US Border-Ukraine Aid Deal Near Collapse; UBS Ermotti Interview

Good morning. 0:00:03.080 --> 0:00:05.920 I'm Nathan Hager and I'm Karen Moscow. Here are the 0:00:05.960 --> 0:00:07.440 stories we're following today. 0:00:08.160 --> 0:00:11.440 First, a hard fought, bi partisan deal to impose new 0:00:11.440 --> 0:00:15.320 border restrictions in the US and unlock Ukraine waraid is 0:00:15.360 --> 0:00:18.360 on the brink of collapse in the Senate. Bloomberg's Amy 0:00:18.360 --> 0:00:20.000 Morris has the latest from Washington. 0:00:20.520 --> 0:00:24.400 Republican senators left a contentious ninety minute meeting last night 0:00:24.800 --> 0:00:27.360 arguing that a planned Wednesday vote on the measure is 0:00:27.360 --> 0:00:30.720 too soon, delaying aid for Israel and Ukraine and leaving 0:00:30.720 --> 0:00:34.599 the border situation unresolved. Republican support for the bill crumbled 0:00:34.600 --> 0:00:37.680 in the face of opposition from Donald Trump, prompting a 0:00:37.720 --> 0:00:40.120 reaction from Senate Majority Leader Chuck Schumer. 0:00:40.360 --> 0:00:44.760 Everyone's asking the same question, are maga Republicans serious about 0:00:44.800 --> 0:00:47.800 fixing the border or is this merely political? 0:00:48.000 --> 0:00:50.239 The one hundred and eighteen billion dollar deal was the 0:00:50.280 --> 0:00:53.560 result of months of closed door Senate negotiations. The key 0:00:53.600 --> 0:00:57.160 Republican in those talks, James Langford, says he expects Wednesday's 0:00:57.240 --> 0:01:01.520 planned procedural vote to fail. GOP discussion continue through today 0:01:01.880 --> 0:01:03.880 in Washington. Amy Moore as Bloomberg Radio. 0:01:04.160 --> 0:01:06.240 All Right, Amy thanks now to the latest from the 0:01:06.240 --> 0:01:09.120 Middle East. Secretary of State Anthony Blincoln is back in 0:01:09.160 --> 0:01:12.000 the region for his fifth trip since the October seventh 0:01:12.040 --> 0:01:15.440 Hamas attacks. He met with Saudi Crown Prince Muhammed Ben 0:01:15.520 --> 0:01:18.399 Salmon and is in Egypt this morning to rally support 0:01:18.440 --> 0:01:21.840 around a ceasefire deal with Gaza. Meanwhile, Israel is warning 0:01:21.880 --> 0:01:24.800 that time is running out for diplomacy with Hesbelah. They 0:01:24.920 --> 0:01:27.759 ran back group it's been fighting along its northern border 0:01:27.840 --> 0:01:32.040 with Lebanon. Bloomberg's Elisa Odenheimer has more on that from Jerusalem. 0:01:32.440 --> 0:01:37.720 Kasballa actually has been attacking Israel since October seventh. They 0:01:37.760 --> 0:01:40.360 said that they are backing up Commas and its attack 0:01:40.400 --> 0:01:44.480 against Israel, and in response, Israel has been striking back 0:01:44.720 --> 0:01:48.480 and has hit Heisbola pretty hard. But it looks like 0:01:48.680 --> 0:01:52.760 both sides are trying not to inflame the other side 0:01:52.800 --> 0:01:56.240 too much. Both sides have had casualties for sure. 0:01:56.560 --> 0:02:00.520 Bloomberg's Alizadenheimer reports the near daily attacks, which in Israel 0:02:00.560 --> 0:02:03.160 and Hesba Lah have forced about one hundred thousand people 0:02:03.160 --> 0:02:05.800 to flee their homes on both sides of the border. 0:02:05.840 --> 0:02:08.400 Turn back to markets. Karen we saw a huge rally 0:02:08.480 --> 0:02:11.519 overnight in Asia. Stocks in China gained three and a 0:02:11.600 --> 0:02:15.160 half percent. In Hong Kong's Hang Sang Index surged four percent. 