a number of them are financed in the background by some of these big banks they're not the the big banks are to get some of the profits of the share of the profit here without getting the bad publicity. and so i think the banks if they they smell the profit and they think they can do it in a way that that doesn't give them bad publicity from the government or community activists or their shareholders they're in their and they're increasingly in their is we move to more electronic versions of. all right well let me congratulate again on this fantastic book thanks to all of you for being here and engaging these really important issues and please come up and, get your book signed and and to professor epstein, thank

a number of them are financed in the background by some of these big banks they're not the the big banks are to get some of the profits of the share of the profit here without getting the bad publicity. and so i think the banks if they they smell the profit and they think they can do it in a way that that doesn't give them bad publicity from the government or community activists or their shareholders they're in their and they're increasingly in their is we move to more electronic versions of. all right well let me congratulate again on this fantastic book thanks to all of you for being here and engaging these really important issues and please come up and, get your book signed and and to professor epstein, thanki'm to introduce's brunch. the author robert kuttner. he's a award winning and bestselling author who covers

if the that's the case, i think capital a markets could drive good profits for the big banks.n of commercial real estate financing coming due in the next four years, 2.2 trillion. and as many of these properties are under-valued compared to - they're under water. that's a huge concern, 50% of all that didn't is carried by the large banks. that's an issue. but i think you're right, capital markets are going to help, higher interest ritz are going to had help in the short run. we are optimistic for earnings as we go forward. maria: not to mention there's $6 trillion in money market accounts. that money is movable. so do you want to put some of that money in big tech? look at apple this morning. the company had its best day since last i may yesterday. the stock up during a strong day for tech stocks and there were reports that apple is producing a.i. focused m-4 chips for the mac book model. a.i. driving this group. stock is pulling back this morning but amazon stock also rallied yesterday, a record close at the close yesterday following the release of ceo an ceo'sannual letter t

one of the reasons why we like the big banks rather than the regional banks is that commercial real estate exposure. there is protection from the big banks. it say is a smaller part of the business. i know you read the article about st. louis and other cities in the midwest struggling like that. we need to be careful. we are optimistic that the spikes that we see in interest rates will be more modest. the fed is certainly paying attention to the pace of declines in the book of business. they are talking about slowing that rate and letting those mature so we don't get a spike from the short funding gap. >> okay. what about several other factors that are a big influence on the banks? one is the ipo market. the other is consumer deposit. is there a deposit risk with the money coming off the sidelines? there is still a lot of money in the money markets. >> there is. we do think that can be a risk, particularly for the banks dependent on the consumer deposits. that is part of our caution on the regional banks. we think it is likely that money stays in money markets for longer. it is compel blin

it has been as much as 7%, it is less right now but it is the only bank of the big six banks that earnings were down on the year. are there concerns about the path forward for morgan stanley as a unit when it comes to the wealth business relative to the whole business? sally: indeed. the wealth business made steps to eliminate several hundred jobs which only accounted for 1% of the 40,000 employees. in regard to these problems, there is still a lot we do not know. we do not know the gravity attached to them or what the consequences might be. we do not know what. -- those cc did send -- the occ send the bank a formal warning. we also know the sec sent morgan stanley a list of clients with questions about whether they were adequately vented. this is -- adequately vetted. this is a bit of a cloud. the prior ceo had built up into the crown jewel of morgan stanley. sonali: we thank you so much for your time. the market eagerly awaiting some update from morgan stanley on what is going on with that probe. coming up next we will talk with a ceo from ul solutions. after raising nearly $1 billion fo

thing is really we see real chop out there for regional banks the big banks the place to be we like it a lot. cheryl: quick i think forecast i leave you with that i think the forecast getting, you are in net interest income forecaster for the year slightly down my be seen as a positive. maria: great point thanks, cheryl stock up 1 1/2% thank you chris for being here great analysis, we will see you soon, time for hot topic of the hour edward learns pressed karine jean-pierre for the president to explain why claiming that inflation was skyrocketing when he walked into oval office watch this. >> the president said, he came into office, inflation was skyrocketing, it was 1.4% in january, 2021, 11th consecutive month under 2% was president misleading. >> when president took office you know a pandemicing closing down businesses closing down schools drastically disrupting the supply chain. >> i didn't say supply chain he said inflation was skyrocketing. >> we had a supply chain that was disrupted so that is what the president was speaking to lacing out. >> is president honest about inflation.

