right now we are joined by bank of america ceo brian moynihan. t's great to see you here. you just arrived. we really appreciate you making time to come over. >> a spectacular spot on a sunny day like today. >> it is. lucky to be here. when you look around the globe, there are chaotic things happening now, markets in flux things we haven't been anticipating i wonder what your perspective is from where you sit on so many things, currency markets in flux, interest rates, oil markets. which surprise you the most? >> well, it's been an interesting, late winter here in the sense that you had oil structure move rate structure move dramatically. it's moving around based on economics. as we look at world, we see the world growing next year not as fast as people like. the united states picking up growth in everything we see supports that. the markets reflect the view of the economics, people's view of worldwide growth slow down people pulling back and example of new things what happened here in the country a few days ago. that moved the markets around and

that's whey that all do. >> thanks to brian moynihan. up next we are on the money. cheryl sandberg and melinda gates are two of the most infll women in business. they join me together here from dav davos. and it takes a village to raise a child. how one charter school in africa is using technology to make a profit and gave quality education for $5 a month. right now, though, as we head to a break look at how the stock market ♪ ♪ turn around ♪ every now and then i get a little bit hungry ♪ ♪ and there's nothing really good around ♪ ♪ turn around ♪ every now and then i get a little bit tired ♪ ♪ of living off the taste of the air ♪ ♪ turn around, barry ♪ finally, i have a manly chocolatey snack ♪ ♪ and fiber so my wife won't give me any more flack ♪ ♪ i finally found the right snack ♪ ♪ >>> welcome back to davos. the world economic forum brings together top world leaders and business executives. we spoke to two of the most influential women in business. sheryl sandberg is facebook's chief operating officer. melinda gates is the co-chair of the bill and melinda gates f

that's whey that all do. >> thanks to brian moynihan. up next we are on the money. cheryl sandberg and melinda gates are two of the most infll women in business. they join me together here from dav davos. and it takes a village to raise a child. how one charter school in africa is using technology to make a profit and gave quality education for $5 a month. right now, though, as we head to a break look at how the stock market >>> welcome back to davos. the world economic forum brings together top world leaders and business executives. we spoke to two of the most influential women in business. sheryl sandberg is facebook's chief operating officer. melinda gates is the co-chair of the bill and melinda gates foundation. i asked about leadership and how they figure out who what to tackle next. >> it's a tricky issue for anybody leading in any arena. the found sedation actually in about 24 different topic areas if you take them from vaccines to family planning to trying to lift and empower people. what i do is i go where my passion is and i follow the data. so we're very

brian moynihan is here. he is the ceo and chairman of bank of america.ee you here. >> it is great to be here. >> a classic new englander. no jacket, no gloves, no hat. >> it is about 60 out here. [laughter] >> fixed income trading got people down. can we extrapolate from the fourth quarter into 2015? >> as you move through december, the activity dried up. there was volatility with no activity. >> with no trading. >> no trading, no customer activity. we make our money when customers are moving. the last few weeks, the activity is through the roof and trading is coming back. we will see how the rest of the quarter goes because it is literally very early. customers are back doing work after the holidays. first quarter is always the best quarter for us. it is early on. the difference between the latter part of the quarter was that the activity dried up as people got uncertain. >> could this swiss franc move and of being a net positive for bank of america? >> when you have an activity like that you usually have a huge spike in volume four couple of minutes. [

cnbc personality heckled bank of america ceo brian moynihan on way to interview with fbn. prompting this response from our own maria bartiromo. >> really embarrassing. melissa: saw it online. what is she talking about. what is the incident? charlie has exclusive details. >> she was going to interview brian moynihan ceo of a major bank. melissa: big guy. >> i'm not for kissing their rear end for meetings. even before they go on you don't heckle them. not apparently, he was heckled by someone at cnbc. >> oh, you're embarrassing yourself and other comments. there has been some press on this. i always wanted to know who it was. i assumed usual thugs that they bring out there, nick dunne who is the pr guy. brian steele who is their, man secretary to mark hoffman the ceo, president of cnbc. but it turned out to be andrew ross sorkin. melissa: really. >> who knows andrew ross sorkin, this is bank of america pr guy told me point bank he is a standing there. andrew ross sorkin columnist for new york city times. melissa: he is classy guy. i'm surprised -- >> i think he is a good kid

have not addressed basic issues they have not changed leadership -- >> that is too vague. >> brian moynihane entire management team has done everything they can in terms of expensive production, but i have not address issues like getting loan files in order so they can sell them. >> cover of "the new york times" today, wall street chipping away at dodd-frank rules. what has dodd-frank done? >> taken away their own account trading, volker rule. it is a water balloon -- use scurries the balloon, it will go somewhere else. >> robert at nyu was looking at contributions, a systemic risk of large institutions, they have jp morgan chase at top, then bank of america. >> jpmorgan is a large over-the-counter derivatives market with a bank attached. that is how you should look at it. >> that is our quote of the day. >> the op-ed last week about the breakup of the big banks -- i mean, it is nice cocktail conversation, but there is no validity to it, is there? >> over time, that is exact we what will not be a germanic breakout -- a dramatic breakup -- >> over five years -- >> they will have to shed asse

