we talk all about meetings jared kushner has had with the city of citibank, one of the heads of apollo and loa loans curbfer business has received. you also reports that federal prosecutors are looking into one of mr. kushner's daughter, white house influence for perspective chinese investment.

morgan and citibank on friday.ing at better equity trading, better cost cuts, and we are looking at those tax cuts and the knock on effect they are. let's look at the first chart i have here. the cost cuts are what investors are happy about. look at that number on the right-hand side of your screen, 60%. the last time the expense to revenue ratio was 60% or lower was more than five years ago, so clearly brian moynihan getting his costs under control, under that $53 billion mark. saying this is that -- ever core isi sing this is the gift that will keep giving. 2%, butd as much as bank of america is up 31% the past year or so. hop into the bloomberg. i want to show you more in terms of share price movement. the past year, 31% jump. hereof this we are seeing is in terms of equity trading and fixed income trading. i will talk about fixed income trading first, actually and negative. that is in white, falling 13% year on year, but the positive here is the equity trading i mentioned before, up by 38% year on year, so thes

. >> citibank hopes nothing at all.nsary called city bank could be in trouble for its name. apparently a little too close to citibank. "the new york post" asked citigroup area company if there is any relation to the dispensary in a spokes versus bad, quote, unless you are high as a kite, you know that city is an affiliated with this business anyway and have requested that they stop using the name and logo. shares of citibank down more than 7% year-to-date. cheryl: i don't blame them at all. they've got a good point. it is cold outside because we read new york. not everybody in this country realizes this cold, but we are. there's this whole ice cream thing we need to know about. >> s., ben & jerry's giving out free ice cream cones from noon until 8:00 p.m. no purchase necessary. go winning pitcher free ice cream cone. any flavor you want. if you don't have the ben & jerry's near you, you can also go get a free ice cream cone there at the in theater counter. so there you go. you're free ice cream cone. lauren: i will take

market maker which a bank and citibank on the hong kong and singapore stock exchange so i made markets and a variety of number of e.t.s. around the world and i did that for about five years and then no thankfully i got let go from my job at citibank and started trading because full time and then parlay that into opening up next in two thousand and fourteen with my other two co-founders well so what was it about the big coin technology that struck you really got you hooked i think there was a possibility of completely changing the financial services industry and you really only get a chance like this once every two or three hundred years for a shift in how people perceive and use money and obviously vast fortunes have been made and lost during these transitional periods and i obviously want to try my hand at it what do you think is the thing that the academics are missing you know you're a big academics like paul krugman and others and they're very critical of that claim and yet the industry is growing by leaps and bounds you've established that there's a huge business for those what ar

citibank was excellent jpmorgan was so good if i worked at jpmorgan i would be sitting there all weekendaying can someone please tell me what happened this was the best number. >> data track had good stuff last week. looking at analyst enthusiasm with regarding sectors the average price target of financia financials is 14%. the only thing worse is real estate agent and utilities the overall targets are not aggressive. >> and yet let's look at what happened two weeks ago two weeks ago today on the sell-off jpmorgan down to 108 you had goldman to 248 you had citibank at 6869 then they were rebounded to where they were. and the numbers you mentioned to me, people said all right we got good numbers let's revert a little bit to where we were. i come back and say this is selling at 12 1/2 to 13 times earnings you have clorox, proctor, kimberly, coca-cola. with less growth than all the banks you just mentioned i'm struggling with how the market is evaluating these stocks i think they have it wrong who is is a guy one or two people to say they're wrong. i think when people come back, the big mon

do you expect them to do as well as jpmorgan a citibank did today? >> bank of america, you'll probably see the exact same thing on monday. you'll probably see the stock pull back a little bit, becau it's going to say, we beat earnings, we did great, but everyone is going to be like, we knew that. oving re you doing forward? i tell you this, though. it's a wonderful sector to be in. you pick a few of the stocks in there, you buy in on this little p that's going on right now. the next year or two, they're going to be raking in money. you're going to see some huge profits out of that sector, because of what you guys were just touching on so if you're looking for a sector to get into, it's hard to argue with that area right now. >> so this is all dependent or at least in part dependent on the fed continuing toaise rates, right? >> but they're going to. we all know they're going erto. s at least three more rate hikes going. the real question is, do they continue this next tyear? he reality is, even if they don't do anymore dramatic three in a year type hi

