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

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

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

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

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

james gorman really pushing this idea of getting back to work and if you are not here by september, we will revisit this. many economists revisiting things at the end of summer, when the additional ui expires and we get back to school. lisa: what is interesting to me is the fact that j.p. morgan and goldman sachs are coming out with a very specific protocol for when people have to be back in the office. morgan stanley saying we will be more flexible but if you are not here by labor day, it is -- if you are not here by labor day, forget about it. jonathan: this is a direct quote, i think, that we will have a different kind of conversation. we will have a different kind of conversation. tom: i think you had that five days ago. jonathan: i think you and i have that on a daily basis. the head of cao market strategy for maryland bank joins us now. how hard is it to revisit in september? >> we have to watch the variant. we have to see how the inflation numbers come in. i think we will grind through it. we are in that transitory base of inflation but you have second-quarter gdp at 15% and i t

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

and if you are not vaccinated and not back in the office, clearly james gorman is not interested in that does it start to be the two-tier worker, regardless of why? that can be a potential issue. guy: the why is important. alix: but are they going to make a distinction? guy: i'm sure they would because it would probably face quite significant legal jeopardy if they didn't. but i think if the why isn't up to what the company considers to be a good enough reason, that is where life gets interesting. he talked about having a very different conversation come september. i think that is where we are going to really find out what the attitude is. the why is important. alix: i know we like to think it does, but in career development, mentorship, and all of that, if it just gets slumped in with each other, they might say, ok, no problem. you get to stay at home can. but when the ceo is saying if you don't come back, you will have consequences, even if it is legit, not that they are going to get fired, but that could really hamper career stuff. guy: that is definitely a risk. but i think you also

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

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

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

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

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

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

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

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

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

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

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

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

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

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

42% but morgan stanley has room to grow in the second half of the year >> you guys are making james gorman very happy today. josh brown finalizing with the final trades >> here's a reit that i'm invested in, simon property group. i think it's worth at least 150 if not more. they said they're doing better now than they were pre-pandemic. i think you need to own this thing if you own any reits >> good stuff. emerson morgan, stanley, simon, thanks to you all. thanks to you all for tuning in. i'll see you tomorrow morning, but "the exchange" with kelly evans begins right now have a great day >>> thank you, brian hi, everybody. i am kelly evans and this is "the exchange. here's what's ahead this hour, a medical break through but at a price. the cost of the alzheimer's drug $52,000 a year, may be too much for medicare to handle we look at the battle for access and the other treatments on the way. >>> home prices soaring 15% in april, the biggest gain in the history. can this continue and what rule are investors playing in driving up prices? we'll explore that >>> and the rules are changing in ra

42% but morgan stanley has room to grow in the second half of the year >> you guys are making james gormanades >> here's a reit that i'm invested in, simon property group. i think it's worth at least 150 if not more. they said they're doing better now than they were pre-pandemic. i think you need to own this thing if you own any reits >> good stuff. emerson morgan, stanley, simon, thanks to you all. thanks to you all for tuning in. i'll see you tomorrow morning, but "the exchange" with kelly evans begins right now have a great day >>> thank you, brian hi, everybody. i am kelly evans and this is "the exchange. here's what's ahead this hour,

james gorman today -- yesterday, the ceo of morgan stanley, said, you know, we may have to lower yourlaries. there's the pushback all over the place. but if hedge funds keep moving there, talent is going to go there whether big banks like it or not, ashley, back to you. ashley: you are absolutely right, charlie. maybe new york and new jersey can get a clue when it comes to taxing these people where they have to flee the state. you know, i'm not holding my breath on that, but it's a fascinating story. charlie, thanks so much, appreciate it. >>> bank of america putting it chips on a dividend hike by exxonmobil as cost-cutting measures are paying off. and, as we know, oil prices are rising to pre-pandemic highs, exxon mobile up 3.5% today. but big oil not the only way to play the climb, today's countdown closer's top picks to hit pay dirt on black gold. the closing bell ringing in just about seven and a half minutes, and we are coming right back. ♪ ♪ . . living with insulin requiring type 1 or 2 diabetes? how does no daily insulin injections sound? omnipod delivers insulin through a tube

