bb&t and suntrust megamerger.e got the boe rate decision talking about lower growth and a weaker productivity forecast. i spoke with kevin nolan earlier in the week. him what brexit means for his business. we've donehe things proactively is to make sure we've built some inventory on the mainland to make sure we don't disrupt our customers. one of the value propositions we've had is having high rates of delivery, which has been a differentiator for us. david: when you take a look at where the risk is, is it at the company level or in the market? >> one thing to look at is keeping rates steady, giving reprieve for u.k. companies. you are seeing companies with financing costs and a lot of debt -- putting the airline business under review. dividendslashing its so it can conserve cash. we have the wording impact of companies like nissan pulling ofestment -- worrying impact companies like nissan pulling investment. that, when you look at how much of that do you feel is a brexit specific issue? it is still a global growt

suntrust will get over 1.6 bb & t shares bb & t shareholders will own 57% of the combined company.he deal values the suntrust shares at $62.85 a share it's a 7 cents premium to yesterday's close. you have some additional details to share as well >> i think we've discussed this a lot already. the first thing is just an interesting insight, which i have spoken to two or three analysts whose first reaction was what, as in yes, we talked about the attractions of this sort of merger, and the obvious benefits, but this was certainly under the radar. no one was expecting this in the short-term in terms for what we might here on the call, 8:30 with the two former ceos, bill, kelly king and bill rogers, i think this is really going to talk about technology clearly, sin eshlgys and cost cutting is an obvious benefit, but the amount that the big banks were spending on technology and, therefore, it is advantage they were giving in terms of consumer using interfaces, the smaller banks weren't able to keep up, and the regional banks were threatened by that, and that's something we're going to he

suntrust was up 10% today, bb&t was up 4%. wilfred frost has more os thi $66 billion deal. >> the combination of bb&t and suntrust will be one of the dominant forces in the southeast region, becoming the third biggest bank in the area by deposit. it falls behind bank of america an wellss fargo whose sto declined in light of the extra competition, as did jpmorgan who has a big presence in florida. the deal strikes a perct sweet spot. it will not be subject to more stringent regulation because n's big enough to be considered strategically important. and there are plenty of cinsin y synergies the ability to close branches. it will also allow increased investment in technology, a key areaighted by bb&t ceo, kelly king who will serve as chairman and ceo of the combined bank. >> our clients want satisfaction. they want what they want when i they want right here right now. so we are all facing an increasing set of complex economic realities where we have to invest more and more in technology. >> more consolidation could follow in the

bb&t up better than 5%.ng more than 6% beating expectations on earnings and revenue. market are lower this morning peters indicating a decline of trading down industrial 135 points, s&p down 16 and nasdaq weaker by 46. in new york, industries are lower and take a look at european industries. london is down 30 points in the - [inaudible] dax industry in germantown 200 points, almost 2%. in asia many markets close for the lunar new year as you see. japan was open but lower by a fraction. we're taking a look live at the national prayer breakfast in washington right now. president trump set to address religious leaders and lawmakers momentarily at the prayer breakfast. we'll get back there if he makes newsworthy comments and there is the president sitting at the prayer breakfast and it's kicking off. we are kicking off this half-hour with the big business of the pulpit nfl season might be over but the game is still going. alliance of american football starts playing this weekend three notable cochairs and player

i know you follow this desk bb&t and suntrust -- bnt and suntrust -- bb&t and suntrust could be the first of many. i know you follow this very closely. reporter: certainly there's a second wave after quite a long respite from bank consolidation in the states. it is clearly something i think you are right to point out. there may well be more behind this, and clearly banking is one of those industries which come on the face of us, like automotive cars, in 20 years time should and will be dramatically different. the only way they can do it is get ahead of the game and start making better technology for a digital offering. vonnie: do you see other contenders in the united states? and suntrustt together are promising the return on tangible equity will be higher than all of the major banks. out aer: i think it sends big warning flag to all of the major bank ceos if they don't get their act together and pick up obvious opportunities, someone else will beat them to it. .ne deal begets others i certainly think there will be some busy investment bankers making phone calls and putting up lots of dif

eastern time on that note we'll talk to the ceos of bb&t and is up trust on that $66 billion deal.nce about january 18th or so dow is down 2175 ♪ driverless cars. all ground personnel please clear the hangar. trips to mars. $4.95. hydroponic farms. robotic arms. ♪ $4.95. delivery drones or the latest phones. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. with a $500,000 life insurance policy. how much do you think it cost him? $100 a month? $75? $50? actually, duncan got his $500,000 for under $28 a month. less than a dollar a day. his secret? selectquote. in just minutes, a selectquote agent will comparison shop nearly a dozen highly-rated life insurance companies, and give you a choice of your five best rates. duncan's wife cassie got a $750,000 policy for under $22 a month. give your family the security it needs at a price you can afford. >>> good thursday morning. welcome back to "squawk on the street." i'm carl quintanilla with sara eisen and david faber at new york stock exchange. plenty to watch today. dow down 16 is banks cutting earning

