>> 4000. >> 4000 employees, wells fargo has 260,000. you have $2.8 billion revenue, they have $88 billion. here's the kicker. theite -- besides systematic growth model where you have a multi-trillion dollar bank who depends on business units regardless of the business opportunity, regardless of the size and growth of the economy, they have to report growth, and then they cannot supervise themselves. it is very clear they can't supervise themselves and clear we can't supervise them. i ask the ceo about revoking their charter and they say, you shouldn't revoke our charter because we provide products and services to one out of three american households. how is that not them saying, we are too big to be taken down? there areur viewpoint other large financial institutions that have proven able to be regulated and to serve their customers in a satisfactory manner, so size does not necessarily dictate -- >> but in this instance, it seems like their size is a problem. i get there other institutions not so egregiously harming customers, but this

asked wells fargo to intervene. meanwhile we searched court records. we saw mary smith's name plus the last four digits from her social security number on a court filing in los angeles. >> i never lived in los angeles in my life. >> reporter: what happened? we will pri but the bankruptcy court trustee down in los angeles told us she and several others were unknowingly written into a real estate scheme near palm springs. a homeowner down there filed a flurry of fake papers using real names and social security numbers to stall his foreclosure. records show the court eventually caught on and let the foreclosure proceed. a judge also dismissed mary's bogus bankruptcy. we tried to share this with wells fargo. we also requested an interview. the bank refused to address mayor east's case with usin its privacy policy and only sent us a general statement saying in part when a bankruptcy case filed that impacts or appears to impact our customer or account wells fargo follows the provisions of the u.s. bankruptcy code and rule

forlion wells fargo.ing for mortgage information from wells fargo, and citigroup's loan growth. stay with us for second because i want to bring in a brian .elski and lisa erickson brian, what's interesting is that in the last couple of quarters of some of these banks have brought -- blown it out of the water. and this is a little mixed. it's like back to basics. the boring stuff is good. is that enough to reverse the losses? >> yes. you are talking to someone who's seen these banks for some time financial sector -- and the financial sectors, and a broken clock will ring correctly twice a day. it's a game of catch-up that is beginning, and we are starting to see it early in the selloff. yesterday the selloff was more broad, and yields were down. i think at the end of the day these assets were longer-term, and it will be interesting to see what the wealth management business is as part of the earnings to come out. i venture they will be strong in the third quarter. we think the stocks are headed higher. jas

wells fargo wouldn't let her make a credit card payment. she called in. >> my account was now being overseen by the bankruptcy department. >> reporter: mary says she has never filed for bankruptcy but wells fargo's computer said she had. mary figured this was a simple mistaken identity because her real name is almost as common as mary smith. >> very common to the point where even when i went to the bank, the branch, there were so many he had to try to narrow down which mary smith i was. >> reporter: mary says various reps assured her they would fix the area. months went by, nothing changed except her credit score. >> its gone down significantly. i went from having great credit to you wouldn't be surprised if i was looking into moving or buying a car or anything that impacted my credit score, i would be denied. >> reporter: she showed us her credit report. there's one reference to bankruptcy added by wells fargo. so mary turned to us. >> help me, please. >> reporter: we immediately asked wells fargo to intervene. meanwhile we searched court

she feels she has to sue wells fargo. if you have a consumer tip for us, give us a call, 888-996-tips. online at nbcbayarea.com/respond. >>> chris, thank you. >>> up next here at 6:00, traveling across the country. a bay area couple that fell to their death at yosemite. four years ago, we rejected marshall tuck and his billionaire backers rintdent fouof public instruction.ed and their handpicked candidate, former wall street banker marshall tuck. tuck's billionaires have spent over $25 million distorting tony thurmond's outstanding record on education. all because they know tuck shares their agenda: diverting funds from our public schools into their corporate charter schools. the same agenda as trump and betsy devos. protect our public schools. say no, again, to marshall tuck. on the peninsula, after a man got trapped on the tracks. it happened just before 9-30 morning at the "balboa park" >>> a man was trapped on the tracks in san francisco. befe 9:30 in the morning at the balboa park station in the city. his stuck betwe

