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Jan 12, 2024
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a software jane fraser is heading? -- is that where jane fraser is heading? really matter to them. that is why a mention bank of new york as an example where they have durable businesses but they don't get higher multiples. you are moving away from higher growth areas but they know they have to get away from cyclicality of being a bank because you don't get rewarded. jonathan: can you take anything from this morning to apply plight of banks next week? ken: 2024 will look good for investment banking. i can assure you there will be plenty of activity in underwriting and m&a. there is an enormous backlog to monetize and goldman sachs and morgan stanley will execute on that. the other story is lightening up the balance sheet and moving over the private credit. all the attention is on the large banks but when you look at blackstone and apollo, they are in a pretty good condition. jonathan: tom: if you are just joining us thank you. jp morgan is positive by a little more than 2%. their outcome coming in better-than-expected. tom: 41 up to 53 on citigroup. what i wo
a software jane fraser is heading? -- is that where jane fraser is heading? really matter to them. that is why a mention bank of new york as an example where they have durable businesses but they don't get higher multiples. you are moving away from higher growth areas but they know they have to get away from cyclicality of being a bank because you don't get rewarded. jonathan: can you take anything from this morning to apply plight of banks next week? ken: 2024 will look good for investment...
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Jan 22, 2024
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. >>> and top take aways from jane fraser and her lunch with warren buffett. it's monday, january 22nd, 2024. you're watching "worldwide exchange" right here on cnbc. >>> good morning and welcome to "worldwide exchange." i'm frank holland. i hope you had a great weekend. let's start your day with the hour and check of the u.s. stock futures coming off a blockbuster week for trading. the dow would open up 50 points higher. it's early. ahead of the open, the dow and s&p 500 and nasdaq are all set to push further into the record territory after the rally on friday which saw all of the averages close more than 1% higher. the dow logged the best day since november. s excuse me. mid-december. one-third of the dow is set to report. i'm blocking some of it. we have 69 s&p due out, including very big ones. netflix and tesla and united. >>> a check of the bond market with the 10-year yield and 20-year yield and 30-year yield check here. 4.21% for the ten-year yield. oil with wti trading at $73.50 a barrel. that is the morning setup. >>> let's get a look at the top corpo
. >>> and top take aways from jane fraser and her lunch with warren buffett. it's monday, january 22nd, 2024. you're watching "worldwide exchange" right here on cnbc. >>> good morning and welcome to "worldwide exchange." i'm frank holland. i hope you had a great weekend. let's start your day with the hour and check of the u.s. stock futures coming off a blockbuster week for trading. the dow would open up 50 points higher. it's early. ahead of the open, the...
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Jan 16, 2024
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i imagine morgan stanley won't see a jane fraser-esque revamp.000 jobs are getting cut in the coming year. >> that is what they telegraphed on friday. jane has been ceo for about two years and is trying to put this bank on better footing. trying to make it look more like a morgan stanley. investing in their wealth business. trying to pivot away from stuff that doesn't quite make sense or give them the returns they need. and as part of that they will be cutting 20,000 jobs. while it will be interesting to hear if other banks need to take such drastic measures. if dealmaking and trading will be software for much of this year, does that mean more job cuts on wall street? maybe not 20,000 a la citigroup, but will several thousand more heads have to go? kriti: you pointed out earlier this week that citigroup has a blessing and curse in terms of international exposure. it can be a occurs when they have exposure to the likes of argentina or russia. when there is so much volatility in the united states, do you think citigroup might be able to make some s
i imagine morgan stanley won't see a jane fraser-esque revamp.000 jobs are getting cut in the coming year. >> that is what they telegraphed on friday. jane has been ceo for about two years and is trying to put this bank on better footing. trying to make it look more like a morgan stanley. investing in their wealth business. trying to pivot away from stuff that doesn't quite make sense or give them the returns they need. and as part of that they will be cutting 20,000 jobs. while it will...