tom: bb&t and suntrust will merge.one that adam posen and i adore. this was brilliant on socialism is used by president trump and the liberals. socialism has been debased into a millennial #for the left and schoolyard talk for the right. they redistribute the outcomes of the market. they don't replace the market. , the democratic proposals party we are in an uproar apart private, conscript capital in the pursuit of social priorities. you are the expert on this as well. this morning, does america have to worry about the reincarnation of eugene debts? adam: i wish it did. if there were not pitchforks and the streets after the callous comments of trump officials during the government shutdown with people in bread lines, there will not be any eugene debs rally. we need to worry about a lack of social democracy. what you need to do is look around the world. most countries have a social market economy, rich democracies. in the u.s., we pretend we don't to you give huge subsidies privileged interests and do not pay for your f

. >>> bb & t buys suntrust top analyst says whether this is just the start in terms of m and an in thecial space. look at the broader markets, though we are lower, 268 points lower on the dow the low was at 390 s&p down 1.2%. nasdaq down 1.4. we started softly today, very poor trade in europe and we haven't been able to shake it off throughout the session. >> global growth concerns all around let's begin with the trade headlines as talks with china inject fear in the markets what exactly did we len today, eamon? >> reporter: we have details of the president of the united states himself in the oval office taking questions of reporters a few moments ago and asked if there was going to be a meeting with xi jinping in the next month or so he replied not yet, probably too soon then he was asked, will it happen before the deadline, that is the march 1st deadline to raise tariffings s on china, an president said, no, unlikely, no he's suggesting not to meet with xi jinping before the deadline and raises the question of whether or not the united states will raise tariffs on march 1st as planne

bb&t is logical target.nstitutions increasing holdings and i think someone will make a run at them. charles: danielle, last month the fed said, you know what? we'll tough end up the stress test. we'll forget about the low level. extremely severe outcomes. i have always thought they were a joke to be quite frank with you. like yelling fire in a crowded theater. you can't, no way to model that, when people panic it is hard to understand what is going happen but what role does that have to play what role does changing winds of the fed around by the way to keith's point, the fact too big to fail, these banks got bigger and other smaller banks know they have to get larger to compete now? >> they do. and you know, it is interesting. mary at jpmorgan chase brought up an interesting point recently, if you're going to have to comply with the new world out there, even though the trump administration has done a good job bringing down a lot of regulatory regime, you need to have scale in order to have the technology tha

make the technological investments necessary to provide the very best digital platform >> that was bb&t's ceo kelly king explaining the reason behind his company's $66 billion merger with suntrust it is the biggest banking deal since the financial crisis and it creates what will now be the nation's sixth largest bank by assets dominic chu with a look now at how regionals have been doing compared with their biggest brethren >> so much, tyler, has been paid attention to yield curb and interest rates if you look at the etfs to attract major parts of the financial market, the financial sector spider which tracks banks, insurance companies, broker dealers, asset managers, the overall s&p 500, the bank etf has actually underperformed the broader financial side of things so generally speaking, the banks have been doing a little bit worse off. this deal is interesting only because you can see the gap in performance because all three of these charts indicates perhaps maybe a little bit of underperformance is resolving itself now if you take a look at the biggest banks out there, you mentioned

bank and this combined entity and everybody else that comes next now that bb&t and suntrust are signalinge on, does that mean everybody is going to have to very quickly scale up as well >> i think certainly the share price move is suggesting some people might be doing that but also say this. if we look at most mid sized around the new created entity, that's pnc and usb which seventh and fifth biggest respectively, the sixth place bank and not really moving too much, suggesting they're not caught up in this either way of the newly created entity, also really in the sweet spot of the sort of perfect size merger and seeing both of the company share prices rise with the combined assets $440 billion but the cutoff to become what's called the systemically important financial institution is $700 billion with regulation and doesn't have quite so much room to play around with acquisitions. >> thank you we'll see you soon at the new york stock exchange. >>> despite promises from president trump and the foxconn, the factory way behind schedule. we're not even sure what's going to be made there yet w

also want to say there was a really interesting deal this week now we have the two regional banks, bb and suntrust merging in a $66 billion deal. they're the sixth largest bank kind of weird, the biggest deal in ten years i just want to make a point. when you're talking about forced mergers or a merger done out of strength, let's go back and look a decade ago, 2008, when jpmorgan was forced to buy bear stearns for two bucks on its way to ten it's really interesting. the s&p was in a correction at that point it rallied 15% after that. people thought it was swept under the rug subsequently from may in 2008 to the lows of '09 it dropped 15% now, the u.s. treasury yield on the 10-year is 2.63% people were talking about 2016, that was a generational low. we might have just made a generational double top breaking that uptrend here's the long-term chart of the 10-year treasury yield maybe we have been in a decades process where yields are never going up i don't think that's good for banks right here i don't think it's good for the global economy lastly, let's just get to citibank because thi

