. >>> then later morgan stanley ceo james gorman joins us. we'll get his outlook on the bank and the economy ahead of this week's big fed meeting. >>> mike santoli is tracking the market action, wilfred with a look at a number of headlines from big bank executives today mike, kick it off with the broader market which is down 200 and not far from session lows. >> a bit lethargic on the broad index level here we had a breakout in the s&p 500 to a new high late last week but it was the minimally acceptable breakout two years in a row of record closes but less than half percent of where we traded more than a month ago not a lot of momentum being shown, not a lot of urgency on a broad basis but still holding right up there it hasn't really changed this picture from the last couple of months today it's the big growth stocks supporting things. we have yields up a little bit, bank stocks down and tech higher take a look at bank stocks compared to copper what's going on in the markets recently is it's really testing the conviction of the reflation tra

i saw a blm poster and amanda gorman poster.that chick is a girl that did a poem at biden's so called inauguration. i was so mad. i was told two weeks ago at this meeting spot no politics in school. i believe what you said at this meeting. so at lunch i went to my principal and told him about the blm poster and said i want it did down. he said it wasn't coming down. i said ya it is, the school board said on may 25th, no blm or politics in school. it's a lit cal message about getting rid of police officers, rioting, burning buildings, while the governor sits on his throne and watches. you lied to me. i'm disappointed in all of you. you can't follow your own rules. if we do that -- i'm not following your mask rule anymore. get the posters out of our schools. >> harris: it's interesting, last hour on the power panel, you watch this, emily, you kind of see nuance there's. excellent point about one rule for everybody that she makes. i saw you have a reaction to some of that. amanda gorman is not in politics. how old is she 19, 20, 21

gorman.yes. >> mr. moynahan. >> yes. >> mr. solomon. >> yes. >> let the record show that all of the witnesses answered in the affirmative. we will now begin with their oral testimonies. mr. diamond, you are now recognized for five minutes to present your oral testimony. >> chairman waters, ranking member mchenry, and distinguished members of the committee, i, the proud grandson of greek immigrants, appreciate the invitation to appear before you to talk about jpmorgan chase, including the people, businesses and communities we serve. we are living through unprecedented times for which history will judge the leaders of government and industry by actions we take to address the health and economic crises and long-standing structural inequities. at jpmorgan chase, we entered this crisis from a position of strength and leveraged our size and scale to contribute to the stability in our country and ongoing support for the real economy, our customers, employees, and communities impacted by the global c

gorman. you're now recognized for five minutes to present your oral testimony. >> chairwoman waters, ranking member mchenry, thank you for having me here today. i'm also an immigrant coming from australia. it's a long journey from melbourne to new york. i made it and i'm now a citizen of this great country. when we were here in 2019 none of us could have predicted the extraordinary health crisis that would unfold across the world. we remain in the midst of the crisis that's caused humanitarian issues. our hearts go out to those impacted by this crisis. in response to the extraordinarily challenging times we were focused on serving our clients and our communities and taking care of our employees. we helped our corporate and institutional clients raise additional liquidity and obtain financing. we raised over -- for those most affected by the pandemic, cruise lines, airlines. we helped raise capital for moderna and pfizer, including a sustainable bond issue support s to medicines and vaccines,

gorman, do you live near an oil refinery? >> no. bank of america, brian, do you live near a refinery? >> i do not. >> how about you, mr. scharf? do you have marathon oil refinery in your backyard? >> how about you mr. solomon,. i need you all to address racial equity. do you live near an oil refinery? none of you do. we need to reverse decades of halting damage that you will continue to invest in. please, i dare you all to come to my district. i offered this even to my members of congress. come and small with my neighbors smell. it breathes quite a breathe. tell me then whether or not he will continue financing for oil refineries, because right now it is morally unacceptable, if you truly believe in racial justice than you would make sure that you and your team understand environmental racism in our country that has been a term used by black and brown communities since the seventies and eighties. with that i just ask again, chairwoman waters, let's please follow up and make sure these folks have information they need to understand t

gorman, mr. dimon, ms. frazier, mr. sharf, mr. moynihan, and mr. solomon, thanks. i appreciate that because, you know, and i appreciate what you said, mr. dimon. there's always an issue, too much capital, too little capital when everybody came into this thing strong and was able to absorb a real shock to our economy. so thank you. mr. sharf, i've got a couple questions for you. as a customer of the bank for, i was told, 44 years, i just want to understand where you are on the various consent orders that the bank has had to enter over the course of the last several years. i think there's been some progress i'd like to hear where you are. >> yes, congressman. we believe we're making progress. but we're also very, very clear that this is a multi-year journey just given the amount of work that has to get done here. we have made extensive changes inside the company from the management team to how we run the business to how we prioritize the effort. and the way we are going about this work is completely different than it was in the past. ultimately, this is all about cre

