we did not hear that from brian moynihan. for bank of america and j.p. morgan, they were the most beloved of this cycle, but are they the most vulnerable into next year? jon: great reporting as always. thank you for the latest on the goldman sachs story. that is sonali basak. developing news tied to twitter. the team breaking this now. twitter froze the equity awards accounts for employees on monday as that deadline to seal the deal with elon musk approaches. ed ludlow breaking that news. walk us through the significance of this. ed: these are the accounts twitter employees check based on stock compensation. the check for status and a notice was placed on those accounts monday. essentially it told them they had been frozen. the ability to trade. there was a quiet period in place anyway, but the company is anticipating this deal. twitter shares pushing higher. it is a sign to the market twitter is proceeding as expected to work to close this deal. the deadline installed by the delaware chancellery judge is 5:00 p.m. on the 28th. but there have been confus

of america reporting better-than-expected results, the stock higher by 5% the company's ceo, brian moynihanis about to join us. >>> plus, china communist party national congress taking place, xi jinping laying out aggressive targets for economic growth. would those ambitions have to come at the expense of u.s. technology what it all means for u.s.-china relations, contessa. >> good to see you, everybody. stocks starting this week again with strong gains. tyler mentioned the dow is back above the 30,000 mark, up 2.1%, s&p 500 up 2.85% right now and the nasdaq composite, the big winner today, up 3.5%. financials among the leaders helped by those bank of america earnings bank of new york also up 5%. right now, 5.5% following their strong results software names among the best performers in the nasdaq 100 you've got okta -- wait. here are the casinos right now caesars up 7%, draft kings, the same those coming off the conferences with some big gains. we were there last week, tyler, and the takeaway, much more optimistic than what a lot of investors had predicted. >> look the a those gains today o

talked to brian moynihan last hour what he sees from the consumer i want to play you a quick clip. >>n womaners out there? no question, but employed earning money and account balances at bank of america continue to be flat august to september for cohorts, say, 2,000 to 5,000 before the pandemic, sitting with 13,000 in an account and continues to be flattish, not going down growing earlier now flat that means there's money to spend. >> really good news. isn't it >> well, you know, the thing that's at these bank ceos talking about consumer spending and in nominal dollars so he's not talking about volumes or the impact of what inflation has done, and we saw that firsthand with last friday's retail sales number, sara when you look at real retail sales and remember that recessions are not nominal variables. recessions are about physical inputs that are in the economy, and real retail sales were negative 2% at an an newnual ra third quarter and negative built into the fourth quarter. nice to talk about, before covid, before this inflation burst we had, nice to talk about nominal dollars in

this one, that brian moynihan is the smartest guy in the game. >> where >> in this game. >> really?> the bank -- no, next lie. yes, really. >> smarter than your -- than charlie scharf smarter than james gorman, jamie dimon? really you sure you want to go with that >> i am going with that. let me tell you why i'm going with it. this past -- this is -- the technology they're putting fintech to shame. the asset gathering. the amount of bad loans and whoever they're loaning to is just perfect the amount of money their clients still have, all those measures, brian moynihan's done the best, and i really respect charlie scharf and wells, my travel trust owns it i wish i owned this bank today >> not a lot of hair on the print or the call today. no trading day losses in the quarter. delinquencies, well below pre-covid. asset quality and loans, pretty g good shape leveraged loan losses lower this quarter than in the prior quarter. >> none of their numbers are supposed to be that short-term -- their trading business, up 13%, david. i mean, they're taking -- the number of people who come in tha

today, david westin's interview with brian moynihan at 2:30 your time. -- new york time.friday was talking about how consumers would run out of savings by 2023 so i would love to get his take on that. we get earnings out for netflix and united airlines. you have seen a powerful rally. maybe a relief rally. we got through the u.k. crisis. how do you buy on this kind of thing? next week is the big earnings week. guy: we have a lot to get through in terms of earnings. that will be a huge focus. you wonder if the market feels technically driven rather than fundamentally driven right now. alix: i love me some technical. always the fun part. that wraps up monday. now we get to tuesday. the executive chair will be joining "balance of power." it is going to be really good. also tune in on digital radio at 12:00 new york. this is bloomberg. ♪ >> from the world of politics to the world of business, this is balance of power with david westin. ♪ david: from bloomberg world headquarters in new york to our television and radio audiences worldwide, welcome. -- in the united kingdom it a

