bank in india. rate cut by 25 basis points and the prospect of further easing to come. so up sharply 2.8% at this juncture and the nse bank index outperforming as well. a record high for the index. the best day in the mainland stock market since january 5th but remember liquidity and volumes were on the thin side because a lot of the ipo activity locked up some of the liquidity so it could be exaggerated to a degree. so outside gains is -- oversized gains is how i would probably characterize it. up by 3.5%. we did have disappointing lender data. weaker than expected but that probably builds the case for more policy action. one of the reasons i did see quite a big move. the other factor here, local media reports at beijing could channel more infrastructure spending into the western provinces. stocks were solid today. they put in a solid performance as did financials and energies. the nickikkei seemed to be an indicator but that pause benefitting it. best day for the nikkei. back to you. >> coming up

so the banks are absolutely central but italy don't save bank. don't create opportunities for bank. don't bring money for the banks. the only one around europe. this is very strange because today the reaction is is the italian system is not solid and strong in the bank system. i think this is not correct but today, exactly today, we decided that in the board government and council some about popular banks. in italy there this is tradition of a system of popular banks. very closed to international market and from today we decided exactly that. the first time banks, very important some of our banks are forced to become traditional company and now they are open to international markets and international investors. this is a very radical change in the traditional system. so article 84 jobs market. fiscal system for the international brand if you are international brand you can apply the -- comply -- the compliance in relation with the physical system in italy. this is important because it's very complicated and confused. so with the compliance and relation we change the approach the cha

bank. stocks pushed a little bit lower as the inflation forecast was cut from 1%. still so far from that 2% target. very difficult for kuroda to achieve. tumbling oil prices not helping. we are seeing a bit of a move in terms of stimulus. we're not seeing added similars which is why it is trading lower. shanghai composite. look at that. of almost 5%, rebounding from that -- up almost 5%, rebounding from that sudden slump on monday. coming down on brokerages who are letting unqualified investors to get in on the chinese action. we are seeing a recovery. shanghai trading higher. gold trading higher today. anticipation the ecb will move. let's look at oil. we were just talking about it. it bit of a rebound, of 1.2%. let's have a look at hp billiton. it is also one of the biggest investors in u.s. shale. she'll has been driving down power prices. it will be cutting the number of rakes out in the u.s. by 40%. we are seeing that retraction in in investment in oil. asml driving higher on the resul

european central bank. instead, it was the swiss national bank stunning currency markets around the world by removing the price ceiling on the swiss bank designed to keep its currency artificially low against the euro. that sent the value of the frank soaring and swiss stocks tumbling. today, the frank at 1 point up about 20% when it was all said and done against the euro. now, the defensive move comes ahead of an expected announcement from the ecb's mario draghi next week of a massive euro zone quantitateive easing plan like one in the u.s. the past few years. that would weaken the euro sending investors flooding into the frank. lisa boyason has more. she's in zurich. >> reporter: a swiss shock. there's simply no other way of describing what took place on the swiss markets. the swiss national bank coming through and surprising everybody by deciding to scrap a cap that's been in place preventing the swiss frank from appreciating above a certain level towards the euro. at the same time they took interest rat

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the bank that's buying world bank, that's the kind of bank i like. they are good guys. cramer. (everyone) cheers! glad you made it buddy. thanks for inviting me. thanks again my friends. for everything for all your help. through all life's milestones our trusted advisors are with you every step of the way. congratulations! thanks for helping me plan for my retirement. you should come celebrate with us. i'd be honored. plan for your goals with advisors you know and trust. so you can celebrate today and feel confident about tomorrow. chase. so you can. >>> i like to say there's always a bull market somewhere. i try to find it for you here on "mad money. i'm jim cramer, see you monday. >> the following is a cnbc prime original. >> it is both legal and lethal. seven pounds of metal and plastic... that fire a bullet at roughly 3,000 feet per second. it's called the ar-15. [ shell casing clinks ] to some, it is a brilliant piece of engineering, a modern sporting rifle, and a symbol of one of america's most basic freedoms. >> thank god for america! >> all: pass the law! >> to

