banks.id citi perform? his morale good? todd: for sure. the underlying numbers are also good when it comes to revenue. revenue is good across wealth, u.s. personal banking, and i want to say one more but i will check that later. basically the underlying numbers are solid but the cost base for the bank is still sticky. that is what they are desperately trying to bring down. vonnie: i want to turn to another story that is part of our weekly segment focused on retirement. the bank cutting back its 401(k) a compliment -- contributions for its highest earning employees and out as a plan to retain talent if it is cutting back things like 401(k) contributions. todd: this is the plan the bank has to lower the cap it is offering in terms of the 401(k) matching for its u.s. employees who are earning at least $200,000 a year. this is for its highest earning employees. that is going down from $21,000 to $12,000 a year. this is a plant that for the bank links to what we are saying just now. the bank is t

banks. in what sense? >> welcome to the new era for u.s. banks.ng about more free markets, more revenues, more intermediation, more letting banks be banks. the shackles are being taken off so less regulatory complexity and less focus on just expenses and less marginalization of banks. do you know, scott, that loan growth in the last couple of years has been about the worst in the last century? loan growth in an inflation-adjusted basis has been negative in the last couple of years and a lot of the risk taking had been done by outside the banking industry. banks are going to be moving more front and center and letting them act the way they're supposed to. >> okay. you're obviously talking about deregulation and expectations of that along with animal spirits and sort of everything else that's being figure side going to happen. >> well, i want to change the word deregulation to re-regulation, but we're not talking about going back before the days -- before the global financial crisis and it's the wild west and you had ridiculous leverage and i went o

morgan and other banks. the other delta is investment banking.environment for mergers and acquisitions and equity underwriting means we will be moving further up from the trough of the market or the cycle about 18 months ago. additionally, when you look at net interest income -- j.p. morgan is a diversified bank. it is getting that for many types of services. the only negative in the print was community banks a little slower in terms of their net revenues. mostly this is a monolithic global bank, well-placed, trading at an expensive valuation. our take away his stay the course and they will grow into the earnings and valuation. dani: fourth-quarter provisions for credit losses. the estimate was higher at just over $3 billion. similar story for wells. what is that say about credit quality? are we getting close to normalization? ken: for j.p. morgan and the industry. bank analysts are a nervous lot. the risk is credit risk and major right offs. -- write offs. we are nowhere near red alert in terms of significant need for buildup of credit reserves.

do banks know what they should be adding?last three years they have been benefiting from high interest rates, so they have good revenues that they can spend on ai. this is an interesting question. this is where we get the survey to understand the priorities. they will investigate some areas. they have to be concerned about the regulatory regime, so it is quite difficult, and banks manage to identify areas where they could have a big impact with ai. i think only jp morgan is the one which is quite open about the impact of ai on their businesses, and they claim up to $2 billion of benefits can come from ai, and it can go more, so banks start thinking about this in more detail, and we expect this will be even more investigated in the coming quarters. tom: jp morgan had put a dollar number on it, and you expect more banks to be disclosing in the months and quarters ahead. really great piece of research. how ai is shaping and affecting the finance sector with a particular focus on banks. today's bloomberg big take takes a look at

if you look at the bank index, it is only four years that it outperformed the bank index.ction -- just a better-managed bank. and i think generally speaking, the lighter regulation is probably more beneficial for smaller banks. jp morgan knows how to work in any kind of environment. but broadly speaking, i still think having the flexibility in this balance sheet is where you really want to be. >> regional banks act horrible. if you were getting excited about the potential for m&a. the market is telling you, that's not it. as far as the big money centers again. i say to might. it's kind of laughable. at this. maybe we're late cycle in the economy. you want to roll back regulation. go back to 2018. a bunch of the regulation that was rolled back were the very thing that failed a lot of regional banks. to me, the market. telling you, don't expect a lot of deregulation any time soon. >> by the way, we'll have more on the results of the banks, jp morgan and others tomorrow. we'll break it down with joe moglia. fast money. coach joe. >>> coming up. meta followed under pressure. e

have left the net zero banking alliance.t's a climate focused coalition formed in 2021. five other u.s. banks left since december, jp morgan left just recently. your thoughts? >> yeah, two quick things. what draws net interest income, 50, 65% of revenue for these banks, it's really n not only rates but volume. volume means you have healthy loan growth, it more than offsets rates that are in this case rising. so there's a balance there. the notion of the bond portfolio for banks that goes back almost two years ago to unrealized losses, highest was bank of america's, over $110 billion but offseting that was $2 trillion of deposits so i don't think that's on the table as an issue. maria: i see. mike lee, your thoughts? jump in here on the impact of the spiking rates. >> well, look, you know, whether or not the fed cuts once, cuts three times, we have $9 trillion of u.s. debt that needs to be refinanced over the next 12 months. janet yellen was rolling over all sorts of maturing debt into short-term debt so we did not have a liz

