cheered a deal that creates second largest fund manager. it's the end of the road for gm in europe. psa agrees to buy for $4.2 billion sending shares higher. former director of national intelligence tells nbc there was no wiretapping of donald trump after the president accuses his predecessor, barack obama, of a watergate-style scandal. good morning, everybody, and welcome to "street signs." deutsche bank shares hitting bottom of stock 600 of a after the group announced a strategic overhaul, 8 billion euros and reits issue to take place in march. they will list minority stake in asset management business to achieve capital ratio target, quote, comfortably above 13%. at a supervisory board meeting taking place over the weekend, the bank announced changes to its executive team, essentially chief financial officer and retail head named co-deputy ceos. they will work alongside chief executive. they will be uniting corporate finance, its global markets and its banking divisions. it also said that it would be holding only its trust fund unit which it's been trying to share for two year's time instead integrating into german retail group. some of these changes happening from deutsche bank. jeff joins me on set now. good morning. >> good morning. >> you've been out talking to the ceo. >> yes, absolutely. i think what's interesting here is that not only is it taking place, of course all the way through the year, interviews we've done with executives, it may happen, we have no plans at this stage. there is no specific timing, et cetera, et cetera. now we have a plan. march 21st marks the date for that capital raising. it's an additional $8 billion which the bank says is necessary because some of their clients and the market felt that they were undercapitalized. so we know that's taking place. i think the perhaps bigger surprise was the length of the restructuring announcement because there are a lot of moving parts in here not least what they are doing with the bank and asset management business and that will have been a bit of a surprise. after the big 2015 agenda announcement for restructuring through 2020, the job appeared to have been done. clearly there are tweaks and adjustments taking place to throw off more money but also to reduce head count and cost further. i thought it was interesting as well that they have decided to elevate the status now of the cfo and head of the retail banking. so asked john cyan. >> i made to confer these titles. the point was really to share the tasks that i face as the ceo. as you know we're a very large global bank operating in a big way in germany, obviously, but also u.s. and london market and with plenty of presence in continental europe and asia. so i get pulled in lots of directions. it's helpful sometimes to have one or two others at the management board who can formally represent me, particularly in germany, because this is more of a german title as that publicly declared deputy. they can play tag on that and just help out in the formal representation we played. it doesn't mean i'm toning down my appearances in germany or my interest in berlin at all, it's really adding two of my more senior colleagues to assist me in that role. there is a 2020 timeframe for this restructuring process to be completed. does the fact that we're now hearing about further capital raising, further restructuring on top of the 2015 announcement suggest there is some slippage now in that program? >> no, it doesn't, although i'm on the post bank integration. the changes in investment bank side are actually in -- the costs processes in place to make the bank more efficient, actually delivering lower costs than we'd originally planned. that's why we recalibrated our cost targets and we're making more dispose always than we had sight of back in 2015 when we set back 20 billion target bank we feel comfortable we can convert to 22 billion with the post bank, 22.5 billion euros. the visibility today is we can get the costs further behind. the point of the issue put behind revenues. profit from further cost reductions but really a revenue matter. but there will be a difficult integration process in germany but it's only in germany that that restructuring applies. >> and the fact you're hanging onto it now. if a buyer turned up tomorrow and said i'll take it, would you still spit it out of the business or is it now a done deal or it stays in the company? >> we're committed now to this integration process. i think what we should have placed more emphasis on was the huge potential of having 20 million customers, existing customers, 10 million of whom are using our digital systems. germany starting to embrace e-eommerce and digital word. that's a third of the market in retail banking in germany. that's a tremendous asset that doesn't sit on the balance sheet. so we're very committed to combining the businesses but maintaining both brands and growing the bank from the base of an efficient unified bank in germany. >> just to be clear for my own mind here, i didn't see any specific job related announcement in the release on the website. are there any further jobs to go at this point beyond what's already been announced. >> there would be inevitably in the combination of postbank but we'll do it in a manner commensurate with the work we've done so far. we have to retape flexibility but we will do it in a way that's traditional in germany. there will be a long discussion period, lots of compromise and work together with the various stakeholders. >> have you putting numbers on that? >> we haven't yet. we want to spend a lot of this year -- remember