we've solved that at wells fargo. if you come in and apply for a mortgage, we pull all that information using all that data that we already know about you. and we get the application done in minutes all by ourselves. that's a way that technology can make all of our lives a little bit better and create a better customer service experience. >> i usually make it a habit to not ask questions that are beyond my level of understanding but this is a good one. how do you see block chain technology and crypto currencies impacting the banking business over the next five years? >> differentiate between the technology and the currency. there are 250 crypto currencies in the world today, not just bitcoin. i'm personally not a big believer in crypto currencies. one reason is that most of them are used today by people that are doing things that are dishonest, right? i think if i asked for a show of hands in terms of the number of times you may have bought bitcoin for a crazy speculative investment, but you don't use it to pay for th

wells fargo is nationwide bank. most of our business is here in the u.s. what happens in the u.s. economy is not only important to our customers, but it's really important to our company. and we're in a variety of different businesses. i'll tell you that what we're seeing in terms of what our customers are telling us through surveys of consumer customers, our wealth customers, small business, and then more anecdotally with our larger corporate customers, is, there's more optimism and enthusiam about the economy than there's been for a number of years. we've had this tremendous recovery that is now the second longest in u.s. history, which is terrific, but it's been relatively muted across the entire country. and it seems like it's picking up a bit. i think the tax reform, which, you know, everybody's got a different view on it, but it will put more money into the pockets of americans. and one of the things that americans are really good at, and that's spending money when it gets in their pockets. and that's gonna fu

when disruptions are rattling wells fargo? -- what disruptions are rattling wells fargo? tim: banking is a boring business, and thinkers are boring. >> [laughter] tim: i would agree with that. when i think about the financial services industry, for the 30 years i have been in it. we have been going through innovation every year. in business now almost 166 years ago, delivering people and packages by horse. that was our business model. long,id not work very because they invented the railroad, then the telegraph. we have been innovating in this country for as long as we can remember. the pace of the novation has increased. -- innovation has increased. when we think about introducing innovation to wells fargo, we need to think about them. on a product byproduct basis,j but on a relationship basis. we need to deliver and products -- products and services to them so they feel like they have a relationship, whether we are talking to them in person or over the phone or online or a mobile device. our goal is to make sure all the ways the customers interact with us are connected.

what is going on at wells fargo? the french president headed home after trying to persuade president trump to change his mind on trade, steel tariffs and iran all issues causing big business to slam on the brakes but companies navigating the global uncertainties are they doing it better than we thought? some of them know how to do this the global trade whisperer is going to tell you which companies, which stocks are doing it right and those who are failing right now. plus, tweet me and end up on tv? won distributer did just that yesterday. the president of summit steel was watching our show and tweet ed us something specific and so we said get him on he's here exclusively to tell us why he says steel prices are shooting higher, and hint, it's not because of president trump's tariff. plus, jeff flock on the retail ice age. your number one politician pick ahead of the nfl draft, and charlie is about to break big news we're less than an hour to the closing bell let's start the countdown. liz: breaking news we are gettin

. >> remarks now from wells fargo ceo, tim sloan on his company's rebuilding efforts, following investigations and sanctions for customer abuse charges. he spoke also about the economy, trade, taxes and the future of banking. the detroit economic club hosted this event. >> i'd like to thank my fellow d.c. members for your ongoing commitment to the health and vitality of our state and future. our state's greatest institutions are at their best when they tackle challenges as partners who speak to drive prosperity and today's speaker has leading organizations that do just that. they have deep roots in our save and both have arrived significant success in their professional fields. tim sloan grew up here in birmingham, michigan. he earned a bachelor's degree in economics, history, and mba in finance and accounting from the university of michigan. he and his wife lisa are generous supporters of the u of m and tim brings his expensive knowledge of finance and leadership to his volunteer work on the advisory board of our ross school of business. for 30 years, tim has worked at wells fargo holding num

next, back to wells fargo. wells fargo's mortgage misconduct finally hits home and heart. one of the world's top banking analysts is about to tell you whether warren buffett's love affair with the stock should continue. a foxbusiness exclusive, next think your large cap equity fund has exposure to energy infrastructure mlps? think again. it's time to shake up your lineup. the alerian mlp etf can diversify your equity portfolio and add potential income. bring amlp into the game. before investing, consider the fund's investment objectives, risks, charges, and expenses. read the prospectus carefully at alpsfunds.com/amlp retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. this wi-fi is fast. i know! i

