dimon. who is behind mr. dimon? it was behind mr. moynihan?ou get a sense it is an ok night -- organized succession derby or does it allude to what we see on the tv show "succession"? ken: these are really more stable families. it comes in fits and starts as far as what we talked about. jamie dimon has a great lineup of executives below him. particularly with women. jane fraser first. we will see more of that over the next year coming across large banks. they are very capable and it's an exciting time for leadership. tom: i want you to address what apple is doing. it was 10 his ago we have the fintech splash with apple. they took an academy award. they are building six football fields in culver city to take over hollywood. are they taking over zip codes in manhattan? ken: is apple or amazon interested in the banking industry, that was part of jamie's comments. the large banks are going into more direct competition. with entertainment that might be a positive on the banking side. there is all these encroachments of banking. lisa: you are in del

dimon. marcus is an expert at doing that. for bloomberg opinion but he is encyclopedic on bank and particularly bank culture. about 30 pages in, mr. dimon reaffirms that he wants to do a global consumer bank. he does not mince words about it. is he effecting european banking just as one example right now? marcus: not just yet in europe but definitely using u.k. as a launchpad. we have chase over here with the credit card offering 1.5 interest rates. that is about as good as it gets for us if you have money to put on deposit. big operations down on the south coast, processing retail banking, so they've got scale and goldman sachs came in with the markets products a couple years ago and i think chase's going to make more. jonathan: let's talk about how much this costs, the spend was something that dominated early -- earnings season for j.p. morgan. have we had sufficient clarity on what that spending is going to achieve? marcus: not yet. i am fascinated what he said about russia but there is a lot of room to grow in the euro ma

i think we know that you mentioned before jamie dimon and a tornado. i think we're in the middle of a tornado. we know we're in the midst of a tornado. a lot of the things he's mentioning in terms of the persistent volatility, that's aware to us. we've seen the downside. i don't think we are springing forward above new all-time highs exactly to your point. because i think there are so many challenges ahead here for in federal reserve and i think the federal reserve probably looks at this 9% plus bounce for risk assets and sits back in their chair and says oh, wait a second i thought we cooled off a lot of the ferver surrounding risk assets that's probably going to keep us in this position where we're in a little bit of a consolidation running in place i think take the words risk on and risk off and forget about it this year. i think it's more about rotating i think the market now is rotating i think there's an internal rotation away from a lot of the cyclical value and it's going back towards a defensive find. going back towards the growth and really c

jonathan: jamie dimon said the stronger the recovery, the higher the rates that follow. the stronger the quantitative tightening as well. a lot of people are worried about a replay of late 2018. we are never what happened in 2018. the primary market shut down in high yield. when you look at supply coming in, how does that stack up at the moment? matt: dimon said he did not envy the fed. i don't think he envies bond managers right now either. high yield is down roughly 75% year-over-year, a lot of yields getting done in the loan market and there is tremendous demand for bank loans and then the high-yield market, prices are really difficult i don't know the companies are looking to figure out where they would have to price versus the ig market where you just have $230 billion issued in the month of march, the second-most in history and to your point, credit spreads were actually able to tighten from the back half of march. a lot of supply being issued. we are really flooding the market. i think it is a good sign that you are seeing a lot of issuance. the markets functionin

it is that time of year again for jamie dimon's annual letter.e was a bit shorter than last year's 65 pages. this one was 44. it definitely was not as rosy of an outlook. last year he was saying this boom could run until 2023. there could be a goldilocks moment. this year he was really digging into the various crises facing the world right now, and the war in ukraine is definitely high on that list. kriti: something else he mentioned was the federal reserve. he said this tightening cycle is unlike any we have seen, and that there are a lot of risks when it comes to the fed simply navigating it. can you walk us through his perspective on that? reporter: what he said was that in hindsight, all of the fiscal and monetary stimulus in 2020 and 22 anyone is probably too much for too long. bank executives don't typically criticize the fed, and i don't think that was a criticism per se. he said fiscal and monetary. but it was definitely an interesting perspective. he also said that if the fed gets this right, the economy could be in really good shape, bu

jamie dimon, obviously the rest of the crew. us a little bit about what we heard about volatility. because jamie dimon and the rest of the team went through a whole range of issues, and if you pull them altogether, how much visibility do they have as to what comes next? sonali: that is a great question, because there is not a great sense of volatility being good or bad for banks and the market at large. we have talked about this before, the idea of gapping volatility will keep clients on the sidelines. one positive note is that jp morgan did say a lot of carnage in the hedge fund sector on the buy side see jp morgan saying there is money to be spent among clients and they are working to make markets. kriti: we talk about the war in ukraine, a lot of people are saying it is a europe story in terms of how much is affected in terms of going into recession. the united states affected by higher commodity prices. jamie dimon saying the sector can weather all of this. you have jp morgan coming out and creating these huge loan loss prov

