j.p. morgan, there's a deposit cap. unless euro to make the next j.p. morgan chase is a crisis -- unless you are going to meet the next j.p. morgan chase, is a crisis like this very public. or do they go about it would as of this rescue of the biggest banks. ed: things to you both. coming up, more on the banking crisis impact, particularly on tech investment venture. caroline: we have got to think about the funding that has been drawn out. just check out the shares slamming today. it said it will halt operations while attempting to get more funding. a part of its value being eroded on the day. -- a third of its value being eroded on the day. this is bloomberg. - [mo] if you're thinking about going back to school, this is for you. ♪ - i ended up spending less money my entire time at snhu than i did in just one year at my other university. - [juan] my time at snhu has given me more confidence. now i can go for that promotion. - if you're ready to go back to school... you can do it. southern new hampshire university has changed my life. and it can change yours too. ♪ -

j.p. morgan chase citibank america wells fargo and others yesterday.t followed janet yellen testimony on capital hill. here is what she told lawmakers. [video clip] >> with the depos in every community bank in oklahoma, regardless of their size be lly insured now? are they fully recovered, every mentee bank in a oklahoma get the same treatment that svb just got or siature bank? >> theank only gets out eatment if the majority of the fbseaboard, -- fdic board, super majority of th fed, and i in consultation with the president determines the failure torotect uninsured deposors would create systemic risk and significant economic and financial consequences. >> what is your plan to keep large depositors from moving their funds out of community banks into the big banks? we have seen the emergence of banks over the past decade. i'm concerned you're about to celebrate that by encouraging anyone who is a large depositing counity bank to say were not going to make you whole, but if you go to our preferred banks, we will make you whole. >> we are not encouraging.

j.p. morgan chase. knew on friday with the bank failing there were 50,000 people that we needed to make sure got paid whose companies had already sent us money so we actually took about $130 million of our own capital and sent it out the door to make sure everybody got their paycheck friday and moved heaven and earth to do that. ed: katie ruth texted me and has been writing about your situation. given now the spv situation is more resolved, what will you do with that $500 million? parker: we raised the money to make sure we would be able, even if the fbi see did nothing, we would be able to backstop our client funds. as it turns out, depositors were protected so we now, ripley, is incredibly well-capitalized. we have almost $1 million on the balance sheet. ed: what would you have done if the deposits were not insured? parker: we wanted to make sure any company that sent us money we were going to get their employees paid. that was why we wanted to make sure we had this as a backup plan to a backup plan t

j.p. morgan chase and bank of america, amongst others, were working on a rescue plan for the california banksiness correspondent joins me now from new york. why are other lenders coming to first republic's aid? what's in it for them? >> they are trying to shore up confidence in the american banking system. the collapse of those two u.s. banks have really spooked investors and consumers that are left wondering if those banks collapse, which ones could possibly be next. a lot of investors were thinking it could be a regional bank like first republic. in the recent days we saw that the shares for first republic was cut in half and you saw the depositors took out early in's dollars from the bank. and that had everyone very spooked about that contagion idea, that ripple effect. so, a consortium of 11 banks have stepped in and said, here's $30 billion of uninsured loans going to the first republic. david: given the assurances officials have been giving about the states, the banking situations around the world, it's all very well, but having the measures that have been taken in recent days simply d

j.p. morgan chase is a great defensive play.nario number three, fed hikes like a fledgling hawk, but talks like a little dove. >> like a dove, right, in other words, where he hikes and sort of makes it clear this could be close to a terminal rate, which is probably the most likely scenario. i think that, of course, yes, it's very positive for all tech. tech is obviously starved. every time interest rates go up, tech goes down because of valuation. nvidia to me is a very interesting story on tech. it's sky high valuation, if he does pretty much bring the rates to a terminal rate, that means valuation concerns are going to come down. as you guys reported. they are really in the forefront of ai. the negative story in nvidia is there's other people getting into the ai space. i think people utterly underestimate the first mover advantage. if we all believe that ai could be an iphone moment, then you have to better nvidia going forward. >> that's what the ceo said just a few minutes ago. you probably heard. boris great to see you, my

