brian moynihan, chairman and ceo of bank of america.g up, we will talk with the governor of alaska about what alaska is doing for the coronavirus and how use he is responding. this is "balance of power" on bloomberg tv and radio. bloomberg tv and radio. ♪ this is "balance of television and radio, i'm david westin. the governor today and a new economic stabilization plan will help some of the economic effects from this crisis. we are joined by mike dunlevy, the governor of alaska. thank you for joining us. give us a sense of where alaska is, how many incidents to you have, and how are you faring with this disease? question.vy: good so far, alaska has tested 4603 individuals. we have 133 positive cases in alaska. ,e have had nine hospitalized still hospitalized in the state of alaska, and unfortunately we have had three deaths related to alaskans. are a small state population wise, 730 thousand people, so we want to keep our numbers as low as possible. we have a lot of isolated communities appear, sometimes hundreds of miles from the near

bank of america ceo brian moynihan said he expects the u.s. bounce back fairly quickly once the coronavirus health crisis is resolved. take a listen. brian: as we went through january and february, we saw with consumer spending money at table --ster rate double-digit rate since 2019, so the economy will probably grow faster than people projected. into march when you saw the situation, even with the impact in march, we will still see consumer spending in the aggregate on march, this is not a small sample, up for march, not a lot but two or 3%, and year-to-date up almost double digits. that is faster than last year versus the year before. path, buty is on this as he watched march play out it has changed dramatically. so what the federal reserve did, starting a lot of liquidity programs to stabilize the markets, congress passing a steaming this bill to keep people employed. at bank of america, we told our teammates they have a job here and that is important. to the extent we keep people employed, keep cash going to households, that will be terrif

i think you heard from brian moynihan, bankers are trying to reassure people about the economy.e have a standstill in the economy due to this virus, what is happening really is this is a standstill and the bankers trying to find a way to float some of these payments to their for them not to suffer so much hardship and basically give people more time to deal with the impact of this virus. that comes in the form of economic support, stimulus, which the bankers or try to help the government enact. we have seen major banks be pretty quick to reassure their employees. we have seen them give out special bonuses, saying they will not be having layoffs, also extending the offers to customers for loan payments. student loans are also coming into play separately. in terms of the playbook from 2008 to what we are seeing now, have there been lessons learned from the big lenders that are different? es, definitely, you said it right, the banks are trying as much as they can to be very helpful very early on. obviously u.s. banks will be really involved in the small business rescue plan in term

brian moynihan.again. >> it's good to be here, margaret. >> brennan: may 1st is friday, that means a lot of bills is coming due for americans, including. >> marisa: , including mortgage payments. last time you said costumers could call and defer those payments. how long is that going to be sustainable for? >> margaret, let's back up. it was five weeks or so when we were together. you have to think about -- it seems we were talking about, number one, there were only 3,000 cases in the united states, the social distancing and shutdowns weren't in place then, but we knew they were coming. and we talked about the need to win the health care battle, win the war against the virus, and it took all people to do it. our industry actually helped the way it was supposed to. whether it is through the regular way of lending we all did in the first quarter, which was $500 billion, $70 billion and to $2 billion to small businesses, whether it is the work we did through the customer assistance program that you're re

brian moynihan told david westin he expects the u.s.unce back quickly once the coronavirus health crisis is over. take a listen. did,at the federal reserve a lot of liquidity programs to stabilize the markets. congress passed a stimulus bill to keep people employed. we have told our teammates we have a job to support, and many employers are told that to keep people employed. keep a baseline economy growing. how doer question is, you help small businesses do that? that is a program they will implement friday. the key is how do we get that money and how quickly on behalf of congress and the president, ,nd they set up regulations they are starting to publish them. patient,stomers to be go back to your bank and who you have the money relationship with for documentation, they will have millions of customers come to us and we will put them into the program. money ishat the secured to do, and to cover overhead to help small businesses. we are setting up shop and activating thousands to take applications, a huge digital presence. if everybody c