the blue bank we call it, deutsche bank in germany, still in the process of the branch reductions and head count reductions and that runs its course for the next course or two. when that's over, we should have a plan in place to meticulously plan the integration of post bank and blue bank but we didn't want to disrupt the process in place at the blue bank while it's still under way. >> john cryan there. what's interesting and will be picked up in germany, they haven't made a numbers announcement on job rubbing here. you can almost see john cryan wins when i asked him how will the job reductions take place. and of course in germany you've got the works council, everything is negotiated, it takes a very long time. there is an incredible sensitivity, i guess, around the loss of those jobs in germany and in the fullness of time. we're going to have to have an announcement because i think the market would like to know what further reduction in cost will come through that integration process. >> jeff, hang on for a second. we've been following this a long time. also noting market reaction in frankford. this is the third capital raising exercise in four years. is it going to be perceived any differently this time around? >> actually people are optimistic about the new strategy. i think there was so much doubt lingering over these deutsche bank shares every since the settlement came out from the united states. it was clear they needed capital. it was just not clear that the capital raising exercise came as soon as now. as we were discussing that earlier on, i think they are very clever to take that window now, window of opportunity before the french elections everybody says the equity market should stay quite robust until then. a good market environment to place new shares. but let me bring you back to the topic of new financial markets as well. they are aiming now for return object equity of 10%. this might be one of the reasons the shares are not sold off that violently considering the huge capital increase the bank is aiming for. so 10% a way, it was negative last year as they had a loss. before it was always between 2 and somewhere 5 percentage. so it is a big reaching 10%. this is one thing. also a little bit more than expected cost-cutting might make something about the bank. as pointed out the cost-cutting in germany will take time. the trade union already stepped out saying they are urging deutsche bank to keep the promise to have job security for employees for a serb time. so i guess this will take a long time to actually reach a conclusion with the labor council and the unions. back to you. >> thank you very much. jeff, thank you very much for that interview this morning. we'll continue to keep you up to date on further deutsche bank developments now shares of credit suisse seeing declines as shares dragged down this morning. looking both these stocks off 1.5% for credit suisse and as you just saw deutsche bank off 5%. main european equity market, vast majority trading in negative territory as well. we saw slightly softer opening and in the region of half a percent for most of europe here starting out fresh week on the back of yellen speaking on friday hinting there could be tightening in march as the market fully pricing in a hike. how many times we might see fed hiking over the course of the year. european sectors and where movements are this morning all red out there. oil and gas, technology off by a percentage point on the left side of the scene, basic resources off the most by 1.5%. andrew with us this morning. >> good morning. >> how are you? >> very well, thank you. >> any comments on deutsche bank and whether we buy into these european banks sold off in today's session? >> i think all credit to deutsche bank for resisting the pressure last year to be in premature capital raising. if they had been done in october it would be very, very diluted from shareholders. i think from a tactical point of view, they have done extremely well. start of the journey, see this from all major banks across europe. restructuring isn't done in an instant, it takes many years. this is the beginning of the process, certainly not the end. >> we've seen a larger rally and some would argue a recovery in u.s. banks compared to europe. how far behind in europe? >> i think for the market overall we're obviously behind as the political risk appears to be hanging over europe. i think somewhat ironically the more people think trump is the embodiment through populism of the new economic model more probably get a reaction again populism in europe. so probably the political fears with the forthcoming french elections and dutch and german later in the year possibly could be overdone. europe chief, a cyclical rally in the economy occurring. i think it's reasonably well placed. >> how much of an inflation spike should i be anticipating? i was reading about inflation expectations of 4% in the uk to come here during course of this year. that's quite a difference from where we were a minute ago? >> i think a lot of base effect going on here. i think if you look at wages, commodity prices, they are no longer making the advances there were a few months ago. in fact cry commodity index is down over three months. i think a lot of this is base affect with no follow through yet on demand. >> you were talking about politics in europe, i had a guest on last week who was saying that the political environment in europe is a bit of a red herring you thought. you disagree with that. you think there could be a lot more risk in the political environment? >> no, i'm saying the