gorman. mr. scharf, if i could ask you those same two questions in my remaining time. >> i agree with what iphone has said and i just stress what james just said. people make decisions based upon a set of rules that the police are in place, and if you change that it calls into question any future decisions that people make it could be quite harmful. >> thank you, mr. scharf. madam chair, with my remaining 16 16 seconds i yield back. >> thank you very much. the gentleman from new jersey mr. gottheimer is now recognized for five minutes. >> thank you, madam chair. and to our witnesses for being here today, very grateful. nearly 50,000,000 americans don't have a credit score and a left out of the traditional banking system. black and hispanic adults of the most likely to lack credit scores. this absence costs bill pascrell on a mortgage to buy a home. mr. dimon, if i can start with you. your bank utilizes information on your customers banking activity to extend credit. has been successful in providi

ryan gorman joins me ryan, it's good to have you. it's hard to believe the markets so much hotter since just the last time we spoke what's going to happen with prices from here >> well, it's anyone's guess where we go from here. but the fundamentals remain incredibly strong. you're talking about april numbers, national association realtor sources in may everything is very strong. we're debating we're at the high point or one step removed from that the fundamentals, underwriting guidelines, cash offers, low speculation, low building. there's a lot of reason to believe there continues to be a lot of buyers. unfortunately not enough sellers continue to have building constraints. >> you are echoing what we've heard from one of the top home builder analysts who has told us he sees no reason why prices couldn't go up in the range of 30% year-on-year do you think we could get to price gains that steep >> i think that's a tall order that would certainly be about doubling some all-time peaks however, you're speaking to new home construction,

a sound bite from morgan stanley's ceo james gorman was just on with "closing bell" a few months ago jamie dimon as well. listen to what gorman had to say about inflation. >> and the question is when does the fed move it has to move at some point and i think the bias is more likely earlier than the current doubts would suggest rather than later. that's what i expressed. i have no special wisdom, but my gut tells me this economy is recovering faster, inflation is moving quicker and it may not be quite as transitory as we all think. >> well, he does have a couple hundred highly paid analysts that have some knowledge i hope he has a special window into this. >> he does, except he went against those highly paid people a couple weeks ago he was about six months ahead of the people at morgan stanley by saying he saw a taper sometime at the end of this year. by the way, he saw a rate hike stienl the beginning of next year, six to nine months ahead of the economists at morgan stanley and that codied with the week prior morgan stanley naming two co-presidents. i don't know what he is audition

gorman, do you live near an oil refinery? >> no. >> from bank of america, do you live -- >> i do not. >> how about you mr. scharf? do have marathon oil refinery in your backyard? >> no, i don't. >> what about you mr. sullivan? >> no, i don't. >> i need you all, all of you tk address racial equity and what that means is understanding of our environmental racism and reversing decades of it and halting the damage that you all continue to invest in. please, i dare you all to come to my district and i offered this even to my members of congress, common smell what my neighbors mail, frequently breathe, tell me then whether or not you will continue financing for oil refineries because right now it is morally unacceptable if you truly believe in racial justice then you would make sure that you and your team understand racism in our country that has been a term used by black and brown and brown communities since the 70s and 80s. with that i just ask again chairwoman waters, please follow up and make sure these folks have the informati

gorman.ome off the hong kong airport years ago and see those famous morgan stanley billboards in the hong kong airport. are they going to be there in 10 years? jonathan: if you want to be there, the only one opinion matters and that is the chinese communist party. your opinions better lineup with ayers otherwise your presence is questionable -- line up with theirs, otherwise your presence is questionable. lisa: it is very hard to go up against the chinese state backed banks, with any sort of profitable results. jonathan: the final word on this tom? tom: i think lisa is dead on. it is about profit and i had a piercing conversation years ago with ken lewis. he ran a small bank out of charlotte. ken lewis was heated. he didn't see where the prophets were in asia. lisa: one final comment, domestically. i think china and the threat has been unbelievably galvanizing in the united states with respect to passing certain legislation. talking about showing up supply chains and investing in tech. a very

and once again, a leader just like gorman's, my homo's, the veteran do, i should give the young team stability and the right mentality for the euros, which most damage is avoid spotless. so i want to give my all, both as a player and as a person to me and to get myself into the best shape and possible before the tournament of fish. and of course, i hope i can play that role on the piano. often plots i named off 32 year old homo's is expected to show up the defense last year. the team conceited. 16 goals in 8 games that won't do at the euro's and merlow with his strategic skills and inventiveness could pose some problems for opponents. but tell me i was my, the test be to now we have the friendliness. and that should get us going on top line is when should be la players who trained for a week together, who will be out on the pitch yet. and already expected to play some good game. goodish bill up to the front coach joachim nerve and his players know that success at euro 2020 will be an uphill climb up next it is business news with my colleague stephen beardsley. thank you so much for j

