goldman sachs down by about 0.8%.p morgan, rather, down 0.8% after crushing it on the investment bank side of things. this is from our colleague on our live blog on the bloomberg terminal. there's rarely been such a big gap between a bank's capacity to lend and its actual lending. tom: you nailed it. a low demand headline as well. again, traditional banking is a separate business from the nuances of goldman sachs or the juggernaut that is fortress dimon. nowhere in the statement do i sue a comment -- do i see a comment on spac's, coinbase, bitcoin, or the rest of it. this is a traditional statement from a very traditional bank. jonathan: expect the call on archegos later this morning. lisa: that goes to the capacity to lend, their cash, their reserves. their incredible fortress is available, but who wants it? why borrow money if you can just use the money in your savings account? incredible dealmaking which we saw from jp morgan. jonathan: will the boom in this economy translate into a boo m for some of these earnings

goldman sachs, remember, when they dumped all theirs that they got from this firm credit suisse, werehey playing the market i don't know one of the things that goldman taught me is the dry cleaner, you take itin and you get rid of it as fast as possible. these guys were trying something else and i don't know, david, in the old days i used to be say they were stupid or chatterheads and i used to be be very derogatory, i have dropped that entirely, because i'm a ambassador of goodwill. >> you are. >> i think it was ill-advised the way they handled it. >> it appears to be. and they are still suffering the ramifications at credit suisse, including the potential for, as you might imagine people leaving the firm, you know, you're talking about a lot of compensation based on their stock, and long-term compensation plan, based on profit ability, again in stock it's a difficult time for them at that firm given what's going on. not just because of the loss but because the loss of potentially significant staff as well, carl. but as for archegos, and that, it does appear that was it although you

morgan stanley and goldman sachs competing on investment banking.e goldman sachs giving you more than 30% return on equities. you have morgan stanley over 21%. compare that with jp morgan. a lot of their results also included that big reserve release. morgan stanley is a little cleaner than that, but you're comparing that with goldman sachs now on returns and investment backing. morgan stanley in the stock market has been doing better. their market cap is about $30 billion more than goldman sachs, and they are trading a higher multiple to book value. you can meet or beat expectations, but this is about competition, and when you look over to the other side of manhattan, there's a competitor keeping a better lid on costs, as well as competing just as heavily in those investment banking businesses. jonathan: stay close. i want to bring in alison williams of bloomberg intelligence. what you see in this statement? sonali: i think the negative --alison: i think the negative is the equity trading revenue. their growth in that business was only 17% versus t

are you going to put your money in goldman sachs or crypto? joe: 60/40, but i am not going to tell you which is the 60 end which is the 40. as you mentioned, coinbase going public. it did end up way on the highs. it got as high as $420, $328. romaine: and there is a lot of mocking and joking here, but this is a significant milestone for the crypto spear. joe: a huge day for crypto. we already know, massive, coinbase, historic, etc. you are the ceo of a competitive exchange. talk to us about the competitive landscape. is this a multi-winner space? >> we were all applause all around with our team, cheering on the coinbase team, making huge strides in the industry. it has been a mocked industry and yet we have seen validation after validation, institutional customers coming in, companies going public, huge milestones that are remarkable across the space. romaine: with coinbase now public, that brings a lot more scrutiny, rightly or wrongly. i am curious, when you look at the volatility we see in crypto and you are trying to run an actual company

>> this partnership with esusu it's a key facet of sustainability goldman sachs is focused on climateand inclusive growth and i think if you hear the story he just told there are folks that are just not able to participate fully in our society of things outside of their control. so we step back and think about what a fico score is supposed to do it's supposed to judge someone's financial health and for renters, and this is a third of households in the country today, much higher numbers for people of color and people who are low income, those renters are seven times more likely to be credit invisible. so for those folks you can have experience like his family where you need to borrow at 400% and it really just doesn't make sense. think about is it from the risk management side, to leave out the largest payment that most americans are making every month, right doing it on time it's a large payment and not have that factor into your credit score. it just doesn't really make sense. so first and foremost we think this is the right thing to do. and as risk managers the more appropriate way

are you competing with a coinbase, or are you competing with a goldman sachs? mike: as of right now we are not competing with goldman sachs or any of the big banks. we are collaborating with them. we did a partnership with morgan stanley, we hope to do partnerships with most of the banks. i think in three or four years we will be competing with them. message to my employees is we have to stay the smartest guys in the world, -- in the room, keep earning, keep innovating. we are starting to compete with centralized finance, with unchanged solutions to unlock these problems. in some way in 15 to 20 years and from now all banks might be anachronisms. i say we are a bridge to the new era. the new era might be much more of a peer to peer era. angst don't happen overnight, so our idea is to continue to innovate and stay one step ahead. >> you know better than anyone because you were an earlier mover in this space. you mentioned nft. i think that is an excellent place to focus because while of course the blockchain part of that has great value, and as you say it may re

