that was guidance on income and on the cost front on the cost front we know that has been key at bank of americag the pandemic the last two quarters showed signs of improvement nothing over the last month or six weeks from brian moynihan and bank of america have suggested they're going to guide for bigger costs in the area maybe they will all of a sudden but that's not currently expected on net interest income, they are the most interest rate sensitive. maybe they won't overwhelm on the guidance but i think it will be a surprise if they under well many there's a reasonable chance bank of america will come out in the wells fargo camp of discord of earnings >> true. >> rather than the jpmorgan side of negative. >> before i ask about b of a specifically, any other thoughts on jpm why were analysts and investors caught so flat footed here >> goldman super it up, really bad stock performance after a record performance for revenues and earnings and returns over the full year. so there's one aspect of which they've run up too much in the short term, particularly at the start of the year coming into ear

now, will investors be patient with bank of america as they seek to gain scale against a jp morgan andmer here? tom: what is the valuation of bank of america versus a premium jp morgan? is there an opportunity there? >> yes, in fact that has been the argument on why you would want to own bank of america and progressively then jp morgan, because that valuation differential is to live. you touched on in your comment a minute ago, that brian moynihan has done a remarkable job in turning this company around from the ashy that he inherited -- -- ash heap that he inherited back during the financial crisis. lisa: perhaps the shares are priced to perfection even amid all the other numbers that lead to this kind of a knee-jerk reaction. >> i think that is part of it. we also have to remind ourselves that bank stocks this year through friday's close. they were up about 9% year-to-date versus a market that is down. this is not abnormal, we have seen it in past years. but this has been truly remarkable. lisa: the fact that net income actually rose more than people expected is impressive and frankl

of years. it's been a great run for trading and investment banking, but not for lending. morgan stanley and bank of americay strong investment banking businesses. bloomberg intelligence points out the numbers were pretty strong on that front, reflecting a good pipeline for deals and ipos. as long as that continues, the number should look pretty good. the big question will be expenses. it's hard to imagine that morgan stanley and bank of america would be immune from the same challenges we saw from goldman and jp morgan. i would have to pay more to keep their best people, and it has an impact on the bottom line. manus: david, thank you very much. no one will be escaping the pain of the wage price spiral. let's start there, sticky wages last only as long as profits remain sticky, according to someone over a standard chartered. how hot will it be for wall street overall this quarter? >> those hot wages will stick around as long as the banks are active on the banking side for trading and whatnot, but to your guests point on loan growth, that's really where the opportunity is in the bank. we own jp morgan and ba

you have more than 4 million accounts at bank of america. ompetition is tough among the biggest of the consumer banks, but it does really start to put an interesting fintech into the forefront at a very competitive time. it is coming fast, and in the u.s. in particular. this is at a time when we thought the fed, the new occ under the biden administration, would be very tough on fintech, and this is validation that they are allowing innovation among the newest competitors at a time when we thought they were going to crack down and be tougher on new technology. that said, they have an entryway now and a pathway into being a more normal bank and compete on a more normal scale. kailey: bloomberg's sonali basak, thank you. sonali had a busy couple of days covering all of these bank results. it's got a lot better for bank of america and morgan stanley today than it did for their. . -- for their peers. guy: absolutely. you have to see today in context in so many ways. you look at what morgan stanley's share price results look like -- with the share

certainly high level of rate hikes being protected by bank of america. they have eliminated forward guidance for the first time in over a decade. we all know the job of that that is to pull away the punch for when the economy is hot, inflation is running high. we think seven hikes is the equivalent of tipping over the bar and shutting down the party. we don't think the economy can handle that in 2022. our guess is four hikes this year, balance sheet reduction, and then you'll see tightening in early 23. we don't think it is seven this year. the curve will flatten dramatically, potentially invert on 2s and 10s, and that may destabilize broader markets and then maybe we can get to where the fed put is suddenly in the money, even though we know it has a lower strike price today than it did in previous cycles. jonathan: subadra, barclays is asking the right question now, are we at the point of maximum hawkish this? i am sitting here asking myself, where are the upside surprises going to come from? we saw that with eci this morning, yields backing away. where

times it's bad for bank of america, if they don't, it's bad for bank of america so i kind of rebel againstebel against the ideas that the russians will -- ukraine, but against the money that bank of america made today? it's extraordinary so we can sell all of these and say it's the ten year, ten year, ten year, but moor, they're on the ground doing so well, why do i -- >> i love that narrative, jim, pointing out you can't have it both ways. i can't. >> if the economy is good, people are paying off loans, stores "american idol" in their savings accounts, yeah >> look, one thing if you get 100 basis points more for your checking account, but they're guaranteed 1% more, and that's $6 billion that's $6 billion that just happens when they turn the lights on. yeah, it's easy to be negative because you're scared, because there are troops on the ukraine border and oil might go to 100, but we have to start thinking about individual companies warren buffer phet is probably sitting there laughing. >> and because they're not going to -- tism jim, this is a theme we will definitely tune in to hear more

