goldman sachs down by about 0.8%.p morgan, rather, down 0.8% after crushing it on the investment bank side of things. this is from our colleague on our live blog on the bloomberg terminal. there's rarely been such a big gap between a bank's capacity to lend and its actual lending. tom: you nailed it. a low demand headline as well. again, traditional banking is a separate business from the nuances of goldman sachs or the juggernaut that is fortress dimon. nowhere in the statement do i sue a comment -- do i see a comment on spac's, coinbase, bitcoin, or the rest of it. this is a traditional statement from a very traditional bank. jonathan: expect the call on archegos later this morning. lisa: that goes to the capacity to lend, their cash, their reserves. their incredible fortress is available, but who wants it? why borrow money if you can just use the money in your savings account? incredible dealmaking which we saw from jp morgan. jonathan: will the boom in this economy translate into a boo m for some of these earnings

goldman is up about 20% year to date, goldman -- year, morgan stanley up as well.h difference is there between the banks right now? alison: i think the key difference is goldman's exposure to trading. morgan stanley's is probably the second-highest, but with these two deals we just discussed, they are really increasing the shift. the huge beats we saw this quarter were well above analyst estimates, but i think investors could see the trends and knew there was going to be some upside. i think going forward, the positive thing is this was the seasonally strongest quarter, and they mostly knocked it out of the park, notwithstanding some of the hits to prime brokerage area and the investment banking pipelines are at records at goldman and jp morgan. morgan stanley did have some pretty significant growth in fees. i think the fact that we do have that sustained strength, in general i think it is hard. we see a lot of the stocks, by the rumor, sell the news -- the stocks, buy the rumor, sell the news. jonathan: morgan stanley slightly negative. if i keep doing this, it is

goldman really well executed first quarter. goldman sachs up 1.6%.stanley coming along for the ride. morgan stanley up $1.20. i do not want to make a big deal of the price action on the likes of wells fargo and jp morgan. let sit on jp morgan just a moment. down .6%. not a dramatic move. a big conversation about loan demand. they are so cashed up on a consumer basis on the aggregate level, and at the business level as well. that is why the demand is not there. the economy is so healthy and fiscal stimulus has done so much heavy lifting, particularly on the consumer side. if you cannot make it up in volume, what you have to do westmark -- what you have to do? this will be the key going forward. these banks got a tremendous pop off the back of what is happened in the yield curve. steeper profitability. that is one yield of profitability. it is far more nuanced than that. this is tv and radio. i have 30 seconds left. yields up on the 10 year to 1.63. if you cannot make up in volume, can you get a helping hand from the bond market westmark that will be i

on goldman higher right now.itcoin crossing $64,000, hitting another new record high as we await coin base's first trade on the nasdaq. at athereum on focus. and bed bath and beyond. q 4 net sales down about 14% in trade so far this morning. >> we'll look for more information out of the fda regarding the jlk j&j vaccine pause. news out of moderna this morning. meg has it all good morning, meg. >> good morning, carl. could be a pivotal day for johnson & johnson after the fda and cdc paused vaccinations with its vaccine after those reports of six rare but severe blood clots in people who had received the vaccine. the cdc's group of advisers is meeting this afternoon to discuss the events and potentially update their recommendations for use of the vaccine. that begins at 1:30. they're scheduled to take a vote between 3:30 and 4:30. we'll bring you any news from that and how they might potentially recommend this vaccine be used going forward. you also mentioned moderna we spoke with the ceo this morning who told us a

are you going to put your money in goldman sachs or crypto? joe: 60/40, but i am not going to tell you which is the 60 end which is the 40. as you mentioned, coinbase going public. it did end up way on the highs. it got as high as $420, $328. romaine: and there is a lot of mocking and joking here, but this is a significant milestone for the crypto spear. joe: a huge day for crypto. we already know, massive, coinbase, historic, etc. you are the ceo of a competitive exchange. talk to us about the competitive landscape. is this a multi-winner space? >> we were all applause all around with our team, cheering on the coinbase team, making huge strides in the industry. it has been a mocked industry and yet we have seen validation after validation, institutional customers coming in, companies going public, huge milestones that are remarkable across the space. romaine: with coinbase now public, that brings a lot more scrutiny, rightly or wrongly. i am curious, when you look at the volatility we see in crypto and you are trying to run an actual company

jp morgan and goldman sachs smashing estimates. a landmark moment for crypto. a 100 billion dollars valuation is public to view the euphoria. plus, fed chair jerome powell schedules out the exit play signaling a lasting scale. before any decision. shery: here is the picture on wall street, we are seeing futures rebounding after stocks fell from record highs. the nasdaq 500 with its lowest in three weeks. a drop below its opening price after direct listing. the s&p 500 down for tens of 1%. financials actually, surprisingly trading and dealmaking. at the moment under pressure. this after rallying to the highest level in four weeks. we have a bigger draw in crude. the likes of the iea and the eia as well. the dollar index was weaker against most g10 peers. haidi: i'll performers on the other side of that dollar weakness with the kiwi and the aussie dollar share. to look at the aussie, topping the g10 group, commodities also touching the highest in about four weeks. in terms of the equities, draining pretty mu