like i said, i work for wells fargo, and wells fargo believes part of our culture is investing in our communities because we believe -- we can only be as successful as the communities that we invest in. and i work for a group that's called community lending investment, and that commitment extends nationwide, and we're the largest investor in low-income housing tax credits. we invest about $2 billion a year for the past four or five years, and we're very proud of that. we're also proud of the partners that we partner with, and i especially want to thank mercy housing, a cast of thousands, i think, and we're really proud to be partners with them, and we're proud to partner with ocii, the mayor's office of housing, london breed, everybody in san francisco that has made this project come together. we really appreciate that. and i especially want to thank natalie gub. i have kind of a story. i hope it makes sense. there's a sports analogy on here, and seeing how i'm on a basketball court, maybe it all makes sense. so i was a boy, i wanted to be a professional athlete like most boys, and i

wells fargo goes back to the neckline on the head and shoulders formation.t would be 50 october expiration today when et stock traded at 53.15. you could buy the october 53.50 put spread paying 80 cents for that buying one of the october 53 puts for $1 at bracing you even make up to 2.20 between 52.20 and 50 that's the max gain there and risking 807 cents risks about 1.% of the stock price to make free extra money moving back to 50 i don't think there is a heck of a lot of great news in the space between now and the next few weeks. >> i like the structure for two reasons. one you targeted the level which is the 50 level where you sell the put short. the other thing is that the you know this is a name where options premiums are slightly elevated certainly they are elevated relative to how much the stock moves. when we talk about the price of options, the implied volatility right now, wells fargo, probably about 23 with a realized volatility of 15 with the upcoming catalyst bank earnings next week that's one of of the reasons you see that elevated premium that

she says she feels she now has to sue wells fargo. if you have a consumer tip for chris and his team, call 1-888-996-tips or go to nbcbayarea.com/respond. >>> coming up, born on the bay bridge nearly three decades ago, and now he's on a quest to find and thank the paramedics who helped bring him into the world. it's a story that will make you bay area proud. >>> and temperatures around the bay area today finishing off in the 70s around san jose. but mid-80s could be as we approach halloween. we'll take a look at that warming forecast when we come right back. the white house. children of military families went trick or treating. >>> a special and spooky night at the white house. children of military families went trick or treating and they got treats. president trump and the first lady in front of an elaborate halloween display with baskets of candy for the kids. no tricks, just full-sized twizzlers and hershey bars. a military band was there playing the themes from the a m adams family. and a fog machine was there creating a eerie vib

there's one reference to bankruptcy, added by wells fargo. so mary turned to us. >> help me, please. >> reporter: we immediately asked wells fargo to intee.anilt we found mary smith's name, plus the last four digits of her social security on a bankruptcy filing from last year in los angeles. >> i never lived in los angeles before in my life. >> reporter: so what happened? we're going to print a big p explain. mary lives here, but the bankruptcy court trustee down in los angeles told us she and several others were unknowingly written into a real estate scheme near palm springs. a homeowner down there filed a flurry of fake papers using real names and social security numbers to stall his foreclosure. records show the court eventually caught on and let the foreclosure proceed. a judge also dismissed mary's bogus bankruptcy. we tried to share all this with wells fargo. we also requested an interview. the bank refused to address mary's case with us,ts rivacy poli a general statement, saying in part, "when a bankruptcy case is filed that impacts or

because wells fargo been doing some it shows just things all across the board they spectacularly. unbelievably bad so then they're thinking well you know we don't want to go into another wall street banks so we'll do you know is there another option and then they discuss this public bank idea in then they found alan brown in the words you've been around doing this for a while how did how did you get in yeah well a year ago they had it when i mean one person that was involved with them knew about public banking and they had an event and they had me speak and they had some other probably people speak and that generated interest. when someone else are saying these are twenty year old twenty twenty the twenty nine or thirty five hundred thirty. so this is all new to them of course you've been writing about this for years and so do you feel you know having seen this evolve for a while that this is going to finally be a push toward this very very necessary public bank facility opening up well and we definitely need the pressure on the ground from the grassroots and that's that's what th