nasdaq up one third off the back of tremendous earnings for the first quarter for the likes of goldman sachsget to the banks. goldman really well executed first quarter. goldman sachs up 1.6%. morgan stanley coming along for the ride. morgan stanley up $1.20. i do not want to make a big deal of the price action on the likes of wells fargo and jp morgan. let sit on jp morgan just a moment. down .6%. not a dramatic move. a big conversation about loan demand. they are so cashed up on a consumer basis on the aggregate level, and at the business level as well. that is why the demand is not there. the economy is so healthy and fiscal stimulus has done so much heavy lifting, particularly on the consumer side. if you cannot make it up in volume, what you have to do westmark -- what you have to do? this will be the key going forward. these banks got a tremendous pop off the back of what is happened in the yield curve. steeper profitability. that is one yield of profitability. it is far more nuanced than that. this is tv and radio. i have 30 seconds left. yields up on the 10 year to 1.63. if you canno

morgan and goldman sachs. >> there's a chance it could beat goldman sachs and morgan stanley. it's bigger than most european banks and u.s. exchanges. there is exposure to another crypto exchange. but also made me wonder, why didn't any other exchange try to get exposure to coinbase? goldman, this morning, was asked about crypto and would it create a digital wallet? david solomon said that we are focused on creating a digital bank with no plan frequent wallet now -- for a crypto wallet. but there are ways for banks to get in. they are offering institutional clients is. but it's a years late -- a year's weight. -- wait. >> we have seen the price of bitcoin rise today to another all-time high, at one point it traded at almost six to 5000. right now, it's trading 63,400 $77. we have seen other coins trade higher. ether, for example, is a big winner. it's done even better than bitcoin. on its own, this is a $1.2 trillion. if you look at the major crypto, you get the market cap of well over $2 trillion. we have the e.u. talking about their own digital currency. they talked about a

morgan and goldman sachs, which one measures you the most. jonathan: let's go straight to the price action. equity futures like like this. up around three points. there's a big picture of me, hopefully we can get to the price action. tom: your entourage put that in. jonathan: can we just start again. [laughter] is everyone with us today. is tom sober? bond yields are higher by a couple of basis points. lisa: today we are expecting earnings. let's talk about j.p. morgan kicking off earnings and ash in about 45 minutes time. then we will be getting goldman sachs and wells fargo. this will kick off the whole week. people will be looking to the dealmakers. really saying goldman sachs could stand to benefit the most from that surge in enemy. jay powell going to be speaking along with a host of other fed speakers. speaking with our own david room and sign -- with our own david rubenstein. interesting what he'll have to say about the vaccination schedule and how that affects their tapering. today ac/dc panel will meet on the distribution of the j&j

they are pleased with how the firm handled it, the -- the reflection of engaged communication and goldman sachs on the business and control side of the firm. >> for the firms impacted negatively, pretty tough. we are already seeing bonuses, when we heard from goldman, i had to rack my brain to remember, did they mention at risk management so many times before in their conference calls after earning? it was noticeable at this time. it was an director's response to our goes, it was a direct consolidation of the prime brokerage business. illicit that is set to continue. haidi: for more analysis on the banking earnings, we are joined with five. the it over to vonnie quinn with the first word headlines. >> bernie made off, the architect behind the biggest ponzi scheme ever has died in federal prison in north carolina. he promised his clients billionaires, he cheated them out of more than $19 billion. madoff was sentenced to 119 years in prison in 2009. 80 two years old. johnson & johnson vaccine will remain on pause after saying more data is needed before is decision can be made. distribution of the

jpmorgan and goldman sachs, those results out in the last few minutes. n by robust investment banking options goldman up nearly 2% still waiting on wells fargo with a coinbase anticipated ipo and bitcoin going towards record prices, we are checking on stocks that have bitcoin on their balance sheets they own the actual product. tesla up 3%. microstrategy up 6%. square up about 1.5% riot blockchain up 6%. >>> bed, bath and yoint. bitcoin surge. the co be inasipo and much more. we will be right back. our imag, but they can't be held back. they want to be set free. to make the world more responsible, and even more incredible. ideas start the future, just like that. re-entering data that employees could enter themselves? that's why i get up in the morning! i have a secret method for remembering all my hr passwords. my boss doesn't remember approving my time off. let's just... find that email. the old way of doing business slows everyone down. with paycom, employees enter and manage their own hr data in one easy-to-use software. visit paycom.com for a free dem

we're also standing by right now for goldman sachs and wells fargo. we'll check reaction on markets. european markets this morning meanwhile are mixed take a look at europe and the indices live trading fq 100 is up 17, the da x index is lower by 8 in asia markets finished mostly higher best performer here was hong kong, up 1.5% pollsters self-reflect five democrat groups and peer research say they severely undercounted president trump and his supporters in 2020, and they may need to go back to old school methods to fix the issues. we're getting into that this morning and then we will put a spotlight on crypto once again, coinbase poised to go public today, what it means for the digital currency market, how sky high bitcoin may go, " mornings with maria" is live right now. >> and now, some of the top stories we are watching this morning the cdc is holding an emergency meeting today to review the fda's pause of the johnson & johnson vaccine. it comes after six women developed a rare disorder involving blood clouds within two weeks of receiving that shot

