so it's not just helping the megabanks, but what is the role of big banks? well, know we have a global financial system, have a global trade system and i think there is a role for for fairly banks as long as the regulators that they're not designed just to engage in speculation but really to to promote our economy. all right. we'll take one more question. yeah, but 40 years ago in fort worth, texas was a group who started buying pawnshop shops. and i said, a banker, why are you investing this is that it gives us we are allowed to charge 20% a month. i said that's legal. he said absolutely legal. and later on they i mean, they made millions public soon, but why why isn't the bank doing this they say it's not in our charter or because people don't have collateral and credit. say, hang on a second. okay so they didn't that same group started all your cargo is loaning money against cars to the who the banks would not give credit to. they went public for billions. so what is it about banks? they see this profit here. they still don't go after well. i think the fir

with these interest rates, where they are, some of the big banks, b of a and jp morgan are going to be a bit of money. thend of the day, we're hopeful that earnings season and the banks should be okay and we're seeing great numbers from jp morgan. across the broader markets we're going to see good earnings season and i think we're hopeful that this is nothing more than a slight overreaction and we knew what was happening with wells. of course there are huge concerns they the retrofit portfolio but i think these interest rates are covering a lot of that up right now. maria: jamie dimon told us that the company is going to be prepared for whatever he's thrown at is. it jamie dimon is a skeptic on the soft landing idea, the impact of the stimulus, the impact of the spending. when i spoke with him in january, at the healthcare conference, he was pretty bullish on the capital markets business and on the loan business. here's jamie in january with me on this program. watch. we're coming off this little bit of a drought in capital markets activity. i'm wondering if you're getting a sense the

one of the reasons why we like the big banks rather than the regional banks is that commercial real estate exposure. there is protection from the big banks. it say is a smaller part of the business. i know you read the article about st. louis and other cities in the midwest struggling like that. we need to be careful. we are optimistic that the spikes that we see in interest rates will be more modest. the fed is certainly paying attention to the pace of declines in the book of business. they are talking about slowing that rate and letting those mature so we don't get a spike from the short funding gap. >> okay. what about several other factors that are a big influence on the banks? one is the ipo market. the other is consumer deposit. is there a deposit risk with the money coming off the sidelines? there is still a lot of money in the money markets. >> there is. we do think that can be a risk, particularly for the banks dependent on the consumer deposits. that is part of our caution on the regional banks. we think it is likely that money stays in money markets for longer. it is compel blin

year 2024 guidance, for revenue, 80 -- 81 billion, overall looks like a pretty decent report each big bank is throwing money into the fdic fund that got eaten by sell-off bank last year, citigroup itself putting this more than 200 billion dollars, into the fdic fund, 251 million dollars excuse me 251 million, will overall pretty decent report going with citigroup, as you can being see stock reacting, looking like a are better story up little more than 2 1/4 percent. that could be on the forecast for my initial first flush on numbers first quarter total cost credit 2.36 billion first quarter net credit loss 2.3 billion a wash on that, overall pretty decent quarter, chris watching as well. maria: stock up 2 1/4% chris your thoughts. >> citigroup strong 17% up for the year dow only up 8 i think that frazier had a long runway when you talk about regulate people off market responds positive jamie dimon double beat citigroup struggling more so many ways has more systemic problems layoff a headed right direction market responds positivity bibanking will benefit from interest rates higher longer,

it has been as much as 7%, it is less right now but it is the only bank of the big six banks that earnings were down on the year. are there concerns about the path forward for morgan stanley as a unit when it comes to the wealth business relative to the whole business? sally: indeed. the wealth business made steps to eliminate several hundred jobs which only accounted for 1% of the 40,000 employees. in regard to these problems, there is still a lot we do not know. we do not know the gravity attached to them or what the consequences might be. we do not know what. -- those cc did send -- the occ send the bank a formal warning. we also know the sec sent morgan stanley a list of clients with questions about whether they were adequately vented. this is -- adequately vetted. this is a bit of a cloud. the prior ceo had built up into the crown jewel of morgan stanley. sonali: we thank you so much for your time. the market eagerly awaiting some update from morgan stanley on what is going on with that probe. coming up next we will talk with a ceo from ul solutions. after raising nearly $1 billion fo

