. >> my top three recommendations are not reflected and that's citigroup, citigroup and citigroup.far, j.p. morgan was my top pick a few years ago and i think earnings will be good this coming wednesday, j.p. morgan, but citigroup, i think the stock can double in the first three years. it's a new era for the banking industry and a new era for citigroup. >> because of what jane frazier has done, so to speak. >> the currency is riding on citigroup's changes. there is a disconnect between the changes citi has made and they're going from 50 years of this global matrix management structure, ridiculous to five lines of business. payments, banking, marks consumer and consumer and wealth and that's only been in place for three quarters and not even a whole year and there's a ceo in charge of that business and there's transparency nd there are returns and targets and that's exactly what april it and, in a wi is a prokor and gamble and that's per our analyst at the firm, chris carey. >> what about capital markets benefits for the players that would, you know, obviously stand to make the most

citigroup up more than 7%. it says it will repurchase $20 billion of its stock in the coming years and showed improving revenue through all five of its main business lines. goldman sachs profits doubled in ceo david solomon says he sees a more constructive environment under incoming president donald trump and that is sending their shares up more than 5.5%. jp morgan traders saw a record quarter fixed income in particular helping revenue up 21% for the trading division. it also had the highest annual profit in the history of american banking once again. jp morgan up 2%. the bitcoin related stocks are seeing their own rally as bitcoin takes another run at $100,000. coinbase up 6.5%. getting back to the inflation data and what it means for the federal reserve. last week bank of america economists made the bold call the fed cutting cycle is over. earlier we can't up with the firm to see if today's cpi data change that forecast. >> i don't think it changes our mind. it is a good number. .2% on the core pce. we were

kenny: interesting how citigroup comes out, that is right mixed sentiment we decent that in jpmorgan did not see it in wells fargo very cures to see what citi what numbers are built i am not i don't own citi, jpmorgan i do citi i don't i don't follow it that much would be curious to see how compares to other. maria: expense control is issue for all citigroup expecting a cost guide you know guide us on expenses for jpmorgan and bank of america same thing they've also had a you know a laser focus on not going out too much on risk curve. kenny: they should not go out too much at the moment a lot of uncertainty. adam: especially for two years yield curve inverted a perverse way to run a bank near term borrowing costs, higher, than long-term investment you got a problem yes able to be profitable let me make a comment about critic probable get hate mail from analysts who like citi, citi way back in it two separated good bank bad banks never book writedowns continued to manage bad alongside good bank citi trade at lower multiple than other banks still 15 years later i put citi in category o

kenny: interesting how citigroup comes out, that is right mixed sentiment we decent that in jpmorgan fargo very cures to see what citi what numbers are built i am not i

what do citigroup get? on equity now in the range, they took in $1 billion restructuring charge, so the ability possibly to reduce cost might be able to help them on our oe. they are also an event driven stock of the large banks. they are finally, this year we hope, moving to monetizing, selling in mexico, which was by far the largest consumer bank they had outside the u.s. so that is significant and event driven. they also have stable businesses with more transparency that is called services, it is treasury and trade solutions. a dominant position in the corporate treasury market. certainly they are more on the fixed income side vs. equity across banking and trading. i think they are going to be fine, and there are still trading below the intangible book value, all of the gap has narrowed a bit. we need to see results improve through 2025, but i think myself and most analysts would advise they think that they can execute. jane fraser is still on course. annmarie: that gap maybe even narrowing more this mor

citigroup reported a solid quarter as well. it's doubled from its low 2023 lows.ver a year getting its act together while delivering steadily improving numbers. the fourth quarter report represented a solid update. this was a nice top and bottom line beat. it saw growth in all but investment banks beat expectations. sales and trading, up 36% year over year. that shocked me. the costs remain under control. the credit quality metrics were in line with expectations. the highlight as i see it was management's outlook for 2025. the best of all the banks. citi gave the most forward looking guidance. almost all of it was positive. the revenue forecast for 2025 was above what wall street was expecting. they are guiding up from net interest income to be up modestly. reporting expenses should be slightly lower. yes. credit losses should be in line with 2024 levels. as a bonus, they expect revenue growth to continue. management announced a new $20 billion repurchase program. no wonder it popped. a buyback is huge. even for $150 billion company. it looks like the ceo is reall

what will be the message from citigroup? >> yeah. same.ach base can have the one overall narrative that we've seen across large investment banks is kind of a reorganization towards catering towards private equity and large direct lending a ton of growth correct lending, private capital. a lot of banks are losing market share in that underwriting space and looking at ways, how can we inject ourselves back into the ecosystem? banks are reorganizing their teams to more focus on that growth of private credit. >> interesting. i would like to understand more broadly, one of the market narratives has treasury yields. i would like to understand from your point of view, could there be ramifications for the banking sector going forward, if this measure in the bond market continues? >> i mean, in general, the upward sloping for banks. i do think there is a level of ten-year treasury yields, where the market starts to get worried about growth and a slowdown in activity and that could hurt banks from we're at the higher range. if the yield were to get