if you combine all of the big 4 commercial banks, it is really only a 1% rise.hat expected jump. when i say jump, 1% is not that much of a poll. but you are having to read between the tea leaves. another metric here that i think is going to be important is investment banking. we've heard about green shoots for quarter after quarter. when we have seen such a subdued investment with banking and fees, this is really going to be the first time the year-over-year increase is meaningful and potentially could pave the way for future quarters of growth, which we have not seen for the last year plus. sonali: katherine doherty, thank you so much. we are going to be very busy starting very early tomorrow morning. coming up next, we will talk about a shake at the top of goldman sachs. the top treasure leaves after about two decades. more on the departure and his new fill. stick with us. this is bloomberg. ♪ you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. great job

much cooler big, big fog bank out there.e a little mini warm up here last couple of days really. we're upper 70s to a few near 80 degrees. but santa rosa redwood city lafayette and san jose cooling you down upper 60s and low low 70s on the thames a higher clouds have cleared out. that's not an issue anymore. it's the lower clouds which can't see. but there's a big fog bank out there. 50s mainly on the temps, upper 40s, low 50s. there's not much of a spread here, although pacific at 45 but low 50s here. mid 50s. woodside 49 degrees los altos 48. but most locations are in the 50s. onshore breeze in the city also over towards richmond, out towards san pablo bay. davis point and even all the way out to travis. so that'll do it. that that that kicks in the onshore breeze. 38 mount shasta to 3234 truckee and south lake tahoe and everything looks good after the low cloud deck, but it will be significantly cooler today for many. big fog bank. sunny, cooler, not much change on saturday. i think we'll have more sun but does look warme

the earnings we'll see from big banks are good to great. black rock will report. comps are easy. i think they'll do well. absent that the trend remains higher. >> rich, you're getting a lot of fed speak. the most recent one is collins at noon. we can bring you the headlines now. the fed expects it will be appropriate to begin hiking. more time is needed, but that seems to be the party line. williams, a voter, said rate cuts starting this year, no need to adjust in the, quote, very near term. he does expect pce inflation to be 2.25 to 2.50 this year. moving closer to 2% next year. the idea you're still getting cuts is not off the table. that's all that matters. >> there's the tightening like open occurred in '99 with greenspan, and there's the slam the brakes, which the fed did, to really control inflation. and that's a trickier tightening. so inflation has come down, but it doesn't have a two handle. it's likely not getting there so quickly. the important point as an investor is to buy stocks irrespective of what the fed is doing and whether they will tighten or not. maybe they'l

have, the big bank got into trouble. but the market doesn't believe that, so, no, i think regional bank distress benefits the big money center banks, there's no doubt in my mind. >> sheila, it's karen, thank you for being on. a question about basil three end game. do you think it went too far? and how do you -- where do you think it shakes out? >> well, i think -- yeah, i think there's some really good things in it, there are some things that are probably not very good in very, very complex, and a lot of administrative costs from that unnecessary complexity. i don't think that should be a priority right now. look, those rules primarily respond to, you know, things that we didn't get done after the great financial crisis. 14 years in the making. my view is, they can wait a little longer. liquidity really needs to be front and center. i know the regulators are working on a new package of strategies and proposals to deal with -- to provide more liquidity, mainly by getting banks to use a discount window her and be more prep

big banks in line. when these banks blew up, you went into a spin mode promising the fed would do better and after years of hemming and hauling you agreed to put in place basel iii rules that would strengthen capital standards for the biggest banks and i mean the biggest banks. these are the proposed rules that would apply to only 37 of the nation's 4500 banks and only the banks that have $100 billion or more in capital. now, chair powell, when you testified last june before this committee, i asked you that taking responsibility for bank failures. you said, "the main responsibility i take is to learn the right lessons from this and undertake to address them so we don't have a situation like this where we had unexpectedly a large bank sale and spread contagion into the banking system. and as part of learning those lessons, you also said, "that you agree with and support" vice chair for supervision bars recommendations for strengthening the fed's rules this is for the big banks. and that you are confident

big fog bank.n, it may not clear at all for some over by the coast, although there's always what we call little banana belts. it always gets some sun, no matter how big the fog bank. but boy, i'll tell you, that's probably the biggest one we've seen up. upper low is moving in south of us. so that's enhancing the fog bank 60s on the temps. all right. sal is here for 30. picking up cones. something else. >> we're still light steve, i like it. you know we don't want to. we don't want to stir the tree or whatever. we don't want to get people all riled up. there's nothing going on. hopefully it'll stay that way. this is a look at the bay bridge toll plaza. it looks very nice. and there have been no major issues here. traffic also looks good on the san mateo bridge heading across the bay for 30. let's get back to the headlines. >> thank you. sal, a community in the east bay is mourning the death of a former police officer and high school sports coach. deputy tobin boulter was shot and killed in idaho whi