other way. i think the risk is overstated in europe. >> okay. >> i think the risk in the u.s. is definitely understated. i do look at the u.s., and it's definitely viewing all its prospects through rose tinted glasses. the revelations over the weekend about trump accusing obama of wiretapping with no evidence, i think these are actually all quite worrying signals about the behavior of the leader of the free world. actually there seems to be no discount whatsoever for any political risk in america where there definitely is a discount in europe for political risk here. >> how does the rest of 2017 play out then. we have elections in france. we've got dutch elections. we've got the question about ecb support continuing. it's supposed to stop at the end of the year or we're not sure what's going to happen after the slightly less money pumped into the system for a month, for a longer period of time. how do you think 2017 -- >> i thought one of the more interesting things devolved is the change in interest rate. we've had disconnect between pmi, confidence indicators, real world activity numbers saying global economy recover, yet for ages expectations on where rates are going to go, particularly in the u.s., remain suppressed. it was good to see the market actually begin to recognize if you have such a robust outlook for the economy, you obvious have to have adjustments object interest rates. i think that's going to take the momentum out of some of the value trades. we've had since october last year a dramatic reversal within the components of the market away from growth and value. that's removed some of the obvious fear in cyclical stocks because the economy is picking up but also removed a lot of the valuation imperative. that's left defensive growth stocks looking quite attractively priced. also we have lots of exciting transitions going on in the world in the internet of all things applying to industrial companies, changes in the health care delivery system, energy delivery and supply. there's a lot of really secular trends going on beneath the surface that this swing between growth and value have obfuscated, long-term investment opportunities. >> andrew, thank you very much. andrew perry head of equities at hermes investment management. nice weekend? >> very good week, thank you. >> i saw certain women yesterday, don't see it. super boring. >> thank you for the advice. >> i really try. you can appreciate art in many forms but one of those movements 10 minutes in. >> looking at my watch preparing for a speech i'm giving later this week. >> good luck with it. pretend they are in their underpants. works every time. >> i'll give that a go. >> the address at cnbc.com, twitter @"street signs." we've got plenty coming up and we'd love to involve your questions or comments. coming up asset management merger, standard life and aberdeen shares surged on announcement of a tie up. more details about the deal right after the break. good morning, everybody. welcome back. watching "street signs." shares jumping to the top of the stock 600 after the companies agreed to an 11 billion pound all share merger creating one of europe's largest fund managers. cnbc has been looking closer at this deal and joins us this morning. good morning, gemma. >> good morning, louisa. >> both shares popping there. they have been in talks for some time and now it's happening. >> that's right. they are popping the shares but they have come off a little. standard life went up 9%, aberdeen up 7% but still in the context of a market falling across the continent they are doing well. depends who you listen to to the talks. some say they have been talking serve years on and off. some heated up last august. we had to call now with two men co-ceos with the existing ceos and they said it was really early january talks heated up. they are saying the pressure towards consolidation in the asset management industry are moving in one clear direction. >> we think synergies here makes sense. seemingly thinking that this morning. >> they are both revenue synergies and kostitscost synei stripping out cost where appropriate an other geographical locations where there may be overlap. on the revenue side there's increase opportunity for distribution, increased opportunity product range and not so reliant on what they currently had. very reliant emerging market. very reliant on global absolute return products, so trying to pour that out as well. >> a big deal. 11 billion pounds all share takeover. are we wondering whether this is driven by a need to merge versus a desire to remain at the forefront in the changing marketplace? >> i think it's both. i think scale is going to be increasingly important in the industry growing forward. some of the other asset managers in defiance of other markets moving up. anticipation of further m and a throughout the sector as smaller players get gobbled up by larger players for leverage opportunities they have that are different but also in order to fend off regulatory pressures, cost pressures, increasing fee pressures. so a lot more than strategic rational that makes sense here. >> 11 billion pounds. big deal. thank you very much for mapping out this deal for us. joining us with the latest on aberdeen asset management and standard life. we have got to take a little bit of a break coming up you here on the show as trump reportedly ready the travel ban that will impact america's travel industry. get your questions through at "street signs" on e-mail, on twitter. happy to take questions directly. we will speak skluflg to cexcluo after the break. stay with us. welcome