0:02:15.480 --> 0:02:18.200 The games came after Beijing took more steps to stem 0:02:18.280 --> 0:02:21.360 a stock route, including a pledge by Sovereign Wealth funds 0:02:21.400 --> 0:02:25.400 to further increase holdings of ETFs. More from Bloomberg Asia 0:02:25.560 --> 0:02:28.000 Daybreak anchor Brian Curtis in Hong Kong. 0:02:28.000 --> 0:02:31.639 No more so called national team. This is an official statement. 0:02:32.000 --> 0:02:36.480 Central Hoijin Investment has expanded its buying of ETFs. Central 0:02:36.520 --> 0:02:39.560 Hoigen is the unit that holds Chinese government stakes in 0:02:39.600 --> 0:02:44.200 big financial institutions. It's under the Sovereign Wealth Fund. In addition, 0:02:44.360 --> 0:02:47.000 President Shijin Ping is set to receive a briefing from 0:02:47.080 --> 0:02:50.960 Chinese regulators on the markets that underscores the urgency of 0:02:51.040 --> 0:02:55.560 supporting the country's plunging assets. Also, the regulator, the CSRC, 0:02:55.760 --> 0:02:59.839 said it will support listed companies to increase their stock buybacks. 0:03:00.280 --> 0:03:02.520 In On Kong. Briant Curtis Bloomberg Radio. 0:03:02.600 --> 0:03:04.880 Right, Brian Thanks in Europe, it's a very busy day 0:03:04.919 --> 0:03:06.880 for earnings. We go to London and get the latest 0:03:06.880 --> 0:03:10.200 with Bloomberg Daybreak Europe banker Stephen Carroll, Steven. 0:03:10.240 --> 0:03:13.920 Good Morning, Karen, and Nathan Ubs is resuming share buybacks, 0:03:13.960 --> 0:03:17.240 handing up to one billion dollars back to shareholders this year. 0:03:17.400 --> 0:03:20.720 The Swiss lander also increasing its cost cutting targets, but 0:03:20.800 --> 0:03:24.640 that wasn't enough for investors. Shares have fallen in Zurich 0:03:25.040 --> 0:03:27.680 over at BP buybacks are getting a better reception the 0:03:27.680 --> 0:03:30.200 oil giants, stepping up the pace and planning to buy 0:03:30.240 --> 0:03:32.600 back three and a half billion dollars in the first 0:03:32.639 --> 0:03:35.600 half of this year. Less optimism for the future from 0:03:35.640 --> 0:03:38.920 the German chip maker Infinian, which is forecasting lower revenue 0:03:38.920 --> 0:03:40.960 this year as it's hit by a slump in demand 0:03:41.040 --> 0:03:42.440 from industrial customers. 0:03:42.440 --> 0:03:42.920 In London. 0:03:42.960 --> 0:03:44.680 Stephen Carrol Bloomberg Radio. 0:03:44.640 --> 0:03:47.080 And Stephen's staying in tech. But here in the US, 0:03:47.120 --> 0:03:49.680 we're watching shares of palent Here They're up eighteen and 0:03:49.720 --> 0:03:52.200 a half percent in early trading. The company gave a 0:03:52.240 --> 0:03:55.000 higher than expected profit outlook for this year thanks to 0:03:55.120 --> 0:03:58.520 artificial intelligence. Bloomberg's Charlie Pellett has the story. 0:03:58.440 --> 0:04:02.880 With Denverb Software and analysis. Company said it expects adjusted 0:04:02.920 --> 0:04:06.320 income from operations of eight hundred thirty four to eight 0:04:06.480 --> 0:04:09.920 hundred and fifty million dollars for this year. Analysts had 0:04:09.960 --> 0:04:13.360 expected seven hundred and sixty point three million, according to 0:04:13.560 --> 0:04:18.039 estimates compiled by Bloomberg. Palenteer CEO Alex Karp said in 0:04:18.080 --> 0:04:22.039 a letter to shareholders. Palenteer also reported twenty twenty three 0:04:22.120 --> 0:04:25.280 net income of two hundred ten million, its first year 0:04:25.440 --> 0:04:29.720 of being profitable. The results exceeded analyst estimates of one 0:04:29.839 --> 0:04:33.360 hundred ninety four point five million. In New York, Charlie 0:04:33.360 --> 0:04:35.000 Pellett Bloomberg Radio. 