gorman's doing an earnings stream, got lots of good businesses and he is no nonsense gorman, by the way to be in favor of people who show up periodically >> you mean the work from home thing? >> yeah. he's into the, hey, i'm not coming in today. >> he wants people in. >> yeah. actually wants to run a bank, i think. >> well, we are coming off the biggest week of outflows for banks since march of last year right? has not been a good period. >> no. >> as we reset some of these expectations. >> but i think morgan stanley is trying to separate itself from the pack by being an advisory to individuals including acquisition they made to advise people who create ipos younger people by the way, robinhood's going to come in. new valuation from morgan stanley. now, robinhood that will be something gensler will finalize, i guess. >> well, they should care about crypto, should care about -- i could go on and on s.e.c. has plenty on its plate order flow way down the list. >> i agree with you, but you either have subpoena power or -- >> that's true. >> just some outlier who sits at a desk and opines an

gorman is taking a pretty tough lion on this. a few days ago -- a tough line on this.ew days ago he was talking about this. alix: how do you deal with those who can't get vaccinated? and if you are not vaccinated and not back in the office, clearly james gorman is not interested in that, so does it start to be the two-tier worker, regardless of why? that can be a potential issue. guy: the why is important. alix: but are they going to make a distinction? guy: i'm sure they would because it would probably face quite significant legal jeopardy if they didn't. but i think if the why isn't up to what the company considers to be a good enough reason, that is where life gets interesting. he talked about having a very different conversation come september. i think that is where we are going to really find out what the attitude is. the why is important. alix: i know we like to think it does, but in career development, mentorship, and all of that, if it just gets slumped in with each other, they might say, ok, no problem. you get to stay at home can. but when the ceo is saying i

gorman.if you can go to a restaurant you can go into the office, and that seems to be the tone amongst a lot of bosses. tom: it'll be a really interesting evolution over the coming days. we have a busy number of minutes. we are waiting with david westin to speak to the secretary of commerce. an extremely important conversation come up tickly of the death of tariffs -- important conversation, particularly up the death of tariffs. barry ritholtz joins us. i saw you in a restaurant in new york on friday, or maybe saturday. does that mean you are back to the office? barry: i was not in the city this weekend. i was enjoying the suburbs, the pool, the beach. we officially reopened our office in may. tom: what was the pushback you got? sec. raimondo: the first day we were open -- barry: the first day we were open we expected four people to show up, and 20 people showed up, including a staff member from chicago. it was a big lovefest. we have been unofficially open since last year because we have a l

he would not give specifics we saw from james gorman and jamie dimon.e knew that trading revenue is going to start subsiding at some point, but when i have conversations on wall street right now, people are saying this is going to be one of the most interesting quarters they have seen in a long time area how much has it declined across what business is at what firms? it would probably be lower than what analysts are expecting. another important part of what brian moynihan said this morning was that loan demand is picking up. that is a really important thing now because interest rates are still so low, jamie dimon and jp morgan said net interest income would also come in lower than expected this year, which i thing is one of the more undercover things people are looking at. but if your core business is in lending, there's going to be larger investor problems. guy: one of the things we have seen over the last few quarters is all of the banks doing well. there trading income has been incredibly strong. are we about to see a bigger dispersion? sonali: anoth

james gorman delivering a pointed message to his new york city bankers get back in the office by laboring like you're in new york and getting paid like you're in new york city sorry, that doesn't work >> gorman doesn't say if staff will be fired if they refuse to come back or whether there will be exemptions for people with health krrns >>> southwest airlines grounding its entire fleet after nationwide computer issues about 500 flights canceled the trouble began last night when the company that provides the airline's weather data had a computer malfunction it stranded planes across the country. tonight they report they're back to normal operations. >>> ford broncos are rolling off the assembly line in michigan for the first time in 25 years two and four-doorco on their wa dealerships. viewed as one of the most critical non-electric product launches for ford in years on wall street, the dow down 94, s&p off 9, the nasdaq down 101 i'm shepard smith on cnbc. it's the bottom of the hour, time for the top of the news >>> extreme heat pushing power systems to the drink in texas, several plan