joe, you love goldman as well.s much on this show >> i'm not even thinking about thinking about selling goldman sachs. obviously underwriting all of those spacs paid off in terms of fees, didn't it? >> yeah, right total home run jon, what about jp morgan? >> like i say, scott, the only thing on the conference call was jamie pulled back, did the chairman, from that statement about challenged. >> well, that's not the only thing. >> that might not have been the right word. >> it is not the only thing, right? they had more loan loss reserves released than expected, and he was clear in saying that, you know, that's not going to continue forever i mean that maybe is throwing some doubt on the, quote, unquote, quality of the earnings that's significant. >> right it is. but the numbers were also really significant, scott. >> sure. >> i mean the multi billion dollar beats that michael talked about and so forth, they were present over there at jp morgan as well. you know, now it is a question of both of those firms, of cours

goldman with the thin tech start-up to improve credit by paying rent.in as "power lunch" continues. keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo and that ending was so intense. i know, i didn't even see it coming. are you gonna watch? eventually! you know the drill. (humming) never fear, girl-who-has-yet-to-watch-her- friends-favorite-shows -and-films-of-the-year, it's time to celebrate the biggest week in television. now you can see these shows. and their unforgettable moments, for free. so you can finally talk about them with your friends. get ready for watchathon week, free starting april 27th. download the xfinity stream app to get ready to watch. >>> welcome back here's your cnbc covid update. with the results of a major study in the cdc is recommending pregnant women get a covid-19 vaccine. >> we were a

this is a great partnership you have with goldman.ot of people look at your company and say, this could be something bigger and they want to know, what do you plan to do next? >> right now we are reporting on time rental data into credit agencies. step two is housing for renters at risk. the other is how come he led to residents -- the other is, how can we lend to residents so they are not evicted? the next, how do we make the more financially eligible? we want to be the standard for real estate impacted across the board in the united states. there's a big gap now where we cannot understand the true picture of residents across-the-board. we are changing that and capturing a plethora of data. and over $4 trillion in capital. caroline: an amazing fund you are setting up at a fascinating partnership. to come back -- do come back. and thanks for help bringing the interview and the exclusive on that is. romaine: we were awaiting word on the cdc advisory panel, reaffirming the vaccine for johnson & johnson. this is an advisory, of cdc. you

so what do we do let's take them one by one, figure them out, starting with goldman sachs.lied 2% yesterday, and i think that's actually a little ridiculous as chris from opko said, goldman had a pretty good year this quarter. ba dum bump. i'm bringing back the old name i'm calling them golden slacks these guys had record revenues, more than double what they had last year, and up 44% from the previous quarter even better, goldman racked up record earnings 18.66 per share. wall street was only looking for dead bucks and change. give me a break that is a staggering beat. their annualized return came in at 31%, highest levels since 2009 a lot of people felt they could never do more than 10% when you drill down, goldman isn't firing on all cylinders. the investment banking business is booming record backlog of ipos, merger advisories it's all terrific. golden markets from golden slacks division is booming strength in cross equities as well as fixed income, currencies and commodities. management just on fire. record net revenues from consumer and wealth management, yep, booming

as for goldman sachs fantastic. wells fargo's numbers. eps 1.05 the forecast was 71 cents per share. wells fargo breaking out that was a 28 cent boost to credit -- due to that credit loss aspect which theirs was a 1 billion benefit. the forecast was for a 170 million cost worth pointing out while this can't be repeated forever, it probably can be repeated for quite a few quarters given the amount of reserves they built up last year and of course it's only because of better economic outlook they are releasing the reserves on to goldman sachs who like jpmorgan had fantastic capital markets. if we were picky we could point out that asset management revenue 4.6 billion against a forecast of 2.5. did come because of 3.3 million equity investments not all traditional asset management fee and equity trading. it had 1.1 billion in financing in it but this is a monster quarter from goldman sachs revenue, 17.7 billion. the forecast was 12 billion. up 102% compared to the same quarter last year and up more impressively 51% qua

morgan and goldman sachs. >> there's a chance it could beat goldman sachs and morgan stanley. it's bigger than most european banks and u.s. exchanges. there is exposure to another crypto exchange. but also made me wonder, why didn't any other exchange try to get exposure to coinbase? goldman, this morning, was asked about crypto and would it create a digital wallet? david solomon said that we are focused on creating a digital bank with no plan frequent wallet now -- for a crypto wallet. but there are ways for banks to get in. they are offering institutional clients is. but it's a years late -- a year's weight. -- wait. >> we have seen the price of bitcoin rise today to another all-time high, at one point it traded at almost six to 5000. right now, it's trading 63,400 $77. we have seen other coins trade higher. ether, for example, is a big winner. it's done even better than bitcoin. on its own, this is a $1.2 trillion. if you look at the major crypto, you get the market cap of well over $2 trillion. we have the e.u. talking about their own digital currency. they talked about a