bank. they put a little bit of margin on top and persuade people to borrow. that's a tall order which is why the bank is going to have a tough 2015. i asked him what he would like to see the central bank do today. >> i think the central bank should bring it down. i don't think it will. or it will be bringing it down very slowly. step by step. by half a percent but not drastically. >> the finance minister said look the volatility around the rouble has subsided. the inflation rate is somewhere around 12 to 13%. there's a huge amount of space for rates to start coming down. why would the central bank be reluctant? >> they're already cautious people normally. i'm not talking about the swiss central bank but they'll be cautious because they're responsible for inflation. they're responsible for rouble exchange rate and economic growth so we shall see but i don't see a reduction of interest rates today. >> what are these headline rates doing to your business in russia? >> well these create a lot o

and to sign up banks.is the financial transaction part because they would have had to buy a bank in a way to do it. >> john is that likely, jon fortt? >> i don't think it's likely. bank of america said 100,000 of their customers have signed up for apple pay already so it's early innings. the watch is likely to accelerate that but i'll be watching the reaction to intel tomorrow based on what they see on the call. lots of high-flying tech stocks, microsoft, cisco, big caps. they might react. >> have to hop toior our show if you talk about the way energy has come down you have to hope that tech hangs in there. >> looks like it l.s&p down 3% year-to-date. last year at this time it was unchanged and fell 6% from that point to the end of the month. not so bad. don't just think that the world is ending. >> thanks for all being here. >> look at "wall street journal," every story is about a global crisis al qaeda, syria that's what's driving the uncertainty. >> stay close to home, as we heart. thank you all so much

still for the banking sector?traditionally swiss banks is that the case? question is still the case and i do not think it will do significant damage on the banking sector. the banks will also take a serious hit on the balance sheets, most probably because of what happened. most importantly, it will change their plans. the negative rate will get the taking sector in switzerland. we should just put together a game when to cope with this new situation, the unexpected one. >> thank you for joining us, a currency strategist joining us on that developing story. we have breaking economic data as well. scarlet fu is coming back to us with the numbers. >> we have got three big reports, it better than expected number. manufacturing the new york state area, a read of 9.95. certainly, a recovery on the negative session in december. price index measures wholesale inflation. year on year, we are looking at a gain of one point 1%, slightly better than what economists were looking or, a gain of one cent. fairly tame price increas

a bank. that's what you're talking about. and we have never wanted to stop making loans. that's how we make a living. charles: by the way, you have a great tweet. i hope lip can lays you out, once and for all for bailouts. thank you, mom. (?) okay. now you said you want to lend money. what's stopping you? >> well, first of all, lack of demand. we spend millions of dollars a year going on television, advertising home mortgages, we're anxious to make them. there are some restrictions today that weren't around five or six years ago, brought out by the cfpb. charles: it's the new consumer financial border. that came after -- >> if you want to really be safe when you're lending money, you have to do what they classify as a qualified mortgage, and they actually put out a safe harbor, and they say if you're lending out money to somebody with more -- at more than 43% of their disposable income, then you may be challenged that you made them a loan that shouldn't have been made. charles: right. >> well

bank stocks as you've been talking really weak in a rough quarter for the banks., thank you. >>> two movers in the retail space today, target announcing exiting the canadian market after nearly two years and a lot of investment. best buy reporting rise in holiday sales but lowering outlook. courtney reagan back with more on important stories. >> since target ceo cornell joined, his message focus on profitable growth going forward. this morning the retailer says it's exiting canada after opening stores there just about two years ago under former ceo. in a press release, cornell says he was unable to find a realistic scenario that would get target canada to profitable to at least 2021. november 19th i asked what it would take to exit canada. here what happens he said then -- >> the next six weeks are criticality important to see how the guests connects with the brand during this important holiday season. i'm going to analyze and assess every single store in canada. but every store has to improve. we're seeing performance improvement but way behind where we should be