morgan, wells fargo, goldman sachs and citigroup all reported fourth quarter numbers.have the preview today. inflation data with the december producer price index at this morning at 8:30 a.m. eastern ad of the consumer and underpricing decks out tomorrow european markets in the green euros on higher across the board s&p 112 record, cac of 83, the daxs index higher by 163 markets finish mostly higher, the shanghai composite in china up 2.5% on the session. back at home president trump is limited late-night report from special counsel jack smith who is insisting that trump would've been convicted in the 2020 election case if not for his big victory in november. "fox & friends" first cohost todd piro is here, was advisor president chris mcmahon is here in fox business cheryl casone is here. "mornings with maria" is live right now. for the senate confirmation hearings, six days until inauguration day. at 9:30 a.m. eastern, defense secretary pete hegseth will appear before the senate armed services committee, facing an uphill battle particularly with iowa senator joni ernst

from citigroup to goldman and jpmorgan. these are new year highs. i've never seen a bad market when you have good gross markets working. be, big banks and financials kicking but and going to new highs. that is what you got last week of very heavy volume. charles: speaking of volume. look at this by. this is a huge spike. for the most part, you have to go back a long way. money is pouring into these banks. this is what we like. i know you own a lot of the banks. let's talk a little bit about what is on your radar. by the way, christmas time, everybody wants these apple computers, i hate going to the apple store. i am walking and there is a long line. i get around the corner was not a line for apple. it was a line for uggs. forget about it. >> these two stocks, and there are others that have some in common. great relative strength in the market a great reaction to earnings that was strong year-over-year. both earnings and sales and that is what we are constantly looking for. we are heading into big earnings season. i get up earlier and i go to sleep l

jp morgan, citigroup, wells fargo and morgan stanley.ank of america also had big debt sales totaling $25 billion. overall issuance pushed to over $46 billion. another notable sale for the week was citadel. it sold $1 billion over two parts to fund a payout to its owners. we end with u.s. leverage loans as that area stays red hot to start 2025. volume around $50 billion with monday seeing the most launches on record. the bulk of activity is mainly from repricings. when it comes to credit, morgan stanley lays out the drivers for current investor appetite. >> this is a credit market i think a lot of investors would describe as a good yield and a bedspread. yields are quite high and nominal. relative history on the corporate indices. spreads are low. i think a lot of buyers of credit at the moment are more yield driven. sonali: joining us now, the global head of credit strategy at bnp paribas and the portfolio manager at brandywine global. the economic data this week was good. when you think about what we saw in terms of cpi and even in term

as you said since december morgan stanley, citigroup, wells fargo have all quit this thing.essure from the biden white house. >> as we are exiting bad deals, let me tell you what president trump is bringing in foreign money and individuals that are willing to invest. a couple of weeks ago we saw 100 billion from southbank. we are continuing to see investments as people are starting to break apart given the biden administration wreaking havoc on banking regulation as so many busi businesses. maria: the banks are happy about paul atkins. the new security and exchange commission. he's going to get rid of all of the gei and esg policies. thank you for that. let's get to the fires. los angeles county is under a mass evacuation order. three wildfires have tore through the pacific palisades leaving thousands of acres scorched. dozens of homes have been destroyed. "fox weather" meteorologist marissa taurus with an update. >> good morning, truly heartbreaking tragic and terrifying historical we talk about the winds that we have seen since yesterday morning. a forecast that verified a

morgan chase, wells fargo, citigroup and goldman sachs all reporting coming up this morning, bank of morgan stanley will report tomorrow. commonwealth financial network chief investment officer brad mcmillan, great to see you thank you so much for being here, what are you expecting from the banks this quarter. >> i think it's going to be a good quarter, there is a lot of worry about how the economy is falling apart and the jobs report that we just got in worries about the demise are premature at best. i think you will see reversal of loan-loss reserves. you will see relatively strong performance in going forward which is the real question, the guidance we are seeing the yield curve normalize so i think it is going to be a lot more optimistic looking forward than they have been. maria: now that were talking about the fourth-quarter likely more important part of the story is what they say about 2025 angela get a backdrop of trump policies coming in. a lot of deregulation which is major. maria: this is beneficiary the biggest beneficiary of deregulation is the bank. >> in the energy sec

