Davos 2026: David Beckham & Brian Moynihan 1/20/26

0:04Would you put this on par with what we heard last April with the tariffs? No, not. That was a bigger shock to the system. Bank of America CEO Brian Moynihan weighs in on a market sell-off, tariffs, and geopolitics at the World Economic Forum in Davos, Switzerland. And he's there with the rest of the world's elite. Let the people go to work. They're here in this beautiful place, and they've got a few days to work on it. So give them 48 hours and see if they can come up with a solution. Plus, Sir David Beckham, soccer legend and owner of Inter Miami, home of Lionel Messi. What we've achieved in Miami is building a club, a franchise, an environment, a community that has really surpassed any dreams that I could have ever wished to have done.

0:52The global business of sports, building teams on and off the soccer pitch. I think it's a big moment, you know, for me to partner with Bank of America and obviously be part of Brian's team is something that I'm very proud of. I'm CNBC producer Cameron Costa. Squawk Pod reports from the 2026 World Economic Forum in Davos, Switzerland, begins right now.

1:23It is mid-January, so of course, once again, our Squawk Box trio Becky Quick, Joe Kernan, and Andrew Ross Sorkin packed their bags and their winter gear for the World Economic Forum in Davos, Switzerland. The event is a marathon of sorts. For a few days, leaders in government, finance, technology, academia, and philanthropy all descend upon this snowy alpine town to rub shoulders and to exchange ideas about how our world is working and where business and politics go next.

2:05Attendees this year include U.S. leaders like President Donald Trump, who's come before, and his treasury secretary, Scott Besant. Executives from tech giants like Meta, OpenAI, Amazon, Anthropic, and the biggest names in business, like a certain bank CEO you'll hear from on this very podcast. We're kicking off a huge week of CNBC coverage, but this morning, while our anchors sat on our outdoor Davos set, they weathered the wind, the cold, and a market sell-off. Here's Becky Quick on set in Davos. Down 655 right now for the Dow. S &P futures off by 100. The Nasdaq indicated off by about 483 points.

2:51Joining us right now, Bank of America CEO Brian Moynihan and legendary soccer player Sir David Beckham, who is Inter-Miami's president and co-owner. And this may look like strange bedfellows. We're going to explain in just a moment. But before we do, Brian, I was hoping we could start with just the markets this morning. As somebody who's watching this, we're watching pretty closely. I know it's not a huge decline in the grander scheme of where we are from the all-time highs, but what do you think when you see these things today? And by the way, yields are higher this morning too. Look, at the end of the day, if you think about the travel last year, the market loves certainty.

3:24When it feels that the business plans can generate and people can go. And so I think the introduction of the security issues around Greenland, and there'll be a lot of discussion of this week, and all the people are here, and they can work on them, I think, has introduced a volatility that we haven't felt in a while around an issue that could affect the income streams and stuff. So let the people go to work. They're here in this beautiful place, and they've got a few days to work on it, so give them 48 hours and see if they can come up with a solution. Would you put this on par with what we heard last April with the tariffs?

3:53No, no. That was a bigger shock to the system. Remember, the market went down with 30%, 40%, and people froze because they couldn't figure out the quick change, but as it went through the summer and basically ended up with a regime that was sort of 15 % like for most of the countries that agreed to invest in the U.S. and fulfill the purpose of the administration. And I think it became clear if you did that, you're at that goal post. If you didn't do that, you're at the 40 % level and it works. There's not an insignificant chance that the Supreme Court could rule today on tariffs though while we're all here and potentially overturn them, which isn't to say that we won't have tariffs in the future, but we would have very different tariffs and what that would do to sort of re-scramble everything how much of that you think is in this market right now well i think that could be viewed positive by some people negative by some people but at the end of the day i think the administration has been clear there's lots of avenues to get to the same outcome they may have different durations different things so i think they've been clear that if that goes that way on the emergency act they can go another way and they'll put them back in so i don't think people should expect that this capability and technique would not be used in some fashion all right let's jump to you mentioned goalposts so let's jump to the reason that you and sir that was good I appreciate the transition that you and sir David are sitting together sports with us is a partnership that you all have signed up to together why don't you explain a little bit about sports with us and why David Beckham was the person that you turned to on that so at Bank of America we we have built programs to help bring things out to the broadest pace as possible we had museums with us now we have sports with us so if you think about the Boston Marathon Chicago Marathon that's about running but it's about the marathoners that run for purpose and you see the ads we do around that you think about golf we had golf with us 86 000 kids signed up last year after the masters when we put that program out there five dollars around 3 000 munis they could play democratize that and then now we have the world cup sponsorship coming and we needed a legend and an icon and a person who's both a business person understands the business of football they'll call it football at least till after the super bowl we can do that but and understands also the you know just it was just the highest level performer, one of the highest level performers in history.

5:59Therefore, he can understand that excellence question. How do you get kids to want to be excellent, play, but democratize the game deeper and deeper coaching and capability? And that's sports with us. So David, what's this mean for you? You know, I think it's a big moment. You know, for me to partner with Bank of America and obviously be part of Brian's team is something that I'm very proud of. But I think that it all came from a couple of things. Possibly, you know, the last 22 years of working with UNICEF as a global ambassador working with a lot of children around the world and empowering them to live to their full potential and achieve many things that you know they're not given the opportunity to achieve and also I think what I've done in Miami you know I think what we've achieved in Miami is building a club a franchise and an environment a community that has really surpassed any dreams that I could have ever wished to have done.

