this is would you rather would you rather buy j.p. morgangoldman sachs, paypal or square ♪ write, write, write, people. ♪ i mean, how long is this going to take. it's like four letters at the moment okay time's up. t time's up, markers down, hold up your white board three j.p. morgan very interesting. according to the survey 48% say j.p. morgan. so you nailed it, guys zero percent said square, guy. you're alone out there >> great job, guy. >> generally speaking. >> clear your boards let's move on to a reopening play over the next 12 months would you rather buy hilton, air bnb or livenation. okay write, write, write. ♪ okay hold up your boards, please. hold up your boards. and we have, well, obviously karen is livenation. so two livenations here, 50% of our panel. survey says hilton had half the votes. only tim here had hilton only 19% had livenation. good job with the white boards coming up, big win for microsoft today. shares zooming higher. much more on that straight ahead. plus company run by hollywood broker making another attempt to go

joshua younger, j.p. morgan. thank you. n hear josh next week. ♪ ♪ romaine: the talk of this this week, and we did not talk about crypto. morgan stanley, at least its rich clients, with bitcoin. what about the poor clients? joe: finally the rich clients can get access to bitcoin. and that has been the story for a while, people talking about the diversification. even saying, this is the new 60/40. romaine: who said that? joe: i literally made that up when i saw the chart. i want to bring in coin shares team strategy officer, milton. is this the new thing, just add 1% of your portfolio to bitcoin and everything suddenly takes care of itself? >> j.p. morgan says wind and we did some research where we saw you are better off with four, so i'm going to be aggressive and safe for, which is four times one, believe it or not. romaine: this is interesting move here, we have already seen this sort of move already with folks adding this to their portfolio and has a legit asset and as -- if you have a big portfolio and also trying to bal

do you think there is a case that j.p. morganut and buy one of these giant in tech companies and plug it in and you are good to go? -- fintech companies and plug it in and you're good to go? >> we look at everything. some of these people do a good job. it is usually not better or cheaper but ease-of-use. i assume they are comping. i have built competition my whole life. we are open minded to acquisition and open minded to building in ourselves. we tell people in this very room we should do what we need to do to win, in technology, people, systems, marketing, ai. obviously doing a lot of ai and cloud work. >> another thing fintech has done or is partly responsible for is the democratization of investing, obviously the rise in the retail trader and the reddit crowd, roaring kitty, whatever you want to call it quitting a narrative of david versus goliath. as a very prominent goliath do the david's have a point, is the system ranked or stacked against them? >> and every bull market this is happened my life so this is not a new phenom

j.p. morganoldman in the global merger space. evercore making clear they want staff back in the office and that includes hundreds of interns back in major city offices by the summer. we heard from the co-ceo, he really says that they believe they are passionate in their belief that the merger business is a business of humans, interaction, apprenticeships and mentorships, and that works best when everyone is together. while they are urging staffers to take the vaccine, they also acknowledge that it is going to be a tricky issue because there are people with religious and other beliefs that mitigate against taking the vaccine. there is an indication that is an issue facing ceos and one that will need to play out. haslinda: more and more companies, including jp morgan, goldman saying the same thing. tell us about the plans. su: j.p. morgan chase summer interns will be getting a taste of office life this year. different from last year, when most of the major wall street banks either delayed, shortene

joyce chang, bruce because men will stay on at j.p. morgan bruce kaz men -- bruce kasman will stay on it. jonathan: he's in the same camp as his boss. he will buy treasuries here, switching back to that story. what a shock. i'm sure he is buying treasuries somewhere, but you get the picture. tom: that's what james dimon wants. let's be honest, it's the best conference call on the street. to me, what is so important here is the scale of jp morgan. what do they do with a 6% economy? the cash they are going to throw off, where does that go? they are going to buy the palace on park avenue, or they are going to build the palace on park avenue. you will be the first out of the door, i'm sure. lisa: something like that. it really benefits the banks when the yields go higher. jamie dimon perhaps is not the best prognosticator on treasury yields back in 2018. he did say, he predicted that treasury yields ought to be 4%, so he has been calling for this for a while. jonathan: did he say it was a possibility? lisa: it was a possibility. you could say tha

