coming up, apple moving into fintech. how they plan to develop its payments processing technology and what it means for the rest of the fintech world coming next. this is bloomberg. ♪ emily: >> you soon may pay for your hardware the way you pay for other things. we are working on a subscription service that would allow users to pay for their phones monthly. this would differ from normal installment plans as the fee would be a proprietary price based on which model the user chose, versus the cost of the device divided by 12 or 24 months. apple would let iphone users replace their model each year, as new versions are released. over time, of course, the recurring revenue we generate more money for apple and allow consumers to get new iphones more frequently and not have to pay $1000 outright for a new, high-end model. apple has internally discussed tying the program to its services bundles that include tv plus, apple music macleod storage avenues in the fitness plus and more, in additional to apple technical support plans. s

fintech sector.ve just been talking about the gender pay gap which has gotten worse in the u.k. today feels like such a monumental hurdle to overcome, and whatever's we see -- whenever we see these numbers we talk about the incremental steps. what are we doing wrong, it almost feels like we're going backwards. janine: actually what we see in terms of entrepreneurs at fintechs in the u.k., we know that we have a world record amount of investment coming into the u.k., about 11.6 billion came in last year. but very little of that went into female founded companies. we need to be driving greater capital into some of these women-led businesses. we know that many of them are more resilient to crises and are more likely to have larger cash reserves then mail-run ones as well. manus: i suppose if we go back a couple of years, the whole push to make london and u.k. eight tech hub --how do you think the revolution in terms of work styles in dubai-, they are literally opening the doors to the tech world-, and p

but if you do a fintech up, it's all gonna work the same way. is going to be focused on the interest rates and how much money can get from him. so i think one of the 1st ways to improve the situation we're in now is to include everyone in the conversation to bring community back into finances. let's come to the educator olive solutions. my 1st solution eve books. the 2nd one i literally a point across e is google, or youtube or information in general. if books are not your thing, right, just go to google and decide every money. i'm going to do such 10 articles, about boring 10 articles, about managing money to not coven high, can properly skill my assets will increase my income. and then the final one, a point across is mindset. oh, my side is a bit troubling because the you boiler and just like salute and your goddess and then we come back and say, estimate are not doing well or all these things are not doing well. so again, the mindset needs to change a bit. let's on up to yes, i didn't have money i borrowed, but can i also have the respect to

there's much more "mad money," with fintech stocks out of style, is it worth taking a closer look atar player i'll talk to the ceo and the fed can't control all prices but can it help slow down the housing cycle? plus, i'll take your calls in tonight's edition of the lightning round. stay with cramer when it comes to autism, finding the right words can be tough. finding understanding doesn't have to be. together, we can create a kinder, more inclusive world for the millions of people on the autism spectrum. go to autismspeaks.org. >>> this is one of the most important times of the year. not because it's gardening season, although that's a big deal in my household i'll be building my boxes this season but it's proxy season. thanks to new technology, it's easier than ever for small investors to make their voices heard. they're even allowing investors to vote. behind the scenes, this is facilitated by companies like broadridge financial on top of its day to day settlement and corporate governor services, they're proxies for some of the largest companies in north america that said, the s

fintech has been amazing.n the last quarter, it was actually a record m&a year quarter for fintech. it continues to be a huge amount of real interest and innovation. the neobank rise has been totally amazing. the intersection with crypto the intersection has proven to be a really important story for this year. cybersecurity is another one that is interesting. obviously, layering in what's happening in europe. there's going to be increased scrutiny of companies that don't have strong cybersecurity. then, you know, in terms of verticals, we're in a 20-year bull cycle of integrating software into the enterprise that continues to be a great thing. you have to be very selective to optimize for companies who have different margin structure. >> hey, great to have you back with us. you point out the margins are still there. revenue growth is still there, but the fear is that the rest of this year is going to be a lot tougher, especially if we enter a recessionary environment what do you make of what jeff gundlach said

fintech has great functionalities that it would take us a long time to build.that we look at investing in them, especially integrating -- essentially integrating them within our offering. our clients want to use fintech but they don't really groups to judge the viability of that business, the financial strength of that business, so when they see them partner up with a big bank, they feel better. haslinda: when the biggest risk still be inflation in the next 12 months? sjoerd: inflation, and how the war will play out, and the supply chain. i think all are creating a very complex outlook. clients can only be prepared, and that is what we are working on with them. haslinda: thanks for being here. thank you. yvonne: take a look at the latest numbers coming out of china now reporting 19,282 covid cases, a sign that maybe we have seen the top when it comes to new cases. shanghai, we have been talking about parts of it opening up, you heard that from the tesla ceo elon musk, saying that shanghai is up and running for them, in the tech space, we continue to see a lot o