j.p. morgan chase increases, diversifies and further strengthens the existing liquidity profile. despite the failures of silicon valley bank and signature bank with concerns from more than a dozen other banks, experts still foresee a healthy future for most. >> i think that it will settle down. i believe the financial institution overall is very sound with guard rails in place. much better capitalized compared to 2008. it is not a huge systemic problem barring not everybody wants to get their money out. >> first republic is the 14th largest bank in the u.s. with $213 billion in assets. from cupertino, nbc bay area news. >> plenty of banks are taking major hits as confidence falls, charles schwab is assuring investors it has plenty of funds. the stock price fell by 11% and even stopped trading at one point because the market was so volatile. the silicon valley bank takeover is extraordinary because customer money is being rescued beyond what was insured. we asked our consumer investigator to find out why and if taxpayers are at risk. >> we are not on the hook. the government and t

morgan chase by the fdic. the fdic did take over but instead of managing the process, they just sold the bank to j.p. morgan chase which has really wanted to buy that bank back in the last big failure of washington mutual which also happened here. kristen: are there other banks that may be similarly in danger? >> that is when you start the process that is sort of contagion in the sense that people panic because they are not sure about anything anymore. when that starts happening, we just don't know very much about what other skeletons in the closet of which banks. back in the great depression there were a lot of bank closures. since then we have a federal reserve which is supposed to help everybody with a liquidity problem. we have a federal insurance corporation, the fdic which is there for the insured deposits. if the government guarantees more, then it would. but it is a situation in which everyone start getting nervous. kristen: professor, i would like to get into the needed reforms but we need time on another day. thank you so much. really appreciate. it we want to give you a live look at the 7 o

j.p. morgan chase is spearheading a rescue plan for the bank attempting to raise new capital while a takeoveray also be in the works. the fallout from ubs's emergency acquisition of credit suisse into news. the swiss government granted ubs a guarantee of 9 billion swiss francs, about the same in euros to assume potential losses in the central bank is providing a liquidity guarantee of up to 100 billion swiss francs shared that is a lot of public money. thousands of people could lose their jobs following the state backed takeover with unions demanding a rescue package. >> the most obvious thing is there should not be any bonuses for the management and top management for these companies paired that should be common -- for these companies paired that you become indecency. we also need to ensure a social plan and a good follow-up for people who will be impacted by job losses. this is what we are asking for today. >> gold has been trading at record highs in some currencies this week. in the u.s. it hit more than $2000 an ounce. this tuesday it has dipped back down. analysts think of the upward tre

j.p. morgan chase and citigroup and only have $250,000 in this particular bank account.e, i mean most people don't have more than $250,000 in one bank so you're insured. but for others, there are these uninsured limits. >> the concern here, i was talking to patrick mchenry yesterday, the concern is that this hurts mid-sized banks. people are going to bigger banks because they feel like they have more stability. so this solves the immediate issue. what does it mean overall for the mid-sized and smaller banks? >> you want community banks. i think that's one of the important parts of this first republic event. the big banks know that too. they know that it's good to have different size banks all around. you want to have community banksst yobanks and you want them to be healthy. that's why the rollback of dodd frank, you had democrats and republicans that wanted to make sure there were not such st stringent rules. i think the jury is still out about whether rolling the regulations back allowed this to happen. it might be one of the factors. but for the most part, this is a b

j.p. morgan chase could be advising embattled lender first republic on possible options. the dow jumping 380 points while the s&p 500 gained about 1%, and the nasdaq right in for the fifth time. we get data on existing home sales, and earnings from nike, plus the federal reserve begins a two-day meeting and is widely expected to hike interest rates by a smaller amount when the decision is announced tomorrow. netflix is leaning harder into gaming with plans to release dozens of titles this year. the company will launch about 40 more video games in addition to 70 in development with partners and 16 being developed in house. netflix has already released more than 50 games since launching its first mobile games at the end of 2021. currently those games are free for netflix for subscribers on ios and android apps. general motors is asking california for permission to test vehicles across the entire state. cruise is running a robo taxi service in san francisco. cruise is also testing self-driving electric vehicles in austin, texas, and parts of phoenix. marcus and laura. >> bri

j.p. morgan chase, citibank, bank of america, and others also seeing declines ranging from 2% to 3% as investors worry whether or not these institutions can deal with rising interest rates and an unsettled economy. >> the scandals are a sign that management is not where it should be, but i think that is the first thing anyone looks at, to say, does this institution have good and it's meant? -- have good management? can we rely on it to take care of our money. if that cannot be a resounding yes, everyone will doubt it. reporter: it was not just financial stocks that suffered wednesday. the markets took a hit. the dow jones industrial average at one point down more than 2%. recovered slightly, but commodities also tickets. investors poured their money into government bonds, treasuries, which are seen as a safer investment, driving down yields on the bonds as well. the head of the securities and exchange commission did try to reassure investors by warning that any misconduct that threatens global markets would be investigated and prosecuted. laura: malawi has declared 14 days of morning after 225 p