out for about $0.07 or $0.08 that translates to a profit of 1.15 per share either you think bank of america'sn to the next trade or wait for a bit of a pullback here in the stock, buy the stock, and apply the 1.15 that you've collected on the short put to a discount on the stock purchase i think bank of america will continue to outperform this year, and i think this is a great way to buy the stock with a small discount. >> so basically put that money back to work into b of a mike, your thoughts on b of a or more broadly on the financials >> yeah, so, you know, it's interesting we were just talking about this over the course of earlier this week, and that was, you know, how do the options market view financials going into the new year. we obviously have seen some sharp increases in rates, and i will tell you that financials were one of the top basically sectors in terms of the sentiment to the upside that we saw basically right at the end of 2021, and that continued this week we saw a lot of bullish activity in wells fargo, goldman sachs, bank of america, citi, and some other financial areas a

and that's beneficial for bank of america we've participated in bank of america. we've had bank of america through this cycle and they've done well for us >> nose those are the three. caterpillar, exxon, bank of america. the one to bail on, let's turn to that. it's been a tough run. peloton, you're saying and they officially plunged below the ipo price last week. they're down 30% this month. i would like to hear you talk about. some are looking at robin hood and peloton and others like okay, can it really get any worse atthis point are the -- are these buying opportunities, why do you stay away from peloton here >> the issue that i've always had with peloton, and i wasn't a bull that turned bear. i actually didn't like the story from the beginning when everybody was buying them into the pandemic and that's because in the data suggests that most average human beings will sort of quit going to the jim after six months. they'll stop wearing a wearable device after three months. peloton is not immune to that. they were always going to be set up for that kind of churn.

david: what does the likely path of the fed mean for bank of america in terms of loan growth.hat about loan growth? brian: we make more money because the nominal rate environment goes up and we have $2 trillion in deposits that are huge core deposits and they had zero floor as rates come down. you're going to see companies back to the borrowing levels they had in 2019. our customers will get more from them. basically we always have thought that our loan growth should be slightly better in the economy. you are going to see loan growth and growing market share. david: really appreciate your time. that is brian monahan. guy: fascinating conversation, lots to digest and think about. my sense is that brian was thinking a lot about the rate of change. rates are going to go higher. alix: obviously compensation is a big expense but would rather pay more people and grow the business. how sustainable is that? guy: we had to deal with supply-side shortages within the economy, driving inflation. the answer to that question is yes and we don't know how sustainable that is going to be. what

alison: i think one of the reasons why bank of america has been the best performer, bank of america andere really with the leaders of the group. it was because of the strong trading in the fees we got this quarter. anka of america is more about the rate expectations to come. so i think at least some of that is priced in. the stocks are pricing in the rate outlook that is priced into that market, so the variable is loan growth, and for bank investors, it is great that banks are interest-rate sensitive, but they want to see longer because that is really building the business. so we are seeing improvements for that bank of america. you bring up the interesting point, which is we are all talking about comp. that is the story looking backwards. there is momentum going forward, but it is really going to be the net interest income that is going to be driving the revenue at these banks. jonathan: alison williams of bloomberg intelligence, thank you. just got citi and standard chartered publishing on the inflation outlook. the four hikes that are now price for 2022, "our forecast for two hikes i

when we come back bank of america ceo brian moynihan, we will talk about the future of the bank, banks seeing in capital markets as well. owner of material limp, remember. b of a down but has had a phenomenal 2021. pelosi pulses back comments on trading. what the member says about members in congress trading stocks while they are also regulating business. it's the hot topic buzz and it's next. ♪ ♪ ♪ ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care. . . . maria: welcome back. time for the hot topic buzz. so once again house speaker nancy pelosi is being asked about lawmakers regulating business while also trading stocks. watch. >> it's the impression that is given by some that someone's doing insider trading, that's a justice department issue. take that to the justice department issue, that has no place in any of this. but to give a blanket attitude of we can't do this and we can't do that because we can't be trusted, i just don't buy into that. but if members want to do that, i'm okay with it. mari

didn't look that great, so i think there are different a's, and, you know, for instance, i own bank of america, i also own u.s. bank i had wells fargo. we had huge call activity just two days ago, where they were buying the february 57 1/2 calls. they both 28,000 of those calls. boy, did they work almost immediately. by today, with the big run-up to new 52-week highs, those calls nearly doubled on the day. that was the rental side of it i'm actually out of that trade, but i think i'm very confident in bank of america and some of these other banks as well. u.s. bank is one of those names as well, but i think there's regionals that have a lot of room to run. i don't know if people can see the that is right there. wells fargo up 21% so far this year, citi 10, bank of america 7, morgan stanley and jpmorgan basically flat any final reactions or thoughts? >> pete's exactly right. u.s. bank, i was trying to rifle through those charts pete is a gentleman, and he knows the stock market extremely well i was trying to rip through the charts as he was saying it the best chart he mentioned was u.s. bank. i