cathie wood not as bullish on another fintech name, ark recently selling all of its paypal holdings.ers in fintech for the long term, but ark analysts had a lot more conviction on block, in part because of bitcoin >> i think the way cash app is growing organically as opposed to more of a top down let's get this thing moving, stretch stretch stretch, i think there's an organic movement. i think it's going to be fired up now by bitcoin. >> she compared ark to a publicly traded venture capital fund she said it's very much a long term bet, and the retail crowd tends to understand that vision better than institutional investors, as she put it, and regardless of ark and the etf's underperformance this year, wood is still very much a celebrity with this bitcoin crowd here people were lining up for selfies with cathie wood before we started the interview there was a line of 10 or 12 people really looking to meet the great cathie wood. back to you. >> good color on that, kate. is she still planning -- isn't she launching a bitcoin etf of her own? >> bitcoin etf that has hit a couple road bump

big tech seems to be the real threat when it comes to a lot of fintech companies.ion around his departure. what does it mean for payments big companies building things internally interesting to see if less of a a partnership model going forward. >> paypal one. few users in the qqqs. all tech names rallying today. thank you. zoom video, splunk, crowdsprik, a big pop up 9 and 8%. >>> delta rallies, reporting a smaller than expected loss the company forecasting a profit current quarter. delta ceo bastion on "squawk on the street." listen. >> never seen in our company's history demand for our product and services at the level we are and the month of march, highest sales in terms of bookings of any month in our history >> bring in sheila kahyaoglu a price target on delta. sheila, your top pick. why did this come as a surprise? we knew ourline executives telling us how strong demand is for a while. >> really, sara, people miss the fact that everybody was so focused on costs in q1 really why we downgraded southwest a few months ago, but discussion shifted from cost to pri

the government has come to introduce integration so that i little the b even if it is a fintech, it to use is formal and legal ways to be able to collect this money. oh yeah. by the way, i think it's really important for us to save this that the government of kenya recently as recently as december of 2021. ashley regulated the digital lending space by amending a central bank bill. so back to the point of consequences. another one could be, are some of the things that people get into trying to money to build it. sometimes we've seen families breakup reason being as, as a husband my wife went and borrowed from a fintech or maybe from some other she look. so the shell comes into the house or my upgrades are, they printed it out the tv and it's picked. i don't find it in the house. what happens? where did the tv go? and she is in best explain that. i say look somewhere, took the freedom to get for that, but then what happens, people get into depression. you off killed themselves in this country because of dead people have run away from the houses. people have done so many bad things becaus

fintech is here to stay. blockchain is here to stay. crypto? jury out.avid: what is the next big thing beyond that? >> i think we are watching it take place and we are laughing at it in front of us. i look at the nft market and we can look at art or all manner of crazy things trading hands as an nft. i bring it back to real-world examples. have you ever sold the car? i imagine you have. david: mine usually fall apart. >> we sign a piece of paper called the title if we can find it. why do we do that? shouldn't that be identified with us? we buy a house, we get title insurance. why do we need to do that? many of the rails or technology or platforms or the systems that support what is happening in at fti think are the precursor to changes -- in nft i think are the precursor to changes. we look at traditional asset managers and i think we ignore changes in financial technology at our peril. kriti: that was mark rowan of apollo global management speaking with david rubenstein. you can catch the full interview tonight at 9:00 p.m. new york time. speaking of, l

for tech customers -- for tech -- fintech companies got rid of these five years ago. to better serve their customers. citibank got rid of these fees as well. the market does naturally, naturally taking care of the issue without government intervention. we do not need more rows from washington mandating the entire industry moving this direction because when i opened my first checking account, i agreed right check and have money in the bank for the check cleared. pretty simple. prof. zywicki, in what ways do you think banks would recoup lost revenues if overdraft fees are banned across the board? prof. zywicki: it is great that there are models of competition and credit unions are member organizations that can have a different model from a bank that is open to all comers. i think we will see a reduction of free checking. we would see higher monthly required minimum balances, this is what other research found, that there was restrictions. and we would see a -- higher bank fees, higher monthly fees. representative: if we legislate away overdraft fees, some private-sector