back to "street signs." headlines this morning, deutsche bank shares sliding after german lender announces $8 billion issue and restructure. tells cnbc it was the right time to go to the markets. >> we were listening from feedback from the market where there were still concerns to some extent shared by clients and counter-parts we still didn't have enough capital. >> investors cheer a merger between standard life and aberdeen asset management in a deal that creates europe's second largest fund manager. it's the end of the road for gm in europe, psa agrees to buy for $2.2 billion euros sending shares higher. the former director of national intelligence tells nbc there was no wiretapping of donald trump after the president accuses his predecessor, barack obama, of a watergate-style scandal. good morning, everyone, and welcome back. you are still watching "street signs" as i said. here in europe equity markets trading lower. i want to show you what the u.s. is setting itself up for five hours away from the market there. the implied open a couple points lower. seeing a little mirroring of what's going on in europe. anthony writes in time to go long on deutsche bank being down by 5%. many questioning also the monitoring of capital flows from within the bank will keep your comments coming through on twitter as said. psa group sealed a deal for general motors business, they agreed to pay $2.2 for opal unit in a deal that will create a new european car giant and see gm's exit from the region. we spoke to the ceo of general motors mary barra and asked her whether threat of u.s. border tacks might have played a role in the carmaker getting rid of its european units. >> we still have cadillac and we have chevrolet iconic brands in europe and we will continue to do so. we'll also be participating with psa through the warren ownership. we're looking for future collaboration in europe, so i don't see it that way at all. i see huge opportunity as we continue to work together and also very importantly for the iconic chevrolet brand products as well as cadillac. >> how did you make sure psa and opal are not going to be competitors on u.s. and chinese market, for example. >> we compete in some markets today already. this is really focused on synergies we found in europe, across the board. they were really the two companies fit together quite nicely. we understand there will be a pint that may occur. we're also seeing areas to collaborate. i think if you look at businesses, there's different businesses outside of this industry where in some places you collaborate and some places you compete. >> now president trump is expected to issue a new travel ban today. white house officials, they have said that the new executive order aims to overcome legal challenges to the first, which was blocked by a court last month. according to various reports changes include removing iraq from the list of targeted countries and applying the order only to future visa applicants, not to those who already hold valid visas. arne sorensen, marriott international, joins us from berlin. good to have you with us. thank you for your time this morning. what has the impact of trump's travel been on you so far. >> obviously that's a question that has been asked and we're looking at it essentially every day. thus far we don't think it's been significant. obviously the seven countries that it was directly aimed at are not huge volume travel or tourism source countries. but there's a sense around the world, is this a symbol of something that's coming. obviously people are watching that. so far we think the impact has not been significant. >> i was looking at a vast array of numbers from various places, including tourism agency nyc & company reviving their forecast to look at a drop inbound international travel to new york city. they say there will be something like 300,000 fewer visitors compared to 2016. the list goes on with other research modules pointing to a lower incline of people who travel to the u.s. even if it's not directly impacted by the serve countries mentioned, it could have a broader psychological impact for other countries to hold back on travel. >> of course we'll take a look at that. this is something we're worried about global, not just because of actions in the united states. a number of nationalistic or populist actions around the world. but i think it's important to keep in mind these statistics that are coming out early may be influenced by this, and that's something we will watch carefully. there's also some significant shift in currency. unhas got to be much more expensive because of the strength of the dollar over the course of the last few years. that will have an impact on travel inbound to the united states as well. we've got to take a few more weeks maybe before we have much clarity about whether politics is, in fact, impacting travel or whether it's other economic factors. >> that strong dollar, which makes it nice and expensive for people like me to go stateside. how are you hedging that? how are you leveling out that anticipated impact? are you looking elsewhere instead? >> well, of course we're trying to grow all around the world. we're opening about 115 countries today. typically currency can hurt our u.s. reported earnings, obviously, because we report everything in dollars. but when you look at travel trends, while the u.s. may be more expensive for you coming from england, london is cheaper for americans coming there for their holidays or to do business. those things tend to offset each other. obviously that's one of the advantages of being a