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j.p. morgan city think the kinds of things that talking about are not small big. so i don't know that anybody with a straight face can say this is an answer to that question this is a. small banks in order to give big banks really great and necessary regulation thank you so much take care. in response to obama's one effort to clean up influence peddling in washington lobbyist simply deregistered became more secretive thousands of lobbyist said we're not even going to comply with the registration system and we're going to move into the shadows and continue to influence government but without disclosing what we're doing on paper there are something like 9000 or 10000 registered lobbyist but in reality that the number is closer 210-0000. on paper lobbyist spend about 3000000000 or so every year influencing the federal government but in reality that number is closer to 9 or 10000000000. who served in the bush administration now. and general company that received a lot of military contracts what do you how do you feel about this issue of senior military officials gover
j.p. morgan city think the kinds of things that talking about are not small big. so i don't know that anybody with a straight face can say this is an answer to that question this is a. small banks in order to give big banks really great and necessary regulation thank you so much take care. in response to obama's one effort to clean up influence peddling in washington lobbyist simply deregistered became more secretive thousands of lobbyist said we're not even going to comply with the...
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j.p. morgan goldman sachs a citi group and analytics analysts expect that it will be the worst quarter for banks at least since the financial crisis still banks actually were among the bigger winners in the friday's session and then the big thing will also be technology shares the nastar companies it. reached a new all time high on friday up for a good 4 percent for the week so we will see in the upcoming earnings season how companies like netflix and amazon and apple and so on and so forth so we'll be fairing but we will have to wait another swe weeks or so before we get the numbers the quarterly results of the big tech companies here in the united states or a quarter with the latest from new york thank you and let's take a brief look now at some of the other business stories making headlines the u.s. is imposing retaliatory tariffs on 1300000000 dollars worth of french goods and suspending them top american trade official robert light hisor says the move responds to france's digital tax which paris imposed this year and deferred after protests from washington attacks would primarily hits
j.p. morgan goldman sachs a citi group and analytics analysts expect that it will be the worst quarter for banks at least since the financial crisis still banks actually were among the bigger winners in the friday's session and then the big thing will also be technology shares the nastar companies it. reached a new all time high on friday up for a good 4 percent for the week so we will see in the upcoming earnings season how companies like netflix and amazon and apple and so on and so forth so...
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Jul 15, 2020
07/20
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j.p. morgan citi talk about raising levels of money going in reserve, so that they can raise the loan lossell you how would you characterize the earnings season so far second quarter are. >> obviously,erly the minus 45% of the consensus expecting too dire may be less bad than that i don't think the market carries a lot about second quarter earnings wants to know is third quarter better than second, by how much? more importantly what does next year look at. >> i think we've got to watch carefully how many companies come back to giving guidance, last quarter could you take a pass say i have no idea what is going on not giving any guidance. i think companies will be, higher expectations around that guidance, but to numbers so far, again, early, so far not so bad. maria: you are right larry kudlow said that it is going to be a 20%, second half see if numbers berthat out mitch roschelle what do you think jump in here. >> well i am curious, beyond the technology and health care names that are driving the market if someone wanted to get opportunistic today midpoint in the year, and speculate in a
j.p. morgan citi talk about raising levels of money going in reserve, so that they can raise the loan lossell you how would you characterize the earnings season so far second quarter are. >> obviously,erly the minus 45% of the consensus expecting too dire may be less bad than that i don't think the market carries a lot about second quarter earnings wants to know is third quarter better than second, by how much? more importantly what does next year look at. >> i think we've got to...