jpmorgan, citi, wells fargo all report next friday the options market implying 2 or 3% moving for thetocks dan says one of the names could run into trouble walk us through. >> i think a lot of them could wells fargo, we're going to focus on that one in particular because i think this has been the ugly stepchild regulators, the scandal, lending they can do to some of their money center peers this is the worst performing one, down 20%. mid january, down 12.5%. it's expensive to bank of america and citigroup. i don't see the prospect for these guys i have a two-year chart since late november 2016 when you look at this thing it looks like it's poised for a move back to $50 on poor guidance. let's talk about what mel just said w why did the group rally. we saw the two year not get crazy. that spreads between the 2s and 10s. that got wider that's how the money center banks make some money. i suspect through lending they borrow short and lend long i suspect kind of like what i was getting at with the home builders we see it down and trade badly wells fargo is the guys that make these loans i

es un nuevo día en wells fargo y se parece mucho a nuestro primer día. wells fargo.2018. nadie quiere pensar en eso. pero yo tuve que hacerlo. estaba trabajando, viajando... se me olvidó prestar atención a mi salud. pasó demasiado tiempo desde mi último papanicolaou. cuando finalmente me hicieron la prueba, creímos que podría tener cáncer de cuello uterino. tuve suerte. no tuve cáncer. mujeres, por favor, háganse la prueba para detectar el cáncer de cuello uterino. conozcan su cuerpo. infórmense sobre el cáncer ginecológico. . >> la olaaron ti inmigrante crece, el gobernador de illinois culpÓ a los indocumentados por la violencia en chicago, en otras ciudades como minneapolis liso la policÍa decidiÓ darle a los inmigrantes una mano, rubÉn tiene las dos caras de la moneda. >> nunca mÁs nos va a hablar y nunca mÁs nos va a faltar el respeto. >> el reshoech a inmigraciÓn que ni siquiera con un reporte se expresÓ de esta manera. >> hoy en una celebraciÓn la vicegobernadoras de illinois lo defendiÓ asÍ. >> conozco su corazÓn y sÉ que Él ve por la familias latinas y del ex

wells fargos are the guys and the stock is trading by 53.15.an buy paying 80 cents for that buying one of the october 53 puts for a dollar selling one. and you're risking 80 cents. you're risk the stock price and i don't think there's a heck of a lot of great news in the space between now and the next few weeks. >> i like the structure for two reasons. one you targeted the level which is the 50 level where you sell the put short. the other thing is that the you know this is a name where options premiums are slightly elevated certainly they are elevated relative to how much the stock moves. when we talk about the price of options, the implied volatility right now, wells fargo, probably about 23 with a realized volatility of 15 with the upcoming catalyst bank earnings next week that's one of of the reasons you see that elevated premium that's why using the put spread makes a lot of sense here. >> obviously you've gone a after the weakness started out with that that's important we have an area of the market controversial. that's a problem it's mak

let me raise the second question as it relates to wells fargo. you know this is not an isolated scandal with wells fargo they charge monthly fees for add-on products they don't understand and repossess vehicles of hundreds of service members to push into hyphae investment products to increase fees and wrongly denied the mortgage loan modifications but would foreclose wrongly on 400. so the question that i have is isn't this organization just too big? i understand you can analyze if it is too big with a sick statutory analysis that you also analyze in terms of your ability to supervise and if you look at the occ how many employees? 4000 wells fargo has 260,000 with two .-point 8 billion in revenue they have 88 billion. so here is the kicker. besides the systemic risk and that growth model of a multi- trillion dollar bank and regardless of that business opportunity and the size of the economy they have to report growth up and you cannot supervise themselves it's also very clear we cannot supervise them. but to revoke their charter to provide produc