if we look at a year-to-date chart of bank of america, the market got a little ahead of itself they pulledack from a few weeks ago. though bank of america up nicely today. year-to-date and this earnings season, the very clear winner is wells fargo. declared losers, jp morgan and goldman sachs. at the moment worst performing sector down 1% for financials. but mike sorgan stanley up >> we'll move from the banks to the staples because p&g is the best performer right now in the dow. you've probably noticed the cost of basics like paper towels and paper towels, the price has gone up it was a beat on the top and bottom line. the owner of tide, crest, and bounty said sales rose 6%. profits were up as well. but margins down on the plus side, the company did raise its outlook for sales growth about half of the company's organic revenue growth is coming from price increases and more of those are coming p&g telling retailers to expect price hikes on fabric care products like tide detergent and downy dryer sheets and some personal healthcare products will see higher prices as welcome mid-april but exe

street was traumatized, by jp morgan, not bank of america. g expenses flat. they're a very digitized bank. these guys, not as digitized like wells fargo and bank of america is highly sensitive to interest rates which means it is in great position for 2022 if the fed raises rates they've have $6.5 billion more and if the fed does nothing the only reason we don't own bank of america for the trust because we like wells fargo. bottom line, the banks are all over the place this earnings season which goes to show you the important of individual stock picking all banks are not created equal and we get big sell-offs where everybody says woe is me. take a look at this business tyler in california. >> caller: hi jame, thank you for the work that you do i want to ask is when do you think would be a good time to buy visa people seem to be itching to go out and spend and some will be here. >> right that is a great question now we own mastercard and for the charitable trust and jeff marks and i said that is cheaper and better and faster than visa. visa is a

two lines from bank of america. here's the first. ero capitulation in equity positioning and buy the humiliation." seems to be the story. [laughter] i just got off with messaging from bank of america on how many hikes they have for 2022. 25 basis points at each of the next seven meetings. this is what they call a nimble central bank, and this is what a nimble central bank does. lisa: this is the key issue, how much they can frontload something given the fact that there is so much uncertainty about the back half of the year. but the consensus now is almost five rate hikes in 2022 from just a couple back last year. jonathan: speaking of calls, we are just getting a readout of that call between the russian and french leaders. kailey: vladimir putin and emmanuel macron speak earlier this morning, and spend the -- and apparently told macron russia will study that u.s. response earlier this week, but said they ignored a key issue. we will look for details on what that was. they also talked about specific russia-french issues like energy coo

we heard from bank of america and u.s. bank corp. up better than 2% right now on better than expected earnings story, growth in loans picking up and capital markets business doing well. we are waiting on morgan stanley. those numbers come out within the hour. your reaction to what we've seen out of the banks so far, keith? i thought it was good to see a pick-up in loan growth. your thoughts? >> well, i agree with you, it's always good to see a pick-up in any kind of growth. i think morgan stanley will come in probably in line, 5 to 6%, i'm looking at 191 in earnings, 14.5 billion in revenue. the key is to stay on the bull case because if people are getting distracted with the fed i think morgan stanley's got great equities trading, numb nur one in the world. it's active in the telecom space. there will be merger mania as people figure out how to stand up to a behemoth had coming into the business. maria: you see microsoft expanding its video game business by acquiring activision. that will likely trigger other deals, perhaps enforcin

oil also on the rise nearing eight year highs as inflation becomes the market boogie man bank of americae to show you how you might be able to make money off of it. and the 5g flight fight taking off as the airlines send the warning about the risk of new cell phone technology. it's all happening on this tuesday, january 18th and this is "worldwide exchange." >>> welcome or welcome back, and good tuesday morning, everybody. it is just 5:28, if you are starting your day in the markets and your money starting the day on a down note they are the story right now stock futures are getting hit prety hard across the board. dow futures under 1% down, but big tech again that's the problem, nasdaq futures off about 1.75%, more than 200 points so it could be a rough, at least start, maybe not finish but start to the market right now. the vixx, the volatility or fear gauge if you will that is up more than 12% right now. you have big oil and big banks, they're hot again. they were ignored for years while big tech, which made everybody money suddenly cold. in fact, it didn't get a lot of play but with

i think there's two things you can do either you think bank of america's run is over, or what you canwait for a bit of a pullback, buy the stock and apply the $1.15 that you collected to a discount on the stock purchase that's a 2.3% discount i think bank of america will continue to outperform here this we're, and i think this is a great way to buy the stock with a small discount. >>> basically put that money back to work into b of a mike, your thoughts? >> it's interesting. we were just talking about this over the course of earlier this week you know, that was how do the options market view financials going into the new year? we obviously have seen sharp increases in rates i will tell you that financials were one of the top, basically reat the end of 2021 my inclination is to continue to be long in the financials. >> carter, what are the charts saying >> we know they have come to life as rates are moved. i'm in the camp that rates are not going meaningfully higher and the financials are full here. >>> thank you. up next, i don't remember tweets and the final call we'll be right back.