for the big banks, you have investment banking and wealth management that will look better in the second half of the year. >> if we focus on the biggest banks, why do you think it's a second half story? >> because i think that they are expecting that they will get that rate lift from a net interest income perspective the second half of the year. they're going to guide for better results in their true banking segment. there's an anticipation that capital market activity is going to pick up in the second half of the year based on the fact we're seeing a foundationally stronger environment for equity issuance. >> rich, if i own the jpms, goldmans, and bank of americas, as you do, how am i supposed to feel about this space as it suffered, as i said, some technical damage. below its 50, the xlf, if rates remain higher for longer, chargeoffs, all that kind of stuff to be concerned about, do i need to rethink the financials trade? >> well, years ago when reagan was president, used to be able to buy this industry below book value when you sold it at one and a half, two times book value. bank of

investors are gearing up for the next round of bank earnings tomorrow. big u.s. hings to watch when it comes to this quarter's results. >> at the end of last year, wall street players took turns predicting a slow down after a record hall of more than $250 billion on expectations the fed would start cutting interest rates. three months later, that has not happened. economists are reducing the amount of expected rate cuts. when it comes to net interest income's, jp morgan's set to win big. partly because of its size compared to peers. expected earnings of about $23 billion in the first quarter is almost seven times more than the industry estimated average. investment banking has benefited from strength in u.s. equities, debt issuance, and skill making. jp morgan has the edge with a projected $1.8 billion in revenue, up 10% from a year before. punching above its weight is bank of america. a rival likely to report $1.3 billion in investment banking, up 14% from a year ago. for any updates on how big banks plan to counter exposure to commercial real estate problems, we

big fog banks today will be big fog bank. there's only one out there, steve. it'll be cooler.ice saturday, warmer on sunday. no rain yet. maybe in about a week. about friday. next friday there's something might be something brewing. but forecast models are really struggling. but there will be some change near the end of april into early may. fog bank pouring in. it'll be low clouds or sun cooler for all breezy. so 5060s and 70s. >> okay, steve, time is now. 422 san francisco police speaking out about a sexual abuse case against a community leader to tell you where that investigation stands today. and new protection for renters. >> we have the details of the new ordinance oing into effect in concord starts today. today the new tenant protection law approved by the concord city council back in february go into effect. the just cause for eviction has several new rules for landlords, including one that requires them to pay thousands of dollars in relocation assistance for no fault evictions. >> our time is 424. state officials are pointing to a growing affordable housing complex i

we start off with the post earnings divergence in the big banks. consumer-facing names under pressure. bank of america among the biggest laggards, dropping 3.5%, despite a beat. the money center pinched by higher interest rates, which drove first quarter profit lower. that follows jpmorgan which forecast lower than expected interest income through the end of 2024. those shares off by more than 7% since reporting on friday. but it hasn't been all bad news for financials. with investment banks seeing strength. morgan stanley today closing 2.5% higher after its biggest earnings beat in three years. wealth management boosting those results. as we mentioned, goldman saw trading investment banking surge. those shares down today, but still up after the report yesterday. so, what are the banks telling us? a mixed message here, but the results side of it andthe stock reaction side of it which may not necessarily reflect the same story. >> yeah, wealth management fees, right, and those are balances. and there's net interest margin to be earned there. so, i th

big fog bank. , it may not clear at all for some over by the coast, although there's always what we call little banana belts. it always gets some sun, no matter how big the fog bank. but boy, i'll tell you, that's probably the biggest one we've seen up. upper low is moving in south of us. so that's enhancing the fog bank 60s on the temps. all right. sal is here for 30. picking up cones. something else. >> we're still light steve, i like it. you know we don't want to. we don't want to stir the tree or whatever. we don't want to get people all riled up. there's nothing going on. hopefully it'll stay that way. this is a look at the bay bridge toll plaza. it looks very nice. and there have been no major issues here. traffic also looks good on the san mateo bridge heading across the bay for 30. let's get back to the headlines. >> thank you. sal, a community in the east bay is mourning the death of a former police officer and high school sports coach. deputy tobin boulter was shot and killed in idaho whil

big banks before the bell this morning. jpmorgan way on the downside, europe $9, 4.5% on the downside. octavia. give me the big picture here. what shape are the banks again after today's earnings reports? >> we saw jpmorgan come out and citigroup and i thought it was encouraging. jpmorgan in particular had a good earnings report. i don't know why the markets are punishing jpmorgan the way they are. that was a set of earnings across the board. the big banks in particular are looking very solid and in good shape. stuart: the problem with jpmorgan is the ceo jamie dimon, on the call he warned about head wents like persistent inflation, possible wars and the federal reserve, he says they could all hurt the strong economy. not the bank operations itself but the way the bank ceo, powerful guy, sees the future. what do you say? >> maybe the markets believe what jamie dimon is saying about the overall environment but we all swim in the same water so i don't see why those forecasts would hit jpmorgan more than others. you might argue