we'll talk to brian moynihan later with the dow down about 100. back in about a minute ♪ ♪ ♪ has stood strong through every dark hour and bright dawn our country has endured. it has seen the break in the clouds before anyone else. for the past 168 years, we've also stood by you, helping you weather storms like this one, to protect your loved ones. and we'll do it for 168 more. helpinhas you covered withe fast, reliable internet.finity with advanced security to help keep you secure online. and with the most tv shows, movies and streaming apps all in one place. with simple digital tools you can get the help you need or even trouble shoot your services on your own. download the xfinity my account app or just say help into your xfinity voice remote. we are working to make things a little easier on everyone. download the xfinity my account app today. >>> let's get to jim >> a common theme against the plague we want to 18 months, way too long we're 'lying on anti-virals. maybe gilead's drug, maybe it's showing signs of being good. and given the fact tha

speaking directly to the fact that we did have brian moynihan on to talk about that. it's incredible how quickly the banks are rolling out these programs right now, a process that would normally take many months and done it basically in a week it's one to watch. >> all right let's bring in this morning david harrow, chief investment officer on the newsline and ed, our friend, the president of yardeni research good to talk to you. >> hello tgif we have the weekend coming up, folks. >> ed, that's right -- >> hi, ed. >> hi. >> you were good, ed, at trying to ferret out some silver linings. if we had to build a list what would you put on it? >> this is a great virus crisis, three crises combined into one, it's a health crisis, it's an economic crisis and it's a financial crisis i'm not a virologist but i'm looking for good news there if there's any to be had and, you know, it looks like abbott labs may have a rapid test, that's the good news. the bad news is it may take a while to get enough tests throughout i am encouraged by some news that there might actually be a vacc

we are thrilled to bring you a conversation with brian moynihan as his bank is overwhelmed.s is bloomberg. ♪ ♪ "surveillance," from new york and london. market, futures are down, not going to call it dramatically. yields are in, curve flattening oil, with the headlines we years being, need to for -- headlines we are seeing, we need to frame oil at $20 a barrel. up therats how he set equilibrium theory of going down well into the teens if not lower. dare i say, he mentioned $10 a barrel at one point in the conversation. what you see?- francine: -- what do you see? stocks down,opean euro extending strong pmi readings. drop is posting a record in terms of the index. dollar climbing with treasuries. a bit of movement when it came to yen, so there is a to the markets of a haven as president trump warned the strut -- spread of the virus is worsening. rbs and lloyds candles outstanding dividends -- canceled outstanding dividends and buybacks is after -- buybacks. this is after we heard from regulators of a similar stance. go to tv if you are a bloomberg user. , andan watch tom

later on, an exclusive with brian moynihan. this is bloomberg. ♪ [new audio] [no audio]

with bank of america chief, brian moynihan, he expects the u.s. economy to bounce back quickly.e says there are structural issues that need to be dealt with. >> there will be a deeper downdraft, but most economists believe on the other side is a reversion back to where the economy gets back to the same size next year that it was prior to this, which is a fast turnaround. bc is returning some board members who were angered by recent actions after pressure on lenders to cancel dividends. one director saying, quote, we should not be in the u.k. and there are no discussions to review the bank headquarters. the royal bank of scotland restructuring plan means cutting jobs, as many of its peers halt layoffs amid the chaos of the coronavirus pandemic. the team ongo of loan obligations, and the cuts were announced on a zoom call. germany and italy have extended lockdown measures until after easter. spain reported its deadliest day .ith 864 fatalities it comes as european leaders struggled to come up with a joint response to counter the of the pandemic. there was a wobble on the markets t

companya tractor supply , and others in the agricultural business, and banking, bank of america -- brian moynihan been great, j.p. morgan has been great, jamie dimon, goldman sachs, citigroup, wells fargo, u.s. bancorp, morgan stanley, james gorman, grand rapids state , all southern bancorp great institutions with lots to say and lots of good ideas. if you look at how paycheck has been working out, the numbers are incredible, and i hope congress will be able to supplement the amount of money going to our workers. i hope they are able to get that done quickly, because it has been an incredible success, and many are already spending that money in the money has been distributed at numbers nobody believed possible for a short period of time, only a week ago, but a lot of money has been district it already and it will keep our small businesses open. the construction labor workforce , international union of engineers, jim callahan, north america building trades union, john mcgarvey, a lot of friends of mine, labor international union of north america, terry o'sullivan, international brotherhood of team