ponce puerto rico is worried that privatizing the only source of energy will lead to a worse economy citibank is outward to stakeholders are the one who all of those loans from. the people of puerto rico have to know that so the house of representatives and the seine are the ones who are check that and we the mayors we are the one with has to be somewhat voice. the mayor said privatizing the island's energy sector could hinder other energy solutions people are constructing solar energy in their houses but haven't given the haven't gave them that that they've even half a permission from and they pay the same the same rates of for energy even though they have solar energy or those panels in their homes that. were rico's debt has been a noose around the neck of the island for years but in light of last year's hurricane which devastated the island there are increasing calls for federal government to step in and assist in paying that debt even thought of their use and over cycles for financial born in puerto rico one of those will be for given that one of the. one thing is clear mayor melendez bel

reluctant today the earning season in the united states is kicking off today and big banks like citibank and g.p. morgan will be opening their book and this could have an impact on the trading day here as well but let me tell you that investors after the first initial shocks that they're actually happy with the changes at germany's biggest carmaker harebell these is here considered among investors as man of actions they are thinking that with his new structure that you just mentioned their company could use synergies much better and could in general get more efficient and analysts of the lender not even stated that he feels that he is the best man to lead the company into this big transition so lots of premature praise at the moment he needs to deliver let's see if he really does. then he mentioned earnings they had record earnings in twenty seventeen despite diesel gave more than eleven billion euros the company is financially healthy why the big fuss one of the restructuring yakitori that some investors you also don't really understand the timing was certainly not such an unlucky sea a

ponce puerto rico is worried that privatizing the only source of energy will lead to a worse economy citibank is outward to stakeholders are the one who all of those loans from. the people of puerto rico have to know that so the house of representatives and the seine are the ones who are check that and we the mayors we are the one with has to raise up life. the mayor said privatizing the island's energy sector could hinder other energy solutions people are constructing solar energy in their houses but brett i haven't given haven't gave them that that they even have a permission from and they pay the same the same rates of energy even though they have solar energy in all those paneling their houses. were rico's debt has been a noose around the neck of the island for years but in light of last year's hurricane which devastated the island there are increasing calls for federal government to step in and assist in paying that debt even thought of their use and over cycles for financial born in puerto rico one of those will be for given that one of the. one thing is clear mayor melendez believes th

earnings season kicks off with citibank and jpmorgan chase and wells fargo. bank stocks soared yesterday. >>> in the at&t anti-trust trial. the doj is suing at&t to block the purchase of time warner. the government claims this means higher prices for the consumer. the economist says it will lower prices because the merger creates a more efficient company. the trial started in march and expected to wrap up this month. >>> tesla in an open feud with the national transportation safety board. it is getting intense. at issue is the ntsb investigation of the fatal tesla crash while it was in auto pilot mode. the agency took the step of removing tesla from the official investigation. it says tesla violated the rules by releasing information about the crash before it was vetted. tesla removed itself from the investigation and now accuse the ntsb of being more concerned with press headlines than actually promoting safety. rare do you see an open feud with the ntsb in a investigation. >>> all right. "early start" continues right now. >>> fired fbi director james comey

citibank, the card business, some weakness there.n stanley was actually outperforming coming into today and leading the stock. david: what does it say about james gorman's strategy? by going with wealth management and building the business up but at the same time he cut back in the staff and trading. yet they come in trading and they have the wealth management at the same time? alison: the diversified model is working for them. it is a strong, seasonal quarter. trading has been a great business for the wealth management business. i think that is something investors like to see. they want to see a recurring revenue, something less dependent on transactions. skew do have a stronger towards that business but we are executing across the business line. so it is a story of mixture and theyting in the businesses are in. alix: do you like banks? david d.: we are positive on banks and in general. nothing is ever perfect. everyone would have liked to have seen more organic loan growth but when you look at data quality and the return on capital

the banks earnings parade has begun with jpmorgan, citibank, and wells fargo leading the way. three stocks are lower, allison, but a pretty good quarter or them. : it was a good quarter in many respects. jpmorgan set the tone, strong loan growth, fixed income about flat. citigroup also showed similar results but keep in mind that is more important for citigroup in particular and in general for the industry, a much better revenue source. april was more in line with march. march was the week month of the quarter, so that has investors less excited. the other thing we are focusing on is consumer credit. we are seeing some weakening their. for jpmorgan, it was in line of what they said at investor day, .oming in within their range citigroup had the weakening credit and also perhaps on disappointment in terms of revenue growth. a business card is where we expect to see an uptick. we were disappointed in third-quarter. there are some drivers they are talking about, growth of interest-earning balances, so that should help them over time, but there is always a risk that those balances