jamie dimon gives us too much.hought pvh gave us too much optimism versus what i see in a apparel. i don't get it [ openingbell ] i put him on because he's so driven i never put cfos on. it's a big coupe for both. now they said why didn't paypal -- why didn't they affirm their guidance so you don't think that something is wrong. he's going to stay on for a couple of months no by the way, businesses, like we said,no they said business was going to get good next year and businesses go back to the old growth rate. and plus 20 the stock is very cheap. and then he subsequently missed the quarter that he promised i'm doing a lessons learned. a lessons learned i shouldn't waive it for 23. i had a chance to bolt and i didn't it's a big mistake when they see the power. that's bad and that i have no excuse for not selling that i thought i could ride through. >> no. right. you get down to this level and it's like really am i going to do it down. >> yeah. that's what i said what is the point? the whole point it's awards it all

dimon yes, just do not be offended for the case. quietly, what did you give for the cause?r sea devils are always ready for battle. get ready to go underwater. attention sea devils today at 8:25 on ntv, women demanded alimony for their daughter diana, whom she did not give birth to and a dna test - this was confirmed by 0% of the family, while the official mother of the girl put forward her assumption. who is her mother ? a woman named irina used to live in the village and she lived with her father's brother. alexander, his surname is also nozdrin. she could calmly introduce herself in the maternity hospital in the name of her mother, raise a child and leave him in the maternity hospital. and after the program went on the air, the viewer recognized diana as her niece. when i looked i said. you know, it's very similar if diana finds out the secret of her birth. it is interesting for me to see the external similarity, genetic predisposition and, in general, to communicate with relatives. i say it's who she's not sure, she said. this is probably your daughter, if you were 100%

jamie dimon's annual letter is always hotly anticipated and this year a lot of focus on inflation in the fed. here is the quote from the letter we wanted to highlight, jamie dimon does not envy the fed for what it has to do next. the stronger the recovery the higher the rates that follow and if they get it right we can have years of growth, but at the end of the day this process is going to cause lots of consternation and very volatile markets and at the end of the day i guess that's where we are right now. to wait -- have we waited too late into the process to get started? matt: seems like almost everybody thinks we waited too long. maybe brad doesn't think that. most voices are saying that this is an own goal. on their own part of the fed where they put themselves into a difficult position, which is why jamie dimon has pity for jerome powell and the question is, can they engineer a soft landing at all now? or is the only choice to give us a hard landing that isn't too painful? we definitely expect a couple of 50 basis point rate rises coming in the near term. jon: lots of that comi

dimon deals with the consumer but also the enterprise. consumers might be willing to spend like mad even in the face of a fed-mandated slowdown, just because they're so eager to get out again. so what happens? delta's stock, it finishes up $2.41 or 6.21% jpmorgan's it loses $4.24 or 3.22%. a 52-week low. all right, so now how do we make sense of this best of times worst of times first, let me tell you something i learned more than 40 years ago when i bought my first stock, american ago ri no, ma'amics i heard about this company that it had amazing orange groeves in florida. i went to the mercantile library in new york city, read some reports about it everything checked out plus, maybe best of all, american agrinonics was only a $10 stock so how much could i possibly lose? well, let me tell you something. right after i bought it florida got hit with the worst frost in its whole history, and i lost almost my entire investment. in other words, luck luck plays a huge role in this business if putin blinks, then maybe the whole crisis, the whol

and they're changing it's kind of jamie dimon against the world.nks, neobanks, and shadow banks which are twice as large as the u.s. banks. remember, these are all nonregulated competitors, so jpmorgan is spending, buying, and paying whatever it takes to compete on all events. they say they want to be an international digital consumer bank on defense, they say they want to make the ship tip top shape, unquote, but they'll still have likely the greatest expense increase in history, so the devil is in the details. so we need more information. revenues, returns, and key performance indicators for all this spending. we have one of the low estimates on the street for the year for jpmorgan, and for morgan stanley, the transformation with their deals, e trade, the engagement has fallen off and with the bond fund outflows have been happening for the industry as a whole, we think jp morken and morgan stanley don't look as good as investors think they do. we would prefer being with the likes of a bank of america >> because you like the whole mainstream banki

you mentioned jamie dimon.nk one of the greatest bond ticks, rumor when -- were number when jamie dimon committed the market and bought jp morgan stock, and basically on the day it was at the bottom? tom: i think it is the story we mentioned with diane swonk the other day in chicago, sort of put out there by others, what he did, and mr. harrison was there at the bank, and who is this jamie dimon guy? what is he going to do for us? as you say, he built it up. what is important is he has had to reset about four times. that is tough to do. jonathan: it has been about 15 minutes and we have not and should twitter. dan ives coming up on twitter on "the open" on bloomberg tv. on the nasdaq, we are down 0.6%. you like the final word? tom: no, i just think you ought to mention meta. jonathan: meta out after the close tomorrow. i can hardly wait. after the close today we hear from microsoft and alphabet. tom: is your 9:00 hour going to be twitter free? jonathan: until 9:30, and then at the opening bell we will get our t