interviews with brian moynihan, the ceo of bank of america, and the alaska governor. the question of military preparedness and how is being affected by the covid-19 virus. that was brought home to all of us when we heard from the captain of the uss theodore roosevelt, the aircraft carrier, who said he needs to pull into port and offload all 4000 of his sailors and have them tested because of incidents on board the ship. it brings a question of how can you keep together a military force in an age of coronavirus. we will turn to someone who pays attention to military preparedness, not just for the united states but our allies. she is ambassador kay bailey hutchinson, ambassador to nato. before that she was a senator from texas for 20 years -- i am now told i should go to abigail it

. ♪ guy: coming up, we speak to bank of america ceo brian moynihan.rg. ♪ vonnie: live from new york city, i'm vonnie quinn, along with guy johnson in london. this is "bloomberg markets." private equity at a crossroads. while the market rout is creating takeover opportunities, it is making financing more difficult to come by. so what is the temperature at pe companies? , ceous now is tony tutrone of neuberger berman alternatives advisors. ackman'sback to bill comments that many companies will go to zero. what is the biggest concern for private equity right now in terms of writing down their portfolio companies? -- private equity firms right now is, number one, making sure their companies have the adequate cash and liquidity, so they are being very aggressive working with their companies, making sure they are focused on that. that is really the first and top priority. as far as markdowns to the values, at this time i think it is very hard to predict because a lot of the harm to the businesses has been very recent, just in the last month, especially here

brian moynihan,, co-ceo of bank of america. and charles sharf, ceo of wells fargo, michael corbett, ceo of citigroup, al kelly, ceo of visa, michael mibach, ceo of mastercard. noah wilcox chairman of grand rapid state bank. and we had numerous others also on the call. i just appreciate them. we are, we're way ahead of schedule by the way, we're way ahead of schedule. the paycheck protection program has been incredible. so based on the incredible success of the program i'm announcing that i will be asking congress to provide an additional $250 billion for the paycheck protection which will help keep americans employed to facilitate a full and quick recovery. we're doing very well. we're looking very bipartisan. a lot of people want to do it. the plan is amazing. they're processing hundreds of thousands of loans. these are the big banks doing it, community banks. but the biggest banks right now in our country are doing it and they're doing it for a lot of reasons, one of them is they want to help people the w.h.o., that is the wo

brian moynihan at bank of america does remarkable work if you look at the state of washington, things have leveled out there. they went down, then they're okay the whole volume of everything, if you want to look at it, for bank of america is not terrible. bank of america makes a case for state by state bank of america makes a case that we should open places i'm looking at these things through the eyes of what the governors are saying and what the president is saying. i was heartened by the state that did it right, though it was in conflict with the federal government at times, makes me feel like washington should be opened if you have more numbers that indicate things went down and then are back up, not all the way back to where they were and it turns out february was incredibly strong, then you can open things. isn't that the debate with these banks? it's not what the dividends are or what the -- what the bad loan qualifications are, but what do they look like in terms of giving you a signal that we can reopen the economy i'm saying they're not that bad. maybe you can make a case it

i want to thank david solomon, ceo of goldman sachs, brian moynihan, ceo of bank of america, gordon smiths scharf, ceo of wells fargo, michael corbett, ceo of citigroup. alcala, ceo of visa. the ceo of mastercard, noah wilcox, ceo and chairman of grand rapids state bank and we had numerous others also on the call and i just appreciate them. we are way ahead of schedule by the way. we are way ahead of schedule. the paycheck protection program has been incredible. so based on the incredible success of the program, i'm announcing that i'll be asking congress to provide an additional $250 billion for the paycheck protection which will help keep americans employed to facilitate a quick and full recovery. we are doing very well. we are working very bipartisan. a lot of people want to do it in the plan is amazing. you know, they are processing hundreds of thousands of loans and this is the big banks that are doing it, the community banks. but the biggest banks right now and our country are doing it, and they are doing it for a lot of reasons. one of them is they want to help people. the w.h.o.,

