jamie dimon uncensored. c.e.o. talks about regulation, the commodities slumped, and his own future in an exclusive interview with please thousand --bloomberg interview. it is 2000 all over again. china's economy has not grown to slowly since the financial crisis. we will look at what this means for the rest of the world and the bright spots in the numbers. we have breaking economic news out on home builders. julie: this is a measure of confidence for homebuilders. the national association index rising to 64, the highest reading in a decade, since october of 2005. could be a sign housing demand is going to remain solid in months to come. rising from a revised 61 reading the prior month in september. 64 is the highest reading we have seen on the homebuilder confidence index in a decade, even as some of the other economic data recently has been mixed. you see the index and what we have seen it do. i want to look at the reaction in the markets this morning. right now, we are seeing stocks show a mixed picture for the m

want to knowople what jamie dimon is doing with that money. sed on you western mark --? that's the narrative. jamie: that's the narrative. we admit our mistakes and try to fix them. our clients are happy with this. cities, schools, hospitals. mayors, governors, prime minister's, they want more jpmorgan. say you been great for citizens and clients. that's the best i can do. we are not going to be up to rewrite the narrative in the short run. , it'sys in the press going to be rewritten by the press and not a bank ceo. stephanie: you have to tell you run. let's talk about clients you have read we are seeing macro funds really get hurt. positione not in a with all this regulation, would you be in the same place as the buy side western mark jamie: no. we have a different function. hedge funds are making money for their investors. we look at it like a business. we are one of the biggest market makers in the world. we want to give you good prices and good inventory. we call it the flow business. betting on what people think is going to happen. counter

and speaking of running a bank, you have jamie dimon on.anie: on monday, i will sit down exclusively with jamie dimon. please tweet me questions. i have a lot of homework to do this weekend. betty: it's great timing. it's not a great quarter. stephanie: not at all. stephanie,right, thank you so much. stephanie ruhle there with donald trump. let us stay with donald trump for a moment. he also had harsh words for the super pac. are therump: these pacs biggest disgusting joke you have ever seen. the are all controlling candidates. when they say the candidate does not speak to the pack and they are not allowed to legally, i guarantee you that these candidates -- i would say every one of them is speaking to their ac and they are not allowed to legally. our campaign laws are a disaster. financing for campaigns are disaster. mine is my own money. i pay my own money. betty: i want to bring in phil mattingly to talk about who exactly is winning the race. donald trump says he has his billions, but who is winning the money race? hel: believe it or not

francine, what would you ask jamie dimon?ow he would shape the bank to be better than the rivals 12 months from now. if you look at what jamie dimon has done or what he has to do, is he over the worst in terms of regulation concerns and what we call scandals? michael: i think they are passed -- they are past the biggest pieces of it. they have gotten past the crux of the mortgage issues. it becomes a case of if the drags on.ndal there might be a new normal of, like we saw this quarter on most $2 billion in legal costs. you cover the massive victory lap on the success of morgan stanley. what will you look for in morgan stanley earnings this morning? michael: we will look for, in wealth management, whether the market declines start to have an impact there. they price in from the beginning of the quarter. it should show up more in the next quarter, but if we start to see a slowdown there, that could hurt the margins. gallo, what question would you ask jamie dimon? out there know gallo with rbs. we will continue our discussion. m

still ahead, another exclusive with jamie dimon. ♪ i just had a horrible nightmare.any's entire network went down, and i was home in bed, unaware. but that would never happen. comcast business monitors my company's network 24 hours a day and calls and e-mails me if something, like this scary storm, takes it offline. so i can rest easy. what. you don't have a desk bed? don't be left in the dark. get proactive alerts 24/7. comcast business. built for business. ♪ david: that start with the headlines. at the news next school we have first world news. >> first u.s. presidential politics. despite multiple media reports to the contrary, vice president -- biden is still on earth undecided about running for president. he is expected to make an announcement before the end of this week. the timing would put the decision just before a major democratic political bid in iowa. organizers there said that he can be accommodated if he decides to join the race. top six advertisers may not be getting their money's worth in the republican race. turns out that an independent political act

