and honestly i worked in my younger years at wells fargo while they were going through their work over a merger and that was exactly it trying to figure out where they could pare everything down in markets that i mean they obviously want to grow beyond the markets but the fact was they had places like atlanta where they had both wells fargo and cobia and they had to figure out how to pare all that down which meant cut jobs and make it easier on us right right well when and when you have a situation with wells fargo and fewer options in terms of consumer choice it also makes it easier to get away when you have issues like the banking scandals they've had opening up checking accounts in people's names without their permission when there are fewer choices to go to as a consumer you just kind of have to take it in some cases and that's that's right in the scandals that we've seeing happen almost weekly bi weekly at wells fargo because there isn't that much choice the other big banks have similar problems and if you ever try to change your checking account it's a pain in the behind it's pre

most banks start in the region and then you have now we have wells fargo blows up bank of america and even bank of the west you see them sometimes but what is the reason behind this merger and are these big mergers of regional banks is that hurting the does that concern a financial policy that we can certainly does we did not officially did not certainly support this merger we didn't officially oppose it. since the 1980 s. when interstate banking became legal you have seen a fairly consistent consolidation of the industry from 16000 banks down to 6000 banks that by itself is bad for consumer choice the problem in the southeast for b.b. and t. and sun trust operated is that while that merger doesn't actually create a lack of choice you've got wells fargo and bank of america dominating with almost 50 percent market share so you already have the problem of lack of consumer choice to us doesn't make it that much worse but it's certainly not a step in the right direction why are they doing it they call it center g. it means they can't have one person do the job that 2 people used to do it

charlie scharf as a ceo is a good appointment he is someone who is technologically savvy and can take wells fargo and bring them into the new digital banking world. he's doing what is proper right now. the cfo of wells represented wells at the goldman sachs financial services last week charlie right now is reviewing the risk and control measures surrounding the regulatory issues you cannot expect there to be a resolution to those risk and control measures in a mere six weeks since he's been appointed as ceo >> but they specifically talk about the conferences and say in the past six weeks wells has spoken at three conferences. quite frankly, the company had nothing to say because it's too early for the ceo to have studied the business and obtained the board's approval to move ahead with an operating plan silence is prefer rabble now, he says >> he is correct that management is being very measured in what their plan is going to be. they're holding back 2020 guidance for some more months, but at the goldman sacs financial conference, the cfo talked about the strength of the mortgage business, talked

this is darrell cronk from wells fargo. let us check the markets. .ere is kailey leinz paired >> we are on the up and up. dow up at a record. by 3/10 up. 100 a bigger story is in the bond market. the 2% level seems within reach. we are seeing that play out. board and hopthe into the terminal, we can see the steepening of the curve. sitting around 31 basis points. that is in tandem with the fed getting back into the bond market. the pink line is the fed balance sheet. they are buying bonds again. is it qe echo that is a matter of debate. the best performer in the s&p 500. in biggest jump on record the second quarter. you have sanderson farms up. that is at a record high. on the downside, you have restaurants. olive garden drove down the garden. -- drove down the corridor. the homebuilders are also down. existing home sales were the lowest in five months. all down between 1.5% and 2%. vonnie: that was kailey leinz. to the new ceou and his outlook for 2020. g tv allows you to browse all the charts. you can catch up on ana

my friends at wells fargo put out their annual outlook. we are probably going to be up towards maybe 2.2%. we could go lower than what we are now. a fairly decent range. when you look at the opportunities in fixed income, we would rather be looking at some of the credit risk as opposed to the duration risk, but we are really not that afraid of duration risk. you could still get a positive total return provided you are on the right side of the yield curve. but we are a little more excited about some of the opportunities in higher-quality junk and when it comes to looking for income, more thinking about equity income as opposed to fixed income. scarlet: as brian mentioned, he sees rates staying in a range here. how much of that is determined by how the dollar moves? interestinges an point. the upper end is 2.2%. we could see that going into the first quarter next year. a lot of people are talking the dollar lower. i saw it lower about a month ago. the 10o see that in year, with the inflation numbers we saw today, real yields in the u.s. are

scott ran, wells fargo senior equity strategist, joining us in st. louis. let's get a check on first word news. mark: boeing has disclosed new internal messages related to the 737 max program. the airline turned over the documents to regulators on monday, the same day he removed ceo dennis muilenburg. time boeing second has delayed turning over sensitive information about the jetline. episode led to tension between the faa and the playmaker. the pentagon is weighing proposals for the reduction of forces in west africa. defense secretary mark esper may even consider a complete withdrawal from the region. it is said to be the defense department's first phase of global deployment reviews that could shuffle thousands of troops around the world. philip today was discharged from a london hospital, quickly taken by helicopter to join other senior royals in time for the traditional christmas. buckingham palace did not reveal details about his treatment but only said he was admitted for a pre-existing condition. leaders from china, japan, and south korea today held