coming up, the global chief economist at goldman sachs young hot cs -- at goldman sachs jan hatzius. this is bloomberg. ♪ alix: live from new york, i'm alix steel. this is "bloomberg markets." we just talked to the professor that runs the umich survey. he said what stood out is how positive consumers feel about jobs, that they feel great about it. they see the jobless rate declining, and that is fueling the rest of their sentiment. let's put that down even more. jan hatzius, goldman sachs chief economist, joins us now. always a pleasure to get the perspective. i don't know if you heard my last interview, but just how optimistic people are about the jobs picture, i am trying to get a sense of how long that lasts and how related. jan: h -- and how real it is. jan: hi, alix. always good to be on. i do think that is going to improve sharply in the coming months. the level of unemployment and underemployment is still very high, so i think that means it can continue to improve over a longer period, and i also think that often, as we see in some of these surveys, markets are more focused wh

he's also formerly of goldman sachs.y, given those two characteristics, when he joined us a little bit earlier on, he was basically talking about the fact that he was a little surprised that jamie dimon over at j.p. morgan has got his bank involved in this whole process. >> it's got to be one of the most ridiculous proposals in nearly 40 years of business, one of the most particular proposals i've ever seen in my life. guy: there are two things that need to be borne in mind. one of which, he used to work for goldman sachs. the other one is, probably more importantly, he's quite a big football fan, so probably not hi the -- not happy on either of those fronts. alix: i was hoping with this being done, i wouldn't have to have these conversations anymore, but somehow you have proved me wrong to just shoehorn a been, and i am left saying that shoehorn it in -- shoehorn it in and i am left saying "totally." [laughter] guy: an opportunity to have a little bit of fun with j.p. morgan. alix: who doesn't like to throw some shade o

business of prudential. >>> mentioned the big story today, the other one, bank earnings there you go goldman sachs winner michael farr, it was a blow-out from goldman many you own the stock. return on equity, 31%. jim cramer says the stock is going to 400, $40 of earnings. put a 10 multiple on that and that's where you go many what are your thoughts? >> it is only 1.3 times booked, scott. it has had blowout quarter after blowout quarter. i have never seen a $5 billion beat in a single quarter that's what goldman just did i think it is a powerhouse i think they're expanding and diversifying business lines. they're working on profitability. they're diversifying i really like what they're doing. i hope cramer is right but i think as a core holding, given the dividend and the business, it is a great company. i am thrilled. i have owned it forever. >> yeah. joe, you love goldman as well. you have said as much on this show >> i'm not even thinking about thinking about selling goldman sachs. obviously underwriting all of those spacs paid off in terms of fees, didn't it? >> yeah, right total home run jon,

and this then in terms of goldman sachs, as a former goldman trader and vice president, no surprise here blew the doors off of, you know, their trading revenues here and their investment banking business. i think it's a little frothy though up here, and i think we're at a top on goldman. liz: okay. scott, teddy, star traders here on our floor show. thank you so much for joining us. >>> as the crypto world goes gangbusters at this hour, one company that's benefiting is rob aren hollywood. charlie gasparino has breaking details on when, maybe the timing of its ipo? you've got to stay tuned for that. charlie breaks it next. as we look at coinbase going into the break, it's still up $86 to 336 per share on its first day as a publicly-traded company. ♪ muck. ♪ muck stay restless with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $439 a month for 36 months. experience amazing at your lexus dealer. seeing blood when you brush or floss can be a sign of early gum damage. lease the 2021 rx 350 for $439 a month for 36 months. new parodontax active gum repair kills

jp morgan, goldman sachs, bank of america a the names expected to release numbers. goldman sachs tomorrow, bank of america and citigroup thursday with morgan stanley. mike mayo is head of large bank research at wells fargo securities. previous quarters have been really driven by the trading activity, at least in terms of revenue growth. is that the same for q1 or do we see another leader? mike: we can summarize the quarter as the 5 c's. one would be capital markets but with credit quality, return of capital, the yield curve and cost control. capital markets certainly are stronger for longer and we think the biggest earnings surprise will come from goldman sachs because they are in the sweet spot as the ultimate dealmaker. they ranked number one on deals for the last decade and post pandemic every industry in every geography has to rethink their business plans. it is a growth business when you are an advisor and you should certainly see that goldman sachs. the other big capital market players as well. amber: you have got capital markets, you've got a yield curve work

they are going stir crazy at home i don't think that ever caused as much friction internally at goldman sachso people get paid a bonus that matches what they their their work forces policy is and their work policy performance? goldman doesn't have to face that up any time soon. this quarter was outstanding for goldman sachs. the other thing is do the bonuses match that outperformance if they do i don't think you will hear more complaints. >> a lot of banks said they would give more bonuses for junior bankers right in didn't bank of america say they were going to give an extra 10% for analysts. >> it is not the first time bankers on wall street would not think the bonus doesn't match what they think they were worth. >> when we come back, the fight keen kohl's and activist investors is officially over we will break down the details of their agreement when "closing bell" comes right back usic: “y” joe esposito] [music: “you're the best” by joe esposito] [triumphantly yells] [ding] don't get mad. get e*trade and take charge of your finances today. hey frank, our worker's comp insurance is expirin

