brian moynihan says he has more work to do with bank of america so people sold that and kept a lid on it. i think this is at a point where if we can get above that $18 mark it's off to the races. >> my stuff is less controversial. to me if you think we are poised for growth in the future, you have to play for global reflation of growth and so to me there's a couple laggers in the usa company like cisco systems, for instance. here's a stock that trades at 13 times earnings. i know they're not growing a heck of a lot but they have new management here, they're exposed to strong secular shifts. we know they want to get bigger in cyber security. they have a ton of cash. they're getting out of non-performing businesses and are likely to get into higher growth businesses. this is the company i think that is i cexposed to reflation and don't think you have a heck of a lot of risk here. a 3% dividend yield and a company like ge, i would throw them in there also which has been stuck in the mud. we know they're divest ago lot of their financial assets but this is the trade. if you think that the

brian moynihan addressed the future of his country. >> when you look ahead of what we have for growtheat businesses. number one, two, three, positions whether it's wealthy americans or companies around the world. we are very excited about the platform and the franchise. so we've been investing heavily in that. even though we've come down in head count, we're investing in financial advisers, commercial bankers, people who sell at our branches. that investment, even though it shows up and it's substantial, it's overcome by some of the work process and improvements we're making. >> one man betting big on brian's story is here with me now. more than 850 billion in assets under management. david joy, chief market strategist in a fox business exclusive. you like vac. (?) this is a name that you feel is there. mr. moynihan has been fighting and flogging through. do you feel there's that much more upside to this stock? >> i think there is upside. it won't be a blockbuster. but things are starting to brighten a bit for them. they're putting their legacy positions behind them. the us economy is

people want to know from you as the head of the ada is jamie dimon is going to lay off 20,000, brian moynihanff x number of thousands. what is going to happen to the other banks? they do not make the headlines, do that? frank: what i'm focused on between the committee banks, the diminishment and committee banks, brendan is right, there have been fluctuations, declines as a result of just competitive pressures, but there is no way that you were going to have financial services that you need and want, that focus on the goodness of the pounds, the vitality of the community if you not have the community in those towns. tom: another thing we can talk about is the digital banking at the small bank level because it takes away that personal touch. frank keating with us, and yes we will talk republican politics later. we can do a vanilla discussion on the vix, or we can talk about the new volatility we see worldwide. spain spreads out wider than they have been since october one indication of that. dean curnutt coming up. ♪ tom: good morning, everyone. "bloomberg surveillance." vonnie quinn brendan gre