shares of wells fargo were up 2%. the whole reason is wells fargo had warn that this was coming for some time. investors hate uncertainty. ke knowing there uld be a big financial hit to a company coming down fe road, so tt that they know it is a billion dollars, wells fargo says they have to restate their first-quarter earnings, taking an $800 million cut to the earnings, that cheered investors becaise they know whaoming down the line. jane: kim gittleson, thanks for joining me.iv overyears ago, young female student was brutally raped and kild in the indian capital, delhi. it prompted a national debate over sexual violence and attitudes towards women. how much has chaed? this week the indian prime minister described the incidents of rape has a matter of shame for his untry. rajini vaidyanathan has been to where british police are working with authorities to help vulnerable women. rajini: she was just 12 when she was raped, on three separate occasions by the same man. t for months she was too afraid to tell anyone. >>

teachers in san francisco are calling out *wells fargo. kpix 5's katie nielsen... * the bank should b >>> as part of today's day of nationwide action against guns, teachers in san francisco are calling out wells fargo. kpix 5's katie nielsen on how they say the bank should be part of the solution. >> reporter: the group of teachers are here at the wells fargo in downtown san francisco because they say the bank heavily invests in companies that manufacture guns. more than a dozen representatives from the united educators of san francisco rallied in front of wells fargo asking the bank to hold gun manufacturers accountable for safety risks. the teachers are also asking wells fargo to sign a code of conduct limiting the bank's relationship with gun companies and the national rifle association. >> we don't want to do business with, um, an institution that's not taking its responsibility seriously in regard to reining in arms manufacturers. >> reporter: the teachers say their pensions are invested with wells fargo some of their money funds comp

so we solved that as wells fargo. if you're a wells fargo customer and you come in and you apply for a mortgage, we pull all the information using all that data that we already know about you, and we get the application done in minutes all by ourselves. that's a way that technology can make all of our lives a little bit better and create a better customer service experience. >> i usually make it a habit not to ask questions that are beyond my level of understanding, but this is a really good and important one. how do you see block chain technology and crypto currencies impacting the banking system and the banking business over the next five years? >> so i'm glad the question was asked that way. differentiate between the technology and the currency. there are 250 crypto currencies in the world today, not just bitcoin. they're all over everywhere. i'm personally not a big believer in crypto currencies, one reason is that most of them are used today by people that are doing things that are dishonest, right? i think if i

el banco wells fargo, uno de los mÁs grandes de estados unidos, aceptÓ pagar una multa histÓrica por,e otras cosas, abrir cuentas falsas. y el presidente trump se niega a pagar por el envÍo de soldados de la guardia nacional. comenzamos. ♪ ♪ ç locutor: este es su noticiero univisiÓn edición nocturna con enrique acevedo y patricia janiot. enrique: muy buenas noches. el departamento de justicia publicÓ una versión editada de las memorias escritas por el ex director del fbi james comey. entre otras revelaciones, los documentos consignan la presunta desconfianza que tenÍa trump en su ex asesor de seguridad nacional maico flynn quien hoy es acusado de mentirle al fbi. vamos en vivo hasta washington con pablo gato. pablo: habÍa gran expectaciÓn y aquÍ tenemos los famosos memos del exdirector del fbi, james comey, que relata las conversaciones con el presidente trump. la gran pregunta aquÍ es si estos memos contienen algÚn tipo de informaciÓn, alguna evidencia de obstrucciÓn de justicia o algÚn otro delito. veamos. las notas del exdirector del fbi sobre sus reuniones con el presidente trump,

enrique: wells fargo, por no parar de una multa a reguladores federales.bebÉ de dos meses de allÍ nos dimos cuenta que hicieron como cuatro cuentos para mÍ cuatro cuentos para una de mis hijas. >> al no haber suficiente dinero para pagar la mensualidad por el manejo de la cuenta que no autorizÓ, les cobraban recargo sobre recargo. >>y nunca los podÍan solucionar. siempre nos mandaban de un departamento a otrohasta que enojada fui le pedÍ que me cerraran todas las cuentas. reportero: wells fargo habÍa sido multado con $185,000,000 por esa prÁctica. esta seÑora dice que la familia acaba de perder su casa porque cuando su esposo se quedÓ sin trabajo y tuvieron dificultades para pagar la hipoteca trataron de negociar pero wells fargo se negÓ envió este comunicado que dice que reconocerÁn que les tomarÁ tiempo superar las dificultades. estÁn comprometidos a brindÁrselo con que el banco dijo que las personas afectadas podrÍan tener derecho a una compensaciÓn, no especificó cÓmo ni cuÁnto. activistas y quienes se verÁn afectados por las acciones del banco dice qu