what that might look like is, dimon stays on as chairman.gives more clarity to the eventual post-dimon era, although that remains years away. shery: what were the comments when it comes to sit -- the situation in russia and ukraine? >> jamie had his annual letter come out this morning, that is what he does every year, it was quite long, 44 pages this year. on ukraine, he said, he called for increasing sanctions and said he is not worried for j.p. morgan's exposure but the firm could lose $1 billion over time and they continue to look for secondary impacts around the globe. haidi: hannah, our finance reporter, with the latest. the u.n. report on climate changes warning the world it could warm up. we discuss that with a research fellow, coming up next. this is bloomberg. ♪ shery: g20 countries are responsible for 80% of global admissions and have made ambitious promises to cut those emissions. haidi: new research shows not one of them has actually put the policies in place to meet their goals. a new report shows the earth is on track to warm b

morgan and the don of wall street's comments, jamie dimon, coming up.om pepsi's former ceo. don't miss the exclusive conversation with francine lacqua. join us in just a moment. this is bloomberg. ♪ ♪ >> i think that i succeeded over the years, one, because i have be my entire leadership on competence. i spent a lot of time making sure the business, the topic i was working on, i had mastery of. enough mastery to understand what we needed to do, how we needed to adapt whatever solution and then adopt it inside the company. i had the ability to zoom out and implement them. this is something i was known for. people always say i had enormous strategic acuity because i could connect seemingly unconnected dots and make a shape out of it. these are one set of skills that people would say, look, if you need this sort of skill, go to indra. on the personnel side, i love people, so i would reach out to everybody from senior executives down to the frontline. i showed tremendous empathy, i cared about people, and people loved to work for me. they would say what ind

the company suspending the share repurchasing program >>> dimon's warning. ceo of jpmorgan saying a con influence of inflation and ukraine war may increase risks ahead. >>> we'll be joined by amd's ceo lisa su and liberty media's ceo greg maffea. what do you have in mind >> well, the tweets have been about having more free speech. to me, it means more tweets by people who don't like him. free speech has been, i think, what you have on twitter it except for the former president. i don't know what he's getting at there's more free speech than you can use on twitter now. >> yeah. i don't -- by the way, that's a shared viewpoint, at this point. nobody quite understands exactly what it may be, other than what it is. i know genius, right it's an investment somehow he thinks there's a benefit to owning 9 plus percent for him in terms of may be the economics. when you're as wealthy as he is, you look for the other motive that might be there. i'm not quite sure what it is. it's passive we should point that out again it's 13g it's not a d it's not something you would

jamie dimon also said the u.s. consumer is in great shape and probably able to withstand some level of rate increases and the rise so far has been very significant. i would say the prospects for banks is generally favor as long as the economy doesn't get them into a recession. maria: all right, mark, great to get your insights, thank you so much, we will talk soon. have a good one. thank you. >> thank you. maria: we are getting started this morning. see you soon. coming up crime in america out of control. we are breaking down everything that you need to know about yesterday's attack on the new york city subway. how to stay safe? then mockery at the border. migrant snapping selfies as they illegally cross into the country. the very latest plus i'll be speaking with new york gubernatorial candidate of migrant flights plus trump plul media devin nunes. mornings with maria live on fox business. ♪ ♪ ♪ ♪ we could walk forever ♪ ( ♪♪ ) ♪ walking on ♪ ♪ walking on the moon ♪ ♪ some ♪ ♪ may say ♪ ♪ i'm wishing my days away

oh, dimon dimon wait, this guy wrote. listen, it works.o he is the editor of this sports portal tournament. it turns out that he offers us accreditations for the final tournament. that is, you understand accreditation, you and i, as journalists, will go, and that we will go to all matches using these accreditations. well, we only have tickets and accommodation, accreditation. well then, that basically explains everything. only how can we know that he is really an editor. i can sign too, ballerina. well, wait, here he offers to check it out. tomorrow at 12:00 i will be at work. call not to there was no suspicion. you can find out on the site 3w point no divorce. dimon going to london let 's call tomorrow, because well , imagine, he grabs his purse and ticks, and i'm going to the oncoming lane to work. just don't suspect anything. well , respectively, the capture of the throw and the criminal will be delayed, but the main thing is not the main thing, so that the victim turns out to be a director who shoots some kind of crime series, uh, two