big bank earnings season in full swing.al yield" on bloomberg. ♪ it should be called wiffle tennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense. we got nothing to worry about. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him. good game. thanks for coming to our clinic, first one's free. (upbeat music) there's more to business than the business you're in. if you use data, that's the privacy business. manufacturing on demand? you're talking cloud business. got a few million hyper-connected customers? digital experience business. that was fast. that's where deloitte comes in. with the right combination of talent and technology to help advance and connect all that it takes to excel in business ... to the business i'm in. deloitte. chances of a plane crash -- 1 in 11 million. you're not gonna finish those salted nuts, right? never

they provide about -- for the big banks, there is a lot of room for improvement. >> the banking sector generally, there was banking crisis. how are the banks doing. what are the big risks that you are watching? >> overall, the banking system is sounded a zillion. we are not seeing the kind of liquidity pressures that we saw a year ago. there are pockets of risk. we are looking at things like losses on the balance sheet and securities. we are looking at banks with concentration on real estate. commercial real estate covers a lot of different sectors. the office is under stress more than other parts of the sector. we are looking carefully at banks with heavy concentrations and office commercial real estate where there are expected price declines. we are always worried about and think about operational risk exposure. banks exposure is a big operational risk and one that is a constant kind of threat to the system that we have to be careful of and monitor. those are the kinds of things on our mind now. >> is there a time period where once we have gotten through, we will know that we have ma

steve, thanks. >> sure. >>> dom mentioned the big banks as well at the top of the show. take a look at the etf since the turmoil at the end of january, but my next two guests are turning to the regionals for opportunity. they call fears around that trade overblown. let's bring in dory wiley, president and ceo of common streetholdings and christopher maronak director of research and regional bank expert at janet montgomery scott. guys, welcome. dory, is this an issue where regionals in general are sort of underpriced because of unwarranted fear? >> well, it's regionals in general and specific stocks. this fear trade manifests itself for different fears. it could be company specific, industry, the economy or geopolitical and any of those go wrong the bank stocks get hammered. so what you've got to do as a stock investor and go which one of those fears are playing into my stock and is it fundamentally wrong or misplaced? for example, something happens over in china and you have a community bank in texas sell off, that may create a buying opportunity. >> okay, so, chris, if

then you have policy and we are only one year on major banking crisis 134 big banks fell over.ut as well, plus record amounts of government debt, interest bills on that are going up and that in itself crippled economic growth. again, another consideration to think about. we again, another consideration to think about-— think about. we have the imf forecaster— think about. we have the imf forecaster due _ think about. we have the imf forecaster due to _ think about. we have the imf forecaster due to come - think about. we have the imf forecaster due to come out i think about. we have the imf i forecaster due to come out soon i believe. the advanced economies i having to hold steady. low income economies are the hardest hit by emotion economies have done fairly well. we're talking the likes of india and indonesia, what are they doing? we of india and indonesia, what are they doing?— of india and indonesia, what are they doing? we have the world economic _ are they doing? we have the world economic outlook - are they doing? we have the i world economic outlook update from the imf

big banks before the bell this morning. jpmorgan way on the downside, europe $9, 4.5% on the downside. octavia. give me the big picture here. what shape are the banks again after today's earnings reports? >> we saw jpmorgan come out and citigroup and i thought it was encouraging. jpmorgan in particular had a good earnings report. i don't know why the markets are punishing jpmorgan the way they are. that was a set of earnings across the board. the big banks in particular are looking very solid and in good shape. stuart: the problem with jpmorgan is the ceo jamie dimon, on the call he warned about head wents like persistent inflation, possible wars and the federal reserve, he says they could all hurt the strong economy. not the bank operations itself but the way the bank ceo, powerful guy, sees the future. what do you say? >> maybe the markets believe what jamie dimon is saying about the overall environment but we all swim in the same water so i don't see why those forecasts would hit jpmorgan more than others. you might argu

. >>> big banks kicking off the first quarter earnings season with a bang.enny polcari on wha ♪3, 4♪ ♪ ♪hey♪ ♪ ♪are you ready for me♪ ♪are you ready♪ ♪are you ready♪ morikawa on 18. he is really boxed in here. -not a good spot. off the comcast business van. into the vending area. oh, not the fries! where's the ball? -anybody see it? oh wait, there it is! -back into play and... aw no, it's in the water. wait a minute... -alligator. are you kidding me? you got to be kidding me. rolling towards the cup, and it's in the hole! what an impossible shot brought to you by comcast business. maria and julio thought their life would never slow down. then one day, it finally did. you were made to find inner peace. we were made to track flight prices to paradise. (♪) is bad debt holding you back? ♪ the only limit is the sky ♪ ♪ it's our time ♪ ♪ you don't want to miss it (just a little bit louder) ♪ ♪ it's our time ♪ ♪ you don't want to miss it ♪ ♪ it's your moment in the spotlight ♪ all your ambitions. all in one app. low fixed rates. borrow up to $100k. no fees required