finally, for banks, margins.ompensates i would say by an increase of commission that comes mostly from an increase of trade business, exports. and asset management. would be quite demanding in 2015. >> and you think the transmission mechanism is going to be alleviated a bit? >> we are more positive. 15 versus 14. they have an objective reason to think the economy will benefit from prices going down. the euro level rates are good for companies and less for banks. we've seen that some countries -- some reforms coming such as labor reform. i'm more positive in 15 versus 14. buti know it will continue to be a difficult year. gradually the growth will come back. >> you also mentioned geopolitical concerns regarding the ukraine. what is your outlook for russian, given the price in oil and the weakness of the ruble? >> i think 1.15, the oil price will not change too much. it is difficult to say 75 to euro 60 80. but it will continue to be weak. gdp will suffer. -4%. [indiscernible] our business in russia so far keeps go

it was not from the banks. the banks are tightly regulated. as far as the auto traders are concerned, we do not have a lot of leeway. >> you and the bank are involved in rescuing a bank that was on the rocks last year. was that the opportunity? an opportunity. the group was formed and through a growth in 2008. we took a few banks and we know how to do it. we are not afraid. we have people who know. it is normal business. >> everybody expects to come out and downgrade russia to junk. you expect that? >> the fundamental default happened in trouble for some time. the current situation will be the catalyst and the guys have fairly strong business. they have government support. >> we saw a run on the banks and the money that came out last year went into appliances. any chance the deposits will come back into the system? has the cash been blown? >> there are two things and there is going to be a number one. the second is that a lot of money went into homes. people were afraid to keep money in the banks. i think it is subject to a stable banking envi

hopefully the bank has better news. $1.1 million bank.r the most expensive purchase i've ever made. if we can't open october 1st, it's going to be a huge blow to us. we're going to start paying the mortgage off september 1st without being open. if something comes back and we're not able to open, it's going to be devastating. >> what do you think? save the best for last. >> you think you can do this one when you got back or before so we can put in the permits. >> i might be able to do something on this. >> this is our best chance of being open october 1st. >> yeah. >> at least we have one good location. >> i know. i know. all we need is the license. >> so if we're awarded the license it will be a huge rush to get the demo done, the inventory in here, the staff trained and opened up by october 1st. >>> game day. aurora presentations are on. medicine man is applying for the mexican restaurant location. starbuds lost out on the bank. but is applying for the dentist office and the strip mall. euflora is trying for three licenses, including the

>> back in may 2012, greek banks had 140 billion in the e .l.a. people think in terms of bank runs. bank marathon. people withdrawing money slowly. you are not going to see queues outside atm's. what we are saying now is that all the cards, financial cards, are in the ecb's hands or the german hands. what we don't know is whether merkel or germany would want to punish the greeks at this stage, or whether they are going to give them six months of breathing space and then see what goes on. the key aspect is whether they are going to allow changes in the program. right now, the program that has been enforced in greece has said that greece has come up with 4.5% of primary surplus to infinity. this is unrealistic by any economic imagination, to have 4.5% primary surplus forever. you want to say immediately you have 3.5% of gdp leeway about 7 billion that you can play with. then, the economy can start. both governments have to give in. right now, we are on a collision course. >> ok, let's wrap up i thinking about that. if that collision happens, what is the outcome? i was sitting at a hot

comes to the united states central bank and europe's central bank? are they going to be able to hold the line when it comes to this massive deflation when you're looking at oil prices down 60% and the other turmoil that comes with that. >> this is the most pornimportant thing to keep in mind. the federal reserve doesn't target headline inflation. core inflation is going to remain sticky and in that basket of goods that make up our core inflation measures housing costs are something like 40%. housing prices are sticky. this is going to keep core inflation up. not headline inflation. this is a big difference between the federal reserve and other central banks. you can criticize it for several reasons and mandates and other stuff but at the end of the day targeting core inflation is superior to targeting headline inflation because of the noise. >> i'm confused. >> hold on. >> was the swiss frank -- because the swiss are so frugal and they don't -- they have their house in order is that why it's always seen as a safe haven. >> always of course. >> how co

the swiss bank shocking investors letting its currency soar. coming up in less than 15 minutes a can't miss interview with imf chief christine lagarde. steve liesman will ask her about the swiss move, health of europe, terror attack in pairs ris and more. it is an exclusive you will only see here on cnbc. so far, the follow through in the u.s. market is mixed. we have a down market across the board with the nasdaq suffering the most losses down by about 0.7% i should say, the s&p and the dow down just a fraction, but keep in mind the real reaction in the currency markets, those reactions sharp and swift. sara joins us with a look at what's moving right now. >> all through lly -- truly historic day. first on the market action the euro swiss has to be your chart of the day, now only down 14%, after being down as much as 30%. a weak euro and a strong swiss franc after what the swiss national bank did, shocking the markets and saying forget it with the peg of the 1.20 that has been the place about 3 1/2 years to keep the swiss franc from getting to