we will see if bank of america's brian moynihan is as sour as jamie dimon. >>> growing calls for the uk prime minister liz truss layout the road map >>> oil coming off the worst week since august as global recession fears out weigh the moves by opec. >>> later, elon musk about face over ukraine and free starlick internet it is monday, october 17th, 2022 it is "worldwide exchange" here on cnbc. >>> good morning i'm seema mody in for brian sullivan let's kick off with a look at futures on monday morning. we are sharply higher. take a look at the dow jones industrial average indicated higher by 253 points nasdaq higher by 119 s&p 500 is higher by 35 points the implied open at this hour. this coming after a pretty rough session for wall street on friday that saw the dow and s&p and nasdaq close down more than 1%, 2% and 3% respectively it follows thursday when we got the hotter than expected inflation read stocks moving higher the take away is it is volatile. futures are pricing in the 75 point hike for november. yields are lower at this hour. 3.96% for the 10-year treasury >>> pivot to

. >>> bank of america ceo brian moynihan will speak later today. that is it for us.worldwide exchange" is coming upex nt. nt. we planned well for retirement, but i wish we had more cash. they have no idea they're sitting on a goldmine. well they don't realize that if you have a life insurance policy of $100,000 or more, you can sell all or part of it to coventry for cash. even a term policy. we've got to tell them! hey, guys! you're sitting on a goldmine! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. why do nearly one million businesses choose stamps.com to mail and ship? stamps.com is convenient you get the services of the post office right on your computer stamps.com saves you money with great rates from usps and ups mail letters ship packages anytime anywhere for less a lot less get our special tv offer a 4-week trial plus postage and a digital scale go to stamps.com/tv and get started today our internet isn't ideal. a 4-week trial plu

anton, from billings, montana, to oak ridge, new jersey at the top of "power lunch," we'll have brian moynihan. >>> chinese president xi jinping is outlining his policies for the next five years. they may have some very big implications for investors all around the world, including the united states. eunice unyoon is in beijing for us >> reporter: they should assume that making china great again is the central task he spoke to two hours in a speech at the opening ceremony for a leadership conference on sunday president xi had made it quite clear that it would be underpinned, and that that modernization could continue to prioritize national security so to president xi, that means self-reliance, tech supremacy, and military power that is, quote, normalized. he suggested that the main principles would be common prosperity, so that's narrowing the wealth gap, as well as, he said, introducing a standardizing mechanism of wealth accumulation, high-quality development, which many believe will -- and a continue ways of zero covid. he fears the defendant this policy, saying it's provided many major pos

yvonne: that was brian moynihan speaking with bloomberg's stephen weston.of america is the latest lender to paint a rosier than expected picture of the u.s. consumer. let's bring in su keenan. we are not hearing recession warnings from ceos that all. -- ceos at all. >> we are talking about the last couple months. bank of america's strength beat expectations. on the strong training and the consumer unit, credit card spending jumped 13%. that explains why we saw so many bank stocks up. the general market was up so a lot of green on the screen as they moved with the rest of the market. but the weak spot for a lot of these banks is the investment banking. if we drop into the bloomberg, you see it was the weakest sector for all the banks. bank of america down 46% as the deal flow worldwide was lower. ipo's were lower. you see investment banking is just falling across the board. of course the next big bank to report his goldman sachs. it will be a huge focus on what has already been reported as an announcement we can expect from david solomon. he is expected to a

it's interesting when you look at what brian moynihan says consumers are spending.ie dimon says consumers are in good shape, and jane fraser, the u.s. economy is resilient. no crack's in the faÇade of the u.s. yet. what do we learn from bank of america? charlie: yet is the key word. we saw on brian monahan's face, he looks pretty happy, bank of america had a pretty good day reporting earnings yesterday. what was striking was net interest income, really good returns with j.p. morgan, on friday, a record. give america also set a record. -- bank of america also set a record. they brought in 13.8 billion, a good sign and a higher interest rate environment. tom: you've also talked about the restructuring at goldman sachs, what can we expect? will they post similarly robust earnings? or is it more challenging? charlie: goldman is reporting later today and there will be a big elephant in the room, which is the restructuring. it is looking like they will try to simplify the bank into three buckets, trading and investment banking, asset management and wealth, and than a catc

