about to interview a little bit from now, james gorman. going to sit down for what will be his final interview as the company's ceo. he steps down from that role only a few days from now as the year ends. he will remain as executive chairman and said until the end of next year it seems. we're going to talk about any number of things that have occurred during his roughly 14-year watch over this institution. looking forward to that. and i hope our viewers are as well. >> looking forward to that, david. david faber at morgan stanley. >>> in the meantime let's talk about the markets here because what was that yesterday afternoon? the 1% slide. i think there's a lot being written about it this morning. zero day options, california, secretary of state, exploring every legal option to remove trump from the ballot, declining yields, does that signal a recession? the taiwan-china news. we don't know exactly what that is, but we are coming up against the year end, and that could have something to do with it. we're back to rally mode today, and i wou

senator thom tillis asking james gorman will one tenet of the basel proposal on how operational riskkes no sense. that's the bottom line. i've been at this a long time. i served on the new york fed for years. i've seen a lot of rules. some of them make sense, and it's a question how far you turn the dial. this doesn't make sense. >> reporter: outside of those higher capital rules, conversations involving esg senator j.d. vance concluded with bank of america ceo brian moynihan. senator vance said many of the banked, quote, jumped into a culture war" and he pushed bofa on financing a certain coal mining to which moynihan responded the decision he made was to not continue funding specifically those that take the top mountains and turn them into mines. it's been a pretty friendly back and forth so far although we have a ways to go. >> all right, leslie. we'll be back to you with more. >>> up next, google releasing its challenger to chatgpt 4. the details after the break. when you're wearing the world's coziest slippers, your comfort zone can be just about, anywhere. step into your comfor

. >> next, the future of morgan stanley as outgoing ceo james gorman wraps up his tenure as a head ofhat bank. we have a shareholder ready to size of the leadership transition and what it might mean for the stock as well. back after the break. trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights. trade brilliantly with schwab. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. you know what's interesting these da

most of you probably know by now will have a management change, james gorman. his exit interview will be with david faber tomorrow. we're excited about that. does that factor into anything? >> the managemenhas been exceptional for the better part of the last ten years. what we will see with ted pick coming in is the consistency of the same type of strong leadership, but the financials are back in play because of that steepening of the yield curve. i would be careful in including morgan stanley in the, quote, unquote, moneyback group. i still have concern on the earnings potential for a lot of money center banks. i think morgan stanley and to a certain extent goldman sachs as well, which looks very interesting to me and i may take a position in goldman sachs soon enough here. they look appealing to differentiate themselves from traditional money center banks. a lot of that is on the m&a, is on the ipos, a lot of the advisory fees i think they will benefit from. >> kari, why no big blanks? you have blackstone, schwab, visa -- >> american express. >> schwab has a

this is something we've heard jamie dimon talk about in the past and james gorman, but today you hadhe ceo of goldman sachs david solomon delineate the senators that this would impact the prime financing business that affects the treasury market. is not just about the treasury market, prime financing, especially after goldman has retreated from any of their consumer businesses, is increasingly an important business to goldman sachs and they have been winning in that business. it's not just a matter of the capital rules. the finger-pointing was astounding. this worry that more rules on capital for the big banks will really push more activity out of the banking system and how dangerous that would be. private credit was an area of disagreement. i asked senator warren after the hearing a couple of times whether there was a distinct plan to regulate the private credit industry, and she kept on leaning back to crypto. the one thing that senator warren and the big bank ceos have in common is that they all believe that crypto has massive problems and should be subject to more rules. but i've

i agree with the tenor of james gorman's comments yesterday.id as ceo of morgan stanley. that we're going to see a better overall financial market and transaction environment in 2024. by the way, that's not a very bold prediction because the bar is low. 2023 was a really bad year, so we follow a lot of data. you can imagine. one of the pieces of data we fol is, -- follow is global m&a volume as a percentage of the total value of a major global stock exchanges, 2023 40-year low will not continue, so you have lower interests, playing out as we sit here, you have pretty good optimism about business conditions and economic conditions. you have a little less concern about the regulatory environments, still some concern, but the great fear of a year ago is lessen and going to make for a better year. moreover, activity levels are up. things like backlog and conflict checks, they are up. now, you know, that's only like a three-month indicator. i think it will be a better year, yes. >> great having you here. >> happy new year. >> thank you. >> roger alt

