especially bank of america. ory with bank of america is that this is a premier bank and certainly should show better metrics than citigroup or wells fargo. kailey: do you expect bank of america will follow citigroup? kenneth: they are going to have to. we didn't get enough press with the fed. the capital buffer has to be widened for bank of america. i suspect they will softly talk about holding off buybacks for now and maybe look at it in three months. they are going to have to do that. there wasn't a blockbuster year for the fed stress test. the business for many is growing higher and the yields for the stocks are 3.5%, 4%. kailey: if they need higher capital buffers, based on the results we have already seen come what is your thoughts on the health of the economy and consumer, because executives think it is still sunny for now but the hurricane winds are out there somewhere for jamie dimon. kenneth: on the stress test, it is alice in wonderland. we are talking about 10% to 14% unemployment rate. it is a dance t

bank of america expected to pay a 200 million dollar fine related to a u.s. ation into the use of unapproved personal devices in line with penalties imposed on other walls banks. finance firms are required to scrupulously monitor communications involving their business, these fines rank among the largest ever. the russian defense minister ordering part of their forces to destroy ukrainian long-range missile artillery systems and it's not clear how much of a change this represents. troops have been trying for months to destroy ukrainian weapons with allies stepping up arms shipments to ukraine. h&m deciding to wind down their operations in russia. halting all sales there in march after the russian attack on ukraine. they will reopen the russian stores in order to sell remaining inventory at $190 million. the u.k. bracing for a heat this week. temperatures might hit a record-setting 14 degrees so -- 40 degrees celsius, 104 fahrenheit, hotter than the forecast in madrid for in all of their warmest years, having occurred since 2002. annual report blasts of for lea

were tricked into sending money to the bank imposters using za zelle and wee shocked to find bank of americaers no. >> fried protections i trusted my bank to have top-of-the-line security. >> you made the feature available to your customers on your app and you will not honor my money? they said, no, ma'aml now bank of america is defending a federal class-action lawsuit, claiming it encourages customers to use zelle without warning about the, quote, huge security risks of linking zelle to the ir accounts. zelle has $490 billion in money transfers last year alone, and yet it has, quote, a massive fraud problem." the class-action suit says bank of america is aware of the risks to customers, but still touts zelle to customers as a free and convenient way to make transfers. once the money is sent, it says there is virtually no recourse for customers to recoup losses due to fraud. they bank of america spokesperson said "we disagree with the allegations and will seek to have the case dismissed." the plaintiff is a san jose man who fell for a phony job scam. he sent $2500 to the fraudsters via zelle

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their business is much different than bank of america that we talked about last hour. ct of the matter is they're finding ways to make known a very, very difficult market so it's a dow component and it's a market mover. dagen: coming into this report, stock was down 23% year-to-date. little more than 23%. a little bit better if you can say negative 20% performance, it was a little better performer than, say, a jp morgan and a bank of america but you watch the stock in premarket trading, you take a look there. really picking up steam, a beat on the bottom line, a beat on the top line. that is a nice beat on earnings per share. that's a big beat. that is a big beat on revenue as well, 11.86 billion. the actual. versus 10 point -- actually, i thought it was 11.0 -- 11.86. so a full $1 billion of a beat there. just going through the headlines, quarterly net revenue 11.86 billion, second quarter earnings per share, 7.73, provision for credit losses, 667 million for the second quarter of 2022. we'll go through these headlines, get comments from the ceo but again, a nice beat,

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this comes in from the reit's, catching up with the team of bank of america. we follow the shift of a recession call, and a 23 at 250. here's something that jumped off the page, one important shift in the review is on qt. there was great cuts -- there were rate cuts. tom: i will always see the floodgates are open by think of canada, living make it clear, that is shocking, and any cycle or historical -- i will go well, we remember that yesterday we researched see those changes. lisa: and how much they confirm the view or from jp morgan, especially since they are more on investment banking and the trading side, a lot of people changing their outlooks. jonathan: futures down 1.3 on the s&p 500, yields up a couple of basis points on the 10-year and jp morgan this morning off the back of this, we were down about 5%. i will get the stock on of the bloomberg terminal, this will be look like now. down by three percentage points. this is bloomberg. ♪ ritika: keeping you up-to-date with news around the world with the first word, i'm equipped up. the fed may debate a hist