anna: vincent juvyns, j.p. morganement global market strategist stays with us on the program. coming up on the european market open, the federal reserve governor reynard says recent moves have caught her i. we will bring you the details and talk about the story next. this is bloomberg. ♪ want to save hundreds on your wireless bill? with xfinity mobile, you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network? sure thing! and with fast, nationwide 5g included - at no extra cost? we've got you covered. so join the carrier rated #1 in customer satisfaction... ...and learn how much you can save at xfinitymobile.com/mysavings. - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right i

yeah this is a very cool experiment as j.p. morgan test of blocking payments between satellites orbiting earth and basically this test ultimately show that blocking technology could power payments between everyday objects autonomy so i can have this experiment in space a valet the approach towards a decentralized network where communication with the earth is not even necessary so like a network created between 2 satellites and token transfer of this was done without any sort of communication with the earth which is basically the clue what we've been saying of doing a peer to peer transaction on our earth of what we do with block with the network without the use of any form of payment form or middleman like a.o.l. or bet and so the idea is now to explore io t. payments and a marketplace where satellites would send each other data in exchange for payments as more private companies launch their own devices into space and we often hear the word io t. a lot where physical devices are connected to one another and that it was sensors or soft

and you have the whole group of names and travelers is one of them in the financial sector i own j.p. morgan and that stock is up 50 points in just a month and outrageous performance there and then i own a bunch of other ones and i'm not crazy excited about verizon, but i'm in there. i just feel, scott, very strongly that the only way to allocate a portfolio is not to play this game, one day it's growth, tuesday it's value and wednesday back to growth and you have to have both in your portfolio and if you want to be somewhat tactical about it and when you have massive underperformance from one-half of that equation that's when you can rebalance and add to it and vice versa when you have a huge spree for growth stocks you can take some off and add to the value side, but this idea an investor should pick aside and just stick through that through thick and thin and not enjoy the benefit of all sectors of the economy, i think is incorrect i don't know any professionals who do that in the real world. >> i hear you. your point is well taken the dow highs today, boeing. it's been three days in a ro

j.p. morgan chase analysts are calling that potential loss manageable, saying it would have a negligible impact on profitability. rishaad: give us an idea of the range of exposure to other banks, including the likes of credit suisse. it is a very wide range, which one has to look at and say, well, do they really know what is going on? su: you are hitting the nail on the head in terms of the questions that are rising about risk management. we know that goldman has a negligible loss. ditto for deutsche bank and wells fargo. j.p. morgan chase's analyst team estimating that credit suisse appears to have the biggest loss. they are estimating it may be as large as 4 billion. what bloomberg has learned, according to people close to the matter, is the bank spent monday informing a shellshocked staff about the losses. they come on the heels of the green loss, the loss of that capital firm earlier in the month, and there was a hedge fund down in the fourth quarter. so credit suisse stocks and bonds taking

iain: iain stealey, j.p. morgan asset management -- j.p. ement cio for fixed-income. the effort to unblock this was canal could take more than a week. we will get the latest shortly. this is bloomberg. ♪ ♪ anna: welcome back to the european equity market open. you see european equity markets opening very much to the upside, up more than 1%. let's hear from -- who speaks exclusively to bloomberg's erik schatzker about why she thinks it's an important time for crypto. ♪ >> you think the whole infrastructure around crypto is really interesting and we've been making some investments into that infrastructure. and we think that is at an inflection point. i would say it's everything from kind of exchange, asset managers, custodians to the monday like tax reporting -- mundane like tax reporting on your crypto gains and everything in between. when it comes to crypto generally, i think it there -- we are at a really important moment in time in that something like a bitcoin might have stayed a fringe asset but for the fact that over the last 12 months,

