stepping down. 0:03:19.960 --> 0:03:22.800 He'll be replaced by a trio of top executives and 0:03:22.840 --> 0:03:24.799 we get more from Bloomberg's Doug Prisner. 0:03:25.120 --> 0:03:28.840 It comes as Paramount negotiates a possible sale to David Ellison. 0:03:28.880 --> 0:03:31.760 Ellison wants to merge the company with his Skydance Media. 0:03:32.000 --> 0:03:36.160 He's been talking with Sherry Redstone, Paramount's controlling shareholder. However, 0:03:36.200 --> 0:03:39.080 some Paramount investors are against a deal. They say it 0:03:39.120 --> 0:03:43.040 would enrich Redstone at the expense of other investors. So 0:03:43.160 --> 0:03:46.160 now the olive branch. Ellison is proposing to buy three 0:03:46.200 --> 0:03:49.800 billion dollars of Paramount shares at a premium, and Redstone 0:03:49.840 --> 0:03:52.360 is in favor of letting non voting shareholders have a 0:03:52.440 --> 0:03:56.440 say on any transaction. In terms of earnings, Paramount's results 0:03:56.440 --> 0:03:59.160 top estimates thanks to the broadcast of the Super Bowl 0:03:59.240 --> 0:04:02.640 and narrower losses from streaming in New York. I'm Doug Prisner, 0:04:02.640 --> 0:04:03.440 Bloomberg Radio. 0:04:03.600 --> 0:04:06.440 Okay, Doug. Thanks Turning the economy. Now, the FED is 0:04:06.480 --> 0:04:09.480 beginning its two day policy meeting today. Well, just about 0:04:09.480 --> 0:04:13.680 everyone expects j. Powell and Company to stand pat on rates. Investors, 0:04:13.760 --> 0:04:17.520 including Matt Miskin at John Hancock Investment Management, expect a 0:04:17.560 --> 0:04:19.000 more hawkish tone from the Fed. 0:04:19.040 --> 0:04:21.840 Share I think Palell's got to come in and really 0:04:21.880 --> 0:04:25.480 actually shake it up. You know, you put this into contacts. 0:04:25.480 --> 0:04:28.479 The last six months they've been way too dubbish, and 0:04:28.640 --> 0:04:32.960 they may have actually re accelerated reaccelerated inflation just from 0:04:33.279 --> 0:04:36.120 the Ford guidance that they provided six months ago. He's 0:04:36.200 --> 0:04:39.440 I think he's naturally a dove. He might have to 0:04:39.440 --> 0:04:41.359 come to the dark side a little bit and become 0:04:41.360 --> 0:04:43.719 a bit of a hawk here, and you might see 0:04:43.720 --> 0:04:45.680 a bit of a repricing in markets as a result. 0:04:45.880 --> 0:04:49.400 It's Matt Mickskin at John Hancock that FED decision and 0:04:49.520 --> 0:04:52.599 Pale press conference. It all begins tomorrow at two pm 0:04:52.800 --> 0:04:53.640 Wall Street time. 0:04:54.040 --> 0:04:57.120 Well, investors await the FED decision, Nathan. The barrage of 0:04:57.160 --> 0:05:00.240 earnings keeps coming in. Today we'll hear from four four 0:05:00.360 --> 0:05:02.960 dozen companies in the S and P five hundred and 0:05:03.040 --> 0:05:05.720 headlining that list is Amazon. We get a preview from 0:05:05.760 --> 0:05:07.000 Bloomberg's Tom Busby. 0:05:07.360 --> 0:05:10.160 The big focus for investors how much the company's artificial 0:05:10.200 --> 0:05:14.279 intelligence efforts have given its Amazon Web Services unit, already 0:05:14.320 --> 0:05:17.920 the largest player in cloud services, a boost. It's also 0:05:17.960 --> 0:05:22.159 facing a lot of competition for Microsoft and Alphabets Google division. Now, 0:05:22.200 --> 0:05:24.719 this will also be Amazon's first earnings report since it 0:05:24.800 --> 0:05:27.719 introduced an ad supported tier to its prime video service 0:05:27.760 --> 0:05:31.679 in January, creating a new source of revenue. Consensus calls 0:05:31.680 --> 0:05:33.960 for overall net revenue of one hundred and forty two 0:05:34.000 --> 0:05:36.479 point five to nine billion, about forty percent of that 0:05:36.520 --> 0:05:39.120 from online sales, earnings per share of. 0:05:39.040 --> 0:05:40.080 Eighty two cents. 