>> yeah, look, we're focusing on how investment banking revenue comes in for a lot to these banks.t because of it being cheaper there was an up tick in it. in the high teens and above at a lot of those banks. there has been so much volatility. because of the u.s. election a lot of these equities, trading desks, c.f.o., mark mason talked about markets revenue up in the high teams teens there. and also i think a really interesting question too is going to be net interest income which is the major source for revenues. that's been sort of trending downward. i think there's a question about rates as we go into this new year. and what that could mean for those higher rates tends to be better for that revenue source for these big banks. >> what about the guidance for 2025? what expect that we may hear from the executives on the call and the endless -- >> that's the forward look guidance for the year ahead. we've got a different year with the trump administration. there has been a lot of that opt him i talked about. i talked about deregular lace. we've been talking a lot in the previous fe

like the bank of america, j.p.gan and morgan stanley potentially coming out of that with double-digit increases for some of the business lines, including traders and dealmakers, which may see over the coming weeks potential increases of 10 or 15% and those could go even farther according to some consultants that have their own estimates but it still remains to be seen. i think the pools will set -- were set towards the end of the year and in those coming weeks the conversations start taking place. that will very individually for the top performers are the underperformers as usual so the variation can be quite wide. >> so the variation is there. what does it tell us about the health of the industry more broadly? >> i think it is a good sign. given that this is based on cycles. we have seen over the decades through the booms and busts how it kind of shifts rapidly and some bankers may make millions in the good times and very little in the bad times so i think it's a good sign. it reflects partially the uptick in busi

bad banks never book writedowns continued to manage bad alongside good bank citi trade at lower multiple than other banks still 15 years later i put citi in category over there i don't think same as jpmorgan. maria: beat to cheryl. cheryl: we do, so we do have a double beat a buck 34 earnings -- beat 19.58 billion, the street looking for 19.49 billion, a 20 billion dollar stock buyback announced by citigroup i think pretty extraordinarily also talking about credit loss provisions 22 -- this is a disconcerting, 20-billion-dollar share buyback are initiated by crypto group james fraser turn around, also, given guidance, in a presentation, actually this is coming out right now, that for 2025 giving us a range of revenue expectations 83.5 billion to 84.5 billion, so that is again a pretty strong number. also, they are saying that deals are surging at the bank they also booking profits on trading the same thing we've heard from goldman sachs, wells fargo, jpmorgan we are hearing from citigroup might be good for james fraser, talking about the fact that the investment banking fees really helpe

of course, remember four banks reporting tomorrow are up and maybe concentrate trace risks and bankse come on and a strong play. look at moves from last year and pulling back a bit after the november spike and trump trade kind of thing. last week my next guest wrote a piece titled can bank haves all the nice things in 2025? bring in ubs or u.s. large bank analyst erica najarian. nice seeing you. you laid out the backdrop of why things should be fantastic and yet in your note you say we've been down this road before in a very ominous tone. what's that all about? >> typically everything you listed here doesn't necessarily go together. if we get for example higher rates for longer, maybe loan growth not as strong and money centers do so well because they capture the demand of corporations in terms of financing on the balance sheet and for capital markets. charles: should it be -- is it too good to be true? an element that seems too simple? felt like maybe it's just -- we should be a little cautious. >> i completely disagree. the banks are low key ready to go. charles: ready to go? >> ye

valley bank volunteers with credit suisse, forced in that marriage with ubs bone through banks haveahead cleaned thing up dramatically that is why looking at banking etf the other side of this is that you've got yield curves steep so banks can i know give you and me, a pretty -- when we put money in savings but give you higher rate based on shape of the yield curve where 10 years are from that angle banks are going to see much better being about the profitability on that interest margins president trump coming in focusing on deregulation, cutting taxes, so that is really good for bank stocks why they are one of our top five picks, because you've seen bank, wbiden we are recommending that is down 4% last three years because of banking crisis, s&p 500 up 23% over that time so you've got a big discrepancy bank, next week a good idea how things are going to perform. >> i love the fact that some of your picks do go back to policies. and that is -- that is the difference here you see a different policy coming in, so you are looking at the impact, on sectors, deregulation is a very, very p

we the west bank. what we know about that?— the west bank. what we know about that?ttin about that? we have 'ust been getting the h about that? we have 'ust been getting the details _ about that? we have just been getting the details in. - getting the details in. understand that three people have been killed in an israeli civilian bus that was driving near the israeli settlement there. that is in the northern part of the occupied palestinian west bank. the israeli ambulance service has said amongst those three that were killed were two elderly women. the israeli military says it has imposed a cord around the area and we understand it is conducting searches to try to locate whether the shooters were there. in the other palestinian territory, we are talking about the west bank, but there has been ongoing unrest since the start of the israeli gaza war, we have seen hundreds of palestinians killed, dozens of israelis. just yesterday there was a palestinian teenager who was a palestinian teenager who was shot dead in an israeli raid, where the israeli army says they have