citi it had big impact on the rally on friday. >> what would have to happen with results from bank of america goldman sachs today? you could argue that both banks might have a bigger influence on the sentiment or sectortrade what needs to happen for those results to get the same kind of reaction we saw in investor enthusiasm for citi? >> i think that would be a bit challenging for today because of the investor sentiment going in. you know, bank of america is a popular name we think they will have solid results. if you look at jpmorgan chase results, the chase business was strong yet, the investment banking business was weak. we will see strong from bank of america, but goldman sachs will be challenged. >> if you look at the way this overall season is shaping up right now, even with the results on citi last week, wells fargo reported around that same time period and they have more of a mixed picture. we saw a trade developing there as well. a bullish move for that stock despite the mixed commentary there. is it an indication, david, this financials trade might have momentum going forward after

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bank of america's estimates beating on the top line. thing expected across the board just for investment banking revenues for everybody. don't miss a first on cnb krichb ter view with bank of america's brian moynihan and then the ceo on jim cramer. man santoli joins us good morning, sir. >> an electronic trading network as they used to call it. andrew, yes, s&p 500 was benefiting friday, certainly, from the very strong reaction in bank stocks. a little bit of follow-through with that this morning here's the whole setup one thing you can say, the market has not made a new low for this downturn in a month it's not nothing i think that that's something people are going to be watching a lot. that's about the 4,000 we've been pointing to that for a couple of weeks. that would be one hurdle that would suggest they're mutting a little bit of distance interest the lows there we do see this overnight rally that seems like it's, you know, feeding off the notions of peak inflation, peak oil. nobody knows if it's true or not, but it seems like we're

to be strong as well i've missed the regional bank trade, not much longer i'm going to take a position in one of these soon enough. >> sarat, bank of americaan stanley, give me something on banks and the banks in general. >> look, i think a lot of people were expecting earnings to be really dismal given kind of the lack of any activity they've all brought up credit losses i think that's a good thing to do, just to be a little careful. but i still like them, they trade anywhere from nine to ten times earnings morgan stanley got a 4% dividend yield, bank of america is close to 2.7%, so i do think, you know, if any sliver of activity picks up, wealth management businesses across the loan activity, and interest rates rising i mean, that was one of the big things that people looked at before nobody really talks about that either so i think there's opportunity here in the banks, and joe is right, the regionals when you look at the first republic and silicon valley bank, those things, i think, have a lot of upside too we want to be diversified within the financial services you want to have the companies that have the wealth management like a morg

bank of america makes $1 billion doing nothing except for being a bank. i think that the idea that we would have to have a dramatic amount of pain is wrong, because so many stocks are down 40 or 50%. all of the junk has been wiped out. whether it is the specs, or whatever. do you know the term yuck? >> young and undercapitalized? something like that? >> that is similar to what we saw. >> they are all being obliterated. let's speed up the cycle. right? do you ever see the spack index that we have? >> did i see it? i helped create the spac index. >> we have had so much disruption. tony will be on some show today, because that is what people do. he is worried about to the 2023 apple numbers. yeah, okay. he is very worried. be very worried about something else, because of apple cracks, that is not a good day. >> not a good day. >> should we be worried about energy? there are reports on -- the futures were higher. >> people are saying it could go to 200. i have been saying that it could go up, but, when you have the key, which is natural gas, that is going to h

we do own bank of america, jp morgan. eneral, their earnings have been better than feared from most of these banks. goldman with the big trading beat this morning. bank of america also beating. i think you have heard consistent messaging from the ceos. i think james gorman used the term complicated, jamie dimon complex. there's a lot of moving pieces. david solomon of goldman was probably the most cautious on his call today. dani: hey, walter, i do want to jump in because we do have the sound of david solomon speaking at his earnings call. i want to play that for you and our viewers and get your reaction. >> there's no question that the market environment has gotten more complicated, and a combination of macro economic conditions and geopolitics is having a material impact on asset prices, market activity, and confidence. we see inflation deeply entrenched. we expect there will be more volatility and more uncertainty. dani: for one, i am now scared you are a mind reader since he said that and i wanted to play that tape to