goldman sachs and wells fargo follow shortly. tencent is set to hold off on a dollar bond offering amid escalating concern over the health of distress debt manager china her room. good morning, 6:00 a.m. in london. just gone 9:00 a.m. in the dfc. there is a very clear delineation in markets. johnson & johnson has been benched for usage. for percent of what the u.s. needs for its vaccine campaign. but the bond market bree zed through the spike in cpi. the core cpi the highest in over a decade. this is a market that realizes the very prissy into risk that is vaccine rollout in stores. annmarie: 100%. what is so interesting is the bank of america server we were looking at, only 15% of respondents said the biggest tail risk is covid-19. that clearly is not where the market took its eyes. you mentioned 4% to the u.s. the u.s. doesn't need j&j, but the rest of the world is in trouble. we talked about it like a joke, but it is crucial for the european inoculation campaign. of course, that relates to whether or not we will be back on fli

we will break down what that means, goldman sachs reversing their short.is bloomberg. ♪ >> coming up, and kilter joins balance of power. this is bloomberg. >> six months ago, goldman sachs recommended shorting the dollar. today, it calls it quits. their team called a tactical retreat as of this writing, though we expect dollar to appreciate. rising bond yields may keep the greenback supported over the short term. joining us now, one of those strategists, head of global fx interest. thank you for joining us. >> pleasure. >> how long until we get that dollar short trade back on? >> potentially not very long. our view is still quite bearish on the broad dollar outlook both from a cyclical standpoint and a structural standpoint. we have a quite expensive currency and a recovering global economy. structurally, you could add other concerning things like a widening deficit, china's financial reopening, things along those lines that could weigh on the dollar. but we are trying to do with trade recommendations is give investors -- to extract value over time. until

we will be joined by goldman sachs's global head of commodities research. and details emerged about deutsche bank executing a stock trade swiftly. let's take a look at the markets and show you what is going on. we are beginning to fade a little bit into the close. we've got payrolls tomorrow. that is a huge risk. we are up to 422 on the stoxx 600. we need to get to 433 four a new record. alix: here in the u.s., the s&p top 4000. obviously, tech is leading the way. i wanted to highlight more idiosyncratic story. micron reported a pretty strong quarter yesterday. check out the infrastructure stocks. by the rumor, sell the news -- buy the rumor, sell the news. is that what we are seeing here? the 10 year yield getting a nice bid. an ism blowout tomorrow which some forecast to be very bullish, and your yield now under 1.7%. guy: let's talk about what is happening with european stocks. i appreciate that the s&p is north of 4k. alix: you are the one who once a hat -- who wants a hat. guy: i do. i've got a 2k hat. i want a 4k hat. we are at 432 on the stoxx 600. i

i remember at the time reporting that the way the accounts that they had at goldman sachs, they -- goldmananley being one of them, to effectively declare a default. that creates a cross default across the banks because the way the goldman sachs account worked was they had to otherwise wait 24 hours for them to cure things no the to get too far into the weeds. but it's always sort of baffled me as to why morgan stanley actually wasn't first up out of the gate to try to sell some of the stuff. >> it's a good question, andrew. my own reporting on it was that all of the banks were trying to help the prime brokerage client for a period of time and also probably thinking it would be ideal for all of us if we could all avoid some flash selling and then a point came where a decision was made and who exactly moved first we don't know how much they let down the clients or rivals we don't know. everyone started to sell and then everyone tried to credit suisse was slow to the game others like goldman sachs were quick to the game. morgan stanley wasn't quite first. but was early. and we thought early e

we have a trifecta blow out bank earnings goldman sachs, wells fargo and goldman sachs crushing it movingher. jpmorgan actually fell karen, which stands out to you >> well, two but on the upside it was wells fargo. the reason is, you know, they all have similar things going on they all had net interest margins that weren't great other parts like business asset management was great, credit, reversal of reserves but that's not a recurring item but the thing that stands out about wells fargo they still have expenses they are able to address, that is i recurring item, expense ratio is too high, that would be a recurring item also their call was very, very positive that helped the stock, it traded up during the call on the flip side jamie dimon seemed to be seeded, pissed about regulation, talked about fin tech in his letter they're not hamstering the way big banks are and his desire to do deals i don't have insight into his head, i love him but restraining order notwithstanding i think he really feels they're not fully appreciationed they would love to do more fin tech deals and he feels miss