west bank. the p a is accusing on to 0, broadcasting what it calls, provocative material and reports. but it says are misleading. the decision will affect, i'll just eras offices and its employees working in the occupied westbank. this comes just over 2 months after is really soldiers rated. i'll just it was occupied westbank bureau and ramallah and shut it down. i'd have to send her join just on the phone now from the danny and capital. i'm mine because the israeli government has banned alger 0 from reporting. they're come to tell us what more do you know about all this as well? and how about the palestinian authority has released the statement saying that it did decide to stop broadcasting and freeze all of and just need a channel operation. they say that the decision came after quotes and just needed insisted on broadcasting, incitement, materials and reports that they say were misleading. however, it's important to note that the palestinian authority previously van that just need a firm repo

despite a slight fall, the rate is still above the bank of england's target of 2%. base rate of interest in the uk currently stands at 4.75%, but expectations for a rate cut next month have grown following today's unexpected fall in inflation. the latest figures come after pressure has increased on the public finances in recent days due to government borrowing costs hitting their highest level for several years. let's speak now to ellie henderson, uk economist at investec. talk to me about this number today. it isjust talk to me about this number today. it is just one number, talk to me about this number today. it isjust one number, a snapshot of what has gone on in the past, but what does it tell us about the state of the economy right now? today's data was certainly _ economy right now? today's data was certainly encouraging. - economy right now? today's data was certainly encouraging. as - was certainly encouraging. as you said, it came down to 2.5%, which crucially was not lower than lower than what economists expected, lower than the bank of england expected, a

in this best conference he completes the faced, the west bank. and the policy in presence by only including is really sovereignty over the land from the river to the sea. and this is symbolic of and is really on willingness and official unwillingness to see. the palace stands as having the rights on this land and also seeing policy as an upstart goal towards the erection of a pure jewish state. and what this means is daily practices of immunization for now . but in the long term also means that as role is bent on the ethnic cleansing of policies from palestine. this has the fact all an extension of the land and the framework of the fact that prolong their project that he is implementing it was as it on that identified and in the west bank with the end. so it intensified such elements that we are witnessing on daily basis. this is not the 1st time. let's remember that last september at the you, when within the hour, how that's about from the over to the see. know, buddy there to question him and what's even more a day shows is that the internation

>> i think you start with the banks. the banks will report a solid earnings.n demand has been picking snup the financial markets have had low volatility and the traders are good at making money in that environment. i think mna is picking up. the financials look good. we have more deregulation coming and a lot of that will benefit the banks. fed regulator has left and will be replaced by someone who is likely to be less stringent on the kind of regulations they want on banks. financials for sure. stick with technology. i wouldn't be selling technology. i would be looking for opportunities to buy some more. industrials still look fine tome. all of the sectors look fine and maybe we will overstay our welcome but we will stay with them. and we would overrate the u.s. relative to foreign portfolios and overweight the s & p relative to smith gaps. and the s & p 493 outside of the mag 7 will be viewed at tech stocks. they either make tech or use tech to increase proficiency and productivity and relationship with customers and the companies will show good earnings. i'

earnings from the big banks. leslie picker will join us. >>> at 8:00 a.m., don't miss our exit interview with s.e.c. chair gary gensler. as we head to break, a look at yesterday's s&p 500 winners and losers. >> announcer: executive edge is sponsored by at&t business. next level moments need the next level network. at&t has a new guarantee. because most things in business are not guaranteed. like a distraction-free work environment. get those steps in, kevin your coworkers keeping things confidential. oh, she's spilling all the tea. or office etiquette. yeah, that's not guaranteed. i know you can see me. you know what at&t guarantees? connectivity you depend on, the deals you want, and the service you deserve. can i get that logo bigger? or we'll make it right. that's the at&t guarantee. you know what's brilliant? or we'll make it right. boring. think about it. boring makes vacations happen, early retirements possible, and startups start up. that's why pnc bank strives to be boring with your money. the pragmatic,

so, as the wild bank, many people do not know, but what is now called the wild trades organization was also muted at that time. but of course, what we know is the general agreement on top of all got these institutions was dominated, created and still dominated by the west. and that is why they are full when the pre became an idea. and it must be said that the idea was from a conversation by another west than a goodman sucks. who came for the 1st time and talked about imagining economies, particularly the economist or need, who talked about them in brownsville, russia, india, on china between 200, the 2000, the 200112009. there are many activities with the fust imagine meeting taking place in the 2009 and of cost in the 12102011 south africa was admitted and it was no longer brief but bricks and then i was asking myself, what was the reason behind this suggestion that this should be on economic broke or couldn't economic but you know, not the brits. the reason must be understood in the context of history in the context of history to mean that many african countries a wide dominated by w