did last time nothing moved in that direction. >> joining us now to discuss what happens next, bank of americal head of u.s. rates strategy, bank of america just made a substantial downward revision with rate forecasts paired walk us through that revision and why. mark: we made a substantial revision bird we took on a 10 year forecast from the end of this year at 3.5% to 2.75. we found our extended forecast for the end of next year from 325 to 250. it has a lot to do with the revised call from u.s. economist sprayed they are expecting a recession in 2022, so this year. according to quarterly gdp numbers they think we will be negative each quarter this year. so we are pretty much in a recession already. and with that they think the fed hiking cycle will be limited. they see the terminal rate of 3.5%. importantly we are baking in interest rate cuts from the fed and the second half of next year and in the first half of 2024. with that trajectory and slowing economy, inflation getting to moderate, a fed that's going to cut, you have to take down the rate forecast. alix: what do you do with your tw

bank of america released this rebuttal. this action arose despite the government's own acknowledgement that the unemployment expansion during the pandemic created unprecedented illegal activity where they could get states to approve tens of billions in payments. >>> speeding likely paid a role in this fiery two-car crash that killed one person and injured two others. one of the vehicles hit a tree and caught fire. investigators are trying to determine if the drivers were racing. >>> also happening, new at 11:00, you're looking at a pile of 1 million fentanyl pills seized in the biggest bust of its kind in state history. they uncovered the cash in a raid in los angeles earlier this month. >> in the case we've been conducting, targeting a mexican organization that makes these fake pills in mexico. in a whole year we may seize that many fentanyl pills. to he sue it in one day in one location in the southland, it's a little scary. >>> on the fire watch of , a ne fire. the peter fire has grown to 200 acres after erupting near the

jack: you got but goldman and bank of america. carleton: we had lower advisory revenue, bank of america has been slow and steady. i would expect to see loan growth improving interest and that would be the main story. jack: let's talk about s pac, investing is hard when you can pour over the financials, you literally don't know what you are buying. bill ackman said i am giving you the money back. jack: may be is the beginning of the end but they might go away for a long time. we had a boom 40 years ago was we called them blind trust, now we call them blank check companies, recurring financial rash with a 40-year dormancy period, in the 2016s we will see our next room and call it mistry merger companies or something but investors purchase without knowing what they are getting, doesn't sound appealing but you would be surprised at the things people will purchase when everything is going up and the back operators use this money to buy hot garbage like crypto, genetics, space platforms, the biggest category, but he tried to buy universa

this is bloomberg. ♪ jonathan: waking up to the global bank of america fund survey, and it is pretty ish. then you've got the likes of equity allocation, the lowest since 2008. the cash allocation, the highest since 2001. bank of america saying it is so bearish, maybe i'm bullish. tom: you've got to step in -- jonathan: the question i'm asking is whether you want to leave me all the way? maybe we are getting closer to that moment. futures this morning elevated by 9/10 of 1%. yields, basically unchanged. i will tell you where to look if you don't want to find a snoozing market. europe. just this morning, we have reports of a 50 basis point rate hike. christine mcgarr doubling down on her effort. and the european commission, do not expect nord stream one to come back online. if it comes back online at all. we've got a problem in italy on the political side, the bond market side. you are trying to make a call on the single count. it doesn't just come down to rates. some people might argue the rates are nowhere near the most working thing. tom: that is the bigger picture. she is going to

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of the banks over in europe. this is justin from bank of america, -- just in from bank of america.nt is something we need to build on it through the show. is this the real deal? tom: this is the way it works. if you have recession slowdown it, they become more valuable. that's one of the normal dynamics with bank of america. we will celebrate surviving july 4 weekend with the rest of america and the global economy. the airline business is booming. she owns the high ground and joins us this morning. i want to look into earnings. with all of this chaos and the airlines full, are they bringing anything down to make what we call airline profit? >> yes. we think most of the airlines will be profitable. a couple of them will report losses. in our earnings preview which we published yesterday, we think there are positive surprises ahead it, even with the flight cancellations they experienced memorial day weekend and over father's day weekend. the delays last weekend were smaller than the number of delays we saw. the airlines are cutting capacity, which has the effect given the demand is s

