Banking bonanza. Db scraps its dividend for the first time in 60 years. A tale of two oil majors. Shell falls short of expect aations with the ceo warning of tough decisions ahead. Total beats forecasts and raises its production target. Cnbc, host of the third republican president ial debate with the top personalities on stage. It was everything it was billed to be. It was noisy, combative. Yes, they were squaring off in boulder, colorado. Ben carson leading the debates. Senator marco rubio stepped up, largely viewed as coming out on top. Senator ted cruz and former leader donald trump manage to go land big blows. The candidates really stressed the need to address everything when it comes to tax reform, federal debt, to the fed and their intervention in the markets. How long have we been talking building tax reform in washington, d. C. . We have been talking about it for decades. We now have a 73,000 page tax code. There have been more than 4,000 changes to the tax plan since 2001 alone. There are loads of great ideas, great conservative ideas from wonderful think tanks how to reform the tax code. The problem is we never get it done. We have talked about tax reform in every single election for decades. It never happens. We have a 19 trillion bipartisan debt. And it continues to grow as we borrow money from countries that do not like us to pay for government we cannot afford. The time to act is now. The time to turn the page is now. If we dont act now, we will be the first generation in American History that leaves our children worse off than ourselves. Did you see the recent deal announced today or yesterday . More spending, more tax increasing, more regulation. And now we have to accept 2 the new normal for economic growth. And the net result is the middleclass has 2,300 less in their pockets than the day barack obama got elected president. I think the fed should get out of the business of trying to juice our economy and simply be focused on sound money and monetary stability ideally tied to gold. I think it is precisely because of ben bernanke who calls us knownothings. It comes in and lobbies against them being audited on the hill. I would prevent them from lobbying congress. I dont think the fed should be involved in lobbying. I think we should examine how the fed has been part of the problem. We dont need Hillary Clintons price controls. Again, does anybody out there think giving washington, d. C. The opportunity to run the pharmaceutical industry is a good idea given how well they have done running the government . What we do, if somebody is price gouging, we have laws for prosecutors to take that on. I will make an attorney general who will enforce the law and make justice more than just a word. It will be a way of life. A third republican debate. It was noisy. It was combative. We checked in on the talking times. It is interesting is that the frontrunners talked less than the ones that were behind. I think very interesting as well. Bush is at the bottom in terms of total airtime. Carson just above him in terms of the bottom two getting the most airtime. I think it is a more calculated decision on carsons point and something bush would be disappointed out. Bush needed to come out fighting. He needed to raise the occasion. A lot of people say he failed to do that. Carson purposely has taken a bit of a back seat in debate one and two. That hasnt hurt him. Clearly he has risen to being the leader. Protecting the lead, which is what he is doing now in boulder, colorado. I would say there was more energy. The fact that jeb bush went on the attack against his former protege. That was interesting. Marco rubio. Kasich, the ohio governor, he wasnt shy at all. Attacking trump and also carson. Saying, you know, you have outlandish plan to cut taxes 10 to 15 , but you dont think you are going to increase americas debt. How is that possible . And some of the clips we have there about attacks on the fed and Monetary Policy and things, they had similar tones across all of them. You mentioned bushs attack on rubio. That was brought up by bush. Buff very much everyone coming around saying rubio won that. It was force odd rubio. He was nimble. He reacted well. That made him come off in a better light. This was such a crucial, crucial debate for jeb bush. He started off by being one of the frontrunners. In the last quarter, he had to cut campaign staff. This not quite make or break the bush. Whereas for rubio, everyone saw it coming back. Bush is in some trouble right now. I think the postdebate commentary is that he has really failed to spark any interest in his campaign. Its losing momentum right now, and he is not rescuing it by these debate performances. He seems to be a nonfactor in the debates so far. We have another graphic to show who was the most attacked people. Despite those attacks. Another we have in terms of who was the most attacked. There it is. Hillary clinton unsurprisingly facing as opposed to fellow republican nominee candidates. One particular reason is one fiorina said. She said i can tell you i am Hillary Clintons worst nightmare. Forget the argument between all the republican nominees. Who is the best candidate to face up to clinton . Put me facetoface, head to head, toe to toe with hillary and you wont be sorry. I think when we take things into account and the day after the monday morning quarterback the consensus is it was marco rubios day. I think so. Cruz also did well. Think how much of a focal point donald trump has been for the past couple debates. Thats quite interesting. Hes still second runner. Doing way better than people expected. The last two debates it was all about donald trump. That wasnt quite to the same extent. Now he is behind ben carson in the polls. It is interesting trump didnt go on the attack last night either. We should make a graphic about that. And he didnt go on the attack against carson. That was interesting. Very good point. It hasnt boded well for him. Trump is behind in the polls. Hes been doing that leading up to boulder. He said carson is low energy, light on immigration. And the economics debate as well. Anyway, lets bring it