global player, you get to be on both end of that trade. >> i look at some relative newcomers, so to speak, like price line and expedia. i look at their revenues. it seems their revenues somewhere in the region of three to four times higher than yours and also growing exponentially. we're seeing faster group. you've got groups like airbnb and home and away. isn't it going to get more difficult due to this new competitive environment? >> well, remember, the companies you just referred to are dramatically different. expedia and price line and rack tan in japan these are online travel agents that mostly sell their own product. they don't have their own product they are putting out there. of course we want to make sure we're doing business with them where they are bringing incremental customer toss us, which they do and partnerships are strong. at the same time want to make sure we've got direct relationships with our customers to the extent possible so we're trying to grow that, too. i think airbnb and home and away are different in the sense they have a different product they are offering from a hotel room. we're obviously watching the way those develop. at the moment they have not had a profound impact to us. they are bringing lower rated customers to the travel space. that's a good thing. it gets people experienced and wanting to travel. in many respects we continue to compete extraordinarily well based on location, of course, and service and the value that we offer our customers. >> are we going to see more tie ups between groups like your own, more traditional hotel groups and some of these alternative hotels, if you can call them out, where they don't actually own hotels like airbnb. wouldn't tie-ups like that make sense? >> well, obviously we did starwood last year. we're about 1.2 million hotel rooms open, 6,000 hotels. giving a rang across many brands in locations, we think we can offer customers an extraordinary range of options. so no matter what they want to spend, no matter where they are going, no matter the purpose of their trip, we think we have a place for them. i suspect there will be traditional hotel companies that do some acquisition work or merger work to try and also get to be a bigger platform. certainly in the technology age that we're in today, we will continue to invest in our apps, of course, but also in the services we provide through our apps so we can compete with all of the new players in this industry. we think we're set up actually extremely well for it and we're very optimistic about the future. >> arne, very briefly, where do you see the most growth in 2017? >> well, i think the u.s. economy while modestly growing has been growing year after year, so we will open quite a few hotels in the u.s., probably about one a day, maybe a little bit less than that. we're opening across the world this year one hotel every 15 hours. and so i think second to the united states would be china where we have about 250 hotels open and close to 400 in our development pipeline. so those will be opening over the next few years. then you see other markets, we've got a lot of supply growth in the emirates, middle east, these sorts of markets. i think we'll see less growth in some of the markets like brazil and others, which are famously suffering from some economicarnr your time. arne sorensen, ceo of marriott international. get you up to date on flashes just hitting our wires now. we have juppe, previous front-runner in the election saying he's not prepared to be a candidate once again in the election race. there has been a lot of speculation whether or not juppe would come back if francois were to step down given the increased accusations against him of jobs that he essentially paid his family member for and whether or not they performed these jobs. the euro also taking just a little bit lower after juppe saying he's not prepared to be a candidate in the election race in france. the french german ten-year bond yield gap widening after juppe saying he's not prepared to be a candidate once again in france. he's accused of using public funds, mr. fillon, for public work his family may not have done. learned he could be under formal investigation for misuse of public funds. the latest poll show him to be knocked out of the election on the first round april 23rd adding to the pressure for him to quit. north korea has launched four ballistic missiles towards the sea of japan, three of which fell into japan's exclusively economic zone. investigations are ongoing into whether or not they were a new type of missile. joining us from nikkei with the latest. >> yes, the japanese government says four missiles with the range of 1,000 kilometers fell in the sea of japan around 300 kilometers off japan's coast. that's the third time north korean missiles have landed in japan's exclusively economic zone and the government is scrambling to identify the missile and find out more about its capability. japanese prime minister abe condemned the launches and said they clearly show north korea has become a new kind of threat. today's launch is seen as a retaliation following large scale military exercises by south korea and the u.s. which started last wednesday. north korean state media indicating the launch over new type of missile launch friday and concerns are growing they could be intercontinental missiles or ibms. they say unlikely to be ibms, solid fuel and launched with less preparation time and makes it more difficult to detect before hand. following the missile launches risk averting ambassadors chose to buy the yen push it to 113 range against