. >>> big banks kicking off the first quarter earnings season with a bang.enny polcari on wha so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. ♪3, 4♪ ♪ ♪hey♪ ♪ ♪are you ready for me♪ ♪are you ready♪ ♪are you ready♪ oh, yeah, man. take it from your inner child. what you really need in life is some freakin' torque. what? the dodge hornet r/t... the totally torqued-out crossover. maria and julio thought their life would never slow down. then one day, it finally did. you were made to find inner peace. we were made to track flight prices to paradise. more welcom

. >>> big banks kicking off the first quarter earnings season with a bang.enny polcari on what says about the economy and where he's putting his money now. that's next. if you have wet amd, you never want to lose sight of the things you love. some things should stand the test of time. long lasting eylea hd could significantly improve your vision and can help you go up to 4 months between treatments. if you have an eye infection, eye pain or redness, or allergies to eylea hd, don't use. eye injections like eyla hd may cause eye infection, separation of the retina, or rare but severe swelling of blood vessels in the eye. an increase in eye pressure has been seen. there's an uncommon risk of heart attack or stroke associated with blood clots. the most common side effects were blurred vision, cataract, corneal injury, and eye floaters. and there's still so much to see. if you are on eylea or a similar type of treatment, ask your retina specialist about eylea hd today, for the potential for fewer injections. after advil: let's dive in! but...what about your back?

big banks on tap, futures are mixed as first-quarter earnings season kicks off, j.p. morgan, wells fargo, city among the big banks reporting earnings for the first quarter this morning. we'll have the numbers as soon as they crossed the tape and watch for market reaction. a close eye on commodities this morning as stocks are mixed, gold is up again, touching a fresh all-time high this morning with gold prices right now up another 2% in 2414 announce, european markets in the green, take a look at the eurozone were received fractional moves across the board, s&p 191, cac on up 60 in the daxs higher by 29 reading asia overnight markets are mostly lowered the hang seng the worst performer down better than 2% on the session. back in washington president biden expressing support for japanese and philippine ships in the south china sea and the chinese aggression, janet yellen is getting slammed for pitching bidenomics in beijing. president trump teams up with how speaker mike johnson on election integrity as new polls show the former president is gaining support from key vot

. >>> big banks kicking off the first quarter earnings season with a bang.enny polcari on wha the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai. ♪3, 4♪ ♪ ♪hey♪ ♪ ♪are you ready for me♪ ♪are you ready♪ ♪are you ready♪ (vo) sail through the heart of historic cities and unforgettable scenery with viking. unpack once and get closer to iconic landmarks, local life and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort. more welcome back. here's a look at where markets ended the week after new reports showed a hotter than expected inflation story. consumer prices higher, producer prices climbing to an 11-month high. but the a major banks -- wells fargo, jpmorgan and citigroup -- blew out expectations. all three kickin

there will be bank failures but this is not the big banks. it is not a first-order issue for any of the very large banks. it's more smaller and medium- sized banks that have these issues. we are getting through it. i think it's manageable is the word i would use but it is a very active thing for us and the regulators and it will be for some time. >> thank you. do you have concerns -- let me ask you this, as you're talking with these small and medium banks because we know there's always ache contagion we have seen in the past do you have concerns that if they fail that somehow this is going to impact the financial sector and are you prepared and trying to address that and prevent that from happening? >> we are trying to stay ahead. we reached out to banks that had high concentrations of uninsured deposits and particularly uninsured deposits and a lot of commercial real estate in the office sector. we are well aware of the issue. we are trying to stay ahead on a bank by bank basis and overall. so far we have been able to do that. >> let me jump