j.p. morgan chase. a lot of it went to startups like mercury and brett.he conclusion that one draws from all of that is that the regulators and the government did not want even bigger banks. we say high up in the bloomberg story that this creates one of the top 15 u.s. banks. can you imagine what it would look like if j.p. morgan had come in, for example? and what the readthrough might be for first republic. it seems like we did not once we did not want a much bigger big bank, if that makes sense. jon: helpful context. ed, thanks so much. ed ludlow joining us as we continue to track the story. let's get some more insight on the state of the banking sector. bob, you heard some of what ed was saying there. what is your own take? bob: i should note today that my views are personal. i think it was a great deal for shareholders. obviously, the market liked it. what i would add is that the 20% discount on the loans gives shareholders a lot of confidence that they can deliver good quality assets. it was an asset deal instead of a share purchase deal, so they are

j.p. morgan chase or bust. >> thank you, chuck todd. you can watch meet the press every sunday at 8:00 in the morning on nbc bay area. >> thousands of customers in the bay area have been left in the dark for days now. this comes at the tail end of one of the worst weeks for outages in the history of the utility. so let's take a look at the numbers now. at noon yesterday, there were about 37,000 outages. pg & e has been able to slash most of the numbers overnight. by this morning, a little under 10,000 customers were still without power. right now, about 7,000 are still in the dark. but pg & e says everyone should have the power back on by tomorrow. >> we expect to turn the lights back on for many customers throughout the day today. we complete repairs. and in some cases where the damage is extensive, we do expect power to be restored by tomorrow. >> the windstorm had a big impact on all of the outages. it knocked down the power lines. nearly half a million customers lost power at some point during that day. pg & e says that was worst si

j.p. morgan wealth plan, a new tool in the chase mobile® app.o set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management. leigh-ann: a look at that -- ritika: goldman sachs losing joe monsanto, a key player into the number one rank in equities for two straight years. his pay rivaled the 75 million dollars awarded to the goldman ceo, david solomon over a three-year period. he does not have another job lined up. formula one racing season began over the weekend. a defensive back to back titles by winning the race. formula one has become a sensation in the u.s., in part due to the netflix series drive to survive. we spoke with the principal. >> it has introduced formula one into a younger audience and -- an american audience. out of the 25 new partners we have introduced in the last three years, 21 of them are u.s. based. it is on fire at the moment.

j.p. morgan chase, bank of america and their peers.ve to ask permission to give dividends to shareholders and now many shareholders are playing it safe for diversifying where they put their money. caroline: that is how it started. how is it going? the busiest man over the weekend and the key concern has to be the fact that share prices are still down. i would say the fundamental question is one of sentiment. they moved to reassure depositaries. they lined up this new liquidity facility and easier and less expensive to borrow from the discount in. but it is still unclear whether or not that has managed to calm people down. it has not managed to calm down investors. ed: we find ourselves in a situation where there are more questions than answers. is there a buyer for svb? the response is pretty dramatic even though they were so vocal about the strength of the liquidity position. why is there so much angst out there about reaction alone? >> fed policy is still in place. even with these countermeasures, people are still worried that this p

j.p. morgan chase. did not do enough to quell some investor concerns and western lines also down.the regional banks. tom: aggressive moves into bonds continues. the u.s. two-year in the space of 40 days, yields have moved down by 70 basis points just in three days. looking at the u.s. two-year. moving about 22 basis points. slightly more muted. gilts as well seeing aggressive money moves into u.k. data. 3.50 on the 10 year. francine: this is bloomberg. ♪ i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. >> this will bring confidence back to the markets but from the fed point of view there are additional dangers. >> now there is a

