j.p. morgan was key. under j.p. would have fallen apart. for awhile it looked like he was severely wounded but he did recover. if the gun hadn't jammed after the two bullets had entered his abdomen, he might have succeeded and he might have been killed and history might have been different. >> just a point of information for what -- one of your other answers. the british security coordinating commission which was led by sir william stevenson, who was canadian whose wife was american, did not have as its primary objective to bring america into the war. it was coordinating espionage activities with actually colonel5% donovan and with the approval of fdr. >> i would respectfully disagree with you. stevenson mandate as it was given to him and as they made clear in the proviso of the british security coordination unit, was to bring america into the war. after america goes to war then they're working more hand-in-hand with donovan but before that they came from really, they had a different agenda. but i respectfully disag

j.p. morgan was key. under j.p. an's imprimatur this consortium raised $950 million in 1915 dollars for the allies. with him gone, the consortium would have fallen apart. for awhile it looked like he was severely wounded but he did recover. if the gun hadn't jammed after the two bullets had entered his abdomen, he might have succeeded and he might have been killed and history might have been different. >> just a point of information for what -- one of your other answers. the british security coordinating commission which was led by sir william stevenson, who was canadian whose wife was american, did not have as its primary objective to bring america into the war. it was coordinating espionage activities with actually colonel5% donovan and with the approval of fdr. >> i would respectfully disagree with you. stevenson mandate as it was given to him and as they made clear in the proviso of the british security coordination unit, was to bring america into the war. after america goes to war then they're working more hand-

citigroup down 16% and bank of america down 21% and j.p. morgan down 23%. now, executives blame volatility on sliding oil prices interest rates, as well as volatility in currencies like the euro the yen, the strengthening dollar and the declining russian ruble. it's a particular change though from a tone they used to take where they said volatility on the whole is good because sharp moves in either direction for securities would cause fee paying clients to decide whether to buy or sell rather than hold. bank of america's bruce thompson said that may have helped equities but not other parts of the market. goldman sachs has long been the leader in this fixed income space which has investors on edge because that is the next bank to report earnings and it could be more of the same. now, traditionally, the biggest worry for u.s. banks is what giant legal charge they're going to have to take in the quarter. bank of america surprised investors by having relatively muted legal costs, but charges did mar the overall earnings of citigroup and j.p. morgan which took c

we are part of j.p. morgan. clients love to have long-term access -- assess -- we have been looted -- doing that since the late team -- late 1800s. clients continue to add asset mostly because of a strong investment performance and because of the culture and the investment wherewithal of what we are part of. >> populist opinion, clients need to trust advisors, they need to trust their bank. have you had to change the practices in the last year to get clients more comfortable, whether it remains -- really seven more information? >> no, it our business, we wake up everyday thinking about incredibly strong investment performance not just in a particular area, but almost across the board. we saw a hundred billion dollars last year alone and with over $2 trillion in assets clients are expecting that to be the pure focus. >> did you see any inflows one bill gross? >> pimco had its share with the departure of bill going to another firm. clients have continued to come to j.p. morgan throughout the past several years fro

the j.p. morgan health care conference in san francisco. >> maybe the most important health care conference in investment bankingment certainly the first one of the year. it sets expectations at least for the first half of the year and it also gives us a sense of sentiment. >> reporter: more than 400 companies present to thousands of attendes at a summit known as the woodstock of health care. the industry on a tear on all fronts. the nasdaq biotech index rose 20% in 2014 versus 15% for the s&p 500. hit record levels and to merck contributed to rising valuations. what could burst biotech's bubble? front lighter points to two main issues. >> a looming potential price war, we saw some evidence of that. there will be some discussion of other drug classes at risk of that. the concern over the supreme court and obamacare. >> reporter: the j.p. morgan conference can be a big news maker with volatile health care stocks. companies release clinical trial data and announce deals at the summit. rec analyst micha

