of course, we will have brian moynihan here in just a moment.ve any thoughts on bank above america? -- bank of america. >> yes. especially with what they are's -- are seeing on consumer. everyone looks to jpmorgan when jamie diamond reports there. so far they have not seen the issues with consumers people were expecting to see. they are generally in good shape. bank earnings maybe have not hit their expectations, but a lot of those work for some one time costs. >> charges. >> exactly. strip those out, and a lot of them actually beat expectations. i don't think it's as much a concern people should be worried about, especially if interest rates start to come down this year. we could actually start to see letting activity pick up which could help the banks. >> there's been so much of a discussion, and rightfully so, because these mega banks are the focal point of earnings season. but it was maybe just a little over a year ago we saw the silicon valley bank, regional bank issues getting all the attention. is it perhaps an opportunity now to see the

brian moynihan, the chairman and ceo of bank of america. thanks for your time. nk you very much for the interview. nice to see what brian says about how the u.s. economy is evolving. maybe his career prospects as well. we will see what will -- we will see what washington looks like in five years' time. may be more people from wall street delivering those big decisions we are going to need for the u.s. economy. fascinated to hear what he had to say about what he sees with this economy. he certainly signals a slowing. it is not a dramatic slowing, is it? that is really the contrast we have to draw between what market pricing had god, and kind of were a lot of people operating in this economy are. they see things slowing down a little bit, they see an economy that is not quite as rosy as it once was. it is not falling off a cliff, but that probably means the fed can cautiously and slowly start to reduce rates in the letter of the ship. alix: if you see the four interest rate cuts the question then is, why? is it just a normalization because real rates are too high o

and later exclusive interview with bank of america's brian moynihan. 2:00 p.m.k at banks recording results this morning. right now you'll see jpmorgan is up by 2.3%. bank of america down by 2.4%. citigroup up by close to 2% and wells fargo off 1.3%. stay tuned. "squawk box" will be right back. ? changing weather patterns are impacting the way we live and the value of businesses large and small. this can mean disruption to supply chains, changing demand for products and shifting regulation. what does this mean for your business, your clients, and your investments? ice offers data and markets that can provide critical insight. manage your climate risk with ice. i think i'm ready for this. heck, yeah! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. (applause) here's to getting financially ready for anything. and here's to being single and ready to mingle. who's ready to cha-cha? ♪♪ it's time to bring balance to business travel. and discover the equilibrium that works for you. at national, you're in control. skip t

beyond phil, beyond brian moy moynihan. i'm thinking about that warning we got yesterday from the imf, richard, about how many jobs are going to be dramatically changed because of ai. but at the same time, i'm really optimistic about what it could do in the right hands handled the right way. i miss you and your wife in the mountains in davos, richard quest, thank you. >> perfect. thank you. >> thank you, richard. >> fascinating and fun as he always is. >> i love that he just had a random white board. of course he does. >>> we are going to dig deep into yesterday's results in iowa. we are going to zero in on where the candidates did well and what this could mean for new hampshire coming up. >>> plus, how the biden team is framing trump's historic win in iowa and what it couould tell u about t the generaral electiono. that's's ahead. >>> this is time now for everybody, our country to come together. we want to come together whether it's republican or democrat or liberal or conservative, it would be so nice if we could come tog

lower 4th quarter pravt hit with regulatory flurries getting into it chairman ceo bank american brian moynihan good to see you. >> good to be he cloudy but nice week so far. maria: it has this shot is crazy gorgeous, give your take on regulatory charges what impacted earnings, where you see growth. >> fourth quarter 3.1 billion after tax two charges fdic charge for bank industry to put money in funds bank payerslast year, 2.s billion technical accounting change money through chairman get back next quarter has to do with bisbee terminated operational basis 6, six billion dollars after tax 50% return equities since pandemic started we learned a hundred billion dollars after tax this year 26 1/2, adjusted for that. maria: are what with leads growth talking about fed changing pivoting should be good for you -- >> -- the squeeze on margins because what happened rates went up deposits slide comes back what we've told people the chop area this quarter next quarter are grow nii, loans versus deposits second half next year feel very good a bunch of rate cuts, hurt in respects we can goes on which is go