are you competing with a coinbase, or are you competing with a goldman sachs? mike: as of right now we are not competing with goldman sachs or any of the big banks. we are collaborating with them. we did a partnership with morgan stanley, we hope to do partnerships with most of the banks. i think in three or four years we will be competing with them. message to my employees is we have to stay the smartest guys in the world, -- in the room, keep earning, keep innovating. we are starting to compete with centralized finance, with unchanged solutions to unlock these problems. in some way in 15 to 20 years and from now all banks might be anachronisms. i say we are a bridge to the new era. the new era might be much more of a peer to peer era. angst don't happen overnight, so our idea is to continue to innovate and stay one step ahead. >> you know better than anyone because you were an earlier mover in this space. you mentioned nft. i think that is an excellent place to focus because while of course the blockchain part of that has great value, and as you say it may re

goldman doesn't have to face that up any time soon. this quarter was outstanding for goldman sachs.mance if they do i don't think you will hear more complaints. >> a lot of banks said they would give more bonuses for junior bankers right in didn't bank of america say they were going to give an extra 10% for analysts. >> it is not the first time bankers on wall street would not think the bonus doesn't match what they think they were worth. >> when we come back, the fight keen kohl's and activist investors is officially over we will break down the details of their agreement when "closing bell" comes right back usic: “y” joe esposito] [music: “you're the best” by joe esposito] [triumphantly yells] [ding] don't get mad. get e*trade and take charge of your finances today. hey frank, our worker's comp insurance is expiring, should we just renew it? yeah, sure. hey there, small business owner. pie insurance here with some sweet advice to stop you from overpaying on worker's comp. try pie instead and save up to 30%. thirty percent? really? get a quote in 3 minutes at easyaspie.com.

and this then in terms of goldman sachs, as a former goldman trader and vice president, no surprise here blew the doors off of, you know, their trading revenues here and their investment banking business. i think it's a little frothy though up here, and i think we're at a top on goldman. liz: okay. scott, teddy, star traders here on our floor show. thank you so much for joining us. >>> as the crypto world goes gangbusters at this hour, one company that's benefiting is rob aren hollywood. charlie gasparino has breaking details on when, maybe the timing of its ipo? you've got to stay tuned for that. charlie breaks it next. as we look at coinbase going into the break, it's still up $86 to 336 per share on its first day as a publicly-traded company. ♪ muck. ♪ muck stay restless with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $439 a month for 36 months. experience amazing at your lexus dealer. seeing blood when you brush or floss can be a sign of early gum damage. lease the 2021 rx 350 for $439 a month for 36 months. new parodontax active gum repair kills

people expected goldman to deliver this year.to citigroup and what we're going to see it at :00 a.m., maybe this is our first real statement as leader of the new bank. let me ask you a question. would people in the united kingdom want to do consumer banking in citigroup or bank of america? jonathan: and terms of the customer or employee? tom: the customer, the culture. jonathan: maybe. why not? if you say the employee i would say, if they get paid. that is always the way. tom: they need naming rights with citigroup. that is what they need. jonathan: i would bank with them, tom, if that is what you wanted to hear. tom: nailed that. jonathan: this is "bloomberg." ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do t

morgan, goldman and wells fargo, trying to rein in costs. it is all about longer growth. -- it is all about loan growth. someone from piper sandler jones is next. this is blumberg. ♪ alix: breaking news one more time here. coin base indicated to open at $340. the reference price was $250. the platform was then valued at about $65 billion. this is a direct listing, so less visibility going into it. these headlines will be fun as they cross. we will keep you updated as they head towards that trading. the first word news. here is ritika gupta. >> convicted scam artist bernie made off has died in prison in north carolina. he swindled thousands of investors out of $17.5 billion. eventually, $13 billion was recovered. he was serving a 150 year prison sentence. he was 82. blackrock amongst the hundreds of companies and executives uniting to oppose limits on voting. according to the new york times, they denounce what they call any discriminatory legislation, making it harder for people to vote. republicans have tried to enact new election laws in al

morgan and goldman sachs, which one measures you the most. jonathan: let's go straight to the price action. equity futures like like this. up around three points. there's a big picture of me, hopefully we can get to the price action. tom: your entourage put that in. jonathan: can we just start again. [laughter] is everyone with us today. is tom sober? bond yields are higher by a couple of basis points. lisa: today we are expecting earnings. let's talk about j.p. morgan kicking off earnings and ash in about 45 minutes time. then we will be getting goldman sachs and wells fargo. this will kick off the whole week. people will be looking to the dealmakers. really saying goldman sachs could stand to benefit the most from that surge in enemy. jay powell going to be speaking along with a host of other fed speakers. speaking with our own david room and sign -- with our own david rubenstein. interesting what he'll have to say about the vaccination schedule and how that affects their tapering. today ac/dc panel will meet on the distribution of the j&j

we're also standing by right now for goldman sachs and wells fargo. we'll check reaction on markets. european markets this morning meanwhile are mixed take a look at europe and the indices live trading fq 100 is up 17, the da x index is lower by 8 in asia markets finished mostly higher best performer here was hong kong, up 1.5% pollsters self-reflect five democrat groups and peer research say they severely undercounted president trump and his supporters in 2020, and they may need to go back to old school methods to fix the issues. we're getting into that this morning and then we will put a spotlight on crypto once again, coinbase poised to go public today, what it means for the digital currency market, how sky high bitcoin may go, " mornings with maria" is live right now. >> and now, some of the top stories we are watching this morning the cdc is holding an emergency meeting today to review the fda's pause of the johnson & johnson vaccine. it comes after six women developed a rare disorder involving blood clouds within two weeks of receiving that shot