0:05:40.279 --> 0:05:42.360 Tom buzzby Bloomberg Radio. 0:05:42.240 --> 0:05:45.360 All right, Terren, thank you. More job cuts are reportedly 0:05:45.400 --> 0:05:48.400 on the way at Tesla. The Information is reporting Elon 0:05:48.480 --> 0:05:51.760 Musk is planning one hundreds more layoffs as two more 0:05:51.839 --> 0:05:55.080 senior executives leave the company. The fresh round of cuts 0:05:55.120 --> 0:05:57.600 comes just weeks after Tesla announced it would layoff more 0:05:57.640 --> 0:05:59.320 than ten percent of its workforce. 0:06:00.080 --> 0:06:04.240 Nathan. While Tesla cuts jobs, Elon muskwell continues to rebound. 0:06:04.320 --> 0:06:06.839 In the past five days, must net worth has gone 0:06:06.880 --> 0:06:09.640 up more than thirty seven billion dollars according to the 0:06:09.640 --> 0:06:12.520 Bloomberg Billionaires Index. Musk add at eighteen and a half 0:06:12.600 --> 0:06:16.240 billion to his fortune yesterday alone, after Tesla's shares rose 0:06:16.279 --> 0:06:19.680 fifteen percent on optimistic news from the Chinese market. With 0:06:19.760 --> 0:06:22.360 a net worth of more than two hundred one billion dollars, 0:06:22.440 --> 0:06:26.080 Musk is close to overtaking second place Jeff Bezos after 0:06:26.120 --> 0:06:29.520 he surpassed Mark Zuckerberg on the Billionaire's Index last week. 0:06:29.720 --> 0:06:32.960 Well, Karen, some of Elon Musk's competitors in the automotive 0:06:32.960 --> 0:06:37.039 space are delivering disappointing numbers. First quarter sales at Stalantis, 0:06:37.080 --> 0:06:41.039 maker of Jeep and Fiat cars, slumped twelve percent, led 0:06:41.080 --> 0:06:44.720 by declines in the US. Slower electric vehicle demand in 0:06:44.760 --> 0:06:48.039 Europe was also a drag, and Stalanta's shares are down 0:06:48.080 --> 0:06:49.080 about two percent. 0:06:49.720 --> 0:06:53.240 Nathan Mercedes Benz's earnings plummeting thirty four percent in the 0:06:53.320 --> 0:06:56.400 first quarter. The German the luxury automaker, was weighed down 0:06:56.400 --> 0:06:59.920 by model changes in sluggish ev demand, and shares are 0:07:00.200 --> 0:07:06.080 about four percent. Honest time now for a look at 0:07:06.080 --> 0:07:08.000 some of the other stories making news in New York 0:07:08.000 --> 0:07:10.280 and around the world. For that were joined by Bloomberg's 0:07:10.320 --> 0:07:12.160 Michael Barr Michael, good morning. 0:07:11.920 --> 0:07:15.760 Good morning, Karen. A grim story out of Charlotte, North Carolina. 0:07:16.280 --> 0:07:19.280 Four officers trying to serve a warrant for a fellon 0:07:19.360 --> 0:07:23.400 wanted for possessing a firearm were killed and four other 0:07:23.440 --> 0:07:26.680 officers were wounded in a shootout. The officers killed the 0:07:26.720 --> 0:07:30.680 suspect outside the Charlotte home yesterday after he fired on them. 0:07:31.160 --> 0:07:35.600 Officers who rushed rescue the downed officers were themselves wounded 0:07:35.720 --> 0:07:39.680 by a second shooter firing from inside the home. Charlotte 0:07:39.680 --> 0:07:43.600 Mecklenburg Police Chief Johnny Jennings was emotional when he informed 0:07:43.640 --> 0:07:46.160 the media late last night that one of the officers, 0:07:46.280 --> 0:07:49.480 Joshua Eyer, who was critically injured, had died. 0:07:49.840 --> 0:07:53.200 He survived by his wife, Ashley, and his three year 0:07:53.240 --> 0:08:00.400 old son, Andrew. Will always be in the edited to 0:08:00.880 --> 0:08:04.600 officer Iron for his bravery. 