. >>> jpmorgan chase ceo jamie dimon releasing the annual letter this morning. leslie picker joins us now with the highlights leslie, i'm writing a letter i want to get this publicity larry fink i can write with a letter. i may not talk about the same stuff. >> you could write a letter. make sure they spell your name correctly. >> right >> joe with a "j." makes sense. >> that's right. >> to your point, dimon releasing the letter to shareholders he has a number of factors that may increase the risks ahead these factors include strong u.s. economy and high inflation and the war in ukraine his view of the economy was relatively positive. he describes the consumer as in excellent financial shape on average. consumer spending is 12% above pre-covid levels that segues into the monetary policy the stronger the recovery, the higher rates that follow i believe that this could be significantly higher than the markets expect according to dimon the stronger the quantitative tightening he believes this will cause consternation in markets the war in ukraine and the sanctions

dimon what a pawnshop and it didn't sign like that, there is a security alarm.o like cute. i'm sorry, i put the batteries from the alarm clocks, the remote did not work for me, but i forgot to return it. stop normally there is a man on the street under the house. i have it right in my yard. it is necessary i'm sorry, i collected, i don't know, i'll look now. but it seems that only the pulse is alive, the man is barely palpable. the zion band around his neck choked him. come quickly to me, i'll call an ambulance. yes, what are you, and the lanterns, it's me, open the mushroom. well, come on in. hello hello well, yes, the condition is serious, it is alive. hello everyone. not strangled, like that, so i took a picture of him. i said that the black cat more will show. well, all right, with these cats, you have some kind of stick from him, documents , no money, no phone, nothing in your pocket. this is from a grocery store in the village of vinogradovo three days ago, perhaps a villager came there. this is the resurrection area. i have already struck nature, you will

jpmorgan chase jamie dimon releasing the shareholder letter i'm stalling so my friend leslie picker hasthrough the letter leslie, what are we seeing as the headline you know what i'm doing. she's reading the letter you know, what are the headlines? >> reporter: i got you, brian. all 44 pages here in the annual letter to shareholders this morning. he describes what he sees as three important and conflicting forces one, strong u.s. economy two, high inflation and rising interest rates and reversal of qe three, the war in ukraine. as for the u.s. economy, he describes the consumer in excellent financial shape on average. consumer spending the last few months is 12% above pre-covid levels housing prices surged and asset prices high. some in bubble territory without detailing which assets he believed were frothy that leads to monetary policy. the stronger the recovery, the higher the rates that follow he believes this could be significantly higher than the markets expect and stronger the qe he adds this will cause lots of consternation. he believes the fed should have flexibility in raising

they immediate some growth, that's for sure. >> you know, the thing is if you look at dimon's, dimon- diamonds made it tangible, and the beers' took it to jumping to 80 president by this thought process. -- 80% by this thought process. bitcoin's capped at 21 million coins, so if you have enough people around the world adopting it, it has to grow, and it will grow exepo 9/11,ly. now we see robinhood coming out with 2 million wallets, we know there's tens of millions of hobby miners mining etherium that are gamers, they go to bed, they turn on their machines to mine etherium and it -- and all these kids around the world. so there's something happening, and i think what's really profound in texas is the politicians are saying that if you don't embrace this, you're going to lose the next generation of voters. liz: you guys are the original miner when it comes to publicly-traded miners. what are you bringing to the -- as far as your messaging is concerned in -- concerned? >> well, we're coming into texas. it's the first time here in the u.s. we mine in sweden, iceland, in canada with gree

this is part of jamie dimon's annual letter to shareholders.ays behind that warning? >> jamie dimon sounds concerned about the impact of the economy at the same time. the war in ukraine, the rapid recovery from covid, and high inflation that's forcing the federal reserve to raise interest rates rapidly, and dimon is saying that the confluence of these forces rapidly increases risks ahead. what does that mean? he said at a minimum, we talk about a slower economic recovery, but he said it could quote, easily be worse than that, and he reminded us the 1973 oil embargo sent prices skyrocketing and tanked the world economy. now we know that oil prices have gone up since the war in ukraine began, but $103 a barrel as we speak and that's lifted gasoline prices as well, the national average for gasoline prices. $4.19 a gallon. that's down 14 cents from the record but it's still up. i want to leave you with a key line from dimon where he's calling for the western world to really unite here against russia. he said, quote, we need to make this a permanent

it is the mounting warnings of growth from jamie dimon to chinese mobility. dani: the warnings are stacking up from participants in the market. peru putting a curfew on due to inflation protests. it is a global concern about rising prices. manus: it may be one of the most underpriced risks. a bear market rally is over, so this is what we have from will smith. that leaves us more constructive on bonds than stocks near-term. growth takes center stage. doubling down on a defensive basis. china will knock 3% off global growth. jamie dimon has a warning on global growth, and potentially what could happen in the rates narrative. dani: if that is the warning from dimon, let me take you to the warning from this market. any old-school trader will tell you the dow transportation average since march 20 nine, falling 7%. s&p following only 1.1%. broader gloom encyclicals concerning the health of an otherwise booming american economy. manus: let's get into cross assets. the aussie at the highest since 2021, because the patience is gone from the rba. patience demise from t