wells fargo has been higher all session.evin was speaking with acting cfpb director mick mulvaney. we will be back in washington, d.c., why the deputy attorney general told president trump he is not a target of the russian probe. this is bloomberg. ♪ ♪ live from london, i am mark barton with the european close minutes away. vonnie: i am vonnie quinn in new york. mark: mark carney rattling markets, surprisingly cautious. our fx and rates reporter is here. is the unreliable boyfriend back? >> that is what it seems like today. rattled is the word. when you look at money market pricing. it was a dynamic we saw with the data earlier in the week. -- following carney's comments traders appeared back their bets 250% price. -- to 50% price. mark: that was when he was accused for the flopping on what the bank of england would do and some suggesting he has returned to his old ways. in may?ut the rate hike is that out of the cards? >> essentially, yes, it is paired way back. expectations in money market, 20% at the moment. mark: is ther

the fed has oversight over wells fargo. people point out it is very complicated. there was some fraud involved, people did not know what was going on.

city and wells fargo on that. trade whiplash. hesepresident trump says would consider rejoining tpp while asian members opposed renegotiation. sweeping corporate changes as it tries to transition to electric vehicles. david: coming to a beautiful shot and it will bit hazy of the new york city skyline. welcome to this friday the 13th of april. i'm david westin with alix steel. alix: you will be playing tennis in the sun. interesting session that will be evolving as we get bank earnings that the morning. equity futures are up by 3/10 of 1%. the euro-dollar pretty much flat, resilient but also constrained. those are two words many analysts are describing. yields are starting to unchanged. it has been a killer week for commodities across the board. goldman sachs says buy. aluminum with the best week since 1987. in the markets, the real news is jpmorgan with the earnings out moments ago. $4.5 billion -- it almost beat a quarter before. it was investment banking that seem to be weaker. david: they were projecting trading to be up but n

that could be a positive for wells fargo.nie: is jpmorgan fairly rated by the debt rating agencies? alison: that is perhaps a loaded question. we don't do ratings at bloomberg intelligence, so i wouldn't want to comment on what is fair, not. the bank's balance sheet is strong. one area of contention they have had is in terms of the way that people look at them, regulators, as well as rating agencies, is the diversification of their business and how that helps them, versus the systematic risk of their business through being globally deserve --diversified. vonnie: allison williams, thank you. up, here is the picture for european stocks. five ashe fourth day in investors seem less concerned about the prospects for a global trade war. gains for the ftse, dax, cac 40. this is bloomberg. ♪ mark: this is "bloomberg markets ." i'm mark barton. vonnie: in new york, i'm vonnie quinn. it is time for etf friday. as it gets tough to tell where the market will go, you can look at how some etf investors are feeling. eric balchunas is with u

size,ls fargo, given our in the fourth quarter we had to billion customer interactions. so if you get .05% of those wrong, tens of thousands of people do not feel good about wells fargo. we had to fundamentally change how we think about managing the business. it's not about percentages, it is about numbers and people. >> mr. sloan talks about the economy, trade and the future of banking. the detroit economic club hosted the event, which you can see in its entirety tonight at 8:00 eastern on c-span. , presidentriting trump blamed democrats for the failure to reach a deal on recipients of the daca program area daca is dead because democrats did not care or act now everyone wants to get on the daca bandwagon. president trump wrote on twitter. build wall insecure borders with proper legislation. democrats want no borders and crime. here's more about what's coming up this week at the white house. >> joining us live on the phone is jenna johnson, white house reporter for the washington post. thanks for being with us. guest: thank you for having me. host: let me begin with the

wells fargo may need a little more time to weather the storm.eat analysts' estimates, but still down 1% from a year earlier. profit also beat estimates. improvehe cost income that ratio, but the bank is warning it may take a charge of to takeas $1 billion care of u.s. businesses. joining us now john shrewsberry. great to have you with us. ultimately, you mentioned the results could change, a potential $1 billion charge. how confident are you that you could bring that number significantly below the $1 billion level? john: it is tough to say. relatesle matter -- it to things that we disclosed in the past, but the back-and-forth we are having just begun this week, so we will know when we know. we thought it was important to begin in the meantime, and the results for the quarter -- go ahead? no, please carry on. john: i just want to frame the results for the quarter. you mentioned some of the moving pieces total for the quarter in net income was $5.9 billion. we generated a more than 12% return on equity and almost 15% on tangible common equity. the

you mentioned wells fargo. wells fargo is defrauding the american public. if big is wonderful, i don't want it. nott: first of all, we are defending every single large corporation. we're talking about averages. on average, large corporations do a better job of complying with the laws and expectations we had as a society -- have as a society. my point with wells fargo was not to defend them. it was if anything to attack them. if we look at this mythology that the financial crisis was canadiansthe banks, have much larger banks as a share of their economy. they did not have the same problem. what was different? they had regulation. the government was turning their back on what they needed to do. a lot of this was caused by small banks and small loan originators peddling junk that the big banks dealt with. the point is not all big firms are good or small firms are bad, we need legislation that applies to all firms. jim, question or comment? caller: i think the reason a lot of people don't like the big corporations is mainly because of the lobbyists. the voters