bb & t is the one that's purchasing sun trust in a $28.2 billion all stock deal. listen, work with me here. sun trust shareholders will get 1.295bb & t shares, that works out to a 7% premium based on wednesday's closing. but price, you can see bb & t is jumping about 3%, sun trust up 9.5%, and it is right now standing at $64.31. regional banks getting swept up in the excitement and the hype, perhaps whetting the appetite for potential m & a elsewhere. speaking of which as we see, citizens, key corps, comerica, peoples united. investors get hungry for that kind of deal and for chipotle mexican grill stock. that stock is surging double digits in this final hour of trade, up nearly 13% after the company beat same store restaurant sales estimates. the mexican fast food chain was dogged by quality issues in the past. remember that? but online orders and new marketing campaigns and they put in new safety plans, really helped chipotle results in the fourth quarter and helped add confidence in the company. so as investors devour chipotle, that stock now stands at $593 and

the question i have is about the suntrust and bb&t merger. is this one just going to be another rubberstamp? you are ready made the decision behind closed doors before the public gets a chance to weigh in? mr. powell: no, not at all. we are going to conduct a fair and open, transparent process. our obligations under the statute are clear. we will be hearing from groups of all kinds and going through our process carefully and thoroughly. 3900 is just in the last applications that were approved without a single one for which you said no, this time, you are going to be listening to comments from the public that may cause you to say no? i just have to say, suntrust and bb&t looked at that 100% merger success rate, and thought what everyone else thought, and that big, richworks for banks that want to get bigger and richer, and everyone pays the price for diminished competition, employee layoffs for the risks we have yet another too big to fail banks on our hands. time to put down the rubberstamp and let the public and everyone else weigh in before

gun for i guess safety oi’ borrowed a bb gun for i guess safety or the imagery that i had built up,i had built up, and i was arrested with it outside my house. my mum and dad were saying, we love you to the best of oui’ saying, we love you to the best of our ability and we are upset, we can do anything with you, take you to ca re do anything with you, take you to care kind of thing. in that environment when i was really vulnerable and quite lonely, really dark times, someone give me an opportunity and you want to make some money? i ended up going up to cou nty some money? i ended up going up to county lines at 16 and being away from my family and feeling that this was freedom. and for those who want to learn more, what do you mean when you see i ended up going of —— over cou nty you see i ended up going of —— over county lines, what does that mean? cou nty county lines, what does that mean? county lines is essentially the drug dealers will send younger kids to go and sell whatever the product is, but also i feel like from a younger it isa but also i feel like from a younger it is a

-- son los tenis "nike adapt bb" que tienen un pequeÑo motor el cual... >> las 12 con 22 controla con precio es de 150 dólares de los amados directores y tenemos esto y más en el segmento del tiempo. >> entan a la heroína que salvará el universo. >> pero quieren acabar con los seres humanos. >> ahora con algo más romántico es una arquitecta de nueva york que buscará hacer camino y encontrar el amor de su vida peseintentos la aocnciente yacompaña suyfre un su giro que ha dado la vida de 180 grados, y nos es hora de visar la repuetas y que eopinas pero no deben lo que le hicieron pero la fianza no se hace. >> ¿cómo pueden hacerle a los proios hijos así que continúe escribéndonos . >> nos vamos a una pausa, y ya estamos de regreso pero al volver le comentamos si pagaría cientos de miles de dólares por un carro de lergo, al volver le cuento de esta subasta. me va mucho mejor cuando me siento segura e inspirada para aprender. quiero que mis hijos tengan mejores oportunidades que las que yo tuve. quiero que las personas que elegimos asuman sus responsabilidades. en los school boards se tran

caroline: bb&t's deal to buy suntrust bank sparking [indiscernible] a new wave of consolidation.mate policy overhaul. protest'a broke as you -- alexandria a ocasio-cortez's green new deal, we write down the economics. canada's crackdown, new york brakes on the cbd trade. billion merger in the commercial -- bb&t and suntrust agreeing to combine, shareholders will get $28 billion out of this, the rest in debt. to hear more about why this is being pulled off, here is allison williams who joins us now from princeton. on the surface it seems simple, you have relatively small banks looking to break into the big leagues. is this the trend we are now going to have over the next year? think financially it gets you there. one of the benefits of the larger think is the budget to spend but they have to spend wisely and be competitive. the cost savings part of the deal in terms of being able to boost overall profitability, certainly we have confidence in them to meet those targets. we think this is the beginning decadeve over a sort of hiatus. there are three critical factors, two secular, on