the dollar and stronger yen weighed on the stock market. nikkei index finished half a percentage point lower today. that's all for the nikkei. back to you. >> mackico, good to see you. thank you very much. chinese government targeting a a lower growth, main takeaway from chinese premier's version of address delivered at people's national congress yesterday. eunice joins us live from beijing next. eunice, good to see you. of course also the growth target cut to 6.5%? >> yeah, absolutely. the chinese premier delivered his work report. in it he unveiled economic growth target for the year, which was around 6.5%. of course the language is important because even though he, the premier, had said they are hoping to see it particular higher, at the same time the fact that he used a round gives the government a little wiggle room to potentially go below 6.5% and still hit the target. now, i was speaking to the vice finance minister in exclusive interview and asking him about some of the goals for china. he said that some of the biggest challenges he saw this year were mainly internationally. he said that he was concerned about the trump administration's policies and what that would actually mean for the u.s. economy and then, in turn, for the chinese economy. he also saw the fed policy as another big risk. finally the third risk that he saw was the rising anti-trade and protectionism sentiment that has been going on around the world, which he has said he's very concerned about that it could have a backlash on china. now, in terms of the domestic economy, he said that one of the main priorities for china would be to maintain high employment. the government here said it hopes to create about 11 million jobs this year, that's 1 million more than last year. he also said that that was going to be key for the government. but of course that sends some negative signals to some analysts who were concerned because they hoped that the government will continue with economic reforms. as you guys know, economic reforms don't always go in sync with trying to prop up growth. >> eunice, thank you very much. eunice joining us live there on the latest. coming up here on "street signs." after the break happy to take your questions and comments "street signs" europe @cnbc.com on e-mail or on twitter. welcome back, everyone. still watching "street signs." i'm louisa bojesen. psa sealed a deal, agreed to pay $2.2 billion euros for the deal that the create a new european car giant and see gm's exit from the region. cnbc reporter asked ceo whether jobs were under threat in the uk, germany and spain from this deal. >> there is the opportunity for all of those countries to leverage the psa support to make those jobs even stronger than today. i ask the question the other way around, how can we help those governments to fix the issue they already have, which is exactly our intention. our intention is we know through what we have done over the last three to four years that we can bring some kind of support that represents a solution rather than a problem. so our position is really supportive of fixing what needs to be fixed. we need to recognize under gm's leadership a lot of things, and good things, have already been done, so the turnaround is on its way. what we want to do now is continue to support the turnaround, accelerate the turnaround for the best merit of all those countries and all of those governments that are expressing their concern should be happy. >> also spoke to cnbc about the deal. >> european team actually made a lot of progress over the last four or five years over significant losses back to a position now where we would have been profitable last year if not for brexit. it put the business in really strong shape to explore the opportunity we're talking about here today. so the business has improved significantly. but we think to go to the next step, this is really a much more powerful way to do that. >> did the regulatory changes in the states and threat of border taxes also push you to leave europe. >> that was not related to this. this was much more how to make the business in europe as successful as possible. the conclusion we reached is because of some of the regulatory changes in europe that we needed much more scale locally here to make the investments necessary to be competitive here and that's what led us to this transaction. >> you are mentioning serene but difficult discussions with psa. you had to make concessions. for example, how did you make sure opal and psa are not going to compete with you in the u.s. or crucial markets like chinese market? >> we had tough but fair negotiations. we've all known each other for quite some time. the existing alliance provided a good foundation and made sure we arrived at a transaction that was a win-win for everybody involved. >> are you making sure there will be no competition on u.s. or chinese markets between the brand? >> we're making sure everybody knows what they are doing going forward. we're making sure everyone has a good opportunity and it's a win-win transaction and a win for general motors, win for psa and opal businesses. >> how about technology share, is psa going to have access to chevy volt technology regarding electric vehicles? >> we've made sure it has the intellectual license it needs to conduct the business in its current form and support it going forward. we see opportunities for continued collaboration between general motors and psa going forward. we work well together, see opportunity to explore that down the road. >> you mentioned brexit. does it make sense for psa -- more a