on goldman sachs. don't understand that. >> speaking of goldman, amy, you old goldman and jpmorgan. >> yes we have been underweight financials for a long time, closed that towards the end of last year a little bit still a little under market weight, but financials, it is time to shine. if they don't work now with yields rising, i don't see what makes them work. they're still over capacity in the industry in general, lack of demand for loan growth is a problem, but they're cheap, relatively -- shortly relative to the market and even absolutely and this is their day. this is what we've been waiting for for financials. >> rahel is back with us she has more calls that we need to talk about and trade as well. rahel. >>> hi, again, scott let's start with pepsi upgraded to buy at ubs. target bumps up 20 bucks to 165 a share. analysts here expect further revenue and earnings growth from investments already underway also thinks compared to peers pepsi's valuation is compelling. shares up half a percent right no

coming up, the global chief economist at goldman sachs young hot cs -- at goldman sachs jan hatzius. this is bloomberg. ♪ alix: live from new york, i'm alix steel. this is "bloomberg markets." we just talked to the professor that runs the umich survey. he said what stood out is how positive consumers feel about jobs, that they feel great about it. they see the jobless rate declining, and that is fueling the rest of their sentiment. let's put that down even more. jan hatzius, goldman sachs chief economist, joins us now. always a pleasure to get the perspective. i don't know if you heard my last interview, but just how optimistic people are about the jobs picture, i am trying to get a sense of how long that lasts and how related. jan: h -- and how real it is. jan: hi, alix. always good to be on. i do think that is going to improve sharply in the coming months. the level of unemployment and underemployment is still very high, so i think that means it can continue to improve over a longer period, and i also think that often, as we see in some of these surveys, markets are more focused wh

maybe following in goldman's footsteps with the blowout numbers.stimates. >>> we'll dig into that. let's dig into this. coinbase up in the pre-market after the direct listing yesterday and public equity market debut the stock surging past the reference price. up $250 a share to $429 in less than ten minutes stock finally ended the day below $330 soared and came back to earth and well above the so-called reference price. coinbase is now the biggest publicly traded exchange, i believe. bigger than waste management and twitter and kraft heinz. joining us now is michael casey. michael, good morning. good to see you. what do you make of the wild debut? what are people talking about over coinbase on the all important day two? >> thanks for having me. the wild debut is not that unusual for something that is, you know, unpredictable. people are trying to find the price. it reflects the fact that wall street will have to struggle to figure out what this thing is. you referred to it as an exchange the crypto world calls it an exchange it is nothing like the

goldman cuts cvx to neutral.lk about it being an outperformer since 2016 and better upside elsewhere they argue. >> cvs, i think chevron is the best in the group. i understand they like exxon more what i think is most interesting is we're really getting people dumping on pioneer j.p. morg saying buy the hold. why? because pioneer is going back to m and a and issuing 22 million shares and people don't want to see that what happened here is that there was a shy away from m and a move and there was a return of capital to shareholder move. i think people are concerned it is going to lead to a wave of m and a and that is going to hurt the group. i don't think so so but that is what people are worried about. >> interesting as you know we're going to get an opportunity to talk about a lot of different things involving oil and gas. and carbon capture and sequestration. because we are going to be joined by darren woods ceo of exxon mobil right here on the program. looking forward to that conversation certainly i know we a

so deutsche bank joins goldman, wells fargo in avoiding material losses.eanwhile, credit suisse, we understand, is estimated to have had exposure of about $3 billion to $4 billion. nomura has warned investors their loss will be about $2 billion. juliette: bloomberg's su keenan in new york. hong kong stocks are rising on the first day of the new year trading month and quarter. we have about 50 listed companies in hong kong suspended from trade. we understand this is due to the fact they have missed their earnings deadline of march 31, the last day to report annual results for hong kong listed companies. it is quite a number of companies that have not met this deadline. this could suggest accounting practices have become more rigorous. one analyst told bloomberg it has surprised him companies delayed most of their earnings. last year we had the covid impact reason for many missing the deadline. up to 50 hong kong listed companies being suspended from trade after missing the earnings deadline. plenty more ahead. this is bloomberg. ♪ juliette: let's get you ca

>> goldman stacks, really to december of 2020 has been range bound. i wanted to have some goldman sachs-specific exposure before earnings i bought it before earnings. i think they still have the best calling card in the business and they have the right mix. they don't have a lot of this low growth to deposits, which the deposits have just exploded goldman sachs has the right mix, you know, i think it's got good runway if they did $40 this year, that would be 400 i think one other thing that's important to note the nasdaq and the ten-year prices are -- i thought this was a good time to go back in the financials. >> you also bought coinbase. joe, you want you were going to buy it, i think 320 is where you ended up getting filled on that. where's that trade today i feel a little uncomfortable i'll be very candid. three and a quarter is where i got in i think coinbase is trading well, but i think longer term, the right way to think about coinbase as an exchange is not to just think about for its cryptocurrencies i think they'll further introduce products