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Jul 16, 2020
07/20
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BLOOMBERG
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j.p. morgan and citi, really strong results in trading. likely to see continue with morgan stanley and bank of america. exposure tomore consumers publicly saw in prior results, consumers, credit card delinquencies were not as bad as we assumed. it is clear what the fed has done with stimulus supporting the market has been a big boon to these banks and their earnings. one of the more jarring things we heard came from the ceo, a consultancy firm saying the results for goldman were so good, almost indecent. after the results this quarter, it is likely the focus will turn to the fed saying what you did injecting trillions of dollars into the system seems to have just been benefiting investment banks. so what can we do for main street? you. thank we will keep an eye on the story. to replace theon next head of the wto at the most turbulent time in the organization's 25 year history. we speak next to one of the front runners. this is bloomberg. ♪ is bloomberg. ♪ welcome back. we are 20 minutes away from the european equity trading session. europea
j.p. morgan and citi, really strong results in trading. likely to see continue with morgan stanley and bank of america. exposure tomore consumers publicly saw in prior results, consumers, credit card delinquencies were not as bad as we assumed. it is clear what the fed has done with stimulus supporting the market has been a big boon to these banks and their earnings. one of the more jarring things we heard came from the ceo, a consultancy firm saying the results for goldman were so good, almost...
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j.p. morgan chase wells fargo citi group have set aside almost $30000000000.00 so they can cover loan payments that americans are in creasing lee able to make think about that people are not able to make loan payments on their credit card debt on their business loans on mortgages forbearance that are being delayed where they've gotten deals from their banks where they won't have to pay for 6 months in some places all year joining us now to talk about this jason hartman. jason is the founder and c.e.o. of platinum property investment network he's also a very prolific investor in his own right. i guess the takeaway here jason is that banks are looking like they're getting stingy with their money and about to become even more stingy down the line that their my reading this properly. well yes rick you know during the great recession everybody blamed the banks for being too liberal in their lending guidelines and giving out a bunch of liars loans and ninja loans meaning you know no income no job doesn't matter you know and so now the banks or are being more conservative there's no question about it
j.p. morgan chase wells fargo citi group have set aside almost $30000000000.00 so they can cover loan payments that americans are in creasing lee able to make think about that people are not able to make loan payments on their credit card debt on their business loans on mortgages forbearance that are being delayed where they've gotten deals from their banks where they won't have to pay for 6 months in some places all year joining us now to talk about this jason hartman. jason is the founder and...
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j.p. morgan chase wells fargo citi group have all set aside almost $30000000000.00 that they say is going to be there to try and cover loan payments that americans are increasingly unable to make those loans include credit card debt that americans are making business loans mortgages in forbearance that are sometimes being delayed in some cases up to a year that people are telling their banks look i'm not going to be able to pay my mortgage for at least 6 months in some cases a year depending on the bank depending on the terms joining us now to talk about this is jason hartman jason is the founder and c.e.o. of platinum properties investment that work he's also a very prolific investor in his own right. i guess the takeaway here jason is that banks are looking like they're getting stingy with their money and about to become even more stingy down the line is that my reading this properly. well yes rick you know during the great recession everybody blames the banks for being too liberal in their lending guidelines and giving out a bunch of liars loans the ninja loans meaning you know no inco
j.p. morgan chase wells fargo citi group have all set aside almost $30000000000.00 that they say is going to be there to try and cover loan payments that americans are increasingly unable to make those loans include credit card debt that americans are making business loans mortgages in forbearance that are sometimes being delayed in some cases up to a year that people are telling their banks look i'm not going to be able to pay my mortgage for at least 6 months in some cases a year depending on...
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Jul 14, 2020
07/20
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j.p. morgan was strong here's citi ceo mike corbett summing up the expectation for bank investors >> am i willing to get on the airliner am i willing to get on a subway? am i willing to go to a crowded venue to watch a sport event, a concert, whatever the case may be going into this third quarter, i just don't see that. i would say many don't see that coming until we feel like there is an antivirus vaccine that's available for the mass population around that i think one of the things that people struggle with today is the disconnect in some ways between where the market is in some ways and actually where we are in terms of this health pandemic >> j.p. morgan has been holding onto slight gains just by three basis points now citi you can see down 2.5% wells down 5%. john shrewsberry joins us on closing bell >> it's hard to parse the good news from the bad news, but on the loan provisions from the banks, you can say, yeah, they're prepared, but on the other hand i believe we had j.p. morgan's cfo saying they're socking that money away because they expect unemployment could be 10% in the firs
j.p. morgan was strong here's citi ceo mike corbett summing up the expectation for bank investors >> am i willing to get on the airliner am i willing to get on a subway? am i willing to go to a crowded venue to watch a sport event, a concert, whatever the case may be going into this third quarter, i just don't see that. i would say many don't see that coming until we feel like there is an antivirus vaccine that's available for the mass population around that i think one of the things that...
