I am francine lacqua. A flurry of bank news. Standard chartered has named a new box, bill winters. War on the this. Caroline hyde. Caroline, everybody has been sinking about who will take the job winters has been a perennial for every bank to be the next boss. You wonder why this one. They say in a statement that he is a globally respected banker and he has the right skills to drive it and conduct. Standard chartered has seen a series of scandals notably sanctions violations. This is why bill winters is coming in as a new ceo. He was really coceo of jpmorgan and went to set up his own asset class in 2011. There you see it. On the biggest independent commission on banking. A man who knows regulation, a man who knows response to the new working environment. Every single tank these to be negotiating. Every single bank needs to be negotiating. The logs ever serving ceo in u. K. History since the longest serving ceo in u. K. History. He almost tripled the assets to 90 billion. Very focused on asia in recent years since taking a tonal and hit by falling profits and a series of scandals. A new man at the helm and management shuffle in as a totality. The chairman is to go in 2016. He is to leave since being there since 2009. They are getting rid of the head of asia been at the company for 15 years. He is going to leave in april. In fact there are three longestserving independent nonexecutive director ors are all going to be leaving. A new time, a new place, a new shape at Standard Chartered stop lets talk about rbs. The bigs bailout lender with the 7th annual loss coming off the u. S. Unit and the bank has warned of more tax cuts to come. None of it is hugely surprising. The restructuring continues. To 3. 5 billion loss is not surprising and we knew they would take a charge and that u. S. Citizens business. This companies is focus on just the company is focused on slimming down. Exiting middle east africa and going to remain in asia a vastly reduced. They will remain in the United States but vastly reduce. There will be job losses to come. Materially higher restructuring costs. That same story, the restructuring is continuing. They managed to all for the portfolio. The u. S. Alone portfolio and 36 billion and got 3 billion from mizuho. Reducing their risk weighted assets and their bad bank assets. Lots of change and rbs. They are becoming safer and more boring and rbs overall. 13 , that is the key number. The Investor Base is us. 80 owned by the taxpayers. Improvement in capital and they will pay a dividend perhaps a Share Buyback and they see the potential for material distribution. Trying to woo the consumer and shaking up their own market. A new chairman announced, Howard Davies hes led the commission on you on u. K. Airport capacity. He too, knows how to negotiate with the government. Rbs ceo saying i will not take my one Million Pounds annual pay package. He doesnt want it to be a distraction. In fact, none of the executives should be getting a bonus. Notably, there on banking bonus pool has been slashed. That pr them keeps coming. Bosses were grilled by parliament. Over the Swiss Banking private unit is said it was the product of a different era and he addressed while he why he was paid from a company through hong kong. It was about privacy. It had no tax purpose whatsoever. We are going to bring in an industry expert, chris wheeler. Good morning to you. Good morning. Lets start off with what is happening at Standard Chartered. Winters is a hit of the perennial name. How are you surprised . Quite a bit surprise he took any job and he made it clear a few years ago when he was linked to Deutsche Bank that his private equity business with the of assets and quite enjoying being out of the main banking which he was in in a big way. What kind the ceo will he be like . What has impressed me is he is an implicit communicator edited to put things into a straightforward language. Standard chartered has been suffering that has such a collapse on Money Laundering and subsequently, when you have a widespread empire you have to keep it going through the whole unit. He used to come here quite a bit to give interviews and a very dynamic, very energetic young. I expect he may have had a tap on the shoulder from the bank of england, please take this job. He is been linked to so many jobs, why this one . Stability and he wouldve seen it as an unusual job. That Banking Commission and on the lines of it would be helpful if we had somebody like you coming into the space. What do think it will look like a year into his tenure . It difficult to say because his background is Investment Banking and it looks like they will cut back. So i actually think of being a pragmatist, it will go back to what it is good at trade and try moneymanagement stuff in terms of money flows. I think it will look at high margins and Wealth Management in asia and a lot of competition. I think it will step back from china to compete in a big way. What does it say about a very, very good job for a period of time and he has been unfortunate in moneylaundering and was suspected in some problems. And the competition that emerged in the business was started to hurt them at some of the lending activities which is a have been quite strong because they know the markets in asia. I think it is really sad in a way because he had a fantastic career. As i said, i think that is it we are mired in this huge banking scandal and we heard the ceo trying to explain how it came he was paid a panamanian country. Im not sure. I sat through the j. P. Morgan chase on tuesday listening to the same arguments if the banks should be broken up stop broken up. You can say the same thing about hsbc. The problem we are learning is a lot of businesses, businesses that were perfectly looked perfectly fine precrisis