could already be fully tapped out even before it's its begun to be lent bank of america yesterday brian moynihanled on congress to fully fund that program. >> i think it's clear that between congress and the administration and american people, we need to get all these funded and not make this a foot race just get the work done and get everybody through. >> let's get more now on this important story. kate rogers joining us with exactly where we stand good morning, kate >> hi, brian, good morning to you. the sba says as of 10:30 a.m. eastern this morning, e-tran will open back up and small businesses can start to submit their applications for this second wave of $310 billion for the paycheck protection program. the consumer bankers association has warned the money already may be spoken for before this even gets up and running. that's due to very high demand remember, there are 30 million small businesses in this country. estimates have been as high as nearly $2 trillion for what might be needed to actually help many of them in this time. last time around, remember, 1.6 million loans ate up the fir

america can underwrite the loans more quickly they have to do less due diligence on the loans brian moynihan said after those loans are processed they'll get to customers with a checking or credit card relationship and then evaluate new customers after that and figure out a priority queue to sort it through and especially for the big banks where they're still having to comply with a lot of these regulations. they're trying to find a way to do this in the most seamless way. damned if you do, damned if you don't because not being online angers customers, too. >> absolutely. we appreciate it >>> tune in tonight at 7:00 p.m. eastern time for a cnbc special report "the path forward -- your business." the prophet himself marcus lemonis will answer your questions. >>> coming up, house speaker nancy pelosi telling our jim cramer that the government action so far is not enough and just a down payment. what more do we need we'll ask. >>> plus, been a two-day rally for oil but still down about 55% this year. now major energy ceos are heading to the white house to lay out their needs amid the downturn a

on april 1st, brian moynihan along with the world economic forum wrote a letter to corporations saying that companies needed to focus heavily on stakeholders employees coming first then on cnbc a couple of days later, mr. moynihan said only 5% of the firm's trading workforce was in the office and pledged to do everything the firm could to take care of the firm's workers, including making sure those who needed it were getting the best medical help in fact, just one day before the march 21st call, bank of america put into place the ability for its traders to work from home. even so, mr. gallo appeared to send those considering an option a message about how connected they'd be allowed to be. >> there's a balance there between critical mass in the office and not critical mass in the office or alternative, over time, if -- maybe not the critical critical, is if you're deemed critical and you decide to stay at home, we'll just take your access away it's no problem. after a certain period of time i assume people, when they're staying at home, they're self-quarantining or they're going out for

attending quote/unquote this meeting including alfred kelly of visa, michael corbat of citigroup, brian moynihan and gordon smith skyping or zooming in or however they're going to set this up at the white house. i'm sure we can expect all the ceos will find a way to keep their pets and children and everything else out of the shot. back over to you >> all right i'm sure they will we're all working hard to do that i guess eamon javers, thank you for the latest on that we'll hear from the ceo of the insurance giant allstate a look at the markets off the highs of the morning but the dow up 2.3% and the s&p also up 2% stay with us we'll be right back. issues facing our world,k al what do you see? we see a billion more people breathing free. we see access to fresh food being the global norm, not the exception. we see homes staying cooler, without the planet getting warmer. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved. >>> stocks trying to hold their gains for a second day today let's

in banking, bank of america, brian moynihan has been great, jpmorgan chase, jamie dimon. goldman sachs. citigroup, wells farring go, u.s. bancorp, morgan stanley, james gorman. grand rapids state bank, southern bancorp, all great institutions with lots to say and lots of good ideas and if you look how paycheck has been working out, the numbers are incredible and i hope congress is going to be able to supplement the amount of money going to our workers. i hope they're able to get that done very quickly because it has been an incredible success. many are already spending that money and the money has been distributed at numbers that nobody believed possible for this short period of time. it was only a week ago but, a lot of money has been distributed already. it will keep our small businesses open. the construction labor workforce international union of operating engineers, jim callahan. north america building trades union, sean mcgarvey. these are a lot of friend of mine. laborers international union of north america, terry o'sullivan. international brotherhood of teamsters