0:04:35.000 --> 0:04:36.919 Right, Charlie, thanks, we have some more news on the 0:04:36.960 --> 0:04:40.520 artificial intelligence front, and Video and Cisco Systems are teaming 0:04:40.600 --> 0:04:42.680 up to make it easier for corporations to build their 0:04:42.720 --> 0:04:46.760 own AI computing infrastructure. For Nvidia, the partnership opens up 0:04:46.760 --> 0:04:50.719 another channel for its technology. Cisco, meanwhile, gets to capitalize 0:04:50.720 --> 0:04:53.400 on the AI spending boom that's helped turn Nvidia into 0:04:53.400 --> 0:04:55.400 the world's most valuable chip maker. 0:04:55.600 --> 0:04:58.120 Well, Karen more, trouble may lie ahead for Boeing after 0:04:58.160 --> 0:05:00.600 it's spent most of this year grappling with problems involving 0:05:00.600 --> 0:05:03.320 the seven thirty seven Max Jet. Let's get the latest 0:05:03.320 --> 0:05:05.000 with Bloomberg' John Tucker, Johnny and. 0:05:05.000 --> 0:05:08.840 Nathan Bowing's largest union will demand a forty percent pay 0:05:08.920 --> 0:05:12.440 raise for its workers. The International Association the Machinists and 0:05:12.480 --> 0:05:15.360 Aerospace Workers so as it's willing to go on strike 0:05:15.800 --> 0:05:18.520 that would shut down Boeing plants in Washington and Oregon, 0:05:18.560 --> 0:05:22.280 including assembly lines for the cash Cows seven thirty seven jets. 0:05:22.640 --> 0:05:26.240 The current worker contract expires in September A talks are 0:05:26.279 --> 0:05:28.880 set to start at March eighth. Pile this on top 0:05:28.920 --> 0:05:32.240 of a host of problems. Boeing already faces questions from 0:05:32.320 --> 0:05:36.680 lawmakers and investors over manufacturing. The latest problem an issue 0:05:36.680 --> 0:05:45.800 with misdrilled rivet holes. On John Tucker Bloomberg Radio. 0:05:43.400 --> 0:05:44.560 Time Now for a look at some of the other 0:05:44.720 --> 0:05:46.640 stories making news around the world, and for that we're 0:05:46.680 --> 0:05:48.440 joined by Bloomberg's Amy Morris. 0:05:48.440 --> 0:05:50.880 Amy, Good morning, the Good morning, Karen. The House of 0:05:50.960 --> 0:05:54.640 Representatives Committee on Rules held in meeting yesterday concerning the 0:05:54.680 --> 0:06:00.040 possible impeachment of Homeland Security Secretary Alejandro Majorcz Republican Committee. 0:05:59.640 --> 0:06:03.800 Chair, consequences of this crisis have been stark and sobering, 0:06:03.880 --> 0:06:07.080 and there's hardly a community anywhere in this country it's 0:06:07.160 --> 0:06:08.359 not felt the impact. 0:06:08.640 --> 0:06:11.919 Democratic Committee ranking Member Jim McGovern truly, this is. 0:06:11.920 --> 0:06:15.640 One of the most pathetic, embarrassing things that this committee 0:06:15.680 --> 0:06:16.320 has ever done. 0:06:16.200 --> 0:06:18.600 And the House plans to vote today on two impeachment 0:06:18.680 --> 0:06:22.760 articles against Mayorcis. The wind whipped storm that dropped an 0:06:22.880 --> 0:06:25.760 historic amount of rain on California this week has killed 0:06:25.760 --> 0:06:28.280 two people and has caused as much as eleven billion 0:06:28.320 --> 0:06:32.000 dollars in damage and economic losses, and it's not over yet. 0:06:32.120 --> 0:06:34.360 More rain is expected and there is said to be 0:06:34.400 --> 0:06:37.720 a risk of landslides and rock slides. More than two 0:06:37.760 --> 0:06:41.000 dozen structures are reported damaged by heavy rain and mudslides. 0:06:41.279 --> 0:06:45.240 Los Angeles Fire Chief Kristin Crowley please stay away from 0:06:45.240 --> 0:06:48.040 the La River and other moving water now. 0:06:48.120 --> 0:06:49.080 Due to the heavy rains. 