and we're awaiting goldman sachs and citigroup.ink, chief investment strategist at hightower advisers and a cnbc contributor. you've own the some of these names in the past, stephanie. give us the snapshot of at this point in time, from what you know so far from who's reporting. reported. >> yeah, so far so good, right? i think the big theme on the positive side for the quarter for all the big banks is going to be fee growth, and this is exactly what we saw from jpmorgan and warg wells fargo, up 59%, these are huge numbers, and last quarters, very big fees as a surprise to the up side. you're going to continue to see equity capital markets from 40 to 60, 70%. bank of america is going to post a 70% number. investment banking, 30% on average, and equity and trading in the teens. that's the positive. also positives, m&a. remember last year, we did $3.3 trillion in global m&a. larry fink just talked about it, right, so we are going to see a tail wind this year from the momentum last year. but it should improve under the trump administr

which banks out of the ones we're citigroup.better loan growth numbers. >> the steepening of the yield curve. that's supposed to just create a better situation when it comes to net interest income which is how you know a lot of the banks ma make a lot of their money or a significant portion of revenues. in your mind as we look ahead, we be inflationary and we've seen a lot of action in the bond market. how does that impact the big banks going forward? and well, look, interest rates are always a -- >> you know, tale of two stories for banks and rising yields will tend to crimp loan growth. but at the same the value of bond portfolios but at the same time, you know, there are other offsets and a steeper yield curve will help margins and banks not to a large extent but they borrow short and lend long and take advantage of the yield curve. so that's -- beneficial for banks. if the economy is strong, and they can power through that loan growth continues to improve, that's really the best of both worlds. so rates always have been a do

stuart: citigroup. >> an interesting story.a $20 billion share buy back, but they measured one -- lowered one measure of profitability, lowered it to from previous guidance from 11-12. really confirms maybe some fears analysts have that you can't keep expenses really low when you're in the middle of a massive turn-around plan, but still the buyback helping. stuart: it sure did. blackrock. >> pulling in $640 billion in cash. both active and passive funds. they are just ballooning. they pulled in $4000 billion in etfs -- 400 billion, 226 billion in equity funds and 164 billion in fixed income. total assets, a whopping $11.6 trillion. stuart: trillion with a t. wells fargo. >> also a story the about cost cutting today, and analysts like it. you're up 5%. head count has gone from 270,000 five years ago to 217,000. so they took a severance charge, but again, people like that they're trying to sort of get back, reare deucing head count and sort of refocusing on their core business. stuart: you know, banks have gotten us off to a good

goldman bringing their forecast back to two from three with citigroup saying there will be five cuts this year. >> is a fair value for mutual, 20%. looking at the 10 year for value mutual, that's around 4%. treasuries trade 50 basis points above that, 4.5%. that is your starting point, fiscal deficit. inflation issues are off. the economy is doing ok. ambition from the coming administration to cut taxes. it's all in the mix. vonnie: yields rising above 5%, that looks a lot more likely just in the last few hours. joining us now are kathy jones from charles schwab and markup bohne of bank of america. let's start with you, kathy. your first thoughts as it crossed? >> the fed doesn't even have much room to talk about cutting rates in the near term. the market is accurate and pushing out the possibility to the end of the year because the momentum still seems to be pretty strong in the jobs market, lifting treasury yields to steepen the yield curve. vonnie: bank of america also saying there will be any cuts this year but the market is surprising in responsibility. as we know, a lot can hel

last year, when the main banking guy at jp morgan jumped to citigroup suddenly doug beckner was given the title of banking but now he is the cohead of cip. that's a big promotion in 12 months. sonali: sridhar natarajan senior reporter covering banking for bloomberg. call him with your tips. we want to know what is going on. day two at the j.p. morgan health care conference in san francisco not just talking about changes at the bank, talking to executives. kriste -- kristin peck joins us next to talk about changes in her industry. this is bloomberg. sonali: this is bloomberg markets. i'm sonali basak time for the stock of the hour. sl x, the largest producer of medicine for pets and livestock in the u.s.. it stock has been lower going up to 2025. the company has a number of treatments waiting approval. -- awaiting approvals. my cali katie greifeld and kristin pe at the j.p. morganck health care conference in san francisco. katie: let's start with the broad breakdown. are you addressed companion animals. i am thinking cats, dogs, livestock like cattle. what is the current breakdown when

morgan chase, wells fargo, goldman sachs, and citigroup. all of them beat expectations, positive story lines pretty much all across the board on the banking side and the capital market side. so, keep an eye on those one and a half point gains all the way up to nearly 7% for citigroup and right now one of the best performers in the entire financial sector. keep it on the big banks, either will send it back over to you. >>> it is day two now a better than expected inflation reports. core cpi in particular, lower than expected. shelter, a sticking point, posting its smallest yearly gain in three years, so does this put a rate cut back on the table? maybe a couple of them and maybe before the second half. let's ask julia coronado, the founder of policy perspectives and senior cnbc reporter. steve, i hate to do this right away, but -- we met two in a row. >> not bad. look at the reaction. what are the odds for rate cuts at this point? >> let's put them up right away, we just refreshed the chart and they are higher, but they are not high in the s