. >>> and david faber will be speaking with morgan stanley's outgoing ceo, james gorman. catch that interview tomorrow morning. "fast moy"om bk tne cesacinwo. manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. get an expanding library filled with new online videos, webcasts, articles, courses, and more - all crafted just for traders. and with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. trade brilliantly with schwab. you're probably not easily persuaded to switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can save you up to 75% a year on your wireless bill versus the big three carriers? did we peak your interest? you can get two unlimited lines for just $30 each a month. there are no term contracts or line activation fees. and you ca

lauren: james gorman, he's leaving in the new year, well telegraphed.4 years, and he is going out praising a rival. he also -- david: the holiday spirit, merry christmas. lauren: i actually love this story. david: yeah. lauren: it's so rewarding and refleshing -- they've they've they're both smart guys -- laurenland i like this person and maybe he's better than me. he also said a stocks are going to take off, markets will take off when investors know the fed is done raising rates because this interest rate up certainty -- uncertainty really put a damper on banking deals, and he's seen that as the head of morgan stanley. david: news on tesla? lauren: dan ives gives them a $350 price target, so up almost $00 from now, and they say tesla will be a $1 trillion company next year. tesla is increasing production around the world. shanghai, very successful. their capacity is over a million cars out of that planting s but now they're reportedly acquiring land in shanghai for a mega battery plant so ec up production out of -- so they can up production out of chin

they jusadded james gorman of morgan stanleyo the board, i just think that something probably positive iger and peltz ithe new year, and you might see some outperformance on a relative basis to a netflix i know people think there are a lot of moving parts here, but ultimately, if i hado play would you rather, it's does knee >> guy >> i'll play it and i' say netflix. i understand the biest gripe i think about netflix now is valuation they're going to surpass disney+ in 2024 in termsf ad revenue, think about itkable, if you where as disney's problems are vast and robust. so, if the only problem with netflix is ralvaluation, i'll sc with netflix here. >> let's look at the automakers. sla up 108%. dan mentioned it earlier general motors is up about 6%. dan, are you going to surprise us here? >> i'm going to surprise you, but i'm actually not going to play that game that well earlier this year, i made a stupid comment on this show and you can say -- >> be specific >> which one okay and it was something about, 100 years, gm is still going to be around and tesla's not i think what gm did this

james gorman said when the flood gates will open when -- >> he's jealous of the next ceo, because m and a will come back. >> his timing was good. think about -- think where we came into office and think about when he left, i mean, he timed it really well. i'll say this, black rock had a piece today talking about, expect more volatility in the bond market. if you think yields are going to stay low -- i'm paraphrasing, you are probably going to be wrong. now, with that said, i didn't think yields were going below 4.5%, let alone $44.15%. carter talked about that. i'm not sure we're out of the w woods. >> he put out a note saying sell bonds. >> i did today. >> you got out? >> on the way here. >> on the way here. >> yes. >> after you read carter's note? >> no, i didn't see carter's note, but i just -- i feel like this move has been -- >> just as dramatic as the last one. >> yes. and i think -- you know, some of the underlying issues that led to the last one, you know, government funding, we have not solved that, right? so i mean, unless you are very bearish on recession and you think that t

jamie dimon, david solomon, james gorman, among those expected to appear.is finance of the economy, let's talk about the number one issue as it pertains said that, what is the big push from bank ceos today? >> the big worry is declining profits going forward. they don't see a scenario with the current regulation climate where they can see -- where they can sell a great picture for themselves, which is why you had this unique situation where we are seeing it designed as a platform to hold big banks accountable is going to turn into one where they are going to air their own complaints. i think about it as two bickering parents, one parent, the regulators to the bank, trying to impose discipline and put in place strict capital rules, so what are the bank ceos doing? going to the other parent to find a sympathetic ear. going to play to that and say consumers will suffer because of this, higher airfares, you cannot make more loans, reality is, that at the end of the day, their profits will be hit. the fed is betting back the idea that this will have an impact on

we have an exclusive with morgan stanley's outcoming ceo james gorman. to the conversation. perhaps differently than the one we have you had one with ted pick, his predecessor a few weeks ago when they were announced. >> i believe it was october. but gorman has the legacy to talk about. i'm looking forward to that interview and he should be candid and reflecting on his 14 years at the helm. he'll be chairman foabout a year i believe. >> that's right. still be chairman but stepping back from the day-to-day duties. what are your expectations to the extent you have any in terms of what the pick will look like if it'll be different or the same? >> i think the near term, the mo is it will be more of the sa and he plans to continue executing that barbell strategy they have, focused owealth management and securities and investment banking and driving the pillars throughout the various economic cycles. don't see that changing in the near term, that's been well telegraphed in the way they conducted their planning. as far as wall street goes and you know this, morg