coming up next, tallying up the archegos damage, j.p. morgan could add up to $10 billion. this is bloomberg. ♪ ♪ shery: shares of japan's largest bank are following -- are following. mitsubishi is warning of loss investors say is linked to archegos. adam, talk us through the details. adam: the first thing to note is that this morning, which is the first time stocks had a chance to react to the news, it is down 2.5%. we learned last night that essentially, mitsubishi ef j financial took a $300 million hit related to what has been going on unwinding these massive positions. in a sense, you are seeing investors saying, this is an impact, but nothing to the degree we are seeing in reaction to, say, credit suisse, and at nomura in japan as well. it is a relatively small read this morning. but what has been happening over the past three days in japan, we have pieced together how this fund liquidation has played out across markets. there are a number of japanese firms we know are involved in this. at there is a possibility others may still be at some

j.p. morganachs doing? su: jp morgan chase said summer interns will be getting at taste of office life. they made virtual they're paid summer programs last year but that is not the case this year. j.p. morgan chase wants its young hiking trainees in the offices in their london and new york space. goldman sachs also recently said at a virtual conference last month that remote working was an aberration and they are now going to try to correct it as quickly as possible. on a final note, people close to apollo global management are going to test out a hybrid form of employees working a couple of days a week remotely at the end of the year and the rest of the week in the office. starting the program will depend on when mac -- vaccines are widely available. but it was found that work teams were highly productive and they want to keep that mojo going. so it does appear that a lot of banks are now bringing an end to the work from home era. back to you. shery: let's get to the first word news with vonnie

and they didn't know except j.p. morgan b knew not to deal with this guy they showed great judgment and deutsche bank and they got -- this has been going on for a long time. deutsche bank is just -- for a long time. >> yeah. i know even as they try to get out of that business and shuffle some of it off to bnp parabut a still not enough to the damages. the statement out of archegos. this is a challenging time of capital management, partners and employees. all plans are being discuss as mr. wong and the team determine the best path forward and ancillary reports about not just the phone call thursday via multiple reports but now the idea that they are being summoned by regulators how should viewers think about what the next chapter of news is going to be. >> well i think we're gonna see everybody has totally the hit to earnings i think goldman showed what you have to do you own it you sell it. get rid of it and then it is immaterial this firm destroyed a huge amount of value and they used the word "challenging" you know, chall

we sat down with j.p. morgan ceo, jamie dimon. >> jp morgan itself is doing great.ing quite fine. you have fintech and big tech. we said we were prepared for intensified competition. >> the growth of some of these fintech companies. do you not think that j.p. morgan should go out and buy one of these giant fintech companies? >> some of these people have done a great job. i assume -- i have dealt with competition michael life. we tell the people here that what -- that we should do what we need to do to win. we do a lot of ai and cloud work >>. another thing fintech has done is this democratization of investing, the rise of the retail trader, it is creating a narrative of david v goliath. do the david's have a point -- do the davids have a point? >> this is not a new phenomena. people should be able to invest their money but they have to do their homework. to the extent that people are learning and getting involved, that is a good thing. >> the one thing that has been savaged is shortselling hedge funds. is that industry in crisis? >> absolutely not. the retail tradin

j.p. morgan bank of america issuing memos to staff that state they will not tolerate racism in this follows the shootings at the asian massage parlors in atlanta that have left eight people dead. the statement from jamie dimon said that on streets, online and in many asian small businesses were seeing physical assault, verbal harassment and refusal of services. he went on to write these acts cannot and will not be tolerated. bank of america had a similar statement saying they will not tolerate racism in any form and they will remain committed to a more equitable future by taking action to address critical issues. these were memos to staff that bloomberg has had access to. at least eight people have been injured in atlanta. six of them asian women. this is part of a growing sequence of violent events that have taken place in the u.s. that have concerned many groups including stop aap i hate, a group that tracks asian violence all the way up to the white house. they have received almost 3800 report