bb&t shareholders will own 57% of the combined company. both banks have a big presence in the southeastern united states. on capitol hill, representative alexandria ocasio-cortez has unveiled a package of environmental proposals known as deal.een new the plan envisions shifting away from fossil fuels and other sources of global warming within 10 years and pitch progressive democrats against moderate numbers of the party on how far to go. a new poll indicates an independent presidential campaign by howard schultz would probably help president trump. data science firm optimist found schulz gets twice as much support from democrats as republicans. the leading democratic hopefuls polled worse against trump when schultz is included. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm courtney donohoe. this is bloomberg. vonnie: thank you. let's get a quick check of the markets now. the indices are lower, though off of their lows for the most part. 1%, th

still ahead, the biggest bank merger in more than a decade, why bb&t and a suntrust are combining.hat is coming up next. this is bloomberg. ♪ david: you are watcing "balance of power" on bloomberg television. i'm david westin. we have two stocks of the hour, that is because they are about to become one stock. bb&t and suntrust announcing the biggest bank merger in a decade. >> it is a $28 billion deal that was scrapped. hey currently spread across the southeast. we pulled up a map, which shows this pretty well. nationally, they will become the sixth-largest u.s. bank. and while it is likely to face some sort of scrutiny by regulators, you can see that they are mostly in the southeast. and this deal will face regulatory scrutiny, the fact it is not to become the biggest bank will make it slightly unopposed. and the administration has created favorable conditions for this type of merger and they have been easing conditions on banks. that makes the merger a little more attractive. and the completion timeline that has been before about with banks, saying they expect this to be done by

bb is more expensive than bbb now.en't told in the past is don't worry about leverage because rates are so low. what changed? rates have not gone up that much. can they invest the cash somewhere else and get more money? >> that is what we are worrying about now. what are you doing with this money if it has happened for acquisition purposes. it really is the perfect time to do so now because the fed is on cause. -- pause. you can keep borrowing in the near term while the rates are temporarily at this level. alix: let me flip it. goldman sachs has been indicating strong balance sheets forever. they are reversing that. it is not as good because you are going to have a fed put. you are not come to hike is much. as much. to hike is >> there was a 20% to 25% differential. some of that is going to close. some of those companies were overly punished. ge got below seven dollars. it is around $10 per share. the punishment is going to correct itself. budweiser has rebounded. i think it is going to be more a catch up that people h

bb: it was good it was good man.nischelle)we have so much more behind the scenes action from the super bowl on et!i'm nischelle turnere, back to you. (vicki) you might have noticed your office felt a bit empty today. ours certainly did. more than 17 million people were expected to stay home from work to recover from the super bowl. it's known as "super sick monday to those who over-do-it with food, alcohol and staying up too late watching the game. and according to one employment firm... the cost of productivity loss could top four-billion dollars. (vicki) that wraps up kron 4 news at 5.(grant) ken wayne and pam moore are here with kron 4 news at six. thank you grant and vicki here's what we're working on at 6.(ken) the rain is picking up tonight as a powerful storm saturates the bay area. the heaviest rain is still ahead... and it's bringing along dangerous conditions.(pam) and -- a bay area couple... said to be missing since at least friday.. after going on a camping trip. we'll talk to deputies in a live interview

here in france, there are syria bb an airstrike as kurdish led forces fought for the last enclave inhe east of the country. one of the most wanted foreign fighters. extremists to figgt% american troops n 2009 and claimed responsibly for terror attacks in paris in 2015. >> he is one oo the best-known french embebers of the islslamc jihadist on interpol's most wanted list is believed to have been killed in a coalition airstrike. his brother on the left is said to have been seriously wounded. according to u.s. intelligence, be living here three months ago and have been followowed closely for severall dayss before e the targrgeted airstrike. radio fraace says the frennh government is waittng for a dna analysissto confirm the death. he is known as the french voice it was him who read the statement claiming the november 2015 paris attacks the daa after the carnage. >> he is known for his communicational role in terms of associated with the suspect in a failed terror a attack. so far, we don't have any infoomation about any direct role he may have played in those terror attacks. -pin the ea

orders, and then a massive deal literally just crossing the wires minutes ago suntrust merging with bbillion. it becomes the sixth largest bank in the country. we're going to talk a lot about that over the next three hours of "squawk." it's thursday, february 7th, 2019 "squawk box" begins right now. >>> live from new york where business never sleeps, this is "squawk box." >> good morning. i'm melissa lee along with andrew ross sorkin joe and becky are off today. we'll get to the markets in just a minute, but we want to go it this breaking news literally crossed about five minutes ago andrew, you have the details here >> breaking news from the banking industry a $66 billion transaction. the largest banking transaction probably in the last decade. bb & t and suntrust just announcing they will combine a merger of equals it's an all stock deal voould valued at $6 of billion. combined company will be the nation's sixth largest bank. i'm trying to go through what it would be behind. you'll know this better than i will bank of america, j

