haidi: that was jamie dimon look at what was done. was jamie dimon so new touch screens... and biometrics. in 574 branches. all done by... yesterday. ♪ ♪ banks aren't just undergoing a face lift. they're undergoing a transformation. a data fueled, security driven shift in applications and customer experience. which is why comcast business delivers consistent network performance and speed across all your locations. hello, mr. deets. every branch running like headquarters. that's how you outmaneuver. tthat's why at comcast,t to be connected 24/7. we're always working to make our services more reliable. with technology that can update itself. and advanced fiber network infrastructure. new, more reliable equipment for your home. and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most. haidi: it is a: 30 a.m. in sydney, markets open in 90 minutes' time. looks like a higher open, futures up half a percent for aussie stocks coming off the friday loss

jpmorgan ceo jamie dimon is optimistic about prospects for regulatory reform. e in an exclusive interview with francine lacqua. dimon was asked about the prospect of a new glass-steagall act. smallere deregulate banks differently than bigger banks. that is probably understandable. let them sort that out. dimon says even democratic lawmakers understand that it makes sense to look at the regulatory burden on businesses. north korea is ratcheting up tensions in asia. testong-un's regime launched another ballistic missile. this one flew about 300 miles. the launch comes a week after north korea tested a rocket they said could carry a nuclear warhead over long distances. in brussels, finance ministers are meeting to try to break a logjam on the latest greece bailout. greece and its supervisors agreed on economic overalls. key creditors are at odds over how much relief is needed. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i'm taylor riggs. this is bloomberg. tom: thank you so much. let me get to the data c

jamie dimon speaking space of do bloomberg. like 15 years.ng europe is doing actually rather well all things considered. america is still chugging along. good --a pretty >> welcome to bloomberg daybreak. i am anna edwards. europe." manus: looks like they are making it official. anna: details coming through, clarion and huntsman set to close by the end of the year. they will combine in a merger of althoughhey say, clarion holders will take on 52% of the business, huntsman 48%. a dual listing in switzerland and in new york. you can find the details about the savings they can get, and this has already been an historic year in terms of m&a in terms of chemicals. $300 billion in m&a planned, better than the previous record. manus: and more news coming through, looks like lafarge has appointed a new ceo. they were close, a lovely line coming from the analysts, saying he needs to recruit a new ceo who will turn the page and get on with it, and that seems to be the key. he's german. he was originally the head of seeker in 1996. that an

we are going to hear from jamie dimon. this is bloomberg. ♪ dimon ononimon -- donald.market to downbeat -- too downbeat on america and its dollar? rouhani winning a second term in iran as president, but has trump's calls to isolate iran undermined ties with the west? in tehran. fresh pastures ceo mark fields is said to be replaced by the automaker's smart mobility head jim hackett. will he be able to turn the stock around? welcome to bloomberg markets european open. i am matt miller in berlin alongside guy johnson. guy: let us have about what is going on. this is how the picture is looking right now to read european equities to be honest, not exactly delivering a clear sense of direction this morning. we started off positive. we have gone mildly negative. the sterling story is off a little bit this morning. maybe that is the reason the ftse is doing better. well.ocks are doing bid,rms of the bed, -- the you have auto parts and technology stocks moving on the downside this morning. to me, that is kind of the reason why we are seeing what we are seeing right now. that it

jamie dimon.w for moore, head of policy analysis, i want to go back to our interview with the republican senate leader. we have not paid a lot of since i've been here, why is this week -- this week's's budget is the third iteration. it is key because it is another expression of the president's priorities and largely the same as it was before. what the budget proposal is ramping up the spending by $54 billion and taking it out of domestic programs. to bew budget appears much more of the same. investors need to understand is not signed into law by the president. it is guard rails for congressional spending. it binds congress but nobody else. is acongress will want continuation of what has happened over the past four fiscal years. flat and stable spending and in this case, we think modest increases for defense and nondefense spending. there is no political appetite in congress for slashing domestic programs in the way the president is about to propose. >> reflect on the week we have had. was that d.c