i mean j.p. morgan was over 60 at the start of the year what 54 right now. it's even more attractive than it was then. it was cheap in the 60s. what we're having with banks is the result of some stress tests ongoing right now and also if rates rise in the coming couple of months the yield curve, excuse me the net interest margin will actually go up for banks and very positive. i think the future is bright for banks but with yields dropping the ten year note the net interest margins down. it's a terrible time to be in banking. but as they rise it is a good time to be a purchaser of banks. >> give me a 30 second pitch on google. your third choice. >> google is the at&t of our day. you're going to look back ten years from now and you're going to be it's a wonder of what google can do. it's in every single home in america, every single you know the search possibilities of google are unlimited. people are sort of captivated by apple right now but the company with the staying power for decades down the road is google. if you want a good investment that's the place

look for next tuesday at the j.p. morganh conference. >> tjx up despite tells to downgrade. >> last week they downgraded from the buy to a hold. and took the price target from 73 to 68. i disagreed based on the amount of stuff that is going to be coming out because of the slow down on the west coast with shipping. i think that benefits tjx. but dana disagrees. let's' how it plays out. >> and micron lower. >> properly priced where it should be right now. >> big winning stock last year. >> up 60% on the year i believe. so a little bit oversupply, seasonal weakness but the margin was strong. sandisk doze goes down on the news of the weakin'. i like micron. more exposed to the consumer side and less to the computer side. that is the trade i would make off the news. >> let's bring up the smh and have a conversation about the chips. they have been rolling over. >> and i disagree with you on micron. despite what i did last year. i don't care what they did last year. the valuation level is incredibly low. they made acquisitions and

a great company it goes down it is not a big thing it will be noise, mario bartiromo spoke with j.p. morgan dimon of a possibility of bank breaking into separate companies. >> goldman sachs, one of your competitors, coming out with a report saying that, a break up ofs bank would create shareholder value if you broke up j.p. morgan to 4 different companies. >> we said, there might be some logic, i don't know all of the facts. and based on those some parts, using current p/es, maybe 25% higher, current p/es you never make a major business decision based on what we know temporary, you have to look forward 5 to 10 years, and say value in total, where you can build, and potential p/e is something worse, he does not know the synergies. charles: he is trying to talk around it watch maria tomorrow, this exclusive interview with jamie dimon in the morning on the opening bell right here on fox business network. >> my stock idea is coming up next, i will be corny. i think it will keep your portfolio flying. when we come back, we'll make you some money. ♪ approaching medicare eligibility? you may think

j.p. morgan chase's ceo jamie diamond made those comments after a fall in profits. it has had to cover legal costs. it is under investigation for alleged wrongdoing. china has overtaken france as the biggest car market. the french car market sold 100,000 more in china than in france. it seems to be paying off. the first sales rise in three years. demonstrations in hong kong could hurt profitability. sales at hong kong fell from october 2 november. this was not enough to offset growth. sales rose 14% for more than $900 million. >> i did not know that burberry sold that much in hong kong. >> we will take a short break and leave you with the best of the internet. >> welcome to the web news. the stories making online headlines. islamist hackers target hundreds of french websites. this was the deadliest bacchus -- massacre yet. new yorkers traveled on the subway. anonymous recently declared war on islamist terrorists. hackers went -- responded on monday with a series of attacks targeting hundreds of french websites. an organization calling itself the united islamic cyber

i think j.p. morgan was right in line. they have all said they were looking at roughly 45% declines in early december. bank of america was a little worse. they had a big recovery a year ago. cities numbers, which i have not gone through yet, also coming in. i think equity numbers are really the big surprise there. they have had past issues with different hedges. over half of their revenue comes overseas. with the strong dollar, that has got to have an impact on the translation of the revenue into the reported earnings. >> right. absolutely. i want to get back to the releasing of the reserves. brian moynihan said earlier he thinks they have the majority of the lawsuit issues behind them. should they be holding more reserves for bad loans going forward or do you think he is not right? >> i think he is right. i am not spec -- expecting any measurable things going forward. as far as regular, the reserves are still covering actual losses . i am not worried right now, but i know it will tailwind across the industry for the last