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Jan 3, 2024
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this is make or break time for jane fraser. is this due to jane fraser?, but not definitely. to some degree the feedback from investors has been for the last year, citigroup has blown up the profit loss statement due to expenses that are out of control. my view is they are ripping the guts out of the company, reconstructing it, and that costs money, but those expenses then start going down. they already have expenses lower in 2024 and 2025. i think this is a combination of a more optimized, streamlined, efficient firm and that will drive returns. we have several scenarios, my 50 page report. if there is a recession citigroup stock underperforms because they have more credit cards. they are top three in that. outside a recession we think the stock doubles. ideal scenario it triples over the next three to four years. >> so this is not even the most optimistic scenario. this is if they get most of what they promised done. what about the fact that lots of ceos have tried to embarq on reorganizations. history is not on citigroup's side. >> i wrote two chapters
this is make or break time for jane fraser. is this due to jane fraser?, but not definitely. to some degree the feedback from investors has been for the last year, citigroup has blown up the profit loss statement due to expenses that are out of control. my view is they are ripping the guts out of the company, reconstructing it, and that costs money, but those expenses then start going down. they already have expenses lower in 2024 and 2025. i think this is a combination of a more optimized,...
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Jan 3, 2024
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this is make or break time for jane fraser. is this due to jane fraser? may be. i think so. definitely. to some degree, the feedback from investors has been for the last year, citigroup has blown up the profit and loss statement due to expenses that are out of control. my view is they are ripping the guts out of the company, reconstructing it, and that costs money, but those expenses then start going down and they've already guarded expenses to go lower in 2024 and for 2025 so i think this is a combination of a much more optimized, streamlined, efficient from and that were driver turns much higher, that should drive the stock price much are. we have several scenarios in my 50 page report. . if there is a recession, i think citigroup underperforms. outside of recession, we think the stock doubles. in a bowl scenario, i think citigroup's stock triples over the next three to four years. >> this isn't even the most optimistic scenario. this is if they get most of what they promised to done, the stock can double. what about the fact that lots of ceos at citigroup have tried to em
this is make or break time for jane fraser. is this due to jane fraser? may be. i think so. definitely. to some degree, the feedback from investors has been for the last year, citigroup has blown up the profit and loss statement due to expenses that are out of control. my view is they are ripping the guts out of the company, reconstructing it, and that costs money, but those expenses then start going down and they've already guarded expenses to go lower in 2024 and for 2025 so i think this is a...
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Jan 12, 2024
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jane fraser did call the citi quarter very disappointing.hey do expect 20,000 rif in the medium term, jim. the revenue miss, even amidst -- you got to strip out so many things to get a good adjusted number. >> you see now -- they preannounce because of argentina and russia, there's a whole lot of other things wrong, but when you have an executive who just says, look, we're going to get our expenses right, we're firing 20,000 people. on wall street, we love that. i don't know how we became so rapacious. we're vicious capitalists, but what we say to ourselves is, boy, they are really about to do what we want. they are about to get the earnings right. jpmorgan doesn't have to do that. they're already right size. i think you'll find that wells fargo still feels like they have way too many people. >> what about chargeoffs, jim? a little bit elevated at bank of america, up about 100 million year on year, a little bit more than expected at jopmorgan, $2.7 billion. we were going into today wondering what we would hear about credit quality. >> i'm so
jane fraser did call the citi quarter very disappointing.hey do expect 20,000 rif in the medium term, jim. the revenue miss, even amidst -- you got to strip out so many things to get a good adjusted number. >> you see now -- they preannounce because of argentina and russia, there's a whole lot of other things wrong, but when you have an executive who just says, look, we're going to get our expenses right, we're firing 20,000 people. on wall street, we love that. i don't know how we became...
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Jan 9, 2024
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fraser but what about the core businesses? perform in the new era of citigroup? guy: a lot of heavy lifting to be done. busy week coming up. thank you very much. this is what the markets look like. crude is up that fading off an earlier move. blood plasma company down pretty hard. this is the story that came out a little earlier. we will talk more about that in the next hour. european close is coming up next. this is "bloomberg." ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. get over here kids. you've got more options time for today's lesson. wow. -whoa. what are those? these are humans. they rely on something called the internet to survive. huh, powers out. [ gasp ] are they gonna to die? worse, they are gonna get bored. [ gasp ] wait look! they figured out a way to keep the internet on. yeah! -nature finds a way. [ grunt ] stay connected when the p
fraser but what about the core businesses? perform in the new era of citigroup? guy: a lot of heavy lifting to be done. busy week coming up. thank you very much. this is what the markets look like. crude is up that fading off an earlier move. blood plasma company down pretty hard. this is the story that came out a little earlier. we will talk more about that in the next hour. european close is coming up next. this is "bloomberg." ♪ how am i going to find a doctor when i'm...