jonathan: jpmorgan jamie dimon and tim sloan open up about their businesses in exclusive interviews.> competition is a good thing. i have never been worried about competition. >> my number one job is to rebuild trust with all of our stakeholders. jonathan: conversations on europe as the ecb appears to unwind qe. and the e.u. and the u.k. get ready to hammer out brexit. >> is very important she needs to be -- the ecb needs to be fully in command. >> i did not fear that markets would be in a position where they would be surprised about -- by what we would do. jonathan: it is all straight ahead on "bloomberg best." ♪ hello and welcome, i am jonathan ferro. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from around the world. this week began with an unexpected change for one of the big three u.s. automakers. vonnie: fort replacing the ceo mark fields with jim hackett who has been running ford's spark -- smart mobility unit since last year. >> there has definitely been pressure at fort because stocks have fallen so much during ma

jamie dimon is optimistic about growth.g in an exclusive interview with francine locke, he said the prospects for regulatory reform under president trump look good and of the global economy is poised to expand. >> the world is going to double in size over the next 12 to 16 years. there's plenty of opportunity but weeats out there, have put a lot of money and technology, we know will you're doing, we operate around the world. we are in the emerging markets, which are growing twice as fast as the developing markets. can you break down the units where you want to extend market share in the ones we want to grow it? jamie: i want to grow it everywhere. clients want multiple vendors and suppliers, which is completely understandable. investment banking in certain areas may be harder to gain share, but that doesn't mean you can't gain shares in this part of the world. we just know that it's going to be a little bit harder. what about fixed income? jamie: we have a good share there, but when we look at it, you look at the number and

jpmorgan ceo jamie dimon says he is comfortable about the banks future given its position in emerging markets like saudi arabia. we will bring you more of his comments from riyadh. from new york, this is bloomberg. ♪ julia: this is "bloomberg markets." i'm julia chatterley. scarlet: i'm scarlet fu. jpmorgan ceo jpmorgan, among the corporate a listers who dissented upon riyadh this weekend. dimon spoke about doing business in the middle east. >> jpmorgan has been here for 80 so we're working with the company's here. they are having a big forum so , sponsored by the government -enhanced business. the president is here, so we are glad to be part of what is going on here. >> how much bigger will your operations in the middle east and saudi arabia get? >> my first trip here, we had one person. i think almost 30 are women, by the way, including a woman who's a receptionist for the first time. we are part of the banking system here. we are part of the broker system here. we bank a lot of companies and governments. >> you do let up on sales for them, as well. does it make a difference if the

talking about rolling back dodd frank, people like jamie dimon from jpmorgan love that. big business is sort of skewed on trump. we like him, he's for america first, he has a trade policy that may benefit us. a company like walmart, that may suffer under trump policies maybe not so much in favor. it's really a mixed bag. >> the financial times is an international publication. how is he being viewed around the globe on the -- >> with confusion. a lot of confusion. >> i didn't finish my question. >> all right, take it away, go ahead. go ahead. >> i'll tell you what, actually, i'm saying that only half joking, one thing that's interesting and disturbing to me, i know you're going to relate to this, there are a lot of emerging market countries that say, we get this, we know what it's like when someone's children are in positions of power, we know who to tap now. we know who to call, we know who the ministers are, whose palms we need to grease. this is a familiar way of doing business in a lot of the parts of the world, that's a disturbing thing to me. >> how concerned are yo

morgan chase ceo jamie dimon says he is confident to increase his market share against increased competitionm rivals. dimon says he is optimistic about global growth and the opportunities it will present to j.p. morgan in the future. >> the world is going to double in size in the next 12 or 15 years. this is opportunity. we have spent a lot of money in technology, we know what we are doing. we help companies go around the world. the emerging markets move twice as fast as the developing markets. >> can you break down the units were you want to defend your market share and where you are trying to aggressively push it? >> i want to push it everywhere. clients want multiple vendors and suppliers and that is completely understandable. we said investment banking in certain areas, and maybe hard to gain share but it is not mean we cannot gain share in this country or this part of the world. >> what about fixed income, a lot of your competitors are trying to beef up that? >> we have a good share there and i think it will be hard to gain but when you look at it, you look at the number of shares, if y