profits at j.p. morganchase and bank of america also slipped after a slowdown in trading between october and december. speaking of thanks -- banks two major lenders have apply for emergency funding from the central bank of greece. euro bank and outputting say the move is a cautionary. -- alpha bank say the move is cautionary. the market turmoil caused by a rising swiss franc has also sparked uncertainty. the european commission has detailed a tax deal between luxembourg and amazon. the eu executive says the deal may have given the internet retailer an unfair advantage. the commission says amazon has funneled profits from across europe to its luxembourg unit, and through a special set up, most profits have been exempted from corporate taxes. should that prove to be found unfair, amazon might be called upon to pay hefty sums. that is the business news. >> time for us to turn to what is happening online. web news is up next. >> welcome to the web news with our pick of the stories making online headlines. stand

wells fargo met expectations but j.p. morgan chase citi a you will missed estimates. -- ceasing troubled operations in canada after two years because it couldn't find a road to profits until 20021 at least. the company will close 133 stores. more than 17,000 employees will be out of a job. >> while tuition increasing have been slowing paying for education is still a high cost challenge for many americans. president obama is expected to propose a plan for free communicate college tuition in tuesday's state of the of the union address. that can make an announcement how best dollars can be spent. doctor amy gut mann is the president of the university of pennsylvania. thank you for joining us. >> thank you for having me. >> this is a huge discussion taking place over a number of years. but we are expecting the president will propose free college tuition for community colleges. do you think something like that is a good idea even though went don't have the details on any of this yet. >> i think making access to college today more acc

nomura holdings was one of the biggest decliners there after poorer than expected earnings from j.p. morgan chase. now let's switch to currencies. the dollar/yen has been a big focus. we saw a slight rebound in the dollar during tokyo trading today especially after it dips to lower 116 levels for the first time in a month. right now 117.71-72. i want to highlight the australian dollar. it jumped against the dollar after the um employment data was lower than expected at 6.1%. asian indexes, that still -- unemployment number was not enough to boost shares. down .045%. investors are concerned ability slowing growth in its biggest trading partner, china. other asian indexes are trading higher, however. >>> now we have the third part on our special series on global economic outlook. i did speak with noriko hama about her perspective about the european economy and the single currency, the euro. she says turmoil in greece may affect the whole region. >> nice to see you. >> thank you very much, indeed. >> the greek parliament has a general election on january 25th. what is expected to happen, not o

j.p. morgan chase and goldman sachs getting more cash in bonuses.on received $7.4 million as a cash reward. his total pay was unchanged at $20 million. staying with the topic of executive pay, tim cook received compensation of $9.2 million. that is more than double his pay from 2013. it was made possible by the soaring stock price. he also received a cash out pay of nearly $67,000 because he skipped vacation. those are top headlines. davosin davos, tom and francine spoke to the governor of japan. >> a wonderful conversation with him. >> he spanks a very good english. he was very charming and very relaxed. this is a very sharp mind. he is probably the one with the biggest experiment and the biggest firepower. we talked about the impact around the world, how he sees everything shaping up. i had to ask him about yen depreciation. i asked him if he thought the yen needed to be weaker. >> it made export more profitable. not much as we expected. part of me -- the growth in asia. more than half of japan exports go to asia. >> he said he was not worried abo

j.p. morgan chase c.e.o. jamie dimon. >> you made some provocative comments last week. you said the bank is under assault from regulators. >> i was referring to the fact that there are lots of different regulators. it's hard to deal with. we're going to deal with it. my job is to deal with it not to complain about it. >> jon: complaining about it is just my passion. ( laughter ) while some called for giant banks like morgan to be broken up jamie dimon would just like to let you know how hard something like that would be on us. >> a lot of my directors have mentioned to me that some of their companies were under some pressure to break up and thank god they didn't. the company itself was a port of safety in the storm. we will be a port in the next storm. and you want me to be a port. you want me to be here. >> jon: what's with the "few good men" ( bleep ). you want me on that wall street! you need me on that wall street! you can't handle the truth! well you can't afford it. it's really exprensive, the truth. of course, not all the financial institutions are defensive abou