goldman sachs is slightly positive. the broader equity market up on the s&p 500. it has been record high after record high, and we've got another one this morning. lisa: this is exhausting. it is sort of like, well, another record high. there's a question of are we getting too perfect. i think that is some of the nervousness you see in the horse race this morning, where it is hard to gauge where we are. yes, we have analyst expectations that are high for these companies. they are beating, and the shares don't do much because that means the expectations baked into valuations is that much higher. jonathan: you can't help it, can you? lisa and i don't sit right next to each other, but she can see me laughing out of the corner of her eye. brent schutte joins us now, northwestern mutual chief investment strategist. i think this is an important question. does a boom economy need a boom market? brent: yes. i agree that things appear to be too perfect right now, but you're kind of a goldilocks period, and i hate saying that because it is always famous last words. you are

getting a nice boost from goldman sachs which is a dow stock. still waiting for the first trade in coinbase. when we get it you will get it too. >>> now this, vice president harris says she plans to go to guatemala to meet with leaders there. that is in central america. she says our government must address the root causes of migration. let's bring in bret baier for this. bret, i get the feeling the vice president was kind of pushed into this. what say you? >> stuart, good morning. i think the evolution of the definition of what she is doing overseeing the crisis at the border has been interesting. she said today to reporters she was not in charge of the u.s. border situation. that that's homeland security secretary mayorkas. she was told by the president, she says, to handle the root causes. that means the northern triangle countries and the economic situation in those countries. so she is going to guatemala. she will meet with leadership there, talk about what the u.s. can do to help the situation. listen, the trump administration did similar th

. >>> investors bracing for a wave of bank earnings, jpmorgan chase, wells fargo, goldman sachs kickingff news today >>> history at the nasdaq as coinbase appears for the debut >> the archegos saga as credit suisse on big time trades. >>> and getting in the way of president biden's ambitious tax reform plans it is wednesday, april 14th, 5:00 a.m and you're watching "worldwide exchange" right here on cnbc ♪ i'm back in the new york groove ♪ >>> good morning, i am dominic chu in for brian sullivan. kicking off your wednesday morning with stock futures indicating some stability at the opening bell the s&p hit a record yesterday the dow joan industrial average implied higher by rough 18 points very modest move s&p up 5 points, nasdaq up by 24 at the opening bell. if these future moves hold into regular cash equities trading. remember, the s&p 500 and the nasdaq 500 coming off fresh record he's on yesterday's session. onthe sector tech side of things, you've got health care, consumer discretionary also coming up. yes, record-breaking sessions for all of those sectors as well the big play in

good for goldman sachs they have risk management in place. people at very high levels at these banks, something that we talked about value at risk, every single day those numbers were looked at at goldman sachs and morgan stanley and i'm sure they look at today and i'm going to get mad at a lot of people and there is a reason it is called second tier banks and it is playing out right before your very eyes and $4.7 billion loss and the world has changed a loss and that was the aggregate loss that element took the banking system down in the day. and bill wang, and i don't think i'm speaking out of turn, he pled guilty nine years ago and they paid fines between $45 and $60 million and here we are back in business, it speaks volumes as the amount of liquidity and people keep going back to the well that is a the bigger problem and i'm sure sheila could speak on that. >> let's bring her in now. sheila bear is former fdic chair and now director of the culver alliance >> thanks for having me. >> so does this say to you that the u.s. banking system is

goldman sachs is we won't have to come _ goldman sachs is we won't have to come in. _ goldman sachs is the set -- as— come in, you have google indicating the set —— as well, joe debussy, lioyds. — the set —— as well, joe debussy, lloyds, others hinting this is the future _ lloyds, others hinting this is the future it— lloyds, others hinting this is the future it is— lloyds, others hinting this is the future. it is almost become a point of differentiation between companies to their— of differentiation between companies to their approach to work culture and the — to their approach to work culture and the back bhr from place to go to different— and the back bhr from place to go to different companies. i think this will be _ different companies. i think this will be fascinating as it plays out and we _ will be fascinating as it plays out and we get back into the office and intriguing — and we get back into the office and intriguing for workers.— intriguing for workers. certainly, i know people _ intriguing for workers. certainly, i know people want _ intriguing for workers. certainly, i kn

that's the word at goldman sachs.out basically scot-free. liz: just put your red line in the sand and don't cross it when it comes to, you know, taking risks like that with investors' money. charlie, great to see you. thank you very much. charlie gasparino. >>> all right, when billionaires attack. the big complaint jeff bezos' blue origin rocket start-up now launching with nasa over elon musk's spacex winning that moon contract. and, by the way, elon has just replied on twitter. we're going to read that to you. and from college barista to coffee king, cofounder and ceo of -- coffee joins my everyone talks to liz podcast. new episode just dropped. mike went from minimum wage worker from the first location in michigan to taking on massive coffee giants today. hear how his caffeine kick helped him grind it out, growing from one location to the 250 storefronts bigby has today. catch it on apple, spotify, google, wherever you get your podcast. closing bell ringing in 15 minutes. we're coming right back. please stay with us