0:06:49.120 --> 0:06:52.279 The ground has become soft and slippery. You could easily 0:06:52.320 --> 0:06:56.800 fall into the wash, so please please be careful. Los 0:06:56.839 --> 0:07:00.400 Angeles Mayor Karen Bass has declared a local state of emergency. 0:07:00.600 --> 0:07:04.480 Some areas, like Montecito, are under evacuation orders. The Mali 0:07:04.560 --> 0:07:08.119 Police Department has released the first probe into the wildfires 0:07:08.120 --> 0:07:10.800 that broke out on the island in Hawaii back in August. 0:07:11.240 --> 0:07:14.240 The fires that destroyed the historic Lahena district of the 0:07:14.280 --> 0:07:17.280 island were responsible for the deaths of one hundred people 0:07:17.480 --> 0:07:20.080 and the burning of more than sixty six hundred acres. 0:07:20.600 --> 0:07:24.880 The report found that emergency dispatch was overwhelmed by call volume, 0:07:25.160 --> 0:07:28.760 with wind and flames leaving Lehino without cellular or Wi 0:07:28.760 --> 0:07:32.640 Fi capacity. King Charles the Third is receiving treatment for 0:07:32.680 --> 0:07:35.920 an unspecified form of cancer. It was discovered during his 0:07:36.040 --> 0:07:39.040 hospital stay last month for treatment of an enlarged prostate. 0:07:39.400 --> 0:07:42.280 Buckingham Palace did not disclose the type of cancer that 0:07:42.360 --> 0:07:45.400 was found, but did say it was not connected to 0:07:45.440 --> 0:07:49.160 what it called a benign prostate condition. King Charles will 0:07:49.240 --> 0:07:53.120 continue state business but has suspended public duties and appearances, 0:07:53.400 --> 0:07:55.720 and Prince Harry has spoken to the King about that 0:07:55.800 --> 0:07:58.720 diagnosis and is set to travel to the UK from 0:07:58.760 --> 0:08:02.440 California to see his dad in the coming days. Global 0:08:02.480 --> 0:08:04.480 news twenty four hours a day and whenever you want 0:08:04.480 --> 0:08:07.600 it with Bloomberg News Now. I Amy Morris, This is 0:08:07.640 --> 0:08:08.520 Bloomberg Karen. 0:08:08.600 --> 0:08:10.320 All right, Amy, thank you. We do bring you news 0:08:10.360 --> 0:08:12.800 throughout the day right here on Bloomberg Radio. But now 0:08:12.840 --> 0:08:14.560 you can get the latest news on demand, and that 0:08:14.640 --> 0:08:18.040 means whenever you want it. Subscribe to Bloomberg News Now 0:08:18.040 --> 0:08:19.760 to get the latest headlines. Right at the click of 0:08:19.760 --> 0:08:23.080 a button. Get informed on your schedule. You can listen 0:08:23.120 --> 0:08:26.360 and subscribe to Bloomberg News Now on the Bloomberg Business app, 0:08:26.360 --> 0:08:29.880 Bloomberg dot com, plus Apple, Spotify, and anywhere else you 0:08:29.920 --> 0:08:37.360 get your podcasts. Time now for the Bloomberg Sports Update. 0:08:37.400 --> 0:08:40.200 Here's John stash Hour, John Ken. 0:08:40.000 --> 0:08:42.080 And now call it Super Bowl Opening Nights. 0:08:42.120 --> 0:08:44.600 So in Las Vegas, the Chiefs and forty nine Ers 0:08:44.600 --> 0:08:47.200 met the media for the first time this week as 0:08:47.240 --> 0:08:50.360 they prepare for Sunday's game, just as they did four 0:08:50.440 --> 0:08:52.959 years ago in Miami, and the coaches are the same, 0:08:53.360 --> 0:08:56.920 Andy Reid for the Chiefs, Skyle Shanahan for the Niners. 0:08:56.960 --> 0:09:01.040 Shanahan was asked about the difference from last and Andy. 0:09:00.760 --> 0:09:03.040 And their staff too, as good of a job as anybody, 0:09:03.040 --> 0:09:06.679 with their scheme and their coverage, beaters and everything they do. 0:09:07.160 --> 0:09:09.800 They still have the same quarterback and Patrick, who's as 0:09:09.840 --> 0:09:12.840 good as it gets. He was then and it's hard 0:09:12.840 --> 0:09:14.400 to get much better than he was then, but I 0:09:14.440 --> 0:09:16.920 bet he is a little bit, and Travis and everybody, 0:09:17.040 --> 0:09:18.520 so it's not a big difference. 