tom: is jamie dimon banker of the world? is he the new bill rhodes? has done an incredible job at j.p. morgan chase. i got to know him when we did the merger. he is a first-rate -- he is a first-rate credit person also. if you want to look at a bank or around the world who has accomplished what he set out, jamie dimon is a good example. tom: bill rhodes, thank you for joining us. we're going to continue our discussion across all of bloomberg surveillance radio coming up. this afternoon, milken institute global conference in los angeles . we have a full team out there. among others, ken griffin from citadel, the founder and chief executive officer, ken griffin will be in conversation with us in the 2:00 hour as well. let me go to the data on a monday. there is a headline, oil simply can't find a bid. , france --macron and le pen campaign today. this is bloomberg. ♪ >> congress that the deal, but that would whose expense? , it coulde tax reform budget, but economic growth could offset that. from new york city, good morning. i'm jonathan ferro, alongside

jpmorgan ceo jamie dimon is optimistic about global growth.aking in an exclusive interview with francine lacqua in riyadh this weekend, he says the prospects for regular tort reform under president trump -- regulatory reform under president trump are good. jamie: the world is going to double in size the next 12 to 15 years. there is plenty of opportunity. there are plenty of threats. but we spend a lot of money on technology, we know what we are doing. we help companies go around the world. we are pretty comfortable about our future. francine: can you break down the units where you want to defend your market share and where you want to push it? jamie: i want to grow everywhere. clients want multiple vendors and suppliers. that is completely understandable. publicly, investment banking in certain areas can be harder to gain share, but that doesn't mean you can't gain in this country or that part of the world. we just know it will be a little harder. francine: a lot of competitors are trying to beef up that. jamie: well, yeah, we have a good sho

vonnie: that was jamie dimon speaking exclusively with francine lacqua this weekend. check on the bloomberg first word news. here is mark crumpton. mark: the house oversight committee chairman says he will talk with former f.b.i. director james comey today. the chairman says he is going after any records of comey's meetings with president trump. he plans to leave office on june 30. the trump administration and congress have informed a federal appeals court they have reached a deal to continue for 90 days disputed obamacare payments to help insurers the freight costs -- defray costs. that filing was made today. t washree have month pac noill help. agotiators plan to maintain hard line on the departure bill and will not discuss a future trading agreement until there is agreement on other issues. finance ministers are meeting today in brussels to try to break a logjam on the latest greek bailout. brief and supervisors -- greece and supervisors have agreed on some things but cannot agree on how much debt relief is needed. global news 24 hours a day. i am mark crumpton. th

dimon of jamie jpmorgan opens up. >> competition is a good thing.ou want a competitive role. >> my number one job is to rebuild trust with all of our stakeholders. jonathan: plus the easy be ecb prepares to unwind qe. >> it is only fair if you leave the club, you settle the accounts. >> they seem to be fully and in command. >> they are in a position where they will be surprised by what we do. jonathan: that is all straight ahead on "bloomberg best." ♪ jonathan: hello, and welcome. i'm jonathan ferro. this is "bloomberg best" your weekly review of the most business important news, analysis and interviews from bloomberg television around the world. this week began with an unexpected change from one of the big three u.s. automakers. vonnie: a management shakeup at ford replacing the ceo. >> it was a bit of a surprise. there have been some pressure for ford because the stock had fallen so much during mark fields's tenure, and it was last week during the shareholder meeting, bill ford was defending the company to the shareholders, but he never mentioned

the annual shareholder meeting yesterday criticizing jamie dimon for supporting the industry should asklans to step down from terms sufficed to counsel. dimon saying he would not have the group dining u.s. businesses and the government need to work together to solve the major issues facing the country. shares of jpmorgan up 1.5%. trade for the discount retailer boosted its first-quarter earnings before the market opens. they've issued a path for the size of the lower prices. to compete with companies including wal-mart and amazon, shares down 1.5% in the premarket. america nickel outfitters, the teen apparel made to cause those results for its latest quarter due to the demand for men's clothing. fewer people shopping at the malls. finally, cisco systems will release earnings after the close. revenue to fall for the six quarter in a row her purse at this demand for the network equipment. nicole: coming out. stock market futures under pressure this morning amid concerns all of the news out of washington will derail the trump agenda, tax cuts and health care reform. unless congress calls f

