i am indeed with brian moynihan of bank of america here in davos. good to see you, brian.following the news of the day, you talked about reducing the mortgage exposure, selling assets in that regard, settling with fannie mae. still talking about a $2 billion hit to earnings which a lot of the analysts are talking about. can you sit here today and say that these issues are now behind or might we expect further hits to earnings? >> well, we are still dealing with various issues, but largely representation of putback risk, with fannie mae, the biggest counterparty and we settled that and settled with freddie mac to a large degree and we have a settlement on a private label. the real task is to finish up the cleanup of the mortgages themselves and we have been working hard on that. that's where there say lot of upside in earnings going forward because the numbers of people we had topped out about 58,000 people this quarter. we were able to bring that down by 9,000. that provides good expense leverage going forward. >> a lot of people wondering if, in fact, we're going to see f

s like brian moynihan could collect the year end bonus of over nine million dollars a week lou with that they have enough money to pay for a reasonable war gauge at today's values so this is something that all of forrester can stand behind we believe that when folks have you know a home that they should be able to stay in that home and it's not like they're not willing to pay this is the weirdest movement i've ever worked in this way and the foreclosure movement because we are begging people to take money and they won't take it of course occupy hardly invented foreclosure defenses people like grace and high foreclosure organizations have been toiling away at this for years but when occupy wall street went to east new york in december to march occupy iraq more and more people around the country started to realize that there was another way to get back. was. there. and sometimes demanding change in a large scale starts because even smaller groups dr margaret flowers is among the nation's leading advocates for true health care reform health care reform that would eliminate the for profit in

s like brian moynihan could collect the year end bonus of over nine million dollars a week lou with that they have enough money to pay for a reasonable war gauge at today's values so this is something that all of forrester can stand behind we believe that when folks have you know a home that they should be able to stay in that home and it's not like they're not willing to pay this is the weirdest movement i've ever. yes yes. and sometimes demanding change in a large scale starts with even smaller groups dr margaret flowers is among the nation's leading advocates for true health care reform health care reform that would eliminate the for profit insurance companies and provide medicare for all individuals in the united states a former pediatrician and congressional fellow dr flowers worked within the system for years after the farm passed i was traveling around the country and people kept saying well how are we going to get single payer i was speaking around you know very needs and and i stoli kind of came together like oh well unless you know as a as a woman even though we're in the major

brian moynihan tried to put a positive spin on today's results. >> our strategies continue to work, were seeing growth across all the core businesses. were seeing that momentum continue to accelerate. >> reporter: but for today, at least investors weren't convinced. erika miller, "n.b.r.," new york. >> susie: our next guest says citi and bank of america investors have to be prepared for a few more bumpy quarters. nancy bush is banking analyst at s.n.l. financial. so nancy when are all of these mortgage problem goesing to go away. here we are in 2013 and we're still hearing from these banks will problems with mortgages and settlements and chargeoffs. you know, how many more year does we have to go through this or how many more quarters? >> well, i think that it is, indeed, a very frustrating issue for bank investors and bank analysts alike. i think if we are to judge by bank of america and as we know they were the most impacted by the foreclosure issues, we're about 75% of the way through the problem in its entirety. however, i think we will have dribs and drabs of these types of charges

brian moynihan tried to put a positive spin on today's results. >> our strategies continue to work, were seeing growth across all the core businesses. were seeing that momentum continue to accelerate. >> reporter: but for today, at least investors weren't convinced. erika miller, "n.b.r.," new york. >> susie: our next guest says citi and bank of america investors have to be prepared for a few more bumpy quarters. nancy bush is banking analyst at s.n.l. financial. so nancy when are all of these mortgage problem goesing to go away. here we are in 2013 and we're still hearing from these banks will problems with mortgages and settlements and chargeoffs. you know, how many more year does we have to go through this or how many more quarters? >> well, i think that it is, indeed a very frustrating issue for bank investors and bank analysts alike. i think if we are to judge by bank of america and as we know they were the most impacted by the foreclosure issues we're about 75% of the way through the problem in its entirety. however, i think we will have dribs and drabs of these types of charges pr

the ceo, brian moynihan, tells the financial times b of a should surpass jpmorgan in direct mortgageected bankers to be aggressive to lending to businesses. that could mean competitive loan rates. >> thank you. >>> if you don't gettal jazeera in your home, there's a good chance you will soon. the arab channel bought al gore's current tv. it plan to launch it as al jazeera america. the channel upon reach 40 million american homes. al jazeera plans to open five to ten more bureaus in the u.s. it already has five here. most of its content will focus on american news. >>> the u.s. is officially a wired society. apparently there are more internet-connected devices than people in this country. according to the research firm npd group, there are 425 million internet-connected gadgets in u.s. homes. that's compared to only 311.5 million people. the connected home report says the trend is fueled by devices like gaming consoles like this kid has, also blu-ray players which add internet connectivity directly to your television. >> we'll be worried once they start taking over. >> we will. >>> no