the title of banking but now he is the cohead of cip. that's a big promotion in 12 months. sonali: sridhar natarajan senior reporter covering banking for bloomberg. call him with your tips. we want to know what is going on. day two at the j.p. morgan health care conference in san francisco not just talking about changes at the bank, talking to executives. kriste -- kristin peck joins us next to talk about changes in her industry. this is bloomberg. sonali: this is bloomberg markets. i'm sonali basak time for the stock of the hour. sl x, the largest producer of medicine for pets and livestock in the u.s.. it stock has been lower going up to 2025. the company has a number of treatments waiting approval. -- awaiting approvals. my cali katie greifeld and kristin pe at the j.p. morganck health care conference in san francisco. katie: let's start with the broad breakdown. are you addressed companion animals. i am thinking cats, dogs, livestock like cattle. what is the current breakdown when it comes to your revenue and how do you see it evolvi

it is a huge deal for banks. i think that will be expressed over the next couple months. >> hugh son with earnings. thank you very much. >>> coming up on "worldwide exchange," the one word that every investor has to hear today, plus eetening the deal over s.a.l.t. the strategy to get tax relief for blue state homeowners. stay with us. we'll be right back. - right? - mmm... this store doesn't have agentforce, so an ai agent didn't tip off the stylist as to what i might actually wear. - yes. - oh. that's a commitment. [glass knocked] hey bud! whaddaya think? you know, people can see you out here. ha ha ha ha, yeah, yeah, right, right, ha ha. love you, too. agentforce helps retailers prevent fashion fails. it's what ai was meant to be. ♪♪ (vo 1) when you really philosophize about it, there's one thing you don't have enough of, and that's time. time is a truly scarce commodity. when you come to that realization, i think it's very important to spend time wisely. and what better way of spending time than traveling, con

it'll be an economic disaster, to your point about the bank, j.p. most costly in-state history the most costly fire in state history. maria: there will be an immediate response from the financials on the disaster loans td cowan writes the federal response would be the small business administration disaster loans to those impacted by the wildfires, the cap will mean insufficient for those seeking to rebuild the maximum home disaster loan is $200,000 for real estate and 40000 for personal property. the banks will have an impact and we will talk about this more this morning. fox corporation with the 1 million donation to the red cross as california wildfire relief efforts, go to go.fox/red cross by scanning the qr code on your screen. stay with us. we'll be right back. as your host, i have some rules. two flush maximum per bathroom visit. no games. no fun. there's a great barbeque outside. but don't touch that. meanwhile, at a vrbo... when other vacation rentals make you share your turf with a host, try one that's all yours. after last month's massive

basically creates a bank of targets pupils to be eliminated. and the system phones 37000 such targets this resulted in is read them binding guys that we the quantity of weapons. but these almost unheard of in terms of the amount of t and t that was dropped the. why? because we have enough targets to drop a very large amount of explosives, because the system decided that these people need to be killed. they have to go read them, is actually making these cubes decisions. and they are loaded with probability and bias errors, different from the errors in human decision making, errors all the same. so, so nothing less than that that will seem the most concerning part of these revelations was the over reliance on a systems. there was essentially a complete trust and prove that the system determine was a target. so instead of usually cooling through surveillance, data deciding if somebody was actually from us operative, the army just signed off on thousands and thousands of star gets to strikes. essential confirms with that almost everybody and gaza s

the narrative here, these banks are crushing it yesterday i had erika on my favorite bank analyst shepen today, obviously, she was right. so, i mean, just looks like this sky is the limit right now. >> well we're coming off a extremely low level for the banks if you recall in two years ago -- silicon valley failed they took out all of the banks and shot them. so they all became extremely cheap. the banks recovered last year, but there's still very cheap. and looking at the economy, looking at where rates are, the yield curve went from inverting hurting them to now being positively slow which helps them and made interest margins improving, and then you alluded to the election and trump's victory. that's going to change the landscape for regulations. the banks have been under tight regulation for a long time. really excessably so, and the administration was pushing more regulation on them with three. well a lot of that is going to now disappear. and the banks are going to be able to compete more effectively, the economy is doing well. you put all of that together an it really creates a

on the set of bank of dave 2. cut there. the bank of dave. yeah, it's catchy, very catchy. on netflix at the start of 2023, which led to a sequel and the real—life dave, dave fishwick, was there to show us around. thank you so much. it's just awesome. you enjoying yourself today? i've been enjoying myself ever since we started the first one, i've never stopped enjoying myself. it's just what a bonkers experience to have one movie made about your life, but two?! right, rock on! the original film was all about dave's attempts to help the people of burnley by taking on the banks and trying to set up his own. this time, it deals with when he went after payday lenders. and here we are on the film set, look, there's costumes going by, yeah, yeah. that's mine, that dress! how much are you enjoying being part of the movie business? well, it's absolutely fabulous. just to be around the team, i mean, there's 160 people turn up, there's wagons and trucks and things. they're at my house at 6am in the morning, so i'm just getting out of bed, i'm putting on my underpants and downstairs,