brian moynihan, ceo of bank of america. gordon smith, co-president, coo of jpmorgan chase.eo of wells fargo. al kelly, ceo of visa. michael m micha michael -- we had numerous others also on the call and i just appreciate them. they are -- we're way ahead of schedule, by the way. we're way ahead of schedule. the paycheck protection program has been incredible. so, based on the incredible success of the program, i'm announcing that i'll be asking congress to provide an additional $250 billion for the paycheck protection. er if which will help keep americans employed to help facilitate a quick and full recovery. we're doing very well. we're looking very bipartisan. a lot of people want to do it. and the plan is amazing. you know, they're processing hundreds of thousands of loans. this is the big banks that are doing it, the community banks. but the biggest banks right now in our country are doing it, and they're -- they're doing it for a lot of reasons. one of them is they want to help people. the w.h.o., that's the world health organization, receives vast amounts of money fro

in banking, it's bank of america, brian moynihan has been great, jp morgan chase, ya jami dimon. u.s. bancorp, morgan stanley, grand rapids state bank, southern bank cocorp all great institutions with lots to say and lots of good ideas. if you look at how paycheck has been working out, the numbers are incredible. i hope congress is going to be able to supplement the amount of money going to our workers. i hope they're able to get that done very quickly, because it's been an incredible success. and many are already suspending that money, and the money has been distributed at numbers that nobody believed possible for this short period of time. it was only a week ago. but a lot of money has been distributed already. it's going to keep our smaz businesses open. the construction labor workforce international union of operating engineer, jim callahan. north america building trades union, shawn mcgarvey. these are a lot of friends of mine. labors international, terry o'sullivan, international brother of teamsters, jame hoffa. national electrical contractors association, david long, bech

based on our own reporting two nights ago, brian moynihan, the ceo of bank of america with steve mnuchin was going through line by line of this thing and explaining to him how this thing technically works. if they are doing that less than 48 hours ago, do you really think we're going to get ourselves to a place where we're working in paypal, fintech and angie's list? >> i'm very nervous about that. it was 10:00, 11:00 last night they're still working on the language of what the rules are. so i don't think it's realistic that you would think the banks are actually going to be able to get the money out. and, a, to not be able to get this money out before may 1, when a whole bunch of bills are going to come due, threatens to have mass bankruptcies of small businesses in the country. but on top of that, we've got this major credibility gap that's developing, and it's a terrible -- it's terrible that we have that. so when the president, they announced there would be 27 million tests by the end of march. and they announced testing in walmart parking lots. and google was going to have a website

brian moynihan, ceo of bank of america; gordon smith, coimpeachment, coo of jp morgan chase; charlesf wells fargo; michael corbett, ceo of citi group; al kelly, ceo of visa; michael vribok ceo of mastercard, michael wilcox, ceo and chairman of grand rapids state bank. and we had numerous others also on the call. i just appreciate them. they are -- we're way ahead of schedule, by the way. we're way ahead of schedule. the paycheck protection program has been incredible. so based on the incredible success of the program, i'm announcing that i'll be asking congress to provide an additional $250 billion for the paycheck protection, which will help keep americans employed to facilitate a quick and full recovery. we're doing very well. we're looking very bipartisan. a lot of people want to do it. and the plan is amazing. they're processing hundreds of thousands of loans. and this is the big banks that are doing it, the community banks. but the biggest banks right now in our country are doing it. and they're doing it for a lot of reasons. one of them is they want to help people. the w.h.o.,

stock's much lower see mike buy we want jamie to get healthy fast but i bet you see we brian buy, brian moynihan they listen, they read the articles we do michael mayo talked about the idea that everyone sees the articles it is a terrible time. a month from now if it is not a terrible time will we look back and say warren buffett's favorite bank traded with 58% yield? no, we didn't want to own it because the ventilator number. >> let me -- i'm going to take a quick break and want to note we are at the lows of the day for the markets. dow's given up - >> a lousy day >> given up 21,000. >> did anyone think it would be anything but a lousy day 1,200? >> don't turn into an auctioneer. >> no? sold for 1,200. >> 20,985 on the dow but we are at the lows athe t board final thoughts, maybe a trade or two on the other side of this break. it's a challenging market. edward jones is well aware of that. which is why we're ready to listen. and ready to help you find opportunity. so. let's talk. edward jones. it's time for investing to feel individual. >>> just before 1:00 p.m. in the east there's the market pi