i think what happened to wells fargo is, everybody was mad at the big banks.e financial crisis suddenly, this scandal pops up, and it was brazen, blatant wrongdoing and initially, wells fargo was acting this was no big deal it is when you make fraudulent accounts and forge people's names on things. er you had clear-cut wrong doing. >> it's out of tune with the deregulatory melody the trump administration has been playing. >> trump tweeted that i'm not for, you know, overregulating the banks but when we catch them, we're really going to stick it to them so it is kind of consistent with that but everything i hear is the pipeline of investigative things is dwindling to a trickle, if that >> fascinating story >> thank you >> thanks, jim >> sure. jim stewart. >>> when we come back, more on the market action. you hear pivotal going public here at post 8 that's what some of the activity has been about we're close to session lows. dow is down 76 don't go away. >>> i'm in washington, d.c., today for the imf spring meetings talking to top economic policymakers and top e

relative to jpmorgan and wells fargo.siness showing signs of weakness and investors might not like that. wells fargo is underperforming the most and this as the company is saying they are facing a $1 billion penalty for their consumer finance business. pnc financial and keybank. they reported their first quarter. they met the outlook but it looks like the consumer betas are lagging, investors are not liking that. and keycorp reports next week. also next week, morgan stanley and bank of america. worried that fixed income -- morgan stanley is expected to benefit from the equity trading business and bank of america down 2.5% lagging the .ther banks on this board a good chunk of their revenue consumer, there have been some signs of consumer banking for the other banks that reported. it will be interesting to see what happens next week. we have this new function that streamlines our charts, g tv . spreads,s the beauty i spreads, thewti swaps that had trouble earlier. it is a great way of checking out the charts we feature

they both work at wells fargo in different capacities, now. thank you so much for coming in, ladies. >> both: thank you. >> thanks so much for having us. >> all right, cathy, i'm gonna start with you. tell us about the mission of pbwc because you're a board member. >> yes. no, the mission of pbwc is to provide skill development, networking opportunities, and inspiration to women at all levels in the organization. so, we have a collective effort to advance gender equality. >> how did you get involved with pbwc? >> you know, i've always been active in women's organizations, but this particular one really spoke to me, and i was able to attend a couple events, and then was very interested in becoming a board member. so i was able to talk with a couple of people who i knew on the board, and we were able to think about how to continue moving me forward with a board opportunity. >> all right. and you're here because you really want to mentor and support women in all fields, and, natalie, you are just the perfect success story of pbwc. talk to us abou

this hopefully is a situation that wells fargo will put behind it.t is going to be whether or not regulators continue to scrutinize them more heavily. remember, it's not just the cfpv that regulates wells fargo, it's also the federal reserve of the united states, because wells fargo is such an important part of the system in the united states. >>> the white house has announced president trump will not attend barbara bush's funeral tomorrow, sending the first lady to the private service instead. today, the public will get a chance to pay their respects. the former first lady will lie in repose at st. martin's episcopal church in houston. nbc's kelly o'donnell is in houston. not unusual for a sitting president not to attend the funeral of a former first lady but this, i think you can argue, would have been particularly awkward, given the history there. >> exactly, chris. the politics of it, we all remember, the very harsh and demeaning attack from candidate trump toward jeb bush. president trump has been critical of george w. bush in the political real

. >>> john chung is calling wells fargo on the carpet, standing in front of wells fargo offices in the financial district. he announced he'll be at the shareholder meeting in iowa and is demanding the resignation of two executives and demand the company clean up its corporate act. >> that bank, is known for its cruelly and systematically targeting of our community's most vulnerable, including immigrants, seniors, veterans, and communities of color. >> wells fargo has been racked with scandals over the past year including opening millions of fake accounts without customers' knowledge, charging more than half a million auto insurance without their knowledge and being fined $1 billion for various financial misdeeds. wells fargo said it has made progress on strengthening operational processes, compliance and oversight and remains focused on building a better bank and trust. >>> state lawmakers are in san francisco looking for ways to solve the scooter crisis affecting many large cities. they may be giving scooter riders more freedom, similar to bike riders. people could read certain electr