gorman? >> we are predominantly in capital markets and wealth asset management businesses and we are in places like hong kong because we serve an enormous range of clients across all of asia. so guam is probably not at the scale where we would put operations, just being completely honest about it for those kinds of businesses that we're in. we're not in a traditional retail branch based banking businesses or the credit card and much of the consumer lending businesses. >> but your businesses that you do in hong kong, that's not just strictly limited to hong kong proper. correct? that's a staging point for asia proper, yes? >> that's right. hong kong, new york, tokyo, london and the major staging for around the world. >> so guam may not necessarily have the population to be a market, but definitely as a staging point similar to hong kong. it is something that should be looked at. mr. moynihan? >> i think you asked the question in 2019, and i think with the pandemic things -- and like others, i

morgan stanley's chief executive james gorman delivering a pointed message to his new york city bankersbor day, or expect a pay cut. >> if you want to get paid new york rates, you work in new york none of this living in colorado and working like you're in new york and getting paid like you're in new york city sorry, that doesn't work >> gorman doesn't say if staff will be fired if they refuse to come back or whether there will be exemptions for people with hit concerns health concerns. >>> southwest airlines grounding its entire fleet after nationwide computer issues about 500 flights canceled the trouble began last night when the company that provides the airline's weather data had a computer malfunction the glitch stranded passengers at airport terminals across the country. tonight, southwest reports they're back to normal operations >>> and ford bronco suvs are rolling off the assembly lion in michigan for the first time in many years two and four-door versions of the bronco on their way to dealerships. viewed as one of the most critical non-electric product launches for ford in year

you thought james gorman was the man. >> it's funny. long thought to be investment banks.igher, had higher dividend increases on a relative center the money center banks traded down if you read through the press releases they sounded lame they didn't sound like they are going for it gorman is, like, we are going for it we bought e*trade the last couple of years. i mean, all the credit, you know, for them, for mapping out a different future than a lot of their competitors >> they de-risked their business when you move to a wealth management, so, you know, this is almost $6 trillion of assets. so this is to me why this is an interesting story. yes, they are in a position to give more capital. they can be more lean and mean they don't need the same balance sheet and they have a predicting business they have made very different moves than some of their peers chls i think it's reflected in the stock's multiple it was my final trade last night. and the shackles seemingly are -- i wouldn't say they're off, but there is definitely a lot freer reign for these banks. >> not to say t

ceo james gorman says 90% of returning staff have already had their shots.is to create a normal office environment without the need for face masks and physical distancing. the u.k. government is to consult on new rules for on demand video providers. while the bbc is subject to a code by a media watchdog, former competitors -- foreign competitors are not subject to regulation. the first new property on the las vegas strip in more than a decade opens tomorrow. it features 3500 hotel rooms, celine dion in residency, and an led screen on the side of one tower. construction began in 2007 but was halted by the great recession. i have heard mark is a big celine dion fan. anna: i should offer him the right to reply. is this true? mark: it is not true i'm afraid to say. i knew that was going to be coming from laura. not too surprised. anna: thank you laura wright with the business flash. let's look at things we are watching out for. u.s. secretary of state antony blinken is due to meet italy's foreign minister in room. day three of bloomberg's qatar economic forum ki

next, how much mother back in the germany team after 2 years and once again, a leader just like gorman's, my homo's, the veteran do, i should give the young team stability and the right mentality for the euros ms. ms. award bartlett. also, i want to give my all, both as a player and as a person for me and to get myself into the best shape than possible before the tournament office. and of course, i hope i can play that role on the piano often. plus i named off 32 year old homo's is expected to show up the defense last year. the team conceited. 16 goals in 8 games that won't do at the euro's. and marla, with his strategic skills and inventiveness could pose some problems for opponents . tell me i was my the test. now we have the friendliness and that should get us going on line is when players who trained for a week together, who will be out on the pinch and already expected to play some good games. good. spill, absolutely. for coach joachim nerve and his players know that success that euro 2020 will be an uphill climb. then finally, if you're afraid of heights, this london pool is probab

and once again, a leader, just like gorman's, my homo's, the veteran do, i should give the young team stability and the right mentality for the euros. make them is avoid spotless. so i want to give my all, both as a player and as a person for me and to get myself into the best shape and possible before the tournament office. and of course, i hope i can play that role on the piano of templates. i named off 32 year old homo's is expected to show up the defense last year the team conceded 16 goals in 8 games that won't do at the euro's and merlow with his strategic skills and inventiveness could pose some problems for opponents. but tell me as my the test be to now we have the friend lease and that should get us going on line is when the players who trained for a week together, who will be out on the pitch yet and already expected to play some good games goodish bill up to the front coach, him nerve and his players know that success at euro 2020 will be an uphill climb. fans and fellow players have come to the defense of tenant star naomi soccer. after she withdrew from the french open s