place and i urge you committed to protecting the public despite the amount of massive money the big banks and lobbyists are spending trying to kill these taxpayer protections. let's finish the job. let's finalize basal3. last year's bank failures demonstrate the dangers of letting the banks chip away at rules and oversight. it's entirely predictable. bankers desperate to increase the already massive profits and take big risks that undermine our economy. when things go wrong, bank executives coming to the regulators with hands out accepting no responsibility. that's why congress must finish the job and pass our bipartisan recoop act. senator scott and i worked on it, 21-2 in this committee to hold senior bank executives accountable when they gamble with customers' money. when the biggest banks exercise special privilege, they do so at the peril of our broader economy. we've seen that too many times. we know that's a source of so much that's wrong in this country. big corporations using their power and influence to write the rules of our economy to benefit them and their executives and thei

dow there just about dead even and maybe losing ground and we are now in earnings season with the big banksreported. up, in, big tech, our next guest says the large-cap run-up in 2023 leaves room for multiple expansion, but since we're coming off the nasdaq's third straight negative week, let's see if he sees more opportunity appearing and joining me is mark mahaney from evercore isi. hi, mark. >> hi, jon. >> i want to start out with expedia because that's the chart we were showing before and on the one hand you see some potential here. on the other hand it is in line quarter with more downside than upside risk. i mean, do you like it or not? >> okay. thanks for putting me on the spot. yes, i like the stock. it's a number two pick on the large cap and there may be a margin issue with the first quarter. valuation here is sitting on trough levels and around ten times next year's earnings so the bar is low. i think leisure travel as a whole is holding up relatively well this year. the company has two product cycles in terms of a one-key customer loyalty program and the replatforming of the ver

goldman sachs kicks off another wave of big bank earnings with morgan stanley on tuesday. d speak. we have goals me to end out the week. more earnings for you. let's talk about bank earnings. inflation is a double-edged sword. higher interest rates -- we see that starting to disappoint. a lot will be revealed next week. stick with us same time, same place for real yield pure coat this is bloomberg. ♪ you're probably not easily persuaded to switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can save you up to 75% a year on your wireless bill versus the big three carriers? you can get two unlimited lines for just $30 each a month. all on the most reliable 5g mobile network—nationwide. wireless that works for you. for a limited time, ask how to save up to $830 off an eligible 5g phone when you switch to comcast business mobile. don't wait! call, click or visit an xfinity store today. >> welcome to "bloomberg markets ," i am sonali basak. a warning that this could be a choppy earnings season. we are seeing a flight to t

what he expectation for the first quarter earnings season. >> were looking for the megabanks, the big banksrom a relative lower cost of deposits than the smaller and regional banks which received an outflow, the bigger and stronger banks don't have to pay much for their core product which are deposits and they have a wider net interest margin. we think a j.p. morgan will be at the top. wells has been improving and they were looking at the strong equity market that we've had. both are becoming bigger asset management machines in the profit on that will rise with the market. two tailwinds there and we think the overcome many headwinds from commercial real estate which does not impact the larger banks as much as it does the community and regional banks. maria: you have to believe that the capital market business is doing better as well we saw a handful of m&a. a look like the markets opened up again. >> it is. that is interesting the mega deals are getting slapped down by the ftc but there's an undercurrent of m&a. there's an appetite for companies to find fnc's and compete on a global stage a

you failed to do your job to keep these big banks online. when these banks blew up you went into spend most promising that the fed would do better. after years of having and hauling you agree to put in place rules that would strengthen capital standards for the biggest banks. i mean the biggest banks. these are the fed's proposed rule that would apply to only 37 of the nations 4500 banks, only the banks that have $100 billion or more in capital. when you testified before this committee last june i asked you about taking responsibility for bank failures. you said, quote, the main responsibility i take is to learn the right lessons from this and to undertake to address them so we don't have a situation like this where we have unexpectedly a large bank fail and spread contagion into the banking system,". as part of learning those lessons you also said, quote, that you agree with and support, ", recommendations for strengthening the fed's rules and supervisory practices for the big banks and that your confident they will lead to a stronger and mo