and i also think that when over the last 7 and a half years when fintech ups showed up, it's when it moved from family and friends and then institutional exactly, chalmers and banks to fintech ups k b. s can be reset his success. only 17 percent of the people between the ages of 23 and 30 on a business that makes them any form of money. so when you have a 60 or 90 day credit system where you're getting your money for. okay, let's come back to eric because obviously eric, you are not boring from your friends. you are boring from these mobile lenders by talking about digital lenders and you go in there, you put in a couple of details. boom. they have all your information and you have your 2000 shillings. if you dont give them this money on time, what happens? okay, it takes to then send you a couple of messages on your phone. even i stopped using one of them. one of me now mobile numbers because of their da da da sending me messages. okay. emmanuel, have you had a single experience where people were, you know, calling calling you, threatening you with things what, what was your experie

yvonne: you mentioned about the fintech space.all fronts whether it is shopping, e-commerce, ridesharing and whatnot. what is going to be the strategy to tackle these segments, to make sure go to is on top? >> we want to focus. we are the most complete and diversify use cases that is congregated into one company. the flexibility in being able to create something that is differentiating is very clear. over the last six months after the merger we have seen better than expected results from a lot of the synergies. we believe with the right focus and execution will be able to differentiate herself and more importantly for the users, they will get the significant benefit as an ecosystem. haslinda: thanks so much for joining us. ceo -- yvonne: thanks so much for joining us. ceo of go to group. taking a look at chinese markets, we continue to see more fallout as we head to the lunch break. chinext is down 3.3%. we are seeing similar measures in guangzhou city. the spillover risk is lingering today. hangs and is down. hs tech given the su

what we have seen the last several months, fintech has taken a big hit. some companies i have been involved in since their seed ground have seen stock price go down i think that's a result of interest rate pressure, but also a lot of uncertainty about where the economy stands we saw the yield curve invert recently it seemgs s there's concern whe the consumer will be we know there's a slowdown can't say yet if there will be recession. there's uncertainty about the economy. everyone is trying to figure out where the economy will be in six months, where inflation will be in six months, where interest rates will be in six months. conditions of extreme uncertainty. stocks that are growth stocks where earnings are far in the future, they have been hit hard. you're starting to see that trickle down into silicon valley ultimately, they're great companies and they will recover, but you're seeing huge correction in valuation because of the uncertainty >> do you think that correction is done? >> well, i think it is done if interest rate expectations don't materially

big pain now is the number one fintech in malaysia -- big tech now is the number one fintech in malaysiaper app with the google collaboration. people are taking as much more seriously. even on my social media you see much more press coming in. it reminds me 20 years ago when i started this airline, no one took seriously. -- no one took us seriously. haslinda: it is yvonne -- yvonne: it is yvonne in taipei. we spoke to the go to ceo. these are big names that dominate what is a saturated market you're going into. beyond banking on air asia's brand, house do you plan on capturing market share? >> we are little bit different from grab and go. we are little like expedia and booking.com coupled with the ride-hailing and food delivery. if you remember 20 years ago when i started this airline with two planes, i would not think we were the largest airline in asean and the fourth largest airline in asia. some airlines are weaker than other. singapore airlines is a very confident airline. we still have the largest market share in singapore. we have had data which is very big. 20 years of data. high

more coming up as we dig into the world of technology and the world of fintech with a focus on cryptobloomberg. ♪ >> good morning, welcome to daybreak australia. we are counting down to asia's major market open. >> the top stories this hour. and s&p 500 holds a three day drop as they dial back following the fed rate hike. >> the market fallout from russia's invasion of ukraine

ken: there are new forces underway, disruptors in the market from fintech.hen jp morgan's stock went down that's because jamie dimon was going to double up and inves in hiring people and technology. that will be a delicate dance he has. it is a bank that has to keep its pulse on the future, which means investing in technology and boosting operating expenses. lisa: are people going to be looking at the granularity of investment in tech and the idiosyncrasies of a specific bank in the banking world, pours it about the consumer and heading into recession? ken: i think you hit it on the nose. we know on the wall street side the first quarter will be difficult compared to a year ago. main street, it's about the consumer and small business. it is the health of the household and whether they are able to endure rising inflation and the pressures that go with it. this will be a conversation about if i am a bank, may be low quality is still good because we are not seeing that. investors want to know if there are any changes or cracks as it relates to the consumer, bec