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Jul 13, 2020
07/20
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j.p. morgan, bank of america, wells fargo and citi, to a bit lesser extent.pecifica story or is this something you are watching the other banks, this is a precursor to a broader trend across the sector? stephen: no, wells has very much their own story at the moment. they have a lot of impediments in front of them in terms of -- particularly the fed asset cap at $2 trillion. that has really hurt them. the scandal, which is coming up on four years now. it has been 2.5 years since the asset cap has been on. they are going to cut their dividends tomorrow when we hear from earnings. they have already mentioned that. we don't know the extent to it but it will probably be 50%. they came up shy on the fed's dividend requirements over the past four orders. so, their inability to grow over the past 2.5 years in particular has really put them in a difficult position here. so, they are obviously running with the other banks in terms of the loan loss reserves and provisions they have to take with a weak lending business based on margin contraction and loan growth. but, al
j.p. morgan, bank of america, wells fargo and citi, to a bit lesser extent.pecifica story or is this something you are watching the other banks, this is a precursor to a broader trend across the sector? stephen: no, wells has very much their own story at the moment. they have a lot of impediments in front of them in terms of -- particularly the fed asset cap at $2 trillion. that has really hurt them. the scandal, which is coming up on four years now. it has been 2.5 years since the asset cap...
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Jul 15, 2020
07/20
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j.p. morgan reported a fantastic quarter and took the big loan loss provision so they didn't get much credit and that's why citi and wells got hammered, too. they have the same credit risk problem. wells fargo is problematic stocks went up today, probably over sold. citi group is in good shape. they have a terrific business called treasury and trade solutions, tts that helps clients sustain operations, manage supply chains and of tim mince capital. it's so large and lucrative it could be worth many billions of dollars. i'm sure someone would compare it to the 200 hundred billion-dollar paypal and citi is $108 billion company. it would be worth more if they were liquidated. that's right, they closed the doors they would be worth more given goldman sachs may not report another quarter this good for ages, i don't know what could get people to buy the stock other than a covid-19 none issue. i love to own a dry cleaner but these days they are tech companies behind the payment plummeting the one that came public yesterday. they're the ones with no inventory, not god mald man can't raise the dividend with enough i'm a
j.p. morgan reported a fantastic quarter and took the big loan loss provision so they didn't get much credit and that's why citi and wells got hammered, too. they have the same credit risk problem. wells fargo is problematic stocks went up today, probably over sold. citi group is in good shape. they have a terrific business called treasury and trade solutions, tts that helps clients sustain operations, manage supply chains and of tim mince capital. it's so large and lucrative it could be worth...
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j.p. morgan saw a 51 percent plunge in 2nd quarter profits it actually beat wall street's expectation though and profits were $4700000000.00 down from the $9700000000.00 just one year ago well citi group 2 reported better than expected earnings but they saw a dip of 2 percent in morning trading wells fargo reported a $2400000000.00 loss shares tumbled as much as 8 percent much worse than expected well to break down what this means for the sector and the future. of the adam ash trading group adam good to see you what do these j.p. morgan numbers really mean break it down for us. well on the positive side they're trading numbers were through the roof fixed income was up 99 percent so that's someone like me who call my financial advisor and said buy a bomb right that's that's what people are doing when it was up 30 percent for i put it treating people are buying stocks you're the very market so that's good for them on the other side people are hurting unemployment soon to go up and they said that the news that they expect. it will be very uncertain for the near future and i think in terms of that will be the theme for anything financial you know it's all going to be coronavirus rel
j.p. morgan saw a 51 percent plunge in 2nd quarter profits it actually beat wall street's expectation though and profits were $4700000000.00 down from the $9700000000.00 just one year ago well citi group 2 reported better than expected earnings but they saw a dip of 2 percent in morning trading wells fargo reported a $2400000000.00 loss shares tumbled as much as 8 percent much worse than expected well to break down what this means for the sector and the future. of the adam ash trading group...