although i think big banks, probably will do quite well in the current training season. nks and in america we have the rumbling of the commercial real estate exposures that brought down at the bank last year and that looks like it is going to potentially get worse. thank you very much indeed. let's get some of the day's other news now. the price of gold has hit a new record high, above $2,379 per ounce. gold is traditionally seen as a hedge against inflation, and a safe haven in times of global turmoil. it has risen more than 14% so far this year, amid ongoing conflict in ukraine and gaza. singapore's economy has missed growth forecasts despite a surge in tourism. the economy grew 2.7% year on year in the first quarter with the services sector boosted by a 50% increase in the number of tourists, thanks in part to concerts from taylor swift and coldplay. but growth in the manufacturing sector slowed to 0.8% year—on—year, down from 1.4% in the previous quarter. monster success. baldur�*s gate 3 sweeps the board at the industry baftas, with five wins including best game. but

. >>> big banks kicking off the first quarter earnings season with a bang.enny polcari on wha the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai. ♪3, 4♪ ♪ ♪hey♪ ♪ ♪are you ready for me♪ ♪are you ready♪ ♪are you ready♪ (vo) sail through the heart of historic cities and unforgettable scenery with viking. unpack once and get closer to iconic landmarks, local life and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort. more welcome back. here's a look at where markets ended the week after new reports showed a hotter than expected inflation story. consumer prices higher, producer prices climbing to an 11-month high. but the a major banks -- wells fargo, jpmorgan and citigroup -- blew out expectations. all three kickin

today is all about the kickoff to the first quarter earnings and the big banks.e have the numbers you need to know and the one name reeling from regulatory pressure. >>> and if

they provide about -- for the big banks, there is a lot of room for improvement. >> the banking sector generally, there was banking crisis. how are the banks doing. what are the big risks that you are watching? >> overall, the banking system is sounded a zillion. we are not seeing the kind of liquidity pressures that we saw a year ago. there are pockets of risk. we are looking at things like losses on the balance sheet and securities. we are looking at banks with concentration on real estate. commercial real estate covers a lot of different sectors. the office is under stress more than other parts of the sector. we are looking carefully at banks with heavy concentrations and office commercial real estate where there are expected price declines. we are always worried about and think about operational risk exposure. banks exposure is a big operational risk and one that is a constant kind of threat to the system that we have to be careful of and monitor. those are the kinds of things on our mind now. >> is there a time period where once we have gotten through, we will know that we have ma

. >>> big banks kicking off the first quarter earnings season with a bang.enny polcari on wha so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. ♪3, 4♪ ♪ ♪hey♪ ♪ ♪are you ready for me♪ ♪are you ready♪ ♪are you ready♪ oh, yeah, man. take it from your inner child. what you really need in life is some freakin' torque. what? the dodge hornet r/t... the totally torqued-out crossover. maria and julio thought their life would never slow down. then one day, it finally did. you were made to find inner peace. we were made to track flight prices to paradise. more welcom

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. >>> big banks kicking off the first quarter earnings season with a bang. kenny polcari on wha ♪3, 4♪ ♪ ♪hey♪ ♪ ♪are you ready for me♪ ♪are you ready♪ ♪are you ready♪ oh, yeah, man. take it from your inner child. what you really need in life is some freakin' torque. what? the dodge hornet r/t... the totally torqued-out crossover. ♪(relaxing music)♪ (♪) (♪) (♪) (♪) (♪) (♪) book in the hotels.com app to find your perfect somewhere. did you ever worry we wouldn't get to enjoy this? [jeff laughs maniacally] (inner monologue) seriously, i'm on the green and all i can think about is all the green i'm spending on 3 kids in college. with empower, i get all of my financial questions answered. so i don't have to worry. empower. what's next. more welcome back. here's a look at where markets ended the week after new reports showed a hotter than expected inflation story. consumer prices higher, producer prices climbing to an 11-month high. but the a major banks -- wells fargo, jpmorgan and citigroup -- blew out expectations. all three kicking off the first quarter earni