carol: bb&t agreed to buy suntrust banks in the largest bank merger in a decade.ring in taylor riggs. taylor: you said that announcement, bb&t buying suntrust really pushed all the regional banks higher. if you come into my terminal, you can see the largest outperformance going back and almost a decade of the regional banks relative to the s&p 500 diversified banks -- all but one of the regional banks were higher yesterday, all of the diversified banks and the large banks that we know were lower, like the jpmorgan, bank of america, citigroup and wells fargo. you had that index climbing 2.7%. but that does not take away from the relative underperformance of the regional banks that we have seen over the past few years or about the time when president trump was elected. the larger banks have really outperformed as they were going to benefit from deregulation and tighter inflationary trends that were expected to push yields higher. some are saying the relative underperformance recently made been, especially on the back of this m&a news, that regional banks can go high

she was pulled out a bb gun.mily said they used poor tactics and didn't have to resort to killing her. they are campaigning for her to be included in the memorial segment at the oscars. >>> a closer look at a proposal protecting you from hackers. javier becerra will propose the bill. >>> a boy fell 20 feet down rocky edge at sea ranch 9-year-old sister at the time. a deputy climbed down a group of rocks and carried that boyff exe did have a broken arm. the parents are visiting children had gone so far away from where they are staying. >> 4:51, next on "today in the bay." nbc bay area responds. >> the appliance isn't broken but she needs to exchange it anyway. why isn't it happening? i'm chris chmura. nbc bay area responds next. >>> first happening now 4:52, las vegas is freezing over. for the second time in a week, people in sin city are waking up to snow. the city of henderson southeast of las vegas received about an inch of snow wednesday night as temperatures dipped into the low 30s. this is an end of the cold

you may remember he started joe bbs racing with his son in 1991. j.d. died last month from a neurological disease. >> nascar honored the younger gibbs' memory during the race. it was a heated battle with a 21-car crashamnd . but winning the race in overtime was the driver, j.d. gibbs himself discovered, denny hamlin. >> i guess everybody can say, well, that just happened. i don't believe that just happened. i l think thed looked down on us. and i know j. dshgs, ab an unbelievle night. unbelievable crowd. the whole thing was a special memory for me. it is one i will never forgetas it w the most important night of my occupational life. >> gibbs was known for his faith on the field and off. his team securir second and d place in the race. it's the first team sweepn the daytona 500 since 1997. >> denny hamlin, a really cool guy from the richmond area. it's nice t see him and all of these circumstances come together. i grew up in virginia. >>> coming up -- i ran off aend joined the circus. >> would you jump through that hoop? >> they wouldn't let me do anyth

so the question i have is about the sun trust and bb&t merger. is this one just going to be another rubber stamp? you've already made the decision behind closed doors before the public gets a chance to weigh in? >> no. not at all. no, we're going to conduct a very fair and open, transparent process. i think our -- you know, our obligations under this statute are clear and quite broad. we'll be hearing from groups of all kinds, and going through our process carefully and thoroughly. >> so it's just that in the last 3,819 merger applications, which were all approved without a single one for which you said no, this time you're going to be listening to comments from the public that might cause you to say no? you know, i just have to say, i'll bet that suntrust and bb&t looked at that 100% merger success rate and saw what everyone else sees. and that is that the fed works for big, rich banks that want to get bigger and want to get richer and then everyone else pays the price for diminished competition, for worse service, for higher prices, for employe

. >> bb&t and suntrust merger, $60 billion all stock deal i wonder how you look at this in the context of talking about financials being a great place to be. beat focused on jpmorgan, goldman, et cetera if this is even more reason not to own those and stay with regional banks going for scale and doing more transformational deals. >> i just got a note you're not seeing a very positive sons in the space overall. whether it's the regionals, big money center banks, the financials have done nothing for a while. there's just no reason i don't see m and a activity picking p at a price level for acquisitions that says they'll rally. you've got no indication that the yield curve will steepen anytime soon. >> why not own regionals then? they're doing deals. joe, you play in the regionals. >> i do, unfortunately i didn't have this. >> i think stephanie link has suntrust no jim's point, a lot of people are indicating this morning, maybe this is going to lead to future mby a activity. i'm not sure if you'll see that in the financial sector. asset managers that's where there seems to be m&a. that's

exchange and then i will get glenn to comment. >> earlier this month, two giant banks, suntrust and bb, announce thatted thd that they merge. how many mergers and acquisition applications for the banks had you received since 2006, do you remember? >> no, i don't have the number. >> would 3,819 sound right? >> yes. >> good. okay. and do you remember how many of those 3,819 applications you denied? >> no, i don't. >> would zero sound right? >> if you say so. >> well, you said so. liz: she's quoting the letter that he had written to her in response to questions she had asked. what kind of blows did she land when it comes to what a lot of people are looking at right now, and that is big banks consistently getting a pass? >> yeah, a lot of times people kind of overlook the fed's regulatory authority over the banking industry, and she was making that point pretty loud and clear. obviously, she has remained concerned before and after the collapse of the banking industry during the 2007-2008 period, that the too big to fail is something that needs to be addressed. there's been a lot of people