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they're banking, with bank of america. the groom's parents?ound out they can redeem rewards for a second honeymoon. romance is in the air. like these two. he's realizing he's in love. and that his dating app just went up. must be fate. and phil. he forgot a gift, so he's sending the happy couple some money. digital tools so impressive, you just can't stop banking. what would you like the power to do? >>> welcome back on this friday. the heat continues in the south. we're looking at triple digits and it extends all the way to phoenix and salt lake city as well we're looking at chances of showers and storms in chicago and st. louis. the showers continue on saturday, also looking at soaking rain in the mid atlantic record highs in the south. could see more severe storms in the northern plains and looking really nice in the northeast >> thank you, michelle have a nice weekd.en >>> next on "early today." you're not yourself when you're hungry a new study proves it. you see... your gut has good and bad bacteria. and when you get off balance, you may

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bank of america forecasting a mild recession in the second half of the year.he s&p 500 year-end price target, 4500 down to 36. 3600. that is one hell of a price target cut. that is your equity story, here's her bond market picture. twos intends -- twos and attends, most -20 basis points. just off those lows at the moment with yields higher, the 10 by two, the character of the inversion yesterday got my attention. this simultaneous pop into the two-year lower into 10 year yields and it's clear with the bond market pitch was speaking to. lisa: and the 30 year option we were talking about yesterday was unprecedented in the small share bonds dealers took down. indirect bidders took down a record proportion of these. the demand is real. people have confidence we will get back to inflation, low growth, but how we're going to get there is what has changed and it is near term, frontloaded rate hikes jonathan: by the federal reserve. jonathan:--by the federal reserve. jonathan: the dollar-yen had a look at 139 earlier, 130 894. that has had a one percentage point move

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of the u.s. yesterday. china is getting support after the central bank pledged more support. that is leading the equities rally so far. u.s. futures seeing gains of .4%. both bank of america and all of those on deck for earnings. nasdaq is part of where you are seeing rate hike that's coming off, benefiting long-duration equities, nasdaq futures up .7%. japan is closed for a holiday today, no cash trading, in equities, nor treasuries. treasury futures are on the upside so far this morning, after inflation expectations eased. let's take a look at the dollar, it is coming off of an all-time high last week. down .2%, allowing the euro and sterling to benefit. the dollar concern that it may eat into corporate profit. we will get into biden's trip to saudi in a bit. oil had fallen 15% last week but this morning we have reports of china's government stepping in to help home buyers, that is helping sentiment this morning. let's get to our top stories, yousef gamal el-din is in saudi arabia covering president biden's visit. leigh-ann gerrans joins us with the latest from europe's record heatwave, and juliette saly will take us through the moves out of asia. and we will have more

it is up about 2% while bank of america is also gaining just a fraction here of a quarter of a percent. both banks reported quarterly profits beats today even though profits in their dealmaking unit slumped. goldman also warning kind of pulling an apple here don't expect to us do a lot of hiring during the second half. the economic environment is too uncertain. that from david solomon, the ceo. but if we just -- [inaudible] initial rally, don't forget on friday fed governor said in a speech that a 75 basis point hike at next week's rate setting meeting is quote huge enough, and that's good enough for the moment as the fed continues its effort to douse the flames of inflation. what does this mean for the markets and your money, especially when one vaguely bad headline report about apple turns everything around? let's get to the floor show. we have traders here. kenny, let me just start with you. stocks are suffering this whiplash, and we got to figure out as we look tat intraday pictures here -- as we look at the intraday pictures here, is this just the apple news that turned things aro

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joining me and let me start with you, brian, and thanks for taking on my phone calls, pal from bank of americayou a question your bank serves many americans across the country what do you see right now in terms of financial health of your consumers what -- what -- what's the bank records tell you about the financial health >> thank you, mr. president. it's good to see you recovering. >> thanks. >> at bank of america we have 60 million consumers and 34 million core checking accounts for americans and so a couple of key points number one, they're spending more money through the first 25 days of july 2022 they expect 10% more than they spent in july of 2021, the first 25 days and that's consistent with what we saw in the second quarter and earlier this year. the second key point, mr. president, is the balances are much higher than they were in the pandemic so if you look at people sort of $100,000 income families and our client base you'll see the balances go from three to five to seven times more than they were in the pandemic and by the way, they have grown in the month of july versus june so f