>> think about a bank. the way to build a bank is to have more branches or to buy the banks and get rid of everything else and keep those branches. now we have a million customers today who are all over the country, and these are students and they have never been to a bank branch. so this is an example of how technology makes it better than a bank branch experience. >> jay, you come to this after being a years of being a banker who ran branches. when did this aha-moment come to you. >> when i left sovereign bank, where i was the ceo of, and i had time to reflect, i said we are banking money and forcing people to pay ridiculous overdraft fees. why do we need bank branches. why can't we revolutionize banks and let consumers bank with this smartphone. >> and this is people of your age and your demographics, so how did you work with your father to make this happen? >> it has been an incredible experience so far. hi the opportunity as -- i had the opportunity as a young girl to watch my dad build sovereign bank

the handor banks, but the central bank can help.ovide liquidity to them. at the moment, what we're seeing is the whole banking regulation is being phased in this a period where europe needs strong banks to lend. at the same time, banks are not focuseon lending. they are focused on reducing lending and raising capitals. >> back to the question, though. that's true and i think a lot of people would agree with what you said. back to the question, does europe need q.e. ? it is the wrong policy at the wrong time for europe? >> i've been skeptical of this policy all the way. i still think that the e.c.b. has not reached with the policies they have done, their objective, doing more of the same just because it hasn't worked so far is not necessarily a good recipe. maybe you should try a banking policy. they need to fix the banking channel. >> why are they doing it? why is the governing council thinking this is the best solution? >> i think the majority think that moving to q.e. and having some of the side effects like a weaker exchange rate

a major central bank. we've been living in a period of forward guidance where it's central banks telling us what they are going to do and tell us it's going to be done and then do it and then tell us why they did it. >> or at least a hint. >> this is the first major surprise i can think of and in the world of forward guidance when central banks try to rely on market guidance the idea that markets now live with the possibility of a monetary policy surprise could hurt the feds and other central banks' ability to use this forward guidance tool in the future. >> all right, thank you, all, so much, saras, michelle steve, appreciate it. domm? >> away from euros to oil filled services slumber jaythey raise a dividend to 50 cents a share, 25 %, down 1.2 %, but there was an uptick as the announcement was made. back over to you. >> thank you so much. more on the swiss move with scott collier, and tom, portfolio manager at lk balance funds. scott, you like european equities tips these are inflation protected securiti

national city bank today. he will tell us about it and their plans for the u.s.. >> denmark cut overnight by the way. another surprise rate cut. >> exactly. they have to respond. it's a cascade. >> a race to the bottom as it were. and when it has a gate at the end of it you know it's big. and the nfl's deflate-gate is now hit thissing critical mass. bill belichick earlier today said he knew nothing. and tom brady is scheduled to speak in less than an hour about this very issue. and it occurs to me that's what mayorrio draghi and bill belichick have in common. they're both fighting deflation. >> yes, they are. and in the markets right now again coming up with new tools, launching new programs and seeing a reward at least in the short term. we're seeing rallies 1. .5%. in the u.s. interesting to see the reaction as well this interest rates.in the u.s., interesting to see the reaction as well this interest rates. already super low, but going even lower and that is putting more pressure on our rates here. >> dow t