what i started to say before i lost you, yesterday when we heard brian moynihan giddy how strong the consumer is and all that stuff -- neil: bank of america chair. >> bank of america, right but all the banks in this reporting season, all of them upped the ante in loan-loss reserves because they're all preparing for a more difficult time ahead. it was interesting to hear brian moynihan the consumer is great but putting money aside if they see defaults. neil: kenny, banks are saying we don't want to go through the meltdown we had last go round. just in case we're building up reserves? >> yes. on the one hand it is great he is building up reserves. on the other hand what that message says is, they all expect tougher times ahead not only for the economy, but then for the consumer, right? neil: yeah. >> that is what that says for consumer. so it is preparing for a good thing. the negative to that, get ready to strap in, we expect it will be tough times ahead. look we only got, we're only five days, four days into this earnings season. neil: true. >> some reports are good. there were 10 re

i would just -- jamie dimon versus brian moynihan. this was sunny skies versus cloudy skies the meteorology dynamics, he was so sunny on the consumer and the dynamics that he is seeing and the net interest income is something that i think money center banks will continue to have the flip side of that, we saw it in a couple of regional banks, the outflow of deposits, charles schwab reported today. they saw deposits down the competition from within banks is something we have yet the see. there may be more net interest income but the net interest margin may be coming down this may be as good as it gets chase and jp morgan and bank of america and wells fargo, they're not really paying you for those deposit just yet they're going to have to or they're going to compete and they're going to lose some of those deposits >> guy, quick comment on the banks. >> in february of 2018, mtb traded up to 194, fell off a cliff. look where we are now. you either have a mother of all double tops or this is going to break out. their earning growth is such

brian moynihan saint consumers are spending, they have good credit. consumers are in very good shape. you had jane frazier at city saying the u.s. economy remains resilient. we know all of those things about the u.s. economy. tom: you have to go to the conference calls and this dreaded forward guidance. gina martin adams is really good at this at bloomberg intelligence and she says there is a wait to looking out further like there was a year ago. jonathan: early days, but are we skipping over a very low bar for the third quarter? lisa: a lot of people say that. when you do not skip over it you get punished badly. it is hard to come away without any kind of conclusive narrative , especially when you have bank of america talking about embrace the bear and prepare for the bull and all of these metaphors. out of be a more comfortable bear. jonathan: is this therapy? lisa: this is therapy for a people who will look at a rally that will rip their faces off. tom: are we vulnerable? i feel so vulnerable. get me some more tang. jonathan: this is outside therap

brian moynihan says the consumer is remaining resilient. >> the credit quality and the credit qualityink of america is strong across the board. the delinquencies are lower than they were pre-pandemic. they moved a little off the floor but they are still lower than they have been. consumers are spending. they have money. they are employed. they have good credit. >> that is the bloomberg business flash. francine: laura wright in london. let's get more on the economy. resident biden downplaying -- president biden downplaying the chance for a recession. we are joined by vanguard asset management chief jumana saleheen . it does feel like everything is turning into a perfect storm in terms of inflation. can the u.s. avoid a recession? dr. jumana saleheen: i think for this year they probably will. the labor market data is still very strong. i think this year they probably can avoid a recession. going into next year, as policy keeps tightening we start to see that affecting the real economy, it will get harder. tom: we were speaking to ben gutteridge earlier in the show and he says he sees a

in terms of overall macro comments brian moynihan quoted in saying the u.s.ent and strong and slower growing spending levels and still maintained elevated dep deposits stock price reacting 2.5% 2.5% higher in early morning trading, guys. >> okay. thank you for jumping on and bringing us this news. we're going to keep our eyes on that stock this morning. >>> how americans feel about companies weighing into current events and controversial issues. that's next. >>> you can get the best of "squawk box" on our podcast. we're coming right back. bubbles bubbles so many bubbles! as an expedia member you earn points on your travels, and that's on top of your airline miles. so you can go and see... or taste or do absolutely nothing with all those bubbles. without ever wondering if you're getting the most out of your trip. because you are. if you're loud, be louder. if you stand out, stand strong. and if you got the devil on your shoulder... take him for a ride. how will your business adapt to change? you could hire an office full of peyton mannings. what's up, peyton?