i know there are folks like j.p. morganrget on this the move higher in energy prices is very good for their power and renewables businesses. it's a complicated story but if you look at the chart, the five-year chart tells you that this is a company that from 2016 to the bottom of 2018, somewhere around 1250 is where you see this thing around 12.50, it's a major level the stock is now, if you look recently, has traded through actually word in two and a half year highs on it i think it's also a catalyst based upon where it's come, its bottom and the restructure is happening and off she goes. >> karen has a question for you, tim. karen? >> yeah. good pitch, timmy. so this is a little bit of a hard ball where should it go, then what are you looking for in this stock? >> well, we have to be somewhat realistic here but if it trades with industry pier peers around $15 even dpa the overshoot comes with the you think the energy company, their powers and renewables business is another 35% we're seeing the move back into wind turbines

in terms of what he sees going forward in terms of the way j.p. morgannt, what did you pick up on? sonali: one thing is the amount of technology companies he mentioned. why is that significant? morgan stanley and goldman sachs have been known to be the silicon valley players and jamie dimon once it bad enough he goes there himself. he starts when they are small, he will be with them when when they grow up. that is for better or worse. he held onto wework for a long time and networking with other companies going public as well. alix: moving to the other wall street story is the senior exit at goldman. the latest was their lead lawyer. what is going on? is this normal? after bonus season you see this. is this normal? ed: -- sonali: it is a lot of high profile names. karen seymour is one of legal industry. in the general counsel of goldman sachs is one of the most high-ranking positions in corporate america. she has got the bank through a lot, especially in regards to getting past this one scandal. then movement over to the buy side, more competition, and p

j.p. morgan head of strategy is with us. you think about the turmoil we've seen in bonds market? hough do you link that $1.9 -- how do you link that $1.9 million? grace: the notion here is that the economic recovery is happening much faster than expected. and a large part of that is down to u.s. fiscal spending that we saw attend of last year as well as this $1.9 trillion package that's about to be signed into law. what this does is take u.s. fiscal spending from an anti-depenn prest -- anti-depressant. you're seeing upwards direction of travel. we've got a target of 1.75 to 2% until the end of this year. and it is feeding into the market's concerns around inflation expectation. now, we think that when -- we're not overtly concerned when it comes to inflation expectation over the next 12 or 24 months. and that's because when you look back historically at key drivers of inflation, there are key factor that are really are critical. and that's the labor market. and secondly, that's the housing market. and not the house purchase

that stock, however, down about 45% from its highs in early february j.p. morgandowngrading prudential to neutral from overweight so the target is $91 a share it reflects the firm's concerns about a mixed business outlook and also prudential's m and a strategy it does, however, scott believe that the company's above-average dividend is more than a safe bet. the stock is up about 1.25% and take a look at shares of alcoa goldman upgrading alcoa to buy from sell and those shares are on a tear up more than 10% target goes to $32 a share to 19 analysts see the higher aluminum prices leading to improved free cash flow. this is a stock the analyst community really likes no sell ratings here and the stock hitting a fresh, 52-week high as again, it is up almost 11%, scott. >> rahel, thank you. pete, let's talk to you because you're all over this alcoa calls. you have those >> i do, scott i had two sets of different calls, but i sold one out and i still continue to own the other and we had monstrous buying in there as well as unusual i'll tell you what, it all make sense an

romaine: j.p. morgan, bank of america, a lot of those health care stocks as well.r more, let's welcome katie, what is it about yesterday, we had this little pause and we have gone right back to old ways with the selling and the tech? katie: it was pretty dramatic, as someone said on twitter, it's think again thursday. romaine: are we quoting people on twitter? katie: i'm always quoting people on twitter. joe: i'm going to tweet something right now. katie: it's pretty fun. it feels like the mood music changed overnight. some news from the bank of japan and they're 10-year trading ban. this boils down to people rethinking what we actually got from the fed yesterday. i'm going to venture there were two wild cards, we had the dot plot and two more officials versus december roll forward the rate hike expectations to 2023. there is a concern that that view could catch on and we'll see more start to move, but there was also this idea of prints versus forecast, the fed is going, the way to actually see the data get to their certain targets to move versus their own expectat