if they're not buying it from banks how will it spur banks on to lending because it's not going to change the desire to lend because there's no demand on the other side anyway. >> let's be clear, the hope that it spurs bank lend as good low. they've done an awful lot of work on this highlighting the quan tif easing in the u.k. but the important thing is to print money. if you buy a bond from a bank what you're doing is changing the competition in the banking sector's balance sheet. you have more hope of driving down the exchange rate. >> but the exchange rate is already moving down. it's trading at a 9.5 year low against the u.s. dollar. >> it's down about 5%. it's trade wager which matters and the euro zone as a block is like the uk exchange rate is a pourerful figure. they need the euro down 20%. so it's got to go down further. >> let's touch on the u.k. as well because both european union and u.k. are facing these lower inflation prints except whether that's a good thing or not is quite different in term of yesterday we're seeing most of the u.k. press things. so why is it that differe

it includes the biggest banks. national bank of greece.ear chart three the red circle is the time. -- is the time you need to look at. a 44% decline. the biggest weekly. the biggest four greek takes trading at a fraction of their height. of the bank, 94% below the high. -- elf ofalpha bank, 94% below the height. the greek bank selloff. >> that is it in numbers. the chair of the european advisory board joined us for an exclusive interview. she told us despite the market turbulence, greek banks are set to survive. let's get to this with hans nichols's. she is confident. she has confidence. the bart chart tells us differently. >> the point of the chart, is to draw people into how dram atic the decline has been. her job is to be reassuring to read while we were talking to her come of that is when it was publicly reported they had 11 billion and outflows in euros in january. she said the banks have done a good job to strengthen their balance sheet. >> the greek banks are facing difficult situation. because of the recent elections. they are pret

central banks.n issue for these guys or is it just something that doesn't flatter their bottom line so much? >> i don't think the tech industry worries about the stuff. how many times have we seen this over the last few weeks? this has been a known thing. it should be something that you are counseling shareholders about. i think the tech industry was caught by surprise on how quickly the euro deteriorated. i think the tech industry is its own little world. the rest of the world is in much more of a mess than the tech industry. >> we've got to finish by talking about the iwatch. is this going to make a big difference to the bottom line? >> it is unknown. i don't think anyone has played around with the product enough to have a view on how it will drive sales. the ipad was surprising out of the gate. it was a great product and it has deteriorated. the surface is doing pretty well nowadays. people want to combine the device. it is too early to tell. until you and i are wearing one, you won't really know

>> bank of america.ave not addressed basic issues they have not changed leadership -- >> that is too vague. >> brian moynihan and the entire management team has done everything they can in terms of expensive production, but i have not address issues like getting loan files in order so they can sell them. >> cover of "the new york times" today, wall street chipping away at dodd-frank rules. what has dodd-frank done? >> taken away their own account trading, volker rule. it is a water balloon -- use scurries the balloon, it will go somewhere else. >> robert at nyu was looking at contributions, a systemic risk of large institutions, they have jp morgan chase at top, then bank of america. >> jpmorgan is a large over-the-counter derivatives market with a bank attached. that is how you should look at it. >> that is our quote of the day. >> the op-ed last week about the breakup of the big banks -- i mean, it is nice cocktail conversation, but there is no validity to it, is there? >> over time, that is exact we w

bank early.hey didn't offer branches and part of the idea is they would pay me more. i love the fact they would pay more for the bank accounts. i guess that is part of the idea of what you are doing, too. how much are you paying as a result. >> free checking accounts with no overdraft fees, higher rates on savings. 55,000 atms. three times more than bank of america. you can send money to anyone based on the telephone number you have. plus a personal banker and financial adviser and costs you nothing. >> how do you make money? >> this is a social enterprise effort on our part. there are 70 million under banked consumers in america. it's about time somebody built a bank for millennials and middle income americans. >> are the marp jins lower that an a traditional bank. >> that is correct. >> if i am coming to you what can you pay on my savings or checking ott account? >> we will guarantee at least a quarter percent higher than four largest in the country. right now 64 basis points. >> that is compel