. >> i think, overall, investment banking and capital raising has been an okay area for the big bankswe had decent momentum listing. what we need for the rest of the year is a stable market. as long as companies and management teams and investors know what to expect, they can manage a good or bad ipo. it is the volatility and geopolitical issues and the uncertainty that makes capital raising tough. >> that's what they get paid to sort out. >> and get paid handsomely. >> carl, thank you. great to see you. >> thank you. >> on a programming note, u.s. colleagues will speak to larry fink later today. that is coming up at 15:00 cet. frank, it is sad that our time together has now come to an end. >> you are going back to australia. >> you are going to be in the lucky position of hosting "street signs" with silvia. then you will be king of your own show. >> what? >> i thought as a welcome to the united kingdom, you might benefit from a bobblehead king charles. >> what amn amazing gift. i don't want to say my secret ambition on tv. to be knighted. if anybody can, i can. mandy, you have a doll

michael: under the bank merger act, we have four categories of things, a big sure way that we look at. we look at the effects on competition. we look at financial and managerial opacity to effectuate their merger. we look at financial stability, and we look at convenience needs. convenience needs is a broad category that includes how well has the bank served its community. an important way to measure that is by their rating under the community reinvestment act. we want to see strong past performance. then, banks also submit information about their plans going forward. are they going to close a bunch of branches in low income communities or open more? are they planning to serve low income communities better in the future or not? what kinds of products and services do they intend to keep or to grow in the merged institution? we take all of that into account in thinking about the convenience and needs of the community. we are not currently planning to do that. we have a pretty robust process that follows existing guidelines in this area. we are working with the other bank agencies and th

. >>> big banks kicking off the first quarter earnings season with a bang. kenny polcari on wha ♪3, 4♪ ♪ ♪hey♪ ♪ ♪are you ready for me♪ ♪are you ready♪ ♪are you ready♪ oh, yeah, man. take it from your inner child. what you really need in life is some freakin' torque. what? the dodge hornet r/t... the totally torqued-out crossover. ♪(relaxing music)♪ (♪) (♪) (♪) (♪) (♪) (♪) book in the hotels.com app to find your perfect somewhere. did you ever worry we wouldn't get to enjoy this? [jeff laughs maniacally] (inner monologue) seriously, i'm on the green and all i can think about is all the green i'm spending on 3 kids in college. with empower, i get all of my financial questions answered. so i don't have to worry. empower. what's next. more welcome back. here's a look at where markets ended the week after new reports showed a hotter than expected inflation story. consumer prices higher, producer prices climbing to an 11-month high. but the a major banks -- wells fargo, jpmorgan and citigroup -- blew out expectations. all three kicking off the first quarter earni

is big government including a big banks and big business to spy on everything american spot, every place they go, everything they do. big government once financial data at its full of sensitive information about you. our investigation started fbi whistleblower came forward and talk to the committee he was supervisor intelligence analyst at the fbi i've told the committee fbi got information from bank of america specifically it received a list of any customer who made purchases in the washington d.c. area generally fifth through seven, 2021. the whistleblower supervisor in charge of the boston field office corroborated his testimony when he spoke to the committee. and so did steve jensen the fbi domestic terrorism operation section chief. but it was not just purchased pe data around a specific date the fbi got from bank of america. that was actually overlaid with any firearm purchase at any time. how does the fbi get this information? they ask for it. you can see on the display on the screen here the e-mail that was sent to the fbi told bank of america to recapture morning call we are pre

that's a big one. the banks have been in focus.ted out the day-trading higher but now we're on pace for the biggest drop since march 2023. we're watching live nation as the department of justice we report looks set to file an anti-trust lawsuit against its ticket master platform. finally, says la is always in the news especially after those layoffs and departure news coming yesterday, web bush writing one of those senior departures with leno was a gut punch. katie: the rough ride for tesla continuing to build. thanks, simone. what's next for paramount as rumors fly about possible merger partners? we'll be joined by jon klein, former president of cnn. this is bloomberg. ♪ ♪ katie: it's time for our daily wall street week conversation and today we're focusing on a possible paramount deal. media mobile david ellisson is in talks to take over paramount and merge it with his own company, sky dance media. john klein is hang media co-founder and wall street week david westin. a lot of people would like to know how this shakes out. david:

there still pressure on shares of the big banks. we will about why next. this is bloomberg. ♪ sonali: this is bloomberg markets. it is time for stock of the hour and that is morgan stanley where traders delivered first quarter revenue that exceeded expectations and wealth management unit bought in more than $5 billion in revenue and that is handing a key win for its new fearless leader ted pick. the stock is having its best day since early march. joining us to talk more about it is an analyst for autonomous research who has long been following the stock. even though this rise we are seeing today on the heels of this report, you have morgan stanley down about 3, 3 .4% on the year. how do you think about morgan stanley clawing its way back into the green here for the year? >> thanks for having me on. i would say so far this year the pressure has been more on the wealth management side of the business. you have seen deposits flagged. you have seen pressures on cost margins. clearly a lot that was dispelled today. good organic growth for morgan stanley. close