. >>> roku tumbling on a downgrade, wells fargo, deere also getting undercut. the investment committee is ready to go, "halftime report" starts right now >>> it is good to have you with us on this monday, our investment committee joe chernova, jim lachb that will, jenny harrington is the ceo and portfolio manager, rob seechum is back, one of forbes top 100 financial advisories stocks are on pace for the best year since 2013. tech, small caps also posting their best month since the summer, we enter december with a lot of momentum, derailed for the moment by an ism manufacturing report that throws into question that the industrial economy is bottoming and a headline from wilbur ross that says tariffs will be increased if there is no deal by december 15th. thank you very little. >> yeah, well, we came in position we strong and aggressive for further appreciation, but you have to pay attention on a day like today to your point when you get the ism manufacturing, it reverses a lot of the optimism we were bottoming, you did not see that in the report today i think mo

coming up, mike mayo, senior analyst at wells fargo.hy he turned to a sociologist to understand the company's culture. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. this is the european close on "bloomberg markets." let's check in on first word news with ritika gupta. ritika: the house is in session for a historic vote to impeach president trump, accused of abuse of power and obstruction of congress. democrats control the chamber and appeared to have the votes to approve the articles of impeachment. that would lead to a trial in the republican-controlled senate next month. the president tweeted his outrage today, saying, "i did wrong." the trump administration once americans to pay less for prescription medication. the government unveiled a plan today to loosen restrictions on importing foreign drugs and get more inventory from canada. that incited backlash in canada, where some said it could lead to shortages of critical medicine. among americang teenagers more than doubled in the past two years. according to the u

we have been partners with wells fargo for so long. they have donated actually over $1 million in our lifetime. during giving tuesday which is tomorrow, they will be also tripling donations to the san francisco food bank, for the giving tuesday match. >> we are so grateful. >> reporter: that is very generous. thank you so much for your donation, if you would like to give, go to kpix.com/give. >>> after your thanks giving feast you might be looking for some lighter food when you fly. a new study shows alaska airlines and air canada, both tied for having the healthiest airline food. by detective.com found their meals were an average of about 375 calories. the study looked at sodium levels, and water safety. southwest, was at the bottom of the list. >> you think you paid a lot for your christmas tree? this one is worth $15 million, we will show you why. he could've just been the middle class kid who made good. but mike bloomberg became the guy who did good. after building a business that created thousands of jobs he took charge of a city

so easy, go to any wells fargo branch or their website. put it right in the box.e says save her a bowl that have chili because it is time. we'll celebrate the season and we're going to be in full holiday mode on the show. >> yes, we are. we have the best apps for all you last-minute shoppers like michael. >> plus a special holiday surprise for a bff bachelorette party. okay. >> it's like that, right? >> we also have a festive reindeer game. call me rudolph, that's right. catch us at lunchtime and next on "gma," andy grammer will perform live. we'll be right back. >> all right. [ cheers and applause ] >> announcer: "good morning america's" holiday square sponsored by wells fargo. join wells fargo in providing more holiday meals. [ dramatic music ]ing ] ahhhh! -ahhhh! elliott. you came back! >>> we are back with singer/songwriter andy grammer about to perform a really powerful song from his fourth studio album "naive." his top ten hit "don't give up on me ♪ [ applause ] ♪ i will fight i will fight for you ♪ ♪ i always do until my heart is black and blue ♪ ♪ and i wi