differing signals from various ceos, you mentioned commentary on macrostory bank of america ceo brian moynihant consumer environment is strong jpmorgan ceo jamie dimon doubled down on quote economic hurricane prediction last friday i know you've been talking a lot about strength in capex one indicator by tech digitization quite important but how could you characterize the earnings season so far is the third quarter coming out better than you thought when it comes to earnings, because there were a lot of comments about a profits recession, are we seeing take that? >> i think we are, wise happening a very, very decoupling between corporate revenue growth earnings that is inflation inflation is blurring a lot of earnings when banks credit card growth 9% a reflection of 8% nominal consumer spending growth, in reality, real consumer spending only growing about one that is the consumers are paying up a lot, and doing that, because we still have jobs, so if earnings are deteriorating why aren't companies more aggressively laying people off? gets back to revenue growth they have currently ability to r

later today, the chairman and ceo of bank of america, brian moynihan.is bloomberg. ♪ alix: we are about one hour into the u.s. trading session. we are looking at 90% of all stocks in the green. katie greifeld is tracking the news. katie: a powerful rally. you have the s&p 500 up by 2.6%, a lot of strength coming from the tech sector. nasdaq 100 over 3% up. the info tech sector is up as well. all of this coming as yields go lower, the 10 year by five basis points. if you look at the numbers, look at the nasdaq 100 over the past 60's, five of them have seen moves of 1% or greater. add it altogether together, we are not going anywhere. the index is just about flat over that time span, so violently going sideways is one way to put it, but if you listen to brian wilson at morgan stanley, that could change. we are talking about the technical picture, the s&p 500 just below its 200 week moving average. on a technical basis alone, he thinks it could spur a technical rebound of about 16%, which would be remarkable, but it has two asterix. that is in the absence

economy saying there is a good chance of a recession time to be cautious after bank of america ceo brian moynihant environment is strong reported better-than-expected following jamie dimon, from jpmorgan doubling down on quote economic hurricane prediction last friday, we want to talk about the macrostory with citi constitutional group clients chairman leon thanks so much for being back to join us, what is your take on the macrostory how slow might things get to more data with a fed beige book out at 2:00 today. >> i think what we probably have a rolling reaction, in other words, parts of the global economy, have weakened significantly, you look in europe here right now obviously, the winter coming up, and people issue going to be looking at temperature versus heating versus costs i think a significant impact. u.s. the moment is resilient you look at the, season right now, it is so far pretty good when you think about it, the -- the marketplace in effect staying fed will continue to increase rates, and a recession probability has gone up if you look at economists last few weeks in some cases clos

reported earnings today and it's always interesting because make america's big bank, they have ceo brian moynihan, who gives, you know the pulse of the consumer and what brian monahan is saying is consumers alive and well, in fact, we have more savings than we did pre pandemic. the smaller bank accounts or 5 times large and they were pre pandemic. some people have savings they're holding on to them. the total number transactions are up about 6% year-over-year. so the economy is alive and well. and i bring that up in large part because to bag your on wall street. keep talking about how inflation is going to lead to a recession. but he saying no time soon. so the consumer is alive and well. and that's it's not. not the end. all be all because there underneath these were see companies like intel announced pretty big job cuts which would kill inflation if we get enough job cuts and that would be our panacea. that will be our fix to a have a better year next year on wall street. >> i like asking questions about investments and what's good to invest. and i think that ryan reynolds should have talked to

brian moynihan came out said many times i think top ceo there. jamie dimon up there as well, of course take a look at what he's done. i was surprised by net interest income, that that was -- loan growth those were surprising, because we haven't had loan growth up until thissen point. had some, but not what anybody expected there are stocks to by well off its highs, a cheap stock here but look at it this way. jeremy siegel on our show a number of times, a lot of kre. >> announcer: s-- cnbc shows, i you buy into what he says we haven't seen a crash in the economy. if the point he's making and barry is making, that the fed's gone too far too fast, you're going to see the impact and that's not going to be good for equity markets you're right, takes two quarters or three quarters to really filter through and still had pretty good saving out there and still had people, preferred leisure time to working and out there buying more goods and services but we get to see impact to wilson's point market continued to go up interim, but then get to saying, okay