there is about the situation in the west bank. - situation in the west bank.tlers on a palestinian village. what can you tell about that? it village. what can you tell about that?— village. what can you tell about that? , ., , about that? it is an extremely difficult situation _ about that? it is an extremely difficult situation in _ about that? it is an extremely difficult situation in the - about that? it is an extremely difficult situation in the westl difficult situation in the west bank. not only do you have the israelis and the palestinians fighting each other, you and the palestinians are fighting between themselves. the palestinian authority launched a crackdown on terror groups in the northern west bank. since then, around a dozen people have been killed including civilians and also a journalist. members of the palestinian authorities are of course members of terror groups. it is a war zone. if the israelis are not cracking down, then the palestinian authorities are cracking down. the settlers in the west bank see the palestinian authorities as being

and on other banks.ase for the banks. so many of the banks still trade at a discount to the overall market, right after the election the stocks went up 11% the first day. they've given all of that back. we know there's a lot of concern right now about higher for longer in rates, and that is causing us to maybe narrow our stock selection some as we go into this earnings reporting season. >> so how do you think about winners and losers now that we have seen this big rate move? >> so, number one is asset sensitive banks. the way to think about it is the underlying trends are positive for the industry, the banks that are best positioned are the ones who are asset sensitive, so we like state street, for example. and the bigger banks tend to be more asset sensitive. we also think this investment banking cycle is gearing up. we've got 25% growth for investment banking revenues this year and 15% growth for trading in our large cap estimates, and if the proposal does get walked back some, there could be more capi

african bank by name only. because it is fundamentally controlled by those shareholders. so this is going is not going to be easy. there's going to be divide and rule. and i suspect that a number of african countries are going to be don't we prepare for, give you a debt if you don't joined the books, but i owed the view when i put this cane that breaks. if we remain faithful to reach the agenda, provide us with a concrete with an opportunity to participate in on economic order with the on the fund on which they participate in from us on point of respect. and as for dr. members, as opposed to institutions sides of the math on the word bunk, which was created when african countries was still on the colonial you'll speaks, is the way to go. i hope, and pray. that particular succeed, difficulties will exist, but those difficulties can be conflicted into opportunities. conversation around africa continues apace, but let us have a break. we see you in a short while, the now there are many places in the world where yo

banks. we will be breaking those for you and we have the likes of goldman sachs and citibank all reporting and of course comments from executives in terms of the outlook will be crucial as well and friday we got euro area cpi, so inflation data out of the u.s. and then on friday the euro area's turn as we heard from philip lane saying inflation pressures will continue to ease your we will see if the data on friday confirms that view from philip lane. coming out, the u.k. chancellor returning from china with a deal. the state of relations between london and beijing next. >> welcome back. happy monday. traders in the options markets are preparing for the pound, possibly to tumble as much as 8% following last week's selloff across the u.k. markets. the pricing will be unwelcome news for rachel reeves as she returns from her trip to china. lizzy burden is here. did she get anything out of a trip that turned controversial? did she come back with anything meaningful? >> 6 million pounds of deals.

do we get that from the big banks?k on the incoming administration? annmarie: scott bessent will have his hearing. that will be interesting and the market will pay attention to what he has to say about bond yields and maybe sequencing of trump's agenda. jonathan: coming up this hour, chris harvey of wells fargo, alex desilva of accuweather, and michael nathanson on huge changes over at meta. we begin with the s&p 500 on a two week losing streak. chris harvey of wells fargo saying investors are staring at a wall of worry, driven by the 100 basis point rise since september. ultimately, we expect high yields to be self-correcting. chris joins us for more. self-correcting is a phrase we have been exploring over the past week or so. do you mean to inflict more damage before we see things turn the other way? chris: i think so. the move has been so sharp. people do not wait and say now is the time. risk does not look that great, so they are going to say we have cpi and then let's decide after that, so we are getting there but

but remains above the bank of england's target. south korea's suspended president is arrested after a failed attempt to impose martial law — police break through barricades to take him into custody. negotiations for a ceasefire deal in gaza continue — all sides indicate an agreement is closer than ever. three, two, one, ignition. two privately—built lunar landers blast off from florida — heading for the moon. hello, i'm catherine byaruhanga. let's return to our top story. west ukraine's critical infrastructure has been hit in a �*massive�* russian attack, that's according to officials in the city of lviv. the extent of the russian attack in ukraine is still not completely clear. there are no reports of casualties at the moment. but ukraine has imposed emergency power cuts in six regions in response. it comes as ukrainian president volodymyr zelensky is due to visit warsaw — according to the polish prime minister's office. in a statement on social media, president zelensky said russia targeted ukraine's gas infrastructure and other