goldman up on the strength of a very strong earning point and goldman is adding 84 points to the dowe president harris says she plans to go to guatemala to meet with leaders there. that is in central america. she says our government must address the root causes of migration. let's bring in bret baier for this. bret, i get the feeling the vice president was kind of pushed into this. what say you? >> stuart, good morning. i think the evolution of the definition of what she is doing overseeing the crisis at the border has been interesting. she said today to reporters she was not in charge of the u.s. border situation. that that's homeland security secretary mayorkas. she was told by the president, she says, to handle the root causes. that means the northern triangle countries and the economic situation in those countries. so she is going to guatemala. she will meet with leadership there, talk about what the u.s. can do to help the situation. listen, the trump administration did similar things and had some success with northern triangle countries. in fact they were making a lot of progre

we will have news on goldman sachs in a moment.nnifer nuzzo with us, johns hopkins center for health security and all of a sudden our health security is important. how far are we from a humanitarian crisis in india? dr. nuzzo: we are on the brink. the stories that worry me the most is hearing about shortages of medical oxygen. to think you can save people's lives by supplementing oxygen and they do not have oxygen, something easy to make, is a severe tragedy. tom: how close are we to shifting closer to 1947 and the starvation of europe and the netherlands post-world war ii? how close are we to where there will be a call for international, developed nation and american responsibility to assist india? dr. nuzzo: we are there. if the call has not already been sounded, let's sound it now because clearly there is a deep struggle and they need help. the united states will not be back to normal, fully safe until we help countries with these very concerning surges. lisa: based on the surges we've seen, how much has the end of the pandemic

the interesting thing about it is the sort of method that goldman used to calculate this forecast forlack unemployment, it is not very hard to do. they were just looking at the historical relationships between the overall unemployment rate and black unemployment, kind of looking at how that will look going forward if the unemployment rate does what they expect it to do. this is something that the fed could potentially do more on, kind of put out their own forecast, tell the market what they are thinking about what is going to happen. that could kind of help align the market or the fed a little bit better than they are now. caroline: real, broad-based inclusion, you need broader participation as well. how are they looking at those numbers? matt: some of the other indicators that powell has mentioned recently in terms of some of these more disadvantaged groups, for example, on participation, instead of looking at the overall labor force participation rate, homing in on the rate for people without college education. that obviously falls faster and is slower to recover in downturns. anoth

he's also formerly of goldman sachs.y, given those two characteristics, when he joined us a little bit earlier on, he was basically talking about the fact that he was a little surprised that jamie dimon over at j.p. morgan has got his bank involved in this whole process. >> it's got to be one of the most ridiculous proposals in nearly 40 years of business, one of the most particular proposals i've ever seen in my life. guy: there are two things that need to be borne in mind. one of which, he used to work for goldman sachs. the other one is, probably more importantly, he's quite a big football fan, so probably not hi the -- not happy on either of those fronts. alix: i was hoping with this being done, i wouldn't have to have these conversations anymore, but somehow you have proved me wrong to just shoehorn a been, and i am left saying that shoehorn it in -- shoehorn it in and i am left saying "totally." [laughter] guy: an opportunity to have a little bit of fun with j.p. morgan. alix: who doesn't like to throw some shade o

we will be joined by goldman sachs's global head of commodities research. and details emerged about deutsche bank executing a stock trade swiftly. let's take a look at the markets and show you what is going on. we are beginning to fade a little bit into the close. we've got payrolls tomorrow. that is a huge risk. we are up to 422 on the stoxx 600. we need to get to 433 four a new record. alix: here in the u.s., the s&p top 4000. obviously, tech is leading the way. i wanted to highlight more idiosyncratic story. micron reported a pretty strong quarter yesterday. check out the infrastructure stocks. by the rumor, sell the news -- buy the rumor, sell the news. is that what we are seeing here? the 10 year yield getting a nice bid. an ism blowout tomorrow which some forecast to be very bullish, and your yield now under 1.7%. guy: let's talk about what is happening with european stocks. i appreciate that the s&p is north of 4k. alix: you are the one who once a hat -- who wants a hat. guy: i do. i've got a 2k hat. i want a 4k hat. we are at 432 on the stoxx 600. i

let's hear from goldman sachs.oke about this on the call yesterday. >> the supportive environment we operated during the quarter. we develop the best performance of global markets in a decade, driven by solid client activity across our platform and reinforced by last week's market share gains. we continue to deploy our resources to support clients amid an evolving, dynamic market backdrop. manus: hearing from bank of america and city today. >> the bar is set extremely high when it comes to trading numbers. here we are, they were able to beat. also for bank of america, the consumer picture is somewhat concerning considering the slowing on growth and bank of america, a large exposure to the consumer. annmarie: also, one thing at least jp morgan said, or both warning about trading and currency which is important for city. we will see how that shakes up today and morgan stanley on friday. dani burger, thanks so much for joining us. later, an in-depth conversation with the bank of america ceo brian moynihan, at 10:00 p.