. >> then you've got to report today out of wells fargo from jay bryson, the chief economist there at wells fargo, they don't expect the fed to raise rates through 2021 now i mean that's -- >> do they expect three cuts this year? 18 months ago? not a chance in hell >> but you've got a major money center bank that's come out with a -- that's -- >> wrong >> went bankrupt >> jay bryson is really smart guy, got to tell you >> i think you know josh is talking earlier about consensus. i think the third leg of the stool is that pmis are going to continue to accelerate at a meaningful rate. i think this global growth story is baked in so if you think about it in terms of inflation, we're talking about how the fed can't move in the first half of the year and i would counter that that if we see the reacceleration in growth the way that's being priced into the market, i think we could see inflation that could force the fed's hand my view is that that's the other thipg that we're seeing from a consensus perspective that could be qulup set we've seen two declines in 2012 and 2016 so now, we could

what an incredible ratio, and wells fargo will donate up to $5 million to feeding america itself.>> oh, it's a blizzard of love out here in times square. lara, up to you. >> all right, now to giving tuesday. the worldwide day devoted to supporting charities. last year $400 million from 4 million donations raised right here in the u.s. alone. rebecca is back with what you need to know to make your donation count. first we encourage you to do so. you do want to know some things. i want to start by asking what we should consider before making any donation. >> so, lara, i love in the midst of all this dales and sale frenzy, think about the chairs and causes that mean most to you but then you want to look into them. there is a great website called charity navigator where you can confirm the legitimacy of a charity and determine where that money that you're donating is going. they'll break down for you how the money is spent. >> that's really great. and there are companies like facebook where you talk about the sales and deals and sales, facebook is matching so a bit of a deal in terms

bank, wells fargo. what is the tone there?rlie scharf has come in, and the stock price data into soaring. they are hoping he cannot only change some of these regulatory hurdles, but that he will create a new vision for this bank that is lagging all of the rivals in terms of stock price right now. our bloomberg reporter that covers wells fargo, fantastic story out today about managers being pressed by charlie scharf internally, demanding what their strategy is and what they are going to do to change going forward. vonnie: he didn't get much runway before people were asking questions, but not surprisingly, because we've been waiting a long time for it to be transparent to see what is going on there. sonali: and he is putting his deputies in place already. we already have the interim ceo the people hef brought in is bill daley to come in and help as one of his top deputies. he's brought in a couple people from jp morgan. we expect more changes ahead in terms of leadership, and even potentially strategy from charlie scharf, but no

he along with three others used ak-47 rifles to rob a wells fargo branch in april. torres then shot from his vehicle into a police cruiser. the officer inside wasn't hurt. sheing charged with attempted murder of a police officer. >>> a woman from dawell, ey city and a man from san francisco are under arrest facing a slew of charges. >>> a crime of opportunity at a berkeley apartment complex. video shows a food delivery worker dropping off food and ripping off packages on her way out. >> i had to rewatch it a couple of times. no, she didn't, right? >> reporter: ethan chang which manages the property described the video was taken, showing a resident innocently allowing a delivery driver into the apartment. she hands off the purchase to the customer. after everyone is out of sight, the stealing begins. >> the resident left, they basically pilferred the packages, pilfered the publics. >> reporter: >> reporter: >> it is christmas time. and a lot of people are doing the christmas shopping. i wasn't too happy but it's okay. >> they confirmed that was the person who deliver

>> thank, you mister clayton, for one dozen, years wells fargo's management recommended voting against shareholder proposals, asking the company to separate the role of chairman and ceo, a corporate governance past practice. proposed limit shareholders ability to limit sensible proposals like this would have cut off wells fargo investors after four years of doing that even though in subsequent years it received support from 37% of shareholders, and we know separating chairman and ceos was a proposal because after wells fargo found itself mired in scandal and abusing his employees, had decided to separate the positions and took a victory lap with it. how do you justify a proposal like you made, that could limit shareholders from continuing to push for sensible governance reforms? >> senator, about, that the question that you are asking, is after a shareholder proposal has been put on the proxy and settle shareholders to vote on, and garnered unless that majority support, substantially, last how long does it stay on the proxy? right now, the threshold are, effective way to get more than

the amendments you proposed resubmit sensible proposals like this would have cut off wells fargo investors after four years of doing that even though in subsequent years and received support from 37% of shareholders and we know separating the chairman and ceo is a sensible proposal because after wells fargo found itself mired in scandal and abusing its employees it decided to separate the positions and took a victory lap. how do you justify a proposal that could limit shareholders from continuing to push for sensible governance reforms? >> the question you are asking is after a shareholder proposal has been put on proxy and kept all shareholders to vote on and garnered, less than majority support, how long does it stay on proxy? the thresholds to get more than 10% of the vote they keep it on proxy indefinitely and that will his not been changed since late 50s or early 60s at a time communications and shareholder engagement were very different. our proposal looks at increasing those thresholds. we back tested them. if you were able to garner more than one in four shareholders in favor of yo