check out the fintech names. paypal, visa, fiserv yikes. down almost 800 points the sell-off accelerates approaching e nathfil hour of trading. we will be right back. >>> welcome back time for the three-stock lunch let's trade three of the day's biggest movers with shares of gap down nearly 20% after slashing guidance. citing challenges for old navy in particular. ea is up 3% on this broad down day. it's rising on a bullish call and initiation and citi naming dr horton a top pick let's welcome in erin gibbs at main street asset management great to have you. let's start with gap what would you do with the stock? >> if you own it get out of it definitely don't buy it. this is twactually the second te the company given lower guidance just this year and so this is something concerning is also citing promotional levels which means it has to put stuff on sale and not something others have been facing not only is the company giving negative news but wall street revising the profits down two months 90% of revisions negative. negative sentiment acro

additionally, many non bank fintech companies are also offering products aimed at helping avoid overdraft by improving notifications and information provided to consumers or partnering with depository institutions to offer no or low fee accounts directly to consumers. this initiative is a partner -- another program gaining momentum in recent years, is bank on. this initiative is a partnership between the city for financial empowerment fund, financial institutions and local governments with the goal of providing low cost, basic bank accounts to the unbanked and under banked households. these accounts do not a low of a draft piece. we have two bills noticed with today's hearing -- hr-4277, the overdraft protection act of 2021, by miss maloney, who has been a champion on these issues, which would strengthen protections and disclosures for consumers with respect to overdrafts trees. additionally, we have a discussion draft in entitled expanding access to affordable bank accounts, which would require large financial institutions to offerat least one bank account option that does not charge con

fintech is here to stay. blockchain is here to stay. crypto, i think jerry out -- i think jury out.marc rowan in conversation with david rubenstein at not cot p.m. -- at 9:00 p.m. david rubenstein here right now. tell us why this is important. is the company stabilized after the uproar of the last few years? david: i think apollo is in really good shape, but they have a theme which is roughly the same size of their other part of apollo, and a scene -- and athene is a cash cow. he is now in a very secure position. tom: this is a guy who has done it right, superior academics at pennsylvania, and then he has built out the career. what is distinctive about him among the private equity people you deal with everyday? david: the people who are the so-called second-generation running these large private equity firms, he's one of the few people who was actually a founder, and he's extremely wealthy. he has already made his mark. he has made apollo extremely successful. he has the luxury of being secure. he's already extremely wealthy. he is well-respected and well-liked, and i think he's enj

cathie wood saying paypal might still be a winner at fintech but higher conviction on block in part because. >> i think that the way cashapp is growing organically as opposed to more of a top-down, let's get this thing moving, stretch, stretch, stretch. i think there's an organic movement that will be, fired up now by bitcoin. >> reporter: cathie wood still bullish on bitcoin itself. as well says like those ark etfs, long-term bet. back to you. >> kate, very interesting that she sees now that venmo story. i mean, look, selling it she's kinds of saying it's over, for one of the biggest believers in these stocks and stories and in this sector that's got to be a tough one to swallow for venmo and paypal >> reporter: yeah. really pointed to the organic growth of cashapp and talked about -- things like the bitcoin conference and the idea people just want to sign up versus paypal having initiative saying, know what? we've got to go, launch this app to compete with cashapp and described it as venmo following cashapp. said, could be one of many winners, but they have a lot more conviction when it c

some hedge funds, military ebuild ones, it was most of their book and that's backed away, fintech andhich reports after the bell today >> it's interesting. paypal has been an outlier when it comes to things like inflation and hasn't traded really with the big credit card names. guidance is the biggest thing for paypal wall street wants to know what's in store going forward paypal, for instance, scrapped the net new active goals last quarter, completely got rid of it the cfo is also leaving for walmart. and some of the risks that paypal talked about when it comes to 2022 guidance, inflation, russia, lockdowns in china, none of which were a drag on visa or amex. we will see if paypal is a different story. >> it's not up in sympathy with visa down another 1.4%. thank you. mike, paypal is right there with netflix on the worst performers list of 2022 who would have thought those would be the worst performers and occidental petroleum would be the best? >> absolutely. this real sharp down scaling of expectations for earnings is very, very hard to own these growth names while the estimates ar