we know this isn't an isolated scandal as it relates to wells fargo. they wrongly charged consumers for mortgage rate locks. they charged monthly fees to consumers for add on products they don't understand. they wrongly repossessed vehicles of hundreds of service members. they are being investigated for pushing customers into high fee investment products, ensuring accounts to increase fees and denied loan modification for 600 customers and foreclosed wrongly on 400 customers. the question i have is, isn't this organization just too big? i understand you analyze whether something is too big kind of in a strict statutory analysis but you analyze it in terms of your ability to supper vice it and if you look at the occ it's got, what, how many employees, 4,000. wells fargo has 200,000. they have 88 billion in refer new. here's the kicker. besides the systematic kind of growth model where you have a multi-trillion dollar bank who depends on these business units regardless of the business opportune, regardless of the size of the economy, the growth of the ec

jon sopel, bbc news, fargo, north dakota. let's get some of the day's other news.untries have seized more than 55 tons of drugs including cocaine and heroin. 1,300 people were arrested in the operations which took place in september and october. a prominent candidate in afg hanistan‘s parliamentary elections has been killed in an explosion in helmand province. jabar qahraman was meeting supporters in his campaign office when the bomb went off. it is the latest attack in the electoral campaign, as the taliban try to dissuade people from voting. here in the uk, tens of thousands of people on sickness benefit are going to get backdated payments averaging more than $6,500 because of mistakes by the government. the department for work and pensions has revealed it will be paying out nearly $2 billion in total because of the errors. most of the mistakes happened between 2011 and 2014. it's known as the peterloo massacre, and it happened in north—west england nearly 200 years ago. tens of thousands of men, women and children gathered in manchester to demand political and p

es un nuevo día en wells fargo y se parece mucho a nuestro primer día. wells fargo., alianza ogro balance de niÑas aprovechando que hoy es el dÍa internacional de la niÑa * inti ido por naciones unidas tambiÉn * ha estado en el programa today show de nbc donde ha destacado la importancia de la educaciÓn asunto clave comentando que cuando se educa a una niÑa se educa a una familia, a una comunidad o a un paÍs. >> cuentas veces hemos dicho aquello que el lunes empezamos con la dieta y ejercicio y luego nada de nada, ya no hay excusas porque ni siquiera tenemos que buscar un gimnasio o agobiarnos pensando quÉ comer para no sentirnos culpable, la tecnologÍa nos ayuda en todo, saluda ana mÉndez porque hoy toca onda digital, cÓmo podemos estar en forma con la ayuda de aplicaciones cuÉntanos. >> encantada de saludarte en este jueves de onda digital entre traigo tres aplicaciones que serÁn nuestras aliadas para ponernos en forma porque no siempre tenemos el tiempo necesario para ir a un gimnasio? >> no, cuesta mÁs trabajo cada dÍa con tanto que hay que hacer ¿verdad? >> asÍ

es un nuevo día en wells fargo y se parece mucho a nuestro primer día. wells fargo.en un poquito sobre este proyecto latinx now. >> pues latinx now es un nuevo programa multi plataforma lo pueden encontrar en youtube de telemundo, de e news pero lo mÁs bonito nosotros, para nuestra generaciÓn. >> creo que faltaba eso faltaba algo que nos represente en los medios que sea bicultural, bilingÜe y vivimos en dos mundos. >> eso es latinx now lo mejor del mundo americano y latino. >> esa es la realidad que estamos viviendo los latinos porque somos bi culturales, cuÁl ha sido la recepciÓn del primer programa? >> creo que lo que me han dicho es la quÍmica que tenemos los tres que parece que nos hubiÉramos conocido toda la vida, hace poco conocÍ a claudia y es como hermana para mÍ. >> hay mucha gente que estÁ diciendo que por fin tenemos algo para esta nueva generaciÓn esta nueva forma de vivir los latinos aquÍ en estados unidos. >> sÉ que van a tener entrevistas exclusivas cÓmo seÁa esto, cuÉntanos? >> si han visto el primer programa entrevistÉ a luis telÉfono ti y fue muy bu