alix: jamie dimon for president?organ chase tells us whether he would consider a run. ♪ scarlet: welcome back to the bloomberg "market day." i am alix steel. thank you for the biggest business stories in the news right now. watching shares of morgan stanley down with a 5% after post and third-quarter earnings that missed estimates. drop in fixed income trading and investment management fees also declined. alix: helping a social media blitz will sell workers on the tentative labor deal. the uaw management believes poor communication coakley to a previous agreement with fiat chrysler. they are now posting the benefits of the new contract on face. asked foroffering works week for free. if they do not like it will give them for use of a competing software. it is open for the next six months in the u.s. and will eventually be offended to other countries. extended to other countries. how globalk at markets are doing. markets were mixed monday due to third-quarter growth report that surprised most economists. " lightly over

earnings.k weighed on jamie dimon is said he is with results. pressure still high in wall street to cut expenses as diverte interest rates profits. the bank has cut jobs by 10,000 this year. other big banks releasing earnings including bank of fargo, andlls citigroup. goldman will take an interesting planning to tweet with a link to a press release. cut dorsey says he plans to 300 jobs as part of a restructuring effort. most of the jobs will be in the product and and you nearing departments and will not include executives. he returned as ceo last week. he said the move is aimed at releasing twitter products more swiftly. culture ofeated a indecision and made it harder for the company to move quickly. he has also pledged to make twitter more accessible. users treasure the format but others find it kind of confusing. it will cost between $5 million and 15 nine dollars with the expenses coming mostly in the fourth quarter. back to you. rishaad: another story we are following, why warren buffett is skipg companies should paying wall street for advic

up next, jamie dimon says that china still faces bumps in the road ahead. his views when "trending business" continues. ♪ rishaad: i'm rishaad salamat. china's economic growth is better than expected in the last quarter but jamie dimon says there are going to be bumps ahead. he says that beijing is facing some huge issues. >> china has had 20 years of 10% growth, uninterrupted. never before seen on this planet. as they go to market reform, where state-owned enterprises have more transparency, become public. they have to reduce corruption. they're going to have bumps in the road. then what happened in the summer is they showed they're going to have bumps in the road and their growth might be 6% to 7%. remember, 6% growth in a $10 million growth economy is probably $600 billion of growth. that's more than most country honest to planet. they have the wherewithal. they're quite bright, they move rapidly. they have huge issues but they're dealing with their issues and we should work with them to help them get through it but they have huge issues. a reminder to t

coming up, jamie dimon himself after the short break. ♪ angie: welcome back.re watching "first up". china's economic growth is better than expected, but jamie dimon says there are bumps ahead. he spoke to stephanie ruhle on bloomberg and said beijing is still facing some huge issues. >> china has had 20 years of 10% growth uninterrupted, never before seen on this planet. reform, itto market is the state owned enterprises have more transparency. they need will bond markets, collateral markets, reduce corruption. they will have bumps in the road. in the summer, they showed they will have bumps in the road and the growth will not be 10%, might be 6% to 7%. that's $600 billion of growth. that's a lot more than 15 years ago when it was 10% growth. 600 billion dollars is more than most countries on this planet, so they have the wherewithal. 3.5 train dollars in foreign exchange reserves. they are quite bright. they move rapidly. they had huge issues. they are dealing with their issues. we should work with them. greatestas the military defense ever designed, the