brian moynihan from bank of america talked about how he continued to see the consumer spending on servicesast night at 6:30, it was jam packed. average deposits are higher than they were pre-pandemic. people have money in the bank account. wages are going up this year. i think you'll see a good earnings season this week. i think morgan stanley, schwab specifically, schwab is a wealth management firm like my firm, we had a great quarter. i'm assuming they'll see the same benefits from markets going up. more gone -- morgan stanley, goldman sachs, if we see mergers and acquisitions pick up, ipos pick up, which they should because interest rates are going down, we know what monetary policy is, that's going to be very good for businesses and we saw a preview of that with the big banks last week, m&a activity did pick be up. so there's a lot of tail winds that can really lift a lot of companies that really didn't do as well last year, financials lacked last year, the s&p 500 when everyone was obsessed with tech and my big message is you want to broaden out your exposure. we look at hundreds of p

if they had listened to brian moynihan, they would realize it wasn't a bad quarter. group to shoot first, this is a conference call group where you should make your mind up after listening to the conference call, not after you read the press release. >> from what i'm hearing you say, the curve is the curve, and all the bhaanks are going to sa that and the worst fears about consumer credit degradation are at least not happening yet. >> totally right. and i do think that leslie made a great point, which is they were using the forward curve six. everyone's kind of constrained by the -- what the forward curve looks like and they're appendicumaking the projections based on that, which is why i'm going to say charlie scharf and wells fargo, i would not sell on this. what he's going to do, he's going to surprise you. people want to take it down to $46, buy the stock. that's what we will do for the travel trust. >> the other interesting thing, jim, we talked about it maybe a year or two ago, but expense growth. i mean, b of a is a good example. expense is up one. i wonder if

we will talk with marc benioff from salesforce, brian moynihan, brian lutnick, mike worth, ceo of chevron. hope you'll join us for a busy week at the world economic forum. that'll do it for us for today. have a great weekend. i will see you tonight on "wall street" and on sunday on "sunday morning futures." dow trillions -- industrials down 100 points. "varney & company" picks it up. stuart: good morning, everybody. the war expands. the u.s. and britain, with help from some allies, launched a series of strikes into yemen. it's a major attack on the you thinks who are backed by ranch -- on the houthis. their leader threatens retaliation. president biden says he's prepared to take further action. that would be escalation. the president has not appeared in person to speak about this. defense secretary lloyd austin reportedly oversaw the strike from his hospital bed. more on this in a moment. market reaction. the price of oil going up, real concern that the houthis will retaliate against saudi arabia's energy assets in the red sea. $74 a barrel on oil right now. stocks down, a widening war up

he doesn't wear a coat brian moynihan >>> let's see what is happening with the markets as we are opening up after the holiday weekend in the united states let's look at u.s. equities. under pressure dow futures almost down by 200 points decline of 190 nasdaq futures off 128 s&p futures down 30. treasury yields with the ten-year yield at 4% if you check things out right now, we are at 4%. the two-year yield above 2.4%. >>> you have the houthi rebels saying they will attack u.s. and british based ships as well involved with israel or headed to israel. wti this morning is trading up .50%. above $73 a barrel natural gas is down by 8.5%. andrew. >>> it is freezing there voters in iowa braves ice and snow giving former president donald trump a landslide victory. getting 51% of the vote and ron desantis coming in second place. former south carolina governor nikki haley grabbing third place. vivek ramaswamy has dropped out of the race as he came in fourth place. what is happening here is one conversation, but related to what may happen in the united states. >> not a new conversation. >> it is no

thank you >> catch our coverage from davos coming up on "squawk box" including bank of america's brian moynihanother round of bank results. the signals facing the sector and which bank our next guest says is in position to ride out any storm. more "worldwide exchange" coming up in just a moment. hi, i'm jason. i've lost 228 pounds on golo. ♪ changing your habits is the only way that gets you to lose the weight. and golo is the plan that's going to help you do that. just take the first step, go to golo.com. >>> welcome back to "worldwide exchange." goldman sachs and morgan stanley will report in under two hours today. the key to the report is the investment of banking division with goldman posting losses. investors will listen to comments for the leadership. david solomon has been under pressure due to the series of strategic missteps and morgan t stanley will discuss as well let's talk about this with nancy. good morning great to have you here >> thank you, frank. >> nancy, as we see the second week of bank earnings, what are you looking for and what did you make of what we saw last week? >> pa