alpha bank and euro bank. greek bond yields ticking up off the back of that news. >> still to come on the show the swiss national bank surprise move was a shocker for global markets but what does it mean for europe's emerging markets? we'll discuss with our next guest. >>> a sell off in swiss stocks weighs on the european markets. banking and consumer stocks bearing the brunt of the fall. >> a tsunami. policy makers express their surprise at the snb's policy move. imf managing director christine lagarde tells cnbc she was also caught unaware. >> governor jordan didn't contact me. not to say he didn't contact me. i find it sur piezing he didn't contact me. >> cruise clings on to gains meanwhile the top oil services firm is cutting 7% of its work force. >> greek banking stocks slide after amid a report alpha bank and euro bank applied for emergency liquidity from the ecb. after european markets ended lower let's take a look at how european markets are trading today. look at the ftse 100 down .2%, xetra dax down

the returns on these banks equity is around 6%. that is why i think banks are ready to lend again. this is incredibly important. i think two things are important. we want to use it to grow our lending. we are not going to buy anything. we are growing our balance sheet. in the last 12 months, we have actually grown our lending by 4%. nine out of 10 countries in europe in the americas have done this. we need more banks growing lending, not at huge rates, but at these rates so we can help monetary policy work. which is what we are trying to do. >> to follow up on that, it is really a case in point. the reason you have been able to raise as much capital as you have is caused by the chair with four legs. it is also due to the fact that spain has managed to inspire confidence in the market because of various things. one is a fiscal discipline applied over time, most sensibly and with determination. the second, and most important one, is the structural reforms that spain has done in terms of policy. it decided not only to legislate but also implement. it was an important step anytime, the

bank statements. letters. all belonging to different people.a lockup. what were they doing there? serious and organized were acting on a tip-off and they found a huge heroin stash but also discovered a whole stockpile of documents. these are just a sample. but why pass them onto us? well, several are covered with the fingerprints of a man murdered 5 years ago. friday the 13th. unlucky for some. and particularly unlucky for max klein. a 55 year old east german immigran

the bank is the toughest thing i've had to deal with. we have zero bank accounts now. >> god. we going to do now? we don't have the atm working. chase just got shut down. now this one so how are we going to pay employees? >> cash. all of our bills have to be cash. they won't let me deposit anymore. we can't write checks out of the accounts. they won't accept them. the fact i can't write a check or send in a credit card payment is ridiculous. i'll work on this but you have to get ready to go for the wholesale. >> i'll go with thc. >> and get 20 pounds. >> yes, so cash ready for me. >> i have enough money for 20 pounds. all right. so get that organized for you then. >> all right. >> hey, jamie, where is the money? >> i'm going to get it ready for you here. >> nice. >> be really careful. there's tens of thousands of dollars going out the door right now. >> that's what we have to do without the banks taking our money. >> even worse today. >> get used to this. >> all right. see you in a little bit. >> talk to you then. >> happy shopping. ♪ >> hey, joe. >> hi. >> today is yet anothe

the world bank and the ifc our shareholders the bank of palestine.attracted a lot of investors from emerging market funds to institutions like the world bank and the ifc. that is something we take great care and pride in. >> do you work with hamas? >> no. the government we work with is the palestinian authority. >> just looking at the broader economy, the fault in the oil price is something that is shifting. a lot of people thinking about where 2015 ghosts. will that bring -- 2015 goes. will that bring relief? >> we saw some of the worst financial crises. for example, after the lehman brothers, and so on. we experienced probably the fastest growth of dark -- a stark contrast to the mobile financial crisis. we spent some of the fastest growth in those years. because of the under deliver rich nature of the financial -- underdeliverage nature of the financial -- a very fast-growing capital market with the stock exchange with 50 companies that has attracted a lot of foreign investment, especially from new frontier. >> ok. thank you. >> and identified pal

where are the european banks set? >> in terms of total loss, the 30 biggest banks in the world here are the new rules. we want an awful lot more capital, if we get in trouble we can bail him. the hsbc chairman said, 300 billion euros over the next three years that the european banks need to issues. they have got more work to do. obviously, we saw surprise in market with a seven and a half billion capital raise. they were lower. again, it has just made the market think is the regulator asking for more? for the european banks, last year was all about stress tests and capital. this year, is still about capital. it is about figuring out where your business model needs to go because revenues are still tough. we have seen the results from jpmorgan down. >> i just open the story in front of me and you've hit the nail on the head. commodities and currencies which is very important for names like credit suisse, barclays like standard chartered. that has been the worst year since 2000 and 11. this is going to be a bloodletting.