0:08:03.440 --> 0:08:06.680 Jief Chennings says Officer Ayer was a six year veteran 0:08:06.720 --> 0:08:09.720 of the force and just one officer of the month 0:08:10.280 --> 0:08:11.960 North Carolina Governor Roy Cooper. 0:08:12.160 --> 0:08:17.160 There really aren't words that you can say, because obviously 0:08:17.280 --> 0:08:20.640 the families of these officers who've lost their lives this 0:08:20.720 --> 0:08:23.880 afternoon are in shock and despair. 0:08:24.400 --> 0:08:27.239 A woman and a seventeen year old male were taken 0:08:27.240 --> 0:08:30.160 away for questioning after the three hour stand off ended. 0:08:30.920 --> 0:08:34.959 Overall crime on New York City's subway system is down 0:08:35.040 --> 0:08:38.559 six point four percent from last year's pace, as the 0:08:38.640 --> 0:08:42.120 nation's largest mass transit providers seeks to boost safety and 0:08:42.240 --> 0:08:45.720 writer confidence. According to the NYPD, there were six hundred 0:08:45.720 --> 0:08:49.640 and sixty one reported crimes this year through April twenty eighth. 0:08:49.679 --> 0:08:52.520 That's down from seven hundred and six during the same 0:08:52.559 --> 0:08:55.680 period in twenty twenty three. The drop coincides with a 0:08:55.679 --> 0:09:00.559 fifty seven percent increase in total arrests. Britain's King Charles 0:09:00.559 --> 0:09:04.240 resumed some public duties today. Charles's return to at least 0:09:04.280 --> 0:09:07.600 some public duties is taking pressure off wife Camilla and 0:09:07.920 --> 0:09:11.720 son and heir William, who himself took family leave last 0:09:11.760 --> 0:09:15.840 month after his wife Kate revealed her cancer diagnosis as well. 0:09:16.320 --> 0:09:19.440 No date is set for her return to public life. Finally, 0:09:19.559 --> 0:09:23.000 hot Dog City Field at tonight's Matt's game against the 0:09:23.080 --> 0:09:26.679 Chicago Cubs, fans would be able to buy Nathan's hot 0:09:26.679 --> 0:09:29.920 dogs for a dollar at the ballpark. There's a lillemit 0:09:30.000 --> 0:09:33.000 of four hot dogs per transaction or when they run out, 0:09:33.200 --> 0:09:35.920 or when you get full global news twenty four hours 0:09:35.960 --> 0:09:38.679 a day and whenever you want it with Bloomberg News. Now, 0:09:38.720 --> 0:09:40.800 I'm michae Lebarr and this is Bloomberg. 0:09:40.840 --> 0:09:42.079 Hemon, how many does it take? 0:09:42.120 --> 0:09:43.000 Michael barrs four? 0:09:43.120 --> 0:09:43.400 Enough? 0:09:43.880 --> 0:09:44.800 No? Not for me? 0:09:45.520 --> 0:09:46.000 All right? 0:09:46.400 --> 0:09:53.240 Oh, Michael Barry, thank you and as time now for 0:09:53.280 --> 0:09:56.920 the Bloomberry Sports Update. Here's John stash Hour John Good Morning. 0:09:56.679 --> 0:09:59.640 Dodn't Morning care in the next received loud fans support 0:09:59.720 --> 0:10:01.520 on the road to the two games in Philadelphia. You 0:10:01.520 --> 0:10:04.080 can only imagine what it'll be like tonight at the Garden. 0:10:04.160 --> 0:10:06.360 Game five, Knicks up three one, a chance to win 0:10:06.400 --> 0:10:09.160 the series. Two series in the West ended. Oklahoma City 0:10:09.400 --> 0:10:11.679 finished a sweep of New Orleans, held the Pelicans. The 0:10:11.800 --> 0:10:15.800 thirty seven percent shooting Lakers and Nuggets. Game five in Denver, 0:10:15.960 --> 0:10:17.720 tie score, final second. 0:10:18.320 --> 0:10:20.400 Murray has it on the high right side high picked 0:10:20.400 --> 0:10:20.960 from Yokich. 