citibank if the world is growing and interest rates are going higher. >> karen >> i like anthem's earnings. >> that's a buy. >> stevie, i wish my uncle was grasso. >> >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now >>> hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job is not just to entertain and put this one in context. so call me at 1-800-743-cnbc or tweet me @jimcramer. did all the ceos of america decide to pull in their horns? and this did so right at the right moment are these captains of industry just plain scared or were they merely trying to lower expectations all at once to more realistic levels that they can beat later this year on a day when the do you plunged 425 points s&p 1.34%. and the nasdaq nose dived 1.7% i can't escape the feeling that this was a bit of a self-inflicted wound one that fooled people at one point the do you was up a re

there is no national movement to get bank of america or citibank to punish people for violating liberal. >> this is not about the left or the right. this is about common sense. if washington, d.c., dysfunctional city, does not stop up to the plate and do what needs to be done in this country, i commend corporations for having a corporate responsibility to do things. >> tucker: you have to break a few eggs -- i understand. i want to take what you just said and extended in the future. when companies decide that black lives matter has incited riots and said racist things, which it has paired all of a sudden, if you are affiliated with black lives matter, you like a facebook post, you can't get a car loan because why would we? >> there's been a period of history where they have denied and done similar things to groups of people who live in this country. i've learned to take battles one fight at a time. as a private citizen, you have a right to not shop with bank of america. we can't look to the government to solve all of our problems. therefore i commend the private sector for stepping up t

there is no national movement to get to bank of america or citibank to punish people for violating liberal on guns. this is a result of lobbying. >> tucker, this is not about to the left or the right, this is about common sense, this is about common sense gun reform measures. in washington, d.c., dysfunctional city, it does not step up to the plate and do what needs to be done in this country, i commend corporations for having a corporate responsibility to do things -- >> tucker: oh, i get it. i understand. >> tucker -- >> tucker: let me ask you this. i want to take what you just said and extended to the future. when companies decide that black lives matter has incited riots and said racist things, which it has, all has, all of a sudden if you are affiliated with black lives matters, you can't get a car loan because why would we do that? how would you feel about that? >> keep in mind, there's been a period of history were corporations and businesses have denied and done similar things to certain groups of people who live in this country. >> tucker: that's why i'm against it. >> tucker, i'v

certainly if we open down lower i'll smell puts and there's a couple things i'm looking at i like citibank. i like gm. google, i like it, i've owned it all the way up but if you look at the valuation of google, it's ridiculous this is not an amazon type valuation or a netflix type valuation. this is 12 times ebita that's crazy. >> well, for me i play bullfighter and got out of the way. that's what you do in this market that being said, i am looking for a place to buy and maybe it's 2400 like carter was saying, somewhere between 2400 and 2300 we're going to get one or two of those days, big reversal, high volume. >> i've had three shorts on. qqq, iwm and spy spy and qqq i'm most convicted on we stopped at those trends lines but the iwm have taken off i don't like the relative strength i was early in that, i got bailed out so to me i'm focused on qqq and spy >>> coming up, it's a biotech bloodbath. the group sinking as momentum stocks get crushed we'll tell you which traders are buying the dip, plus the battle of tech ceos mark zuckerberg and tim cook exchanging harsh words >>> later, tesla

have this report out there for the calendar q2, about roughly 10 million units that's disappointing citibank wrote about this probably a month ago i think that's in the market i don't think this is new news what is the multiple you want to pay for this company in this environment that makes it defensive to me, i think you can be long apple. i am not long the stock. i haven't been long the stock for six months. >> i think the interesting push-pull on the multiple, we had from bmo capital markets he was saying people want the hold on to their phones longer we've been talking about this on this desk how the cycle has been elongated. if you don't have as many refreshes on the product cycle, the product cycle is extended, but there are higher price points, it's a push-pull it's got to be a decade. >> seven, eightish when they start making these things. i'm the exception to this the other side, at a certain point you're forced to get a new phone. >> sure. >> you have this conversation because your phone starts the slow down. it can't keep up i get the whole thing. i also say this real quick katie