jp morgan, goldman sachs and citigroup are said to be working on the ipo.nese regulators have approved restructuring of chemchina after years of speculation about a merger. the firms will become wholly-owned subsidiaries of a new holding company. sinochem says the move will aid the development of china's chemical industry. both companies were added to the pentagon's blacklists for alleged linked to the chinese military. rishaad: from china to japan, where we are seeing election of the first 10 year notes. the boj announced changes to its policies. tell us about this. david: it's the first one since early march, when we had quite a low bid to cover ratio. you are using that measure to look at demand, lowest in about five or six years. some changes in the environment since then. lesser of an increase in yields. i think concerns are on the bond markets compared to the last time a month ago. yesterday, after the competition, the boj -- the complication, the boj says it will purchase less bonds. you are looking at it on your screen. jp morgan putting everything

i wanted to have some goldman sachs-specific exposure before earnings i bought it before earnings. i think they still have the best calling card in the business and they have the right mix. they don't have a lot of this low growth to deposits, which the deposits have just exploded goldman sachs has the right mix, you know, i think it's got good runway if they did $40 this year, that would be 400 i think one other thing that's important to note the nasdaq and the ten-year prices are -- i thought this was a good time to go back in the financials. >> you also bought coinbase. joe, you want you were going to buy it, i think 320 is where you ended up getting filled on that. where's that trade today i feel a little uncomfortable i'll be very candid. three and a quarter is where i got in i think coinbase is trading well, but i think longer term, the right way to think about coinbase as an exchange is not to just think about for its cryptocurrencies i think they'll further introduce products like digital security tokens similar to what's out there, where you can digitally trade tesla and h

as i said, we had bank of america come out early and goldman sachs come out early.e looking out for morgan stanley's earnings later. joining us today is christopher marangi, gamco investors chief investment officer. we have seen some great numbers and stellar executions from goldman sachs in the first quarter. have you enjoyed what you have heard so far from the financials in america? christopher: absolutely. this was largely expected which is why stocks did not do a whole lot. you have this combination of strong m&a, a reawakened consumer which is helping credit card balances, credit charge-offs, and the prospect of a regulatory touch combining to drive earnings and probably a multiple higher. jonathan: the broader equity market is still the value versus growth story which we have been anticipating for the last six months or so. value could have a good run. do think there is a chance for value outperforming growth? christopher: i do. value has had a little bit of a pause. that is partly in anticipation of strong digital advertising revenue. the market has more bala

we had the goldman sachs analyst on the show.hey are talking about the forecast and that is is growing the higher reopening for the rest of the year and still plenty of savings to be spent for the uk positive news for the british economy. the euro trading at $121 as for u.s. futures. big week for earnings. a lot of tech names to watch out for. apple, facebook, amazon, boeing, caterpillar. the fed meeting on wednesday will capture attention s&p and dow seeing mixed right now. >>> a quick look at oil. brent is trading down 1% today this as a drop for demand out of india which is the third largest importer of oil. as i mentioned, we have watched the situation unfold there closely. it is beginning to impact the comm commodities. julianna >>> on that moat, let's look at what is happening in india the international community is pledging supplies as the country battles the spike in cases hospitals are turning people away due to the lack of beds, oxygen and vaccines. germany, france and uk are promising supplies president biden says it i

wells fargo was rewarded quite nicely and goldman sachs quite well.imon is not getting any love from the market. that is stood out of me, the muted response to jp morgan strong results. alix: is that a by the rumor, sell the news kind of thing, or is it something we need to see in our catalyst? octavio: i think there was expectations j.p. morgan was doing quite well. i think they did better than expectations. i'm not sure what will happen. markets behave that way. it is unclear what happened. they should have been rewarded much better than they were. who knows why that happens. just markets behave that way sometimes. alix: i love when that is the answer. markets are weird some time. what some might point to is the week loan growth. they have much more there than there actually having loan demand. how did you interpret that? octavio: that is something we've seen in all retail banks and will see into the u.s. as the results come out. simply u.s. consumers are not in the mood to borrow more money and standing on the sidelines. i will not spend too much m

morgan stanley, goldman sachs, going to be fascinating. >> hopefully yes, we'll get more color in terms of the outlook in terms of the capital markets activity and net interest can continue through the rest of the year. >> we look forward to that that does it for cloegt. h "closing bell" have a great weekend. "fast money" begins now. >> i'm in for melissa lee, this is "fast money." tonight's trader lineup guy adami, steve grasso, mcdonald and barbara ceo of win crest tonight on fast apple seeing its best week since january. names like facebook, al apple hit highs. is a buy now plus boeing taking max 737 out of commission on the heels of another production product we'll talk about what it means for the embattled planemaker and another bonus hour tonight the countdown of the trades of the week, tweet them to us as cnbc "fast money. let's start on wall street s&p with another record close, fourth of the week, that's the kinds of week it's been, leading the way, pvh, coach, tapestry, the rally coming in spite of higher than expected inflation data this morning. as we get ready for the start

goldman sachs just reversing its short dollar call.hat down with the strategist in charge of that call in the next hour. also coming up, the macro risk advisor's head of technical strategy. what do you do with volatility the slow, and is there more upside in the tech sector? this is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look.