shares are up more than 4% >> let's go to willford frost. >> and bank of america both bouncing back todayther was dragged down by cost issues, as some of their peers have been. bank of america saying expenses should be flat in 20s 22, compared to last year. while the cost came in below, including compensation, which had been an issue for goldman sachs yesterday. and their target ratio didn't disappoint here's james gorman on costs >> we're a different business model. those advisors have paid on the a grid there's no inflation. for it's based upon what they produce we've invested a lot in technology but we've also bought companies. i said before, we didn't just buy e trade and solium, we bought technology businesses within them. we made that trade off so, it's a combination of all of those. and i don't know i guess it's a different business model >> so, the theme is one of slowing trading revenues overall. investment management was strong and helped fuel the 20% long-term target there will be a lot of focus on that and their guidance on their call, which is yet to start. and we'll be joine

bank of america's digital tools are so impressive, you just can't stop banking. morningstar farms. of america's digital tools are so impressive, ♪ [lively music] ♪ made from plants. ♪ [angelic chorus] ♪ ♪ [lively music] ♪ tastes like chicken. bet you didn't see that one coming! morningstar farms. america's favorites, made from plants. [upbeat acoustic music throughout] [upbeat acoustic music throughout] when they're sick, they get comfortable anywhere and spread germs everywhere. wherever they rest protection nothing kills more viruses, including the covid-19 virus, on more surfaces than lysol disinfectant spray. lysol. what it takes to protect. inner voice (kombucha brewer): i'm dramatically holding this bottle, so the light hits it just right, and people think... wow... ...he knows what he's doing... ...when i'm actually pretty lost with my payroll taxes. intuit quickbooks helps you manage your payroll taxes. cheers. 100% accurate payroll tax calculations guaranteed. psoriatic arthritis, made my joints stiff,... ...swollen, painful. emerge tremfyant®. tremfya® is approved to help

sarah hewin is part of europe and americas for standard charter bank. a lot of voices there.hey have the ammunition they need in terms of the unemployment numbers and the wages component in the jobs report. for you, you are at two rate hikes. you are a contrarian. good morning. sarah: good morning. we are expecting two. the first in march and the second in june. we think at that point, the fed can afford to pause if we are right about the economic picture and particularly the inflation picture. inflation obviously will get the data this week on cpi and that is expected to go above 7%. the fed has to take some action. looking at the trajectory over the course of the rest of the year, while inflation for the first order is going to be even higher than what we saw in the fourth quarter of last year, we think we will see prices starting to dial back. we expect inflation to start to move closer to the fed target and that to be pretty clear by the second half of this year. the big issue is 2023. by the time you get to the june fed meeting, they will be looking ahead to 2023 and we

of the big bank shares. >> no. we are constructed. we have bank of america, and jp morgan. and u.s. bank, gold bank, jeffrey. ere are quite a few that we like. city. it is kind of a special case. but i would say that i am generally positive about the outcome, and if you look at the key underlying narrative, which drove the stocks hired. early in the year. it is basically that rising rates are not going to help bank earnings, and same time, we are probably going to take air out of the gross stock multiples. on a larger basis, the banks will have it. on top of that, you have something that is interesting. in the fourth quarter, after declining in covid, and most of last year, we had about 1.8% loath -- low growth this quarter cover in about 2.8% net interest income growth. there are these blips on expenses, and on trading income, but if you look at the key revenue line of the banks, this was really the first kind of meaningful uptick since covid had. >> that is what will continue. >> in terms of loan growth, and this rate environment, what is your outlook? >> it doesn't pay to be a hero difference. figure three

frankly because 2022 could be the year of bank of america. i thought this was more like it. this was more the market, not bank of america. so take morgan stanley here is a franchise it used to be so eposodic, drives me crazy, and up and down. i didn't work there back in the day when i had the chance and then i thought it would do something to run afoul of the regulators but these days morgan stanley added $490 billion of net new assets last year bringing total clients assets to an astounding $5 trillion. do you know how much a good investment bank could make off of $5 trillion and that is just by having a great franchise which is something we spend realtime on in our 10:20 a.m. morning meeting. you could tune in when you join the cnbc inning club we talked about the brand name that is morgan stanley and it is a super bowl franchise that a jaguar team can't. they're not the same ceo james gorman has transformed morgan stanley into something that is consistent while no major bank is immune to government scrutiny, i think they are the closest thing to squeaky clean. and most peo

morgan, bank of america, citigroup invest in substantially technology initiatives to be competitive ins new world of what banking looks like. lisa: has goldman made enough progress with other initiatives to be considered more of a lending bank at a time when yields are rising and that seems to be driving some of the optimism around the financials? devin: it's a great question. early days. it was a spin tech if you will to get to $1 billion of revenue. they are doing well relative to the industry. there are growing at a nice rate . -- they are growing in a nice rate. in the business, you think it is a small piece of overall business, 10%. over the long term, it becomes a very painful piece of business, could be 30% of overall revenues. right now, we don't think goldman is viewed as much of this ply on interest rates. it is a different story. that being said, we think there'll underlying growth is stronger than pre-much any other large financial institution now and that is because of these initiatives like what they're doing in transaction banking. lisa: do you think it has been priced i