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Jan 8, 2024
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. >> isn't the risk at this point from earnings, right, and jane fraser already kitchen sinked it at beginning, and now going through these moves. >> yeah, and the sentiment in the last quarter, if they miss because of chargeoffs, this would be the last quarter of it in my view that is less telegraphed, because they are telegraphing that exposure. >> okay. we'll be back. >>> we're back. mike santoli, there he is. a nice graphic and everything for you, michael. >> wow, and i did not know that was coming. thanks for the baseball card. because the trend has been so friendly to the bull case, that's in the column that says we got this. i guess cpi tomorrow can challenge that a little bit. to me, one of the conclusions in the fed minutes last week is more tension is on the potential down side risk of the economy, and that's something you may have to pay more attention to. i think that applies to investors so far. so far looks like routine pull-back stuff, nothing that got you alarmed in a change in overall market character. earnings estimates have been coming down hard for the fourth quar
. >> isn't the risk at this point from earnings, right, and jane fraser already kitchen sinked it at beginning, and now going through these moves. >> yeah, and the sentiment in the last quarter, if they miss because of chargeoffs, this would be the last quarter of it in my view that is less telegraphed, because they are telegraphing that exposure. >> okay. we'll be back. >>> we're back. mike santoli, there he is. a nice graphic and everything for you, michael....
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Jan 19, 2024
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the report adds ceo jane fraser held the conference call yesterday to discuss the overhaul touching on cut 20,000 jobs over the next two years. >>> shares of wendy's getting a bump in the pre-market. up .75% after the fast food chain announced it is tapping a pepsi veteran as the new ceo. kirk tanner will start february 5th. tanner is the head of the pepsi north american beverage business steps into wendy's as they face pressure from investors. >> silvana, thank you. >>> turning attention now to apple. the stock having a choppy start to the new year while most of the big tech peers are higher in 2024. you can see on the chart here where apple is down 1.5% year to date. tim cook hopes that changes with the mixed reality headset vision pro. pre-orders begin this morning. ahead of the rollout, youtube and spotify will not launch apples for the vision pro. we have our next guests with us here now. gentlemen, good morning. great to have you both here. scott, i'll start with you. i watched the review on cnet this morning. i want to ask, you seem most impressed by the entertainment and cinema
the report adds ceo jane fraser held the conference call yesterday to discuss the overhaul touching on cut 20,000 jobs over the next two years. >>> shares of wendy's getting a bump in the pre-market. up .75% after the fast food chain announced it is tapping a pepsi veteran as the new ceo. kirk tanner will start february 5th. tanner is the head of the pepsi north american beverage business steps into wendy's as they face pressure from investors. >> silvana, thank you. >>>...
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Jan 16, 2024
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they are not profitable enough so jane fraser has taken a hatchet. people believe it. at the same time you will see the results from the international business right sizing she's been doing. i do like the citigroup name the black rock name, i know it came up in an earlier discussion, if you have a thesis like i do, commodities bonds and stocks are going to be strong this year. we can argue about are people going to take money out, that misses the overall point, this should be a strong year for the market i won't go into it more than that >> by trimming morgan stanley, that you took that cash and you put it elsewhere the elsewhere is home depot you bought is a new buy. why? >> yes, last week. >> i've been talking about it since december i do think the company set up to do better. which is not terrible but well below the market, because they saw negative same store sales for the last four quarters and you're getting to the end of that and i think of very easy comparisons. if rates do come down, mortgage applications go higher and they'll benefit. if rates don't go down,
they are not profitable enough so jane fraser has taken a hatchet. people believe it. at the same time you will see the results from the international business right sizing she's been doing. i do like the citigroup name the black rock name, i know it came up in an earlier discussion, if you have a thesis like i do, commodities bonds and stocks are going to be strong this year. we can argue about are people going to take money out, that misses the overall point, this should be a strong year for...