wells fargo saw expenses grow 3% year over year, and there could be more to come.he bank hinted it is, as reported, close to settling on the mortgage interest rate issues saying, quote, the cfpb and occ have collectively offered to resolve for an aggregate, and the entire sector down today especially the universal banks next week's focus turns the bank of america, goldman sachs, morgan stanley, latter two investment banks are outperforming the today, and trading lower, most of all >> i like what jim cramer said on twitter, wait a month, then look at the price. if you look back, the sell on the news thing, once it's digested, as a good quarter, it goes the other way >> crucial point not only up sharply, but up sharply yesterday, up 2.5% yesterday because of the yield pictu pickup and earnings were good. nevertheless, the share decline is a big surprise. on the surface, good numbers, to be down 2 pakist% surprising pe. >> weighing down the market. the pr scandal for wells fargo, recently, the federal regulators offered to resolve a host of investigations into the con

they are managed by wells fargo. wells fargo gave us this statement. >> the matter referenced previously disclosed by wells fargo on march 1 of 2018.>>> the president's own words may come back to haunt him in his legal fight with stormy daniels. he vented to some hosts of the cable news television show. as nikki batiste explains, prosecutors jumped on his comments. >> reporter: the president's personal lawyer michael cohen, left a hearing in manhattan after a judge appointed a special master in this case. barbara jones will decide who gets to view the documents seized by the fbi and the raids of his home and office earlier this month. the lawyer for stormy daniels suing cohen, applauded the move. >> we think she is nothing short of an exceptional choice.>> reporter: he is being investigated for possible bank and tax fraud. including his payment of $130,000 to daniels. she claims she had sex with president trump in 2006. on thursdays fox and friends, the president tried to distance himself from cohen's legal problems.

but worsening for wells fargo to 65% above the 60% to 61% target it stated last may wells fargo saw expensesar over year in part due to regulatory issues and could be more to come the bank hinted it's close to settling on a fine related to auto insurance and mortgage interest rate issues saying the cfpb and occ have collectively offered to resolve for an aggregate of $1 billion in civil money penalties. that would mark a record fine for the cfpb while wells fargo estimates did beat in terms of eps, it's worth noting their revenue fell year over year. the bacnk is adamant it can stil grow despite the fed's punishment down sharply, particularly for wells fargo. guys >> wil, thanks for that. >>> longtime critic of the marijuana industry is now getting on board john boehner joining the board of directors at acreage holdings, an investment company in the cannabis market he's explaining his change of heart on twitter saying i'm joining the board because my thinking on cannabis has evolved. i'm convinced descheduling the drug is needed so we can do research, help our veterans and reverse the opioid

the cfo for wells fargo has actually said two thirds of the margins declined at wells fargo because of in the mortgage market. not only that they say applications looking ahead for new loans fell $5 billion in atls fargo and $6 billion j.p. morgan. in the bloomberg terminal i will show you while there are weights, there are positive spirit this is looking at sales and trading revenue in white and we can see from the fourth quarter 2017 to the first quarter 2018, we see a good pop here. looking at it ever since the first quarter of 2017, coming up on par. jamie dimon weighing in on all of this. he did not have good words. he said the environment is competitive and lending as you saw was flat for the quarter. one final time back into the bloomberg because after all of that negativity, you can see bank shares did fall. j.p. morgan for example down nearly 3%, wells fargo down more some of the biggest fall in three weeks or both of those. as for the kbw bank index in white, the biggest fall in one week, 1.5%. betty: we have other big banks, goldman sachs, morgan stanley, bank of america. wh

wells fargo shares are up by 1 1/2 %. the bank disclosed in its earnings report last week that it would take this action. the overall market is moving lower. apple a big reason. its stock is down 3% on investor concerns about weak iphone sales. dow down 40 points. nasdaq down 34. s&p down 5. back to you. >> thank you. >>> it is 6:47. time to get a check on traffic. how's it looking? >> not good for drivers heading into hayward. we have a car fire and that's quickly backing things up for drivers heading in the opposite eastbound direction. traffic on the left -- they are moving the camera. okay. we might be able to see this activity that's going on. it looks like fire crews are on the scene and they are working on getting that car fire out but the backup quickly develops and you will be tapping those brakes all across the san mateo bridge heading in the eastbound direction out of san mateo over towards hayward. so our drive times in the yellow now. it's about 12 minutes in the westbound direction. we are seeing the usual s

this isn't the first time wells fargo was fined for a massive scans l. 2016 wells fargo was hit with185 million fine for opening up to 2 million bank and credit card accounts without customers' consent. and the bank agreed to pay $110 million to settle a class action lawsuit. that was vending machine change compared to this. back to this settlement. what do they do with the proceeds when it goes into a civil penalty fund set up under dodd-frank used to compensate harmed customers and pay for financial literacy programs? the office of currency says it goes to the treasury. that is money rarely used as restitution to consumers. i'll be back with a market check after this. don't juggle your home life and work life without it. ♪ ♪ don't skip that office meeting for a board meeting without it. don't keep it real... keep it going... or simply keep it in the family without it. and don't turn that business trip, into an overdue family trip without it. ♪ ♪ the more you live between life and business, the more you need someone at your back. the powerful backing of american express. don't live