back to markets. Lets have a look at what we are expecting for u. S. Trade. It is expected to be a negative open. This came from quite a strong finish to yesterdays trade. The hawkish tone from the fed in fact, welcomed by u. S. Equity investors yesterday presumably because of its slight confidence in the economy. But today we are expecting to correct down by nine points to the s p 500. Lets look at european markets as well. Decent trade yesterday partly because of earnings. Partly because of the fed meeting. Today we are protecting. It is negative. Continental europe. Germany down a quarter percent. Lets look at the fed. It kept Interest Rates on hold. But they put the december rate hike in place. Central bank made a direct timing reference in a Statement Issued after the meeting saying in determining whether it will be appropriate to raise a target range at the next meeting, and the fact that they highlighted the next meeting was significant, we will assess progress going into the twoday policy meeting. U. S. Dollar rising sharply. Yield for u. S. Debt soaring in reaction. Deutsche bank scrapped its dividends for the first time in 60 years. Meanwhile, it raised its litigation reserves by a billion euros. But germanys biggest is hoping this marks the bottom as it looks to trim down operations and focus on its core businesses. It is stopping operations in 10 countries and cutting 35,000 jobs. 20,000 of those will be as a result of asset disposals. All of this in a bid to achieve 3. 8 billion euros of gross cost savings by 2018 in terms of investment. It is planning to modernize its outdated i. T. Systems as part of the major revamp. In his first public appearance since being appointed ceo, john cryan says its problems are in executing. Translator Deutsche Bank does not have a strategy problem. We know exactly where we want to go. However, for many years now Deutsche Bank has had a serious problem with executing the strategy. Over the past 20 years, many strategies, targets were announced. But hardly ever were they implemented in a consistent fashion. Carolyn just put this question to john cryan. The cost cuts sound pretty ambitious. But we have heard that before. We know you dont have the best track record the bank doesnt have the best track record delivering on those cost cuts. Why are you sure this time it can work . Will there be a specific task force to supervise a that . Im glad you said our cost cuts are ambitious. We were somewhat concerned our shareholders might think we were being less than ambitious. And so i think what we have tried to do is strike the right balance. We will get more from that press conference with caroline live from frankfurt with fresh analysis at 5 45 cet. Staying with banking, barclays has missed estimates with a 10 drop in its profits. The british lender wrote off 560 Million Pounds in to cover the missiles effects products and u. S. Mortgage settlements. Barclays saying it was too a early to make specific refocus in light of the in coming ceo jes dalys. Sant a ander defies brazil slowdown. A fifth of earnings. Its contribution has dropped below that of the uk. The spanish bank profited 1. 7 billion euros for the quarter, up nearly 5 from a year ago. And checking in on santander, trading in spain, we are seeing declines today, 2. 5 . Still to come on the show, swiss rhee ceo david cole. Bashing each other or bashing the french . One of the most confrontational moments . Is it like a french workweek . Three days to show up. Campaign. Or just resign and let someone else take the job. A lot of people are living paycheck to paycheck as well. They are looking for a senator who will fight for them every day. The only reason you are doing it now is because we are running for the same position. Want bladder leak underwear that moves like you do . Try always discreet underwear and wiggle, giggle, swerve and curve. With soft dual leak guard barriers and a discreet fit that hugs your curves. So bladder leaks can feel like no big deal. Get your free pair and valuable coupons at always discreet. Com charge music you wouldnt hire an organist without hearing them first. Charge so why would you invest without checking brokercheck . Check your broker with brokercheck. Good thursday morning. Here are your headlines. Marco rubio steps up in the republican debate. Pfizer holding deal talks with allergan. Shares of go pro down 15 as sales missed forecasts. Swiss re has logged a net profit of 1. Billion in the Third Quarter, beating analystss forecasts. It is on track to hit financial targets. Joining us is david cole, cfo at swiss re. David, thanks so much for joining us this morning. A very good morning to you. Third quarter net income has come in nicely. Whats the key reason that allowed that beat . Well, thank you for having me today. I think it goes back to the basics. We have an incredibly strong high quality underwriting fort folio. And perhaps most importantly a unique, well diversified and Strong Client franchise. David, the pigge ebiggest catastrophe is china. Do you have a good handle on that final cost now . Is to be honest. As per the last question, no. There is some uncertainty with that tragic loss in china. Theres some specific issues around the loss. It makes it rather difficult. Even though it was several months ago for a final number. We have put up across the group 250 billion. That reflects the best information we have available coming from both market sources and the initial feedback we receive from our clients. It is a very difficult situation. It has been difficult to get on site to invest the losses. I suspect the numbers will change over the next several quarters. David, can you give us or clarity on the Share Buyback. We announced we will seek approval to launch the Share Buyback program. We expect to do that during the course of the middle of november. So in a couple of weeks. This is fully in line what we interested from our shareholders in april. We find ourselves in a situation where we remain strong. We have excess capital we dont see a reasonable opportunity to deploy in a short period of time. We look for intelligent ways for shareholders. We used the Share Repurchase program as the methodology to do that. David, thank you for joining us. We will have to leave it there. Swiss re up half a persist. Total hosted 23 fall for the Third Quarter coming in at 2. 