the high degree of liquidity that's flush in the system today but on the flip side, you do have fintechs and online banking franchises that might be more aggressive on the deposit pricing side >> that's interesting. thank you , appreciate it. >>> coming up, we're going to continue our "power lunch" travel week. yesterday, we booked our trip. we looked at the booking companies. today, we hop a flight so will this summer finally be when airline travel gets back to pre pandemic levels? i took a trip this weekend it was pre bpandemic atlanta was crowded, man got a 52-week high list. coca-cola, hershey coming up, we'll ask an analyst which stocks in the food group can raise prices and which will feel the pinch of inflation. stay with us hybrid work is here. it's there. it's everywhere. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work bet

if you look at paypal is friendly even though it's a fintech even though it's a fintech business, but uber has a menacing tone so it's interesting to see that story may have carried on through a lot of the investors as many of the people in this book on to thegreat upstanding investors . >> in other settings but also to me you mentioned that you said we always thought paypal was friendlier than x.com and facebook was more genial than myspace whichfeels a little bit more selfish . sounds menacing relative to lyft. i think of the naming, i like the etymology of how things come to be so for me understanding where the name came from was interesting. i think it's also interesting that in spite of all of the talents in this room at the time , some of the leading technologists of our day, they were so backwards on the to name . at sea had to advocate for paypal. the team did not want to initially. you had people saying no one's going to trust your money. years later, one year later but years later especially to a person they said we were she was right, we were wrong. >> it's nice that he did

uh, we see in the issue of the development of active development, fintech and digital, well , cryptocurrencies digital anarchism. this is where they lived, if we talk about some stable terms, then digital anarchism or digital concentration camp. this is the level of control. this is what digital communism characterizes the level of control over each social unit, starting from the group, ending with the individual total control. and it's very interesting. why? because when we talk about digitalization, in our discussion we get such an interesting impression that the audience can get, as if digitalization is moving at the same pace everywhere, but this is not so. yes, if we come, here, i came to the usa there and went. my friend and i go to his store, you know, such a ring for payment, yes, yes, he went there, in principle, until now. here the bill is being paid, which means, pay it off, he did it like this. what did you do, who are you called the police? all you here is this is very bright. an example is the development of digital technologies. here is their radical introduction. in fact, it is

when these companies are born, fintech or any kind of tech, you have all the relationships, for thinkormance marketing, they come from a different background. there the conduit to a lot of these tech companies that have huge budgets that don't necessarily go to these sports conferences there the ultimate way of getting deals done. francine: we should have a branded best of her. -- brand ambassador. this is a transaction between brands and sports personality. i've always been fascinated when you look at some of the brand ambassadors, how did they choose that luxury watch company and not another company. talk us through the thinking. >> ultimately, it comes down to the check size. can they afford to pay the premium that is required. a lot of these athletes, if you think about 12, they have few days got -- you days off. -- think about golf, they have few days off. with these athletes are posting on the social feeds. that is so visible to their fan base. it can be a big backlash, if you are begin, why are you posting this. you always talk about healthy eating, now you're promoting this pr

we have been a global hub of fintech, and i see in cryptocurrency and exchanges in the u.k. great opportunity. it is likely we could get the regulatory framework. we have got to terms with the promotions regime that taxes consumers. but we have got a brace for the opportunities for new phenomena and how that will apply to markets. caroline: let's talk about the sensationalism in many ways of non-fungible tokens, taking a nosedive but still a lot of interest. we have the royal mint looking to create an nft. >> that was part of the announcement last week, and the chancellor wants us to create an nft. it is important that we pick up on the emblems of change in the opportunities that will exist in the future. we have asked the royal mint to develop and an f sheet -- develop an nft. caroline: in the united kingdom my family day in and day out talks about inflation and electricity and what is happening in terms of the ramifications, antagonized by the invasion of russia into ukraine. talk to us about how the u.k. feels right now. 1.1% growth in the economy being stifled. that is b

annie: one thing robin hood has pitched, as many fintechs have come is that it could become a financialor customers, offering more than mere trading, and moving into areas including retirement accounts, expanding its crypto offering, and it has been making strides toward some of those goals. so just this week, robin hood did open up its crypto wallet product and had a waitlist going, and it is beginning to offer that product now. and it is working toward those other -- some of those other pitched products, such as retirement accounts. but the big question remains whether robin hood customers want all those products from robin hood specifically, or whether they might be getting those services from other apps. and it is a big part of robin hood's growth strategy to sell their customers on more than trading all day. emily: the robin hood bulls who are still out there talk about gen z in the future of a rising generation that is going to be investing more. could that be robin hood's savior? annie: it could be, but it really depends. right now, they are dependent on trade volume. they want t