so that money has not been in the west banks economy for 14 months now. so there is a wide variety of consequences that come as a result of this decision, but also from the palestinian authority's rates. and you need, all right, that sounds right here is have this in who would reporting for us out of our mind because the israeli government has banned. i'll just hear from reporting there. thanks so much. have a i don't want to shout to is i'll just hear a senior political analyst. he joins us now from door how motor one in the last several minutes, you and i were talking about the fact that this is all quite complicated is not just about freedom of expression. it's not just about freedom of reporting. there's a lot more to this. we know, of course, that it's been very controversial. these raids that the p a had been conducting for several weeks in jeanine critics of the p a have said that these rates have mirrored some of israel's tactics. uh, since launching uh those rates as well. in the past year. i want to ask you what all is playing into this and what

he is a canadian economist and former governor of the bank of canada and bank of england.lcome mark carney! sir! ♪ ♪ [cheers and applause] welcome, sir. i welcome you to our land, america. we are soon to be -- >> well, there was a border when i came, jon. >> jon: when was the last time you checked twitter? >> [laughs] >> jon: so you -- you have really involve yourself in -- i remember you from 2008 and i truly -- i mean this. your work and helping can i get through the economic crisis of 2008, the financial crisis that hit this country terribly, and i thought made a lot of really painful decisions for the people of this country, i thought canada avoided the worst of that. and i believe you played a very strong role in that. >> i mean, thank you. we did. [applause] you know, we did because we didn't do things that we didn't understand. so we didn't let our banks to think that they didn't understand just because all the other banks were doing them. so subprime, cdo squared, really fancy derivatives -- >> jon: you are saying, you thought, let's not let the banks dissolve mort

bank of dave tells the real—life story about how dave fishwick took on the banks and won.et. cameras set. and action. on the set of bank of dave 2. cut there. the bank of dave. yeah, it's catchy, very catchy. the first film was a huge word—of—mouth hit on netflix at the start of 2023, which led to a sequel and the real—life dave, dave fishwick, was there to show us around. thank you so much. it's just awesome. you enjoying yourself today? i've been enjoying myself ever since we started the first one, i've never stopped enjoying myself. it's just what a bonkers experience to have one movie made about your life, but two?! right, rock on! the original film was all about dave's attempts to help the people of burnley by taking on the banks and trying to set up his own. this time, it deals with when he went after payday lenders. and here we are on the film set, look, there's costumes going by, yeah, yeah. that's mine, that dress! how much are you enjoying being part of the movie business? well, it's absolutely fabulous. just to be around the team, i mean, there's 160 people turn

lava nya venkateswa ra n is a senior asean economist at ocbc bank.he told us which countries could benefit from a trump administraion. i think it is going to be an interesting time, we are setting up for more production so there will be a bit of reordering in terms of supply chains and trading relationships and how they will work across the world and what we heard from the mexican president is setting up exactly that. many countries in this region are buckling up for the ride and, essentially, at this point i think the bigger concern is still trying to discern the noise from the reality and where eventually the policies will ultimately lie and what becomes of all this rhetoric at the moment that we hear.— this rhetoric at the moment that we hear. and all of this ahead of— that we hear. and all of this ahead of the _ that we hear. and all of this ahead of the inauguration i that we hear. and all of this i ahead of the inauguration of donald trump. when he was in office the first time around, vietnam was one of the beneficiaries of the trade war that b

it is a personal standpoint these are broad diversified or cautious on community banks and regional banksbe cautious about banks that are centered in california and overweight in a small community basis. maria: the other day a week ago ubs downgraded goldman sachs due to neutral having dependence on the global bond market. will be looking at that limited evaluation, cbs's right-wing golden reports inflation the main talk, december ppi report this morning in a staccato mr. expecting another move up, 3107% year-over-year 3.4% in the bigger market mover is tomorrow with the consumer price index comes out that went up to 9.1% but is coming down pretty heavily in the last year retail sales out on thursday, the housing starts, building permit on friday. any expectation. >> i think there will be continue cost pressure, the massive amount of government spending the past four years you can't pass 31 trillion spending bills throughout ripple effects and you can't turn that off with a switch because of the fed saying it wants to stop raising rates were wants to start lowering like it did in november