8 billion. That was better than analysts had expected. The French Oil Major raised to over 9 and installed a dividend of 61 cents a share for the quarter. Share prices off 3 today. Shell reported a 70 drop as weaker oil forced writeoffs which totaled 8 billion on numerous projects. The Company Actually posted profit of 1. 8 billion. Still, though, be much lower than 2. 7 billion that analysts had expected. We will take a breather here on Worldwide Exchange. Bankers behaving badly. How financial organizations can protect themselves against rick posed by rogue traders. Stay with us. Trump hasnt lost any of the largerthanlife attitude. He went against john kasich. He was so nice. He was such a nice guy. He said, oh, im never going to attack. His poll numbers tanked. Thats why hes on the end. And he got nasty. He got nasty. You know what, you can have him. Who is getting nasty in that exchange . Im not sure it was john kasich. Just to add more to the flavor of donald trump. Going after john kasich was a partner at lehman. Those two together . I think it was a tedious debate. Good to see that one particular exchange. As we were saying earlier, he was a little more reserved than past debates. Only a little bit. But interestingly he didnt attack ben carson. In the debates it hasnt helped hip. He didnt attack the other fellow frontrunners. There was some back and forth. Couldnt be the donald without that. Youre right. He has stayed a little bit more calm. As you see, didnt get as much time as others. Idea more on the debate coming later. But lets talk a little bit about rogue traders. Magnus peterson, founder of one of londons oldest hedge funds, was sentence odd monday to 30 years in busy of fraud of over 500 million. He is reportedly can considering an appeal as the length exceeds those of other financial criminals such as abdoli, former ubs trader. Joining us to discuss this further is kevin cunningham, founder and president at sail point. Great to have you with us. Typically when we talk to these types of threats, it is external cyber attackers. But you think it is just a much from internal employees . I think it is a greater threat. Companies spent millions of protecting their perimeter. The bad guys find out an easier way is through hijacked identities or the case of an insider who has access to information he probably shouldnt. You work with the likes of general who had huge Insider Trading and rogue trading loss. We look back how he perpetrated that for such a long period of time. It traces back to the fact that he changed jobs within the bank. So he had a middle Office Administrator role that gave certain privileges. He changed jobs and became a trader. They didnt shut off old privileges that gave administrative capabilities to cover his tracks. This is a trader having illicit access based on a previous job. So now they are in control of this. Traders should not have access. And shut it off quickly. Are banks doing enough to do this . Are some better protected than others in your view . We have seen a major trend where people are realizing they cant protect against all breaches. So they are saying i can assume i will be breached. I can recognize it faster and shut it down quicker. So reduce the overall damage that a breach will take place. Kevin, thanks so much for joining us. Thats a all we have time for. Founder and president at sailpoint. U. S. Futures trading ahead of the open. vo what does the world run on . It runs on optimism. Its what sparks ideas. Moves the world forward. Invest with those who see the world as unstoppable. Who have the curiosity to look beyond the expected and the conviction to be in it for the long term. Oppenheimerfunds believes thats the right way to invest. In this big, bold, beautiful world. Hello, ken jennings. I havent seen you since that tv quiz show. Hello, watson. You can see now . I can recognize people, analyze images and watch movies. Well i wrote a few books, did a speaking tour, i. Ive been helping people plan for retirement. And i help doctors identify cancer treatments. Is that all . I recently learned japanese. Yeah, i was being sarcastic. I havent learned sarcasm yet. I can help with that. Hi, everyone. Welcome to Worldwide Exchange interesting evening in boulder, colorado. Turning up the heat to marco rubio. The senator from florida leaves his mark on the cnbc republican debate, warning of ballooning federal debt. If we dont act now, we will be the first generation in American History that leaves our children worse off than ourselves. Frontrunners donald trump and ben carson feel the pressure. While Carly Fiorina warns of consolidation and g business. Crony capitalism is what happens when government gets so big and so powerful that only the big and powerful can handle it. This is how socialism starts the fed leaves December Open for a rate hike. Ted cruz saying its priorities are out of line. I think the fed should get out of the business of trying to juice our economy and simply be focused on sound money and monetary stability. Another inversion on the horizon. Reports suggest pfizer is in merger talks with allergan in what could be the biggest takeover of the year and allow to redomicile to ireland. Good thursday morning. Just one day closer to the weekend and the day after the cnbc republican debate. Lets check on the markets. I imagine the fed probably has a bigger impact right now. But we love the entertainment, dont you . Especially from donald trump and the like. S p 500, trading below fair value. Down 10 points. Nasdaq seeing declines of 21. Yes, the fed has kept Interest Rates as expected in october. But now a december rate hike is firmly in play. Making a direct timing saying in determining whether it will be appropriate to raise a target range at the next meeting, thats crucial. Thats important. The committee will assess progress going forward. We have the u. S. Dollar strengthening to its highest