that's good enough i think seeing fintech getting annihilated, but things are coming down to what i thinkazy multiple >> julie, how are you feeling about fin tech eve to me it's just a hot of hot air. with paypal, why is it so clunky still? they haven't been investing in that business. i look at shopify and what up apple wallet is doing, and they're just eatic their lunch i'm concerned the product is not a as good as it can be fundamental it's a very strong business. >> i think back to the pinterest attempted deal, steve, and a lot of folks on the desk were questioning why would they do that pinterest is up 10% in the after-hours session. what do you make of paypal here? >> the company told you they had no ideas for growth when they were trying to buy pinterest you said it with teladoc this one, the pre-pandemic level was $120 this stock is trading at the pandemic low i would say away from this one traditional names are more -- more value oriented. i would stay away from this one. >>> coming up, digital dilemma, elon musk buying twitter in the middle of an ad spending slowdown the deiltas

hit in so many areas fintech is trying to eat their lunch, you got commodity houses they're not goingans to, they've got consumer issues they may have problems guys if you get a recession, so, there's so many problems with the banks and the biggest tell for me is that the yield curve got steeper and banks didn't go out, in that environment they should go up in, and they didn't so to me they seem challenged. >> guy, i thought of you this morning and that's not necessarily unusual, but in this context, that is, the u.s. investment firm capital group sold their stakes of deutsch and commerce bank they added during the pandemic, they had 5% stakes and they offloaded them. i immediately thought of you. >> you sure that was the remy on banks, that's as good excuse as any. i understand listen, you know my view on deutsch one of the it powder cake waiting to happen but the answer is in the form of citi bank, they're one-stepped removed what's going on with deutsche or commerce and capitalize -- when people pair down bank exposure in this environment you have to take notice. if credit starts t

american express, the strong consumer we also get mastercard and paypal this week, a big week for the fintechiew tomorrow night al kelly on "mad money" with jim cramer, you don't want to miss that one >>> kate, thank you. karen, what's the read through here to the other ones >> i think good for mastercard those two move together. paypal a bit of a different animals. i would like to buy more, but i want to see who you new cfo is first. then we always talk, about, we want a kitchen sink quarter. do we have that with a new ceo, but do we have it with a new cfo? >> guy. >> 18% eps growth, the stock has sold off i don't think you can get hurt here i like visa. i think you can own visa here. >> these numbers were fantastic. the ceo sounds like an airline ceo. with a day with so many doom and gloom, the international transaction fees are great, business is up 113%, so, i think this payment space looks great even if you're getting slowing, it's penalty up. >>> coming up, shares of ge dropping hard. what had investors unplugging. "fast money" is back in two. >>> welcome back to "fast money. we have a

these banks and investment banks are not only competing with each other but an emerging fintech groupyou'll see continued investment. the first quarter was as tough as the first quarter of 2020 on the pandemic started, and look at the numbers morgan stanley put up. a very good quarter against what has been an incredibly choppy backdrop. we are talking about wide divergence between expectations, whether it is the economy or the outcome of the war. there is uncertainty about the banks are performing quite well through that. that has been encouraging to us. lisa: shares of morgan stanley are up 1.8%. fixed income sales and trading revenue came into .9 billion dollars versus the estimate of $2.1 billion. beating across the board. tom: goldman sachs, so nice of them to delay. sonali basak now with what we see from goldman sachs. sonali: equities and trading also be expectations. interestingly, they bought in just about how much morgan stanley bought in, little bit more. these two banks have been at it for the last couple of years in terms of competition. fixed sales in trading also beat ex

you can talk about neo-banks, talk about fintech, talk about big tech come up up -- dig tech, but bankerica is building deeper digital relationships in addition to acquiring new customers. jonathan: if you were wrong about moynahan back in the day, why do you think you are not wrong about citi now and won't be in 10 years? michael: i feel good about jane fraser redirecting citi and putting them on a better long-term path. i just don't feel good enough that they are looking out for shareholders enough. i would like to see managers at citigroup put more skin in the game, buy more citigroup stock. let's see the board put pressure on management. by the way, proposal number two today reconfirms their auditor, kpmg. kpmg has been in place for 53 years, yet the new regulatory consent order says they have internal deficiencies. proposal number two, vote no. proposal number three, they have a special comp plan, a transformational vote plan. so vote no today on proposal one, or puzzle to, and proposal three come of the compensation. i just want to see someone overseeing the overseers. i need som