jamie dimon was among them and sat down for an exclusive interview with our own francine lacqua. >> theld is going to double in size in the next 15 years. there are plenty of opportunities and threats. we spend a lot of money on technology. we know what we are doing. we operate around the world. we help companies go around the world. we are in the developing markets. we are comfortable about our future. >> can you break down where you want to be aggressive? >> i want to grow it everywhere. clients want multiple vendors and suppliers. that is completely understandable. investment banking in certain areas may be harder to gain share. but that does not mean we cannot gain share in that part of the world. we have not given up, we just know it will be harder. >> what about fixed income? >> we have a good share. i think it will be hard to gain. if you look at the number, but if you look at what we can do better in that country or this country, there are plenty of things we can do better around the world. a lot of it will go with technology. competition is a good thing. i have never been worri

morgan, jamie dimon, optimistic about regulatory reform.genda president trump been derailed or sidetrack amidst the turmoil going on politically in washington. coming up, we will be live in hanoi to assess the outcome of the trade summit and ask what is the future for the tpp? this is bloomberg. ♪ kong,almost 10:00 in hong 10:00 in new york. this is bloomberg markets: asia. >> cathay pacific takes off in hong kong after concerns of job oil and energy giving markets a lift with global equities nearing record highs. asia-pacific trade ministers are worried about rising protectionism but there is no mention of it in their post summit communique. we'll be live in hanoi. a calm her start to trading after the turmoil of politics in washington last week driving to we have balanced back, seeing nice gains. has been a lot of question as to how much further to run. 8501 on your terminal. a little bit falling over when it comes to crude. you can take a look in terms of accents. stocks and bonds -- they have correlated. the question as to whether this

we will see if jamie dimon feels that way, if they actually do introduce a 21st century glass seagal. >> thank you, john. the interday reaction to financials was there. take a look at the chart and you saw the reaction, the s&p financials, it felt sort of like algorithmic trading. we bounced right back. >> like you read the headline, saw it come in. you know the spin. if you break them up, maybe they're worth more, some of the parts issue. who knows what the true play is here. the regionals probably shouldn't be hurt as much by that. maybe the kre regional banking index. xlf, treat as suspect at this point. even if you remove all regulation, you go back pre-crisis, trading at $33, now it's trading at $34. >> you have to compete with much bigger players. but glass/steagall was repealed in 1999. that to me is everything, where this administration wants to get back to. you know, effectively a place where you let banks be free to innovate and there's a lot of buzz words. some are good, some are bad. there are a lot of people who think glass/steagall's repeal was essentially the leadup to

jamie dimon would talk about the virtue of lending, how many veterans he hired, how they're putting peopleo work and do you really want to destroy this machine that creates jobs and creates tremendous lending and we would use the word jobs probably like maybe 23 times when he's not talking about the fortress balance sheet and next thing you know, that was a good idea but i guess that's not going to happen. i thought david's interview was incredibly eye opening. they always have an answer for why they do things that seem to me counter intuitive. do you really go in front of -- do you put a one-pager on some of the complex issues? i had my taxes calculated under this and my rate goes to about, i have to pay 2% higher so there is some validity to the idea certain states get hit badly and your taxes go up. again, do they have anybody championing any of these things in congress? there was a piece today in "the journal" so and so an ally of trump, almost as if, well wait a second. he has allies? he has no allies to speak of for these things, so they're great talking points and if it was actually

jamie dimon was among the many business leaders who descended on riyadh.ur colleague francine lacqua sat down with him for an exclusive interview. : the world will double in size in 15 years. plenty of threats. competitors around the world. but we spent a lot of money on technology and we know what we are doing and we operate around the world and we help companies go around the world. emerging markets growth twice as fast as the job market. we are comfortable in our future. francine: can you break down the units where you want to defend your market share? jamie: i want to grow everywhere. it is hard in some areas because clients want multiple venues and suppliers. that is completely understandable. inlicly, investment banking certain areas may be harder to gain share but that doesn't mean you can gain share -- cap gain share in that part of the world. we know it will be a little bit harder. francine: a lot of your competitors are trying to beef up that. , yeah, we have a good share there, and it will be harder to gain. if you look at what we can do better