bank of america with a sweet treat for krispy kreme investors. nd how inflation is hitting the bottom line. for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. every day in business brings something new. so you can enjoy more of...this. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. >>> news alert on meta julia boorstin has it. >> tony shu of doordash is elected to the board of directors. getting food and more from restaurants and small businesses saying i have thought it's great to have great tech leaders and tony with exper

inflation and that is why they have to raise rates. >> some roadmapping from brian moynihan of bank of america continue watching for. for taylor and myself, thanks for watching as always. this is bloomberg. ♪ every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. >> president biden is morning rush of that it will "pay a heavy price," if any of its forces move across the border with ukraine. speaking at the white house today, the president sought to clarify his remarks from a day earlier, suggesting that western allies might struggle to react to a small-scale attack. mr. biden says he has issued a warnings to russian pres

i like what he said about aflac already made its move, i'd look for a bank of america if we get a marketstabilizes get back to that high of near $50 >> coming up, the blackstone stock soaring on blow out numbers. and retail revolution tomorrow milestone for robinhood and the markets. we'll talk to someone who took on the trading platform and won. details next. >> announcer: catch us any time anywhere, follow on your favorite podcasting app. we're back after this. ♪ feel stuck with credit card debt? ♪ move your high-interest debt to a sofi personal loan. earn $10 just for viewing your rate — and get your money right. ♪ . >>> welcome back to "fast money. shares of blackstone beating the tape on the back of strong earnings, with the ceo calling it the most remarkable results in our history the stock was up 6.8%. guy, you've been on this one for i don't know how long >> yeah, but let me tell you something chris said that dan said something smart so i will say something smart. -- blackstone got down to 101.65 on january 24th, close enough for government work but this quarter was remarkable. h

bank of america out early with that line in the back end of q3 going into q4.te, michael mckee there. -- thank you, michael mckee there. we are down 0.6% on the nasdaq. a clear trend in the bond market, yields higher. we spent the whole week talking about higher interest rates. can't think of a single policymaker not talking up three or four rate hikes in 2022. lisa: can you say this is a rate hiking pricing, or is this the issue of people wondering whether we have priced in some of the wage increases, the expenses a lot of companies are going to face? have we accurately gamed out how this will affect the bottom line at a time of real uncertainty economically? jonathan: we thought the margin story would be one for last year. did not happen. margins were really insulated. our use adjusting that could be the story going through 2022? lisa: i just wonder how this plays out as people get back to normal and we start to see that the real price of the stuff they buy has increased. a 3% wage greece is not going to cut it, so how is that factory into all of these compan

of the big bank names out there. they've had a big run as of late but a bit of a pause for jpmorgan today, flat on the session. bank of americaflat as women citigroup has been an under performer over the last few months, up one-quarter of 1% but the regional banks have seen outperformance in recent weeks watch those regional banks i will tend things, kelly, back over to you way over there >> thank you, dom, very much >>> if you are pondering like many how much longer the rotation into value and out of growth can last, my next guest says high-quality stocks are still trading at the largest discount to low-quality ones in more than a decade joining me is mike list, senior portfolio manager at america century investments. mike, is this still true after the last three days? >> yes, kelly. i think it really is still true. look, if you look at the context of the current environment where you have had tech stocks outperform tremendously and the valuations become very elevated, it has been aided by a very loose monetary policy which has allowed a lot of speculation now you have rates starting to move back up, which means the tech ear

that exclusive interview is coming shortly asking bank of america's head of commodities research wheree thinks oil prices could be headed next. >> let's focus on the big stories this hour. mike santoli tracking another wild day joining us with his take adam parker mike, what are you focusing on right now? >> tentative steadying action is not movement under the surface there's a weak bounce in the growth sectors after being oversold today the s&p 500 did go down and held the initial technical areas people were looking for. it comes up in there really what we have done is tried to stop the bleeding in this area. right around the november/december high just there's been a lot of money in motion and seems like today with a payrolls number first thing tomorrow morning sometimes the market idles in neutral before that. this is happening across the market real economy stocks are back in favor. here you have regional banks in financials they have converged. similar total movement here's the big reopening trade with regional banks. yielding going up. and then delta comes in and the asset manage

of focus on regional names. a year ago, we talked about the banks needing to start to consolidate. the only way they complete -- could compete with jp morgan and bank of america joining forces. is that necessary or can some of these banks, the mid tier banks, stand on their own? cheryl: really, where we think the value in the regional banks face, i would characterize them as niche market players. names like signature, silicon valley, that have very differentiated growth strategy -- higher growth strategy. i still think there is space for inorganic growth. i think the business model matters here. stock-digging will be critical. taylor: i think about the long-term strategy. we have huge private equity firms that can keep balance sheets with fintech if they want to be. how then does a bank stay competitive, if all of that is happening on the outside? cheryl: i think it is the differentiation of the leading models. we see a lot of community banks that have specific landing -- lending niches, just more businesses or dental practices. it carves out a competitive advantage for themselves within that space. that is not to see we -- say we don't see value across finan