. >>> wells fargo hoemlding its annual tech and media conference last week. we have that next.will be right back. - [spokesman] if you've tried college but never finished, (group cheering) snhu lets you transfer up to 90 credits toward you bachelor's degree. - [woman] it doesn't matter how old you are, you can do it, you can finish. - [spokesman] finish your degree at snhu.edu >>> wells fargo held its annual meeting in las vegas this past week among the dozens of tech analysts, one loan banki ining analyst bravely entered into the fray he's returned from tech world and joins us now wearing a hoodie you've changed your stripes. >> i am wearing a hoodi. you cannot be a bank analyst without being a part-time tech analyst. i was the only bank analyst among the 800 last week. >> do you think that more bank analysts could learn a lot if they paid attention to tech? >> absolutely. >> why aren't they doing it? >> there's good news and bad news the bad news is that banks still have a degree of pack man age technolo technology we're talking about mainframes and tangled systems and 50--ye

then the stock goes higher what are you going to do downgraded a wells fargo. was a piece of research. you know who's downgrading it? tell me that how much has wells gone up since sharf was named ceo? >> yeah but he's going to do a house cleaning he's mr. technology. he's a grim reaper kind of fellow now in business, he's vicious. i think sharf's going to go in there with sake l. n sickle. >> going to take time to fix >> no. i think easily, you get phase one done by the way, phase one is the dumbest deal why we're even having a negotiate about this -- >> phase one is steve schwar schwartzman opening banks to china. you think djgs >> by the way, jimny, not sure that gets done i think all of it gets done if we sell them some agriculture products and walk back some restrictions on huawei if we get tariffs, great, but really the meat of the trade negotiations is going to be the next phase is when ever they come we be wasting time as a country, as a globe, on this phase one. we should get it done. get the yield curve steepened. >> maybe i should just wait until the

for a dozen years, wells fargo's management recommended voting against shareholder proposals, asking the company to separate the role of chairman and ceo, a corporate governance best practice. and the ability for sensible proposals like this would have cut off wells fargo investors after four years of doing that, even though after subsequent years received support from 70% of shareholders and we know separating the chairman and ceo is a sensible proposal because after wells fargo found itself mired in scandal and abusing its employees, it decided to separate the positions and took a victory lap on it. how do you justify a proposal like you made that could limit shareholders from continuing to push for sensible governance reforms? >> senator brown, the question that you're asking is, after a shareholder proposal has been put on the proxy, and sent to all shareholders to vote on and garnered less than majority support, substantially less, then how long does it stay on the proxy? right now, the thresholds are effectively if you get more than 10% of the vote, you can keep it on the proxy

we know separating the chairman and ceo is a sensible proposal because after wells fargo found itself mired in scandal. how do you justify a proposal like you made that could limit shareholders from continuing to push for sensible governance reforms? >> senator brown, the question that you're asking is after a shareholder proposal has been put on the proxy and sent to all shareholders to vote on and garnered less than majority support, substantially less, how long does it stay on the proxy? right now, the thresholds -- effectively if you get more than 10% of the vote, you can keep it on the proxy indefinitely. that rule has not been changed since the late '50s, early '60s, a combination of rules, at a time when communications and shareholder engagement were very different. our proposal looks at increasing those thresholds. we've back-tested them. still, if you were able to garner more than one in four shareholders in favor of your proposal, the proposal would be able to stay on the proxy. >> well, you say that, sta sounds good but commissioner jackson's office studied data from a deca

. >>> plus, well, wells fargo's mike mayo says we're entering, quote, a golden decade for banks. why he says the sector is in for its own roaring '20s check out this mystery chart on pace for 2010 we'll tell you what it is and what to expect in the new decade but first -- ♪ it's the final countdown ♪ >> cool. the whole show lousy song >> yeah? >> it's a miserable song right up there with "the eye of the tiger" which is one of the five worst songs of all time. >> great movie. >> the movie it was in >> jordan's bulls were introduced to this song the other night, weren't they? >> good memories for me. >> okay. >> well, it is the final countdown nonetheless, guy, whether you like it or not ♪ it's the final countdown >> there's one trading day left before we ring in the new year and a new decade and it's looking to be an ugly end to the year with stocks posting the biggest losses in four weeks so should you hold off on popping the bubbly or was today just a minor blip >> i think it's a minor blip i thought the market was going to go down since september i said it earlier that december