j.p. morgan chase they will go for half a percent but offer three or four to stay here. if you can offer me half year they can offer me half there. i might as well just move. the problem is that kills the bank profitability. francine: treasury has effectively secured all deposits at banks. >> the overall message has been treasury has offered liquidity to the banks but all it means is if you want to leave the bank has a facility to get the money for you to leave. they haven't told -- we are going to talk to nonfinancial people. we haven't told you your deposit -- we told you if you want to leave your bank won't close. that's not a comfortable guarantee. the only guaranteed all the deposits at signature and silicon valley bank but they haven't said everybody's deposit is guaranteed everywhere. francine: should they do that? if you look at moral hazard this is it. >> they did that in 2008. the fbi see through their thaad program did guarantee everything and every bank for one year. we have precedent for it but if you wanted to stop the run because if you wanted people to st

j.p. morgan chase ceo jamie dimon, speaking to the other british ed.ore about microsoft's generative ai strategy to take on the likes of oracle and salesforce. they plan to build a copilot i can answer customer calls, summarize sales meetings and build monitoring -- marketing pages. rachel is here to explain. this is her first day at bloomberg, longtime artificial intelligence reporter. while it is new to us it is not new to rachel. let's start with the basics. what is microsoft talking about? guest: wanting to use ai to reduce ai to do a -- ai to do a whole range of tasks. talking to customers, email based campaigns, releasing in a preview based version and a number of companies will be trying it out. ed: this is called dynamics 365 copilot, why do the tools have such ridiculous names? fdic -- guest: i wish i'd new -- knew. ed: like google's bard or mentor going with lama. it is an acronym. it raises a point, for a few weeks we've had a lot of folks on the show interested in generative ai, some of them are quickly pointing to the enterprise applicatio

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j.p. morgan chase yanking that deal. so it does feel like, according to alliancebernstein, the primary loan market feels like a scooby-doo ghost town, recently deserted and a bit haunted. sheri: look at the risk spreading. it's not surprising as we have been speaking to saudi, we do continue to hear from officials. they might intervene and protect bank depositors as smaller lenders are threatened. take a listen to what secretary yellen had to say. janet: our intervention is necessary to protect the broader u.s. banking system. and similar actions could be warranted if smaller institutions suffered deposit runs that posed the risk of contagion. shery: she wants to preserve regional and community banks. she did not address the issue of protecting all depositors, but that something the markets are watching closely because that would shore up confidence. the s&p 500 above the 4000 level as the surge in bank stocks fuel the wider rebound. this sends wall street's volatility rage tumbling. let's get more from emily. really the

j.p. morgan chase up 2.8%. cooler heads prevailing around banks. we also have the benefit of yields. the day are surging over the last two days. the two year yield up 30 basis points. let's put that into the context in the bloomberg terminal chart. the two year yield floating between 4% and 5% for the better half of the last year. then during jay powell's testimony to congress going above 5%. then plummeting below 4%. the rsi coming off the bottom suggesting that we may see the two year yield go back toward levels it had been ahead of the collapse of silicon valley bank. never a dull moment, never a dull chart. guy: you would have thought the two-year would be more level, but nothing of the sort over the last few days. what are we watching for the rest of the day? we still have earnings. nike, gamestop. both reporting. tomorrow is about the fed which i'm really looking forward to. alix: it feels after the last couple of weeks that today doesn't feel real. we are digesting a lot of news over the last couple of weeks and out the news flow has halted them we have the fed tomorrow. it fe

j.p. morgan chase.ank issued a statement saying it is continuing to fully serve the needs of our clients. kristen: meta layoffs, cutting a total of 11,000 jobs. the first wave is next week. by that you need, it will be about the same as the 13% cut to its workforce last year. julian: preparing for another battering when it comes to rain. kristen: the wind too. spencer: batteringth is what we at howit will be rolling in at d midnight tonight. things are relatively quiet except the wind is gusty. gusts from 20 to 30 miles an hour generally. we have had quite a warm up since this time yesterday. we are a five to 10 degree warm up in the last 24 hours. here's the view looking out over san francisco under increasingly cloudy skies. mid to upper 60's in palo alto. 50 seven half moon bay. as we look toward mount diablo we have mid to upper 60's in fairfield, concord and livermore. the view from emeryville for the golden gate, clouds stacking up at various levels of the atmosphere. a strong level 3 storm arrive