jp morgan, goldman sachs, bank of america a the names expected to release numbers. goldman sachs tomorrow, bank of america and citigroup thursday with morgan stanley. mike mayo is head of large bank research at wells fargo securities. previous quarters have been really driven by the trading activity, at least in terms of revenue growth. is that the same for q1 or do we see another leader? mike: we can summarize the quarter as the 5 c's. one would be capital markets but with credit quality, return of capital, the yield curve and cost control. capital markets certainly are stronger for longer and we think the biggest earnings surprise will come from goldman sachs because they are in the sweet spot as the ultimate dealmaker. they ranked number one on deals for the last decade and post pandemic every industry in every geography has to rethink their business plans. it is a growth business when you are an advisor and you should certainly see that goldman sachs. the other big capital market players as well. amber: you have got capital markets, you've got a yield curve work

if you are trading with goldman sachs, you would put up collateral, goldman would put up the leveraget the stock you have leverage to would be reported by goldman. matt: when bankers at morgan stanley and goldman sachs are all hanging out in the eagle club, don't they say to each other hey, we gave bill weighing a ton of leverage. have you? erik: if bill ever found out about that, they would loose his business. the lack of disclosure among prime brokers such as morgan stanley and others is e central to the industry. this is what regulators are taking a look at. what is obvious at this point is a lack of what you just described. the prime brokers did not know what they were doing collectively. there is limited ability when you open a swap account for the prime broker to demand financials. each prime broker was, to a degree, operating in the dark. that is crazy. there is an incentive for the prime brokers not to demand more information beyond his insistence to remain anonymous, they want his money. if they say, we demand this, and he says, take a hike. you face a quandary. that is one o

why did morgan stanley lose $911 million and goldman did not? what is the difference in risk management, the way they offloaded the stock? it is not quite clear the difference and how this was handled among the two firms. the other question then becomes what does this mean for clients moving forward, a broader array of clients that have sought a lot of leverage, especially for those concentrated long only bets. jonathan: james gorman has been very generous with his time with this network. we would love to catch up with him again soon. that would be fantastic to hear about what has been going on and why. thank you. sonali basak, our wall street correspondent, off the back of those numbers from morgan stanley. it has been like a horse race trying to cover the stock coverage side of the story. goldman sachs is slightly positive. the broader equity market up on the s&p 500. it has been record high after record high, and we've got another one this morning. lisa: this is exhausting. it is sort of like, well, another record high. there's a question of

goldman sachs, allianz have all had exposure to the bond.ted and very popular carrying it trade for trade. the problem is that the bond is stuck in no man's land. $.50 and $.60 is still too expensive for investors who are interested in special situations. they are looking to have something in the $.20 or $.30 range. at the same time, investors have a safer mandate that would particularly by a state owned bond that has a temporary fall in prices. this bond is now too risky for them to buy. juliette: what is the next catalyst for investors to watch out for here? >> the deafening silence both from beiji the lack of information from the company. investors are saying that it has really added to a concern as of late. one extent line is by the end of april 30. and the other thing is the $7 billion bond do for the year. and it is a concern about the refi interest. and that has been quite closely at the repayment of three other bonds this april, including one next week. rishaad: rebecca wilkins. rising credit concerns and china. that's 9:30 a.m. hong

. >>> investors bracing for a wave of bank earnings, jpmorgan chase, wells fargo, goldman sachs kickingff news today >>> history at the nasdaq as coinbase appears for the debut >> the archegos saga as credit suisse on big time trades. >>> and getting in the way of president biden's ambitious tax reform plans it is wednesday, april 14th, 5:00 a.m and you're watching "worldwide exchange" right here on cnbc ♪ i'm back in the new york groove ♪ >>> good morning, i am dominic chu in for brian sullivan. kicking off your wednesday morning with stock futures indicating some stability at the opening bell the s&p hit a record yesterday the dow joan industrial average implied higher by rough 18 points very modest move s&p up 5 points, nasdaq up by 24 at the opening bell. if these future moves hold into regular cash equities trading. remember, the s&p 500 and the nasdaq 500 coming off fresh record he's on yesterday's session. onthe sector tech side of things, you've got health care, consumer discretionary also coming up. yes, record-breaking sessions for all of those sectors as well the big play in

goldman makes a tactical retreat on being short the dollar. .s only one story, it is credit suisse. the ins and the outs. the chief of the investment bank is gone, larra warner. the lady who controlled risk, she is also gone. there is an absolute huge hit to the first quarter, isn't there? 4.4 billion swiss franc's of a provision in the first order numbers. those are the faces who are going to take responsibility, we understand, for the affair. annmarie: guggenheim's chairman told bloomberg this is only a matter of time before we see another firm implode in a similar manner to what went on at archegos. >> it is highly likely that we are going to have another situation like that. these things, when they come like we are experiencing, where out of the blue you hear of some major loss somewhere, they tend to continue to cascade until the market corrects and flushes the risk out of the system. manus: joining us now, nouriel roubini, professor at stern school of business at nyu. great to have you with us, sir. straight to the affair. it knocked 5 bil

thinks -- over at goldman sachs. i think bank of america was early this week so look for those numbers this morning. i want to show you the price action. shaping up as follows on the equity market, higher on the s&p 500. we advance 1/10 of 1%. heading for a fourth straight week of gains. yields are unchanged, 157. the fx market, the euro-dollar a push higher. euro-dollar 119.78. lisa: as well as the weaker bond market, the higher yield the lower the price. has that gotten worked out? that is one of the questions underpinning the market moves. we expect morgan stanley first-quarter earnings, they could come perhaps at 6:30. the expectation will be for a blowout capital markets quarter. the key question will be how did their acquisitions of e-trade play into their acquisitions play into -- their acquisitions play into profitability? we get some housing data in respect to building permits. interesting to see how much optimism there is in building new construction at times of high lumber cost with -- which cap demands --