0:10:21.080 --> 0:10:22.360 Murray schopper from me. 0:10:22.600 --> 0:10:25.920 He's got it again, three point six second set for 0:10:25.960 --> 0:10:26.600 the Lakers. 0:10:26.960 --> 0:10:28.320 Lebron over the Prince. 0:10:28.720 --> 0:10:32.480 Chopper's so good at the hoard and the LA Lakers 0:10:32.800 --> 0:10:35.280 did take that hell all the way out. 0:10:35.360 --> 0:10:38.160 On Altitude Sports, Jamal Murray wasn't sure he'd played into 0:10:38.200 --> 0:10:41.000 a strained cap. He played scored thirty two points. That 0:10:41.080 --> 0:10:43.079 was his second game winning shot of the series. The 0:10:43.160 --> 0:10:46.160 Nuggets move on and Lebron James will now decide whether 0:10:46.200 --> 0:10:48.400 to come back for another season. It would be his 0:10:48.480 --> 0:10:52.160 twenty second Already, the NBA's oldest player. Lebron said last 0:10:52.240 --> 0:10:53.240 night he has it yet. 0:10:53.080 --> 0:10:54.120 Given it much thought. 0:10:54.360 --> 0:10:56.719 Celtics got thirty eight points and Derek White he made 0:10:56.800 --> 0:10:58.719 eight three pointers a one h two to eighty eight 0:10:58.720 --> 0:11:01.640 win at Miami. Boston leeds series three to one. Florida 0:11:01.640 --> 0:11:04.280 Panthers advance beat Tampa Bay six to one, won the 0:11:04.320 --> 0:11:07.560 series four to one. Dallas Stars won four two at Vegas. 0:11:07.640 --> 0:11:09.400 That series tied to two. The road team has won 0:11:09.440 --> 0:11:12.240 every game. Mets and the Yankees both lost quick, low 0:11:12.280 --> 0:11:15.120 scoring games at Cityfield. Brandon Nimo a lead off home run. 0:11:15.320 --> 0:11:17.760 Mets didn't score again. The Cubs didn't get a hit 0:11:17.800 --> 0:11:20.400 off Luis Severino until the eighth inning, but they got 0:11:20.400 --> 0:11:22.560 a two run home of the ninth from Christopher Morell 0:11:22.600 --> 0:11:24.559 off Edwin Diez to win three to one. The game 0:11:24.679 --> 0:11:27.680 is played in two hours five minutes in Baltimore. Leadoff 0:11:27.679 --> 0:11:30.120 homer for the Orioles Gunner Henderson. They later added an 0:11:30.200 --> 0:11:32.760 under and run shut out the Yankees to nothing. Zeke 0:11:32.760 --> 0:11:35.400 Elliott played seven years in Dallas, then last season in 0:11:35.440 --> 0:11:38.720 New England. He's going back to the Cowboys. Travis Kelcey. 0:11:39.120 --> 0:11:41.520 He got a new two year contract from Kansas City. 0:11:41.640 --> 0:11:43.679 John Stashawa, Bloomberg Sports. 0:11:45.320 --> 0:11:49.480 Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:49.559 --> 0:11:52.480 and around the world on Bloomberg dot Com and the 0:11:52.480 --> 0:11:57.000 Bloomberg Business app. This is Bloomberg Daybreak. Good morning. 0:11:57.040 --> 0:11:57.840 I'm Nathan Hager. 0:11:57.880 --> 0:11:58.040 Well. 0:11:58.080 --> 0:12:01.319 It is a surprise move in global banking. Noel Quinn 0:12:01.559 --> 0:12:06.079 is stepping down as CEO of HSBC after nearly five 0:12:06.160 --> 0:12:09.280 years at the helm, setting off a sudden process to 0:12:09.320 --> 0:12:13.040 find a successor to lead Europe's biggest bank for more. 0:12:13.200 --> 0:12:16.679 We're joined by Bloomberg's Charlie Wells. Charlie, good morning. As 0:12:16.679 --> 0:12:18.560 I mentioned, this did seem to come as quite a 0:12:18.600 --> 0:12:20.600 surprise to a lot of investors. Do you have any 0:12:20.880 --> 0:12:24.080 better clarity on why Noel Quinn decided to step down? Now? 0:12:24.520 --> 0:12:27.200 Yeah, Nathan, no one saw this coming. I mean last year, 0:12:27.320 --> 0:12:30.480 Noel Quinn's pay was actually doubled, so there were just 0:12:30.640 --> 0:12:33.120 not telegraphs coming out of this bank that this could 0:12:33.160 --> 0:12:36.079 potentially happen. And now what Quinn said is that he 0:12:36.120 --> 0:12:40.800 wanted to find a more a better personal work life balance. 