reporter: goldman sachs and j.p. morgan have been selected as the joint global coordinators.eliveroo plans to offer riders rewards aced on the number of orders delivered. the company has revealed that in 2020, he recorded a loss of nearly 261 euros, substantially less than 2019, with a loss of 370 million. it is backed by a number of investors, including amazon. on 2020, deliveroo warned it was on the verge of collapse. an investigation was launched into amazon's winery investment, stake without deliveroo said it would go under. it was provisionally cleared by authorities in april 2020. thanks to lockdown measures that drove demand for takeouts of -- take out, deliveroo's demand increase. millions of consumers across 12 countries make 6 million orders reportedly every month. >> that was mary a reporting. anchor: thank you, great to see you. time for focus. allegations of rape and sexual harassment and higher education in france. one place in particular caught headlines because it is one of the country's most elite schools. female students have been flooding social media with

current fed board members, joining the roundtables another woman on this list global research at j.p. morganons, thank you for coming on the show even as barron's recognizing the increasing women in your industry you're about to release a port on the polar covid-19 has taken on female workers around the globe, can you share some of findings for us. >> this is historic in nature the toll that covid has taken on women's employment that's because so many worked in that service sector and bear the responsibility for child care. we have seen female labor force participation fall to a 33 year low. we have seen 2.3 million women have left the labor force compared to about 1.8 million men. it is historic in nature after gains that have been occurring before the pandemic. jack: that is a staggering set of statistics one thing that caught my eye we've seen a decline in u.s., and europe the labor force participation for women is rising, what is going on there? >> europe did not get hit with a unemployment rate that the u.s. was hit with at the start of the pandemic that's because there's so many subsid

the j.p. morgan chase bank may take a $2 million hit from the vaccine rollouts.nvestors are eyeing stimulus. the coronavirus origin report said they adequately analyze the possibility. china finalized plans to control the outcome of the home selection. this is the picture on wall street, banks bouncing back from the fallout, but 10 year yields leading a 14 month high. we are now seeing u.s. futures unchanged at the open market range. the upcoming announcement by biden for more spending on his infrastructure program. wti, open class panel talking about the oil surplus will be mostly gone in the four-plus meeting on thursday. it is the last rainy day of the quarter for asia as well. >> were set to rev up the last trading day of the month in china with a mixed session. the video shows three manufacturers confidence jumping to a mandated high. it allows an effect for students to see 50% of the earnings put into a dividend. the story is footing the yen at the bottom of the g10 heap. you could be able to play it by the end of the year depending on the pace of the globa

it's like with investment banks, where one-day goldman sachs and j.p. morgane competing and another instance where they are cooperating. we need to set up a framework that can accommodate those different kinds of relationships. steve: randy, we have had four years of the trump administration, you served, now we are at an inflection point. when it comes to these strategic questions, is the continuity between trump and biden? what is going to continue, what needs to be changed? >> i do think you'll see a lot more continuity than people might otherwise expect. one of the reasons is, i think the trump administration was actually representing continuity in a lot of ways, particular in my portfolio on the military and security side. president trump was certainly different, unorthodox, unconventional, whatever your term of art. and anyways, the free and open indo pacific policy at the department of defense was set on its course and trajectory in the obama administration, with the pivot of rebound to asia. i think our policies are being driven by china's growth, its b

multiples actually being extraordinary low so this firms like morgan stanley and goldman sachs and j.p. morgan whose p. e. ratios are some about $10.13 which is a fraction of what we see for some of the tech stocks and bear in mind if you look at what's happening with interest rates that is actually quite been. fishel the banks so what we've seen is the long term interest rates creaking upwards and the short term interest remaining very low and you can think of the banking business in very simplified terms as being borrowing short term lending out long term so the difference between long term and short term interest rates is actually very very good for banks and it's not increases so if we continue to see sort of the long term interest rates the 10 year the 20 the service year go up while short term interest rates remain very low we will see the net interest margin of these banks increase quite significantly so i think that's a sector to look at and look at carefully is have a look at that it's always funny that the warren buffett talking about bargain hunting that's for sure now it looks like