jon sopel, bbc news, fargo, north dakota. australia and have moved on to melbourne after spending two days in new south wales. harry and meghan toured the city's royal botanic gardens. they'll then attend a reception being hosted by the governor of victoria. later the couple will take a tram to the beach where they will meet school pupils to help tidy up the foreshore. the duke and duchess are partway through a 16—day tour, during which they will see the invictus games and travel to new zealand, fiji and tonga. it's known as the peterloo massacre and it happened in north—west england nearly 200 years ago. tens of thousands of men, women and children gathered in manchester to demand political and parliamentary reform. they came in peace but found themselves under attack from the army and local militia. 15 people were killed, hundreds more were injured. now the british director mike leigh has made a film about one of the defining moments of british political history. he's been speaking to our arts editor will gompertz. applause

we're joined by wells fargo's cfo.rice, it your stock know it's not everything, but talk to us about the future. you had a good quarter in the past and many are worrying you cannot sustain that growth. >> we had a great quarter this quarter. specifics, we generated $6 million of net income, return of equity was near fall percent, revenue was up, expenses were down, credit was strong. good signs of momentum which were missing for quite a bit. all of that was strong. on a go forward basis, it was a combination of things for all banks or maybe us in particular. -- there valued price-to-book multiple is the reflection of the r.o.e. of every bank. over the last out seven years, there is a straight line that goes through banks that have pulled back even in spite of good results. they have been above that line for a. of time because people have expectations built in for what their future r.o.e.s might be. we deliver against sustainable r.o.e. outcomes or otherwise convince people r.o.e. is not at risk. there really is a clear

jon sopel, bbc news, fargo, north dakota.n north—west england nearly 200 years ago. tens of thousands of men, women and children gathered in manchester to demand political and parliamentary reform. they came in peace but found themselves under attack from the army and local militia. 15 people were killed, hundreds more were injured. now the british director mike leigh has made a film about one of the defining moments of british political history. he's been speaking to our arts editor will gompertz. applause it's the 16th of august, 1819, and people congregate from miles around in manchester's st peter's field for a pro—democracy rally for the right to vote. it was meant to be a peaceful gathering, but the authorities... we must read the riot act... ..had other ideas. so, mike, here we are in the middle of manchester. the peterloo massacre happened around us. as a young boy, studying in that library, you knew nothing of it. no. i mean, the primary school i went to was a good school, and they could have got us down here on the

shery: wells fargo still struggling. allison: wells fargo still working through the scandal.hey resolve that the legacy issue, that is something a while back so that is a positive. they were able to get a non-objection from the fed back in june to return capital. those are a couple of positives. they had expenses related to soe of the auto issues, there is still a lot of noise in the quarter. people are watching that very specifically to wells fargo and not only are they the leader, but they have the most exposure in a portfolio and also for mortgage banking to the revenue. to you both, bloomberg's romaine bostick and alison williams. turning to canadian banks, one of the largest corporate finance lenders in north america, i spoke to the ceo and asked how important getting the free trade deal resolved was. >> i think that getting to any agreement is a good thing. global we can thank political leaders in the last 50 or 60 years that have believed that trade agreements not only brings prosperity but also brings peace. t the impendinghe -- the impending doom of nafta is now behi

he wells fargo or liz warren.g edit" starts right now. >> i don't think they are doing enough. supposedly they are sending 500 federal officers down to the border which i hope they can stop some of this caravan if not all of them. the mexican government has not been, i think, 100% cooperative. far from it. i think the president is using his leverage. he has considerable leverage with these countries. we send a lot of foreign aid to a lot of these nations. liz: we were on it early. is mic

today jp morgan, citi and wells fargo started us off. sl le picker has our result tonight. >> amid the market volatility this week investors today were focussed on the third quarter earnings from the three large banks for clues about what their results say about the economy, intest rates and lending as a whole. jp morgan beat analywh estimates e citi and wells fargo posted mixednumbers. on a call with analyst jp morgan ceo jamie dimon spoke optimistically about the firm and the economy. and jp morgan's results seem to support that as one analyst wrote, always tough to call the end of the cycle, but there is no evidence in the end in jp morgan's results. dimen was brushin off concerns saying investors need to look at the reasons why rates are rising and not just the fact that they are rising. >> the why is more important. the economy is strong. rates are goingup. most of us consider it a healthy normalization and going back to more of a free market when tt come asset pricing and interest rates. to me, overall it g is ad thing particularly