there are some comments out from jami jamie dimon he said first of all he's pretty optimistic in thenificant geopolitical economic challenges ahead because of inflation, the supply chain issues and the ukraine war. and i guess you have to figure out which side of the ledger are you taking on this you have the federal reserve raising rates but also have the threat of a recession coming, so where do you come down on this, what do you think? >> yeah, look, this stock has really massively underperformed since last quarter remember last quarter they actually increased their expense guidance for 2022 by 9%. and that really made people more nervous and more cautious on the name i expected a mixed quarter i suspect guidance will go higher because of higher rates and credit card data i expect to be very strong haven't gotten all the details yet but that's the positive side the offset would be the volatility that we have seen in the market will hit m & a fees and debt in the capital market with the stock down and trading at 1.5 times book which is really rare for jp morgan. this stock has trad

in short, dimon had such a japanese 300 horse.just that evening memories i consider it over we are ordered to concentrate on the electronic warfare station on the coast located on here our benefactors have big appetites are not afraid of nothing to be afraid of in the end. you yourself filmed about the explosion with packages. well, well, hero, so this is the border zone, the distance belongs to the office. these are not cops. and the better the office, the same cops are more men. kind of dark, but grandmas for you to receive is not dumb to them in the warehouse should have brought an explosive package, the inclusion has already been delivered. it's for a serious action, no explosives. no way everything to the aunt is served. eat served, sit down to eat. in connection with the upcoming exercises, take a closer look at the infrastructure facilities of the navy on the coast , you need to find out the number of guards, the approximate strength of the battle readiness, in no case attack the facilities. this may provoke increased secur

jamie dimon is putting his money where his mouth is. they are citing the war in ukraine and higher inflation and putting aside the special reserve of money to cover itself. jamie dimon did not expect a recession this year but he acknowledged that there were storm clouds on the horizon in inflation and because of the challenges presented by the war in ukraine. you also knowledge that the consumer is in good health and that they are starting to see a bit of a bounceback in loan growth. >> that is what we saw when it comes to trading and equities. is there a sense of traders and investors are dial back the aggressive expectations of the fed? >> that is what we saw last night. it has to be said that it is probably more as we have the inflation numbers. the earnings season is shaping up as a main focus. what we saw from jp morgan, whether that is going to play out for other banks and other companies reporting given the supply chain, it is worth noting that managers are entering the earnings season but with the most pessimistic outlook on out

jamie dimon sees disruptions from russia's war. the invasion weighs on jp erg and earnings. u.s. futures muted at the open after the s&p 500 rose for the first time in four sessions. tech leading the advance. u.s. treasury yields under pressure today which was really interesting to see, given that we have producer price inflation rising by the most on record. the dollar index also seeing its worst day since march. wti gaining ground. this as the iea came out and lowered its expectations for global demand, given the lockdowns in china. haidi: take a look at how we are seeing the rbnz decision reverberate across these other assets as well. other central banks being put on notice as to the aggressiveness that they might need to move to get the front foot on global inflation. we saw that massive 50 basis point hike to 1.5%, the biggest rate rise in 22 years. he talked about the bank of canada earlier as well. a lot of these commodities -- benefits and inflationary impact being felt as well. we are seeing a little bit of upside. a muted start. a quarter of 1%. the 10 year yield holdin

david: and it is led by jamie dimon, who has been ceo for some time.ard member there, what is your responsibility? is it to help the bank grow? what have you learned from jamie dimon? is he a mentor to you as well? mellody: start off with any board role, you are a fiduciary for the shareholders. howard taught me that. he told me, every time he sat in a room he pictured two chairs and they were empty. one chair is a partner and the other chair is a shareholder. he said when you are the boardroom, be proud of everything you say to those chairs. and i have taken that to heart and i do the same thing when i went to jp morgan. i assume there is any employee in the room from jp morgan, and there is a shareholder in that room, and i'm supposed to look out for them. that is my job. in terms of what jamie has taught me, howard and jamie have taught me different things. obviously i have been with howard a long time and i think he molded me as a person in terms of my professional self from watching him, especially for so many years and so up close. with jamie, i

you play dimon, brainard you think of what everybody is trying to -- including the fed for itself in terms of setting the table with and wondering whether investors are protecting themselves enough, and that's what this conversation morphs to if you believe the stovrm storm clouds are going in and you'll get a heavy thunderstorm and some lightning blows through and something comes behind it, maybe not and that's what it's going to be. >> you're protecting yourselves enough and if not, how would you? >> as you know, i would always do some protected itch strategies with s&p puts or vix calls, scott so for those not able to get into the strategies and a lot of these, those of us watching the markets day by day, minute by minute have been seen coming our way. i think it's yet nasdaq had such a severe drought during the month of march, tail end of february and so forth and it was exactly because of those storm clouds that you cite on the horizon. now the market is a forward-looking mechanism. people are basically voting with their money what is going happen next ask what they've been doin