>> i believe so, yes >> february 7th, bb & t announced it planned to purchase suntrust in a deal that result in the combined bank becoming the sixth largest commercial bank in the country with $434 billion in total assets as you may know, in 2008, bb & t's community reinvestment rating was downgraded due to substantive violations of the equal credit opportunity act of the fair housing act bb & t's most recent cra exam released last year also included a substantive violation of fair lending laws a violation which likely should have resulted in another downgrade to the bank's cra rating i want to be sure the federal reserve is not following the occ and de-emphasizing its treatment of fair lending violations when it comes time to evaluate a proposed merger. what assurance can you give us that the federal reserve will treat these violations with the seriousness they deserve >> we haven't changed our policy on that. and we do consider that it comes in under -- in the law under convenience and needs of the communities served that includes consumer compliance and fair lending records and per

s what i like is both ceos rogers of suntrust, and bb&t had belief they have to fundamentally change after customer once you get the customer if you service properly with technical you can about have this customer long term really cost of acquiring the customer may be liar long term value of that customer increases this is a play in my opinion to go after big banks not to be bigger than j.p. morgan maybe better, better profits. >> bring up another great point the movement to mobile banking, the digitization of banking, has resulted in a real change, now you can acquire customers cheaper do it online, you can retain customers longer, so used to be that people under the age of 30 would change their bank at rate of 20% a year, that has been cut more than in half, if they adopt mobile bank. >> so does this enable them to do much more investment and much more innovation in banking? >> yes. >> they have said they are going to step up a hundred million a year i think should do 250 million a year reset investment spending j.p. morgan spends about 14% of total expenses, on technology investme

e promise made to the bb comes after the father of a 14-year-old british girl who took her own life assertedinstagram helped kill his daughter. the hospital treing brazilian president jair bolsonaro says he is suffering from pneumonia. ied afternaro nearly being stabbed in the abdomen during the presidential election campaign last year. he has been in hospital for th past 12 days after a second round of surgery. it is not clear when he will be well enough to be discharged. brazil suffered one of the country's worst-ever environmental disasters last g nth when a dam at a mine collapsed, floode area with sludge. nearly 150 are known to have died, with many more still missing. much of the attention has focused on the mine owners, vale , and the poor safety standards. but some blame the powerful mining industry as a whole and inadequate government regulaon. for this report, the bbc's science editor dav shukman went to a town not far from the disaster scene. aveled to the heart of brazil's iron country to investigate the dark side ofhe mines that the industry prefers to keep hidden. we come acros

bb mine. does your low bank have an interest in me? from your secret admirer. very creative.ll all sit out in portland. maybe they will get a little bit of time in for fishing during the all-star break. >> good night. that is a huge fish. >> our catch of the day goes to fill up at vallejo. he pulled in this one who on a trip to hawaii. more commonly, he did not include the weight. he said 20 people. you think he could do better. send us your fishing pictures to catch of the day at kpix.com. anytime i see it, he reminds me of mal mama's fish house. right? >> reporter: oh, yeah. >> pay $60 for a piece of ono at mama's. >>> kpix 5 whether it is sponsored by mancini's sleep role. >>> cbs evening news coming up next. >> jeff glor is here with a preview. >>> here is a look at some of the stories we are working with. a former u.s. air force officer is charged with espionage. what secrets did she get to iran? military families are speaking out about what they say are awful housing conditions on u.s. bases. >>> and saying goodbye to the rover that was supposed to last three months but

woodside high school on the potential is celebrating julian home and then bb award for ktvu reports in atlanta. >> the new england patriots do it again leaving the super bowl with their six vincent bartie trophy time the pittsburgh steelers for the most wins of all time. the new england patriots the los angeles rams 13 sco three but the lowest scoring super bowl in history. anyone hoping for an east coast west coast lit s was slightly disappointed at the end of the second quarter the score was just 3-0 leaving it in five to try to pick things up for the halftime show. the defensive battle lasted all the way into the fourth quarter when quarterback tom brady engineered the games don't touchdown drive with tie and rob gronkowski. ready canal boast about having more super bowl victories than any other player in league history. but the most valuable player award went to wide receiver julian edelman who caught 10 passes for a 141 yard. >> it's about being resilient and just keep on working and that's what our group did. >> reporter: doing that victory parade is set for tuesday morning for t