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Jan 2, 2024
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think about what jane fraser did. easiest thing would have been to come in there, right, as soon as she started and say we're going to cut this. efficiency stores are not just about meta and big cap tech. it's about every business. i'm going to take a measured approach. i will learn about these businesses strategically and decide which are important to us and which aren't important to us. we're too bloated. i will cut back on that. she's to be commended for taking a very critical eye to the business over long term rather than a knee jerk reaction. this is a guy i know very well, runs all investment banking and is phenomenal, also is a strategical thinker. i think it's a good story. i'm sorry it's moved up. my intention is to buy it. i still will. i would like to sell back a little. >>> up next, mike santoli with his first "midday word" of the new year next. >>> mike santoli with his first "midday word" of the new year. happy new year to you, and today tees up the question of this early part of the new year, whether yo
think about what jane fraser did. easiest thing would have been to come in there, right, as soon as she started and say we're going to cut this. efficiency stores are not just about meta and big cap tech. it's about every business. i'm going to take a measured approach. i will learn about these businesses strategically and decide which are important to us and which aren't important to us. we're too bloated. i will cut back on that. she's to be commended for taking a very critical eye to the...
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Jan 3, 2024
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jane fraser is leading the charge year. it is a complicated job, turning around them ocean liner.eavy lifting, but if she can succeed and management succeeds, this stock is undervalued with great upside. but it has been a value trap for many years, so we will have to wait and see. tom: i went to a seminar at tucker anthony a long time ago, and i was lectured that things are supposed to return nominal gdp plus a little bit. make it eight percent, 9% once in your lifetime. jp morgan turned that upside down. you do not see this coming. nor did anybody else. the returns of 10 years, 20 years, 15% or so, there are 30 year return. what did harrison -- what did dimon get right? gerard: really jamie dimon, or give harrison credit, i guess, for emerging from bank one when jamie dimon was there ceo and dimon has taken over since then. it has been his focus on delivering for shareholders, both through expansion and growth, and at the same time controlling expenses. they have done a good job in diversifying their revenue. the consumer banking business is profitable. on top of that, they have
jane fraser is leading the charge year. it is a complicated job, turning around them ocean liner.eavy lifting, but if she can succeed and management succeeds, this stock is undervalued with great upside. but it has been a value trap for many years, so we will have to wait and see. tom: i went to a seminar at tucker anthony a long time ago, and i was lectured that things are supposed to return nominal gdp plus a little bit. make it eight percent, 9% once in your lifetime. jp morgan turned that...
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Jan 11, 2024
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citigroup has captured the bullish view of analysts, mostly on the transformation but by jane fraser. when you hear transformation, that is a multi-your process with a number of bumps along the way to really figure out what is the earnings power of a bank like citibank. they are in the right direction but we went through this journey with wells fargo over the last three to five years. vonnie: yes, we did. and we did it together. we will do this together. thank you for joining us. and you can also turn to your bloomberg for more on all the bank earnings to get commentary and analysis from bloomberg expert editors. this is bloomberg. ♪ vonnie: you are watching daybreak asia. u.s. transport regulators have open investigation into boeing following last week's midair door blowout. it says boeing needs to comply with standards they are legally accountable to. it prompted airlines to cancel hundreds of flights. airbus set a sales record in 2023 with more than 2000 net orders in one of the most active purchasing periods in aviation history. the sales were driven largely with mega deals with m
citigroup has captured the bullish view of analysts, mostly on the transformation but by jane fraser. when you hear transformation, that is a multi-your process with a number of bumps along the way to really figure out what is the earnings power of a bank like citibank. they are in the right direction but we went through this journey with wells fargo over the last three to five years. vonnie: yes, we did. and we did it together. we will do this together. thank you for joining us. and you can...
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Jan 10, 2024
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saying he's a believer in terms of some of the changes jane fraser is trying to make at citi actuallyrough in terms of execution and benefitting that institution, as you see, it's up a little less than -- well, it's up 25% over the last two months. guys, i did notice, as i said, this is our seventh trading day of the year, i believe. but we've already got some distinctive moves in terms of groups. pharma, by far, the outperformer. the likes of merck is up over 8% so far this year. you've got j&j up over 3%. gilead, 9%. amgen, 6% plus. of course, pfizer sort of trails, as it often does, and bristol myers is actually not positive for the year. but generally, quite a positive tone there. did note laurie in her most recent note where she downgraded tech to a market platform, points out our overweights are f financials and health care. also energy amongst them. interesting move there, and then nvidia, you can't stop it, carl. that stock is now up over 9%. a $1.33 trillion market value. not that far away from challenging amazon's $1.57 trillion value, but it has outperformed the mag seven f
saying he's a believer in terms of some of the changes jane fraser is trying to make at citi actuallyrough in terms of execution and benefitting that institution, as you see, it's up a little less than -- well, it's up 25% over the last two months. guys, i did notice, as i said, this is our seventh trading day of the year, i believe. but we've already got some distinctive moves in terms of groups. pharma, by far, the outperformer. the likes of merck is up over 8% so far this year. you've got...