in the 1990s are no longer looking fine. Swiss private drinking banking where it was not allow this like patriot acts and Money Laundering now it is different. The fact is that issue. Can you manage the big banks . That is the issue. Really holding on to the business underneath. Jamie dimon was trying to push how well he thinks his team worked together as splitting businesses. Stuart gulliver will probably want to say the same. All of the press from activist shareholders. They can deny there is a discount and open to question. When was asked, he said the markets are quite funny from somebody in a big markets business. Anyway. It is the complexity that people are focusing on and the inability and i heard time and time again yesterday, i do not have line of sight on it. You just wonder for a Management Team that is running a business so big and so complex for them to say again and again i do not have line of sight, and you wonder if investors will say the risk is simply too big to work with the Management Team that doesnt have the ability to control details. As a result, regulatory fines. Isnt there an argument that says we have now reached the point where it is and it has a direct feedback into returns and also the fines paid . The will keeps turning. We have to get back to the crisis. Jpmorgan, i remember that. All of them consesnus buys and the world has changed. The big up in the pickup of capital because returns or are more hard. Look at jamie dimon, he called unamerican as suddenly said we better get on with it. Suddenly been hit with a higher surcharge than people expected. What he was doing his chat completely used as saying, we keep going on with it. Hsbc is a different beast because its perceived as being more european. Investors of what allow investors would allow for european businesses will be small and having that footprint in asia and less fashionable at the moment you can certainly come back. The sheer geographic split and the sheer business split. Jpmorgan, apart from the United States. In a way, you could put it in a box and save Investment Banking we have to work about. Stuart gulliver as we saw switzerland historically the hong kong Property Market and where to begin a china . And we are back in switzerland. The difficulty of running an enormous company. Christopher wheeler. Counting on draghi. Varoufakis talked about how the ecb could help this country avoid a default. The manage heart to shaking up the airline industry. Our twitter question. Would you fly ryan air for business . Tweet us and let us know. The ecb could simply hand over the money to be imf, pressure repayment. The ecb recognizes it is money and money that not a borrowed money but our money and overpayment to the ecb. Why not simply have the distribution find it among themselves find it among themselves in a way of transferring the funds . That was Yanis Varoufakis talking about helping the country avoided default. As the Bank Deposits are starting to flow back. Yesterday we had a deposit flight back 700 million to be precise. 700 Million Euros . Came back on the news of the bridge and i have not checked the numbers. And you are still down by tens of billions. Once you turn the tide, you hope. Lets go to athens and talk to marcus. What is the takeaway that added another piece into this puzzle . Of course, the news of deposits coming back in is certainly new and encouraging if confirmed in a will be a well before we get official confirmation. One of the big takeaways was that the solution to the funding of imf has to be repaid and solution has not been found yet. A second takeaway he is remarkably about this prospect and not too concerned as say why go through all of this reaching an agreement to just torpedo it in funding. Overall it is very it is worth noting that the nationally, it has not been a lot of people talking about this deal as a complete capitulation on the greek side. As a really talking a good talk and saying this is not the case and what we have achieved and given ourselves a breathing space to really solve some of the big things. Whether that will be done between now and june is a different question. Markets, thank you so much. Marcus benasson the very latest. One of the important things is he is counting on the ecb to really help with the funding gap. A good quarter in the u. S. And a strong dollar. We will break down Deutsche Telekoms numbers when we come back. Welcome back to the pulse. Federal reserve chair janet yellen has proposed to lawmakers about the Financial Services committee. Despite Congress Demand yellow highlighted how the said is fighting inequality. What we can do is try to ensure a generally stronger labor market where it is possible for those who want to work to find a jobs in a reasonable amount of time. We cant determine the wages associated with those jobs or what sectors those jobs will appear in. But the policies we follow him in the general state of the economy have an important influence on the overall strength of the job market. Africas finest minister has been explained the issue about racing in contacts. He said that a raising income tax. He said that [indiscernible] raising taxes because we have had time to deal with the issue. To do that just expand income and more efificient in that space. S strong growth in the u. S. It is growing tmobile usa business to boost its bottom line. The latest from International Correspondent honda nichols. You look at the current forecast and they are making in 133 handle. The dollar at the current level they will have more and that brought them up to 18. 4 billion. It was a good quarter but would look at a lot of the growth, it was outside of the u. S. , 60 of revenue outside of germany. 