fortune 100 companies such as goldman sachs, comcast, citigroup. the typical board member of these fortune 100 companies. we know titans of their industry. they're highly qualified. and as such, they're well compensated. even so, hunter biden was paid significantly more. this is how well he was compensated. did so. hunter biden is paid over $83,000 a month while the average american family of four during that time each year made less than $54,000. and that's according to u.s. census bureau during that time. and this is what's been reported about his work on the board. the washington post said, quote, what specific duties hunter biden carried out for burisma are not fully known. end quote. the new yorker. quote, once or twice a year, he attended burisma board meetings and energy forums that took place in europe. end quote. speaking with abc news about his qualified commissions to be on burisma's board. hunter biden didn't point to any of the usual qualifications of a board member. hunter biden had no experience. natural gas, no experience in the ene

this all comes as investors wait for earnings reports out this week from big banks like citigroup, goldmansachs, morgan stanley and bank of america. the u.s. ban on tiktok is set to take effect on sunday. if the supreme court doesn't intervene and instagram is seemingly ready to step up its game. today, instagram said it will focus on original a and create content for its algorithm this year. the algorithm is the way it stories, reels and feeds are ranked for each particular user. now, instagram says it willmbrace new technology like ai so the users can post content more easily. it will also look for new opportunities to make recommending content more social and interactive. it is a new day on the today show. we're going to take you behind i told myself i was ok with my moderate to severe rheumatoid arthritis symptoms... ...with my psoriatic arthritis symptoms. but just ok isn't ok. and i was done settling. if you still have symptoms after trying a tnf blocker like humira or enbrel, rinvoq works differently. rinvoq is a once-daily pill that can rapidly relieve joint pain, stiffness, and sw

align their operations with the cheating net 0 greenhouse gas emissions by 2050 oh, sooner. notably citigroup was among the founding members of the initiative and on top has consistently express skepticism to was green and is the initiative in 2020 he with through the us from the powers climate and women, all you it on savvy permitted countries like india and china to rely on fossil fuels while restricting american carbon emissions. that decision was later reversed by joe biden. trump, and his reason for the essential campaign place to eliminate spending on controversial environmental initiative when he says the eval. next we will end the ridiculous and actually incredible waste of taxpayer dollars that is below like the inflation crisis. they spent trillions of dollars on things having to do with the green new scam scam. and that's caused tremendous inflationary pressures in addition to the cost of energy and all of the trillions of dollars that are sitting there not yet spent. we will re direct that money for important projects like roads, bridges, dams, and we will not allow it to be spent

citigroup as well. there were conversations on its analyst call last quarter that led to hiccups in the stock price. more of tonation of executives of asset cap that caused the price to fall last earnings. there was no real data on that or details, but more of an intonation caused that hiccup. i think the relationships with the regulators with those two firms will be particularly important. >> leslie picker, good to see you. you will have a busy day tomorrow. thank you. >>> coming up, what to expect from day one of the trump administration. evercore's sara bianchi will join us with policy. >>> you can get the best of "squawk pod" with uryo favorite podcast app and listen anytime. we're coming right back. dexcom g7 sends your glucose numbers to your phone and watch, so you can always see where you're heading without fingersticks. dexcom g7 is the most accurate cgm, so you can manage your diabetes with confidence. ♪♪ >>> big policy changes ahead as president-elect trump well take office. our next guest sa

it was a similar story for jpmorgan as well as citigroup and wells fargo, who all reported a surge in independent banking analyst. is it time for the wheeling and dealing and to make big profits at the banks? it dealing and to make big profits at the banks?— at the banks? it looks like it. this is all— at the banks? it looks like it. this is all about _ at the banks? it looks like it. this is all about the - at the banks? it looks like it. this is all about the election | this is all about the election of president trump. there is an expectation in the banking world this is going to lead to a relaxing of regulations. we have had 15 years of really tight regulations around banks and i believe among banks and investors now there is a belief that will start to be relaxed now which will free banks to do more of the wheeling and dealing and trading that brought them big profits in the past. investment banking has had a bad few years, really. as for big banks, particularly big american banks, that is a significant driver of their profits. that is really why they are starting to recover now

citigroup's expense number came in a little lower than expected.better than expected, so not only did we see good numbers in the fourth quarter, the banking numbers of course were strong in trading, but the guidance going forward and i think sara touched on it with small business optimism index, we are setting up really well for the banks in 2025. >> are you getting a sense of some of these names getting expensive? >> carl, that is fair. particularly with jpmorgan chase. when you look at trading for evaluation and the post- financial crisis because the world has changed since the crisis at the banks, when you look at the top 20 banks trading on that two point tangible, 1.7 times tangible, so there is room on the upside but notably jpmorgan , they are rich on tangible. >> is that the reason jpm is not performing as well as the others who reported their earnings this morning? >> interesting observation, david. i think it has to do with when you look at the guide better than expected it was because the financing of their capital markets, their trading