big banks and energy are in focus today. market guest is bullish on both but sees a less than rosier picture for the broader market for the next decade. here's here to tell us why. and ai a jobs creator? and a productivity booster, but he's warning of one thing that could get in the way. and you know him from "shark tank." matt higgins is also here. and fresh off my interview with former weworks ceo adam neumann, i would ask him if he would invest in that new venture. we begin with dom chu and the numbers. we are drifting close to the session lows. >> just about there right now, deidre. it's been deteriorating throughout the course of the last couple of hours here, and as deidre points out, session lows right now. i'll take you through the broader cap s&p 500, which is down 75, 76 points, down 1.5% overall at 5123. so, again, this is the session low right now. we were still down 24 points, even at the session highs, so that gives you an idea of how far we have drifted to the downside here. the level that a lot of traders are

it's being dominated by those big banks.p, wells fargo, also asset management giant blackrock, each on the move as you can see here, but it's a bit of a mixed trade. quarterly results right off the bat generally all good for all of these names, better than estimates. the stocks aren't reacting that positively. jpmorgan chase and wells fargo, those better results came with concerns about the so-called net interest income levels or the money banks make from lending. for citigroup, the shares are higher, due in part to some of the optimism that ceo jane fraser's restructuring plans will lead to better results down the line. blackrock is higher by just about 0.5%. better results helped by record assets under management of $10.5 trillion. we're also tracking shares of chip stocks, namely intel and advanced micro devices. both lower, due in part to a report from the "wall street journal" saying that chinese companies are directing telecom companies to start phasing out the chips from their systems. that follows reports about the c

bank investment bankers are stepping up in a big way.k at banks today on today's wall street beat. this is bloomberg. ♪ ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. sonali: now for some news across wall street, viking global led by halverson raised $3.5 billion for its flagship hedge fund after opening it to new cash for the first time in a decade. that booze the firm's assets to nearly $49 billion. viking has a reputation as a solid performer even when peers are struggling very volatile funds. it started raising in january of 2023 to replace client -- client withdrawals and capitalize and market volatility. it will stop accepting new money on july 1 and will be closed for the foreseeable future accor

big bank, big technology can be as nimble as a startup and be a disruptor out there.s the kind of talk you heard from goldman management. for that to happen, you needed a suite of other products. if your goal is to diversify your source of funding and not just rely on wholesale funding, reduce your funding cost because fund secured borrowing is still expensive. when you have a channel like the marcus savings account which has more than 110 million dollars in deposits, you can understand why goldman wants to stick with it. it's not really a can -- a coherent strategy but it's good funding for the firm. sonali: is this a good business? betterment is buying this business, did they gaining thing by owning it? >> incumbents will tell you it's a good business. digital investing shops especially these robo advisors have gained skill. betterment is one of the largest when it comes to independent digital investment advisors but you also think of the big wealth management players have also moved into the strategy where they have a part of their offerings in these rover advisory

under surveillance, big banks picking up earnings.p reporting concerns and trading revenue. next we will hear from goldman sachs, morgan stanley. i'm struck by what we heard from ken leon, you can expect goldman sachs, morgan stanley to probably outperform when it come to the banking and trading side. manus: they have both done quite nicely. good volatility. it would appear we have had good volatility rather than bad volatility. on a more serious note, there was a nice rate volatility through the quarter as we shifted from six rate cuts to four rate cuts, no writ cuts, no landing. volatility has been there on the right side, likewise in fx. they're just not been the carry through in ipo and m&a. right now, the credit losses are not as bad in wells fargo and jp morgan, and that told me about u.s. exceptionalism. lisa: what jp morgan did with interest margins and borrowing doesn't matter because jamie dimon said he is worried about geopolitical concerns that might trump other things, which brings us to china. president biden surpassing

the second is a move from small banks and regional banks to big money center banks. the top 15 banks hold about 76% of the deposits in the united states. the top four banks have almost 50% of the deposits. i think we have a real structural shift that happened in the united states as a result of svb that i don't think is coming back. each regional bank has to figure out their own strategy for how they try to win back some of that deposit growth in order to have the deposits -- to do the other side of the balance sheet, which is lend the money out in their communities. >> at lead bank, you serve local customers but you have also built an onramp for financial technology companies. is that a response to sort of the aggregation we're seeing of the bigger banks? >> it's not in response. we do have a really healthy community bank in kansas city, missouri, that we're really proud of. we have amazing customers, amazing board members. but we run a thin tech infrastructure company. we build all kinds of banking products and apis for consumer and tech companies that want to embe

