liz: dick bove, banking analyst told us in the last hour that jpmorgan could pay as much as

dick bove has but i don't think that is in the cards.ill say this i don't think jpmorgan or any of these banks have fully digested dodd-frank. they're starting to digest it now and these are the initial pains that are being felt as you digest the increased capital. as you, digest the massive amounts of scrutiny, the increased regulatory sort of investigations that come with any, when you are being scrutinized more. this is what happens initially. so don't rule out the fundamental change. i think anybody that rules out that banks get fundamentally smaller is crazy because we were in uncharted territory. melissa: yeah, but mark, you think it could be a move not to make the bank smaller, but not to change sides, we're focusing on the wrong things, but it is about getting rid of things that just aren't making money, that it could be more valuable property, is that your point? >> that is part of my point and introduction of political risk of this. think about student lending. more an more to the point almost like mortgages where it will be ex

that is essentially what dick bove was saying. it was a prediction. not that he knew.prediction they would have to spin something off. he talked about the asset management unit. i don't think they would do that. that is kind after stable source of revenue. cheryl: everybody wants to stay in that part of the business. >> they have to do something to shrink the bank. what you're seeing is first step here. jamie dimon's directive, get rid of non-core assets. we have to focus on businesses that make money and make sure as we're focusing on the businesses we're not doing anything stupid. that's what is part of this thing. focus on stuff that keeps us out of trouble. that's where we are right now. i will just say this. if this seems to me, this is me covering banks for a long time, the first step to something much more radical. that at least from my sources inside jpmorgan is not happening right now. cheryl: this is interesting what you said as well. god, this goes back 10 years in our history. splitting off investment banking and commercial banking. >> citigroup. you have t

analyst dick bove says yes. he speaks with charlie gasparino next.ew operating system is supposedly making some people ill. does apple have to do something about it? ♪ [ male announcer ] need help keeping your gestive balance in sync? try align. it's the number one ge recommended probiotic that helps maintain digestive balance. ♪ stay in the groove with align. >> i'm david asman with your fox business brief. macy's will increase its holiday hiring this season. the retailer will hire 83,000 seasonal workers up from 80,000 last year. jobs will be at macy's and bloomingdale's stores and call centers and distribution centers nationwide. >>> siemens will eliminate 15,000 jobs worldwide by the end. year. the german engineering company will restruck and cut 5,000 jobs from germany and 10,000 from other overseas operations. >>> mark cuban is expected to testify against his insider trading trade trial there. security securities & exchange commission i have a accusing him using inside information to dump his talk of internet so much company mamma.com before sh

we had dick bove saying it could be as high as 15 billion.stice department has a cooperating witness. we don't know who that is. as soon as we get more details we'll get it to you. meantime, we're almost 7 hours and 59 minutes away from a government shutdown. david: why is it only on jpmorgan? look what citi did for example? citi was packageing a lot of the same bad mortgages in the same damn way and they're focusing all their attention on jpmorgan. makes you wonder. let's go to nicole petallides at the new york stock exchange. nicole, we're hovering at that 100, to 135, 40, level f you want to know what the market did today you only have to look at the vix. the vix basically followed it step by step. started everybody was freaking out. it was really bad. then it sort of calmed down a little. still when, you have a triple-digit loss you're not very happy but at the same time it could have been worse. >> absolutely. one month my for the vix. the vix is the fear gauge t actually predicts volatility going forward. volatility is little lighter. t

liz: dick bove, banking analyst told us in the last hour that jpmorgan could pay as much as 15 billion. >>> hertz cut its full-year forecast because of weaker than expected rentals at airport. hertz offering a handful of tesla model s cars at a california airport. >> i wonder how much it will cost to rent. liz: 500. david: 500 bucks a day. wow. new claims for jobless benefits fell to 305,000. the job reinforces the federal reserve case to taper the stimulus program in october. liz: commerce department says the gross domestic product grew at annualized rate of 2.5% in the second quarter. pretty much the same as the previous growth estimate for that period. david: shares of air chemical and products are up after the company announced it will plan to look for a new ceo. the chairman and ceo john mcklain will retire next year. liz: the government stepping up plans to get out of general motors entirely. it now owns just over 7% of gm stock. the treasury plans to sell all its remaining shares by april 1st of next year. "after the bell" starts right now. liz: we've got breaking news on lazard