it was a similar story forjpmorgan as well as citigroup and wells fargo — who all reported a surge in told me earlier. iam sure i am sure that in the mind of regulators, that will be very much what they are thinking about, how to really walk this tightrope across the abyss of the crisis, saying how do we relax regulation enough to please the new us administration and to free banks to make more profits to free banks to make more profits to do more deals? without setting up another dangerous spiral like we had in 2008. around the world and across the uk. this is bbc news. social media giant tiktok is making plans to shut down its us operations on sunday, when a federal ban on the app takes effect, according to reports. the us supreme court is currently deciding whether to uphold, overturn or delay the ban. but could president—elect trump give tiktok a reprieve? the washington post reports that he's is planning to suspend enforcement of a shutdown for up to 90 days. congress voted to ban the tiktok on national security grounds, unless its chinese owner sells off its us operations. elon m

fortune 100 companies such as goldman sachs, comcast, citigroup. the typical board member of these fortune 100 companies. we know titans of their industry. they're highly qualified. and as such, they're well compensated. even so, hunter biden was paid significantly more. this is how well he was compensated. did so. hunter biden is paid over $83,000 a month while the average american family of four during that time each year made less than $54,000. and that's according to u.s. census bureau during that time. and this is what's been reported about his work on the board. the washington post said, quote, what specific duties hunter biden carried out for burisma are not fully known. end quote. the new yorker. quote, once or twice a year, he attended burisma board meetings and energy forums that took place in europe. end quote. speaking with abc news about his qualified commissions to be on burisma's board. hunter biden didn't point to any of the usual qualifications of a board member. hunter biden had no experience. natural gas, no experience in the ene

welts fargo, citigroup all due to report. we're going to preview the bank earnings next.loombergc.er -- this is bloomberg. ♪ >> j.p. morgan among the banks kicking off the season today. the five biggest banks expected to post a 15% rise in fourth quarter trading revenue. let's get more on what we can expect with the preview and bring in charlie wells. charlie, how close to perfection are bank stops? >> it's a big day today. that question that you can has this really important issue, which is how many of the issue is already bake into the share prices which performs exceedingly well over the past year. the kbw bank is up about 40% from a year ago. how much of that optimism about rate cut that we saw over the past year? how much of the optimism about the uptick in mna and refinds financing. it has potential deregulation in the u.s. how much is built in. and how much room is there to run for these banks talks? any bad news today could put these major u.s. bank stocks aren't lot of the pressure. >> goldman sachs up more than 50% over 12 months. what a good run for goldman. an

in other news, citigroup and bank of america are to leave a global climate banking group.he latest lenders to exit the net zero banking alliance, coming with wall street under pressure from republican lawmakers to distance themselves from industry groups that support reducing carbon emissions. part of the glasgow financial alliance is cochaired by the chair of bloomberg inc. and michael bloomberg, parent company of bloomberg news. i mentioned we have to factor into the oil price, chinese economic recovery. we got the pmi numbers from caixin earlier this morning, the weakness factoring into chinese stocks as well. the csi 300 down 0.3%. indeed, this supplements the data, the official numbers we got earlier in the week. we saw some strength for services. we are in, on the growth side of 50 but it is weaker than expected on manufacturing. factor in the tariff story, the uncertainty around that and also the question of what stimulus we can expect from beijing in 2025. the president-elect coming up, his progress -- his return to the white house is dominating wall street predict

citigroup is at an inflection point.stock trade the lowest evaluation. morgan stanley trading at three times. so there is more breath in this stock on the upside because of the lower valuation that they have despite being up 32% over the past year. so big call from barclays. jonathan: appreciated, the opening bell, just to mention europe again. off the back of that story from the washington post indicating perhaps a consideration of the incoming administration to dilute the tariff effort. we will see if we have any pushback from the incoming president later on today. a sense of where the bigger moves will be. euro-dollar is up by 1.2%, the biggest one-day move back to november of 2023, so in more than a year. pointing again to the factor european assets they are at the mercy of u.s. policy right now in a major way. lisa: do they have any control over the destiny and you ask this question about the potential lack of leadership there. we had german december harmonize cpi. inflation came in hotter than expected in germany.

you could hear that from the head of banking and the head of citigroup.h some of the optimism? jonathan: front and center, trump's tariff plans. >> in terms of 25% on mexico and canada. they are allowing vast numbers of people. canada is about abuse are also. vast numbers coming and fentanyl coming in. i think february 1. jonathan: annmarie is at the epicenter of the world, the universe of financial markets and global business. it is certainly not here. it is where you are. annmarie: it certainly israel and that is what everyone is taking notice of. what is happening in washington, d.c. a flurry of executive orders. it was a light touch when it came to trade. even though as on the campaign trail donald trump talked about day one the walls would be going up. looks like that me taking more nuanced approach when it comes to china. china was not in that soundbite right there when the president was going back and forth. i want to bring in ed mills of raymond james. you were just in canada. everyone is asking questions. what are the tariffs going to look like?