but the overarching comment i'm making here is in the financials, i want to be in the big banks.ant to be in the regionals. we all know the problems they're facing i don't find the risk/reward potential there appetizing to me where i look at the big banks and see the multiples that don was just talking about and also including low earnings nul multiples. you did mention that ipos have been slow. they're starting to pick up. in the meantime, the fixed income issuance market has been strong all year. there is just loan growth. that interest income we know has been held back by what's going on with the fed. that will eventually be pureed, eventually there is a lot to like in the larger segment of the financials. >> yeah. i guess i'd say the high margin of businesses like ipos and like mergers and acquisitions, we have only seen a hint of it. they haven't kicked in the pipelines are full that's the high margin that will really drive earnings revenues. >> josh, you own jp morgan it is one of the stocks you love you hold it fondly >> yeah. i have been in this stock forever. there is no

so the latest results aren't in from any of those big banks.n stanley saw a 12% drop in revenue from the asia-pacific region. so they are getting down to fairly low levels in terms of staffing these tasks. so we will see. they all still maintain their focus on maintaining a presence in mainland china as well as hong kong. so they will need to keep staff up, should these markets eventually turn around. we've looked at that for a long time now. everybody says that the type -- deal pipelines are healthy. but the deals are just not coming through. obviously they will need some sort of staffing to take care of the deals. should they eventually start to materialize. haslinda: thank you so much for that. in the markets, asian stocks trading in tight ranges after powell's hawkish comments. let's do a check in on how currencies are faring with averill hong back in the lion city. avril: very interesting picture emerging. the dollar rally after five sessions is stalling despite those hawkish comments from the fed chair. in many ways, this is because it's

you pointed out there's a big fog bank in there. head out to sfo a little bit of a break maybe in the in some of that low cloud deck. there are a few pilots always tell you there are breaks in the low clouds no matter what. but there's a pretty good fog bank out there. and i'll show it to you in a second. 4050 on the temp sun, sun. but a lot of local. look at that. that's the biggest we've seen. i think this young season there's a lot to go around. so it will be slow to burn back if you're near the coast. 5060s there this higher clouds are gone. so if you're inland you don't get the fog. it'll be sunny but cooler. so shades of cool here for many today as temps come down a good ten degrees for many fog near the coast. probably most of the day, but sunny, breezy inland temperatures 60s 70s. all right, frank mallicoat is here getting better? >> yeah, a little bit. unless you're on the bay bridge. you get through that toll plaza pretty quick. but there are some issues in san francisco. it's been crowded today on that bridge. thanks to a

sonali: a lot of big banks coming out with their earnings so we will get more information on what this means for the lending sector there. thank you so much for your time on a busy day of jobs data. we will talk about the auction block. we will discuss of credit can keep up this rapid pace. this is real yields, on bloomberg. ♪ ok y'all we got 10 orders coming in... big orders! starting a business is never easy, but starting it 8 months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs. the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh sonali: this is limburg real yields and it is time for the auction block. in europe they topped a new record -- u.s. high grain notable

i am taking the big six, head on to give you my take. >>> from big banks to regionals, i'm checking in with a tennessee bank to see how they are doing. >>> i have a bone to pick with how we handle and the trust in this country and in laying out why i think it needs a change. >>> don't miss a second of "mad money" . have a question? send an email, or tweet at #madmentions or give us a call . miss somhietng? head to madmoney.cnbc.com. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. norman, bad news... i never graduated from med school. what? but the good news is... xfinity mobile just got even better! now, you can automatically connect to wifi speeds up to a gig on the go. plus, buy one unlimited line and get one free for a year. i gotta get this deal... that's like $20 a month per unlimited line... i don't want to miss that. that's amazing doc. mobile savings are calling. visit xfinitymobile.com to learn more. d

banks to navigate, but on the whole, it's probably better for big u.s. assets and state banks.di: what sort of outlook so we are expecting to hear given the level of uncertainty around banks? >> a lot of people are talking about jp morgan and wells fargo. they are expected to potentially revise their outlooks. of course, what their chief executive officers, in particular jamie dimon, say about the market will be watched. jamie dimon talked about how the markets are pricing in a potentially 80% to 70% chance of rates lowering. he also said given the inflationary pressures the market is facing, we could see anywhere from 2% to 8% or more and that the bank was prepared for that. haidi: there are concerns over money laundering controls with regulators. >> that's right. in a way, not all of this was new. we know the federal reserve was looking to see if morgan stanley's business was taking adequate measures to prevent potential money laundering. at the time, it was reported the regulator was prepared to improve controls and processes. today we learned it's actually the sec, occ, and