we saw bb sized pellets falling from the north bay down the peninsula. we are also seeing more bay area snow. that is right. the nampa county sheriff's office posted this video of na today. ling off the mount both of suckers are dangerous. >> yes, they are. >> if anybody has seen normal bay area weather, can you please return it? snow. hail. have is. rivers. we have had everything the last couple of weeks. this is not going to go away. they are not numerous, but they impact a pass. if you get caught under one of these guys, it will go from sunny to showery to a downpour in a matter of seconds. right when you have found your umbrella, the sun comes back out. scattered downpours. they are with us now. they will be with us for the next several hours. hillsboro, santa rosa, st. helena dealing with a few. it is know about 3000 feet in the low range for showers dancing around burlingame and san mateo. piling in for the north and west. thunder boomers popping up on the mendocino county coastline. through the morning, scattered showers and downpours into saturda

bb sized hail. it made a lot of noise. it in last long. if you were shared a similar scene from pacifica. ice pellets coming down on this deck. >>otrapher found himself safely behind a windshield when it started coming down in san francisco. we are inviting you to share your video and your pictures of the weather moving through the area. use the hashtag kpix. while we could see more downpour than hail throughout the weekend, >> cold air and unstable air with a combined, that is rare, but it happened today. all of those elements will be there again tomorrow. a heavier shower to bring a rumble of thunder or some hail into the weekend. let's take a look at the radar right now. scattered downpours. what do i mean? it is sunny. you go inside and come out, and it is raining. you left your umbrella in the car. as you look outside, you can see the rain off to the north looking from the salesforce tower. the blue? i currently over blue sky currently over the city. like that you see is some snow falling at the highest elevations currently at the dia

the nike is dapt bb is a self-lacing shoe controlled by your phone.otor inside the phone tightens and loosens your laces. you can download an app that changes the color of the sides and the soles. it will run you $350. >> ooh! >> don't wear those in the rain. >> ouch. ouch to the wallet. >>> coming up here on "today in the bay," a microclimate weather alert. we have live team coverage of that storm, as it is slamming into the bay area. kari is tracking that rain for us right now. >> we are seeing some widespread, heavy rain moving through on storm ranger. it's going to continue for the next several hours and then become more scattered later today. we'll talk about the time line and how much rain we may be measuring here, coming up next. >>> plus it's not only the bay area, the winter whiteout conditions in the sierra, making for a dangerous drive this morning. >> and right now, we're watching recovery, the crash just cleared off the bay bridge but we have another near the caldecott, you're watching "today in the bay." reynold's kitchens™ has eliminate

for more, let's go to nbc meteorologist janessa >>bb. ood morning, everyone. we have severe weather out towards the south. also tracking that heavy snow. but timing, it's really going to be key on this system. it depends on your location. out towards washington, you're going to seer possibly f to six inches really impacting you for yourly e morning commute. it then transitions into rainr fohe northeast, really impacts us as we step into your evening commute. so roadways definitely dicey and some delays definitely possible. out towards the uer midwest, we could see up to six to eight inches. so this is impacting over 100 million people here thr aghout yourernoon into your evening with winter weather advisories and winter storm warnings in place. >> all right. thanks for heads up, janessa. the wayjor shake-up on for the justice department. president trump is nominating a top transportation official to replace deputy attorney general rod rosenstein when he leaves next month. jeffrey ros is thed.o.t.'s chief operating officer and previously sved as general counsel

barry white, bb king. >> not to mention the groups that formed here when this week store doubled as a meeting place. >> the black policemans association started here. association of black firefighters. >> black nurses, black psychologist. >> gina ray will write her own story but loves learning about her ancestors. >> the story of marcus books mainest started in oakland but this is where the pages are being written. >> people come in here, they get better that and that's its own reward. >>> off and on shower activity throughout the day. we have more showers redeveloping moving into portions of the bay area, watch the river levels. welcome if closer and the river crested at 34 .1 feet. now below flood stage, expected to continue to fall into saturday. here's the radar, veryivity all dayne day long. the scatters showers, you can see the last few frames. look at the yellows and scatter showers in the north bay. we have more development closer to vallejo and the fairfield areas, moving the maps, southern marin county, east bay around richmond and more showers trying to regroup near the coa

why does it make sense >> you look at a lot of things people aren't looking at bb&t's business.nk so you can have a situation where even if we do get into a less good economy, i don't think we're going to be heading towards a recession. there's a better diversification than what they can do. they're in probably the best growth market in the united states and they've got power. they have invest in technology they can get good cost saves it's a credit to bb&t to evolving themselves over the last ten years or so to get there. i think it's a smart deal for suntru suntrust >> have you been watching the 10-year? 2.63% or something what's happening there, jimmy? >> well -- >> global? >> interest rates. you know, i'm for less transparency from the fed, actually i like to hear less from them and i'd like to hear less of what they're thinking. less of what they're doing then they should just do it and not get on and explain what they've done and what this means and doesn't mean i think interest rates are going to stay lower for awhile and i happen to believe the economy's in much better s