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practices, but how banking regulators responded to the bank's lawbreaking.oday, in her first televised interview, elaine fleischmann joins us here on democracy now! along with matt eb -- matt t aiebe. we welcome you both for the hour. elaine fleischmann, start at the beginning. why did you decide to come forward? how did you end up at chase? >> for a long time i was expecting it to come out. i have been talking to the government for two and a half years. first we went to the fcc, then the civil division of the doj. at some stage after watching all of these major banks have deals where the fax got wiped away, i started to feel that if i did not come forward there was a real chance of that happening here to. in terms of jpmorgan chase, i started there in march of 2006 at the height of the boom. when i started, everything seemed normal. i did not realize the things that were happening in the background. and then things started to change a couple of months after i had been there. >> what, specifically, was your job? can you walk us through how you began to reali

federal reserve and the swiss national bank and their opposite strategies. ♪ >> the swiss central bankarkets today with its unexpected move to scrap its policy of capping the swiss franc against the euro. thomas jordan defended the move saying surprise was necessary. trish regan joins me now with more on the story. >> they're keeping the mystery over there. i think this really shocked everyone. no one saw this coming. everyone thought they would keep this tag. a lot of questions about what this will mean for the swiss economy. things will become so much more expensive. >>what does it mean for jobs? there's a part of me that feels very strongly that you should not be artificially taking the currency like that. given everything the ecb is about to embark on, they knew that was not going to be able to hold because the euro, when you pump that much money into the system, will continue appreciating. >> the u.s. federal reserve now knows what happened over there. what does that mean for janet yellen? >> it is interesting to watch. it is the opposite of the federal reserve. we seem to over te

liz: john corpina,bank looks li the swiss national bank said we have to pull the plug on this, it will make the exports so expensive. talk about the reaction for viewers who own swiss stocks. what do you see? >> clearly this was a surprise, that was their intention, and they got the result they were somewhat expecting. futures were up, quickly moved down negative territory down 15. traded back and forth and as volatility is back in the market, we talked about this last week, into 2015, we knew we were going to continue to see the one and two way big swings in the market. it pulse them back out of the market, and moves them away, with the moves in oil, the moves in this market, investors put the brakes on and say listen, the beginning of the month, the quarter, the year, we can take our time and figure out what the right momentum move is in the market. we're seeing players watch the whole play unfold in front of us. liz: you know what unfolded? the treasury. the ten-year at a 20-month low. mortgage rates hitting 20-month lows. flight to quality, people rushing into u.s. treasuries and g

only bank of america was worse. we are not coming wells fargo because they do not have a meaningfully sized trading operation. here is the thing that perplexes me. all of these banks have a different explanation for why fixed income trading revenue was down. which suggests that there is something -- there is something else going on here. this is a secular problem, you will. this has to do with what they call the acquisition of fixed. the fixed income trading business from a volume trading business to a spread driven business -- >> want to clarify what it stands for? >> fixed income commodities and currencies. >> not everyone knows that. it is fantastic. >> in the case of rates, interest rate products, things like sovereign debt and shorter-term government debt bank of america cited as a positive citigroup as a negative. mortgages both bank of america and goldman sachs said it was a drag on revenue. credit the area where they saw the most similarity. bank of america jpmorgan and goldman sachs saying credit was a prob

a sample of 300 banks a lot of these banks are ready to lend. i would not say banks are ready to lend and support qe and jobs and growth, as they report shows certain banks in certain countries are not in that situation. it is very important that the 4 legs work together and the transmission is critical and more important in europe than any other place. >> gary how concerned are you about the transmission mechanism? what needs to change? >> i think you have to take ana and ray's comments. ray is talk about the new normal and ana is talking about the transmission mechanism and they go together. i do not know what came first. i would say the transmission mechanism being broken which created a new normal which is monetary policy and effectiveness. what i mean by that is historically, if you look back three 2008, the way the system worked is central banks decided what monetary policy would be in money supply and they were lower interest rate and increase money supply and for low that through the banks. the blanks would flow that through customers al