and once again, a leader, just like gorman's mom, hamas, the veteran do, should give the young team stability and the right mentality for the euros dismissed him is a void, spotless. so i want to give my all, both as a player and as a person. and to get myself into the best shape and possible before the tournament of fish. and of course, i hope i can play that role on the templates. i named off 32 year old homo's is expected to show up the defense. last year, the team conceded 16 goals in 8 games that won't do at the euro's and merlow with his strategic skills and inventiveness could pose some problems for opponents. it's how may i my, the t h p to now we have the friendliness and that should get us going on. thousands i and then the players who trained for a week together who will be out on the pitch yet and already expected to play some good games. goodish bill up to the front coach joachim nerve and his players know that success at euro 2020 will be an uphill climb or infix had long been a part of the dive in asia and africa in europe. not so much but habits are changing, and as more peopl

and once again, a leader, just like gorman's, my homo's, the veteran do, should give the young team stability and the right mentality for the euros. most damage is avoid spotless. so i want to give my all, both as a player and as a person to me and to get myself into the best shape and possible before the tournament office. and of course, i hope i can play that role on the piano often. plus i named off 32 year old homo's is expected to show up the defense last year the team conceded 16 goals in 8 games that won't do at the euro's and merlow with his strategic skills and inventiveness could pose some problems for opponents. but tell me, i was my, the test be to now we have the friendliness and that should get us going on. task design is when players who have trained for a week together, who will be out on the pitch and already expected to play some good games. going to be up to the front coach joachim nerve and his players know that success that euro 2020 will be an uphill climb the spanish football jones around madrid and said to call him should lottie a to rejoin them as coach the italian? w

yeah, i think even though hi gorman, didn't mention any nation in particular any you meant the state in particular by name. this was very much directed in the, the direction of hungry, budapest, and the hungarian prime minister, victor or bon. we can extrapolate that not only from what we've heard from mr. mass in the past, but also from what senior figures within his foreign ministry of being tweeting out just recently when it comes to hungry and it comes to mr. all bond, they're not happy with the use of the v. so in the, in a you decision making by the, the hungarian prime minister, they have used it quite a lot just last week. the old bond vetoed and you statement concerning hong kong. he done something similar. back in april, budapest also next just recently, a joint statement from the european union on a fi fi, it's a hostilities. and the conflict between israel and palestine and also hungry was alongside poland. one of those nations that held up the you budget for quite a bit of time just last year. as you can imagine, the response from victor. o, bon? well, he's not happy abo

ceo james gorman says 90% of return staff have had shots. the goal is to create a normal office environment without the need for face masks and physical distancing. former citigroup chief economist catherine man is to join the bank of england as a policymaker. with previous roles at the world bank and oecd, she brings international experience to the boe as it weighs when it can recalibrate its monetary stimulus. the u.k. government is to consult on new rules for on-demand video providers. stream content from the bbc is subject to code overseen by a media watchdog. foreign competitors like netflix and disney are currently not subject to regulation. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani: coming up, we hear from ivan glasenberg who's going to give us his view on china's efforts to cool the markets. ♪ dani: this is "bloomberg daybreak: europe." let's turn to commodities. the head of glencore says beijing's effort to

james gorman of morgan stanley making a similar warning.is the first time we are getting concrete numbers put to the drop. that is why we are seeing shares react negatively in the way they did. mark: good morning. on the bloomberg terminal this morning, there was only one story that was more popular than the dimon comments and that was the banks again and the diverging approaches to return to the office. what is going on there? dani: yeah. our colleague sonali basek was outside goldman sachs headquarters in new york yesterday. even though it was raining, i was jealous of her because it was the first time goldman sachs welcome back their employees. it was a most like a festival. they had live music, free food. not sure if they were playing dj sol's hit. soloman, the executive of goldman sachs, released a new single. that contrasted over at canary ward in london. we are not seeing the en masse welcome back. goldman sachs not looking to get employees back until july which reflects the caution coming from the u.k. government. if you want to go

morgan stanley's ceo, james gorman, says he would be pretty disappointed if he didn't see workers backr, jamie dimon telling u.s. employees to prepare to return early next month, but new york headquarters will be cap at only 50% occupancy. there is debate, stu, in the wall street offices especially with goldman sachs asking workers to declare whether or not they have been vaccinated, part of the mandate in order to get back into the office, and is this really legal and what about privacy issues? stuart: i smelling lawsuits budding in the future. but here's what i think -- >> yeah. stuart: i think that between 10-15% of the workers in those huge office buildings in new york city stay remote. 10-15. >> oh, i think it'll be much larger than that. you talked about it, the upcoming quit rate because people want to stay home instead. i would take that number probably closer to 30-40%. stuart: if that's the case, then big city interiors, the center of big cities are not going to be the same again. with that kind of the drift of the work force away that is a huge drift. all right, susan, we'll