time coming up, big stock moves, trader choice next first, we have a fast pitch coming your way, fintechat could be a real slugger for your portfolio "fast money" back in two >> announcer: get your trades to go with the "fast money" podcast. catch us any time, anywhere. follow today on your favorite podcasting app we're back right after this. >>> welcome back to "fast money", paypal shares tumbling almost 6% today but our next guest believes will break out of its slump. now for her first fast pitch, what do you like paypal? >> thank you for having me on. look, paypal is a leading online provider of online payment solutions to customers and merchants. they have 425 million active accounts and over $1 trillion in payment volume we like it for three main reasons, look, we seen the pandemic impacted long-term e-commerce and retail sales trends we believe the online percentage will pick up in 2023 and paypal is prime beneficiary of it. another reason, ebay is no longer overhang they have significant growth after spinning out in 2015 last but not least, right now paypal is attractive valuation

the $53 million raise, it's hard to raise money and to get it done in that environment, meanwhile finteching not great, as i'm sure you saw, yet, were able to do it, full disclosure, i am an investor in ellevest, i think sally is the best. i mean, fan the. >> she's got a lot of fans on the set. and out there. among traders. meantime, winnebago popping 3% today after the buy rating saying the company's market share has accelerated in the palatnikov month past month down 21% year-to-date. it's interesting when you think of something like a winnebago, we have a fast pitch for you, our pitcher is getting ready to throw some heat. when "fast money" returns. [sound of helicopter blades] ugh... they found me. ♪ ♪ nice suits, you guys blend right in. the world needs you back. i'm retired greg, you know this. people have their money just sitting around doing nothing... that's bad, they shouldn't do that. they're getting crushed by inflation. well, i feel for them. they're taking financial advice from memes. [baby spits out milk] i'll get my onesies®. ♪ “baby one more time” by britney spears ♪ good

software up 3.5% fintech up 3.5%. after a decent move higher off lows is chinese internet, the k-web down about half of a percent. so watch that overall technology space. many industry groups outperforming. the real headliner today has to be facebook now known as meta platforms up 17% so far in trading today adding billions in market cap now just to put things in perspective at the record highs that we saw over the course of the last year, the meta platform $1.8 trillion, with a "t." at the current levels we're seeing here, kelly, it's worth closer to $568 billion at these levels so you can see that market cap discrepancy here. still, though, with a stock that's lost a third of its value over the last year it is a big move higher and, by the way, it is the single biggest contributor to gains in both the nasdaq composite and nasdaq 100 indices today. if you've been on meta platforms, let's put the moves in context >>> no one likes to see gdp turn negative the first reading of q1 gdp showed the economy shrinking at 1.4%

morgan's brand and says the impact is something that a fintech. >> platform can go from literally nothinging and transacting a billion dollars of trade a day in a few months. so i think that sort of scale can only be possible when you operate at a company like j.p. morgan chase >> farouk, they have 2 hun people from start-ups and they hired thousands of j.p. morgan employees around the world it's not just first-year analyst guys he says it's managing directors and some of the more senior leadership applying to work at onyx other folks i talked to have found the pace of innovating from within a bank to be frustrating. take mary katherine ladder she has an mba from harvard and worked at goldman and started working on crypto as a side project as an asset manager. she said she didn't want to miss out on a fast-paced industry she's now chief operating officer. she said it felt like a bigger risk to stay and lose this next risk of innovation now they're looking fora different kind of resume >> so many people who, frankly, had no interest in financial services, who would never really explore or

banks are losing market share to fintech.ven jamie dimon came out several times said fin tech is one of biggest risks moving forward. charles: somebody should take over paypal and square tomorrow. mona, before we go, help is out in the near term. i'm glad you gave us the long-term perspective but near-term, how much worse can it get. >> we think near term we're probably range-bound here. looks like the s&pes will retest the recent lows from march. keep in mind next week is the fed meeting. i think a lot of investors are cautious to get ahead of that. they want to see what the fed messaging is. if there is no major shock and awe coming out of fed meeting w he may see relief coming out of the market. keep an eye on that one. charles: may 4th, 50 basis-point hike i think we'll get a major rally. that's all i'm saying. i've been here a well. mona, david, great stuff. appreciate it. >> thank you. charles: folks we use a lot of charts on the show. key support number on s&p is 4200. it must hold. what happens if it doesn't? we'll go