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j.p. morgan chase down 5%, 6% for citigroup.learly nervousness about the systemen it -- >> on any other day inflation would be the big story. cooling off much more than expected, 4.6% year over year in february. as you can see on this chart, really moving in the right direction. it's a sharp decline, almost 12% this time last year. this is certainly going in the right direction. good news for consumers there. retail sales, now consumers they pulled back on spending in february. but this comes after a big gain in january. some of this is just a giveback. where are people spending money? year over year, big nicking, food and drinks at restaurants, autos, but they are pulling back on electronics, gas stations, also auto dealers. the question is, what is the fed reserve going to do at next week's meeting. no one really knows what the fed is going to do. at last look we had basically a 50-50 split. they told things steady, which is ha big changes, and 50%, 55% saying a quarter of a point money, it's very interesting that exactly a we

j.p. morgan chase, goldman sachs, and barclays are among the forums talking to private debt funds by facilitatingondary market transactions -- . petrochina's annual net income down to 62% to $21.6 billion. earnings doubled to $20.5 billion. the two producers forecasted a rebound in domestic economy can help cushion the impact of slower global growth and the aim to lift output in 2023. haidi: let us take a look at the day ahead for australia. they job vacancy data is due out in a couple of hours time that follows a decline of 4.9%. jim chambers is set to meet with financial regulators monitoring the financial banking situation. this is a story that is doing the rounds, unions are pushing for the largest minimum wage rise in decades. inflation fears, we will be watching that given the expectations that are firming up for an april rba meeting pause come next week. take a look at asian markets, most asian equities are firmly in the green. u.s. stocks are advancing risk appetite and returning and continuing to recover especially as we continue to see this bullish rotation from. value back into growth.

j.p. morgan chases, the wells fargos, the banks of america that the government has major concerns about. >k, i think the biden administration was afraid there would be a wider contagion, that people would see 1's depositor lose their uninsured money and other people would start pulling their money out of the banks. to my mind, what is insane about the situation is this bank had more that 90% of the deposits were uninsured, which is insane because fdic insurance is a kind of well-known thing, $250,000 limit, and there are ways to do all sorts of financial management, risk management where you can have a lot of money in a bank but not 90% of your money, whether you're a business or anything else, is not insured. the failure of risk management practices on many of these depositors -- again, 90% of the deposits being uninsured -- really shows i think a cavalier attitude by some of these depositors who must -- simply presumed they would have the political power and wherewithal to get the government in a crisis come to the government would swoop in and ensure those uninsured deposits. as we repo

j.p. morgan chase, is a deal like this worth it?e the rank or the customers and are all of the assets attractive? it took a week before the silicon valley bank, svb financial group filed for bankruptcy. they tried really hard to find buyers. not all of these assets were attractive to the market and that is why we find ourselves here. alix: you said guy asked the greatest question. i don't know about this anymore. come on, now. that brings us to the question of the day. let's talk about what etf investors are doing. do you buy the dip or sell the rip? it feels like trillions of dollars of assets are being reshuffled right now. what are the flows telling you? >> let's go straight to spy. it is the world's biggest etf. investors added 7.3 billion dollars into this fund. that is the largest one-day inflow since november of 2020 when we had the initial covid vaccine announcement. people are clearly buying the dip in some sense. then you look at what is going on with money market funds. seeing a huge influx, the largest since april of 202

j.p. morgan chase that are going to get a whole lot of business. >> they already have. >> that's why they'reed banked to do business, and ultimately that kind of concentration will lead to higher fees, worse deals. i think it's amazing, look at the front of the journal today. would you ever have imagined a bank like first republic would be in this position right now? >> there was always a situation until the united states where we'd have hundreds or even thousands of banks and then you look at european countries, countries like germany, and there would be like seven banks. we're moving more toward that european model. now to see that they can have problems in a place like switzerland tells you that the crisis can creep into, this is the problem with having your eggs in a few baskets. what if you drop that basket? that's a question for economists and business leaders to figure out. if we shift more toward that european model where there are a handful of systemically important banks that have an overwhelming amount of the business in this country, yes, the government is in effect, a partner be

j.p. morgan, chase, wells fargo. and that is the regional banks are witnessing this. limping along because of this, what you tell them? >> i say so what are you cannot force people to put money in a bank even after you prop it up after that they lose confidence in it. let's take first republic where there's not a chance in the large businesses ever going to put in a counter going forward, white risk at all? why? what is the point. it has already been stressed. the brand is trashed when you have an example of this for 20 years credit suisse has been a zombie bank because you cannot convince people to put their money there for whatever reason it is. once a banks brand has lost confidence with the consumer base it is over. so, first republic it is over it is a zombie bank. you can prop it up day after day. you can keep saying nice things about it but you can't force the horse to drink the tainted water. that is what we going to find out about this. we talk about first republic in six months going to zero, we wasted a lot of money during that period and it is going to hap