the scum of the earth, you have to read jamie dimon's annual letter to jpmorgan's annual shareholdersear, it's incredibly well thought out and full of good ideas. even if you're a card carrying communist who despises banks and ceos, you should still read the letter his thoughts about where we are as a nation really hit home in this perilous time i think his annual letter should be required reading for every politician, and frankly anyone else who wants to make america a better place as he says, at a minimum, we should all agree we need regulations and policies that foster growth rather than crippling innovation and investment, but it's not enough. they also need to be consistent and reliable as someone who started and run many businesses, i say many regulations feel arbitrary and capricious he points out we need to build a new strategic and competitive framework for our allies, especially when it comes to china. he does believe the west needs to take a harder line with the prc because there's no fairness in our trading relationship. he has what i think is a totally inspired idea here

that's jamie dimon. that's his bank.man sachs, they cut robinhood to a sell after an 84% drop from their all-time high, the stocks all-time high. this is interesting to me, because goldman led that ipo. what do you make of the story? >> well let's take it down to two parts. first of all if we just deal with the hypocrisy sentiment that we started our little interview with, talk about hypocrisy, so what you do is take a company public like robinhood, you get the public involved, and then insiders secretly sell that stock, and so that is really basically almost on the side of criminal, but with that said, ipo's in general in 2021, there were 110, excuse me, $440 billion invested into ipo's so far in 2022 only 20 companies have done so, and we're only looking at about 2 billion, of course we're only a quarter of the way in, so ipo 's in general, they don't like volatility, they don't like inflation, they don't like the idea that we have political instable and geopolitical in stability, and so that's part of it. now, with ho

the jpmorgan ceo, jamie dimon, out with a dire warning for the global economy he delivered it in hisual shareholder letter dimon says three major events, each unprecedented in its own right, will likely shake the world for years to come. first the u.s. economy and how it rebounded from the covid pandemic. >>> plus an era of rising interest rates and third, the fallout from russia's invasion of ukraine jamie dimon remains hopeful but said we should prepare for negative outcomes. >>> the swedish electric vehicle maker polestar announcing a global partnership with hertz. the car rental giant will purchase up to 65,000 evs over the next five years. here's the polestar ceo on "squawk box. >> it will help people to experience electrification, driving an electric car for the first time. >> this comes after hertz announced a similar deal with tesla. >>> and coca-cola has a new flavor called coke zero sugar bite the soda giant reports it tastes like pixels, like who knows what pixels taste like. i do not to drum up interest, coke is offering only a glimpse of the pixel drink in the digital wo

tickly deep says jamie dimon. jonathan: competition is coming from all sides. we will talk about that all morning. on the nasdaq 100, up 1/3 of 1%. a 98 handle on wti crude. kailey: that does not at all reflect the risk in the oil market. china has covid zero policies and at 7 a.m. eastern time, the meeting in luxembourg and we expect the finance ministers to start arriving in an hour and we will talk about the macro economic nichter for europe and the war in ukraine is front and center and has provided inflationary force and growth risk for europe especially as there is discussion of ratcheting up sanctions. also a kind of fiscal report -- policy they may warrant. at 10 a.m. eastern time, factory orders are expected to fall 6/10 of 1% and we will get the final read on durable goods. finally, we are on payment watch for russia's dollar bond. this is coupon and principal payments due today. they fought back about 3/4 so watch to see if they stay current on their obligations. they have but it's a complicated process and it could get much worse on may 25. jonathan

will you help, yes, dimon to you or whatever? well, be human.nfasten the answer for a second, everything you need here is water. okay, to hell with you, run away. only quickly. shoots today there so he ran away. max, it's me. good morning. good morning, i've brought home for you. so phone sim card new car keys don't worry car clean son girlfriends my papers. so let's have breakfast before it gets cold. i made the jam myself this year, and he went to goa, when he returns is unknown. pancakes with cottage cheese just baked natalya vladimirovna a. whose housing is this? his same you not worry house under demolition. so no one will come here. by the way, his name is stasik, by the way, you look a little like him. so now you are stasik , no one will find you here. natalya vladimirovna thank you very much okay, i 'll go, but call, if anything, things are in the bag. don't forget. all for now, goodbye. thank you and when you go, but i know for sure that you have not yet decided with whom you will go after you, you will not have time for a bra. hello, b

we also her jamie dimon talking about a recession yesterday and that is quite serious.n the cards. tom: what about the individual players we are expecting? sydney, golden -- citi, goldman sachs. >> these are all large banks but they have different stories. citi is the largest american bank with exposure to russia. contrast that with wells fargo. they are not as exposed to some of this geopolitical risks. it will be interesting to see how goldman sachs compares with jp morgan of yesterday. goldman has a lot of trading business and it was the number one m&a advisor over this year. that activity is down so what we are going to see is different data points from different banks with lots of different stories indicating how the american economy is working. tom: therefore focusing on the bank earnings that are coming out. dinky very much to charlie wells. -- thank you very much to charlie wells. range bound on the s&p and the nasdaq is gaining 0.2%. the stoxx 600 in europe is paring some of their gains. "bloomberg surveillance: early edition" is up next. happy easter to those