0:09:18.600 --> 0:09:21.160 A little controversy about the field and the forty nine 0:09:21.200 --> 0:09:24.400 Ers are using to practice this week at UNLV. They're 0:09:24.400 --> 0:09:26.360 a little upset with it, but they will continue to 0:09:26.440 --> 0:09:29.560 practice there. Kansas City Royals, with a big signing their 0:09:29.640 --> 0:09:33.440 young shortstop Bobby Witch Junior, who's been sensational in his 0:09:33.520 --> 0:09:35.079 first two seasons and the Majors that has been the 0:09:35.160 --> 0:09:37.880 number two pick of the twenty nineteen draft, locked up 0:09:37.920 --> 0:09:41.160 an eleven year contract for two hundred and eighty nine 0:09:41.160 --> 0:09:44.440 million dollars. Upsett in college oops, Kansas ranked fourth in 0:09:44.600 --> 0:09:47.520 state game lost in Manhattan to Kansas State seventy five 0:09:47.520 --> 0:09:51.360 to seventy in overtime. NBA Lakers making three wins in 0:09:51.400 --> 0:09:53.440 the last four days. They won in Charlotte one twenty 0:09:53.440 --> 0:09:55.520 four to one eighteen for Anthony Davis twenty six points, 0:09:55.520 --> 0:09:58.880 fifteen rebounds, eleven assists. Cleveland stays on fourteen to the 0:09:58.960 --> 0:10:00.640 last fifteen to one to thirty sixty one to ten. 0:10:00.760 --> 0:10:04.680 Route of Sacramento, struggling six ers without Joe LMB lost 0:10:04.520 --> 0:10:07.680 a home to Dallas one eighteen one two. Johns Dashdownwick 0:10:07.679 --> 0:10:09.360 Bloomberg Sports. 0:10:10.920 --> 0:10:13.920 From coast to coast, from New York to San Francisco, 0:10:14.240 --> 0:10:18.920 Boston to Washington, DC, nationwide on Syrias exam. The Bloomberg 0:10:18.960 --> 0:10:23.040 business app in Bloomberg dot com. This is Bloomberg Daybreak. 0:10:24.320 --> 0:10:25.760 Good morning, I'm Nathan Hager. 0:10:25.800 --> 0:10:29.800 On a big day for earnings in Europe, including from UBS, 0:10:30.080 --> 0:10:33.560 the Swiss banking giant announced it will resume share buybacks 0:10:33.600 --> 0:10:35.959 this year, vowing to hand as much as a billion 0:10:36.040 --> 0:10:38.720 dollars to shareholders as it seeks to move beyond the 0:10:38.720 --> 0:10:42.880 integration of Credit SUITEE. The CEO of UBS, Sergio Ormady, 0:10:42.960 --> 0:10:45.280 was brought back to lead the bank last year after 0:10:45.280 --> 0:10:47.960 it stepped into rescue its competitor and a government back deal. 0:10:48.080 --> 0:10:51.120 Last March, Sergio Maddy sat down for a conversation with 0:10:51.160 --> 0:10:54.280 Bloomberg Editor at Large Francine Lockwell, let's listen in now. 0:10:54.679 --> 0:10:57.040 I'm very pleased that we finished the year with a 0:10:57.240 --> 0:11:02.720 very strong momentum. We achieved a strong underlying profitability for 0:11:02.800 --> 0:11:06.480 the second quarter, for the fourth quarter, and also we 0:11:06.559 --> 0:11:11.160 saw clients confirming their trust in our organizations twenty two 0:11:11.200 --> 0:11:16.680 billions of new assets, strong deposit influds across wealth management 0:11:16.720 --> 0:11:19.080 and the P and C. We made good progress in 0:11:19.200 --> 0:11:26.000 winding down part of the now core exposures, and also 0:11:26.360 --> 0:11:30.920 that has allowed us to then also reiterate the story 0:11:30.920 --> 0:11:32.880 that we are a capital. We want to have a 0:11:32.880 --> 0:11:36.520 dividend that is increasing progressively, so we have an increase 0:11:36.559 --> 0:11:39.160 of twenty seven percent of our