. >> you have j.p. morgan chase this year. a lot of legal issues facing them. jay mee diamond's health. what do you see happening in 2015? >> tough couple years with them. but, you know, in the financial sector though as a whole, as the economy continues to pick up if interest rates do rise which likely second or third quarter of the year start taking place. you're going to start seeing a new flow of refinancing and purchases as borrowers come to the realization as the extremely low interest rate market we've been in the last six or seven years is starting to come to an end. on top of the fact we're not toughest regulatory market we've ever seen. the new political climate, it's likely that's going to eat up a little bit. we feel the stock is at a discount right now and likely if you pick it up can pick up a few extra points as well as outperforming the overall market. >> you have one tech stock you recommend called cdw traded on the nasdaq. this firm, why do you like it? >> it's a smaller, just came out in the market at 12 or 14 months. and '08, businesses when

. >>> it was not a good day at j.p. morgan chase. the biggest bank reported a 7% drop in earnings last quarter, getting slammed by a billion dollars in legal costs and a decline in trading revenue. shares fell 3.5% today weighing heavily on the entire financial sector. >>> things a little bit better at wells fargo, the biggest lender rose more than $5 billion thanks to higher revenue from loan interest payments but chief financial officer john shrewsbury said it's not just from loans. >> loan growth from wells fargo in the third to fourth quartt 13%. strong as it's been in some time. some of that is mortgage some is autos, it's in credit cards, it's all categories of commercial and industrial lending. >> despite that like a lot of other financials today, shares of wells fargo closed lower. they were down more than 1% >>> mortgage applications took a big leap last week. the biggest weekly jump, in fact in six years thanks to record low interest rates. diana olick has the story from washington. >> reporter: mortgage applications spiked

. >> reporter: in allocation, winner was ann lester and her team at the j.p. morgan smart retirement day funds. remarkably every single one of lester and her team's funds have outperformed their peer group over the past five years. low risk very nifty returns. but she says that one of the things investors needs to understand is that it's what you do as important as she and her team does. >> the money that you put in is more important. if somebody is putting away at least 10% of their salary and company is hopefully matching some of that so their overall savings rate between 10% and 15% of their gross paycheck they'll be fine. >> reporter: in the alternatives winner from boston partners long short equity. ally matomit turned the $10,000 into $31,000 over the past ten years. that's the kind of performance to lift you to the top. the fund is 24% long which suggests the group of managers there say it got stretched. when i asked motomat, here's what he did. >> biotech suits that right now. if you look at the category we've had hundreds of ipos in the space in the past fou

. >> reporter: j.p. morgan analyst mark wienstein said we're likely to see from other companies. and j&j, tough 2015 comes from key competition including hepatitis c medicine olicio. looking for the consumer products businesses to offset slowdowns in growth. coming back from a series of recalls that took popular over the counter medicine like tylenol and sudafed off pharmacy shelves. j&j could be a big acquirer of consumer brands and pharma products. >> the track record there has been exceptional. they've done a great job of using their ballot sheet there and i think after that i think there is opportunity for them to reinvigorate their consumer business with acquisitions. and that can be established brands in the u.s. it also can mean increased emerging market exposure and opportunity. >> reporter: so the world's biggest health care company could get even bigger. for "nightly business report," i'm meg tirrell. >>> also reporting ahead of the bell was morgan stanley which saw fourth quarter profit rise to just over a billion dollars despite a slowdown in bond trading and weakness

. >> some analysis we're joined by j.p. morgan asset management. bloomberg news on friday broke the story that staff members presented policy makers within the ecb last week models for buying 500 billions euros of investment. is this enough? >> no, you look at 500 billion billion and that's unimpressive. the bank of england bought 375 billion of guilty. that figure needs to be a lot bigger. it needs another knot on it. >> different from when q.e. was introduced in the u.s. and u.k. does it suggest the risk is a lot lower? does it suggest perhaps you don't need such a big bang these days? >> we would argue you need a bigger bang because you are coming to the party at such a late stage. the euro zone is less about greece. now q.e. is there for an exick reason. it's there because of depolice station. that means you need to bring the ba zach caout. it needs to be an overwhelming number. 500 billion is underwhemming. >> we've had a great deal priced into the currency. just hold that thought. what does this mean for the bond market science you had record