according to a memo from brian moynihan the incentive will go to workers who earned as much as half allion in total annual pay as the bank looks to retain employees even as it works to keep a lid on expenses. plenty more ahead. this is bloomberg. ♪ kriti: a couple of charts i want to put on your radar. consumer resilience seems to be a theme. we were talking about european luxury but it is a bigger theme in the united states. this divergence you are seeing, more weakness perhaps in europe. certainly weakness in china. you are not seeing the same margin of weakness in the u.s.. resilience still. this chart shows this. fourth quarter gdp numbers were actually seeing a bigger bump than expected. take a look at this. the past couple quarters, this is a pretty substantial dump. although do not get me wrong it is deceleration at its core. that speaks to the idea of the federal reserve is not in a hurry to cut rates and it creates this underpinning of the idea that on the others, the ecb may feel the urgency more. it is why you are seeing divergence between with the ecb is saying and what tr

we will talk with marc benioff from salesforce, brian moynihan, brian lutnick, mike worth, ceo of chevronus for a busy week at the world economic forum. that'll do it for us for today. have a great weekend. i will see you tonight on "wall street" and on sunday on "sunday morning futures." dow trillions -- industrials down 100 points. "varney & company" picks it up. stuart: good morning, everybody. the war expands. the u.s. a

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brian moynihan from bank of america.e will have the interviews coming up next. ♪ alix: let's take you to the world economic forum. francine lacqua is joined by steve schwarzman. francine: i'm delighted to be here with steve schwarzman. we are struggling to talk a little bit. there has been some any people. the talk is about the conflicts and the impact on the economy. are you confident about 2024? steve: i think 2024 will be a good year. it started out slower in the sense that interest rates are still pretty high. the fed will keep them that way. everybody has their own guess. probably until the second half, at some point in there. that will have a little bit of a baffling effect. the stock market had such a run in the fourth quarter that you would not expect that to really take off and go. the economy is slowing a bit. that is normal with high interest rates. on the other of the ledger, the expectation that interest rates are going down is creating animal spirits again. at blackstone we did six private equity investment

brian moynihan is saying that americans are making a lot of money and unemployment is low.tion is still an niche hitting pocketbooks. 38% of iowa caucusgoers say the economy is the most important issue for them today. not only is the economy important but they are convinced that the economy is not what brian moynihan says. >> it's not just republican voters that are convinced the economy is terrible. this is one of the rationales that let's go with donald trump, there is belief that he is the best among all of the republican candidates to handle the economy. and there's belief in the center, the economy is not doing well. when you have a ceo at davos who probably arrived there on a private jet, this is catnip for a populist republican party saying, i'm sure you think the economy is good, sir. but i don't feel that way and voters don't feel that way. and all of the economists say, we're not going to have recession and it's looking better. we're not seeing big shifts that voters are in agreement. could change but november. but right now, that's not what they feel. >> if donal

we will also be speaking to brian moynihan of bank of america.t weeks. lisa: arguably, that will be more of a bellwether on u.s. economy. to me, apple, apple is the main question, especially given the downgrades that is actually going to be taking off that has a whole host of potential challenges. jonathan: why don't they just pay the company? i don't understand. are they still saying they have not taken that technology from someone else? lisa: it is being litigated. jonathan: that is a wise decision. lisa: you can just buy the watch here. jonathan: apple just cannot physically sell them, is that right? lisa: or distribute them or whatever. i am not even an expert, but i don't even know if they have best buy here. jonathan: i am not sure they do. bonds look like this, two year, 10, 30-year, climbing off the back of comments from governor waller of the federal reserve. putting that together with the data we saw yesterday, which we have not talked much about this afternoon, retail sales are pushing back against this idea of weakness and rate cuts c

yvonne: brian moynihan there, bank of america ceo, speaking with us at davos.still on track for weekly losses, but we are ending things on a positive note thanks to tsmc. we are watching 5g telco related stocks. some news on 5g, helping the likes of china telecom, up 1%. 3.38 million base stations as of the end of 2023. take a look at how the chip stocks are doing regionally, samsung up 3%. chips giving hope on where the recoveries going to look like. rishaad: ai is the big hope ultimately. it wasn't that great in 2023, then suddenly the nvidia thing and everything went nuts. there you go. yvonne: so there is that, that we can end this week with. we will see if that nasdaq record can continue. asia looking pretty good here right now. bonds still seeing that rout there. this is bloomberg. ♪ wait. for real? switching to gusto made staying compliant much easier. on top of seamless payroll, they automatically calculate my taxes and file with the right agencies for me. can gusto help my small business with compliance too? definitely. thank you so much. choose payrol