bank of america will soon charge $10 instead of $35 for overdrafts and both banks plan to eliminate feesor bounced checks. >>> coming up, tennis star novak djokovic comes clean about his travel history overnight and covid diagnosis. >>> also ahead, new troubles for ♪ when you have nausea, ♪ ♪ heartburn, ingestion, upset stomach... ♪ ♪ diarrheaaaa.♪ try pepto bismol with a powerful coating action. for fast and soothing relief. pepto bismol for fast relief when you need it most. ♪ got my hair ♪ ♪ got my head ♪ ♪ got my brains ♪ ♪ got my ears ♪ ♪ got my heart ♪ ♪ got my soul ♪ ♪ got my mouth ♪ ♪ i got life ♪ looking to get back in your type 2 diabetes zone? once-weekly ozempic® can help. ♪ oh, oh, oh, ozempic®! ♪ ♪ oh, oh, oh ♪ ozempic® is proven to lower a1c. most people who took ozempic® reached an a1c under 7 and maintained it. and you may lose weight. adults lost on average up to 12 pounds. in adults also with known heart disease, ozempic® lowers the risk of major cardiovascular events such as heart attack, stroke, or death. ozempic® helped me get back in my type 2 diabetes zone. ozempi

footprint of those profiles are very different because the ones that are firing tend to be the big more traditional lending banks. i'm thinking of the wells fargo's of the world or bank of america trying to streamline some services, whereas the investment bankers are the ones beefing up their teams in order to capture some of the market activity. it points to this bifurcated nature and the banking world, much like the tech world. jonathan: and the show in many ways. j.p. morgan down 7%, wells fargo up almost 15% year to date so far. something to think about. you keep talking about the most important inflation print of the year, you keep putting to march but may 11 is the inflation report. is going to be very interesting. we see the peak in inflation and then a different way to kicking in 12 months ago. if it phase materially, that could set the tone for rate hikes. tom: i thought there was a blistering note from deutsche bank which really can humble those looking for four to six increases. he said this inflation is contractionary. jonathan: he also said if you wanted to know where it neutral is, the equities will settle back. but the financial conditions tell you. tom: we are s

bank of america's digital tools are so impressive, you just can't stop banking. austin james. as a musician living with diabetes, fingersticks can be a real challenge. that's why i use the freestyle libre 2 system. with a painless, one-second scan i know my glucose numbers without fingersticks. now i'm managing my diabetes better and i've lowered my a1c from 8.2 to 6.7. take the mystery out of managing your diabetes and lower your a1c. now you know. try it for free at freestylelibre.us i recommend nature made vitamins, because i trust their quality. they were the first to be verified by usp, an independent organization that sets strict quality and purity standards. nature made. the #1 pharmacist recommended vitamin and supplement brand. i brought in ensure max protein, with thirty grams of protein. those who tried me felt more energy in just two weeks! (sighs wearily) here i'll take that! (excited yell) woo-hoo! ensure max protein. with thirty grams of protein, one gram of sugar, and nutrients to support immune health. why choose proven quality sleep from sleep n

[applause] you work for bank of america. from bank of america we have here today brian butler. gether for brian. [applause] >> thank you, it is a pleasure to be here. bank of america is proud to be the longtime sponsor and founding sponsor of dollar wise and we are particularly enthusiastic about the innovationon grant awards. bank of america and the many years we appreciate your partnership on matters having to do with economic mobility because it is so important to your residence and to our customers so thank you very much and congratulations to the majors who received grants today. [applause] ♪♪ ♪♪ buckeye broadband supports c-span as a public service along with these other television providers, giving you a front row seat to democracy. >>> now red, deputy assistant to the president and the middle east coordinator for the national security council talks about the biden administration's foreign policy agenda for the region. topics include negotiations with iran and its return to the jcpoa. the carnegie endowment boosts this 50 minute event. >> good morning, good afternoon, goo

usando bank of america, sin parar.ientas digitales de bank of america, tus planes tampoco. ¡abre los ojos con wendy's! empieza tu día con un desayuno bien hecho y disfruta de una bebidaratis con cualquier breakfast sandwich. cualquiera que sea tu bebida favorita, si viene en un vaso de wendy's es gratis. ¿café? gratis. ¿diet coke? gratis. ¿frosty-ccino de vainilla? increíble, también gratis. ¡no te duermas y aprovecha esta oferta! despiértate con wendy's y disfruta cualquier bebida en un vaso de wendy's gratis con la compra de cualquier breakfast sandwich. elige bien. elige wendy's. (employee) el mejor plan unlimited de verizon ahora es más ultra. con verizon 5g ultra wideband ahora en grandes ciudades, hasta 10 veces más rápido y sin tener que pagar nada extra. y como nuestro mejor plan merece el mejor teléfono, trae tu teléfono viejo o dañado y te lo cambiamos por nuestra cuenta. # ( ♪ mÚsica ♪ ) >>> cuando pensamosn la miel pensamos en s abejas por lo que para muchos resulta una sorpresa saber que tambiÉn hay hormig