con nuestro exclusivo servicio overdraft rewind... ...es un nuevo día en wells fargo y se parece muchoestima yto todoe i tgratis >> un accidente lo dejo inmovil >>me siento triste porque no p e puedosal salir . llaje aveca veces estoy de rodillas haciendolo >> en su .. ella son volunta .. ue union europea una enfermedad dejo sin vida a sduu hernamna si vio mucha gente con ropa mo a morada es por el apoyo a las a pnersonas gays crece y crece el premio megami l megamillion es la sefggunda ca cantidad mas alta sortedada e el pais. se han hecho mas comunes desde que la loteria implento cambios que reducen el premuio mayor ahora las posibilidades de gan ganarlo son 1 en 12 mllillones es imposible pero tarde o tem temprano siempre habra un gn ganador enos despedimos hasta una proxia ocasion, muchas gracias >> ayer en exatlon estados unidos el circuito por la permancia estuvo en juego y el miercoles de eliminacion sorprendio a todos, hubo una batalla campal entre famosos y los primeros dos puntos conforme avanzo la competencia se quedaron con la victoria los contendientes mandando a los

merica editor reports fargo. came herculean when she for brett kavanaugh getting on the supreme court the hours has gone down.melt opponent tter to her ained names of nt 130 women but without getting consent for publication of their names beforehand. only thing i can do is say i'm sorry. kevin kramer's campaign is accusing heidi heitcamp of revictimizing v >> it's just terrible for s that have been identified with out their approval. watched ce is being closely in the nation's capital. if democrats have a chance they need to hold on to this state. so their chances of doing have taken a massive blow with t of political inept tud. ans play was 's c palpable. >> what happens just sucks. just sucks. if you legitimize me too movement. just devastating. > farming is a part of the north dakotan economy but rm have seen sales collapse. tariffs t believe that are the beans by which to trade. e that per square eople mile. asocrats pes seem as bleak landscape. >> i spoke about the race and others we'll beatching on night.on

wells fargo. deanne. >> well, inferno i have a god reason. i think one of the best pair trades in the in market could be long jp morgan and short wells fargo. this one has regulately scrutiny a lot no shortage of scanned als. but when you think about the consumer lending and things going on, the cyclically could be going on in the economy they are very exposed. loan growth, you know, auto loans that sort of thing i want to stay away from this. it's down 12% on the year, down 20% turbthe 52-week highs. you can wait and stake at a shot if it can hold 50. >> what do you say with wfc. >> i agree with dan. >> inferno. >> there is headline risk. you get a couple of more negative headline in the tape we see. you see wells buy jpm. >> we need that picture of dan and devil for other shows. >> here we go. >> it also trades 1.5 time book. more aspenive than bank of america. don't be long this one. >> i own the stock as well and i think that's the tune is i think we you look through. >> wells fargo. >> i like wells fargo and also think there is changes t

wells fargo's profit rose 32% to $6 billion through cost- cutting and wells fargo plans to do a lot more at. it announced last month it's going to cut 26,000 workers over the next three years. that's 10% of its overall workforce. wells fargo shares are up 2% in the early going. let's go to the big board. it's looking better so far this morning. we'll see if it can hang on throughout the rest of the day. the dow is up about 300. nasdaq gaining 137. the s&p is up by 36. michelle and kenny, back to you. >> thank you, jason brooks from kcbs radio. >>> bart is ramping up efforts to make two of its dirtiest stations more presentable. the board voted to set up more washing at the 16th and 24th stations in san francisco. part of a big contract that starts next month. >>> it's a good idea. you need to get those centers clean. >> have you been to those stations lately? >> we went together. >> we were riding the rails together. >> it's a little different. >>> bart is now on time. so that's good news. but let's take it u may o nside bart thiiny. but bridgeions fender-bender just a little while ago p