bank ceos and the bank earnings this week, about where we stand, you know, bank of america's brian moynihanaid we're above the 2019 levels on balances and deposits and checking accounts, and, so i think we want to make sure that's still the case, and, you know, as long as people have jobs and they're still -- even though the labor market is weakening a little bit, it's weakening slowly. cpi is in orange. it's come down a lot. we'll see if that continues on thursday. average hourly earnings have remained elevated. and they're still growing. that's good. and i would just note, you know, at lulu and abercrombie at the conference conference they raised their holiday sales guidance, it's good for the consumers but those are examples of strong retailers right now in terms of what is resonating with the consumer. here's lulu. our sales trend remains balanced across channels, categories and geographies. abercrombie was bullish, the stocks down but these were winners in 2023. abercrombie's stock tripled. lulu's up. these are examples of retailers getting it right. >> retailers that raised guidance t

charles scharf, president of wells fargo, brian moynihan, welcome . jamie dimon, welcome.f citigroup . thank you for joining us, david solomon goldman sachs ceo and james gorman, please stand for amoment and be >> we swear or affirm the testimony you're about to give is the truth old truthor nothing but the truth . thank you, make sure you take your seat mister scharf and begin chairman brown, members of the committee, thank you for the opportunity to be we look forward to talking with you about the contributions wells fargo is making to communities, employees and to ensure the banking system is strong. in march of this year we all saw the failure of several of the banking center . while the faults were specific to the institutions coerned to choose broader and in response wells fargo stood as a choice ofstrength and stability . this strength allowed us to lend to a smaller bank at the tif need . these stabilize the banking system, these concerns and keep the challenge becoming a much broader crisis. i'm proud of the role we were able to pay. wells fargo strength comes fro

jonathan: brian moynihan at bank of america as well, catching up with a whole financial sector throughthe week. for the regulations getting better for the world of crypto? let's have that conversation right now. jeremy, good afternoon. we mentioned in the previous segment, and i don't know if you heard this, do you remember when crypto and everything you do was like rebel child of finance, and now it just feels institutional. is that a good thing? >> i do think it is a good thing in the sense that when we set out to do what we're doing over 10 years ago, i think the vision was that you could integrate the traditional financial system with this new technology, and that this new technology could really change the possibilities for how money moved in the world and how different types of financial services could work. the only way to do that is by connecting them together, doing it any regulatory-compliant way. this obviously different dimensions of this industry and so they are certainly a part of the industry that seeks to have nothing to do with the traditional financial industry or gov

enduring sense of, i suppose, support, when you see the figurehead at the top of these banks, brian moynihanderstand what it is there policies are, one being a real determination on return on dividends. we will review those numbers at ubs in 10 days. good morning, sergio. scarlet: let's move from the big banks to the retailers because macy's is cutting staff and closing stores. the chain says about 2300 employees will be let go, mostly in corporate roles. five stores will be shut down. the moves will help it become a more streamlined company. we also know that in terms of timing, this comes as the firms have made a $5.8 billion offer to take it private, and there will be management change at macy's, because the ceo is retiring in february and making way for the president to succeed him. manus: this is about structure change. we have talked about it at nausea and for the past five or 10 years in the ever escalating onslaught of amazon in your life and other delivery mechanisms for shopping. that's only in its infancy so this is more about how do we actually transact and buy and do you want th

. >> well, bank of america's ceo brian moynihan told us after his meeting with them, that, look, theconomy is doing much better than they anticipated. they're wfighting and chewing gm at the same time. >> it's very hard. i mean be ever this ends, it's going to be very hard for big investors to put real institutional money behind what's happening here. he's trying to set them up for what's hopefully the after. >> from political tropes, is there anything more effective than your political party than being worried about ukraine's border than our own border they always throw -- even in legislation, it's like you want money for ukraine, and you've got to do something here so it's all tied together. >> we will discuss this and much more coming up this morning. we've got the markets and the future of interest rates should the investors expect the fed to start cutting by the spring. >>> josh friedman will join us to tackle that question next. >>> we have more of aed by lineup coming this morning we still have a big hour ahead when "squawk box" returns. we are live at the world economic forum