j.p. morgan chase and of course the bank of america. this is not that, you say?t she's -- she was head of the fed and head of the treasury. you know, bernanke got a nobel prize for being the fed chairman. these guys are the ones that caused the problem. they want to bail us out. you know, my final words, it's not what they're doing, it's what you're going to do. that's my concern. >> neil: you recommend people put their money in commodities, metals. you've been big on silver and gold. explain why they're good bets in this environment. god and silver are but by god. they're god's money. people don't like bitcoin but bitcoin is people's money. it's centralized. that's why i like it. the fed and the treasury and these guys are centralizes, which is marxist. a centralized bank. i'm asking people, it's not what they're doing, what are you going to do. that's my biggest concern. >> neil: so this is a haven for you? this is something that is beyond central banks' control? >> correct. they caused the problem. they're the arson. they're trying to fix it right now. i'd rat

j.p. morgan chase got a lot of customers. could that lead to a route in the banks, maybe not to the degree you dealt with in the 80s but what do you see happening? >> neil, it's interesting when you talk about that period back then. there's a really quite a similarity. i was appointed to the fdic in 1978. volcker was appointed to the fed in 1979. in 1979, the largest bank in pennsylvania be, the oldest national bank in the nation, charter number 1, first pennsylvania was the bank and it started making big bets on treasury securities. it loaded up on them because they figured that that was a safe haven. nothing could go wrong. they were very wrong. and volcker came in and started raising rates. he took the prime rate, 8% when he came in and take it up to 21.5%. >> neil: i remember that. there's a fed meeting next week -- bill, i didn't mean to jump on you. a lot of people say the fed pauses or should pause. i could see that cutting both ways. it would show alarm if they didn't do anything in the markets because people might th

j.p. morgan chase you're fine. everybody else you got to be worried. do you think those banks are a part of the problem and should be broken up? >> those biggest banks because of dodd-frank do us a know have more stringent capital holding requirements, but to be clear, any bank can get into trouble if enough things go wrong in the right way. i don't think depositors should be moving their money into those four banks thinking they're necessarily safer. i think there are a lot of credit unions and small community banks that simply do what these -- what silicon valley bank wasn't willing to do, which is the smaller banks, credit unions focus on finance fundamentals, on remembering thing like interest rates go up and down rather on that night bottom line and being pressured by shareholders. so i don't necessarily think the solution is to move your money to those four or any other place, but i will say, the bigger a bank gets the, more systemic effect it has. i think what happened is we were so focused on the too big to fail that i think a lot of us were sa

j.p. morgan chase has a great analysis on that, but the regulators should be making more information transparent that point i completely agree with you the supervisors should be making the camel's ratings transparent to provide more information to people, not less, and i think another question we have to ask is what was the relationship between silicon valley bank's capital arm part of this financial holding company and the bank customers that they had? what were the other incentives and other things tying people to this bank beyond just the relationship -- >> oh, sure. we've heard quite a lot about that, raghu, what were you going to say >> i was going to say that we sort of knew these risks were building steve, you were at jackson hole where we presented a paper showing the extent of reliant on wholesale deposits was increasing the system and there was too little liquidity when the fed started tightening so at the very least you'd pay more attention to the issues of the liquidity mismatch of having invested in long term bonds. >> agreed. >> i've actually run the supervisory structure for a ban

j.p. morgan chase.did set off concern not just about the banking sector, but about how banking firms behaved in silicon valley and that sent stocks tumbling. the biden administration tried to remain calm about all of this on friday. >> when banks experience financial losses, it is and should be a matter of concern. >> with the reforms of the global financial crisis of 2007 and 2008 we put in regulations to provide for the banking system. >> joining me is sheila baer which had to take control of silicon val owe friday, and steve liesman. steve, let me start with you. what will happen tomorrow morning? >> we are waiting to see what the federal reserve says. do they do anything? do they calm the market through a statement or programs? we don't know if that's the case at this point. it's a big, big question tomorrow morning, chuck, two things. one is does the fdic announce how much deposits will get and the number could be critical as to the kind of confidence that would permeate through the market and if t