spokesman -- liz: and he was yelling don't go on with maria -- >> he was standing there with brian moynihanhe ceo of wang -- bank of america. you don't have to heckle him for going on -- liz: well, for those of you who don't know, i think they're threatened, because they were sending e-mails saying don't talk to liz claman. i mean, really? >> they were threatening your guests, they were heckling -- i think they reached a new low. liz: i think we've reached a new high, how about that? >> here's the thing, being a jerk is cop today juice. andrew who was never a jerk, and now he's turning out to be like nick dunn. liz: get more, get more! the closing bell, we're 27 minutes away. >>> the space race on from mark zuckerberg to elon musk to richard branson, all the biggest names investing in satellite internet. stick around as one of the originals in this field joins me next. >>> travel bans, school closures, how bad will it get? broadway has just been shut for the night. we'll have the latest in what has to be potentially the worst snowstorm in northeast history, maybe. ♪ ♪ ♪ ♪ liz: move over, at

much like brian moynihan, ice runs through their veins.et, no hats, gloves. >> what about me? >> you have a sweater on. >> coming up, the ceo of blackrock. ♪ >> welcome back to "market makers." let's talk about what's going on on wall street today. we are seeing a rally based on the ecb stimulus that mario draghi announced today. that pointed to, the purchase of 60 billion euros worth per month of bonds around the eurozone. the s&p and dow are rising. we are see the euro falling to an 11 year low. as for movers in the united states, look at twitter today. as we had this unverified, unconfirmed speculation yesterday that maybe there was an activist taking an interest in amazon, there seems to be some takeover speculation about twitter. it is unconfirmed but we are seeing this happening in the markets as of late. financials are leading the gains right now. we have some earnings from the regional banks. bb&t beating estimates. crown castle also on the rise. we have a couple of important downside movers. american express announcing it is cutti

of december and telegraph this price signal that trading was going to come, we have also heard brian moynihanee a decline in trading revenue in the past couple of weeks. trading was not great. this goes back to what we have been talking to our analysts about. everybody thinks volatility helps trading. >> gray asic is looking at expense reduction. whalen is looking at shedding assets. >> taking deposits in making loans. the banks involved in trading are having a harder time making it work. >> people see -- expect to see a lot of jobs go here. but are they just cutting into the bone? is there anything more to be trimmed? >> adam parker is with us with -- from morgan stanley. this idea of use of cash. how does it look in 2015? >> the market is clearly overpaying for a level of yield and underpaying for the growth in the dividend. the reason is because interest rates in the bond market are so low. there are two high multiples for utilities. i think you have that challenge. i think that will change if you get the backup and yields eventually. the second thing is that in the last 12 months the big

brian moynihan said earlier he thinks they have the majority of the lawsuit issues behind them. should they be holding more reserves for bad loans going forward or do you think he is not right? >> i think he is right. i am not spec -- expecting any measurable things going forward. as far as regular, the reserves are still covering actual losses . i am not worried right now, but i know it will tailwind across the industry for the last several years and that cannot go on forever. at some point, i inc. losses are still going down and the company will have to build reserves going forward after that. it's sort of plays into my market reform recommendations. >> thank you so much. we really appreciate your time. it is a huge week. definitely the top story for us this morning if you put aside what is going on in switzerland. let's go right back to the huge move from the swiss national bank this morning. they said they would scrap the policy that would limit how much the euro can fall against the swiss franc. unexpected any cost gyrations in the financial markets. stay up here in london

you walk into the lobby and see -- >> hold on a minute, brian moynihan. good morning.id you just hear that? >> we get great discounts ok? corporate travel. >> you see two red giant basically, polar bears. you don't know if it is christmas decoration or art. it was explained to me by the manager there may to basically attract russian tourists. except, there were no russian tourists because of the collapse in the ruble. the dining room was empty, the lobby room was empty. the russian crisis is basically hitting hard for luxury travel especially in europe. >> let me talk about air travel. ♪ every night in my dreams ♪ it is all titanic. it is jack and what's her name rose on the bow. there is the madness of what the business class ticket costs. >> i will take your "titanic" and raise you. i think there was -- megan is right about this. if there's sufficient competition. i don't think we know there is sufficient competition in the airline's. >> there's not. >> then we would know it is absolutely our fault for buying on price. was there, edition entrance and it -- transatlan

. >>> this week we've heard from financial titans including larry fink, brian moynihan on the state ofrkets. joining us now is james gorman, morgan stanley ceo. we've been watching the job you've been doing for five years. things get going and it's almost three steps forward, a half step back maybe. this was a tough quarter and it wasn't just morgan stanley. describe what all the banks really got hit with. it was trading. tough trading, low interest rates? >> somebody asked me on the way over here what i thought about the quarter. i said goodish. which i think is fair. we had -- first thing, we had a number of unusual things that occurred in the quarter. some positive some negative. all positive in terms of getting them behind us and further distance from the crisis. separate from that the trading environment was tough. back half of december very tough. came through it okay. good news is the core businesses that are non-trading did very well in this environment. >> you know people say morgan stanley, goldman sachs. there's still the perception that just in terms of pure operating resul

. >> what changed yesterday for jamie dimon, brian moynihan, mr. corbat? >> regarding the swiss? >> the volatility was something. changing i do not think so. >> they will not take losses? >> they will take losses. this is going to cause a huge amount of trading activity in terms of foreign exchange. a lot of corporations will be executing things. will there be losses? sure. will this caused foreign exchange hedging, yes. that is good business. >> foreign currency dealers literally going insolvent. how about brady dougan? >> they have an expense in martin winterkorn. that is what is -- they have an expense in francs. the issue in terms of foreign exchange tends to be one between euros and sterling. you never >> -- >> you never learn about leverage until it is too late. in retail trading people are highly leveraged. >> that is right but if we think about the foreign exchange business i do not see -- alan patricof >> -- >> alan patricof, you have seen shocks like this. your world is up to their eyeballs in money. in the spirit of getting into venture capital, does that change? >> no