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Jul 14, 2020
07/20
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city, this is bloomberg surveillance. we are live on bloomberg tv and radio alongside tom keene and lisa abramowicz, i'm jonathan ferro. we kick off our earnings season in new york with j.p. morganngs. up 13 on the s&p 500. positive .4%. the last 24 hours were really interesting. as soon as you test the post covid highs, we rollover. in the bond market yields just a little bit higher. and there it is again on a q. week for europe. strong euro. , tom keene. big week for the continent. tom: you've got gold under $1800. i would even note euro swissie which is -- swiss franc weaker against the euro. he's in charge of tea leaves at wells fargo and head of investment management research george, it's real simple. i looked at the u.k. to year yield today and i couldn't go logarithmic because it's a negative yield, but the mass is real simple. it's a persistent trend. how grinding is this bond market and does it indicate for you that the u.s. 10 year yield could grind ever lower? >> it could grind lower. since june 5 where we hit points, webasis think it's probably going to stay in that range. unfortunately we think it might trend a little bit higher. i 10 basis point move higher in 10 y
city, this is bloomberg surveillance. we are live on bloomberg tv and radio alongside tom keene and lisa abramowicz, i'm jonathan ferro. we kick off our earnings season in new york with j.p. morganngs. up 13 on the s&p 500. positive .4%. the last 24 hours were really interesting. as soon as you test the post covid highs, we rollover. in the bond market yields just a little bit higher. and there it is again on a q. week for europe. strong euro. , tom keene. big week for the continent. tom:...
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Jul 21, 2020
07/20
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citi already asked about 70% of its people to stay home, and now wants more to work remotely. ubs is up -- j.p. morganre also saying stay away. carrie lam says there is no sign the situation is coming under control. rishaad: companies from the asia-pacific have sold more than $1 trillion of bonds this year, a record, as the central banks support measures to keep things going i keeping interest rates down, making funding more accessible. however, once governments scale back fiscal support and banks tighten up on debt repayment, investors could be facing a problem. let's bring in jenny zeng, cohead of asia-pacific fixed income alliance. thank you for joining us. that is the rough of it, isn't it? how much debt and travel down the line are various companies and countries likely to be in? jenny: good morning. as you rightly point out, we see one government that is doing proudly the opposite of everyone else. the country of the bull market equity, and china has significantly since late may -- the pbocn we think is has turned its policy focus from supporting the economy during the worst covert situation, to
citi already asked about 70% of its people to stay home, and now wants more to work remotely. ubs is up -- j.p. morganre also saying stay away. carrie lam says there is no sign the situation is coming under control. rishaad: companies from the asia-pacific have sold more than $1 trillion of bonds this year, a record, as the central banks support measures to keep things going i keeping interest rates down, making funding more accessible. however, once governments scale back fiscal support and...
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Jul 10, 2020
07/20
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FBC
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j.p. morgan as susan pointed out earlier also raising his target price for the stock, it is all engines go for netflix. next case, new york cityw months and unfortunately shooting the art up as well, were seen a 53% increase this year over last year, now the nypd commissioner is blaming mayor bill de blasio for his bill reform effort and not to mention the mayor's $1 billion cut in funding for police. look at this, the mayor, he seems to be painting over the problems literally out yesterday helping paint the black lives matter mureau in front of trump tower. what a good time to bring in elizabeth macdonald, host of "the evening edit". great to see you. you are a new yor your crew thrh and through. stu says the city could very well never be the same, i feel like it's heading back to where it was in the 70s and 80s. what is your take? >> i kind of agree, my family has been in new york city since the 1850s my great-grandfather ran the fire department and my sister married a fireman and lost a family member to 9/11. it is about leadership, and it's about the tone that is set, even democrats in new york city and i come from a famil
j.p. morgan as susan pointed out earlier also raising his target price for the stock, it is all engines go for netflix. next case, new york cityw months and unfortunately shooting the art up as well, were seen a 53% increase this year over last year, now the nypd commissioner is blaming mayor bill de blasio for his bill reform effort and not to mention the mayor's $1 billion cut in funding for police. look at this, the mayor, he seems to be painting over the problems literally out yesterday...