intended hedge their bets and they had to transfer assets to the european union and stop such as j.p. morgan and goldman sachs millions in assets and thousands in stock but who knows what the future will bring in terms of those people being repatriated because a few things number one any sort of regulator any sort of agreement and regulation like this is obviously positive i would actually quote mr rogers he's the current strategist at norm or international as he said this is positive for sure the pound is op it's up point 6 percent to $138.00 and i would say that regulation like this or at least a memorandum of understanding there's going to be something is positive what do they actually hope to accomplish with this memorandum of understanding i mean you kind of said that maybe it doesn't open the door for those london based financial firms to actually go back to business as usual with the e.u. correct we are totally correct i don't think i'll ever be business as it was before meaning the previous usual a few things on vova that is a financial services consultancy firm back in january only

you cannot expect, even a large company to target a walmart, to the bank, j.p. morgan to defend against the russians, the chinese. if they cannot do it, how do you expect a small or medium-size company or an individual at kathy to do it? i worked for chairman mike rogers, we created a lot of permitted sharing of intelligence under the collaboration of the government. we need to incentivize companies and the government to do that. we need to give more authority to the government to do its job and deter the russians, the chinese front engaging in this behavior. host: in florida, this is frank. caller: hi, my name is frank. i am a democrat. it depends on who you have allegiance to. i went to west point. i understand that it depends on how big you are. this is -- this intellectual property theft has been going on many ways in many countries by many people. russia has many groups, so does america. so does iran. sardis china. -- so does china. the others get stuck in the middle. there is a power struggle with the democratic party as well as the republican party. it will cont

the j.p. morgan chase bank may take a $2 million hit from the vaccine rollouts.

the j.p. morgan chase chairman and ceo joins us for an exclusive conversation from j.p. high yield and leverage finance conference. that is monday afternoon in new york, and if you are in the asia pac region, it is tuesday. plus, we have a lineup of special interviews from the bloomberg's citylab global city summit, including u.s. vice president kamala harris, mary daly, covid response task force -- and lori lightfoot. plenty ahead. rishaad: right. the hang seng on a tear. this is bloomberg. ♪ ♪ hanslinda: it is almost 11:00 a.m. in singapore and shanghai. i'm haslinda amin. rishaad: i'm rishaad salamat in hong kong. china's recovery slowing as businesses closed for lou e year and virus curbs hit, a survey confirming the figures. hanslinda: global bonds rebound. a sign banks will do more to keep banks and check -- yields and check. aussie tenure sovereigns jumping more for the first time in a year. rishaad: dozens of activists fate core -- based court on charges of subversion. united states says it stands with the people and freedom of speech is not a crime. hanslinda: a

a little bit in between it's kind of like with investment banks where one day goldman sachs and j.p. morgan might be competing in another instance they might be cooperating on a project so we need to set up a framework that can accommodate those different kinds of relationships randy you know we've had 4 years of the trumpet ministration you served in the trumpet ministration now we're in the inflection point politically but when it comes to these strategic questions is there continuity between trump and biden what what is going to continue what needs to be changed as you see it i do think we'll see a lot more continuity than people might otherwise expect and one of the reasons is because i i think the top administration actually was representing continuity in a lot of ways particularly my portfolio on the military and security side president trump was certainly different than orthodox on conventional whatever your term of art is but in many ways the free and open and opus of it policy at the department of finance was really set on its course and trajectory in the obama administration with

rishaad: elaine wu therefrom j.p. morgan.g up, the gridlock continues around ongoing efforts to dislodge a huge container ship that locking passage in both directions. the latest on that coming up. this is bloomberg. ♪ rishaad: traders of all types continuing to monitor the efforts to release a massive ship. 180 others are gridlocked in other directions. experts say the best chance of freeing the ship may not come until sunday are even monday. have they got a plan here to remove this ship from a canal which supports something like 12% of global trade? >> that's right, the suez canal is one of the busiest waterways in the world. you are right, it's about 12% of global trade. what i'm hearing so far is there trying to use tugs to try to pull it away from the sandy banks. they were requested by the authorities to provide some of its units. it doesn't seem to have been successful. the boat is just huge. the next plan is to wait for the salvage companies sent by the ship owner. haslinda: we are talking about a 20,000 ton ship here