and ross, the research for language, citigroup out of the work of the endangered language alliance, the organization where i'm co-director since since 2013 which is the only organization around small nonprofit with an office on 18th street in manhattan, but the only organization in the world devoted to research, urban linguistic diversity, to documenting, supporting endangered languages in urban and diaspora, immigrant settings. and then before that for a number of years doing, research on endangered languages, especially the himalaya, but in different parts of the. and so the book does kind of move at times between sort of, you know, deep dives, especially the outer boroughs, brooklyn, queens, the bronx, the places where there are hundreds and hundreds of of different language communities. now and then. it also kind of we'll have scenes from nepal, tajikistan, and have the of transnational or, really trans local links that think immigration and the study of networks in new york really kind of leads to is that actually you know these lead to unexpected places and very particular connect

annual profits and goldman sachs equities trading desk at their best quarter on record and we heard citigroupl be buying back $20 billion in shares and that's an interesting trend we have been reporting on, which is that last year those large banks return $100 billion in buybacks and dividends and that speaks to something interesting we have seen in the banking sector throughout earnings season, which is this idea of confidence so in order to buy back shares and return dividends, in a lot of ways these banks have to be confident, particularly on the buyback front, in the sense that they have to feel comfortable with the amount of capital they have. they can return it to shareholders and that of course helps boost share prices. and this is something we have been honing in on in this earnings season as we enter what seems to be a new era in politics but also on wall street , it seems like these banks are increasingly confident about capital and that that in game they had been campaigning against, against this requirement to hold more capital, they may not need to do that and can in turn return

morgan, mo morgan stanley, citigroup, and i could add black rock today, staying away from climate change you are on the street, at least on occasion. >> it sure sounds like elections matter. >> perfect. >> there might be a two-way door on climate group that is good news. they flocked together, but after election two way door they have decided they will make their own interests policies, not first multilateral organization created whose interests are not in alignment with interest of members, glad to see independent ceos making their own decisions. larry: there were reports, that they were debanking people. if they found out such people were not involved in d.e.i. or climate change or netzero emissions and whatnot. that pure insanity. illegal and unconstitutional. >> it a dangerous story. it probably true. if you and i learned anything as conservatives we learned conservatism is a resistance to wims, these people may have acted too whimsical. the tides have reversed, good for accountability. larry: 100 down, 100 up. federal reserve cut the short-term target rate by 100 basis points, but u

you have citigroup jokes swirling that it is the great british peso.ls fargo saying there's room for the pound to drop even further. to be fair, sarah bredon at the bank of england also used the word orderly. that suggests to me the bank is hesitant to wade into this but economists say the bank of england will have no choice but to slow rate cuts even if growth is weak and you see that reflected in the market pricing so they are only pricing in two quarter-point cuts this year even though andrew bailey signaled a four would be coming >> so pairing those expectations around the bank of england and rate cuts even as growth stagnates in the u.k.. will we get a growth rift -- growth lift from our relationship with china? what is rachel reeves hoping to achieve? >> the prime minister's spokesman was asked did she think about suspending the trip and it was not considered being and had given -- being and had been in the diary for so long. you go back to the pint glass clinking moment with president xi and david cameron and we are a long way from that. keir st

the moves cap a stellar run for the lenders during the biden presidency with citigroup the only one toless than 50% share growth. only one of the banks beat on eps with goldman the outperformer earning investors $12a share. jpmorgan posted a quarterly record earnings which beat expectations by more than $2 billion. wells fargo's revenue figure came in just short of forecast. citi announced a $20 billion buyback despite cutting its profitability target in 2026 with the first $1.5 billion ear marked for this quarter. meanwhile, the jpmorgan cfo hinted at further buybacks after jamie dimon said it would not buy back a lot of stock at this prices. all of the banks benefitted from soaring banking fees and looser policies helping lenders boost income by as much as 59% in the case of wells fargo. the downward shift in interest rates weighed on interest income as you would expect. investors welcomed jpmorgan analyst it will bank $94 billion in nii next year. in the fourth quarter, it posted its first decline in the metric since 2021 down 3% to $20.5 billion. wells fargo net interest income fig