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Jul 8, 2020
07/20
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city made the public debut. the owner is described as the biggest gay dating app surging higher and nikola consistent member of the most popular list soaring today as a team at j.p. morgann the electric vehicle company to over weight. back to you. >> thank you let start there with nikola because that's where the first question is from it's on nikola let's take a listen. >> hi, i'm eric from wisconsin and my question is on nikola we have a controversial valuation without real financials to support them yet although, they have a very disruptive and innovative business model using hydrogen energy within logistics. will nikola be the next tesla and is it a buy? >> all right tim seymore, what would you say? >> eric so you believunded liket covering that stock. sounded great. he hit on the issues this is a concept stock. the hydrogen fuel cell is an alternative vehicle. we had a lot of hype what i find interesting about the story is that the infrastructure that they claim they can provide in this country, it now makes sense and what didn't make sense but they outsourced essentially the production of the vehicle. look, we still want to see this pickup truck to me, there is an
city made the public debut. the owner is described as the biggest gay dating app surging higher and nikola consistent member of the most popular list soaring today as a team at j.p. morgann the electric vehicle company to over weight. back to you. >> thank you let start there with nikola because that's where the first question is from it's on nikola let's take a listen. >> hi, i'm eric from wisconsin and my question is on nikola we have a controversial valuation without real...
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Jul 6, 2020
07/20
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j.p. morgan. this event hosted by the brookings institution. [inaudible conversations] [inaudible conversations] .. thank you. good to talk to. >> give us some specifics, what do you study? >> it's about cities and in a bigger sense, living together. how do we as americans, solve the problems that make it hard to live near each
j.p. morgan. this event hosted by the brookings institution. [inaudible conversations] [inaudible conversations] .. thank you. good to talk to. >> give us some specifics, what do you study? >> it's about cities and in a bigger sense, living together. how do we as americans, solve the problems that make it hard to live near each
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Jul 14, 2020
07/20
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j.p. morgan chase holding on to a gain pre-market 1.6% andrew >> okay. thanks, melissa. >>> coming up when we return, don't miss the other two big bank reports coming out this morning. citi, i'll call them citi -- call them citigroup and wells fargo coming out in about an hour first, delta reporting quarterly numbers in a couple of minutes investors looking for continued cash burn and what sort of passenger demand the company is seeing plus, its ceo ed bastian will join us with a first on cnbc interview that you won't want to miss he's going to tell us how the signals they're seeing for the economic reopening are going you're watinchg "squawk box" on cnbc two big hours ahead. >>> good morning a big day for the big banks. reporting just moments ago, jpmorgan out with a beat on the top and bottom line sending those shares higher. we're still waiting for wells fargo and citi before the bell delta airline's ceo will join us live. >>> plus, it is a question on everyone's minds right now will schools reopen this fall? we've been crunching the numbers and we'll talk about the economic costs of that answer. the second hour of "squawk box" begins right now. >>> good morning and w
j.p. morgan chase holding on to a gain pre-market 1.6% andrew >> okay. thanks, melissa. >>> coming up when we return, don't miss the other two big bank reports coming out this morning. citi, i'll call them citi -- call them citigroup and wells fargo coming out in about an hour first, delta reporting quarterly numbers in a couple of minutes investors looking for continued cash burn and what sort of passenger demand the company is seeing plus, its ceo ed bastian will join us with a...