20 increase in revenue from the u. S. Alone. A. 5 increase in revenue. Overall, a pretty good quarter. The big question, what would they do with the u. S. Arm . Maybe tying up with the dish network. Dish network or sprint or merger with sprint may have presented. They are talking about that. Right now it looks like tmobile usa is spending a lot a cash back to the german Parent Company and some pretty strong numbers and really solidifying tmobiles place i had a vodafone in the european ahea of a vodafone ind the european market. At they are thinking outside of the box signing with a bar to be. You buy a phone and it is really about a company, a Telecom Company expanding into the attack world there into the tech world. Data will be vouchers. Airbnb has a growth structure and once to get it onto as many devices as possible. This is where they are thinking differently and more like a tech company in terms of traditional Telecom Company than they were. Hans nichols. A new Capital Cities suggest is close to unveiling a new cairo. We will ask about the plan. A bloomberg exclusive. Revamping ryan air and the man of ahead of shaking of the image. That is coming up. Welcome back to the pulse. I am francine lacqua. I am guy johnson. U. K. Gdp numbers. That matches initial estimates. It is confirmation. There should not be too much reaction and theres not been too much reaction. Now an exciting story. Egypt is unveiling a plan for a new capital city. It will be billed by an unnamed uae company. Debtor built by an unnamed uae company. Less been to the egyptian minister of finance. Good morning. Lets talk to the egyptian minister of finance. We were fascinated. Why does egypt a new capital city . Highly needed because we have to spread the core masses inside of cairo and the suburbs of east and west cairo into new cities and transfer all of the government into one case place in have much more spread between the interaction of new cairo and new development area. Just give us a sense, it would be to the east of cairo right . And a new cairo. How big would it be . It is going to be the same size allnew cairo. Ok. Who is going to build it . We heard is going to be a you a firm. Can you name the uae firm . I like what you said, unnamed firm. Have you never it down . Narrowed it down . We are into the finalization of getting a developer that will build it. And by the time of the economic conference in march, we will the aspects and have the agreement. In your for would it down to how many you have narrowed it down to how many . Two. Can you tell us . No. We know they are we can probably guess. Abu dhabi . A lot of Master Developers and british Master Developers and i think we are involved with the developers. How much will it cost and how much who will finance . Close to 500 billion each of two pounds egyptian pounds, 80 billion, Something Like that. Which end of the road, abu dhabi or dubai . Voth both. Both. Holds financing . Private sector. To open market. And also we dont want to get into budget spending. We structural reformare into a more into spending and private private we are into structural reform and more into spending in private. It is going to be financed by the developer. Are investors other than the uae put off by the conflict in egypt and other conflicts in the area . A constant theme in everybodys thinking. I think it should be addressed to a week and asked the velma later. If we as Petroleum Companies of why they are the biggest investor in egypt and in Foreign Countries since. I think by the new venture British Petroleum is getting into a reporter for natural gas that will Cost Investment of around 10 billion in the coming 4 years. The u. K. Will be coming a major investor in egypt not only on topple Foreign Countries but all countries. Minister, you said investors are very happy to invest in the country that Oil Companies in usually take more risk than others. What is your message to investors that may help you yield the city and may not be oil and maybe more risk of first . Risk aversed . A driver for growth and it will be in the coming 10 years but also egypt has a very unique feature on consumer concerns. When we look to demographics of egypt and masses of citizens in asia, we will find the market is 90 million consumers. The more important thing this market is adding one way consumers more per year. How much of a presence is it at a moment . Presents . Presence . How much of a th reat . Not just a threat in egypt. Whats it we see more movement in libya. Is it more dangerous as an isis or is or whatever you what to call it it will flare up in egypt . Personal opinion is that i do not see it in the country. Everybodys started to death along with the governments plan and reform and believe that building our economy is something crucial for our new generations and also one major target and citizens target and breaking possibility more and more. Thank you so much. Ashraf salman. Varoufakis told bloomberg he is counting on the European Central bank to avert default when they run out of money next month. The ecb could simply hand over the money to the imf, partial repayment. The ecb, money we are old and money owed them money to is not a bottle but our money. Why not simply have the institutions find it among themselves and find it among themselves a way of transferring this funding . Rbs has reported its 7th consecutive loss. It is an improvement on the 9 billion loss the year before. A 4 billion writedown on the u. S. Market. And a charge on deferred taxes. They named former Howard Davies as is new chairman. Ukrainian government lifted a ban last the 24 hours after posing the restriction that had been aimed at stemming the flow in the currency. The bank had said the National Bank of ukraine, second move the bank said on the website it would extend the freeze intended for Foreign Exchange to 4 days. For more, lets b