and once again, a leader, just like gorman's mom, hamas, the veteran do, should give the young team stability and the right mentality for the euros, which most damage the voice spotless. so i want to give my all, both as a player and as a person to me and to get myself into the best shape possible before the tournament office. and of course, i hope i can play that role on the templates. i named off 32 year old homo's is expected to show up the defense last year. the team conceded 16 goals in 8 games that won't do at the euro's and marilla with his strategic skills and inventiveness could pose some problems for opponents. coming out by the test be to now we have the friend lease and that should get us going on top line is when the players who trained for a week together, who will be out on the pitch yet and already expected to play some good games. good is feel up to the front coach joachim love and his players know that success at euro 2020 will be an uphill climb. now if you are a volcano, infuse yes. this next footage is just for you. this is a drone flight that went more than a little awry

we also heard from james gorman at morgan stanley with a similar warning during the virtual conferenceon spoke out. manus: jamie dimon is the king of guiding expectations. when we arrive on those results, so it is not pandemonium. deutsche bank, if you look at the strategy, this is what i call a medium-term investment strategy, they have had an absolute dealter -- belter. what is the trade? dani: an israeli shipping company. a 35-year-old trader made that's on distressed debt from this company and it is fascinating, as we see the turmoil and supply chains, you will get the winners and losers. deutsche bank certainly a winner. this bet was considered risky at the time, shipping rates were low because of tensions between china and the u.s., and this trader had a hard time getting anyone to join deutsche bank in this bet. it paid off and deutsche bank expected to earn about one billion dollars on this trade, because of shipping rates have gotten so high. this is a scoop from our european banking team. it is one of these winners from the dislocation, that a lot of people had a hard time an

morgan stanley's ceo, james gorman, did put everyone on notice when he said if you can go to a restaurantnew york, you can come into the office, and this is just an engine of that policy area they basically said, you have to be vaccinated to come back. he made it clear he wants most people back in the office by early september. at the moment, 90% of the people who are back in the office in morgan stanley are vaccinated, but he's hoping that number will pick up to around 100% very soon. shery: that is true. we are seeing restaurants and bars pretty packed but when it comes to this office centric midtown manhattan, pretty empty. nabila: morgan stanley is at the more aggressive and in terms of wall street banks so jp morgan was the first bank to mandate people return to the office and that was back in april. goldman sachs followed suit. neither of those banks have a vaccine policy so morgan stanley is following blackrock. it mandated people have to be vaccinated before they will be allowed into the office pit others, like income america, are taking a bit more of a relaxed dance, but they are

lindsay goran, fellow for emerging technologies at the alliance for securing democracy >> i am lindsay gorman at the alliance for securing democracy. and and why you should care. and former nsa and senate lawyer will be discussing cyber crimes by giving us details on a digital footprint and revealing how the private sector, government and employers track and use their data. the former director of the cia and nsa calls this book chilling, eye-opening and timely, she believes it is time to rethink notions of privacy and set limits on the power of those who are constantly watching, listening and learning about us. it is a chilling subject but one that affects us all, one where a little information could probably go a long way, data is increasingly becoming central to power both among nationstates, economic actors, businesses and employers and how we interact with our data and who accesses it and uses it and derives value from that are increasingly becoming questions central to our very humanity so we will spend the first 49 minutes of the session talking about some of these topics as i will inte

so james gorman, we will take care do-- we in the media when we're not fighting against each other in some ugly thing that i can't stand and i'm not a particularly nice guy from way back and i also played the most -- but i didn't like that discord. but i will tell you that this is classic pump and dump behavior james gorman in the media will help you put an end to this. b, and g is a outrage. up from 29ful has a bad quarter. they gunned wendys to 30 and right back down 24 what kind of behavior is this. >> most if not all of these stories are divorced from reality though. >> well bg is heavily shorted. that's why -- >> amc, come. >> amc, they have the fire power. they have the fire power i can't take away the fire power. >> part of the reason why they have fire power is because of the unwitting stooges that you claimed are bidding these stocks up gave adam aaron a chance to raise money. >> i know adam -- i known adam for years. -- he did good job with the process with the 76ers because he ran -- >> but the that stock move is divorced from reality. >> but they gave adam a visitorous --

lindsay goran, fellow for emerging technologies at the alliance for securing democracy >> i am lindsay gormanalliance for securing democracy. and and why you should care. and former nsa and senate lawyer will be discussing cyber crimes by giving us details on a digital footprint and revealing how the private sector, government and employers track and use their data. the former director