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

james gorman described it as treating the banks more like grown up. -- grown-ups.stressors that they are testing against? to your point, they have been through an incredible stress, perhaps one that was not necessarily stimulated -- simulated by the fed, not the precise dimensions with which it hit in markets. what are the kind of test they have been put to? michael: it is broad-based with a market shock, banks have made the point that you can never predict what the next one will look like. two years ago, no one was talking about a global pandemic. in many ways, the market side of the test can be harsher than what we actually have seen the last few times. there has been a report in the markets because last year, look like the markets were going haywire and then the banks stepped in. this test, tends to assume that they will do poorly on the training side. that is what you seek goldman and morgan and stanley often hit the hardest in terms of capital ratios in that test, even though they state above the minimum spirit. anna: thank you very much. michael moore, financ

james gorman, the ceo, saying it has one of the largest capital buffers in the industry.tively, not just to the 100% increase, but around what they are saying given their balance sheet. mark: great news on the morgan stanley side. what about the other banks? dani: kind of mixed on the other banks. one of the big disappointments is citigroup, who is just holding its dividend steady at $.51. they have to increase their capital buffer as well from 2.5% to 3%. that might be part of why they are not moving as much. mixed picture elsewhere as well. we saw some good results, most people are increasing their dividend. but again, i think unless you are a citigroup and you are not moving or a morgan stanley and giving a big payout, the results otherwise are as expected, that they passed easily. now, they can start this process of giving shareholders what they want. anna: i think the rules have been changed recently. as long as you stay above the 4.5% capital threshold set by the fed, you can kind of pay out as much as you like. there is the rules and then there is the court of publ

we heard james gorman say at a conference today that he will be disappointed if people are not back in office by labor day. on the other hand, you have bank of america, wells fargo, who are not expecting broad returns until the fall, and citi is offering more flexibility as well. there's a lot of different methods going on right now. kathleen: thank you so much. bloomberg finance reporter hannah levitt. the bitcoin rebound continues to gain traction. it may soon be back above $50,000. positive comments from a hedge fund billionaire added support today and earlier last week, su keenan joins us. -- and earlier last week. su keenan joins us. he said he wants to have a certain amount of that coin and wants to diversify -- bitcoin and wants to diversify. is the trend in place regardless? su: finally, someone else decides yuan most is -- elon musk is moving bitcoin. after a volatile weekend, bitcoin back above the 40,000 marked dang. at one point, it was about 41,000, a 9% rally since friday. very volatile weekend, but 40,000, technical analysts say, is key. the 200 day moving average and pa

for a firm like morgan stanley, that james gorman really tried to hand to investors that they would be aggressive with their dividends by saying that they were sitting with an embarrassment of riches after spending money on two of the biggest deals since the financial crisis. and after some record numbers, but remember, you have to wonder how much conservativism is baked in. haidi: our wall street correspondent. outbreaks of the delta covid variant are derailing hawk currency trades. we will get an analysis on them, next. plus, facebook's market cap moving above $1 trillion, the fastest company to reach that milestone. details, ahead. this is bloomberg. ♪ >> australian authorities are racing to contain outbreaks of the highly contagious delta coronavirus strain that forced sydney, darwin, and purrs into lockdowns and put other major cities on high alert. johnson joins us with the latest. how concerned is the governor with the spread of the delta strain? >> there is a high level of concern about the spread of this highly contagious variant. first in greater sydney, brisbane, the sunshin

and monday you don't want to miss an exclusive interview with morgan stanley chairman and ceo, james gorman, even despite the whacky economic numbers on inflation i guess we were expecting a hot read. >> interesting we were expecting a hot read but didn't appear before hand as if the market was positioned for that. it was as if investor said fine we have crazy numbers like 5% cpi but we don't think it will filter into fed or we don't think it's sustainable it seems like the market is digesting this as no big change through the summer september is when enhanced unemployment benefits expire, maybe that's when we pay more attention to it but the fed meeting will have a lot to say how we interpret these things. >> if we think of if stocks are hotter , or not, growth picked up this week. >> absolutely. it was hard to navigate because everyone thought value and mike emrick was cyclicals were the way to go -- i don't know if we'll be on this toggle forever that's where we've been for a while. >> yeah we'll see. a lot ahead of us actually a lot of big earnings from different companies. >> honestly,