banks and wells fargos and those types of names, but back to tech, another name we didn't mention was microsoft. they continue to show us growth. e we talk u about microsoft and apple. we holook at these name, are thy overvalued, not when you've got the growth the ones that are still in my opinion are those like i love sales force. but at this point in time, it's tough buy it because you look at that multiple. >> is there an asset class, which is one of those crazy years when you threw almost anything against the wall and it stuck. is there a class you wouldn't be in next year >> cash would be one of those classes. >> the other one is long-term bonds. had a phenomenal year this year. but they're up 13, 15% and there was the time to add your ratio that was the beginning of this year that's going to be the case next year i think bonds, high quality duration could lose a little value. i think there's two things b that can work next year. one is the multiple expansion. the other thing is earnings themselves we expect $180 on s&p 500 eps next year. by the way, consensus is lower than that.

wells fargo weighing in on the recent performance in the junk space. >> across high-yield, you are pullingn 2020 returns into 2019. there is a year and squeeze going on as people scramble, looking for that recovery trade, where can i get the incremental yield, incremental return, how can i set myself up for next year. we have seen a meaningful squeeze in the market. me are collinwith martin, peter tchir, and john bellows. on somei want your take of his comments, that we have pulled a lot of those returns in the ccc space specifically back into 2019. do you see that as being the case? we do to we think it will be difficult to mimic the returns we saw this year in the credit markets, especially high-yield. we have gotten to a point where spreads are low, prices are high, and the returns we saw this year frankly, will be difficult to follow, unless we see spreads go to all-time low levels. our guidance for investors is to be very defensive, suggest underweight in high-yield bonds, especially the junkie is part, like ccc's. yourutlook is to earn coupon. coupon payments will make up most of the

ashley: phil flynn at the cme, wells fargo say they expect a 10% correction in the new year but my questions, so what would trigger that? because i feel like the u.s. economy is moving along just fine. we can get a trade deal, at least phase one, actually signed. the usmca trade agreement, all things seem to be pointing positively. is it just profit taking that once it's triggered will kind of lead to a 10% correction? >> that could be it. if we get it at all. sometimes when everybody's looking for that 10% correction is when you don't get it. you know, we have seen a lot of that over the last year or so. last time we came close to it of course was almost a year ago to the day, when prices were melting down. this year it looks like we're going to melt up the other way and it's going to continue for awhile. it may be some time. you know what, when you are an investor or trader, you can't always be worried about the 10% correction. you get prepared for it but at the same time, you don't want to miss out on what's happened because i think everybody this year has been waiting for that 10% corre

>> i think it's a great question wells fargo still has some wood to chop.ly sharp as their ceo has been a good step i think they have a ways to go costs are an issue increasingly. their asset quality is pretty good you know, ultimately poor underwriting could break a bank. >> i was just sitting here thinking while john was talking about jpmorgan how well managed they are and then you ask a question about charlie sharp, one of the diaspora. so many great managers that come out that run banks, fin tech organizations. do you think that's jpmorgan's secret sauce >> i think so. no one is going to make money betting against jpmorgan they have a deep management ben bench. it has proven leadership that has fanned out and gone on to become great things. >> the other bank with a lot of continuity, great management is bank one, merrill lynch, i don't know how long he's been there but many years what are your thoughts on bank of america >> i think that's an absolutely terrific point as well they've done a fantastic job they've come a long way from the throes of the cre

scarlet: still with us is nick bennenbroek of wells fargo.tting 2019 in the rearview mirror, as we look forward to china, wells fargo economics published a report saying when the facts change, we change our mind. has your view on the chinese yen changed at all given it seems like the economy has bottomed and seems to be on the mend? nick: we have changed our mind and there is some hope in terms of the pmi's surveys and the numbers in november were quite good. the chinese renminbi has followed the contours of the will they or won't they do the trade deal. the markets are looking at more of the will they? we are turning around about seven and before we got well above seven. we see signs of strength or recovery in the chinese currency. over the next year or so, we will move down to 6.90. scarlet: the renminbi cracked seven per u.s. dollar for the first time since the financial crisis. president trump noted it and made his displeasure known. the fallout was limited. when we haveo 2015 a lot of capital output out of china, what was different? and:

. >>> wells fargo downgraded to underperform from market perform at raymond james citing lingering stigma from the fake account scandal. the firm has no pri target on the stock. the shares fell 1.5% to $53.63. >>> rokung dded from underweight to equal weight at morgan stanley, citingotential for slowdown in revenue growth for that company next year, price target $110, shares fell by 15% to $136.07.en bi downgraded from underperform to neutral at baw. d, citing the company's controversial alzheimer's drug that is awaiting fal appr which the analyst doubts it will receive. price target now $250, that stock fell more than 2% to $292.39. >>> still ahead, bing set lofty goals for december, and the company's to-do list is long. >>> the u.s. trade representative is reviewing the possibility of raising tariffs on various european unn products. the parade rep cited a lack of progress in resolving eat dispver aircraft subsaidgys which you may recall was affirmed b a world trade organization decision. that decision said euroan subsidies to planemaker airbus harmed the u.s. aerospace industry. decemb

donate today at any wells fargo branch. >>> good morning, north bay.el bloomberg is going to join also san jose mayor sam liccardo for a conference on climate change. >>> and now, the screen is going to show slowdown, but no major issues on the road now. the san rafael bridge slowup started due to the shoulders being closed due to bridgework, but they will reopen at 2:00 this afternoon. and it is slow across the bridges this ♪ you are the one ♪ light of my life ♪ i love you so please be my wife? yes! yes! save on a gift that says it all. ♪ only at jared >>> now, your accuweather forecast with mike nicco. >> good morning. the damp and foggy commute continues into a lesser extent this evening. you will see more wet weather coming ashore from the west and moving east. future radar is not doing to be as widespread as this evening hours when it picks up again. so tomorrow's morning commute could be as bad as this one. look at the chances of rain, kumasi. >> thank you, mike. we will have another abc7 news update in about 30 minutes, but you can find us on th

wells fargo did get a downgrade this morning from market perform to underperform firm saying in 2020argo's revenue to shrink and now down. >> we were talking about jpm this morning and quite a move there. >> tremendous move. >> market cap well above $400 billion, up 35% here. >> built on the huge premium to the rest of the group and second largest holding in the s&p value etf to apple apple and jp morgan driving the value trade. >> that they've been in very long time. >> exactly. >> i don't know where jpm is. >> rest of the group like ten, 11. >> disapointing manufacturing numbers sent the dow lower today. almost down 200 points more than half of a point. the s&p off .8% and the nasdaq composite is down now more than 1.3% more "squawk on the street" when rurn. >>> all right. december shaping up to be a big month for boeing. the company's looking to certify the max before the end of the year phil la bebeau has more on the developing story every day phil >> look. they have a number of hurdles to clear before this airplane can be certified by the faa and ultimately back in commercial se

ground graded to under waiting to equal wait wells fargo securities.he analyst says the debt load could hamper growth in t future. price target, $181. the stock rose a fraction to 191.75 today. >>> meanwhile wellsargo securities also downgraded walgreen's to equal weight fro overweight citing pressures on the core business in the nea term and longer term richks. price target, $61. the stock fell slightly to 58 and a p >>> and apple's provides target was raised to 305 from 275 by ever core is the analyst sees solid holiday demands for the wearable devices. the firm has outperform rating onhe stock and shares rose to 270.77. >>> still ahead, aon s start for disney's newest product. ♪ ♪ ♪ >>> ups downgraded to market perform from outperform a bmo capital mathematics with the analyst expecting the company to have a hard time improving profitability and free cash flow. but ups has a plan. it's creating strategic partnerships with companies lak cvs to give consumers more of what theyke want. frolland is in atlanta for us tonight. >> reporter: this is one0 of

police say it started as a robbery attempt at a wells fargo bank. two women were stabbed in the bank. one was killed. police say the suspect then stabbed two more people before stealing a car to escape. he now faces murder and other charges. >>> now to new details about the massive highway pileup in central pennsylvania. look at this video. at least two people were killed. dozens injured on this stretch of interstate 80. look at all of that. snow squalls created whiteout conditions blinding drivers. 20 tractor trailers and 10 other vehicles ended up crashing. more than 40 people were sent to local hospitals. >> i was in the end of all the crashes. actually i had time to stop, and i stopped before the truck in front of me, but the truck behind me didn't stop, and he smashed my car. it's a miracle. i mean if you see my car how it's a total loss, nothing left of it. >> drivers there were stranded for hours, but parts of the highway have now re-opened. >>> a fast-moving snow squall also swallowed parts of new york city and was captured in this time-laps