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he said, "tell me about the bank." that, what would you have suspected this interrogation would have looked like? -they would have led liam down a road where he could have made more inconsistent statements, made himself look more guilty, implicated himself further. so it gave him an excuse to then come up with a story. -despite liam and preston leaving out the fact that liam had went to the bank with sarah and that sarah had a security box there, it still didn't rise to the level of suspicion of an actual crime, and it wasn't enough for law enforcement to move forward. -because police don't have anything to charge liam with, sarah is still missing. it's weeks and weeks before police come in contact with the person who was going to break this case open. touch can mean so many things. even for people with moderate-to-severe eczema. touch can make two feel like one. or simply be a helping hand. dupixent can help you stay ahead of eczema as you welcome the feeling of touch. dupixent helps block a key source of inflammation

bank in this country.and interest-rate cuts boosted the market and are talking about that as well as the bond market very bullish quarter coming in from j.p. morgan, a couple of comments that we always look for in this bank, geopolitical concerns remain the most dangerous and complicated that we've seen since world war ii they also say ongoing and future spending requirements will likely be inflationary, therefore inflation may persist for some time in this country, that is according to j.p. mo morgan, strong numbers over to wells fargo, 143 not adjusted the street is looking for a buck 35 if i'm doing the math correctly a 60% jump year over year earnings-per-share what a performance 20.38 billion on the revenue side that coming in slightly lighter, the stock was moving higher, wells fargo in the premarket and it still is. a couple of things with wells fargo in the comments that are coming. the getting past the regulatory problems with the fake accounts and the scandal, after several years of minimal growt

there were warning banks against rising risk and also the risk of defaults. in this category.egment that is actually seen almost a growth falling by almost half. this was the category where cheaper credit card loans were available and that was fuelling retail demand and consumption spending. also driving economic growth at a time when even inflation was rising and income growth was stagnating and that this was building up stress in the system which the central bank was warning and now in the last few months banks have reported stress in this segment of rising defaults especially in the small to get loans. this is a segment that has seen a drop in the credit growth pickup for banks and the reason is overall ace lowdown in weakness in the economy, we have seen loans following and thatis have seen loans following and that is effective in the sales of the companies in the last quarter as well as any economic growth prince of the country. loans and economic growth had intertwined, most economists say we will experience softness in the economic growth in the coming quarters, reflect

the central bank and financial transfers remain in place as well. the lifting of sanctions has been a key demand by the a high level of delegation that's been touring the region, the foreign minister aside, all shabani has repeatedly said the restrictions are harming the syrian people. the trade minister in my head, kelly hassan, says wait, food and fuel supplies are running out as bringing result studies live for us in damascus. russell, what exactly have the us announce of the well being an awesome of this coming from the us department of treasury about the sections really for city and people to seize the sanctions to low. some of the flow is a mandatory and they also the some of the sections in syria. so it is the seeing that the aim for this action is to just ensure that the, the us sanctions imposed on syria will not seen there. that the flow of the good, the basic humanitarian needs such as activate electricity, water for the products of or, or send the patient. and of course, for some, not to you to wrap the governor's functions in, in syria.

morgan's group not unique point bank this is a bank in new jersey, market cap million dollars they have in 16 or 18% will will most mutual things are going a efficient rates under 40 for him based on this issue the earnings committed, mid double digits for 65, 816 multiple will and 15% on booking 1.7% on assets, fully reserved on nonperforming assets 1.7 times in margin of safety the only one the company is big multiple, the bulk of the portfolio was commercial real estate but they're not doing mod paths dream people that own myriads in 711's, concentrated with bigger credits, "the bottom line" liabilities sensitive, it rates backup and knocks off the net income overall but it's a well-run bank, 21 branches in northern new jersey to central new jersey which is a wealthy area. it's reasonable and at a+ multiple. >> it's alyssa from investors daily i like looking for fundamental and technical perspective. when it comes to your pick software and services to hedge fund and private equity i really like how it showing stability in a volatile market and up 20% since last july, what you see fro

banks. you're investigating this. will you get a piece of legislation on the floor to deal with this? well, it's hard to deal with bad actors when we have when we have lois lerner to point out, when the fdic. it's hard to say. listen, going to legislate good behavior. i think you have to root out the bad actors. and we want to make sure that we have people who are believe in the mission of of safety and soundness and of the insurance policies that come from the fdic. and if and if they don't believe in that, they got to go. can i ask you as well about the flash crash of 2010? news reports recently that one person was arrested for the flash crash in 2010 where investors lost a lot of money. this one person who was arrested in london recently made a lot of money on that one day. are you going to investigate how one person could have that much influence over the market? i think it's interesting and possibly. but what so, so, so we have operation choke point. we have the fdic we have the the mon

that's bank stocks rally. michael barr is known as being tough on capital rules and his resignation maybe opens the door for looser regulations going forward and bank stocks did cheer that. we get some more news out of the u.s. this time on the jobs market. we get the jobs data and ism services. keep an eye on how many job openings per unemployed person, that ratio the fed keeps their ion. lastly, this rise in yields. it is not just in the u.s. but the move has gone global. we have seen rises in the u.k. long end and overnight jgb 30 years also hit a new high they had not seen for 25 years. >> the u.k. 30 year settled at 517, levels we have not seen since 2023. valerie, thank you very much indeed. let's get to one of the big cory -- the big corporate stories. they have announced a raft of new software and services. he presented the lineup during the ces show in las vegas. >> we used g4s to enable artificial intelligence and now it is revolutionizing geforce. today we are announcing our next generation, the rtx