6:52And we continue to do that. And I think the most important thing about that is what we've done is we've been able to bring the best player in the world to America, to the MLS, to Miami, that has served not just the economy, but it has served to inspire the next generation of football players, soccer players, and sportsmen. And you've done that with Lionel Messi. I mean, it's been amazing to see, but in America, football is still soccer. That's okay. We'll find out here. After a good bye, what do you think about what's coming up with the World Cup? In America, football is still soccer. European football is still soccer in America.

7:31Yes. Yes. Football is still football in America. But you have made huge strides, you personally, I think, in making a big change in how Americans see soccer or football. And And we've got this World Cup coming up. Look, without a doubt. You know, when I first moved to L.A. in the U.S. in 2007, you know, the sport wasn't as big as what it is now. So there's been a lot of hard work that has been done, incredible work. And I'm really, you know, proud that I played a small part in that. But then, obviously, being an owner, I always said that I wanted to bring the best player to a country that is so patriotic, that is so sports-driven.

8:10And we were able to do that. But it was also, it wasn't just about winning championships. I love winning championships. And obviously I wanted to win a championship, which we did last year. But for me, it was more important to inspire the next generation. So at some point, the U.S. will win the World Cup. And that's only coming through, you know, bringing players like Messi. Do you think it's easier to live in the United States or the UK? I mean, you are one of the biggest celebrities in the whole world. There's a spotlight on you in every headlines constantly. just from your own personal sort of mental health is it is is the uk harder uh or europe harder the u.s i mean there's more tension maybe in the u.s but maybe the uk i don't know i'm gonna have to sit on the fence i'm gonna say that i love living in both places you know when i was growing up in the east end of london you know i love my country i love where i grew up but i always wanted to live in america and i got that opportunity and i love america for many different reasons so i love to live in both places.

9:05I'm lucky that I get to spend a huge amount of time in both places. So one of the things Becky, on the sports without some wide, David, if you know David's personal story being pulled at 14, 15 years old to the biggest soccer club in the world and then on the field at 17 and the excellence he had to do but also the adjustments he had to make and the coaching he got as a 10 year old that got him to that place. That opportunity is what we're trying to create just for more and more kids. Now, it's not they're all going to become icons of soccer at level or other professional sports or professional golf, but it's a chance to recognize their opportunity, and that's what David represents.

9:44And by the way, they turn into a huge business group. And so, you know, and that's what you want to see, that opportunity, living in America, be able to participate in sports, learn from sports, but ultimately be able to be a great capitalist force to the good of the country. I've liked what you have said about social media, David, in the past, It's just the idea that it was easier growing up without it. I think about my own kids who are growing up with everything they've ever done being posted on it. What do you say to people who are growing up right now, people who are dealing with those things, just from a mental health perspective?

10:13I've always spoke about social media and the power of social media, for the good and for the bad. The bad we've talked about with what kids can access these days. I hate it. It can be dangerous. but what I've found personally, especially with my kids as well, use it for the right reasons. I've been able to use my platform and my following for UNICEF and it's been the biggest tool to make people aware of what's going on around the world for children and I've tried to do the same. I've tried to do the same with my children to educate them. They make mistakes. Children are allowed to make mistakes.

10:47That's how they learn. So that's what I try to teach my kids but you have to sometimes let them make those mistakes as well. You've had Robert on in the blue square. Oh, yes. And so the anti-hate. Robert Frey. And so what's developed is capabilities to start to try to figure out, to bring the edges in, and Robert and the team have done a good job. And so that anti-hate, which was around anti-Semitism, now is broadened out. But it's a social media piece that people don't understand is how they're working to identify this very tough stuff and trying to get it off. And it's so the impact on kids hoping to start to mitigate the fringes.

11:21Well, I appreciate what you all are doing here. I appreciate your time today. And thank you for coming by and spending some time. Thank you for having us. Thank you. Take care. Then you're not cold. He's not. But just so everybody's clear here, they're only out here for a couple of minutes. And people at home think that it's a green screen and we're faking it. And that these guys. I don't feel the cold. I've seen this guy playing soccer or football when it was very cold back in the day. That's true. Now he gets to wear a suit. They might be more manlier than we did. Oh, and by the way, Brian played rugby, too.

11:58Yeah, Brian played rugby. I found that out yesterday. A rank amateur when you got a guy like this. Everybody's a rank amateur next to him. You guys got enough hot air coming from us to keep you warm for a while. Thank you both.

12:18Thank you for listening to this special Squawk Pod reports from Davos, Switzerland at the World Economic Forum. We have much more coming to your feed this week. Interviews with Amazon CEO Andy Jassy, Treasury Secretary Scott Besant, even President Donald Trump. All you have to do is follow Squawk Pod wherever you're listening now, and those episodes will pop up automatically every time we post a new one. Squawk Box is hosted by Joe Kernan, Becky Quick, and Andrew Ross-Sorkin wherever in the world they may be. Squawk Pod is produced by me, Cameron Costa, and Zach Valisi. Our Katie Kramer is producing on the ground in Switzerland this week.

13:04plus a big thanks to Julie Trass, our editor. Have a great day.