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Jan 10, 2024
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he is up on the table pounding by jane fraser. by citigroup. to see some fireworks consider mike mayo with a double on beleaguered citigroup out x number of years. >> let's catch up with the chief global strategist. joining us right now. great to catch up. a two-part story for you. first half volatility second-half rally. it reminds me of some of the outlooks i got last year for 2023. what is it where you think that story could take place? >> i think if you think about where we were at the end of last year where you have a price of perfection. you couldn't get better news the fed would start cutting early you would have a soft landing etc.. i'm not saying that's not all going to come true but at the beginning of this year you are already seeing the market pushback on some of those original expectations. you are seeing economic resilience. i struggle to see what is going to be the catalyst to drive another leg up in the near term. we need to see a pullback as the market starts to question their rate expectations and then as you get towards the m
he is up on the table pounding by jane fraser. by citigroup. to see some fireworks consider mike mayo with a double on beleaguered citigroup out x number of years. >> let's catch up with the chief global strategist. joining us right now. great to catch up. a two-part story for you. first half volatility second-half rally. it reminds me of some of the outlooks i got last year for 2023. what is it where you think that story could take place? >> i think if you think about where we were...
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Jan 22, 2024
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. >>> in the meantime, reuters is reporting that citigroup ceo jane fraser had lunch with warren buffett where she outlined the efforts. in the conference call last week, buffett told her to keep going about the next round of reorganizations which would be shared this week. the lunch took place, but cannot give details about the conversation. berkshire made a $3 billion bet on citi in 2022 and remained a top five shareholder as of the most recent data from september. citigroup shares are up 16 cents. >>> elon musk is now denying the report that x a.i. is committing a $1 billion goal funding. musk called the report not accurate. musk lawunched xa.i. last year. he was criticized for safety measures and taking shots at openai. a firm he funded which has now partnered with microsoft. >> >>> you can congratulate kansas. kansas city. it is really the kansas city chiefs. it is confusing. >> no segue there. >> you think people just tuned in? >> yes. >> you think they tuned in the last minute? >> i do. that's how it works. >> that's their problem. >> they need to get up earlier. i'm worried about
. >>> in the meantime, reuters is reporting that citigroup ceo jane fraser had lunch with warren buffett where she outlined the efforts. in the conference call last week, buffett told her to keep going about the next round of reorganizations which would be shared this week. the lunch took place, but cannot give details about the conversation. berkshire made a $3 billion bet on citi in 2022 and remained a top five shareholder as of the most recent data from september. citigroup shares...
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Jan 19, 2024
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the ceo jane fraser had a conference call yesterday talking about cutting 20,000 jobs over the next two years. it seems like further rounds of what we have known is a long-term trimming down. >> the bull case for citi. >> a shrink to grow. >> i don't know if this is the right way to do it, but it seems if it is every week we have a new citi story of them laying off. is it better to get all of it off at once? >> it is an ongoing programm. the traders and bankers seem to talk to people and saying we got the memo. it is a new story each time although it is part of the staff reduction campaign. >> did we know about that? >> i don't know we knew it was coming now. >> the aggregate number. here is the big plan. i have to think, by the way, it is undermining in terms of morale in the company. >> who's next? >> what's next? >> we have too many people. >> i feel like we keep coming to this thing. >>> coming up, bitcoin one week after the s.e.c. approval of the spot bitcoin etfs and tech stocks leading the charge on wall street. we will have the market discussion next. "squawk box" is coming righ
the ceo jane fraser had a conference call yesterday talking about cutting 20,000 jobs over the next two years. it seems like further rounds of what we have known is a long-term trimming down. >> the bull case for citi. >> a shrink to grow. >> i don't know if this is the right way to do it, but it seems if it is every week we have a new citi story of them laying off. is it better to get all of it off at once? >> it is an ongoing programm. the traders and bankers seem to...