>> with goldman sachs bodes well for morgan stanley will see how strong they are relative to goldman sachs standard we're out of time on "closing bell" thanks for watching. "fast money" starts now. >> i'm melissa lee and this is "fast money" tonight's today's trader lineup -- coming up we'll break down how traders are playing the record run. plus slamming the breaks on quantum scape -- you will hear from the man behind the report and attention frequent flyers. we'll tell you what delta said about the future that could have this stock taking flight new developments in the reddit development. remember when musk steps to defend gamestop when share s went higher -- >> he's blasting the regulator saying they allow quasi anarchy to rule the markets pointing to tweets that championing the redditers. saying they are comments at a critical moment further destabilize the situation with gamestop on january 26th this year, was tweeted he bought gamestop and later game stonx on the same day. surged to the peak of $350 a share, the following day, they never reached that level since then and he appe

goldman sachs, you got to take the earnings, i mean $43 so i think david, i expect the group to start the season off with profit taking after the run they have and instead we have stabilization and i think that may be enough for some of us who are quite worried about the altitude we're at. david, it's not that bad and maybe that's the key for me. the stocks didn't sell off. >> right but in morgan stanley's case, let's talk about it right now, jim, we were talking about goldman sachs, they're not the same firm, obviously, they own e trade, investment management, certainly more important, institutional securities did see net revenues up 66%. but what's an appropriate multiple here? are you starting to get a sense forwhat an appropriate multipl is, morgan stanley perhaps gets a bit higher because there is a belief of the recurring streams as a result of wealth management's importance overall, but nonetheless, i'm sort of curious as to where you come out here. >> 15 multiple i think this is the one that has the least risk the least episodic i also think by the way if they play e trade rig

to goldman sachs. and the nasdaq. that is why we have to stop them in their infancy.ve: quickly, you can tell us, where they can go to find out more about this. >> national center dot org . that is stop corporate tyranny dot org . >> thank you. >> i just think that consumers choice is the answer, it is confounding that mlb would choose to try to be the nfl. their players started a kneeling campaign they suffered for it. for mlb to proactively make the choice it is confounding, i think consumer choice will be the remedy to this. steve: right, we have got to put pressure on. and we have to kind of realize that we have to organize. and fight back against this, this is not going away. last week, and this week, and we'll keep talking about this on this show, kayleigh mcenany, and justin danhof thank you. >> tammy we'll see you in a bit. steve: coming up one republican member of congress may have found a perfect way for g.o.p. to fight back against woke corporate america, health tell us -- health tell us how next. ♪i've got the brains♪ ♪let's make lots of♪ ♪uh uh uh♪ ♪oohhh

goldman sachs, appears has gotten out of this unscathed what's the lesson.th concentrated positions it's important to take down risk we know this is not the first time this has happened and not going to be the last certainly see this again from my perspective, our risk controls worked well we identified risk early on. we took prompt corrective action to lower our risk. i can't really speak to what other banks have done and how they handled the situation but i'm pleased with the way our team handled it. there's a larger question here around process by which investors create transparency around their economic positions and how to handle more complex equity products in our system. i think that's a topic that deserves debate. i think it should be reviewed by the sec and i certainly expect, shows again to take a view on that and more discussion on that from a broad perspective what happened here is something we've seen before, we'll see it again and why risk management systems and organizations like ours are very important we don't always get it right >> david, w

if you are trading with goldman sachs, you would put up collateral, goldman would put up the leveraget the stock you have leverage to would be reported by goldman. matt: when bankers at morgan stanley and goldman sachs are all hanging out in the eagle club, don't they say to each other hey, we gave bill weighing a ton of leverage. have you? erik: if bill ever found out about that, they would loose his business. the lack of disclosure among prime brokers such as morgan stanley and others is e central to the industry. this is what regulators are taking a look at. what is obvious at this point is a lack of what you just described. the prime brokers did not know what they were doing collectively. there is limited ability when you open a swap account for the prime broker to demand financials. each prime broker was, to a degree, operating in the dark. that is crazy. there is an incentive for the prime brokers not to demand more information beyond his insistence to remain anonymous, they want his money. if they say, we demand this, and he says, take a hike. you face a quandary. that is one o

on goldman sachs. don't understand that. >> speaking of goldman, amy, you old goldman and jpmorgan. >> yes we have been underweight financials for a long time, closed that towards the end of last year a little bit still a little under market weight, but financials, it is time to shine. if they don't work now with yields rising, i don't see what makes them work. they're still over capacity in the industry in general, lack of demand for loan growth is a problem, but they're cheap, relatively -- shortly relative to the market and even absolutely and this is their day. this is what we've been waiting for for financials. >> rahel is back with us she has more calls that we need to talk about and trade as well. rahel. >>> hi, again, scott let's start with pepsi upgraded to buy at ubs. target bumps up 20 bucks to 165 a share. analysts here expect further revenue and earnings growth from investments already underway also thinks compared to peers pepsi's valuation is compelling. shares up half a percent right now