that is what the latest bank of america investor survey says. this could be a very good. at contrarian signal that finally the bearishness has been washed out. 98% of stocks rally, but is that just another bear market rally? is it only a tactical rally? that is it for bloomberg markets era. i'm sticking around and mark cudmore will join for markets. this is bloomberg. ♪ this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. dani: good morning. welcome to bloomberg markets

and what bank of america is now signaling about a possible recession. abc's victor oquendo tonight on the need across this country. >> reporter: tonight, the federal government confirming what millions of american families already know -- the cost of living is soaring. >> the typical american family, they're having to spend almost $500 more a month just to buy the same goods and services they bought a year ago, so, a lot of financial pain. >> reporter: leading the way, those budget breaking gas prices up nearly 60%. a gallon of gas nearly $1.50 more than this time last year. >> i usually spend about $100 a month in gas. and now i'm spending, like, $240, $250. >> reporter: food prices up nearly 10.5% compared to last year. htting small businesses like andy rodriguez's the salty donut and coffee shops hard. >> from last week to this week, you know, butter is up 15%. it's problematic. >> reporter: but it's hitting lower income budgets the hardest. this is a food distribution site in miami gardens, a vital lifeline for families, and the demand is skyrocketin

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bank of america, goldman, i know you're negative on the banks because i heard you reiterate that on them yesterday. >> look, i've always said this, but banks to me, particularly bank of america and goldman and jp morgan, they are battle tested. they have been through the worst economic environments and trade environments. i think this will be a tough time. look, there have been no capital markets transactions in the public market to speak of. that's high-margin business. you've also got low volumes. lower volume space as a matter of fact, 6% down from issuance there are some deals there but that's also slowed down that flow because people still are hanging on to 2021 valuations and unwilling to sell shares in their company at 2022 prices so i think it could be rocky going forward as well as the yield curve just hasn't given them the opportunity to make money. >> i hear you. >> so that's why i've hedged the position >> i know it's pure hedging the position, it's just weird to be long a couple of stocks while you're short the xlf, right? that can't feel very -- >> i don't want to pay taxe

that's a big question, and bank of america thinks they may have a good idea.hael hargin is negative on stocks, and they said to sell if the s&p rises back to 4200. check it out. the new fund manager survey showing stock allocation verses cash is the lowest level since october 2008. the global financial crisis starting to become apparent. wow. it's a nasty, negative market. even so, positive breath momentum last week. it's possible the market could rally back to 4200. if it does, bank of america says sell saying the new bull market can only begin with the three ps. positioning, profits, policy. positioning may be getting close. people are pessimistic around profits, and there's a growing chance of a policy panic, according to b of a. now that you know this, when should you buy stocks again? they say to nibble if the s&p 500 is back to 3600. they said to, quote, bite at 3300, and gorge, their word, on stocks if we tumble all the way back to 3,000. let's repeat that. bank of america says buy a little back at 3600, more for 3300, and hog wild at the buffet if we c

bank of america tv, deutsche bank, all looking for a second consecutive quarter of negative growth. tom: and pinterest. jonathan: and pinterest, yeah. so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. jonathan: lisa so fired up about pinterest this monday. futures positive .4% on the s&p. big week ahead for fed earnings -- tech earnings. 75 basis hike expected. what will it mean for september? euro higher by seven basis points. bureau showing strength. a little bit of weakness. tom: right now, this is perfect and thank you to our great-looking team for doing this as we have talked to others. moments ago, a stunning conversation with stephen englander of standa

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ritika: bank of america is expected to take a $200 million fine released for the use of unapproved personalevices that will be among the penalties imposed on other wall street banks. finance firms are required to monitor communications involving their business. in the u.k., the labour party is blasting the conservative party's economic agenda. >> for 12 years of failure and i think any sense that the conservative party is the party of britain has been blown out of proportion. hundreds of billions of pounds of unfunded spending commitment. there is no way the conservatives can claim they are the party of economics. ritika: conservative mps vote today to narrow the candidates. the uk's bracing for a heat wave. 104 degrees fahrenheit. that is hotter than the forecast in madrid, rome. all of the -- gazprom said it could not fulfill its obligations due to extraordinary circumstances. global news 24 hours a day on air and bloombergquint take. air and bloombergquint take. this is bloomberg. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your d