how about wells fargo?lew of negative headlines in the past year, and here's the latest, a record $1 billion fine coming down the pike at them probably. ash, warren buffett, he's a big backer of wells fargo. >> he's the largest stakeholder through berkshire berkshire hathaway, has 10% stake in wells fargo. we've not heard from him yet for this $1 billion fine. he had spoken out in the past critical of wells fargo. the creation of millions of bogus accounts. he called it crazy behavior and called it a huge, huge, huge error. he said this about the company, but we have yet to hear from him. 10% stake, that's significant. stuart: it is. >> in wells fargo. stuart: the stocking seems to have bottomed around the low 50. >> yeah. there's the belief get all the a bad news out of the way, and it can start to build again. stuart: we hear you. check this out, please. what you're going to see in a moment is tonya harding's outfit from the 1992 olympic. she actually came in fourth behind nancy nancy kerrigan. right-hand

wells fargo made some big mistakes with fraudulent loans. they are working to fix those mistakes and say it's time to earn back trust for the country's larger bank. >> we're transforming wells fargo into a better, stronger company by rebuilding trust with our customers, stakeholders, regulators, community leaders and shareholders. >> i'm calling for the resignation of the ceo. >> reporter: but not everybody is satisfied with wells fargo's progress including the treasurer of the state of california. >> unfortunately they breached their honor and integrity. they fleeced 3.5 million americans. they preyed upon the most vulnerable, seniors, veterans. >> reporter: drake university president marty martin showed up encouraged by the bank's promise of change. >> like any large organization they're going to face challenges and the measure of the entity is how they respond to those. >> reporter: despite criticism other leaders appreciate wells fargo bringing its stockholders meeting to des moines for the very first time. more than 14,000 wells fargo e

real quick, we have wells fargo, we're showing citigroup's earnings, can we put the wells fargo numbersargo also a beat on the bottom line, coming in at $1.12 a share. the expectation was -- that's six cents more than the expectation was and also a beat on its revenue number, $21.93 billion you see there on the screen, that is higher than the expectation. again, these are beats across the board. jp morgan, citigroup and wells fargo. investors clearly yesterday anticipating better than expected news. >> the bar is lower. there's a lot of runway for the banks. to break this down a little bit, the headlines look better. what i will say on citi is, it did well in the credit card business. they did well in retail banking. fixed income which we pointed out earlier jp morgan did better in. citi was a little worse than expected. one interesting thing that i'm noticing about citi and wells fargo is that they seem to be using their capital better. the tier 1 capital ratio for citigroup is lower. they're being more efficient along those lines, what wells fargo calls the efficiency ratio, a similar

wells fargo. mr.wells fargo will satisfy us because we go to them and they want the best of the best. they turn down half of the minority loans that we go give them automatically. half of the business that they get, half of it is turned down. they only want the cream of the crop, and sometimes the cream of the crop is not us. so what i say lack of knowledge because the cream of the crop might know how to get approved and we might be not in that number. so they know what to do. but i'm here to share with you that there is a ender out there, united security financial, who can help you. i can do all the things that wells fargo does. wells fargo indicated that they are giving $60 billion i believe. i hate to pick on you, but i don't see you as here. they say they are going to designate $60 million to minority communities. well, i can do the same thing, don't say that i don't have it, same source to get a commitment and then, if you give me the business, then i can give you the loan if you're not qualified

transfer wells fargo shelley now finds.g the ceo from getting a pay raise. >> good morning. wells fargo shareholders in favor of giving a 35% pay raise to $17.5 million. the approval comes less than a week after wells fargo is fined $1 billion by federal regulators for its mortgage and auto loan business scandal. now it's about 100 protesters. shareholders in iowa with various causes. >> after all those protests from the shareholders voted for it. wells fargo deal that company paying a big fine. >> the fcc has ordered yahoo! to pay up after it failed to disclose to the public a massive data breach. yahoo! will pay $35 million that it misled investors after russian hackers access the account information of the least 500 million users in december 24th team. this is the first time the sec has started a company with the disclosure process which we know has become a focal point for lawmakers and government agencies following hacks like this one and of course equifax. gerri: my favorite toy of the day. if you've ever wanted to se