wells fargo, fix your business. you start pontificating about the rest of the market. here's what i worry about with this kind of stuff. when we were at a seven year run, people thought it was long in the tooth. eight years, eight years is long. kind of long in the tooth. nine years, oh, little worried, maybe a correction. ten years, 11 years. don't ever guess the top. what i'm trying to suggest to people is i don't say chase stocks or even chase the market, but chase fundamentals. these numbers are reading out to you we haven't caught up to these numbers. i think they are going to be much better next year. here's my thesis for next year. couple big head winds this year. household formation and business spending going to make a complete reversal. we are in the midst of it right now. going to help drive this economy up. gdp over 3%, put me down for it. stuart: which leads me to what joe biden was saying last night. he was out there in the debate claiming that the middle class is getting killed, that the economy's not

. >> reporter: officers swarming a wells fargo bank and a planet fitness gym at this shopping center. and then disturbing word of an attack involving a large knife. >> updated information on the robbery, it looks like a machete was used. >> reporter: authorities say three people were stabbed. one victim later dying from the injuries. >> i walked outside, saw all the police activity and all of a sudden, i see a gurney with a lady on it. >> she had so much bandaging on and it was bloody, so, we're assuming neck -- stabbed in the neck. >> reporter: police locking in on the suspect's location after he tries to flee the scene, allegedly stealing car. >> he's on foot right now behind the chevron. >> reporter: the suspect later apprehended. they're still talking to witnesses, trying to determine whether this was a robbery or something different altogether, david. >> pierre thomas with us live tonight, as well. pierre, thank you. >>> and next tonight, the dangerous and blinding snow squalls moving across the northeast and the bitter arctic blast on the way right behind this. that sudden and f

it was a remarkable scoop by eric chester because he was considered to be the wells fargo ceo at oneoint. she has a lot of options for her moving forward. ceo of nissan beginning his first week. what can we expect to hear from him? main can expect that his goal will be to set out a plan and to calm concern about leadership at the top of this company which is under pressure from all sorts of different directions. he has a reputation as being a not and thoughtful leader, someone as flashy as -- there were some risk involved in that. this is a signal there are not worried about taking as big risks. they want to morecambe contemplative title. somebody who is not going to make big waves but will restore confidence. is the claim from tax authorities presenting the carmaker with a hefty bill related to its 2014 restructuring. what is it mean for fiat. >> the italian tax authorities are claiming that they undervalued their chrysler unit when the merger was going to pull the business away from italy to the netherlands and london. potentially via could pay as much as $1.5 billion in extra taxe

for more, director and senior economist at wells fargo securities and she joins us from charlotte, northarolina. inc. you for joining us. people look at these past job creation numbers and say maybe the fed should hike again. could you at least argued that it shows we still have a lot of room left in this economy or at least more than economists expected to keep adding people into the workforce? think it shows that the u.s. economy is much more resilient to some of the headwinds, particularly surrounding trade that we have seen and continued to get these numbers. we know there is a lot of volatility and given the revisions that we have seen the past couple months, that shows that the trend is higher and it suggests we have seen more people coming back into the workforce. maybe not this month, but that has been trending higher. blockbusterth not as you would expect. when, if at all do we see more wage inflation? >> i think one of the issues we see with wages rising, productivity still is subdued. that kept a cap on how much the nominal wages have been rising. i think the trend is still hi

andorgan in particular, wells fargo, are two places where they also have big regional expertise.are trying to do something they have done with very large deals, that is hire people that know the code -- no the companies well that they want to service and have deep relationships. romaine: this is still goldman sachs. they have a pretty well-known brand name a reputable one. why wasn't that enough to do this? goldman's revenue over the past few quarters has been somewhat volatile. that shows that this kind of strategy can help keep a lot of -- not to mention, a lot of the capital that we will see being deployed is private equity firms, not to mention smaller private equity firms that are big targets for goldman sachs. i think there is a lot of room to run in this industry overall. jp morgan has had the survey for a long time. i think that is remarkably interesting because as jp morgan begins to build this type of business in europe, they are building with the likes of lincoln international but also deutsche bank. some of these big u.s. banks, let's see if they are successful in mov