goldman sachs and wells fargo follow shortly. tencent is set to hold off on a dollar bond offering amid escalating concern over the health of distress debt manager china her room. good morning, 6:00 a.m. in london. just gone 9:00 a.m. in the dfc. there is a very clear delineation in markets. johnson & johnson has been benched for usage. for percent of what the u.s. needs for its vaccine campaign. but the bond market bree zed through the spike in cpi. the core cpi the highest in over a decade. this is a market that realizes the very prissy into risk that is vaccine rollout in stores. annmarie: 100%. what is so interesting is the bank of america server we were looking at, only 15% of respondents said the biggest tail risk is covid-19. that clearly is not where the market took its eyes. you mentioned 4% to the u.s. the u.s. doesn't need j&j, but the rest of the world is in trouble. we talked about it like a joke, but it is crucial for the european inoculation campaign. of course, that relates to whether or not we will be back on fli

morgan stanley, goldman sachs, going to be fascinating. >> hopefully yes, we'll get more color in terms of the outlook in terms of the capital markets activity and net interest can continue through the rest of the year. >> we look forward to that that does it for cloegt. h "closing bell" have a great weekend. "fast money" begins now. >> i'm in for melissa lee, this is "fast money." tonight's trader lineup guy adami, steve grasso, mcdonald and barbara ceo of win crest tonight on fast apple seeing its best week since january. names like facebook, al apple hit highs. is a buy now plus boeing taking max 737 out of commission on the heels of another production product we'll talk about what it means for the embattled planemaker and another bonus hour tonight the countdown of the trades of the week, tweet them to us as cnbc "fast money. let's start on wall street s&p with another record close, fourth of the week, that's the kinds of week it's been, leading the way, pvh, coach, tapestry, the rally coming in spite of higher than expected inflation data this morning. as we get ready for the start

good for goldman sachs they have risk management in place. people at very high levels at these banks, something that we talked about value at risk, every single day those numbers were looked at at goldman sachs and morgan stanley and i'm sure they look at today and i'm going to get mad at a lot of people and there is a reason it is called second tier banks and it is playing out right before your very eyes and $4.7 billion loss and the world has changed a loss and that was the aggregate loss that element took the banking system down in the day. and bill wang, and i don't think i'm speaking out of turn, he pled guilty nine years ago and they paid fines between $45 and $60 million and here we are back in business, it speaks volumes as the amount of liquidity and people keep going back to the well that is a the bigger problem and i'm sure sheila could speak on that. >> let's bring her in now. sheila bear is former fdic chair and now director of the culver alliance >> thanks for having me. >> so does this say to you that the u.s. banking system is

goldman sachs is we won't have to come _ goldman sachs is we won't have to come in. _ goldman sachs is the set -- as— come in, you have google indicating the set —— as well, joe debussy, lioyds. — the set —— as well, joe debussy, lloyds, others hinting this is the future _ lloyds, others hinting this is the future it— lloyds, others hinting this is the future it is— lloyds, others hinting this is the future. it is almost become a point of differentiation between companies to their— of differentiation between companies to their approach to work culture and the — to their approach to work culture and the back bhr from place to go to different— and the back bhr from place to go to different companies. i think this will be _ different companies. i think this will be fascinating as it plays out and we _ will be fascinating as it plays out and we get back into the office and intriguing — and we get back into the office and intriguing for workers.— intriguing for workers. certainly, i know people _ intriguing for workers. certainly, i know people want _ intriguing for workers. certainly, i kn

jim owns citi and goldman. weiss owns bank of america and goldman.'s the story here >> i thought that bank of america was a lot cheaper stock. i didn't know where the marginal buyer for jp morgan was going to go from. clearly it was a mistake, but, you know what? i made some pretty good money in bank of america and i think their ceo is unsung of all of the ceos out there i'm sticking with it i'm not buying jp morgan at this level. jamie dimon is most outfront in terms of the press brian stays under the radar a little more, but you will make money in banks no matter what you own. i think going forward you make more money in bank of america. >> kari, your position is square into how jamie dimon is thinking about the future of banking himself, right in the letter he wrote today i referenced earlier about how bullish he is on the economy in 2023, he did talk about fintech and the threat that fin ttech hs to the banks paypal is your largest position. >> well, paypal has been a stock we have owned for years, and we believe that the market for transactions

goldman sachs saying $11,000 a ton is where they see it going. commodities rallying 13.5% in the next six months. we have earnings season with executives joining, talking about prices increasing. that is being passed on to the consumer. what does this mean for inflation? we will hear from joy powell -- jay powell. joining us now is caroline simmons. i want to start with the earnings results. we had a stellar quarter so far. headlines dropping from deutsche bank. what do you make so far, because the results have been quite good, but global equities kind of shrugging it off. >> it is going to be a strong quarter for earnings growth. it is maximum momentum from an economic perspective this quarter. this is expected, everyone knows -- but we will see share price move around companies that are able to provide better guidance around cash returns, share buybacks, dividends. investors will be looking to see positive news flow. >> we had ubs yesterday. the stand out was that $800 million loss given to archegos. deutsche bank, incredible quarter. deutsche