jpmorgan ceo jamie dimon is confident about boosting market share despite rivals.loomberg in riyadh. he is optimistic about global growth and the opportunities being present. >> the world is going to double in size in the next 12 to 15 years. there are plenty of opportunities and threats. but we spent a lot of money in technology. we are know what we are doing, operating around the world, helping companies around the world your emerging markets are growing twice as fast. we are comfortable with the future. can you break down where you want to defend market share and where you are pushing it? jamie: i want to grow everywhere. it is harder in some areas where we have higher market share, and clients don't want multiple vendors or suppliers. that is understandable. may bestment banking harder to gain share, but does that mean we cannot gain in this part of the world, so we have not given up. reporter: what about fixed income? we have a good share, and it will be -- when we look at it, you look at the number, yeah, when you look at what we can do in that country, see i

morgan and jamie dimon, you need the trump agenda to move forward.e haven't built a major airport in 20 years, it takes ten years to build a bridge and in the interim of 20 years, china has built 75 airports. >> we're moving forward, i saw secretary elaine chao out at the milken conference last week and in fact, there is an infrastructure bill in the works, but you know, you have to go to 16 different federal agencies to get that thing put together and all kinds of other individuals and bodies, so, everything is complicated. charles: isn't that a key component of this? >> the infrastructure. charles: i know there's been obstructionism, but the administration has been pretty slow themselves in appointing folks, but getting rid of the blocks, the bureaucratic speed bumps, if you will, could there be a way to attack those at least so that when we get infrastructure we don't have to wait 90 days for this permit or that permit? >> i think that's totally what they're focused on. they're not focused at throwing 100 billion at the problem like the obama stim

jamie dimon earned $23 million last year.news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. get a those's inflation numbers. the deloitte china chief economist is with us now. to them,your reaction slight miss perhaps on ppi, but very marginal? this story last year was people were worried about china's hard landing. i think this year, people were too excited about so-called reflation. at the end of the day, the unlikely toomy is again be in a recession, but the first quarter, 6.9%, that is not sustainable. that is what we are asking right now. sophie: no change to the pboc tightening bias with this? pboc couldly the have changed the exchange rate lower. at the backdrop of exchanging rates in the u.s. come he can't do anything, but china still has over $3 trillion in reserves, so my preferred policy response is to not lower the exchange rate. is lower, theix weakest since march 21, so they are listening to you here. >> the reality is -- rishaad: they don't want

jamie dimon says he can still increase that income without any fundeases in the fed rate going for it: i hope you don't mind me jumping into your find, which you can do on the bloomberg. cisco and western digital, you are not giving up on energy services either. >> we have rules about how we invest. we are a value oriented portfolio, but also looking for internal catalyst for growth. we have never station across all the major sectors. we have a nice technology waiting. -- weighting. we have taken some profits recently as they have been the best performers your today. we believe there will be a huge technology change going forward. vonnie: is there any fundamental change going forward with this portfolio? >> we are always active investors. we have positioned for the long-term. we like the dynamic that is undergoing right now in the u.s. economy and the stock markets particularly. vonnie: how much should be invested in stocks and bonds? i know you will say it is different for everybody, but should it be more towards bond holding today? >> everybody should be diversified. i am all in on

jpmorgan jamie dimon and tim sloan open up about their businesses in exclusive interviews. >>

jamie dimon warned us this would happen. this is possibly the beginning, isn't it, jonathan?n: absolutely. they are giving us more details. frankfurt, dublin, luxembourg. the chasm between europe and the u.k., it is very clear. they are trying to win business. top of that, we have a year denominated clearing debate. france is being very vocal. >> a slump in the u.s. auto industry shows no sign of letting up with sales at all six of the biggest carmakers falling again in april. ford and honda posted the steepest year of declines. gm sales fell on the 6%. chrysler fell 6.6%. >> it is not looking good for the whole industry. the three biggest players in the u.s. market are all down. they are all down more than analysts anticipated. definitely some softness playing out. there were a few bright spots. gm's retail sales were up a but there's not a lot to hang your hat on. there is not enough growth in suvs to make up for the plunging auto sales. we have to see how may and june play out, but it looks like we are past the peak in an industry that is on the downside of a plateau, and