. >> in light of the bb&t center steel last week and so much is about technology and the smaller bankssomething like blend offers that capability without being as big as j.p. morgan. >> there are $11 million tech budget is pretty daunting for regional banks to go up against. you mentioned u.s. bank and wells fargo is the biggest and i would wager a lot of the other ones are small. >> can you share that with us? back yet. we have customers and u.s. bank ranging from small community banks and credit unions and the investment it takes to build a product that can make this process simple and a few taps was a significant investment for us and is not something everyone can take on. we help taken on for the industry and it brings the qualification and credit that consumers have to go to to get this product and it's a complicated process and we help make it simple. >> with some appreciate your simplification. could mortgages themselves be next? >> we started with mortgages and we thought it was a good starting point in the mall complicated. it's changed many people's lives and we want that to

. ♪ >> bb&t has announced plans to buy suntrust for $28 billion.oss the financial services industry, and there's a lot of headwinds, a lot of company seeing pressure. but this is not necessarily coming out of weakness, it's to create a bank that will compete with some of the largest. jamie dimon said a couple years ago that there are too many banks, and to create another one of scale is a big deal in the u.s.. >♪ >> a $200 million investment in papa john's, star board is also taking an interest in squid. tell us about this. it is sending the stock up more than 200%. >> a really interesting investment, and odd one. they came in not as an activist but as an investor. there will be a new chairman of papa john's, so they have come in with a fairly -- it's a big tradition, we should note, $200 million initially, they could go up to $250 million. >> it's a brand we have followed for quite some time. we believe, i believe, it's the best product. we love the pizza, that is where you have to start. i thinken watching it, the world has been watching what's b

. >>> a major merge in our region, bb&t bank buyg sun trut bank for $20 million. the i deal will welcome the sixth largest bank in the u.s. the bank will get a new name. er t's going to be chosen l this year. the headquarters will be based in charlotte, north >>carolina. after 60 years a book turns up. we'll hear from the person who returned it. >>> plus winter is back to the dmv. doug is back ♪ ♪ ♪ rhythm is a dancer ♪ it's a soul companion ♪ you can feel it everywhere ♪ lift your hands and voices ♪ free your mind and join us ♪ you can feel it in the air ♪ oh sorry, we were running late. no problem, come on in. ♪ >>> back to our top story now, virginia's legislative black caucus, the group of lawmakers released a statement standing by governor ralph northam to resign, calling blackface a mockery and sult. they said they're monitoring the situations with lieutenant governor justin fairfax andey attorn general mark herring. >>> the republican leader of the state sene facing questions about his job as editor of his college yearbook tt contained images of blackface a

bb and t and sun trust banks rose 10% and 4% respectively after announcing a $66 billion merger forming largest u.s. bank. >>> sears lives to see another day. a bankruptcy judge approved the sale of most of sears' assets to a hedge fund controlled by eddie lampert. the decision will keep 425 stores open, it will save 45,000 jobs. the 133-year-old retailer was once the largest and most important retailer in the nation. it has struggled for decades losing business to line oonlines and billig box retailers. it had lost $12 billion since its last profitable year in 2010. >>> a little bit lighter story. if you like ice cream, and you like rum or bourbon, haagen-dazs has something new coming to the freezer aisle. it is launching a new line of seven alcohol infused ice cream treats. the spirits collection includes seven new flavors like bourbon truffle and nondairy to have fee. each contains less than half a percent of alcohol per volume. this isn't the first to add booze to its products. ben and jerry has a brand. smaller brands have been selling alcoholic sice cream for years. it will be ava

bb cooper. >> anyone? dinosaurs being extinct. >> [laughter] whatever. you back here on monday, hey, bret. >> bret: hey, dana, thanks. this has a fox news alert, i'm bret baier and at least one person has been killed and four police officer was wounded during a shooting today at an industrial park in the chicago suburb of aurora, illinois. authorities say the suspect has been apprehended or neutralized in their words, waiting a news conference they are. senior correspondent mike tobin is live in aurora, good evening, mike. >> mike: good evening and a spokesman for the kane county office said one person killed throughout this incident. we heard from the spokesman for the city of aurora clayton muhammad who says that the shooter in this case has been neutralized. e

elizabeth warren was worried about bank mergers, especially bb&t and suntrust. she thinks the fed is a rubberstamp for bank mergers and they should be more careful. jay powell said they would all of the long do everything correctly to essentially make sure that they are not a rubberstamp. a lot of questions that were relatively noncontroversial. they dealt with regulation and the economy, but nothing that really made a lot of headlines. vonnie: michael mckee, thank you for that. the fed chair is before the house tomorrow. let's take a look at how markets are reacting. they really are not, but there is a lot to still think about from this testimony. let's bring in our senior economist and founding partner at rd economics. do you agree with the fed chair that there are a lot of mixed signals from the economy? >> i think that this is probably an exaggeration of that. aviewed this hearing as missed opportunity because we have had this big shift in the fed's guidance about policy over the last two months on rates, last month on the balance sheet, and this hearing did