dividend and also in 0:11:39.200 --> 0:11:41.160 the second half of twenty twenty four, we will do 0:11:41.200 --> 0:11:41.880 a share buy back. 0:11:42.200 --> 0:11:44.000 How would you describe twenty twenty four. I know your 0:11:44.080 --> 0:11:46.560 chairman has said in the past, it's difficult here. 0:11:47.360 --> 0:11:51.040 It's a peopletal here because if you think about the journey, 0:11:51.280 --> 0:11:54.760 the first six months are very intense. I think we're 0:11:54.760 --> 0:11:58.160 going to go through the merger of the two operating 0:11:58.800 --> 0:12:02.480 entity UBS and Credit Swiss AG will merge in the 0:12:02.559 --> 0:12:05.440 first half of the year. The subsidiaries in the US 0:12:05.520 --> 0:12:09.840 and Switzerland will merge also during twenty twenty four. So 0:12:09.960 --> 0:12:14.640 this is the prerequisite to be able to realize our syndergies. 0:12:14.920 --> 0:12:19.000 We already achieved four billions of cost savings Etcitate twenty 0:12:19.160 --> 0:12:23.520 twenty three. We now plan to have another gross savings 0:12:23.640 --> 0:12:27.360 of nine billions between twenty four and twenty twenty six. 0:12:28.480 --> 0:12:31.400 Partially this will be reinvested in the business to make 0:12:31.480 --> 0:12:36.360 our platform more resilient and up to speed with the requirements, 0:12:36.440 --> 0:12:38.120 but also to invest in our future. 0:12:38.200 --> 0:12:40.760 So sera, how important was this investor update? Just to 0:12:40.760 --> 0:12:42.400 give up a blueprint. 0:12:42.040 --> 0:12:44.719 Of the kind of growth that you want to a 0:12:44.800 --> 0:12:47.160 chain and how I think it's. 0:12:47.080 --> 0:12:51.199 Very important for investors to understand how we are connecting 0:12:51.280 --> 0:12:55.240 the dots between what we say in summer last year 0:12:55.800 --> 0:12:58.720 and in respect of our long term plans in twenty 0:12:58.720 --> 0:13:01.880 twenty six plans and going beyond that. So today we 0:13:01.920 --> 0:13:05.800 are providing few dots between twenty twenty four and twenty 0:13:05.840 --> 0:13:09.680 twenty six, how we achieve cost savings, how we manage 0:13:09.720 --> 0:13:12.760 our balance sheet, how we want to manage growth that 0:13:12.920 --> 0:13:16.520 has to come in a sustainable way. And also we 0:13:16.559 --> 0:13:20.400 give also some indications about what to look forward after 0:13:20.880 --> 0:13:26.640 the completion of the restructuring, which is then going to 0:13:26.880 --> 0:13:32.240 enable us to harvest you know, the work and we 0:13:32.320 --> 0:13:35.400 did with the quite attractive. 0:13:34.880 --> 0:13:38.480 Returns, So how will we achieve this quality sustainable growth. 0:13:38.920 --> 0:13:40.920 I think that one thing that we need to do 0:13:41.040 --> 0:13:44.560 is to be willing in the next couple of years 0:13:44.559 --> 0:13:48.320 to sacrifice a little bit of top line growth in 0:13:48.440 --> 0:13:54.040 order to improve the returns on of our financial resources, 0:13:54.080 --> 0:13:57.400 particularly on the balance sheet. So I think that you 0:13:57.440 --> 0:14:01.840 know what we both was very strong business in terms 0:14:01.880 --> 0:14:04.760 of client based, very good people, very good capabilities, but 0:14:05.040 --> 0:14:08.160 the balance sheet was not properly priced. We need to 0:14:08.400 --> 0:14:12.040 price risk in a better way and that will help 0:14:12.160 --> 0:14:16.000 us to contribute to our financial targets for twenty twenty 0:14:16.040 --> 0:14:16.760 six and beyond. 0:14:17.120 --> 0:14:19.920 So exactly what does that growth look like? 0:14:20.280 --> 0:14:25.160 Is it, you know, focus on the US or elsewhere everywhere? 