big banks and energy are in focus today. market guest is bullish on both but sees a less than rosier picture for the broader market for the next decade. here's here to tell us why. and ai a jobs creator? and a productivity booster, but he's warning of one thing that could get in the way. and you know him from "shark tank." matt higgins is also here. and fresh off my interview with former weworks ceo adam neumann, i would ask him if he would invest in that new venture. we begin with dom chu and the numbers. we are drifting close to the session lows. >> just about there right now, deidre. it's been deteriorating throughout the course of the last couple of hours here, and as deidre points out, session lows right now. i'll take you through the broader cap s&p 500, which is down 75, 76 points, down 1.5% overall at 5123. so, again, this is the session low right now. we were still down 24 points, even at the session highs, so that gives you an idea of how far we have drifted to the downside here. the level that a lot of traders are

there still pressure on shares of the big banks. we will about why next. this is bloomberg. ♪ sonali: this is bloomberg markets. it is time for stock of the hour and that is morgan stanley where traders delivered first quarter revenue that exceeded expectations and wealth management unit bought in more than $5 billion in revenue and that is handing a key win for its new fearless leader ted pick. the stock is having its best day since early march. joining us to talk more about it is an analyst for autonomous research who has long been following the stock. even though this rise we are seeing today on the heels of this report, you have morgan stanley down about 3, 3 .4% on the year. how do you think about morgan stanley clawing its way back into the green here for the year? >> thanks for having me on. i would say so far this year the pressure has been more on the wealth management side of the business. you have seen deposits flagged. you have seen pressures on cost margins. clearly a lot that was dispelled today. good organic growth for morgan stanley. close

. >>> big banks kicking off the first quarter earnings season with a bang.enny polcari on what says about the economy and where he's putting his money now. that's next. if you have wet amd, you never want to lose sight of the things you love. some things should stand the test of time. long lasting eylea hd could significantly improve your vision and can help you go up to 4 months between treatments. if you have an eye infection, eye pain or redness, or allergies to eylea hd, don't use. eye injections like eyla hd may cause eye infection, separation of the retina, or rare but severe swelling of blood vessels in the eye. an increase in eye pressure has been seen. there's an uncommon risk of heart attack or stroke associated with blood clots. the most common side effects were blurred vision, cataract, corneal injury, and eye floaters. and there's still so much to see. if you are on eylea or a similar type of treatment, ask your retina specialist about eylea hd today, for the potential for fewer injections. after advil: let's dive in! but...what about your back?

the big banks that are making headlines or out of europe. says they see strong momentum in investment banking and barclays says they need more money to go toward climate transition projects and that will fuel some work for their investment bankers. what is the play that deutsche bank is making here? >> deutsche bank is relying on its investment bankers, it's traders to grow their revenue. what they are seeing is a lot of the rapid rate -- rate increases weighing on their core lending products. the recent results are showing strength in investment banking. it's reflective of what we saw from a lot of the u.s. banks in a return to capital markets for m&a picking up. it is not only reflective of the strong momentum in the first quarter which is what they are talking about now but it's an indicator of the rest of the year, a lot of the executives including the deutsche bank executives with the cfo speaking on tv talk to -- talk about expected momentum continuing into the next quarter and maybe for the remainder of the year. sonali: deutsche bank

that's a big one. the banks have been in focus.ted out the day-trading higher but now we're on pace for the biggest drop since march 2023. we're watching live nation as the department of justice we report looks set to file an anti-trust lawsuit against its ticket master platform. finally, says la is always in the news especially after those layoffs and departure news coming yesterday, web bush writing one of those senior departures with leno was a gut punch. katie: the rough ride for tesla continuing to build. thanks, simone. what's next for paramount as rumors fly about possible merger partners? we'll be joined by jon klein, former president of cnn. this is bloomberg. ♪ ♪ katie: it's time for our daily wall street week conversation and today we're focusing on a possible paramount deal. media mobile david ellisson is in talks to take over paramount and merge it with his own company, sky dance media. john klein is hang media co-founder and wall street week david westin. a lot of people would like to know how this shakes out. david:

banks doing? what of the big risks you are watching right now? michael: i would say overall the banking system is sound and resilient. we are not seeing the kind of liquid pressures we saw in march, 2023. there are pockets of risk. we do have banks that are more under stress than others. we are looking at things like what is the level of unrealized losses on the baking sheets from securities, we are looking at banks that have particular kinds of concentration in commercial real estate. for example, commercial real estate covers a lot of different sectors. the office commercial real estate sector is under stress more than other parts of the sector. so we are looking very carefully at banks with heavy concentrations in office commercial real estate where there are significant expected price declines is an example. we are always worried about and think about operational risk exposure. banks exposure to cybersecurity risk is a big operational risk and one that is a constant kind of threat to the system that we have to be careful and monitor. those are