and convey thanks to brian moynihan as well. been with us every step of the way. now i'd like to to introduce brigadier general andre carter from fort bragg, who is with us today and i guess will tell us about our partnership and our future together. general carter. i want to start out by saying thank you to the organization friends and individuals who have supported and continue to cultivate the partnership between the smithsonian and the united states army civil affairs and psychology operations command. that's the whole thing. using kapok, having a partner, the smithsonian offers a platform for our top army profession trained with respected expert and top level institutions, and build a network of cultural heritage specialists. it is an honor for me to congratulate the first cohort of army monuments officers. each of our cultural heritage professionals and experts in their respective fields we have archeologists archivists, curators, educators, data scientists, museum directors, history artists, provenance researchers, legal advisors, environmental managers and

dennis, with the difference of opinions on this broader economy, bank of america's ceo brian moynihannsumer environment is strong. jp morgan ceo jamie dimon dubbed down on his, quote, economic hurricane coming prediction last friday. we're looking ahead to the next federal reserve meeting kicking off november 1st and 2nd, the fed expected to raise rates by another 75 basis points. this morning we have the industrial production report out this morning. your expectationings for the macro story and where things are going. >> first of all, let's talk about the consumer. the consumer is doing quite well. i'm quite surprised. my daughter got married this week a end. we were in c charleston, south carolina. every restaurant and hotel was book. the consumer is joyous at the moment. the economic index went below zero last week. that usually means a recession is upon us. the conference board model for recession reached 100%. i think we've already had two consecutive quarters of negative real gdp growth which is the definition of recession. on balance, i think the economy is doing badly. the con

bank of america ceo brian moynihan, however, said yesterday that the current consumer environment isrgan ceo, jamie dimon doubled down on his, quote, economic hurricane prediction last friday. so we've of got two contrasting narratives coming from the two largest banks. but when you look at the consumer, we really haven't seen a stressed consumer yet, right? even if they are going into their savings to pay for this 40-year high inflation, it looks like so far while things have slowed, you're not seeing tremendous stress. would you agree with that? >> yes. 100%. the u.s. consumer has been pretty much single handedly keeping not only the u.s. economy but also the global economy afloat and what we've done is we've gone from a white hot labor market to a hot labor market. as spending has tightened so much, the labor market is going to deteriorate and once you have an increase in unemployment which is basically what the fed wants to happen in order to cure inflation, that's when we'll have the mild recession and so we're not with jamie in terms of economic hurricane. all we're talking abo

the ceo of bank of america, brian moynihan, has been on this program talking about the strength of thert. b of a shares up 2 and a quarter percent, that helping the dow industrials also up 272 right now. we'll slip in a short break and then the ceo of parrel -- parler, george farmer will join us on the breaking news that ye west will acquire parler. he'll join us live at 8:00 a.m. this morning in his first interview of the morning. don't miss that. we'll be right back. you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two l

ceo with brian moynihan singing a much happier tune than jpmorgan chase's jamie dimon. dimon, of course, was in full blown 'yore mold last week. today moynihan said on the earnings call that the customers' deposit balances remain higher than even pre-pandemic levels and that delinquencies, while ticking, oh, so slightly higher, do remain low. spending growth, particularly on travel and entertainment, remains resilient. all right, to the nasdaq, biggest percentage gainer, up 3.33%, 344. big move here. so we paired the nasdaq here on the screen with the philly semiconductor index which is up is 1.9% because susquehanna indicates that the microchip lag is finally starting to shrink. so pretty much the entire sector propelled higher either on that report or maybe simply because with short-term technicals and the negative headlines from the last two weeks have investors overextended to the downside. you see all of these names comfortably in the green from amd to marvel, semiconductor, intel, qualcomm, pretty much all of them. with less than a month before the next fed meetin

saying there is a good chance of a recession so it's time to be cautious but bank of america ceo brian moynihanconsumer environment is strong and jp morgan ceo jamie dimon doubling down on the, quote, economic hurricane prediction so mixed stories from the three banks but i think it's speaking to the strength of the consumer. we've got the fed beige book out today at 2:00 p.m. eastern. any expectations of of a big impact there from the beige book, mark? you have to wonder how long just one portion of the population is impacted by this. especially if people are going into their savings accounts to pay for 40-year high inflation. it catches up, doesn't it? >> it does catch up and a i think we're going to start to see the curve bend a bit. i think we're going to see ticks up in unemployment as we hear more layoffs. we heard microsoft slowing down hiring, google put a freeze on. meta slowed down. i think eventually manufacturing and capital intensive areas will feel the weight of the cost of capital so i don't expect robust economic growth from here on out. the hope is we have modest recession, not