jamie dimon, tough as nails, fight back. jamie: we have a lot of can ditch with these. 150 countries around the world. you have got to do what is right whether or not you agree with it. theare trying to minimize damage is best you can. going to court and fighting five or six different courts and being dragged through the mud for years and you still end up hanging that kind of money. maybe he would have done a better job in my seat but i do not know. but i will not jeopardize my company. we can't afford to take an indictment. we go in saying we want to settle. please listen to us. you are my judge and my jury. i have no choice. i went through all of the wonderful things here the cities, states, schools, hospitals. .e did a lot stephanie: i remember you watching -- watching you walking in by yourself. it puts you in a position we say, thank you, sir, may i have another? they say, what? by the way, i have another. jamie: i just do not want to comment. i'm doing the right thing for my company and i'm trying to get some of this s

jamie dimon says he is pleased with results.tors do not -- vladimir putin made comments after the bank's governor said she can/inflation from almost six percent. we also set down with ryan chilcote. dramatically cutting rates before inflation falls would be unwise. >> you have to think about the risk of someone pumping cheap money into the economy, with artificially low rates. that will lead to financial allles, more inflation, and the other negative consequences. >> is 4% around what you think russia should have four rate? >> it is difficult to talk about the difference between rates and inflation. francine: russia has a huge inflation problem. i guess mr. putin is worried about social unrest. >> a lot of people think it would take a miracle. he was pleased this year, the governor of the central bank. only one of the nine thought russia could hit the target. as she says she thinks she can pull it off. she is fairly certain of it. a lot of the reasons for the double-digit inflation is the value of the ruble. demand, russia is we

whether the bank's strategy would change without a interest rate hike in the third quarter and jamie dimon said no. and we'll see more on the analyst call which is underway right now. and this is something you covered closely, glenn core the executives were asked about the exposure to glenn core and they would only say that the exposure was reasonably modest. but with all of the talk about turbulence and volatility in the market. first net outflows for jp morgan asset management in over six years, it is not the end of the story there and you bet melissa, there will be more discussed on conference call. we'll have more for you from the conference call in just a few moments. but for now, back to you. >> kayla, thank you so much. that is an overhang. to use language like relatively modest exposure, that doesn't soothe my concerns. >> it is still an overhang. and that is what is hanging over the entire sector. i would give you that a bigger impact on what is going on with pricing in the seccor versus the expectation of the fed. the fed stepping back from 25 bips you cannot contribute that to t

he was passed over to take over jamie dimon's job. jamie dimon is still there. he made over to a hedge fund instead. december 1 he will take the helm at barclays. hurdle for final this particular appointment. up by 20%. statoil up. you saw what oil was doing today. the pain from loyal -- from lower oil prices continues. heineken up 3%. big feet and there -- big feat in their earnings overall. volkswagen, they are breaking. jonathan: they are indeed breaking. the first quarterly loss in more than 15 years. it is worse than expected. let's head out and bring in on's nichols. -- bring in on's nichols. nichols. hans: the operating profit loss is operating bigger. bigger.n these numbers are going to be chuckling through of just how big volkswagen's challenges going to be. the numbers are important. they are bad. in some ways, what may be more calltant at the conference with the ceo will get on, answer some questions. analysts will be grilling him. do not have a solid idea of what this is going to cost them and what their actual technical fixes will entail. -- two lat

joe: one of my favorite stories is that there was so much that dell issue and that jamie dimon went tod and said trust us, we can get the financing for this deal. it speaks to the anxiety about how much debt is being issued at a time when spreads are creeping up. high debt loads could be a drag on the economy if corporate credit tracking can lead to a recession. low treasury yields have helped high-grade companies borrow. overall, it is a hidden risk percolating in the market. scarlet: to what you said about jamie dimon go into emc, they shared a rapid pace of loan growth in the third quarter and they need a revenue driver. everyone is saying what is your growth story? history has shown it is hard to resist that. ubs has said that borrowing costs will rise in the first quarter even for the top-tier borrowers. will have to consistently start paying up to do that. scarlet: especially companies that don't have free cash flows, companies like netflix that has to dip into the capital markets that has to get into it to fund their ever-growing content. alix: we will definitely have to watch t