former investment banker carl roth to pick through this i'm glad you are coming because jamie dimon arejpmorgan chase he still supports that agenda, and that was taken as vote of faith at least from the financial community. those stocks among those leading on the downside here but what do you make of that? >> i think jamie is a perfect example of somebody who is very savvy and understands that for the financials to continue to grow we need to have economic growth. they certainly need interest rates to continue to rise. on the political side they need things like dodd-frank to maybe be pulled back a little bit and something like key provisions of glass-steagall don't get reinstated so we have a big call to break you the banks again. neil: all that stuff you wish for, he wishes for is in peril? >> i don't think it's in peril at this point in time and i think that jamie's vote of confidence certainly is the right thing to do because he understands that somebody like president trump really rewards people who are loyal and sometimes can be quite vindictive to those who are no longer loyal. i

billion dollar deals in the middle east and meetings with nato leaders and exclusive interviews with jamie dimon tim sloan. and up next more of the week's , top business headlines. the congressional budget office scores the health care bill. >> the only score that matters is the one on the senate bill and that looks like it is a long ways away. jonathan: this is bloomberg. ♪ ♪ jonathan: this is "bloomberg best." i am jonathan ferro. let's continue our global tour. in vietnam, trade ministers around the world discuss a number of sensitive issues at the annual aipac meeting. >> global trade and the threat of protection will dominate the talks this weekend. the posts summit statement was diluted, indicating pressure on ministers not to criticize the protectionist trend. >> it is very interesting, this water down -- this watered-down communique. we seem to see that theme following the g7. >> the diluted statement, apec ministers pledged to work on regulations, but there was no mention whatsoever on resisting protectionism and like you indicated, we saw this happen at the g7 as well as the g-20 summi

. >> here is a meeting with jamie dimon let's week and he says i'm considering breaking up the small now. stop, stop. don't base your portfolio on this news. >> you see how the market reacts. >> algore rhythms. >> they are not out there thinking trump's next big thing is to disrupt goldman sachs. >> what if he is serious? >> it will take years to have that breakup. >> it's very good, by the way, veering back for dunkin' donuts because the investment bankers will be up figuring out how do you break up the banks. >> the dow is negative now by about 12 points. we'll take a quick break on the other side. ♪ ♪ ♪ i'm dr. kelsey mcneely and some day you might be calling me an energy farmer. ♪ energy lives here. hthis bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me? anywhere you want to go! the market's hot! sync your platform on any device with thinkorswim. only at td ameritrade >>> time for final trades. >> i'm going netflix as expensive

in jamie dimon's own words, u.s. economy is $100 trillion by to 20th 2 2025.ieve jpmorgan won't thrive as that takes place. >> power lunch starts now. >> live in washington, d.c., welcome everybody. what a week it has been. first up, president trump getting ready to leave this hour for his first overseas trip. will it help reset his agenda or will his troubles follow him? speaking of the trump and gop agenda infrastructure is a big part of it. actually bipartisan. we will speak with two congressman on opposite sides of the aisle about their bipartisan plan to rebuild america. and can't get anything done without tax reform. will con guess get tax reform done this year?

withoving one step closer the dropping of some restrictions, and always optimistic, jamie dimon weeksr

that is why jamie dimon and other ceos are going.ming through the aramco be a cash fors the market side? rk: it will take time for this to roll out. looking at markets near date, the leaning strategy is up 7%. other strategies in developed .arkets of 2% to 3% flat yield curve, with that did for funds is forced people to sell u.s. thanks. relate talk about saudi arabia, that is an opportunity, but how big is it? how much money can go in? probably not a lot. ?uy: as brazil were you we saw some ripple effect. is largely passive money. it tends to be a bucket, you tend to see a ripple effect elsewhere. is that something you would watch out for? is that a crowded trade? mark: possibly, and e.m. is always the canary in the coal mine. when we look at august 2015 or october 2014, we saw selloffs in high-yield before they hit the broader equity markets. we are keeping an eye on brazil for sure. will continue our discussion and have data checks. the events of washington this week. later today, david gura of bloomberg surveillance has a convers