j.p. morgan chase.he big plunge in the stock on wednesday, to a decade low, giving it a market value of 5.8%. all of this coming on the back of the big route 2 we saw in european and u.s. banking stocks after quoted swiss plunged. we saw -- after credit suisse plunged. we're now hearing that first republic bank weighing options including a potential sale. shery: we are also getting breaking news out of japan. exports a 6.5% for the month of february -- jumping 6.5% for the month of february. it is still a big jump from the previous month. imports jumping 8.3%, below expectations. a much smaller jump than the previous month. still, the trade deficit has narrowed, as expected, and by much more than expected. we are talking -- talking about the trade deficit coming in at ¥89.7 billion. the previous month, the trade deficit had topped ¥3 trillion. that was because we had seen chip making equipment exports lagging. this time around of the trade deficit narrowed. exports from china seem to have rebounded. we

j.p. morgan chase or morgan stanley, bank of america.nvestors i've spoken with have said that they will probably advise a very diversified strategy which, here in financial news land, we talk about diversification too much. quite a lot. never too much. who knows? that seems to be the messagea that investors are given to their companies. david: it even when into the extreme of, do you divide your money? you make that the cut off and you make 10,000 accounts. our reporter on the latest. let's hear from a venture capital fund in terms of a player. joining us to talk us to the implications on the industry itself is melissa, managing partner at arbor ventures. pleasure to have you. i have to start off by asking, do you have any exposure, are any of your portfolios to this bank -- exposed to the bank? it has been the heart of silicon valley for a long time. >> only two of the companies out of 30 were thursday afternoon stock at svb. us at arbor were as well. our wires went in thursday, they were not sent out. today we were not access to access

j.p. morgan chase & co. hundreds of mortgage employees.s plans to at 8005 hundred jobs over the next 10 years as the travel industry slowly recovers from the pandemic. the roles include pilots, engineers, and airport staff. driven by investments in new aircraft and increased flying to meet long-term demand david: straight back to the chinese central banks ongoing briefing, they have already touched on quite a number of major issues here these last 50 minutes or so. for our clients, if you want to catch this, and i pbc go. live go, too. exchange rate in these last 10 minutes, global fx system is more diverse, the chinese currency and international status has risen in recent years, that they have a conscious effort that made it more flexible. in a lot of ways, a lot more mature currencies, they look to increase the usage. yvonne: make it a little more flexible as well. global -- we will continue to track these lines with the pboc. this is all that drumbeat into the npc. a lot hanging on sunday as well, what is going to happen? the growth tar

j.p. morgan chase, hundreds of mortgage employees.tas airways plans to add 8500 jobs as the travel industry slowly recovers from the pandemic. the roles include pilots, cabin crew and airport staff. the move is driven by investments in new aircraft and increased flying to meet long-term demand. bloomberg sources say blackstone has defaulted on a bond backed by a portfolio of offices and stores from finland. the default comes as property values drop in europe. broadcom is seeing brighter prospects ahead despite a slowdown in the chip sector. higher than analysts estimates. the company sees continued strength in infrastructure demand across all of its markets. they supplied chips to apple and amazon. coming up next, china is ramping up a push in the chip industry. details ahead. this is bloomberg. ♪ >> breaking out of japan. the jobless rate at 2.4%, which is slightly lower for the month of january than what was expected, also easing from the previous month. the jobless rate coming in slightly lower than economists expected. we were exp

j.p. morgan wealth plan, a new tool in the chase mobile® app.set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management. ♪ shery: this is daybreak asia. we are counting down to him asia's major market opens after wall street's rebound with the s&p 500 seen it best day since january the nasdaq 100 at a one month high. this after we saw regional lender first republic receive $30 billion of deposits from other lenders. the private and public sector working together to avert a contagion. haidi: central banks trying to work their way out of this also. we saw very decisive action from the ecb with 50 basis points. what does that mean going into next week for the fed? belle, i wonder whether equities will get much more of a boost given that these are guardrails. doesn't lend itself to more of a rally? annabelle: big question there. we have the open of ja