wells fargo keeps getting hit.hey said the first quarter results may change of four settlements with regulators learn, mortgage banking results trailed expectations. wells fargo off almost the most, 3.5%. i am focused on jpmorgan. the bellwether of the big banks. jpmorgan was first higher by more than 1% and analysts dug into the comments and looked at the company -- company at a deeper level. dimonhe cfo and jamie mentioned that commercial lending and real estate market was very tight and is getting competitive. some of those comments weighing on them -- the banks. ge next week reporting next friday. before we get there, shares are higher. the today chart, is 5 -- two day chart, a spike. william blair has positive comments on the stock, saying that news is over an investor should buy. fending off the transportation unit. the margins have been decreasing. looking at asset sales. innsportation is included the plan, or a spinoff, interesting for the company. vonnie: thank you for the update. geopolitical concerns cen

wells fargo faci a very big fine. the san francisco based bank is excted to be fined as much as a billion dollars by the feds, it's tied to auto lending and mortgages, not its sales practices scandal. a different scandal. this would be the biggest fine ever imposed on a company. the fine comes as no surprise wells fargo executives announce last week that they were in negotiations with the government to settle over various charges. >>> new this morning, the judge at the center of a south bay recall effort and high profile ruling you may have already formed your own opinion now is now breaking his silence, he handed down a life sentence to former stanford swimmer brock turner who sexually assaulted a woman outside of a frat party. yesterday he spoke exclusively to the mercury news and calls the recall effort misplaced frustration with the criminal justice system. he believes that the legal system must take sexual assault and domestic violence victims more seriously. and recall threats can only shake public confidence in

u get half a percent, of those wrong, tens of thousands of people don't feel good about wells fargo.fundamentally change how we think about managing the business, and it is not about percentage, it is about percentage and numbers and people. >> bridges loan also talks about the economy, trade, taxes, and the future of banking. you can see it in its entirety at 8:00 eastern on c-span. >> tonight in "landmark cases," griswold v connecticut. banning the prescription and use of birth control, the supreme court ruled the statute to be , and in theonal process established a right to privacy that is still evolving today. , a guest to discuss the case law professor at george mason lawersity's antonin scalia school, and the associate dean for research and law professor at temple university. watch "landmark cases" tonight and join the conversation with arkcases. we have to research on each case. a companion book. a link to the national constitution center's constitution. landmarkcase. tonight on "the communicators," michael powell is interviewed by kyle bailey of politico. >> i believe that wh

and wells fargo takes heat at a contentious investor meeting. >> wells fargo is not improving its practicesthe culture as being appropriate. >> and the head of china's largest investment firm explains how trade tensions are shaping his plans. >> at the end of the day, capitals and goals, it is welcome. this is bloomberg. ♪ >> you are watching bloomberg best. there were many major financial institutions in europe that posted results this week in a quarter that saw volatility suddenly come back to global markets. the perspective from top-level executives was particularly interesting. >> with the geopolitical tensions rising, you see this with concerns over trade globally. how much of a threat is that? if you look at the economic dynamics, they are still very constructive across the board. there is still signs of synchronized growth and momentum. on the other hand, when you look at the geopolitical picture, the picture gets a little bit more foggy. clients are feeling that's. if you look at the first quarter of client activity, there is a exuberance beyond what you would call seasonal factors,

laura keller, thank you for the latest on wells fargo.ks.et's stick with the latest development out of deutsche bank. the lender naming a new coo. , the seniors banking analyst. is a lifer, he has been with the bank for over 30 years and he is german like brittw ceo who replaced a 00 the news -- the new see -- the new coo replaces an 00 -- the new coo replaces an american. a return to internal experience rather than an outside perspective and it does mean a lot in the strategic outlook for the bank. ,ark: when it comes to turning are we going to see a big shift in the investment bank when we see the release of the quarterly results on thursday? steven definitely. i am pretty sure we will. maybe not so much a shift as a cut. ceo is likely to reveal his plans for a smaller investment bank. he is likely to shed some trading, especially in the u.s., including cash equities. we don't know how big it will be but we expect a pretty significant or very large cut and that is likely on thursday. mark: what is sewing doing that the former ceo was no

to pull its business from wells fargo unless the bank cut ties with the nra and gun manufacturers.oan says dealing with the safety of our families, children and other issues of this magnitude there are no easy or satisfying solutions. i do not believe the american public once banks to decide which legal products consumers can or cannot buy. there was a huge reaction following the parkland, florida shooting. many companies decided to cut ties like delta, united airlines but a few did not like fedex and wells fargo. todd: a serious story there, not so here. >> reporter: today's comb day at ben & jerry's. you can get a free ice cream cone, any flavor you want from noon until 8:00 pm. i have it right here. if you can't make it to ben and jerry's. >> instead. >> you can go to showcase cinema giving away free ben and jerry's cones for lots of flavors. >> 01 wilson. >> for years. >> have some kids. >> i will go kind of healthy and get it in a bowl. america is healthier. >> with that, it is good, the national guard at the southern border, griff jenkins going where no reporter has gone befo