at 7:40 five, james gorman speaking at a bank conference. interesting to see what he has to say about the deployment of savings. a lot of people getting on airplanes and renting cars. but the degree and the pace of which people are unloading their cash really determined the trajectory of the of us economy. today, goldman sachs brings most of its workers back to the office. this is something sonali basak has been done at the headquarters covering all morning. it is important. it is one of the first companies to make such a big push to bring back all of its employees back. next week, the plan was to bring london employees back. how does this work for the bank? is it perceived well by employees? yes, they will get free breakfast and then there, but are they concerned about childcare? are they concerned about vaccinations? how cohesive does this make the workforce going forward, to give goldman sachs a competitive edge? tom: sonali basak, i think she's getting the free breakfast. solomon is giving out free breakfast this morning. lisa: way to se

blm, amanda gorman are not political entities. amanda is a single individual.et of color. if the teachers wants to highlight a poster and have it in his or her classroom they have the discretion to do it. i think the real question here we have to go to the principal of the school. we have to go through the school district and see what's allowable. >> harris: we already know that. they already said do nothing political. >> that's not political. >> harris: there is a difference between the movement and the organization as kevin pointed out. that's important to know. remember, patrice colors, having some looks at themselves at some of the premises of the organization, not the movement. i want to get this before i have to let you go. a colorado mayor suspended the pledge of allegiance at all town meetings citing apparent threats and general divisiveness in the community. attendees recited it. check out their reactions to the new rule. >> we will not be doing the pledge of allegiance during the board of trustee meetings. >> it has been done for a long time. we as a

goodwin's look at the architecture behind abandoned tunes golf course in dream golf followed by amanda gormanthe hill we climb. and addition of the poem she recited at the inauguration of joe biden. after that is crime reporter justin fenton's report on corruption corruption within the task force in we own this city. next is world travel, a travel guide by anthony boarding and wrapping up our look at some of the best-selling nonfiction books according to both iv bookshop is daniel condiments and steams thoughts on why

morgan stanley, where some new york employees are also back at their desks, the bank's ceo james gormaninted if people weren't back in the broadway office by labor day. >> if you can go to a restaurant in new york city, you can come into the office. we want you in the office. >> jpmorgan chase ceo jamie dimon has been push for return to work saying exclusively working from home doesn't work for young people and those who want to hustle. >> new york centric wall street banks are ripping the band aid off and requiring employees to go back to work. one for competitive reasons because they want to win, and winning is sometimes seeing customers face to face. two would be the culture. you create culture by having people around each other. there's creative combustion, there's spontaneous interactions, there's mentorship. and third, there's additional safety in having people, you know, face to face in meetings as opposed to relying too much on remote communications, especially in a world with more cyber risk. >> the effects on new york's economy and morale could be vast. according to a march re

james gorman said they were ready to return capital to shareholders.hey have done two major deals. jp morgan have announced they would buy a fintech platform. so far, investors are biting. you see morgan stanley stock almost 3%, about 2.7%. citigroup the one major exception, because they held their dividend study while the rest of them raised their dividend. wells fargo is the other interesting one to note because even though they doubled their dividend to $0.20 per share, that's less than half of what it was before the pandemic hit and they had to grapple with a lot of these legal and litigation issues. the question plaguing investors, is this as good as it gets? are the banks playing catch-up? today it looks like generally, investors can hold onto the story, but we will see in two weeks whether they will keep putting onto that story once those new trading and net interest figures come to light. guy: one of my top stories today, jp morgan hiking entry-level banker pay to help combat burnout. i want to separate those two issues out. they are hiking ent

demand it's been a boon for used auto dealers and a quick programming note morgan stanley ceo james gormanp.m. eastern time you don't want to miss it. we're back in a moment >>> welcome back the pandemic increase in demand for used vehicles plus drivers hanging on to their existing cars longer has increased once again the age of cars on the road phil lebeau is here with the latest numbers hi, phil >> kelly, 12.1 years that is the average age of a vehicle in the united states if that sounds long in terms of how old a vehicle is, it's because it is a new record high. it keeps going up. and it really shot up in the last year and a half especially as you see more people hang on to their vehicles a little bit longer. to put this in some perspective here, there are about 280 million vehicles on the road in the united states. guess what 25% of them, 70 million, are at least 16 years or older. that's a reflection of how long people are holding on to their vehicles and the folks who put this data together, ihs markit, they're not surprised. >> in a lot of ways i think it's out of necessity that veh