you saw j.p. morgan, a company with great defenses, sony, app i-cloud hacks over the celebrity >> accounts. >> exactly. you saw these very well trusted companies. we thought 2013 was the year of the data breach and now 2014 had it worse. i would fully expect to see more of this 2015 within our industry you'll start hearing more cyber people talk less about protection than response of saying we can't keep them out. it's those companies that bounce back quickly that are going to be the mtuccessful. >> and when you mean responsive, there is a debate right, wh is offensive in cyber, what are the boundaes of it, is offense really the best defense in some cases? how is that dete going to play out and what are the role -- generally offensive operations are not sn as something corporations do, but governments . how is thadebate going to play out overhe nt year? 2014, you really started to see is that bring up. that conversatio has been with us for over 10 years of do we needrivate ears, do we need later of mark

the information that has come out on the attack against all these companies -- target, home depot j.p. morganothers, that there was a nexus to the u.s. policy in the ukraine. some of that information within the urls or website locations that these hackers ported back to. it doesn't mean they weren't criminals, but it does mean they may have sympathized or at least had insights to what the government wanted and perhaps some level of go-ahead from the government. that is supposition on my part. >> general alexander, i'm afraid we have to leave there. i could talk about this for hours. retired general keith alexander, the ceo of said -- cyber security. it was merger mania in 2014 for some sectors. we take a look at some places most likely to see mergers heating up this year. stay with us. ♪ >> 2014 was the year of the megadeal. mergers like comcast and there are also some deals that never got off the ground, like pfizer's overtures to astrazeneca. what are we likely to see in 2016? where should we begin?>> i think a lot of things people are looking fores -- pfizer is still on the hunt. >> after

caller: yes, it j.p. morgan, home depot.st: i am glad that george and diana brought up important issues. responding to george __ i think certainly the issue of state_sponsored cyber terrorism is one that we are all concerned about. we have seen incidents, allegedly the north korean hack being of sony. iranians going up against ramco. the resources that are state_sponsored hacking can put behind it is significant. two diana's point about doctors offices and what companies can do, and their unwillingness to work with the government __ points to a wider issue. companies often feel worried about reaching out to the government. they're worried about liability that they may incur. what we have seen his many companies that have attempted to look for safe harbor. if they notify, work proactively when there is a breach, they will be protected from liability. i think are point __ per point about experience, j.p. morgan is very well taken. chances are you have been victim of a breach. it is practically impossible to find someone in thi

the swiss national bank's decision turned out to be a boon for traders at j.p. morgan chase. the foreign-exchange traders made about $300 million on the day of that. citigroup barclays and deutsche bank all took it on the chin to a tune of about $400 million in combined trading losses. at&t says sales grew 4% in the fourth quarter but somebody reported a loss of $4 billion due to underfunding the pension. they added subscribers as discount leeward subscribers. we will have more on at&t and its plans to expand in mexico later in the show. google fiber is heading south, not going south, moving business itself. they say they are bringing superfast internet service to atlanta charlotte, and raleigh-durham along with nearby suburbs. google fiber brings internet speed about 100 times faster than the average u.s. connection. it's already available in kansas city, austan, and provo, utah. now to the lee -- apple does it again. the world's most valuable company post another record-breaking quarter. revenues were $74.6 billion, a 34% jump over last year. net income up year over year. h

institutions, the banks met with federal officials where, according to bloomberg news, an individual from j.p. morganated a plan. they hit back by taking down the iranian servers. michael riley writes for bloomberg. >> there was a lot of legal questions that came up, butdy somebody did shut down the servers, and the f.b.i. is trying to figure out who did it. >> reporter: that's because under a 30-year-old federal law u.s. companies cannot take any preemptive actions. they can't access external computers to overload servers, retrieve stolen information, not even stop impending attack. >> they're incredibly frustrated. they're incredibly vulnerable, and they-- they are looking for other options, and some of those options may be going after the hackers. >> reporter: the financial incentive is high. in 2013, target reported hackers compromised up to 40 million debit or credit card accounts and stole personal data from another 70 million customers costing upwards of $350 million. a recent report by mcafee estimated that hacking cost theat h global economy up to $575 billion annually. >> companies are unde