sector for now >> steph, i know you hold morgan stanley, who report tomorrow do you wish you held goldman sachsgoldman was tremendous it was absolutely a stellar, stellar report across the board and they beat, especially on their global markets equity trading those numbers were just astounding and they clearly are taking market share. but i think morgan stanley is a little bit different animal. and we've talked about this. it's more like a wealth management piece, which i like they do have the institutional side and the capital markets, which i like, but they also are doing a lot in terms of m & a and e-trade and i think there's a lot of synergies that they can acquire. i think he's really decided that he wants to -- this is the ceo, james corbin, he wantsto diversify the company so they're not such hostage to the yield curve and the steepening or the flattening depending on what happens in the macro world so i like what he's doing. i think the valuation, it's interesting it's now trading at a premium to goldman but i think it should given its diversification strategy. >> it's been up more than

let's hear from goldman sachs.oke about this on the call yesterday. >> the supportive environment we operated during the quarter. we develop the best performance of global markets in a decade, driven by solid client activity across our platform and reinforced by last week's market share gains. we continue to deploy our resources to support clients amid an evolving, dynamic market backdrop. manus: hearing from bank of america and city today. >> the bar is set extremely high when it comes to trading numbers. here we are, they were able to beat. also for bank of america, the consumer picture is somewhat concerning considering the slowing on growth and bank of america, a large exposure to the consumer. annmarie: also, one thing at least jp morgan said, or both warning about trading and currency which is important for city. we will see how that shakes up today and morgan stanley on friday. dani burger, thanks so much for joining us. later, an in-depth conversation with the bank of america ceo brian moynihan, at 10:00 p.

disclosures aside, why was their loss bigger than, say, goldman sachs? morgan stanley was the number one prime broker for archegos by size goldman sachs was not in the top three and only recently took them on as a client. second, the importance of viacomcbs in all of this which morgan stanley had been the lead underwriter for. james gorman on the earnings call. >> by the fact that one of the large single stock positions related to a security in which we have been an underwriter and we thought the right thing to do was to close that previous underwriting which happened on that friday. so we had to hold off, which caused us to be later than some, if you will. the reason for that was not that we weren't aware of what was going on, we just felt we had an underwriting obligation to deal with. >> morgan stanley sold around 13 times more stock in that secondary placing of viacomcbs than goldman's did who therefore decided they could start selling the stock sooner a senior source implied there was no hard feelings on this but rather goldman sachs was in a more c

worse a good $1100000000000.00 bringing that into a leak with companies like general electric goldman sachs or black rock clearly there are also some risks in the voles good 90 percent of revenue actually comes from fees so what would happen if the thirst for bitcoins for example could be cooling off a bit so that could actually hit the company also central banks have been quite critical or regulation could be a topic and then also competition for example could try to enter the marketplace and bring those fees to 0 dollars so all of those are definitely potential risk but at least on the 1st day of trading investors we're not focusing too much on those so as he has caught a now europe was watching this i.p.o. of course and chelsea delaney is standing by for us at the friends of stock exchange chelsea is this i.p.o. a game changer for the crypt industry. well it's definitely some people have called it a graduation day for the crypto currency market currencies have been really viewed by a lot still as as a nice market but it is going more and more mainstream and the success of the coin bigges

for bank of america that was significantly weaker than its peers like goldman sachs and jp morgan.weak across the financials today. one of the worst performing sectors. the kbw bank index getting hit pretty hard today. it still had a pretty stellar year. we saw that rotation into cyclicals and a steepening yield curve. it is those yields weighing on that sector today. we are down some nine basis points after that retail data surprise. it is very much that as well as concern over loan demand weighing on banks of america. amanda: we did hear from the banks. decent numbers at citigroup. included news that it would exit 13 markets with its retail operations. those are markets across asia, europe, the middle east and africa. transformation is more strategic and fundamental. we are taking a soup to nuts approach looking forward rather than backward obviously that's a big step to exit those retail markets. the implication is that there may be other things that happen for citigroup what's the market thinking about what it's hearing? >> their liking what jane fraser has to offer so far. thi

beats on the capital markets not quite as good as the likes of goldman sachs. banking 2.2 million, forecast was 1.8 equity trading 1.8, the forecast was 1.6. one thing that we're going to need more details on on the call is this non-interest expense 15.5 billion that's up 15% year over year up 1.5 billion year over year. the forecast was for a billion less than that that might lead to having to push up cost estimates a little bit for the full year. details on that to come. details on guidance for net interest income. this for the big banks is the most geared towards the yield curve and perhaps they can boost guidance given the pickup in yields now it's 25 billion stock buy back program and said they have 35 billion of excess capital showing the sort of scope to deliver incremental returns from here going forward justifiable point i will just say again, capital markets is the place to be. they're less exposed to this goldman sachs overall up 100% year over year bank of america's flat and if you look at just the non-interest income, only up 20%. that goldman sach