usando bank of america, sin parar.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. que este sea el momento que hemos estado esperando por tanto tiempo. para estar segura usa clearblue digital. una combinación única de protección contra errores y precisión superior al 99%. clearblue, resultados en los que puedes confíar. la gente dirá esa atrapada fue pura suerte. pero tú sabes que fue gracias a ese top fabuloso que conseguiste a un precio increíble en marshalls. con un top como ese, todo es posible. ♪♪ frosty time is chisme time. ¿mmmhmm?? -mm.¡mmmmm! mm. -¡hmmm! ¿qué me perdí? ¡todo! con el nuevo frosty de fresa, vas a disfrutar tu frosty time al máximo. elige bien. elige wendy's. soy luciano y soy más que mi vih. hablé con mi médico sobre cambiar a un tratamiento con menos medicinas y ahora tomo dovato. dovato es para algunos adultos que están comenzando el tratamiento para el vih 1 o que están reemplazando su tratami

bank of america in the global survey said the gloom is not actually felt in the global equity funds andple have not sold. they are worried but they have not sold yet. what kind of volatile week is that mean we will see in the next couple of weeks? >> there is too much money on the sidelines with too many people watching very closely and they want to -- they are not positioned terribly defensively although margin debt is down dramatically since 2009 but there is still a lot of money on the sidelines because there was so much money printed. a lot of people are saying i will wait and buy low. the vix is uncomfortably low. white want to go up? they're still too much money on the sidelines waiting to buy the dip. we need boring is what we need, we have spikes. anna: i look forward to boring. let me ask you about oil. you said it could drop quite significantly. where does that leave you? is that because of a slow down and the global economy will produce that and what does that mean for energy stocks? >> people have piled in and it's a place to be invested and it was the best sector this year

bank of america says it considers each case individually. forgiving at wargo his money back. this is -- eduardo his money back. look at this guy, he thought of all of the right things. the scammers are doing this all day and night. they are one step ahead of us. dan: anyone can fall victim to this. less so with your advice. ama: the east bay skies will be a little less colorful. popular kite festival has been called off again. leslie brinkley caught up with the founder and found out why it was not coming back. >> i'm going to get a kite. reporter: young or old, there's nothing like the thrill of a kite by the bay, every year since 1986 on the last week in july, the berkeley kite festival has drawn crowds of 30,000 over three days. the pandemic force the cancellation of the kite festival in 202021. this year, it is canceled over funding. instead of paying thousand dollar permit fee to the city, the price went sky high. >> has a rhythm to it. we would pay permit fees and food vendor fees. in addition to those, we were asked to pay $45,000 to re

bank of america survey has an optimistic outlook. from big banks to big tech. ibm thinking as the stronger dollar hits, netflix earnings on deck. how to found -- find the bottom. record temperatures in the u.s.. -- in the u.k. rush is not expected to turn the gas back on. -- russia is not expected to turn the gas back on. is any question how hot it is there? anna: we will see if we get beyond 104 in fahrenheit. that is of the preoccupations in europe is the heat with a serious threat to life threat but disruption to daily life. such low levels of air-conditioning and parts of the u.k., including london. taking time out to think about the big tech seen from the u.s.. alix: his dog earnings coming out, ibm at front and center about the -- you still have earnings coming out, ibm at the front and center. and also about nord stream one. in u.s., the nasdaq is up by 1.3%. you can make the argument it has found a bottom in the last few weeks. the question of the day -- is it time to buy tech? let's start with you, coming from the ibm number, stronger dollar, apple slo

goldman and bank of america were the latest big lenders to report earnings. s us with the latest. su: they beat all of the key areas, the 34% increase in fixed income trading, but the cfo cited challenging operating environment for its plan to slow hiring. the ceo said they are closely examining all forward spending and have made a decision to slow hiring velocity. there also looking at reducing the pace of replacing staff due to attrition. you are looking at the takeaways as you see traders even as investment banking fell. that handily beat records, net revenue added to the hall. investment banking was complicated goldman. advisory fees are double that of morgan stanley. underwriting was weak, that's a theme we are seeing across all investment banks. go to the price chart. you will see a lot of green on the screen. dear to date, these have been a rough ride, but all of the stocks were higher. haidi: that number was a beat for bank of america. su: this is yet another theme, if we drop into the bloomberg, thanks to the fed raising interest rates, we are seeing

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