. -- 165 percent you're buying citigroup right here. >> i think it's one of the wig banks you can buy and still get a runup on. charles: what about wells fargo? >> is they've had a hell of a run, but if i had to choose 2007 the two -- between the two, citibank is better. charles: feels like a combination of bottom fishing and also finding a fox hole. is this kind of what you envisioned? >> exactly. stay onshore because the dollar's still strong. valuations are wonderful, small caps will do better once -- [inaudible] if what happens in the interim? they're a great way the play the market. charles: this is the biggest week for fourth quarter earnings. so far this is what we've had report, the number of companies that have reported, 78 out of 50. where do you x. expect, like the big surprises this earnings season? >> i think right here in discretionary. charles: you still like it -- >> at the end of the draw, the consumer's crushing it. just try and go on a plane, into a restaurant, myrrh you want with. cession their's blowing out -- discretionary's blowing out. this is another area, i c

jp morgan, morgan stanley, citigroup, bank of america, wells fargo and goldman sachs. could add blackrock today. they're staying away from all this climate change woke and zero. what do they call it. zero net something or other. now you're on the street at least occasionally. what do you make of this? is it true? so it sure sounds to me like elections matter, larry. that's perfect. it sounds like there might be a two way door on the climate group. and that's a good news. it was a two way door. they all flocked together, but after the election, it's a two way door. and they've decided that they're going to make their own policy and their own interests. this wouldn't be the first multilateral organization that's been created whose interests aren't exactly in alignment with the interests of their members. glad to see independent, independent members, independent ceos making their own decisions. i mean, i you know, there were reports i don't want to obsess about this, but there were reports that they were debunking people. if they found out that such people were not involv

the major banks kicking off fourth quarter earnings season, jp morgan chase, wells fargo, citigroup,oldman sachs reporting tomorrow, bank of america, morgan stanley on thursday. goldman sachs joining a new group for facilitating finance deals. stock is up this morning, about two thirds of a percent. how does that all square for you in terms of the earnings given this move in rates? >> i'll tell you what, it's a little hard to make a square of all of that. there's a lot of edges going on. maria: yeah. >> it does seem overall positive and when we really leak at especially how jobs did last week and combine with all the other economic data we're getting i'm expecting the big banks to be pretty positive. the other reason we're up on those banks is because of the comments that we heard coming out of goldman just talking to chris a little before the segment about the fact that we are sort of going into a financing world where if we're going to settle at this higher level of prices, americans are just going to start breaking up their payments for items that are not typically finance worthy

. >> citigroup trying to sell themselves. >> the banker has got to eat, too.ck check of the markets because we continue to go lower on big tech. i mean, the dow not getting hit at all, but, again, that's kind of like a headline index, like we talked about. we're seeing big tech, the nasdaq down 1.5%, yields also the story. and rick santelli is in chicago. yields are on the move. this inflation story is a long way from being over. >> yeah, oh, absolutely. just look at what's going on in europe. not only do they have really lousy growth, they have inflation that's starting to rise. i fully suspect that inflation is not going to moderate to levels the fed feels comfortable with. you know, we had a lot going on today, brian. jolts over 8 million, most job openings since may of '24. prices paid leaped to the highest levels since february of pea 23. put those two together. and if you look at the last three days, tens are running way past the twos. right now they're up 5, twos are up 1. we've moved the spread four basis points today alone, which means it's knocking o

growth in investment banking fees and trading revenue and 20% growth in asset management fees and citigroup announcing a multibillion-dollar buyback at 1:30 p.m. eastern time from citi's headquarters. scott? >> unbelievable move in that stock, among others today. we look forward to that interview. leslie, thank you so much. that's leslie picker. >> you haven't liked the banks for a while. >> we are waiting for the banks and trying to buy from in between and the ones that benefit from m & a and kkr, and more the smaller, regional banks from the activity you heard her highlight in interest rate, they probably won't show the upside. >> so i want to clarify this. i fear i'm setting this up wrong. you like the large banks. >> yeah. >> and the private equity players. >> yeah. >> many of whom stocks have had a really nice move. it's just the regionals that you don't like? >> yeah. we market weight the totality and the beneficiaries and in short the ones that went up a lot and don't benefit as much in this rate environment and this activity environment as the big one. look, the ones that are up tod

citigroup. i think it continues to climb. >> thank you for watching "fast money." "mad >>> my mission is simple. make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. i promise to help you find it. "mad money" starts now. i'm cramer. welcome to "mad money." i'm trying to make you a little extra money. my job is not just to entertain but to teach you. call me at 1--- we didn't talk about the federal reserve, other than when i said to my colleagues, isn't it great not to talk about the federal reserve? on a day when the dow advanced 131 points, the nasdaq jumped 1.28%, i want to talk about an amazing change in the ether. we don't care about what the fed does to help or hurt business or even what they say. instead, we can focus on what business kill do to help you. ever since covid, we have will to deal with wringing about what the fed will or won't do. when the fed switched to being restrictive, it creates a bear market. stunting the growth of many domestic companies. when the fed switched to easing, stocks wen