sonali: we are listening to the ceo brian moynihan and the cfo.il, down 40 to 60%. we have some insight into how the consumer is behaving. $60e they were spending billion weekly, that has dropped to $50 billion and that has normalized from the trough we have seen in mid-march. they are trying to provide bright spots to the consumer. what we do not have is the net income interest expectation through the end of this year, which we believe will be under pressure. alix: especially on a risk off day. equity futures still treading around the lows of the session, now off 81. btp yields jumping. canary in the coal mine? that is possible. coming up on "the open" with jonathan ferro, he will be joined by peter to jeannie -- this is bloomberg. ♪ ♪ from new york city for our audience worldwide, good morning, good morning. "the countdown to the open" starts right now. your price action this wednesday morning shaping up as follows. equity futures down hard. session lows. off to .9%. a classic risk off set up this wednesday. 8, nine basis points. the dollar stro

that's as of last hour bank of america's ceo brian moynihan weighed in on cnbc earlier this morning >> it's a testimony to the speed at which we can move and so speed is of the essence here for these types of small businesses. ppe is meant to keep their payroll consistent going against some of the discussion you were swr just having on jobs and other impacts in the economy which we expect to see in april the money will start to go out the door once the applications are processed over the next short period of time >> joining us now is richard hunt, consumer bankers president and ceo. very good afternoon to you thanks so much for joining us. i guess i've been speakinging to lot of the banks this week and i know it's been a monumental tas b k to get this program up and running. some are running, some are not who's to blame for the fact we're not fully up and running as of this morning, which was the original target, wh it was too optimistic or not? >> yeah, look. here's what i do now every hour, it's getting better. we have more banks online. we expect ooen more money out the door someti

paul businesses bank of america ceo brian moynihan says the bank has received 250,000 application forhose small business loans jpmorgan has received 375,000 applications and gordon smith, a ceo, estimates the value of those loans will be about $40 billion. goldman sachs is doubling its commitment to the loan program to $500 million. goldman is not really a consumer facing bank so it would expected to have a smaller slice of this. as we said, the meeting is still ongoing. we'll bring you more headlines certainly these bank ceos are talking up the program and suggesting that the demand is overwhelming and trying to just figure out exactly how they can get that money to small businesses treasury secretary for his part says the expansion that he is planning of the program means if they don't get the loans this week that there will be plenty of money available next week wilf and sara? >> i guess the president at the top of the meeting as well also talking about the program and suggesting it's been a very big success so far and being supportive of the banks even though we know not a huge pe

some are going to live, some are going to die that's where people ruminate at home that's what brian moynihanut. call it physical distancing. you're ruminating. i don't want to die. not i don't want to go out, i don't want to die. we have to change that discourse. that's what barry was saying are we kidding what are we talking about? it's just russian roulette we have to get it out of russian roulette i'm willing to go to the game and be willing to get sick getting sick and not dieing. we have to take dieing off the table. >> take dieing off the table until we get the drugs though, i'm not sure we can take i'm not sure >> we have a mortality rate of 9% yesterday it made me think, hey, spanish flu, we have nothing on you. but then now it's spanish flu, we're worse than you and 9% mortality rate. that's extraordinary 4% is extraordinary. let me give you about how carnival cruise -- they're doing great. maybe they shouldn't even have cruises. maybe we shouldn't have them >> jim, we will see you in a couple minutes you mentioned kevin mccarthy we have him on the other side of this commercial brea

it's not like they put 50,000 people on this we'll have brian moynihan from bank of america talk aboutt how hard it is. i know that he's got a lot of branches and he's one of the biggest bankers. i think what we want to do is go right to the source to see if they're ready. this is something that it is urgent and necessary, and i will have speaker pelosi on later today. she agrees we have to do this we're talking about literally tens of millions of jobs we're talking about companies never re-opening when i read it, i think it's quite good for business people because of the two parts, the 10,000 but then also being able to get reimbursed for workers you don't layoff i know also there's lots of companies that that's already too little too late. that's where we have to figure out what to try to do. >> right i guess that's going to be the second derivative of the people who don't get help, the problems that kind of pop up along the way. and i guess some of the unintended consequences that might come through with some of these things companies, small businesses saying, okay, if i take this l