efficiency really the story on wells, jim >> well, i got to tell you, i'm a total believer in charlie scharft he did at visa he's the most technologically inclined ceo in the bank group it has the most opportunity after this washout it is a washout. i don't think charlie will waste any more time. he has to address these things and he will. in the meantime, jamie diamond, what can i say about jpmorgan? it's incredible trading numbers, and citi, overlooked really good number you've got some incredible double digit gains, and credit card so i think we're seeing two out of three ain't bad >> no, turn on tangible common equity at citi, you're talking 19%, jim, at jpmorgan. from a story perspective, wells fargo is much more interesting because of mr. scharf, because of what he's trying to do and undertake there, in terms of creating efficiencies. just technology alone at wells fargo must be a huge undertaking to integrate the different systems and everything they've got going on there >> it seems wells fell behind on the issue. you can't blame them they had serious scrutiny on some important issue

will be interesting is how long a grace period the market gives wells fargo with their new ceo charlie scharf have some analysts today talk about how they feel that wells fargo i'd actually be a great investment for them just because they think that wells fargo might be ready to grow again at some point under charlie scharf. vonnie: right, and just to mention, tony scherrer is from sneed capital. the question around jamie dimon's succession never goes away. is he getting a little frustrated by the amount of times asking when he will be leaving? sonali: this was a very big day for the rising stars of wall street to really show their stripes. we had the cfo of jp morgan with the call again. jane fraser's business at citigroup also. so you're right, at what point do these stars start to take the homes of these banks, and will any of them be a woman? jamie definitely said another five years for me is on the line. guy: not giving up yet. fixed income did really well. what does that tell us about goldman sachs? sonali: people are expecting goldman and morgan stanley to have stronger figures in term

we see charlie scharf as starting a new era at the bank, and this quarter, to your point about the kitchen sinking, sort of moving hopefully the worst behind them. speaking oncharf is the call for the first time, going on right now, and we hope to be joining that shortly. vonnie: alison williams of bloomberg intelligence is staying with us. we have more to talk about. guy: coming up, our exclusive conversation with the norwegian finance minister siv jensen. we need to talk about what is happening when it comes to the environmental story. all of that is coming up, live in just a moment. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." annual conference is taking place in paris, and this year's theme is accelerating growth in europe. joining us now from the conference with her perspective on this and a number of other issues, siv jensen, norway's finance minister. minister, the biggest story in financial markets today is blackrock, the biggest asset manager in the world, with $7 , hasion under management deci

this was the first call for new ceo charlie scharf where he set expectations lower related to fixingblems from the cross selling scandal that erupted back in 2016. >> as you know, we made some terrible mistakes and have not effectively addressed our short comings. i don't have all the answers yet but i will share more as i learn more and as the year progresses. i will say this several times but you should know there is still much work to do. many have focused on the fed consent order, but remember we have 12 public enforcement actions that require significant resource commitment. i don't want to dwell on it but i just want to be clear, i'm not suggesting here that any of these public issues will be closed this year what i'm suggesting is that we're going to do all the work that's required. >> joining us now is wells fargo's cfo, john shrewsberry. good afternoon to you. >> thanks, happy to be here. >> i want to start by asking how surprised you've been at how much more downbeat your new ceo is in terms of how much left there still is to do to tidy up those issues compared to where you

people say it's net interest income oh, please >> one outlier, wells fargo, guys, charlie scharf wasw for expectations on that call, yesterday, stock is down 10% this year >> the interview with the cfo yesterday with wilf was eye-opening. somehow seemed to think it was a good quarter, at least there's one person who thinks it's a good quarter i found that interview to be, well, let's just say suboptimal on the part of wells fargo everything that wilf said, no matter what he said maybe this was bad, that was bad, the guy was in total denial but charlie scharf was not in denial he was saying listen, maybe this culture is broken. >> when you say great numbers on the banks, jim, when fic is up 86 at jpmorgan, 63 at goldman, 25 at b of a, how much of this is just leaning on fic and what happens when that swings the other way, which it ultimately will one day >> well, i look at the positive growth and taking share. jpmorgan is taking a lot of share. bank of america is taking a lot of share you get the deposit growth, i know they don't have 7 trillion the way larry fink was say bank of amer

typically you don't see that charlie scharf at wells fargo that was terrible.extraordinary. citi best performer of the group last year, it could happen again. it's selling nine times earnings stock is barely above tangible, company is buying back 11% of the float. there's been more than 1 billion shares bought back since mike corback came in. i like that one and i think it is by far the easiest one that you can buy in terms of valuation. >> you used the phrase "kitchen sink." do you think that's what's going on with wells fargo and represent an opportunity as the stock is down 3.5% this morning? >> efficiency ratio looks good betty on charlie scharf is a great thing to do but i don't know geez, wells is typically not losing share we haven't heard that. but they're just awful, and i just, i just don't think wells fargo can be as bad as that number they are in the end a bank banks make a lot of money. >> how are you feeling about tesla? you drive any teslas out there >> i love tesla. i keep think being that unbelievable scoop you got with larry fink, i think is t

because they belief that charlie scharf is going the figure it out and pick it, right >> absolutely right. that was the only call. >> he has take ten distressed feeling surrounding the stock, he alleviated that the question becomes now how does he go further and make it an actual turnaround all right. good stuff. >>> let's get the headlines now with sue herera. >> hello scott hello everybody. here's what is happening vice president pence calling on global leaders to confront iran and anti-semitism around the world. he was speaking at the world holocaust forum in jerusalem >> we must be prepared to confront and expose the vile tide of anti-semitism that is fuelling hate and violence all across the world and we must stand together >>> harvey weinstein walking gingerly into court as his sexual assault trial tins. actress an bella ashora confronted him in court after keeping her rape allegation against him largely hidden for decades. she is the first of his accusers to testify at his trial. >>> the eyes of the sports world were on new orleans rookie zion williamson last night for his nba debu

wells fargo, charlie scharf speaking for the first time on the call.'m not sure how much he's going to give in terms of guidance were strategy. i guess it is going to be a kitchen sink order with wealth. we will see. you: alison williams, thank very much. lauren goodwin of new york life investment will be sticking with me. ceo says, blackrock's climate change will upend global finance sooner than everyone letter tohis annual corporate leaders. this is bloomberg. ♪ ♪ viviana: this is "bloomberg daybreak." we begin with indonesia's lion air. the air carrier considered putting its pilots through simulator trading before flying the 737 max. the airline abandoned the idea after boeing convince the carrier it was unnecessary. that was months before a lion air 737 max crashed. an internal boeing text message referring to lion air as "idiots." the trump prime minister will take a closer look at security risks posed by -- the trump administration will take a closer look at security risks posed by foreign investment. that is your bloomberg business flash. alix:

. >> remember when charlie scharf ran visa other than when elon musk called me a simulation and told talking about, aren't they going to digital? he says how hard is it to pull a piece of plastic out of your wallet i said well, i don't know. he goes it's easy. don't you understand i always thouglove it when they "don't you understand. >> it's easy for you, you have a costanza wallet. >> what is this i have oh >> oh my god >> transport your booze? >> no, he has masks. >> nice. >> i'm going to super bowl >> can't be too careful. >> are you going to share? >> i have ten masks because you got to throw the mask away at the end of the day what is the mask for really? the mask is if you have the disease and i don't want to get it from you. >> a couple other earnings highlights or not. ea reported after the bell yesterday, electronic arts is down over 5% >> not a great call. not a great call >> not a great conference call either >> not at all. >> why >> think of transition they're doing the worst of the three. remember, this is a situation it's always the horse race, take two. >> there's a l