we will break down what that means, goldman sachs reversing their short.is bloomberg. ♪ >> coming up, and kilter joins balance of power. this is bloomberg. >> six months ago, goldman sachs recommended shorting the dollar. today, it calls it quits. their team called a tactical retreat as of this writing, though we expect dollar to appreciate. rising bond yields may keep the greenback supported over the short term. joining us now, one of those strategists, head of global fx interest. thank you for joining us. >> pleasure. >> how long until we get that dollar short trade back on? >> potentially not very long. our view is still quite bearish on the broad dollar outlook both from a cyclical standpoint and a structural standpoint. we have a quite expensive currency and a recovering global economy. structurally, you could add other concerning things like a widening deficit, china's financial reopening, things along those lines that could weigh on the dollar. but we are trying to do with trade recommendations is give investors -- to extract value over time. until

wells fargo was rewarded quite nicely and goldman sachs quite well.imon is not getting any love from the market. that is stood out of me, the muted response to jp morgan strong results. alix: is that a by the rumor, sell the news kind of thing, or is it something we need to see in our catalyst? octavio: i think there was expectations j.p. morgan was doing quite well. i think they did better than expectations. i'm not sure what will happen. markets behave that way. it is unclear what happened. they should have been rewarded much better than they were. who knows why that happens. just markets behave that way sometimes. alix: i love when that is the answer. markets are weird some time. what some might point to is the week loan growth. they have much more there than there actually having loan demand. how did you interpret that? octavio: that is something we've seen in all retail banks and will see into the u.s. as the results come out. simply u.s. consumers are not in the mood to borrow more money and standing on the sidelines. i will not spend too much m

dollar in the new york session and goldman tweaking their tactical outlook on the greenback.they saying? sophie: the currency team at goldman sachs see short-term support for the dollar on former u.s. growth and rising yield. they close dirt short dollar recommendation against g10 commodity currencies after a copy few months. -- a choppy few months. still structurally burying on the -- bearish on the dollar with a widening account deficit in the u.s.. goldman looking to the euro as an opportunity to refresh dollars given europe is showing signs of getting the covid situation under control, so goldman or casting the currency will climb to want to 121 and could test 128 in one year. haidi: the dollar could be using -- losing steam when it comes to this rally, yelled falling, treasury showing signs of fatigue. sophie: early in the asia session we see treasury futures tech higher. barclays saying to aggressive given work jobs and inflation are given the fed plan for lift off. the committee going long five year treasuries. shery: the broader markets coming up in the next hour, jag

i remember at the time reporting that the way the accounts that they had at goldman sachs, they -- goldmananley being one of them, to effectively declare a default. that creates a cross default across the banks because the way the goldman sachs account worked was they had to otherwise wait 24 hours for them to cure things no the to get too far into the weeds. but it's always sort of baffled me as to why morgan stanley actually wasn't first up out of the gate to try to sell some of the stuff. >> it's a good question, andrew. my own reporting on it was that all of the banks were trying to help the prime brokerage client for a period of time and also probably thinking it would be ideal for all of us if we could all avoid some flash selling and then a point came where a decision was made and who exactly moved first we don't know how much they let down the clients or rivals we don't know. everyone started to sell and then everyone tried to credit suisse was slow to the game others like goldman sachs were quick to the game. morgan stanley wasn't quite first. but was early. and we thought early e

we have a trifecta blow out bank earnings goldman sachs, wells fargo and goldman sachs crushing it movingher. jpmorgan actually fell karen, which stands out to you >> well, two but on the upside it was wells fargo. the reason is, you know, they all have similar things going on they all had net interest margins that weren't great other parts like business asset management was great, credit, reversal of reserves but that's not a recurring item but the thing that stands out about wells fargo they still have expenses they are able to address, that is i recurring item, expense ratio is too high, that would be a recurring item also their call was very, very positive that helped the stock, it traded up during the call on the flip side jamie dimon seemed to be seeded, pissed about regulation, talked about fin tech in his letter they're not hamstering the way big banks are and his desire to do deals i don't have insight into his head, i love him but restraining order notwithstanding i think he really feels they're not fully appreciationed they would love to do more fin tech deals and he feels miss

a big call out of goldman we will touch a bit later on on the commodity market. lisa: it is a boom market. perhaps mcdonald's is connecting people to crispy chicken sandwiches, which evidently was one of the reasons why they said comp sales were so good. today we are looking not just towards crispy chicken sandwiches, but also initial jobless claims are expected to come down. i still wonder why they are not coming down faster. the expectation is for about 530,000 new jobless claims. still a lot of people getting benefits. what is going to make this number go down to really as -- go down materially as the world reopens and the summertime emerges? at 11:00, randy quarles of the fed is going to be speaking about financial supervision, financial regulation. interesting to see what he has to say about archegos and possible disclosures around derivatives, given the fact that jay powell was saying this does raise questions about risk and is meant controls at a number of banks. later today, we are of course going to be getting a better look at earnings. amazon and twitte