most people couldn't, brian moynihan.ct that bank of america is now in good enough shape that it will get approval from the government to return more cash to shareholders in march. either via bigger dividend, maybe a buyback, maybe both. plus bank of america's been taking share, starting to have loan growth again, that's a first. the company is a housing kicker. as they're a big player in the mortgage business and they still own a lot of foreclosed properties, that goes down almost every day. you know i prefer wells fargo for this particular business. we're only looking at the best performers in the dow so wells is not in the running. it reports friday. most people think it's not going to be good. now even though bank of america was up 109% last year the stock trades at a 30% discount to its tangible book value. in other words, it's still cheap relative to how much cash it has on hand. not only is bank of america improving, but there's a lot of room for improvement, which means it has room to run. yes, my charitable trust

all big bank executives would best him except for b of a's brian moynihan who earned $8.1 million.with executive pay under the microsoft, compensation for the troops won't be as bad as feared. at goldman sachs, which also reported earnings today, the industry's most used metric of compensation as a percentage of revenue actually fell four percentage point at goldman. meanwhile, jpmorgan's rose nearly two percentage points. that being said, maria, goldman and jpmorgan have been called for massive layoffs, unlike citigroup, bank of america and morgan stanley. those are the three banks still to report. guys, back to you. >> kayla, thanks so much. >> we're all embarrassed for jamie he only made $11 million last year too. bad. let's take a deeper dive into what's happening in the financial services industry. more evidence that wall street of the past is long gone? >> joining us anton schuts and cassandra tory of bell rock capital. good to see both of you. anton, what do you think are the changes that you see in terms of the banking sector going forward? seems like the wall street we onc

best wishes for 2013 sincerely brian moynihan. i can do better than this.e's the problem. what side of the revenue growth picture are you on that determines whether you're bullish or bearish. so first quarter revenues up 2.9%. second quarter revenues up 1.2%. earnings are growing here and they are growing in q2 but no top line growth still. they are going to change these numbers into third quarter you'll see bulls will come out raising estimates on top line growth. december home sales, december numbers here overall for the builders, pretty good numbers here on the upside many of them at new highs but those numbers starts multifamily. a lot of those multifamily. >> incredible numbers. thanks. get a check on shares of citi. the bank reporting fourth quarter earnings that missed estimates whether you include or take out the charges both on top and bottom line. the ceo owns about 300,000 shares of citi and you might know the firm has been calling for citi to be broken up. welcome back. >> thank you. >> your argument has been they are too complicated and hard to

the ceo brian moynihan has told the financial times the bank of america should surpass jpmorgan in directnsumer mortgage lending in the next few months. he's directed banksers to be a more aggressive in lend to go businesses. bank of america was the better performer last year, up 109%. on the agenda today in the united states, we've got the monthly challenges job cuts reports out at 7:30 eastern. followed by the december adp report at 8:15 eastern. forecast there calling for an increase of 1r50,000 in private sector payrolls. that follows about 118,000 in november. and at 8:30, we get jobless weekly claims, expected to rise by 13,000, so a total of 363,000. and at 2:00, the minutes from last month's feed meeting are released. so plenty to get through before the start of trade today. that will probably be the main contributor. right now, as you can see, we are called a little bit lower as far as the u.s. stocks are concerned at the moment. the dow called some, what, 27 points below fair value. the nasdaq is about 3 points below fair value and the s&p 500, really, about three points below f

jiemmy dimon, james gorman, gary cone, david bonderman, brian moynihan, steve liesman and lucas van prague. that's it. >> right. >> that's it. now -- >> and you want to know -- no, no, no, you want to know why my name is so far down in that list. >> no, no, i don't. i want to know why you're the only person mentioned. i'll tell you why. they think after watching you for years that you're part of the government official, you're like part of the officials. you're like geithner. they don't even know you want for cnbc. they don't. >> right. >> how do you explain that? maria's name is not there, sorkin's name is not there, none of our normal people are there, but it's like holy schiz, steve liesman, he showed up here along with lucas von prague. >> as far as i know, joe, i was the only person daib dancing on a table last night. >> were you really? >> no. >> i mentioned that there was hard liquor over there. that they had hard liquor and -- >> no, becky, i wasn't of course. i was giving joe an opportunity to make another -- >> because i was a lamp shade. >> ben weis did some investigative report

bank of america, brian moynihan, positive saying we are going to start lending.ve been lending, but turn on the spigots. be careful with that. >> bottom of your screen, ford sales, december sales, better than expected, 1.9% versus 1.6%. that goes in line to with what you are predicting in 2013. >> being able to cut back the cost in europe, latin america, asia turning around, doesn't hurt. we were up so many points in the last couple of days you don't get really down if we come in a little -- but remember, there are earnings coming out and there was a lot of worry about fiscal cliff going in. we still haven't resolved the spending side one trying not to be myopic and look at just washington but i know the companies are very concerned. they will talk about that on their conference calls. i wish they wouldn't. but they will. >> barns and enable same-store sales, the highlight here is that nook sales for the nine-week period ending on saturday were down 13%. digital content sales were up. but device volumes were down. so, if they can't gain any traction on device vol