for us, it is banking, lending and investing.t is the north star ten years ago making sure our clients have access to all three. we have fantastic relationships from the banking standpoint, but clients say i want to save for retirement or my child's education. you have to invest in the future for that. we want to make sure they have access to it. >> we are looking at the growth of accounts in the last 10 or 15 years or so. almost $15 million. you want to look at the younger people. a third gen zers or millmillenn. why target them? >> i'm proud of the team and it is a great day to hit the 500 billion mark over ten years. they have done a hell of a job. for us, we have clients across the spectrum of age. young investors are important because for us it is about financial education and about helping young people understand how to think about long-term goals. it is not gambling or hits. it is being diversified and how investing is part of the broader financial picture. to do that, you have to think about, you know, what is the goal yo

that hit the janine refugee camp in the occupied west bank. we know at least 6 palestinians were killed their bodies taken to the janine govern at hospital. but it's really media is reporting that the target was a well known fighter within the camp. it's worth noting, additionally that these rarely army, as well as is really politicians have been talking about continuing and expanding their operations across the west bank. it's become known as the silent war, parallel side by side to what israel is doing in gonzo, but not getting as much attention because of course the focus is on what is happening in gaza. but none the less since october of 2023. these really military has significantly up these raids and these drum strikes across the west bank saying that there are cracking down on arms palestinian resistance. and in fact, israel's defense minister is real cats, has said that his role is only going to continue to do that. they're going to expand that policy, but they're quote, not going to allow the west bank to turn into guns. but we have se

will opt — is an 80% chance that the bank will opt for an 80% cut. is an 80% chance that the bank willt _ will opt for an 8096 cut. does that mean that we _ will opt for an 8096 cut. does that mean that we can - will opt for an 8096 cut. does that mean that we can see i will opt for an 8096 cut. does that mean that we can see a | that mean that we can see a shift in some of those negative sentiments?— sentiments? certainly, does relieve some _ sentiments? certainly, does relieve some pressure - sentiments? certainly, does relieve some pressure on i relieve some pressure on chancellor rachel reeves. but what _ chancellor rachel reeves. but what we — chancellor rachel reeves. but what we are saying is that we are watching the gilt yields and the _ are watching the gilt yields and the government's borrowing costs _ and the government's borrowing costs which have been superhigh for multiple decades. it has eased — for multiple decades. it has eased up a little bit, but they still remain at levels that they— still remain at levels that they have been for decades. the pressure — they have be

bank robbery for reasons i don't remember and once you start going down the bank robbing rabbit holeh casper and c-dog they're in that very, very select role and yeah, i found them and they are fascinating story in my book. >> my reading in the revenge of the tipping point of popular grove usa is that it's affluent, white, very pleasantville-like. is that accurate? >> yes. it's described in my chapter on the payrolls of a monoculture. i figured out where it was and i went this. it is like pleasantville but only being wealthier. it's a very, very, very upper middle class. gorgeous close knit community with one of the best high schools inun the state and everything you can dream of. if you go there and have kids, you think of like i want to live here. it's that kind of place. i tell the story of how their high school for a generation was in the grip of a teen suicide epidemicpi they could not break and i try to figure out why would a seemingly perfect place be in the grip of this terrible crisis. and the answer is that the crisis was not in spite of the close knit community, affluent p

i think the bank of england has a trickier task. for the time being, most of the bank of england and ecb members seem to be more focused on the upside inflation sk. yes, there is a worry of downside growth risk. i would say a lot of the survey data looking more negative. some of the underlining data, the harder data isn't turning as much. the question is does that negative business sentiment feed into a much weaker economy or is that just the short-term reaction to the budget into tax hikes and does the consumer provide a bit more support. if we lean into the consumer doing quite well with higher real wages for example, that might cause the bank of england to stay on the hawkish side. i do think it is more tricky than some of the others. there is a much more difficult balance with inflation and growth risks. for the time being, we think sterling has a chance to out perform because rates remain higher. the bank of england hasn't pivoted yet and the uk should be more immune from the tariff threat from the euro area. we are still optim

lava nya venkateswa ra n is a senior asean economist at ocbc bank.he told us which countries could benefit from a trump administraion. i think it is going to be a very interesting time, you know, we are setting up for more protection, so there will be a bit of de—ordering, in terms of supply chains, weight training, relationships are going to work across the world and i think what we have heard from the mexican president as they are setting up for exactly that. a lot of countries in this region are also buckling up this region are also buckling up for the ride, and essentially at this point i think the bigger concern is to try and discern the noise from the reality where eventually the reality where eventually the policies will ultimately lie, and what actually becomes of all this rhetoric at the moment that we are hearing. all moment that we are hearing. all of this ahead of the inauguration of donald trump. when he was in office the first time around, vietnam was one of the beneficiaries of the trade war that began in china. how are they placed at