dimon, i'm not lying, he almost strangled me, he has voronezh, we will write a statement to the police oldest account. but you understand you will cover your pocket. in general, when i have the same plinth mood, i come here as a couple, what are you doing i yell, well, it's just time to come, you know? i'll just be somehow easier at once, it becomes even easier to breathe, look, but i'm not crazy. yes, i know psychotherapy, you know, and the effect is instant, come on, try it. no, i can't, i can't. no, just let yourself go. pash well, really, i agree. come on, let's go together. come on ah hands listen will work now. all right, all right. christy anytime? and your eyes shone like two the brightest stars in our galaxy do you remember? i love you. i love you, my closest, my dearest. in general, 18 years. i've been married for a whole month. i didn’t really mention, i don’t know, you think i’m so logical, seemingly reasonable, but here is such an impulsive act. we realized that falling in love passed love, and so it began. well, why live then ? yes, i'm listening. do you really care? so i

shery: when it comes to russia, we have heard more comments coming from jamie dimon about how energy prices leads to surging inflation could make things more difficult, rising substantially. he said the war in ukraine and the sanctions on russia could minimally slow the economy and easily get worse. this as we are seeing the eu preparing for more sanctions against russia. let's discuss all of this with the u.s. saying they may impose further sanctions this week. we have global attention on alleged atrocities committed against civilians in ukraine. president biden once again calling russian president putin a war criminal, a label biden was criticized for using just weeks ago. ed: we have to get -- >> this guy is brutal. what is happening is outrageous. shery: let's bring in a bloomberg's political news director, jodi schneider. what other sanctions could we see in place? >> that is the question -- what more is there to sanction? president biden was not specific. he said given the alleged atrocities in bucha and the targeting of civilians that it was time for more sanctions. he said i'

where is jamie dimon in this? he can afford to write a check. he loves ted lasso. jonathan: you think you might look at a chelsea football club? tom: he can buy richmond. jonathan: you got a massive franchise available and there is some big money. tom: what numbers are they talking about? jonathan: north of $3 billion, it could be more than that. coming up, cracks beneath the surface of the equity market. this is bloomberg. ritika: news from around the world, the eu will propose a mandatory phase out of russian coal imports in a direct response to russian troops committing apparent war crimes in ukraine. the european commission is expected to propose banning most russian trucks and ships from entering the block. the u.s.'s increasing pressure on moscow to find the turn of ways to pay bond investors. investors have halted dollar debt payments from russian account at u.s. banks. russia can drain its dollar reserves, spend on new revenue or going into default. the u.s. senate has judge ketanji brown jackson on track to be approved for the supreme court this week stop

interesting to see color from jamie dimon.is the commentary from the man himself and how does that readthrough to tomorrow? tom: so much coming up and we will monitor that. futures giveback. up nine on s&p futures. yield, 2.7%. brent crude, 106 a gallon. i will try to get that in a bit. stay with us. this is bloomberg. >> it really jumped the rails in terms of growth and inflation. >> we have the peak of inflation and are likely to see things come off. >> the broader picture there is not too much that has aggressively shifted. >> these inflationary pressures mean central banks will have to respond. >> the federal reserve will raise rates until something breaks. lisa: literal nuts and bolts of inflation, the readthrough in earnings. this is bloomberg surveillance.

peter thiel calling out buffett and dimon and fink. >>> and ask me anything.oming elon musk to the board and inviting employees to to a q&a session it is friday, april 8th. "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc we are live from nasdaq market site in times square i'm rebecca quick along with joe kernen and andrew ross sorkin. you see green arrows ars on thew the ten-year was the highest since march of 2019. yielding

credit jamie dimon for going out and building reserves.ion and the war in ukraine and the potential credit losses. i think ultimately the path to the final institutions will be traced out upon whether or not we begin to see these credit losses and ouch of the banks will have to build and reserve for potential losses >> you own bank, goldman, you sold calls in city and wells fargo. >> my biggest take away is that they just lived up to what we were talking about it was too expensive it was two times and you look at the different levels, some are more on the trading side joe has morgan stanley i like what goldman sachs is doing. they're half of the value of morgan stanley that's why i'm in those names. i think they're less expensive bank of america i compare to jp morgan that is why i picked what i got, i have that u.s. bank exposure as well. >> speaking of, jenni is all about the regionals. >> so what i leek about the regional banks in this environment is that in the environment that we're in,wher it is complexion and uncertain, you can look