the ceo james gorman last week said look if you can eat out at a new york city restaurant, you can come is getting some criticism for that, and of course, with everything here, there are potential lawsuits, that's why many companies are treading very cautiously. they are creating the carve-outs for certain workers and trying not to be so black and white. neil: i think you're right, lauren they are just right around the block from us at fox. it's going to pick-up the traffic a bit and that's already happening. great job, lauren thank you very very much. lauren simonetti on that, so glad to have her back. in the meantime, edward lawrence always glad to have him with us and right now he's taking a look at the hack attacks but particularly the ones on hospitals. that's a little scary. what's going on? reporter: you talk about covid, talk about vaccines the hospital s and healthcare providers on the front lines of that covid response also a big target of cyber criminals. now one day after the face to face meeting, for example, between russian president vladimir putin and president joe biden

paul tudor jones, brian moynihan, james gorman, all talking about tightening high drama that data does come less than 24 hours until the fed's interest rate decision. ylan mui is here with a closer look at what fed watchers think the central bank will do and what they think they should do, which may not be the same thing. >> that's right, sara. our cnbc fed survey picked up on a little emptiness over the amount of accommodation in the system right now overall respondents believe the fed should hold steady nearly three-quarters, 74%, told us it doesn't need to raise rates now. however, 63% said the central bank should start reducing asset purchases immediately. according to our survey, 89% believe they're not necessary to help the economy and that's a big jump from the 65% who answered that way last time. right now the fed is adding $120 billion to its balance sheet each month respondents felt the fed should start tapering by $21.8 billion per month. they don't project the fed will actually start tapering until january. they don't expect the first rate hike to happen until november 2022

not all banks have lowered the forecast to the same extent citi morgan stanley ceo james gorman was ongains and it will be stock specific as opposed to extrapolating -- >> if the market believed that fed hikes, actual hikes were more imminent, it would be bullish for banks. that's a very direct flow-through i think it's also about how banks are the biggest and highest conviction holding of the value basket whatever else is going on in the fundamentals, if people are, okay, we're 50pivoting away from that whole category, banks will be caught in that whipsaw. >> barbara, what do you think about the banks here is there opportunity in this sell-off for you or is this an area that you want to stay away from if you're thinking we're mid-psych sglel in full disclosure, i have not participated in the banks. i'm in the mastercards and visas which have underperformed year to date. i would not be buying the banks on any kind of pull-back last year in august the banks were about half the market pe. there was a lot of uncertainty in the economy and banks really started to roar this year. the xlf is

james p. gorman, the chairman and chief executive officer at morgan stanley. next, we will have mr.an t. moin than, chairman and chief executive officer of the bank of america and then the chief executive officer and president, wells fargo and company. finally, we will have mr. david m. solomon, chairman and chief executive officer, goldman-sachs. without objection, your written statements will be made part of the record. each of you will have five minutes to summarize your testimony. you should be able to see a timer on your screen that will indicate how much time you have left. and a chime will go off at the end of your time. i would ask you to be mindful of the timer and quickly wrap up your testimony if you hear the chime. before we begin, with your oral testimonies, i would like to swear the witnesses in. i will call each of your names individually to respond. would all of you please raise your right hands. thank you. do you solemnly swear to affirm that the testimony you will give before this committee in the matters now under consideration will be the truth, the whole truth,

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

morgan stanley ceo james g orman saying in a virtual conference today he's going to be "very disappointed" if workers don't find their way back to the office after labor day. now gormanve more cavuto, which does work, right after this. >> ♪ ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ 4. . with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. stay restless, with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $449 a month for 36 months. experience amazing at your lexus dealer. living with insulin requiring type 1 or 2 diabetes? how does no daily insulin injections sound? omnipod delivers insulin through a tubeless, waterproof pod. and the best part.. no more daily injections! plus, omnipod is covered by most medicare part d plans. get started with a benefits check today. go to omnipod.com for risk information, and instructions for use. consult your healthcare provider before starting on omnipod. simp