. >> i don't think there's going to be any tears investing in citibank if the world is growing and interest rates are going higher. >> karen >> i like anthem's earnings. >> that's a buy. >> stevie, i wish my uncle was grasso. >> >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now >>> hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job is not just to entertain and put this one in context. so call me at 1-800-743-cnbc or tweet me @jimcramer. did all the ceos

london and tokyo so he worked for some of the world's biggest banks including ups and swiss bank and citibank, and we knew from prosecutors that he had engaged over several years in a series of what can best be described as incredibly reckless, self-destructive e-mail messages, text messages, recorded phone calls where he said in very brazen and ambiguous terms, i will pay you this for doing this. he used very colorful language, youd see him as not a very nice guy from the tenor of these e-mails parties a bit of a bully and it just seemed like this quintessential wall street crook and thisas finally was an excitg thing. it was a human being doing bad things that we as journalists can trace and write stories about him. so we did. i was very pleased with myself and 2012 ended and i came back to london in 2013, eager to take on the move and start writing with things that didn't make people's eyes glaze over. one of the things my boss always did was the beginning of each year, you would go and come up with your schematic list of stories that you're going to pursue, your ambitions for the followin

goldman calls on plenty of corporate and citibank calls on 20 of hedge funds. if you just look at it, goldman's is skewed more toward hedge funds. what you see is exaggerated volatility. >> we also see the benefit of easy comparisons given that 2017 was not very good for goldman sachs. is this sustainable? last year there was a lot of head scratching and existential questions being asked. whether goldman needs to pivot to corporate clients and steer away from trading and what was investment banking, does that change anything? chris: there was the added problem that they had difficulty in commodities. last year mistake that was not repeated this year. that helps the comparisons as well. is its what i would say is just different. it is not better or worse. it is just different. view thate a point of rates are likely to go up and that they will be more volatility in the markets and that we have exaggerated and low volatility than it is probably good to be positions the way goldman is. on the contrary, and you have a view that extended periods of low rates, nothing

we talk all about meetings jared kushner has had with the city of citibank, one of the heads of apollond loa loans curbfer business has received. you also reports that federal prosecutors are looking into one of mr. kushner's daughter, white house influence for perspective chinese investment. that was the road show she did in china last year. you discussed tension with his other son, josh kushner who we fwhoe gave money and participated in the march last week. how is charley kushner describes this family's dynamic if. >> he'd say they're doing just fine and there's absolutely no tensions. i think that whether or not he's correct by why people are investigating him or interested in his family, what we can say certainly is that the impact is already being felt. he's not allow to tap soerch wealth money, it'll be completely inappropriate given jared's role in the role state world is one of the largest finances for anyone in that building. of course his children are under investigation, beth his son and daughter nicole as you mentioned. even if charley says these thing do not cause any res

it's the lesser people, the jared kushner who got the loan from citibank.eople that was supposed to have the swamp drained, then you can have more political salience and traction. >> that last -- i want you to get in there. that lasts while the economy is doing well. stock market relatively up. unemployment rate is down, wages are finally rising, so folks feel like they're getting a fair deal, doing well economically. if that changes and folks look and see the president and his pals, will that change? >> yes, that will change. well, that's a hypothetical. at the moment it's true. it is bill clinton's it's the economy, stupid. >> what's so frustrating, you see republicans, good people who voted for trump and say, yeah, sure, maybe he's problematic, maybe the swamp hasn't been drained but they engage in what about it? they say the clinton foundation was worse. trump is the president now and we see a really troubling pattern, from almost day one, doubling the fees for mar-a-lago to all the questions around the kushner building deals and the trump corporation.