joining us with his topics in the group is mike mayo managing director at wells fargo.ressing the part so it's nice to see you. >> thanks for having me. >> is it fair to say this was a great year for the banking business or bank stocks in particular or should we actually try to include november and december in that calculus? >> well, you just played the rocky theme song. >> i know. i know. >> sylvester stallone will be in a facebook ad on super bowl sunday >> oh, yeah? >> tech news you're in the tech business. >> it's timely you had spotty growth. you had three fed rate cuts. you had the worst yield curve in a decade and the largest banks came through by 10%. so the resiliency, just like with rocky, you take a lot of punches, you get scrapes and bruises and you come through it strong bank stocks in 2019 were like rocky balboa. >> what's it going to be in 2020 and has the run run out? >> no, this is a multi-year theme. >> okay. >> so to pick another character, david and goliath, goliath is winning. here is the one statistic that you need to know about bank stocks in 2019

li: a note -- she says she is -- her name was wei du did -- her name was floated for the wells fargosenior woman on wall street. she has run technology operations at morgan stanley and also at credit suisse. alix: do we clean anything about wall street women in the hedge fund world or is this they maxed out, they want to go somewhere else, or is this a generation of women wanting to start different kinds of businesses? of the moreis one senior women on wall street, but at bridgewater five people have helped the ceo or co-ceo position throughout the succession planning ray dalio has done. ray dalio is past 70 and david mccormick is 54. he has held the post for the last two and a half years with eileen. ray dalio once a team to be running bridgewater and not just one person. who else will be elevated and any changes pending next will be interesting. alix: any news around where she might go or what you might do? sonali: she has a wide gamut. she does not need to stay in finance although one would hope she will. alix: thank you very much. coming up, banking commitment to fighting climate

the market, joining us are chief investment officer from i said adviser ally arngts a, and co-hm wells fargo institute. and the managing director at capital alpha partners james, your thoughts on the possibility that the tariffs may be postponed december 15th the possibility that there may be some kind of skinny deal or not. how are you handicapping it? >> well, i'm giving it about 50% odds that the tariffs are postponed, that we don't see a deal i think that the signals from the administration are pretty clear, also we're getting signals from the chinese side that they do not expect tariffs to take place. but there is also a lot of sign that the negotiations are slowing down so i think the most likely scenario is no tariff for the time being but also no trade deal they will probably postpone it untimg tl the beginning of next year and so no trade deal, but perhaps it is not such a big deal if we usmcadone and we also see u.s. and china trade stabilizes >> so no trade deal, no new tariffs, what do you think that will mean for the markets? >> i think really what matters is if we get those tar

joining us now, acting chief economist for wells fargo securities in charlotte, north carolina.hank you for joining us. impulse of a positive could we see to investments if it looks like the fear of more tariffs or a rollback of the existing tariffs would go away? >> if you look right now, business fixed investment spending on a year-over-year basis is more or less flat. how much upside do we have? that really depends on the details of this trade war. if all we are talking about is, we are not going to put 15% tariffs on, the chinese are billion dollars of soybeans, that's kind of a mini deal. i don't think that is a huge upside. i think you need a comprehensive deal, we get what we want, they promise not to steal intellectual property anymore, you get a complete rollback of tariffs. that would be the best outcome. we have to wait and see the details here. maybe you are looking at mid single-digit growth in terms of business spending. in terms of a really comprehensive sort of trade deal. scarlet: we will be waiting for a while because everybody is in agreement media that the --

we look ahead to investor day with wells fargo senior analyst mike mayo. new york. we are counting you down to the european close on "bloomberg markets." ♪ vonnie: checking u.s. markets, we are seeing a slight gain for the three major averages. dish leading the s&p higher, and some retailers, macy's about 4% higher. gaming companies up more than 3% apiece, and cigna is up 2.8%. the dollar index is above 97. the 10 year yield is at a recent high of 1.90%. fedex is one of the loan sufferers today, down about 10% right

eileen murray was considered to be the wells fargo ceo at one point.e new ceo of nissan beginning his first week at the wheel. he faces a number of challenges. what can we expect to hear from him? >> we can expect that his main goal will be to set out a plan and to calm concerns about leadership at the top of this company which is under pressure from all sorts of different directions. they have are ready set out a plan that includes job cuts. he has a reputation as being a very calm, thoughtful leader. not someone as flashy as ghosn. he came in and made big changes and it worked. there was some risk involved in that. this is a signal that they are not looking at taking big risks. they want a more contemplative type of leadership, perhaps. someone who is not necessarily going to make big waves but is going to restore confidence. that is really what this carmaker needs to do. ♪ theefeated underestimate value of its business? that's the claim from italian tax authorities. they are presenting a hefty bill related to its 2014 restructuring following the pur