let's go to jamie dimon's letter. he has trepidation about apple and others.hat are we going to learn about bank technology investment this week when we look out five years? kenneth: it is great to be here. of the growth of expenses for jp morgan, 40% to 50% is investing in technology. technology is needed to protect the franchise as it relates to new entrants, whether it is apple, any form of payments outside the system, and in the mortgage area, banks are a small percentage. they used to be 80%. it is below 30% of the market for mortgage origination. we are seeing technology leveling the playing field, and for banks that have strong brand, scale, antitrust, they have to invest. that affects margins. tom: i have $60 billion of operating income for jp morgan plus or minus a couple billion. who is counting? why do they have to build it internally? why don't they biofarma -- why don't they buy a firm? why don't they just buy the young turks? kenneth: they are doing that on the early venture-capital stage but not in terms of significant headline multibillion-doll

jamie dimon calling for a slowdown ahead what to watch today?n with cfra ken, markets, rates, war, what are the one or two key things that you are watching for the most today >> it is really management worry about run away inflation and geopolitical risk. that sets up the conversation related to the consumer for loans and what ceos think about raising money for m&a or investment ultimately if we are getting a shift back to a higher credit risk exposure. all three of these are being affected as you said, brian, because of the macro back drop >> you heard jamie dimon comments the numbers for jpmorgan chase, ken, the numbers seemed okay not great. okay writedowns reporting on to russia jamie is more vocal than other ceos of the other companies. do you expect these numbers to be good and maybe ceos coming out and putting up a warning flare? >> we are not firing on all cylinders as we did in 2021. obviously the most glaring is the capital markets. the consumer is the one. we are instead of batting 4 for 4, we are 2 for 4 and strength in credit card s

jamie dimon has been vocal, saying the consumer and the economy is fine.t are the rest of the banks say? sonali: not only is david -- is jamie dimon saying that but also david solomon with his risk list, one of them accelerating deglobalization, and he said that plus inflation impact, the risk of rising rates, could be meaningful for markets. with that said, the backlog for morgan stanley and others is robust, stable, and -- simply prolonging activity in equities and the m&a market, and you saw that little bit today from that elon musk news. guy: let's talk about the outlook for advisory. musk is represented by morgan stanley, goldman representing twitter. on the earnings calls, the talk of m&a has gone down dramatically. sonali: as equity volatility stabilizes a little bit and valuations are suppressed, that gives some opportunity for private equity to start showing up. the other thing here is that you see billionaire led deals in elon musk. elon musk, by the way, has counted morgan stanley as a banker before. they have hired them to do many jumbo loans f

jamie dimon, buried in the letter, says that oil is essential and critical.onathan: what did you call it this morning? tom: this note is a clarion call for global finance. jonathan: from new york city this morning. tk may be back in the next hour. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. >> if inflation starts to roll over, some of that pressure is taken off the fed. >> we need to see rates rise maybe another 25 basis once. >> the fed is more hawkish than they have ever been. >> they will be tightening in an economy that is slowing, not accelerating, and that will make a softer landing a very difficult task. >>

bank, which is jamie dimon.n only extrapolate from what they're -- if jamie dimon and fink are saying we have overheated inflation, we've overheated the economy. by the way, jamie also said some of the biden stimulus wasn't called for, that it's clear now it caused inflation. neil: wow. >> which is pretty interesting -- neil: did he say that at the time though? >> that's a good question. i don't think he said anything at the time. neil: right. >> he's been warning about inflation. neil: he has. >> but he clearly thinks we overheated the economy with all that biden stimulus. neil: so talk about more government stimulus -- >> is crazy. but when a guy who has the ear of powell does what he does today, i asked economists, fed watchers, you name it, what does that mean for rates, everybody says it's 50 basis points at this next meeting. now, can i guarantee it? no, obviously, you can't garon guarantee anything. neil right. >> all these ceos, this is something that i think the market's going to have to appreciate -- n

again, it's easier, as jamie dimon pointed out or as you have pointed out for the u.s.e less reliant on russia particularly for energy. it's going to be a lot more painful for the eu. the goal is to punish putin, to punish russia, at least to minimize the pain that's suffered by those trade partners and that's going to be really, really challenging, particularly since energy prices are already quite high, especially in the eu. >> if you are in europe, punishing putin you're going to feel some pain, too. the hope of sanctions is to make sure the target of the sanctions feels more pain than you do in delivering them. katheryn, so nice to see you. thank you. >> thank you. >>> let's get a check on more cnn business this morning looking at markets around the world. asian shares have closed mixed here. europe has opened down. stock index futures leaning lower. it was a down day on tuesday after hawkish remarks from lail brainered. he said the fed would need to race rates. the fed soared to 2.56%. twitter leveled off as investors digested the news elon musk would serve on the

you know we have jamie dimon saying in his letter that they are going to start hiking rates at a faster pace and way longer, where you stand on that. >> i agree when will the fed get our gear there was a 25 basis point hike but qe is continue represents and they are raising rates by growing the balance sheet their conflicting themselves there's not been any real action taken. liz: were gonna get cut off by a commercial break we are at session list for the nasdaq, thanks so much for joining us, much more straight ahead we are coming right back the dow at 254 and nasdaq lower by 327. ♪ how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investm