we'll start with the big banks. it's being dominated by those big banks.p, wells fargo, also asset management giant blackrock, each on the move as you can see here, but it's a bit of a mixed trade. quarterly results right off the bat generally all good for all of these names, better than estimates. the stocks aren't reacting that positively. jpmorgan chase and wells fargo, those better results came with concerns about the so-called net interest income levels or the money banks make from lending. for citigroup, the shares are higher, due in part to some of the optimism that ceo jane fraser's restructuring plans will lead to better results down the line. blackrock is higher by just about 0.5%. better results helped by record assets under management of $10.5 trillion. we're also tracking shares of chip stocks, namely intel and advanced micro devices. both lower, due in part to a report from the "wall street journal" saying that chinese companies are directing telecom companies to start phasing out the chips from their systems. that follows reports about the c

big tech to censor americans as the first thing we learn but now it is big government including a big banks and big business to spy on everything american spot, every place they go, everything they do. big government once financial data at its full of sensitive information about you. our investigation started fbi whistleblower came forward and talk to the committee he was supervisor intelligence analyst at the fbi i've told the committee fbi got information from bank of america specifically it received a list of any customer who made purchases in the washington d.c. area generally fifth through seven, 2021. the whistleblower supervisor in charge of the boston field office corroborated his testimony when he spoke to the committee. and so did steve jensen the fbi domestic terrorism operation section chief. but it was not just purchased pe data around a specific date the fbi got from bank of america. that was actually overlaid with any firearm purchase at any time. how does the fbi get this information? they ask for it. you can see on the display on the screen here the e-mail that was sent to

big bank, big technology can be as nimble as a startup and be a disruptor out there.s the kind of talk you heard from goldman management. for that to happen, you needed a suite of other products. if your goal is to diversify your source of funding and not just rely on wholesale funding, reduce your funding cost because fund secured borrowing is still expensive. when you have a channel like the marcus savings account which has more than 110 million dollars in deposits, you can understand why goldman wants to stick with it. it's not really a can -- a coherent strategy but it's good funding for the firm. sonali: is this a good business? betterment is buying this business, did they gaining thing by owning it? >> incumbents will tell you it's a good business. digital investing shops especially these robo advisors have gained skill. betterment is one of the largest when it comes to independent digital investment advisors but you also think of the big wealth management players have also moved into the strategy where they have a part of their offerings in these rover advisory

big banks can deal with a higher interest rates, small banks not so much. is what is going on with geopolitics. that could be potentially more bad economic outcomes. lisa: the reason why he was talking about pessimism despite the optimistic sense for his business. coming up, we will be speaking to neil dutta on why july could be the earliest rate cut, basically saying, calm down, everyone, they will still cut rates. you are watching bloomberg surveillance. ♪ the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo her uncle's unhappy. i'm sensing an andunderlying issue.ss. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price

the second is a move from small banks and regional banks to big money center banks. the top 15 banks hold about 76% of the deposits in the united states. the top four banks have almost 50% of the deposits. i think we have a real structural shift that happened in the united states as a result of svb that i don't think is coming back. each regional bank has to figure out their own strategy for how they try to win back some of that deposit growth in order to have the deposits -- to do the other side of the balance sheet, which is lend the money out in their communities. >> at lead bank, you serve local customers but you have also built an onramp for financial technology companies. is that a response to sort of the aggregation we're seeing of the bigger banks? >> it's not in response. we do have a really healthy community bank in kansas city, missouri, that we're really proud of. we have amazing customers, amazing board members. but we run a thin tech infrastructure company. we build all kinds of banking products and apis for consumer and tech companies that want to embe

so the latest results aren't in from any of those big banks.n stanley saw a 12% drop in revenue from the asia-pacific region. so they are getting down to fairly low levels in terms of staffing these tasks. so we will see. they all still maintain their focus on maintaining a presence in mainland china as well as hong kong. so they will need to keep staff up, should these markets eventually turn around. we've looked at that for a long time now. everybody says that the type -- deal pipelines are healthy. but the deals are just not coming through. obviously they will need some sort of staffing to take care of the deals. should they eventually start to materialize. haslinda: thank you so much for that. in the markets, asian stocks trading in tight ranges after powell's hawkish comments. let's do a check in on how currencies are faring with averill hong back in the lion city. avril: very interesting picture emerging. the dollar rally after five sessions is stalling despite those hawkish comments from the fed chair. in many ways, this is because it's