jp morgan chase, wells fargo, citigroup and goldman sachs reporting on wednesday followed by bank ofrica and morgan stanley on thursday. joining me now is cfra director of equity research, ken leon. good to see you. thank you for being here. before we get into the banks earnings what is your take on yields here and the impact that spiking interest rates will have? >> great to be here, maria. i mean, mostly rates are going higher for the right reasons. we have a u.s. economy growing at 2 and-a-half percent or more, the best in the world and if we have that plus healthy job growth which we did noted on friday, that's a good picture to deal with the headwind of higher rates. you know, the bond market always likes to say when yields get to a certain level, equities are less attractive but the story i think for the market, for equities and for banks is having strong earnings and upward revisions which i think we'll see from the analysts. maria: yeah, but what about their bond portfolios? if you have a huge bond portfolio and interest rates have gone the right way are we going to hear some

looks like the fed's not going to raise interest rates in earnings at jp morgan, goldman sachs, citigroup. citibank, wells fargo, blackrock. all great. so financials are leading the market, which is what you really really want. don't want just tech stocks, ok? well, you mentioned consumer prices a moment ago exile. sure you've noticed everybody's been notice and it just up the price for a dozen eggs going through the >> roof. yeah, they're pushing $9 and counting. i'm for doesn't ultimately what we have here is transportation costs are expensive. we also have a big bird flue that spread through all 50 states last year. it's not killed over 130 million birds that lag. so it's gonna come down from here. but it's not going to go where we want you know, $3 and 64 3,006, $0.5 about him, which is where we were not too long ago. all right, ok, let's get to another story this morning typically, right. if i understand correctly, investors usually like it. when companies start cutting costs, meta says it's going to cut about 5% of its not elon musk, but mark zuckerberg earlier said it was because h

jp morgan chase, citigroup, goldman sachs, wells fargo, bank of america, all reporting fourth quarterarkets. what are you expecting? >>over all in 2025 it's expected to be a very, very strong year for earnings growth and for margins. right narks analysts are pricing in record margins which is pretty remarkable. it could happen. there's a path for it to happen but it certainly seems unlikel and earnings growth expectations for 2025 are at 13% which is -- that's pretty high. the last two years have been high single digit earnings growth expectations and when you have lower expectations and you surpass or exceed those expectations, stocks move higher so we've seen two consecutive years of 20 plus percent returns in the market with very low volatility. now that expectations are going to be a bit higher this year, i think it's important that investors kind of reset their expectations. i mean, the bar has been set very, very high this year. there's certainly a lot of optimism that's out there. maria, to your point about the uncertainty that exists as it relates to these tax cuts, look, i th

one of the bigger movers to the upside the past day or so has been citigroup which has a fourth quarter profit and defeated on the bottom line, they say they will reshape and invest in the business and shareholders are hoping that means better returns. here to iscuss that an incoming donald trump administration is the ceo of citi. >> jane, thank you for being here, a big day yesterday with earnings coming off the scott bessent hearing, i want to start on the deregulatory push which has been a huge overarching theme in terms of the banking industry and the way investors have been treating it over the last few months. you were just elected chair of the financial services forum which is the eight largest -- eight largest banks in the u.s. going to washington with a wish list. what is at the top of the wish list? >> when we look at regulation, good regulation supports innovation and investors, it supports consumers and enables growth. that is what we are looking for. when you overdo it, you have factors that inhibit competitiveness and not going for growth and are great for consumers. our g

i am currently, though, here at citigroup headquarters, which announced a massive multi-year buyback yesterday. that sent the stock soaring yesterday. and i asked the ceo a short while ago, why now? >> i was very pleased to announce the $20 billion program yesterday. as well as an increase in our share buybacks for this coming quarter. why now? capital return is very important to our shareholders. i know that, we know that. and we're very committed to doing it. >> reporter: i followed up and asked her whether the buybacks were predicated on bezel 3 rules which are likely to be scrapped entirely or add least come in neutral to capital under the new administration. she said they would have to wait and see hot the actual structure looks like. we chatted broadly about her priorities for deregulation as the newly elected chair of the financial services forum which represents the biggest eight banks in washington. she said she wants an environment that allows for clients to transact as well as insuring the system isn't overcapitalized in a way that impedes growth, mike. >> i guess if you'r

still, citigroup raising its price target from 640 up to 711.bank upping theirs from about 505 to 585. and one of the big stories of the day, meta's ceo, mark zuckerberg, saying his platform wills invest as much as $65 billion this yearal to expand the a.i. infrastructure. the investment will include building a 2-gigawatt data center and ramping up hiring for a.i. positions. the social networking company also announcing that it will begin limited early testing on its threads app with a handful of brands in the u.s. and japan. and we also just want to say that $65 billion blew away analyst expectations for, like, $50 billion in cap-x, so the spending continues. >>> all right. president trump may have ended those ev mandates work but one -- but one company is letting that rain on their parade. aptera sees nothing but blue skies and sunshine as it rolls out the first ever solar-powered car. we're getting a first hook with the ceo in a fox business exclusive. and people looking for more fun in the sun are heading out to the world's longest running b