. >> there's some big deals, but, you know, we mentioned before whether people like jamie dimon on thise banking sector. now, of course the chairman of that forum. and i don't think they're corrupt in any way. but, however, it does raise a question, someone there in that group saying, hold on, this is a bit annoying, i would have liked to have been pallet of this $40 billion infrastructure fund. it does raise questions how these things come about. >> how the ideas are formulated? >> right. there needs to be a process in terms of how blackstone being picked for this given the ties that the chairman has with the president. >> yeah, i agree. >> anyway, certainly huge size and number of deals coming outside of this trip with president trump to saudi arabia. we'll see if there's more. we're not expected to have many business deals with his stocks in europe and israel. but either way on that front, this can be seen as a victory for him. i don't know if that's setting sufficiently some of the negative news we've had. we are looking at the live pictures of president trump arriving in tell alev

i buy -- i like jamie dimon. >> those are money center banks. >> but that's irrelevant to me. i like the fact that the guy comes out and says, hey, here's what i do every day and he works it and he works it and he works it. and then i look at the state street bank of new york and i like both of those in part -- >> you're picking an institution based on management? >> and also the niches that they're in. i like a bank in florida because it's the only bank that's public that some bank in the northeast is going to come down and say, hey, we've got to follow our money. florida is hot, we want to follow where the clients are. so fcb, the stock is $45, was down $2 yesterday. i would nibble at that one and buy it at a certain price. >> the ecb decision in june could have more impact because they change the language and say, hey, we're going to begino taper our asset purchase program, begin to see a little lift and belief that monitor policy will shift in europe, that's good for u.s. financials and rates here. >> all right, global markets are concerned for investors today. are you goi

u.k.eo jamie dimon warned plays that as many as 4000 could be relocated in the event of brexit. and her war of words with brussels escalates even before negotiations begin. leaked details about a meeting. he was shocked by his -- her approach. >> she said she will be a really bloody woman and negotiating with the european union, and i must say i fear for this. and the u.s., president trump has tweeted that the government "needs a good shutdown in september after congress agreed a budget deal that denies him much of his wish list. the beale -- deal includes no money for his ball and full funding for planned parenthood. democrats called his threat to shut down the government after successful bipartisan deal shameful. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. guy. guy: thank you very much indeed. european stocks are going flat and we are very much focused on what happens in washington later on today. the fed and focus within fomc decision due. futures point to a lesson than 30% chance of a hike. at

. >> jamie dimon, cnn -- jeremy dimon, seen in.resident donald trump has really seems reassured the gulf states, saudi arabia in particular with the way that his conduct of foreign policy, returning it to very firmly /anti-iran-u.s. posture in the world. to what extent do you think that's going to help the president extract certain concessions or support from saudi arabia and the gulf states what comes to those fighting isis in the middle east but also with regard to the israel palestinian peace process? to what you doesn't what extent on the peace process trump might win new cooperation from saudi arabia and the gulf states on that issue? >> let me begin with the peace process. i don't know what concessions he would see, because quite frankly and less this visit israel is far more productive that i think most people estimate it will be, he will try i think you talk to mr. netanyahu about preserving at least the shell of an effort to keep the two-state solution going and limit settlements. but the fact is, israeli domestic politics

and like we talked about, jamie dimon has said, you cannot -- you can't fight city hall.money to just do it than it is to -- anyway, reports say that the terms of the $4.9 million settlement were significantly below what the s.e.c. wanted. this, in my view of lee cooperman, this is no way would i say, wow he had -- you know, would i say -- it's a good point, very philanthropic and generous, and that, you know -- >> but i wonder how is the s.e.c. going to respond now? after they're entire campaign of insider trading and prosecuting people for it came to a screeching halt when they had the court ruling and other things and there are still other appeals that are going on right now from people, where does -- what do they do now? >> people are changing -- >> new administration, new appointments, it's a sort of reason to turn the page as well. >> might be the end of the era. >> right bank stocks taking a beating this week. they recovered a little bit yesterday. joining us gerard cassidy, managing director and head of bank equity research. good morning to you. >> good morning. >