this is another blow to the wells fargo reputation. still trying to recover from the sales scandal two years ago. the bank opened 3.5 million accounts without customers' knowledge. this prompted unprecedented action in february. it barred wells fargo from growing bigger than it is now until it cleans up its act. this is the toughest action yet by the trump administration against a wall street bank. it is note worthy for a cfpb under mick mulvaney. he tried to abolish the financial watch dog for consumers. under the leadership, the agency delayed pay day loan rules and weakened a fair lending division. this is actually a case of mick mulvaney led cfpb doing something on behalf of consumers. interesting. >> perhaps much to the relief of elizabeth warren and some on the left that he would gut. >> i'm not sure how this is seen. some in the community grumbling it is too much pressure on wells fargo. it was already slammed by the fed. those consumers with fake accounts don't think so. >>> just ahead, two sheriffs deputies ambushed as they sa

our allen martin is in the newsroom right now with wells fargo's response to this. >> ken, they said we're sorry and we're fixing the problems. it is the message from the san francisco high pressure based company and its ceo tim sloan. that's not enough for the dozens of protesters who marched and chanted through the streets of downtown des moines, iowa today. at 1 point they forced their way inside the hotel where the shareholders were meeting. >> here today you have people from all over the country, a lot of folks from the heartland who have been hurt by wells fargo's consumer fraud, who have been homeowners who have been affected by their lack of an ability to fix mortgages after the financial crisis. >> california state treasurer, as you mentioned, candidate for governor john chiang also showed up in iowa calling on wells fargo's ceo to step down. he criticized the company's arbitration process to settle with victimized customers. >> unfortunately they breached their honor and integrity. they fleeced 3.5 million americans. they preyed upon the most vulnerable seniors, veterans. >

plus, executives at ge and wells fargo take heat at contentious investor meetings. >> wells fargo isractices. they defend the culture being appropriate if the dog does not hunt. ramy: and up next, the head of china's largest investments firm explains how trade tensions are shaping his plan. >> at the end of the day, capital can go wherever it is welcome. ramy: this is bloomberg. ♪ ♪ ramy: you are watching "bloomberg best." i am ramy inocencio. ubs, credit suisse, and barclays were among the many major financial institutions in europe that reported results this week. in a quarter that saw volatility come back to global markets, the perspective from these top executives was particularly interesting. >> the threat with geopolitical tensions rising, the concerns over trade globally, how much of a threat is that? >> the world is really mixed. if you look at the economic him dynamics, they are very constructive across the board. there is still sign of synchronized growth and momentum. but on the other end, when you look at the geopolitical picture, the picture gets a little bit more foggy.

yeah, you would not touch wells fargo right now, right? >> no. no,and, listen, they'll get through this eventually. it's a good company lo-term, but they're kind of going through what facebook's going through right now, and that is, e regulatory eyes are all over them. they can't get aggressive with sales, tactics on the inside of the bank, at least not for the next couple of years. flost w there's no way they'll be able to keep track with the j.p.s anm bank oicas of the world. we were on your show three years ago talking about how good they were on the retail side, but the proboom was they were too at it and doing things that weren't up and up, and because of that, now you're seeing the pullback. so it's a value trap. you can't gous after it because it looks cheap. there's a reason why it's cheap. >> and we get more reports next week. do you expect them to do as well as jpmorgan a citibank did today? >> bank of america, you'll probably see the exact same thing on monday. you'll probably see the stock pull back a little bit, becau it's going to s

wells fargo news... wells fargo is in hot water again.ue once considered a "pioneer monument" in san francisco will be removed. we'll explain the controversy surrounding it. and here's a live look outside... at the bay bridge toll plaza. the savings are in full bloom at ross. if you're looking for an incredible selection of the brands you love, this season's newestrends for a fraction of what you'd pay at department stores, ♪ you gotta go to ross ross is going all out... all outdoors that is. you'll find everything you need to make your outdoor space your favorite place. and if you want it all for a fraction of what you'd pay elsewhere, you gotta go to ross. (ácommercialá)(áábreakáá) ( mabrisa ) no major hot spots. bay bridge wb 80 is less then 30 min from the maze to sf. ( darya )happening today.... north bay commuters can expect some relief while driving on the richmond-san rafael bridge. a new lane will open on the shoulder going eastbound. this new third lane will help traffic during peak hours. the new lane will be open from 2 in e a

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