speaking of city, as california pod dispensary called citibank could be in trouble for its name.ently a little too close to citibank, the new york posts asked if there was any relation with the dispensary and a spokesperson said, quote, unless you are high as a kite, you know that citi is not affiliated with this business and have requested not to use name and logo. their sense of humor very high when it comes to this one, dagen. dagen: thank you, cheryl. cheryl: you're so welcome. dagen: just let the silence speak for itself. what i might say, thank you, cheryl. coming up the president loves to tweet but automated tweets seem to have the upper hand when it comes to filling up our timelines, surprising new study on the impact of buzz next this wi-fi is fast. i know! i know! i know! i know! when did brian move back in? brian's back? he doesn't get my room. he's only going to be here for like a week. like a month, tops. oh boy. wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's. ythen you turn

jpmorgan, citibank, and wells fargo reporting results.or writer for blue -- bloomberg's finance team joins me now. expectations were high and they did pretty well. what is going on with investor reaction? sometimes.s happen i have been covering banks or 15 years and most of the time, the share price action is what are some bankers doing and [indiscernible] while it is completely disconnected to the results and today is one of those days. there are good banks in these numbers but everyone is crashing today. it is because of political things, all the things that mark told us about. crisis,scandal, another another political thing and i do not think people have paid attention to what the banks are doing. we were talking about this on what you miss last night. did not, look at their equity trading. >> it is wonderful numbers and if you look at jpmorgan fixed income is great. jpmorgan which is the leader in fixed income trading for several years, they increased fixed income nicely as well. isir loan broke -- book they are firing on all cylinder

jp morgan and citibank on friday, we are looking for nice profit growth, but if they don't deliver, we could be in a tough spot. >> that's true. inseems like we are volatility and there is no longer the easy course we have been used to the sheer. david: steve, you cover economics. does the u.s. economy and growth look different in atlanta than new york? areawould say the atlanta and the southeast is booming. you have a tight labor market. you go to shops around the city and you will see wanted signs. you may find that in new york as well, but it is definitely common around here. david: you have so many headquarters for so many huge companies here and atlantic. do you have a read on ceo confidence. >> ceos are quite confident. about trade,rry but the tax bill was very positively received. you will see some good profit numbers when they start coming out this week. if nothing else, profits will be boosted by lower corporate taxes. we will be speaking to many of those ceos today. thank you. good to see you. homeg up, the ceo of depot, the largest georgia-based company by sales. we are live

i wanted to show you the loan growth not just for bank of forica, and purple, but jpmorgan, citibank,ll as wells fargo. 2.4%oan growth is falling for this most recent quarter. we can see it is flat for jpmorgan here in white. it is still in contraction phase for wells fargo. up just by a little bit, but still under the zero marked and. the mortgage sees that these banks are actually getting, in particular, bank of america merrill lynch, is also falling. i have got one interesting chart. i will bring that up. take a look at what is happening in terms of the past several years. back in 2009, you can see production revenue as well as servicing revenue was nearing $2 billion for each, but in 2017, look at that. it's almost nothing. the loan fees are being lumped into the other category, betty. on the whole, investors still are positive. i to go look at the functions. a whole lot of cells -- no sells, and a whole lot of buys. >> that would be more in my with what we usually see. thank you so much, ramy inocencio. i want to bring in another guest. forward-looking projections. what did you m

david: if you like citibank, how much of that is about shareholders.right with estimates, but there is a report that says it might have been because of a stock buyback. >> we do not own citigroup. we own jpmorgan. we do like the return of capital that they have committed to. the metrics they outlined last 100% return ono capital on dividends and the efficiency ratio, they are coming in line. we will see if they can achieve that, and in some ways they are already exceeding that on the roe in this last quarter, so we really like what we see. alix: moving to loan growth, what have we learned in the last hour from jpmorgan, citi, and wells? >> jpmorgan is the more important bellwether to look at. they are more involved in commercial businesses and commercial real estate, more involved in the bread and butter banking. i have not seen the number yet for citigroup, but that will be more indicative on the consumer side and specific to the credit card strategy, an area that they are sort of overexposed to versus broadly banks and larger peers. wells fargo, i ha

bank of america and citibank roughly flat the 4.4 billion revenue there. the best of three years.trength focussed in equities rather than the historical area of strength fixed income but nonetheless, goldman sachs have done what they're meant to do this quarter. they delivered on strong trading in the elevated volatility environment. and just pause for a second and say on the call that they were pretty upbeat. in fact, about hitting the extra $1 billion revenue guidance they gave in the fixed income area of trading. they gave that guidance last year the cfo is upbeat about the prospects of hitting that. moving on, there was a beat in investment management and banking was a solid number and in line overall in line but suggesting the pipeline has improved from year end it will be interesting to hear about that on the call, which they haven't got to yet. investment and lending was the best part of the numbers that was $2.1 billion. and with that in mind, this is the overall take on the numbers. they have written, quote, this was a big headline beat for goldman sachs but the real ques