. >> cfo welts fargo, money don't miss my first on cnbc introduce with bank of america ceo brian moynihan look at, that kroger and albertsons, both trading in the red today on news of a nearly $25 billion deal to combine the companies. we'll talk to the ceo of kroger about the strategy behind the acquisition and the potential concerns of regulators it's a cnbc exclusive. dow is down 350. you're watching "closing bell" on cnbc. ♪♪ ♪♪ ♪♪ be ready for any market with a liquid etf. >>> huge deal news today kroger officially buying rival grocery company albertsons in a $24.6 billion deal both stocks are pulling back on the news joining me now exclusively from cincinnati, ohio, kroger ceo rodney mcmullen. rodney, welcome. thank you for taking the time. >> thank you hi, sara, great to see you again. >> you, too. i'm wondering how long this has been in the works because albertsons announced back in february it was pursuing strategic options. how did it come together >> yeah. if you look, it really started to get serious about i would say two months ago, and -- and the fact that the ceo of alberts

that's why brian moynihan and myself try to stay steady. again, consumers are hanging in there., this is a very different world than the world of the 1970s energy independence is one of the main differences. >> i'm trying to glean from you what you're telling the guys and gals and what we're doing here if we're still talking buy, sell, hold individual stocks, that may not be reaching as many >> i think for many of our clients, they love the conversation every day, but when it comes to making actual portfolio decisions, it can be a trap we need to keep them focused on meme yum anwell-established ones >> are we ready? >> yeah. >> all right we don't have a bierk sell, or hold segment anymore maybe that will come back some day. >> there's room for everything in the markets, but, you know, that long-term perspective, again -- >> my last question, are you still bullish on america >> absolutely. it was the week during the world series with markets on edge, he said, we're still bullish on america. it had a big impact. it still resonated. >> it's higher than it was in 1987, but we didn't

brian moynihan would say, what do you want?hy can't you have good cash levels, not a lot of debt and not a lot of spending? the answer is when we speak to greg hayes, inflation is horrendous >> u.p.s. pushing through, coke pushes through price >> if this was 1964 and we were taking a class in what we are hearing, we will hear guns and butter and inflation is going to go out of control unless they rein it in >> johnson's budget in 1964 was -- he kept it under $100 billion. 99 billion >> the department of defense >> the u.s. government's budget. >> halliburton was a democratic company. >> we can't go past a billion. that would look bad >> pulte homes said demand has slowed they have gotten to housing. they have. >> case-shiller. sometimes i wonder why we go with it. it was three months ago. >> we have to go we have to go. jpmorgan came out positive on china. yeah now's the time xi, you see the guy that got escorted out he was the problem >> it comes back typically >> you can buy all you want now. he was short-selling bido. >> he

comments we got from goldman's solomon and other bank ceos in recent days with the exception of brian moynihaneasing likelihood or risk of recession next year? >> the question is first half, second half, we've been in print since the mid-part of this year. there's probably a first half situation. so, what we have to expect off of that is that the bulk of the earnings pressure on expectations and earnings reality is probably more first half of next year. and that's just paying attention to natural lead lag effects between where the economic indicators are taking us and the read-through to actual earnings which tend to lag by several months. >> we had you on earlier in the month and we talked about upping your odds of a severe recession. has there been anyone in the last two or three weeks that's ratified that scenario >> it's still out there. we're at 20% odds of a recession. that's around economic activity rolling and the fed tightening into this in the quest to get inflation down what you get is risk of unintended consequences. it's still out there hasn't been alleviated hasn't gotten materia

was loved for a while, but the banks, the core banks figured out, what we're going to hear when brian moynihanpeaks next week is that they are the bank that all these other ones want to be. square's not delivering, and i keep -- i like the cfo, but i think that one of the things that were happening is that we saw from twitter, you can't have an absent ceo. i thought he was doing a good job at twitter, but i don't think he's the number one choice to be captain. >> probably not. >> i think that could be a clean your desk situation. but block's not run by anybody and that's always been a problem. it's kind of like the panthers, okay like, until they get a coach -- >> does that mean that there's less danger of upside expense guidance from traditional banks if there's less of a fintech element to compete against >> yes like, the only fintech element that i thought was meaningful was how much -- i don't know if you saw that you got 3% now on your goldman account i got 3% today so, the goldman apple is good, but the fintechs, their days come they had unbelievable growth, but now the margins are comin