jamie dimon earned $28 million last year.l news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am alisa parenti, and this is bloomberg. we are counting down to major market opens in the asia-pacific. let's get to adam haigh, joining us live from sydney. what will the focus the on aussie banks, with a spotlight on the budget? we saw some leaks about the new levy. indeed, that is a big thing. we saw a bit of a move yesterday afternoon as reports late through the local media. but now we have more detail about how this is manifested self. the research analyst at the banks put 85% eps number on the hit to the big four banks in e wouldf how this leve materialize in earnings. they would list mortgage rates at around five basis points. continued pressure this morning when trading gets underway for the banks shortly. unannounced infrastructure plan. there may be better movement in those stocks, as well. and credit suisse say people are more inclined to add to their pensions. that shoul

in jamie dimon's own words, u.s. economy is $100 trillion by to 20th 2 2025. it is impossible to believe jpmorgan won't thrive as that takes place. >> power lunch starts now. >> live in washington, d.c., welcome everybody. what a week it has been. first up, president trump getting ready to leave this hour for his first overseas trip. will it help reset his agenda or will his troubles follow him? speaking of the trump and gop agenda infrastructure is a big part of it. actually bipartisan. we will speak with two congressman on opposite sides of the aisle about their bipartisan plan to rebuild america. and can't get anything done without tax reform. will con guess get tax reform done this year? we will ask questions and get answers as power lunch from d.c. begins right now. >>> welcome to power lunch. here is what else is on the menu today. so much for d.c. drama crushing the markets. investors shaking off the political turmoil for a day. is it rally on again? and for how long? plus, for foot locker today, no thrill of victory. just the agony of defeat. this stoc

we haven't had a new airport in something like 20 years according to jamie dimon.shley: ask anyone, what's more efficient, the private or government? >> and technology investment fund totalling $93 billion with, 50 billion in the united states of america. this is a promise that the leader of softbank made earlier, just after the election, and now there's an official announcement. one more for you, $50 billion will come into america from aramco, the saudi arabian country about to go public. and here it is, 9:30 eastern, and that stock market opened with a 62 point gain. 20,867, okay, 57 points higher, but, sorry, we're at 20,860, that's a very solid gain and plenty of green on the left-hand side. we're off and running and the trading week has begun. we've got a couple of stocks to look at before the big picture. look at ford motor company, we're awaiting a press conference on the ceo shake-up there. ford is down 35% since the ceo mark fields arrived at the company from three years ago. the current price of ford motor company stock is about 2% higher on news of this

he's got so many things on his plate right now are they really going to have these guys come-- jamie dimonlk about the great things he's done and-- >> no, we're not going to do it. we don't have the air bandwidth. stuart: thank you. look at capital hill teaming up to be the ceo of american airlines, he'll testify along with other airline incidents and look at that why. and all of those are up. murphy, you trade these things. >> oil has come down and it's at the lowest levels we've seen since earlier in this year and also, i think that people are feeling,throughout this country at least, people are feeling good and people are travelling and more people are looking to purchase airline tickets and i think that's going to their bottom line. stuart: you don't want to say it, but i'll say it. the hearings in washington will do zero points, they run a virtual monopoly, there are only four or five major airlines, they hog the routes and they're not going to give them up and the stock keeps going up. liz: the ceo of delta said we don't need new government rules because of market fixes, the consumer

the reason i ask is because at the jpmorgan yesterday jamie dimon came under a lot of pressure from shareholdersion on that forum given some views on policy, whether there are conflicts. >> well, if they want to say, and where we're going, and prime minister is wide open and listening, he has done that in every meeting, and he's organized us in groups around subjects we wanted to be involved in. i think you're better at the table, than you are in a back room. you might lose but you got a voice. >> what can the president do now in terms of communication to the business community to indicate that he is still working on that agenda, and as far as he's concerned is still on track? >> talking about it, don't go to the russian argument. don't go to these petty things. stay on jobs. stay on health care. stay on tax reform. talk about it every time. send spicer out there to talk on that stuff. not get in quarrels with everybody. but they take them off to the side. so it's simple. we want to be number one not number two in every business, fix, close or sell the business. everyone in the company walked ar

dimon of jamie jpmorgan opens up.