but big fog bank sunday cooler weather will take us into it. looks nice saturday a little bump up on sunday here but cooler friday changes there. big fog bank in place even inland will be sunny and breezy. 5060s, 70s you guys. >> thank you steve. tomorrow is april 2420, the day some set aside every year to celebrate marijuana. what people heading to hippie hill in golden gate park will likely find instead of an official for 20 event, and the warning from police for those who are planning to partake, and a warning about frozen oysters, you have details of an outbreak of the norovirus linked to a serving of frozen oysters emanated frozen oysters. so far, there are 11 confirmed cases of the virus. it was found between march 31st and april 1st in people who ate the oysters. the county officials are still trying to learn more about these imports and frozen oysters. >> we don't know the extent to which these oysters have been distributed. we're still working with the california department of public health and the fda to understand the where. this has

over the last year, you can see the sector is up 28% and the banks, those stocks are a big part of thatyou take a look at the relative valuation of these banks, called price to tangible book value how much do you pay in stock price for every bit of tangible or holdable book value, if you will, in many of these stocks. check out some of the bigger, more heavily valued ones you can check out bny melon. jp morgan chase considered by many to be the gold standard 2.2 times tangible book and fifth third bank on the regional side 2.1 times contrast that to the lower valuations on a price to tangible book basis here look at citigroup shares, which maided a discount to their book value. 70 cents on the dollar there citizens financial and goldman tasachs at 1.4 as well one of the measures traders and investors look for right now it seems there is an interesting development here with a tale of two banks happening. courtney, back over to you. >> thank you so much, don. everybody on the committee had some financials ownership. let's start with you what do you like here? why do you like it >> goldman

banks pay out less on deposits. it's a difficult dynamic for the big u.s. s to navigate, but on the whole, it's probably better for big u.s. assets and state banks. haidi: what sort of outlook so we are expecting to hear given the level of uncertainty around banks? >> a lot of people are talking about jp morgan and wells fargo. they are expected to potentially revise their outlooks. of course, what their chief executive officers, in particular jamie dimon, say about the market will be watched. jamie dimon talked about how the markets are pricing in a potentially 80% to 70% chance of rates lowering. he also said given the inflationary pressures the market is facing, we could see anywhere from 2% to 8% or more and that the bank was prepared for that. haidi: there are concerns over money laundering controls with regulators. >> that's right. in a way, not all of this was new. we know the federal reserve was looking to see if morgan stanley's business was taking adequate measures to prevent potential money laundering. at the time, it was reported the regulator wa

ren not as effected by housing numbers lower than expected would be more directed at smaller banks, but the bigso diversified most lenders are commercial, industrial lenders they are not real players in the construction lending market. what housing, of course, starts apply to on commercial real estate you are right the office market particularly so-called class b, and c space in large cities, that is a real problem class a, office in most markets still quite resilient. >> quick i know morgan stanley stock was heavily shorted into this maybe also contributing to big rally we are seeing in morgan stanley today do you have a faifrnt jpmorgan or bofa what do you want to buy in financials right now. >> bank of america name to own we heard of to it risk on jpmorgan great stock, if you are worried about outlook you want to own jpmorgan or take more, optimistic view certainly own bank of america. >> thanks very much gerard cassidy joining us morning. we'll be right back.. . . we're talking about cashbackin. not a game. not a game! we're talking about cashbackin. we're talking about cashbackin. we're no

sonali: a lot of big banks coming out with their earnings so we will get more information on what this means for the lending sector there. thank you so much for your time on a busy day of jobs data. we will talk about the auction block. we will discuss of credit can keep up this rapid pace. this is real yields, on bloomberg. ♪ ok y'all we got 10 orders coming in... big orders! starting a business is never easy, but starting it 8 months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs. the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh sonali: this is limburg real yields and it is time for the auction block. in europe they topped a new record -- u.s. high grain notable

why in because they want to protect the big banks, they wanted to protect the big institutions holding that should be trading well down below whereth. i think the challenge balance sheet rolloff is not quick enough we'll see higher inflationary pressure for a while. charles: creature from jekyll island, taking care of big banks. who would have thunk it. we have to navigate this market. i love the three ideas you have. you do have next era, crowdstrike and nsa, which is public storage. real quick on the nextera, i'm in there as well. i just see it electricity crisis that no one's prepared for. i do think utilities are going to make a ton of money off this maybe it is a safety bet in case all hell breaks loose, right? >> great point. nee is largest electric unit in and based in florida. you talk about a.i. takes a lot of electricity to power a.i. nee is nice name to know. it is in an environment or sector you will see a lot of demand. charles: they made a lot of money under president obama. it was florida power and light. they blew up. david, appreciate you. >> thank you, charles. charle