0:12:40.840 --> 0:12:44.040 He said that he wants to embark upon a portfolio career. 0:12:44.360 --> 0:12:46.880 We're not entirely sure what that means, And in comments 0:12:46.880 --> 0:12:50.480 from executives this morning from HSBC, they haven't given us 0:12:50.480 --> 0:12:53.080 a lot of indication of why or who could have 0:12:53.120 --> 0:12:57.160 potentially come next. But we do know that whoever comes 0:12:57.160 --> 0:12:58.960 next is going to have some pretty big shoes to 0:12:58.960 --> 0:13:00.960 fill because Quinn was actually at the helm of this 0:13:01.080 --> 0:13:04.559 bank for almost five years. He led it through the 0:13:04.600 --> 0:13:08.040 height of COVID, he led it through a key shareholder 0:13:08.160 --> 0:13:11.920 trying to break the bank apart, he successfully funded that off, 0:13:12.240 --> 0:13:15.120 and he led HSBC through a period of heightened tensions 0:13:15.120 --> 0:13:17.640 between China and the West. So, as I said, pretty 0:13:17.640 --> 0:13:18.680 big shoes to Phil. 0:13:18.640 --> 0:13:22.240 Yeah, certainly. And when you think about heightened tensions between 0:13:22.440 --> 0:13:26.040 China and the West, that gets into the focus that 0:13:26.160 --> 0:13:30.280 Noel Quinn had during his tenure to pivot attention to 0:13:30.559 --> 0:13:33.520 the Asia business and sort of diminish some of the 0:13:33.520 --> 0:13:37.000 more established businesses at HSBC in the US and Europe. 0:13:37.360 --> 0:13:40.479 That's exactly right. I mean, HSBC is looking to diversify. 0:13:40.600 --> 0:13:43.040 So they are a bank that is very reliant on 0:13:43.160 --> 0:13:46.160 interest rates. They're very sensitive them, and you know recently 0:13:46.200 --> 0:13:49.080 that's been a huge boon for the bank. You know, 0:13:49.120 --> 0:13:53.360 their net interest margin, what beat expectations in this first quarter. 0:13:53.679 --> 0:13:55.920 Ostensibly that's what we were all going to simply hear 0:13:55.960 --> 0:13:57.680 about today, but of course we're not hearing about the 0:13:57.720 --> 0:14:02.839 CEO move. But look, they are pivoting to Asia. They 0:14:02.880 --> 0:14:06.240 have been under Quinn, and one focus here is wealth management. 0:14:06.360 --> 0:14:08.600 And in these earnings today we got some kind of 0:14:08.679 --> 0:14:12.680 better numbers on wealth management for HSBC, So that bodes well. 0:14:12.720 --> 0:14:15.559 But this is going to be a big challenge for 0:14:15.920 --> 0:14:17.079 whoever succeeds Quinn. 0:14:17.280 --> 0:14:20.119 Yeah, and I guess we got better numbers just overall. 0:14:20.160 --> 0:14:23.600 And plus this three billion dollar stock buy back, I mean, 0:14:23.720 --> 0:14:27.080 is that kind of overshadowing or being overshadowed by this 0:14:27.440 --> 0:14:29.400 succession news that suddenly came out. 0:14:29.840 --> 0:14:33.080 Yeah, so shares have been trading up a couple percentage 0:14:33.160 --> 0:14:35.240 of a couple percentage points, which is great, you know, 0:14:35.360 --> 0:14:38.320 great for the stock. And look, I mean, analysts have 0:14:38.400 --> 0:14:42.160 been talking before these results about a potential two billion 0:14:42.240 --> 0:14:44.720 dollar buy back, and let's not forget that in February 0:14:45.040 --> 0:14:47.520 there was a previously announced two billion dollar buyback, So 0:14:47.600 --> 0:14:50.600 three billion, you know, is bigger. And it does show 0:14:50.680 --> 0:14:53.280 that over his tenure, Quinn has been able to return 0:14:53.720 --> 0:14:57.880 access capital to shareholders. So that's going to again be 0:14:57.960 --> 0:14:59.480 a big focus. Can this continue? 