bank of america is the rate play and they're the most in terms of sensitive to higher rates and steeperield curve, but he's done a good job on the efficiency ratio 739 basis points year over year last quarter is that sustainable? no they get it. they have to cut costs and as you see demand goes higher and you know the wells story just as well as do i and it's doing a terrific job i do think it's interesting that the risk manager, head of risk is leaving and he's retiring and in june, i wonder if that helps them in the asset cap lift and think, as we just talked about morgan stanley i do like american, press because everyone has written off business travel and everyone just has to be patient. >> bny mellon calls, visa, global payments, affirm. so you're in obviously financials and thin tech is a hot space for you? >> scott, look at that global payments, gpn that you just talked about i believe we mentioned it just days ago that stock explodes from -- what 136 to 145 or higher yeah this is an area that i want to concentrate on i'm still a big believer in paypal especially if you bought it

bank of america's digital tools are so impressive, you just can't stop banking. ouncer) carvana's had a lot of firsts. 100% online car buying. car vending machines. and now, putting you in control of your financing. at carvana, get personalized terms, browse for cars that fit your budget, then customize your down payment and monthly payment. and these aren't made-up numbers. it's what you'll really pay, right down to the penny. whether you're shopping or just looking. it only takes a few seconds, and it won't affect your credit score. finally! a totally different way to finance your ride. only from carvana. the new way to buy a car. living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause status. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or i

of protein. ♪ ♪ ever wonder what everyone's doing on their phones? they're banking, with bank of america.riend just caught the bouquet, so he's checking in on that ring fund. that photographer? he's looking for something a little more zen, so he's thinking, “i'll open a yoga studio.” and as for the father of the bride? he's checking to see if he's on track to do this all over again... and again. bank of america's digital tools are so impressive, you just can't stop banking. ordinary tissues burn when theo blows. so puffs plus lotion rescued his nose. with up to 50% more lotion, puffs bring soothing relief. a nose in need deserves puffs indeed. america's #1 lotion tissue. ♪ my name is austin james. as a musician living with diabetes, fingersticks can be a real challenge. that's why i use the freestyle libre 2 system. with a painless, one-second scan i know my glucose numbers without fingersticks. now i'm managing my diabetes better and i've lowered my a1c from 8.2 to 6.7. take the mystery out of managing your diabetes and lower your a1c. now you know. try it for free at freestylelibre.us s

bank, fifth third, pnc, all up around 4% and 5%, and these are two-day moves for the most parts bank of americargo, jpmorgan, morgan stanley, remember, wells is off a 60% gain last year and is up 4% today. let's put it into context. jpmorgan, up 6% over the past two sessions bank of america, up 6% wells up 10% over the past two days, having the best two-day start to a year ever look at those figures behind me. it is not all green out there. big tech is dragging down the nasdaq nvidia, tesla, microsoft, amazon and apple, some marquee names all lower. nvidia is down 5%. apple is down 1% after briefly surpassing the $3 trillion in market cap about 24 hours ago. let's get to rahel solomon for a cnbc news update rahel. >> heel, kelly >>> here is what is happening at this hour. joe manchin says there's no current discussions under way on president biden's build back better plan. talks collapsed last year. a new poll finding sharp differences between how democrats and republicans view the january 6th riot on capitol hill 4 in 10 republicans say that the insurrection was very or extremely violent versu

usando bank of america, sin parar.cta. y los papás de la novia ya se ven disfrutando esa merecida segunda luna de miel. tu vida no se detiene. y con las herramientas digitales de bank of america, tus planes tampoco. agarra tu crema daisy. ¡vámonos! ¿listo para tu chili con carne favorito? ¡sí! ♪♪♪ ¡tío! ♪♪♪ oigan, ya podemos comer. ♪♪♪ no es lo mismo sin crema daisy. ♪♪♪ ♪ todo mejora con daisy ♪ los alérgenos nos rodean. incluso a veces en la ropa combátelos con all free clear. su poder limpiador elimina manchas difíciles y también el 99 % de los principal alérgenos. all free clear. la marca #1 recomendada por médicos para pieles sensibles. la marca #1 recomendada por ¡abre los ojos con wendy's! empieza tu día con un desayuno bien hecho y disfruta de una bebida gratis con cualquier breakfast sandwich. cualquiera que sea tu bebida favorita, si viene en un vaso de wendy's es gratis. ¿café? grat. ¿diet coke? gratis. ¿frosty-ccino de vainilla? increíble, también gratis. ¡no te duermas y aprovecha esta ofea! despiértate co

ethan harrison, bank of america looking for seven hikes. of these banks expected a soft print on friday largely due to omicron. they are still looking for an active said this year. >> wages and benefits under altogether -- there is some other data there as well. 14% monthly rent increase. the payroll does not drive with that. you have massive negative real income growth. >> the rental side of the story will provide that upside pressure to keep inflation elevated, to keep that story persisting. that rental story will create some will -- real upward pressure. >> especially if oil prices do not come down. given that backdrop we talk about whether it is a miss or a beat for payrolls. how much do we learn about the tightness or looseness of this jobs market? if it is a week number, is that a cause for concern about new wage inflation? >> we will be looking for a punchy jobs number. the middle of march feels like a long way away. >> the middle of march, march 11 is what i am looking at here. you have amazon on thursday and in terms of the wage dyn