question for psa, so i will switch. i will switch to concern about jobs. what did they say to reassure about job cuts. >> same thing. we feel the best thing to make the business possible god forward for opel and vauxhall. we've had success the louisiana few years but this the best for the businesses, provides them the best opportunity for the future. >> deutsche bank shares hitting the bottom of europe's stock 600 after the group announced a strategic overhaul. down by just over %, perhaps. this includes raising 8 billion euros in a rights issue in march. they will list minority stake in asset management business to help it achieve capital ratio target, quote, comfortably above 13%. deutsche bank overhaul as the bank closing on a series of fines and losses. our next guest says settlements could reach significant new levels unless they act to address wrongdoing. founding partner at add veritas. you think fines could be higher? >> definitely. if you look at the rights issue there's between amounts paid in fines and mortgage-backed security fines, 8 billion rights issue they are having this morning. so the amount that people are paying for bad corporate governance is due to rise. i think extremely active regulators and beginning to see some very punitive legislation coming in throughout these countries. >> you call your self a whistleblower consultant in your company. what exactly does that mean's. >> the first problem term is the whole whistleblower itself. it's what regulators call raising concerns. we'd much rather prefer to prifl blowing as raising concerns, speaking up, whatever. whistleblower is a loaded term. they think of celebrity whistleblowers, if i can call them that, like julian assange, snowden. that's where companies or organizations go wrong. when somebody feels they need to go out and talk to the regulator or legislators about wrongdoing, then their system internally has failed. what we seek to do is perfect that certainlily so far fewer things need to go outside. if we can do that, it's in a much more positive position. >> how is that done? >> well, in a number of ways. it's basically about trust. whistleblowers believe and trust in the fact that they have a good internal system, people process technologies in which they can raise those concerns to their management and they will do so. but they will not do so if they believe there is an issue about their confidentiality, if they believe they are likely to be retaliated against or they believe they can get those two guarantees but that nothing will be done with the information they provide . >> it feels like there's been more whistleblower, raising of concerns over the last couple of years versus what we've seen in the past. hasn't the culture already changed, also helped along by issues raised during the financial crisis? >> i think that's right. i think during particularly financial firms most people have some sort of system in place. whether it's best of breed system, whether it really captures everything that it could, and whether it actually treats whistleblowers as what they are, assets to your company, rather than seeing them instinctively as liabilities is another matter. however, if you expand it wider and look at big industrials. if you look at other areas like charities, health care and so on, those areas are not as well regulated and there is real divergence in how whistleblower is treated. >> is it your sense in the companies you work with that there is a culture on senior execs trying to suppress some of these concerns being allayed to bank officials? >> no, i don't think there is. in all honesty, i've not seen that. what i have seen is senior execs exposed because of the way the law is turning both in the states and in the uk and europe with a burden on them to prove that some -- that they didn't fail to prevent something. they took reasonable steps to uncover wrongdoing. that's extremely hard particularly if they can't point to and around this particular issue. >> thank you very much. very interesting. founding partner at addveritas. again, glancing at many comments coming in. by and large focused on deutsche bank this morning. by the looks of thing, capital raising exercise. wrong thing, i need to translate from all your different languages. a viewer writes in on twitter and says u.s. is coming after the german stock exchange severely limited. we have other comments also on deutsche bank strengthening the monitoring of capital interest rates and creep up already at the end of the year but following base may be quite low. that coming from a finished viewer. good morning to all of you active tweeters and e-mailers. we'll see you tomorrow. that's it for today's show. have a lovely day. take care of your selves and see you soon. good morning, breaking deal news. general motors selling its european car business to the maker for $2.3 billion. >> the news of deutsche bank tumbling after the german lender launches 8.5 billion capital hike. we hear from the ceo. that's coming up. >> washington with the latest on the president's claims that former president barack obama wiretapped trump tower. it's monday march 6th, 2017. worldwide exchange begins right now. very warm

Related Keywords

New York , United States , , Louisiana , Japan , Germany , Washington , Brazil , Beijing , China , London , City Of , United Kingdom , Iraq , Netherlands , North Korea , South Korea , Spain , France , Berlin , Americans , America , French , North Korean , Chinese , Dutch , German , Serb , Japanese , Julian Assange , Andrew Perry , Barack Obama , Europe Cnbc , Arne Sorensen , Mary Barra ,