0:14:25.160 --> 0:14:27.560 I think that when you look at our wealth management 0:14:27.560 --> 0:14:31.120 and business, we are planning to add around one hundred 0:14:31.160 --> 0:14:35.240 million a year in terms of assets. This is basically 0:14:35.320 --> 0:14:37.680 the net numbers. We're going to want to grow more 0:14:37.760 --> 0:14:39.960 on a growth basis, but we are willing also to 0:14:40.120 --> 0:14:44.120 let some assets go that are not yielding what we 0:14:44.160 --> 0:14:47.480 believe is the appropriate level to cover for risk and 0:14:47.520 --> 0:14:50.640 capital cost. And then beyond that, we believe we're going 0:14:50.680 --> 0:14:52.480 to grow at around two hundred billions. So if you 0:14:52.520 --> 0:14:55.960 think about what it is we are recreating, you know, 0:14:56.120 --> 0:14:58.680 the business we just acquired, you know, we acquired seven 0:14:58.760 --> 0:15:02.000 hundred billions of assets. In the next three to four years, 0:15:02.080 --> 0:15:05.960 we're going to build up organically the size of credit 0:15:06.000 --> 0:15:08.960 suits again, so it's very important for us to do that, 0:15:09.240 --> 0:15:10.640 but in a sustainable way. 0:15:11.080 --> 0:15:13.840 For the US, for example, can we se an acquisition No, 0:15:14.160 --> 0:15:14.680 I think. 0:15:14.480 --> 0:15:16.560 That the US what we need to do is now 0:15:16.600 --> 0:15:22.840 to institutionalize our platform by giving more capabilities on deposits, 0:15:22.880 --> 0:15:27.240 on credits. We need to brought up more of our 0:15:27.800 --> 0:15:33.240 global expertise in terms of CIO offering products, the asset 0:15:33.280 --> 0:15:37.760 management capability that are coming in. And what we need 0:15:37.800 --> 0:15:40.320 to do is also to allow and make it easier 0:15:40.360 --> 0:15:43.400 for our non US clients to book business in the 0:15:43.480 --> 0:15:46.600 US because a lot of our global clients they want 0:15:46.640 --> 0:15:48.760 to be also booked in the US and this is 0:15:48.760 --> 0:15:49.760 the real opportunity. 0:15:49.880 --> 0:15:51.480 So we believe that. 0:15:51.720 --> 0:15:53.720 By doing that, we're going to be able to narrow 0:15:53.800 --> 0:15:56.600 the gap to our competitors and setting the base for 0:15:56.680 --> 0:15:57.760 the next phase of growth. 0:16:00.040 --> 0:16:03.440 Bloomberg Daybreak Today your morning brief on the stories making 0:16:03.480 --> 0:16:06.120 news from Wall Street to Washington and beyond. 0:16:06.400 --> 0:16:09.160 Look for us on your podcast feed at six am 0:16:09.240 --> 0:16:12.920 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:12.960 --> 0:16:14.120 get your podcasts. 0:16:14.280 --> 0:16:16.960 You can also listen live each morning starting at five 0:16:17.000 --> 0:16:19.600 am Wall Street time on Bloomberg eleven three to zero 0:16:19.640 --> 0:16:23.120 in New York, Bloomberg ninety nine one in Washington, Bloomberg 0:16:23.160 --> 0:16:26.160 one oh six' one in Boston, and Bloomberg ninety sixty 0:16:26.280 --> 0:16:27.240 in San Francisco. 0:16:27.600 --> 0:16:30.760 Our flagship New York station is also available on your 0:16:30.800 --> 0:16:36.240 Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. 0:16:36.280 --> 0:16:39.840 Listen coast to coast on the Bloomberg Business app, serriusxmb 0:16:40.040 --> 0:16:44.080 iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager. 0:16:43.880 --> 0:16:45.040 And I'm Karen Moscow. 0:16:45.240 --> 0:16:48.000 Join us again tomorrow morning for all the news you 0:16:48.120 --> 0:16:51.320 need to start your day right here on Bloomberg Daybreak