morgan, citigroup, wells fargo. >>> plus, it has been a wild week for stocks. look at what the moves are signaling to the fed and what they say about the economy former chairman of the council of economic advisers, jason hu san with us a gehow ahead on "squawk on the street." dow just off the high of 300 points "squawk on the street" will be right back with full service brokerage firms...again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management. ♪ ♪ (buzzing) gather new insights, leave your data protected on-site, and put it all to work with ai. the ibm cloud. the cloud for smarter business. >>> stocks catching their breath this morning after a turbulent week on wall street which saw the dow's worst two-day decline since back in february bond yields still

earnings. >> if we don't see good guidance for theent end of the year i think wells fargo goes backthe neckline on the head and shoulder forms when you look at this it looks like a poised for a move back to shh 50 today we it traded at 53.15. you could guy the october 53.50 put spread paying 80 cents for that buying one of the october 53 puts for $1. selling one of the 50 puts at 20 cents. >> well the stock was up today, still down 2% since the time of that trade dan what do you do with wells here >> yes, i think you give it a couple more days scott i mean obviously it had a little bounce but still down week over week. i think the price action in jp morgan that's what you want to focuses on the fact it couldn't rally today. i think you probably see more weakness in the banks. but at some point if you think wells fargo is going back to 50 and it's a 52.15 right now you need to roll it out a little bit. keep this one on a short leash what i would do is early next week if this thing goes unchanged from the 80 cent purchase price that's where you blow it out and you think about rolling

expect let's get to leslie picker at headquarters. >> these three banks jp morgan a citi and wells fargoortant not just because of what they say about the healthy of the banking sector but what they say about the macro picture as a whole analysts and investors will zero in on loan growth are they keeping base with economic growth and lending to consumers and businesses in the second quarter the growth was muted but as banks rice they have the opportunity to earn more from the interest charged on loans the street's consensus is that earnings per share at all three banks will be higher this year than last and the combined profits within the industry may be a post record high after the financial crisis the recent market volatility should benefit the banks 'equity trading business we will be looking for comments on that tomorrow now, that said, the kbw bank index is more than 5% lower year-to-date, compared with a 2% gain in the s&p 500 despite the recent pullback. valuation on price to earnings basis are below post-average pricing. leading some to believe that decent fundamentals could jump

pero wells fargo permitió a sus clientes retirar efectivo, confiando en su palabra.los sobregiros del día anterior... ...y no te cobraremos un cargo por sobregiro. con nuestro exclusivo servicio overdraft rewind... ...es un nuevo día en wells fargo y se parece mucho a nuestro primer día. accidentes, sfx: rebanando con cuchillo descuidos, sfx: suave sonido de mÚsica a travÉs de los audifonos distracciones... hay millones de maneras en las que la vida te puede cambiar en un instante. no esperes. asegúrate... con un plan de salud a través de covered california; donde puedes encontrar la mejor cobertura para ti y tu familia. en coveredca.com/español encontrarás una variedad de planes de salud que teofrecen la mejor combinación de calidad, tarifas y beneficios. además, puedes obtener ayuda gratuita de nuestros expertos para que te guíen durante el proceso de inscripción. hay ayuda económica disponible. así que averigua sobre los ahorros para los cuales podrías calificar. 9 de cada 10 personas que se inscribieron calificaron. inscríbete antes del 15 de diciembre. visitando

morgan to report followed by citi and wells fargo around 8:00 a.m.bank's equity trading business we'll be looking for comments on that from the conference calls but during the third quarter, trading expected to have been pretty muted and analysts and investors are concerned about loan growth. and if it's weak, that may outweigh any positive boost to the banks may get from higher interest rates banks benefit from rising interest rates because they're able to charge higher interest on the loans they make to consumers and usinesses. now the street's consensus is that earnings per share at all three banks will be higher this year than last year. and that the combined profits within the industry may be a post record high that said, the kbw bank index is more than 5% lower year to date compared with a 2% gaughan in i s&p 500. price to earnings basis are below crisis averages leading some to believe that decent fund ales could -- emphasis on could -- jump-start the shares higher >> you're telling me you don't have a crystal ball. >> i don't. >> i don't blam