usando bank of america, sin parar.ando esa merecida segunda luna de miel. tu vida no se detiene. y con las herramientas digitales de bank of america, tus planes tampoco. no todas las redes 5g están creadas igual. ♪♪ t-mobile, la red 5g más grande, rápida y confiable del país. pssst! who loves... haribo goldbears. me! this one has juiciness like a strawberry. squishy and delicious. the goldbear is like karate dude. - flippin' around. - shaboom! ♪ kids and grownups love it so. ♪ ♪ the happy world of haribo. ♪ en medio de un mar de lágrimas, encontré dentro de mí una sonrisa invencible. ante los retos de la vida, sé la razón de que alguien sonría hoy. gánale al invierno con dunkin' y el... nuevo café winter blend. un vibrante tueste medio... suave y con cuerpo ¡con notas a galleta de jengibre! Échale ganas a tu día con dunkin' disfruta un café winter blend mediano, caliente o frío por $2 américa se mueve con dunkin' los alérgenos nos rodean. incluso a veces en la ropa combátelos con all free clear. su poder limpiador elim

he will hear that from bank of america next week but if any of these things talk up net interest incomeo calibrate of every 25 or 50 basis points once they break to the bottom line. tom: looking at jp morgan and 265 thousand employees, is it an expense regime where they will keep the chosen few and jettison others? >> we have had this conversation for years. what's important is the mix of the employees, what percentage of their employees are being hired in the size related to technology. technology plays in a norms part in not only the traditional banking but also where banking is going. for goldman sachs, it's 40% of their total employees and jp morgan, that number has risen significantly versus where we were five or 10 years ago. lisa: what is your sense of why loans are not increasing more and when we might see a shift? >> aiko back to personal savings rate and household debt. the personal savings rate just got back to the normalized historic levels of 7% back in november. they were as high as 18%. it's interesting whether the consumer has changed. it's like a 9/11 or the financial c

where would you prefer to be, deutsche bank or bank of america? d morning either one will do. people working in banking these days. deutsche bank is weighing an increase to its bonus pool of 15% as it navigates the challenges of competing for talent while keeping costs down which is always a battle. according to our sources, the overall expansion and payout marks strong diversions across the bank. what that means is that the increases are going to be people in the front-office, traders, m&a advisors. unfortunately, staff may see substantial drops. ultimately, this is targeted towards revenue generators. dani: i love that. be coldhearted, follow the cash. give us the latest on bank of america. what bonuses are we seeing from their? >> share. they are rewarding almost all of their employees. further boosting compensation. most firms globally compete to attract and retain the revenue earners. it comes on top of regular conversations. if they earn as much as half $1 million a year, that would be about 97% of the global workforce being eligible for the

bank of america's digital tools are so impressive, you just can't stop banking. america's digital tools are so impressive, reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire - [announcer] at southern new hampshire university, we're committed to making college more affordable. that's why we're keeping our tuition the same through the year 2022. - [narrator] i knew snhu was the place for me when i saw how affordable it was. - [narrator] find your degree at snhu.edu. she gave me this convoluted answer six times i went back and six times it was gobbledygook, that's when i wrote her answers are sometimes comically opaque. >>> you can catch that on "american greed" focused on elizabeth holmes, and that is tonight, 10:00 p.m. eastern, "american green. check it out >>> calling it a leader, cre

you guys work for bank of america. rica we have here today brian butler, please put your hands together . >> and mayor suarez. it's a pleasure to be here. bank of america is proud to be the longtime sponsor or founding sponsor of dollarwise and we are particularly enthusiastic about the innovation grant awards. the bank of america and mayors, we appreciate your partnership on matters having to do with economic mobility because it's so important to your residence and to our customers. so thank you very much and congratulations to the mayors who received grants today.

we see with expenses when it comes to the reports we have yet to get from morgan stanley and bank of americaw. of the results we have seen thus far, what is the reach were going to be for those two banks? jeff: i think what we will see is still good capital market activity levels. trading probably a little weaker than we hoped, investment backing really strong, but the interesting thing tomorrow will be on the expense side. you may be had some more out it expenses through the pandemic. that is starting to come down now. morgan stanley, especially with the couple of acquisitions they made, it looks like there are more efficiency opportunities there. i suspect we will get some of the better expense stories tomorrow, but we will see how it comes out. kailey: thank you so much to jeff harte of piper sandler for joining us. we appreciate your time. coming up, brent and wti clung to their highest since 2014. our next guest says we are at the start of the next upward cycle above $80 and towards 100 dollars. amrita sen of energy aspects is next. this is bloomberg. ♪ kailey: this is "bloomberg market