he has climbed to the talk brinks -- to the top ranks and is one of the likely successors to james gorman to hang it up. lisa: why is this success important for the organization? sridhar: we have to look across wall street, and look at diamond -- look at jamie dimon, brian moynihan, these that have really guided their firms through the worst of the financial crisis and the recovery that followed. now we are a decade into their runs. you are looking at the next card. morgan stanley has had a massive transformation because it has really built out its wealth operation and business as well, and that is the big staple -- the big, stable source of revenue for them now. lisa: this is really important, when jamie dimon said yesterday he's expecting trading revenues to come down significantly this quarter, including versus expectations. how do we look at trading going forward, given the fact that it is notoriously fickle, but also has been an absolute stalwart of the earnings picture for wall street? sridhar: the best part of jamie dimon being ceo for 15 years and counting is that he is in shackle

james gorman says about 90% of return staff have already had their shots.says the goal is to create a normal office environment. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> it is very hard to say what the timing of that will be. when will these bottlenecks disappear? when will there be enough microchips. we saw what happened in the lumber business. prices have gone way down but they are still high. when will the used-car markets get back at equilibrium? tom: the chairman of the federal reserve system, a tour de force of a press conference except for his answers to michael mckee. lisa abramowicz and tom keene getting you through the morning. gary gensler coming up. i look at the chairman's tiptoe on inflation. as james sweeney said, we are all dealing with our collective fears of the past. lisa: you said they are making it up. they are making it up because we are all making it up because no one has a sense of how dif

. >> gorman doesn't say if staff would be fired or whether there will be exemptions for people with health >>> southwest airlines grounding its entire fleet after nationwide computer issues about 500 flights canceled the trouble began last night when the company that provides the air's weather data had a glitch it stranded planes across the tonight. tonight they report they're back to normal operations. >>> ford broncos are rolling off the assembly line. two and four-door version, viewed as one of the most critical non-electric product launches for ford in years on wall street, the dow down 94, s&p off 9, the nasdaq down 101 i'm shepard smith on cnbc. it's the bottom of the hour, time for the top of the news >>> str >>> extreme heat pushing power systems. >>> amazon with a commitment, the goal -- to increase the number of black-owned businesses using the platform >>> the government as new plan to fight our enemies right here at home. >> attorney general garland laying out a new strategy to combat domestic terrorism. the attorney general says extremist militias and violent white supremacist

this is james gorman on the investing conference earlier this week saying, quote, if you can go to ain new york city you can come into the office, and we want you in the office. do you think that that's a fair comparison? >> i don't think it's a very fair comparison because even before the pandemic we used to have telework and telecommuting policies so the pandemic didn't invent people working from home. it just allowed us to open our mind to how productive people can be working from home, so i think the better approach -- obviously, you know, this isn't a binary choice. i think the better choice is who really needs to be in the office, for what reason, and he actually gave some good examples, apprentices. you want them in the office. there's times when you're meeting with clients for creativity so there's lots of reasons to be in the office and lots of reasons not to be in the office, especially for essential workers who have killed care workers so find the right blend for your organization that continues to make you a productive organization. >> doctor, we have only 30 seconds left

followed by amanda gorman's that we climb, a printed edition of a poem she recited at the inaugurationesident joe biden. after that is baltimore sun crime reporter justin fenton's report on corruption within baltimore's task force in we own the city. next is world travel, travel guide by the late writer anthony board a and wrapping up our look at the best-selling nonfiction books according to baltimore's id bookshop, daniel, and's thoughts on why people make bad decisions in their book noise. some of these authors have appeared on booktv and you can watch on booktv.org. >> booktv on c-span2 every weekend with the latest nonfiction books and authors. funding for booktv comes from these television companies and more including charter communications. >> broadband is a force from harmon was that is why charter has invested billions building infrastructure, upgrading technology, empowering opportunity and communities big and small. charter is connecting us. >> charter communication along with these television companies supports booktv on c-span2 as a public service. >> now on c-span2's book

. >> i find it interesting james gorman going against morgan stanley saying i believe we'll see a tape this year interest rate hike next-year. do you find it interesting the voices taking posture counter to what we're hearing out of the federal reserve >> first of all there's folks who follow the fed for a living. not sure, guys were mentioning are in that crew but we have zero interest rates on an economy that is absolutely on fire this is the -- this will be the strongest gdp quarter year-over-year since, like, the marshall plan. way before any of us were ever born and earnings, for the s&p, are going to be up something like 75 or maybe 80% this quarter versus a year ago level. so, when you see interest rates at zero you can see why someone would say, come on, do these really make sense, they're going to have to start taking some action but the fed has learned in the past, leave it alone right now the fed has been dieing for the last decade to get inflation hotter they're not going to kill this thing without letting inflation run hot for longer than people think. >> jonathan, thanks