global cio at wells fargo asset management.re you to see this morning. there are many ways to talk about the scope of what we are seeing in the u.s.. a chart that shows the s&p 500 posting its longest losing streak of the trump presidency. this is clearly something that roils him. does it have you worried? >> you have to be concerned but i don't think the correction is unexpected. a lot of this has to do with the structure of the market today. if you think about it, you had the rise of the passive investors. passive investors by nature are we cans. when selling occurs, it must sell in the proportion that is in an and dax or an etf. it exacerbates on the downside. what you saw later in the day yesterday was a lot of the passive selling at the end of the day. it's important not to overreact to the selloff. manus: very good morning to you. we have created another relationship, bond yields to the equity market. maintains 3.2% is small potatoes. it's not enough to unseat an equity market. my guest said that was hogwash. that's all f

es un nuevo día en wells fargo y se parece mucho a nuestro primer día.

last week, dan said wells fargo could be in for some trouble going into earnings. >> if we don't seece for the end of the year, i think wells fargo goes back for that neck line on that head-and-shoulders little formation. when you look at this thing, it looks like it's poised for at least a move back to $50 today when the stock was trading at $53.15, you could buy the october $53.50 put spread, paying 80 cents for that you're buying one of the october $53 puts for $1, selling one of the $50 puts at 20 cents >> well, the stock was up today but still down 2% since the time of that trade. dan, what do you do with wells here >> yeah, so, i think you give it a couple more days, scott. obviously, it had a little bounce, but it's still down week over week, and i think the price action in jpmorgan is the one you want to focus on the fact that it could not rally today, i think you probably see more weakness in the banks, but at some point, if you think wells fargo is going back to $50 and it's at $52.15 right now, you're going to need to roll this thing out a little bit. so, keep this one on

an overdraft forgiveness feature, only from wells fargo. it's a new day at wells fargo.onestlyrents going up,le. friends and family moving out of state, millions of californians live near or below the poverty line. politicians like gavin newsom talk about change, but they've done nothing. sky-high gas and food prices. homelessness. gavin newsom, it happened on your watch. so, yeah. it is time for a change. time for someone new. >> anthony: well you told me asturias was beautiful, but man, you didn't lie. it is amazing. i can't believe there's farmhouses all the way up these mountains. >> jose: they are not farmhouses. it's where the shepherds stay for weeks at a time sometimes taking care of the herd. of the goats, of the sheep, of the cows. the cheeses are made with the three milks. asturias has the biggest concentration of cheesemakers anywhere in the world. period. and we use the land like nobody. especially using the caves to cure them is brilliant. not a lot of places in the world where you have something like this. caves that produce, for centuries, amazing cheese.

an overdraft forgiveness feature, only from wells fargo. it's a new day at wells fargo.urias was beautiful, but man, you didn't lie. it is amazing. i can't believe there's farmhouses all the way up these mountains. >> jose: they are not farmhouses. it's where the shepherds stay for weeks at a time sometimes taking care of the herd. of the goats, of the sheep, of the cows. the cheeses are made with the three milks. asturias has the biggest concentration of cheesemakers anywhere in the world. period. and we use the land like nobody. especially using the caves to cure them is brilliant. not a lot of places in the world where you have something like this. caves that produce, for centuries, amazing cheese. >> anthony: you think you could do a cheese-themed theme park? >> jose: that can be fun. >> anthony: giant volcano of cheese. take little boats around in a fondue pot. >> jose: i don't know. you know what i think sometimes? you know "apocalypse now"? >> anthony: yes. >> jose: when marlon brando -- i don't remember what was the name -- >> anthony: kurtz, colonel kurtz. walte