the european banks and swiss banks in particular.nyone who was a decent risk manager would have said never tell set -- never sell this. it's a well contain storyline. there will be a few guys who got caught. i don't think this will be a systemic problem. the borrowing is different. the hungarian market, mortgage market. by and large, we are not good to see a huge macroeconomic fallout. there will be some winners and losers. it won't be something that creates systemic risk. the really important thing is that the central bank just embraced negative interest rates for the first time. it's exciting. they said this bounce sheet expansion thing -- the swiss had the largest balance sheet of any other country in the world. they had a key milley did so much stuff in order to defend this -- a key milley did in order to defend this -- accumulated so much stuff in order to defend this. they said enough is enough. i can't do this trade anymore. i know they said there is this other risk but he will do it. god bless them. we could have done negativ

we have seen a shift in the banks. we are talking about bank of america, jp morgan, wells fargo.ou've heard of and you see every day. that's why smugglers like them. they like using the big banks because everyone knows who they are. you have a local branch you can go to and the smuggler can go to his local branch and get the money on the other side. it's a very simple transaction. >> have the banks responded to this? >> the banks say they are cracking down on this. government regulators have tried to crack down on this and have gotten banks to change their ways. the banks have told us they are doing their due diligence with monitoring suspicious activity. big banks have sophisticated monitoring systems set up to catch terrorist financing and tax evasion. the our systems in place but we found that people say the banks are not doing enough. >> if the banks are not doing enough, what about regulators? the smugglers seem to be outwitting the banks. >> the absolutely have. regulators have asked banks to crack down. we saw bank of america require photo identification for cash deposits.

european banks, we turn to the austrian banks.is it about the oxygen in vienna that makes you and i always look to austria to see a challenge? >> it does happen that austria has particular exposures what of the riskier markets. today, their exposures are pretty straightforward. ukraine and russia. austria is doing just fine. but it is those banks that have exposure into russia or ukraine, and it happens austria has a disproportionate move -- for that matter, hungary has issues. austria is fine, but those banks and a few others in europe that have those exposures. >> i get a huge response to your comments to me on the future of global wall street. we are through that process right now. morgan stanley talking about expense reduction, chris whalen talks about asset shedding, the kind of things you do and i don't want to get into the lazard business relationships, but in 2015, to receipt expense reduction or do we see -- do we see a expense reduction or making to downsize? >> yes. uni when we have spoken in the past few years ago, i u

sun trust banks earnings fell because of a mortgage related legal spens. beat estimates as loans grew in the fourth quarter. shares up 4% to $38.19. >>> shares of precision cast parts slumped after it issued a weak outlook. the metals component and product maker said the third quarter results would be lower than expected expected citing falling sales. downgraded the stock to hold from buy. shares tumbled 9% from $199.63. >>> amazon is regulated because of tax arrangement in lux em bourg. the deal the retailer made seems to have resulted in unfair state aid that may have allowed that company to underpay its taxes for a decade. shares nonetheless were up 1% to $290.74. and shares of act vision on call of duty selling warfare the top gain. top selling u.s. franchise for the sixth year in a row while sky landers trap team was the number one video game for kids globally. shares spiked 9% to $20.20. >>> our market monitor said tonight this year is an index fund that just won't be sufficient. he's john trainer, chief investment officer at people's united banks $5

small deal country bank corp wisconsin u.s. bank, priced below 16..erland, real estate finance company postponed due to market conditions. that's an old saw in street we couldn't find any buyers at the price we wanted. that will probably come in the future. next week maybe things will improve by next week because you know what's going to come? it's on the calendar. box, finally coming. big online file sharing company, that is scheduled to price thursday night for friday 12.5 million shares. it's a modest deal but well-known company. this will be the first test for the new year for big companies and big ipo here. in front of fxcm 12.63, halted for news pending. >> we'll come back to you. bob pisani at post 8. the bond pits. rick santelli at cme in chicago. good morning, rick. >> you know, good morning. and i'm going to say something i haven't really said many mornings of late and that is treasury yields are going up a little bit. keep in mind it isn't a capitulation-like trade. it's a bit of a panic trade, get in front of the euro ecb meeting trade, sc