he's the outgoing ceo of morgan stanley, james gorman.can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. all right. 60 seconds to draw the perfect gift. what's it gonna be? a bottle of don julio, 1942, delivered. delivered with drizly. gifting without the guessing. drizly. together, we built something truly beautiful. it takes years of dedication to get to this milestone. the new york stock exchange is a symbol of what america is all about the potential of an american dream. it is day one. a lot of work has happened to lead to this historic moment. the only way you can move a society forward is a true exprsion of freedom. ♪♪ i'm a little anxious, i'm a little excited. i'm gonna be emotional, she's gonna be emotional, but it's gonna be so worth it. i love that i can give back to one of our customers. i hope you enjoy these amazing gifts. oh my goodness. oh, you guys. i know you l

lisa: i just love this from james gorman.king system has become much safer leaving their own stupidity as the biggest threat to banks. katie: they will find some way to find their own lives difficult? lisa: you can see that in march it was the mismatch of -- they are actually paying something. coming up at 8:30 the key economic indicator of the day and michael gapen. right now, a quiet market as we finish one of the last weeks of 2023. this is bloomberg. ♪ tor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. >> over the summer we saw a dip down and airline traffic domestically and we saw that domestic airlines focus. in december, the numbers have come off a little bit. people are waiting

disney just appointed two new board members who are obviously very well qualified, james gorman and jeremys of disney, was a cfo. he's well qualified. hard to say how this shakes out. disney, obviously, is not going to just sit back and do nothing. they both have time to make their case to shareholders. >> i appreciate that, but if -- if somebody asked you the question directly, i assume there are investors or clients of yours and they say tell me, what should i do, if i had to vote tomorrow what would you tell them? >> you know, these -- the board battles are not something that, you know, we deal with on a daily basis. i think bob iger has done a lot to correct the ship. while jay rezzulo is correct it's not the disney he was has the, the whole environment has changed. in 2023, every surprise was a negative surprise. everything. all of the companies are dealing with that. >> okay. sounds like you're team iger, i don't know. we'll see. thank you very much. >>> "squawk box" coming back after this. helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk ex

i'm carl quintanilla and david faber and morgan hq and having an exclusive with ceo james gorman in the seven-year is a new low and futures do point to

on the board, and there's a little bit of a truth the, but remember, they just put, you know, james gorman the board, so that's what disney is saying, we've got 13 very highly qualified members of the board, and i think nelson has said there nds to be more they aressed tt yesterday d with the sky news o. >> michael, it great to see you. >> thank you. >> i'm sure we'll see you again as this plays out, since it doesn't seem to be going away. >> does not. >> thank you. >>> still to come is morning, after years of delays and problems, tesla's cybertruck is here. the first delivery taking place at the company's factory in austin yesterday. we've got the details next. >>> in the meantime, check out the futures on this first trading day of the month. dow futures still up by about 44 points. the nasdaq down by aimilar amount. s&p now down by about 4 points. "squawk box" will be right back. >>> time now for today's aflac trivia question, which bank is credited with installing the world's first atm? the answer when "squawk box" returns. and he's using it to send out medical bills. good hands! hospit

early in 2024 james gorman will be stepping down as ceo, being replaced by ted pickett.fter a 14-year run has gorman at the top of the bank. sonali basak actually stepped down with him and 10 paper earlier this fall and talked about what is next for morgan stanley. take a listen. >> organizations grow because you have change. were not going to grow by doing the same thing again and again. i feel like we set this up several years ago with the board. we have had a very intentional process and we ended up with a phenomenal outcome, which is teddy, and we have other unbelievably good executives taking leadership roles as copresidents. andy and dan. it is sort of what you hope for. try and drive strategy, you try to put together a team, try and deal with the inevitable knocks you get from the market, and the disappointments that come in any complex business. but at the end of the day you are also trying to hand it off for the next generation. it feels great and right. sonali: you have been rumored to be a ceo contender for so long. how does it feel to step into the role next

gorman thank you. the investigation into the biden family business is now centering on the president's brother tonight. even the washington post is being forced to concede that jamesen benefited from his proximity to his powerful brother. jackie ibanez is live in the news room with that story. good evening. >> reporter: good evening trace. while we've heard a lot about the president's son hunter he's not the op biden house republicans want to talk to as they probe the biden family finances. they also want to talk to hunter's uncle james biden the president's brother. >> we're communicating with his attorney. we expect to see him in very soon. i'm going to hold off criticism of the president's brother. obviously he has due process and we have heard from his attorney. we're trying to make that work and i feel like that will happen soon. >> reporter: unlike his nephew, house oversight committee chairman james comer says james biden is being cooperative with an earlier subpoena. republicans believe his knowledge of hunter biden's business deals could give them valuable insight if any of them were relateded to the president. tonight we're also learning more about james