the two big investment banks, goldman sachs and morgan stanley? this has more capital activity with stocks and bonds, consumer banking. there is less of a focus on these metrics, with deposit and loan growth. they don't like to have credit, they don't like to get out. right now, we know that we've got capital markets activity, which is driven for investment. i always tell you that. they have the best quarter in the group, monday morning. they had 14.21 billion. wall street was only looking for 13, 16% revenue growth, 26%. at the same time, goldman had impressive control which translated to a gargantuan eat. at $11.58 per share. that is 32% earnings, from a bank. that is solid, meaningful, on the ball. what's driving these numbers? they strengthened global banking, which houses investment banking with revenue up 15%, 32%. that's extraordinary. commodities trading was up 10%. this was all substantially better than expected. they had asset and wealth management and the platform solution which is a small consumer business. both did well with double-di

big banks are more insulated from that. you look at what's going positive for the big banks. mean, trading ref news are going to be up -- revenues are going to be up. wealth management, asset management business, recurring revenues should be reel vatted. -- elevated. mergers and acquisitions should be coming back online because there's more visibility about where interest rates are going to in the future. the issue is loan loss provisions. that is the issue. are they going to start worrying about bad debt? the consumer right now has over $1.1 trillion of credit card debt. like there are going to be -- there's going to come a time where these banks are going to have to realize they're going to have to write off this debt because the consumers can't afford to pay the bills. maria: it's a great point. i mean, jamie dimon has been raising the red flag on debt, on a national level, personal level. so what do you make of what he's been saying in terms of the potential of this economy really slowing down? you saw the annual letter yesterday. he talked about all of the stimulus. look

since 2015 they have cut taxes to big banks by ea big banks.e quickly. social care. where will ou more quickly. social care. where will you get _ more quickly. social care. where will you get the _ more quickly. social care. where will you get the money? - more quickly. social care. where will you get the money? it - more quickly. social care. where will you get the money? it is - more quickly. social care. where | will you get the money? it is part of the package. the 4 billion you said pays for part of the challenges the nhs faces. it pays for the nhs and care partly and we will put other ideas forward. let me give you one, the windfall tax on oil and gas companies. they are making huge profits. it is fair they put a bit back into the system to improve public services. on social care, really important. people are in hospital longer than they need to be because there are not the care workers. liberal democrats have said that we need to support families more so they can look after and loved ones and give them training, money, respite care so th

do you separate big banks from small banks. >> absolutely.ig banks proved they can make money in any environment. they came out leaner and meaner after the pandemic. things can settle down with rates i think they will find a way to continue to make more money with that as well. charles: last three months industrials up 3.1%, materials, xlb, up 8 1/2%. only thing energy outperformed that. you would still buy these? >> i would. charles there are 50,000 project es around the country, infrastructure came out of the deal on congress, bipartisan deal. charles: right. >> that's all going to work. they're buying raw materials. they're going to caterpillar. they have to get these projects done. there is lot of excitement about it. i would definitely be in these sectors because you this stuff to build the country. charles: i know you like gold. one of my favorite firms put out a piece about france, eurozone bonds they're worthless, certificates of confiscation. if anybody is thinking of owning them buy gold because it is breaking out. i know you like g

big banks see the difference with billions and volume. ♪ [city noise] investment opportunities are everywhereou turn. do you charge forward? freeze in your tracks? (♪♪) or, let curiosity light the way. at t. rowe price, we're asking smart questions about opportunities like clean water. and how clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price sonali: i'm sonali basak and this is "bloomberg real yield." higher u.s. yields are being taken into account with a 23 billion dollar u.s. tips auction that had the second highest yield since 2008. the primary deal was among the lowest on record with results showing a desire for inflation protection in the market. moving to ig, u.s. banks shined this week with goldman sachs, citizen financial, all with sales pushing the final to $31 billion. six flags helped to drive sales with $850 million. issuing new debt despite those following treasury yields with $105 billion for the year. a warning for investors. >> i wouldn't be surprised to see the market calmed down as it pertains to credit. what we have see