j.p. morgan chase, goldman sachs, and barclays are talking about facilitating secondary market transactions look at the currency space. we saw the dollar moving slightly today, strengthening against most currencies. investors digesting the latest remarks by fed officials and looking to core pce data thursday. were watching a call from bank of america that sees a risk of another fx liquidity crunch, this after all the bank turmoil. fx volatility is far from crisis levels after the collapse of svb bank, and even after the market emerged relatively unscathed from the latest banking issues, and implied volatility has jumped this month. you're looking at the trades in asian currencies. not a lot of movement, but the japanese yen at the moment it strengthening against the u.s. dollar. a little bit to that 132 level. coming up next, we dissect the visit by taiwan's president to the u.s. our guest joins us next. this is bloomberg. ♪ >> you are watching "daybreak: asia." i have a check on markets. 30 minutes from the open in tokyo. nikkei futures coming online in singapore. a pop at the open. we are

j.p. morgan chase, jamie dimon will be disposed over the ranks ties to the latest epstein. epstein was a jp morgan client for five years after he pleaded guilty for soliciting a minor for prostitution. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. >> this is a textbook case of bank mismanagement. the risk of the banks phase, interest rate risks and liquidity risks, they are quite vulnerable to risks, to shocks, they do not take the actions necessary to meet that. jonathan: day two on capitol hill is coming right up. some news just crossed into bloomberg moments ago. this comes from the extended finance chair. credit suisse is compliant to its 2014 the plea agreement with the u.s. department of justice. the committee goes on to say, investigation uncovered violations of the plea inquiry agreement including a conspiracy involving $1 million of secret offshore accounts of american taxpayers. tom: we made light of it coming out of the last block. there is nothing like a

j.p. morgan chase citibank america wells fargo and others yesterday.followed janet yellen testimony on capital hill. here is what she told lawmakers. [videolip] >> with the deposit in evy community bank in oklahoma, gardless of their size be fully insured now? are they fully recovered, every mentee bank in a oklahoma get the same treatment that svb just got or signature nk? >> the bank only gets about treatment if the majority of the fbi seaboa, -- fdic board, super majority of the fed, and i in consultation with the president determines theailure to protectninsured depositors would create systemic risk and siificant economic and financial consuences. >> what is your plan to keep large depositors from moving their funds out of community banks into the big banks? we have seen the emergence of banks over the past decade. i'm concerned you're about to celebrate that by encouraging anyone who is a large depositing community bank to say were not going to make you whole, but if you go to our preferred banks, we will make you whole. >> we are not encouraging.

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j.p. morgan wealth plan, a new tool in the chase mobile® app. ♪ could help put them within reach. ur first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management. i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. >> our message is one of resilience. while we have many reasons over the past number of years to appreciate the significance of short-term movements. our message regarding medium strength continues to be very clear and has been vindicated by the performance. guy: maria joins us now, we have seen christine lagarde she was breathing the leaders but i

j.p. morgan wealth plan, a new tool in the chase mobile® app.it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management. david: welcome back to the show. we are looking at evs in this part of the equity market. electric, some of these moves. we were having a conversation with the nio chief financial officer, and they said the losses, that is basically a 2020 story. "let's look ahead." yvonne: they sounded very confident with their sales target, talking about doubling it. we are up close to 8%. geely auto, another earnings story. good vibes spreading into the sector. you can see byd is up 4.5%. a broad-based rally when it comes to developers, energy. thanks even doing well, even tech. tencent is the next one to watch. david: we'll unpack what the tencent story and what the green shoots might be when they come out with the earnings story when

j.p. morgan wealth plan, a new tool in the chase mobile® app.e it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management. when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh >> we have increased the regulation of the banking system from then. request andrew bailey there on the sector turmoil. it is time for investors to learn a broader lesson from the recent bank stresses and avoid overleveraged companies. dana joins us now. explain to us what you mean by overleveraged companies and how will we know when investors are doing just that? >> thank you for having me. what i would say is this is a time to be looking for more standard quality measures. that means can accompany support itself on its own cash flows? recessions in general, we know that defensive sto

j.p. morgan wealth plan, a new tool in the chase mobile® app.it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management. caroline: we continue to watch the fallout of silicon valley bank's sudden collapse. we understand apollo, kkr, blackstone showing interest in svb's loan book. here to cover it is sonali basak. >> we have a loan book worth more than $70 billion. the question is will apollo, kkr blackstone start to bid on parts of it or all of it. more likely they will bill -- they will bid on parts of it. this is a loan book that has not lost a lot of money. there are a lot of questions about underpinning considering silicon valley bank was so aggressive. sometimes unprofitable companies. apollo, kkr, blackstone are credit experts. the idea if they take on these loan books, they take on these clients and they feel they can do a better job