since 2015 they have cut taxes to big banks by ea big banks.e quickly. social care. where will ou more quickly. social care. where will you get _ more quickly. social care. where will you get the _ more quickly. social care. where will you get the money? - more quickly. social care. where will you get the money? it - more quickly. social care. where will you get the money? it is - more quickly. social care. where | will you get the money? it is part of the package. the 4 billion you said pays for part of the challenges the nhs faces. it pays for the nhs and care partly and we will put other ideas forward. let me give you one, the windfall tax on oil and gas companies. they are making huge profits. it is fair they put a bit back into the system to improve public services. on social care, really important. people are in hospital longer than they need to be because there are not the care workers. liberal democrats have said that we need to support families more so they can look after and loved ones and give them training, money, respite care so th

big banks are more insulated from that. you look at what's going positive for the big banks. mean, trading ref news are going to be up -- revenues are going to be up. wealth management, asset management business, recurring revenues should be reel vatted. -- elevated. mergers and acquisitions should be coming back online because there's more visibility about where interest rates are going to in the future. the issue is loan loss provisions. that is the issue. are they going to start worrying about bad debt? the consumer right now has over $1.1 trillion of credit card debt. like there are going to be -- there's going to come a time where these banks are going to have to realize they're going to have to write off this debt because the consumers can't afford to pay the bills. maria: it's a great point. i mean, jamie dimon has been raising the red flag on debt, on a national level, personal level. so what do you make of what he's been saying in terms of the potential of this economy really slowing down? you saw the annual letter yesterday. he talked about all of the stimulus. look

big banks see the difference with billions and volume. ♪ [city noise] investment opportunities are everywhereou turn. do you charge forward? freeze in your tracks? (♪♪) or, let curiosity light the way. at t. rowe price, we're asking smart questions about opportunities like clean water. and how clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price sonali: i'm sonali basak and this is "bloomberg real yield." higher u.s. yields are being taken into account with a 23 billion dollar u.s. tips auction that had the second highest yield since 2008. the primary deal was among the lowest on record with results showing a desire for inflation protection in the market. moving to ig, u.s. banks shined this week with goldman sachs, citizen financial, all with sales pushing the final to $31 billion. six flags helped to drive sales with $850 million. issuing new debt despite those following treasury yields with $105 billion for the year. a warning for investors. >> i wouldn't be surprised to see the market calmed down as it pertains to credit. what we have see

do you separate big banks from small banks. >> absolutely.ig banks proved they can make money in any environment. they came out leaner and meaner after the pandemic. things can settle down with rates i think they will find a way to continue to make more money with that as well. charles: last three months industrials up 3.1%, materials, xlb, up 8 1/2%. only thing energy outperformed that. you would still buy these? >> i would. charles there are 50,000 project es around the country, infrastructure came out of the deal on congress, bipartisan deal. charles: right. >> that's all going to work. they're buying raw materials. they're going to caterpillar. they have to get these projects done. there is lot of excitement about it. i would definitely be in these sectors because you this stuff to build the country. charles: i know you like gold. one of my favorite firms put out a piece about france, eurozone bonds they're worthless, certificates of confiscation. if anybody is thinking of owning them buy gold because it is breaking out. i know you like g

but when you look at the big banks, they're so well capitalized. they have minimal exposure relative to 1990 and '08-'09, to commercial real estate office space which is where the problems are. but getting back to your point, who could put up good numbers -- liz: yeah. >> -- all the banks are going to struggle this quarter with the net interest income. they're looking to have it bottom out in the first half of this year because of the pressure on net interest margins. liz: okay. >> and we're looking for this inflection point to come in in the middle of the year and show better net interest income. and so i would say that fifth third stands out as a regional a bank that investors could buy. m&t bank corp.. is another one, two very well managed banks and banks that have very strong capital levels as well as good underwriting. liz: as the markets continue to dump can out here, there are still opportunities especially when they're cheaper on a day like today as we are pretty much close to the height of the selloff. thank you both very much, sarge, gera

, but the big regional banks are also diversified most lenders are commercial, industrial lenders theyin the construction lending market. what housing, of course, starts apply to on commercial real estate you are right the office market particularly so-called class b, and c space in large cities, that is a real problem class a, office in most markets still quite resilient. >> quick i know morgan stanley stock was heavily shorted into this maybe also contributing to big rally we are seeing in morgan stanley today do you have a faifrnt jpmorgan or bofa what do you want to buy in financials right now. >> bank of america name to own we heard of to it risk on jpmorgan great stock, if you are worried about outlook you want to own jpmorgan or take more, optimistic view certainly own bank of america. >> thanks very much gerard cassidy joining us morning. we'll be right back.. . . we're talking about cashbackin. not a game. not a game! we're talking about cashbackin. we're talking about cashbackin. we're not talking about practice? no. we're talking about cashbackin. we're talking about cashbac