0:14:59.680 --> 0:14:59.960 A lot? 0:15:00.000 --> 0:15:03.040 Lot of analysts have said that some of that capital 0:15:03.080 --> 0:15:05.040 return is already kind of baked into some of this 0:15:05.160 --> 0:15:08.680 share price. Something disappointing that I also should mention for 0:15:08.960 --> 0:15:12.320 some observers of this stock though, was that forward guidance 0:15:12.360 --> 0:15:15.800 for HSBC remained the same as it was in February, 0:15:16.160 --> 0:15:18.960 and so the hope was that in an environment where 0:15:19.120 --> 0:15:21.040 you know, rates are looking like they could be higher 0:15:21.080 --> 0:15:23.960 for longer, that should have voted a bit better for 0:15:24.000 --> 0:15:26.160 this bank. So that was a little bit of a disappointment. 0:15:26.640 --> 0:15:29.640 Only about thirty seconds left, Charlie. But whoever fills Noel 0:15:29.680 --> 0:15:33.000 Quinn's shoes, can we expect much of a change in focus, 0:15:33.040 --> 0:15:36.360 a change in strategy from the new CEO at HSBC. 0:15:36.840 --> 0:15:39.600 It seems like what the bank is trying to communicate 0:15:39.720 --> 0:15:42.200 to analysts and investors is that there's going to be 0:15:42.240 --> 0:15:46.560 a degree of continuity. So they have made clear that 0:15:46.680 --> 0:15:49.320 you know, Quinn will be a part of this process. 0:15:49.560 --> 0:15:51.560 They've said that they want to try to find a 0:15:51.600 --> 0:15:54.960 successor in the latter half of twenty twenty four. There's 0:15:55.000 --> 0:15:57.280 a world in which Quinn could actually stay into his 0:15:57.360 --> 0:16:00.960 position well into twenty twenty five. And so what that 0:16:01.040 --> 0:16:04.160 seems to indicate is they want to keep the strategy again, 0:16:04.240 --> 0:16:07.600 a focus on that pivot to Asia going strong, and 0:16:07.640 --> 0:16:09.640 they're trying to communicate pat Today. 0:16:10.240 --> 0:16:13.160 This is Bloomberg day Break, Today, your morning brief on 0:16:13.240 --> 0:16:16.800 the stories making news from Wall Street to Washington and beyond. 0:16:17.040 --> 0:16:19.840 Look for us on your podcast feed at six am 0:16:19.880 --> 0:16:23.560 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:23.640 --> 0:16:24.800 get your podcasts. 0:16:24.920 --> 0:16:27.600 You can also listen live each morning starting at five 0:16:27.680 --> 0:16:30.240 am Wall Street time on Bloomberg eleven three to zero 0:16:30.320 --> 0:16:33.200 in New York, Bloomberg ninety nine to one in Washington, 0:16:33.240 --> 0:16:36.120 Bloomberg one oh six to one in Boston, and Bloomberg 0:16:36.200 --> 0:16:37.880 ninety sixty in San Francisco. 0:16:38.280 --> 0:16:41.400 Our flagship New York station is also available on your 0:16:41.480 --> 0:16:46.560 Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty. 0:16:46.600 --> 0:16:50.400 Plus listen coast to coast on the Bloomberg Business app, SERIUSXM, 0:16:50.480 --> 0:16:54.080 the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan 0:16:54.080 --> 0:16:55.680 Hager and I'm Karen Moscow. 0:16:55.880 --> 0:16:58.640 Join us again tomorrow morning for all the news you 0:16:58.760 --> 0:17:01.960 need to start your day right here on Bloomberg Daybreak