jamie dimon was here yesterday for an exclusive interview. here is what he had to say. mie: they are exhausted. they are trying to implement the job that they have been given by legislators. they know thereare too many rules and they want to make it simpler. over time it will probably happen, but not the next couple of years. stephanie: i want to welcome megan murphy to the table. bob diamond, ceo of atlas merchant, is still with us. jamie dimon says we are exhausted by it, the regulators are exhausted by it. he said privately, are we really going to get something done? , sure, therelike are all these announcements and decrees we are going to do this. what he says i do not know if there will be any of this implemented in my career or my lifetime. behind the scenes, regulators are saying the same thing. is all of this kind of a joke? he has an incredible business. it is not a joke. there are other banks that have done less well. it could have been with the mass regulation, whether it is on the u.s. or the european side. we saw a massive shakeup at deutsche bank. see mosto

do they want to become jamie dimon?: where they have a footprint like credit suisse, global leaders in a fast-growing business. nothing else has to fall back on. they do not have a successful business like barclays. its asset management business, they are working on. that is where they are going to have to stay. jon klein has to work out how he can do that within the sort of confines of the capital leverage issues he is facing. francine: what is your favorite u.s. bank? christopher: i very much like citibank because -- given what it had -- what has happened to the market, i have to say wells fargo and jpmorgan have come back. tom: is there a wells fargo in europe? if we like john stumpf and when one boring block attack, john stumpf dunking, what is the deal with wells fargo? in my interviewing both of them? francine: welcome to europe. so do lloyds, and the old boys bank wants to model itself on wells fargo. europe --fargos of handles bank and almost focuses predominately on domestic business, costs very well managed. a

he was seen as a successor to the ceo jamie dimon but he left for hedge fund blue mountain capital run by former jp morgan executives. he remained active in banking joining the board of usb earlier this year. >> now this is the second time that barclays has approached jes staley according to the financial times. the first was back in 2012 when he was part of the short list but barclays decided his contract was too expensive so the british bank went for a change in direction. they opted for a retail banker, anthony jenkins and this choice was an intentional switch from previous investment banker boss bob diamond and after three years at the helm for mr. jenkins he was ousted in july of this year after alleged disapproval of his leadership among those at the top. earlier this year kelly evans spoke to jes staley where he made it clear he is in favor of large banking models. >> if they're so great, why don't you go work at one? >> well, the other phenomenon is that the buy side is doing quite well versus the sell side. >> yes. >> so share of the financial market has clearly shifted to the

"bloomberg ," jamie dimon. an interview at 9:00 a.m.welcome back to "bloomberg ." those wagon appears to be -- volkswagen appears to be feeling the effects of the image and scandal. registration is still up the .8%. general ledger creek -- general electric posted third-quarter earnings up in the transportation unit. revenue fell short of analyst estimates. become a has been selling off its finances so he can focus on manufacturing. it is the final flight for u.s. airways. a u.s. airways flight out of philadelphia today will be the last to bear that name. when it returns tomorrow, the jet will display the american airlines banner. usairflight is numbered 139. in the last hour we spoke to shun the coach are -- to shonda kochar. >> things are looking much better in india currently than what they were 18 months ago because ira member a few months ago it was one of the five emerging economies. control.ficit is under inflation has come a lot under control, and again, the government has done a lot of managing of supplies and so on, so infl

bloomberg.tay with our banking coverage continues with an interview with jpmorgan ceo, jamie dimon.t miss that. we are back with julian chilling's worth. -- julian chillingworth. you have limited exposure to the sector. is it more pain to come for the banks? julian: the regulators are not going to ease up on things. the rationalization we have seen this morning in deutsche, i'm sure there is more to come there. say thatit is fair to life is owing to become very tough for these guys. jonathan: in the race market, we call it low for longer. why is that? julian: the returns on investments that we saw them get over the pre-credit crunch. iod is notcrunch per coming back. could range on for another 10 years. jonathan: julian is go to stay with us. we'll hear from a your president. his concern of a british exit from the eu. ♪ >> china isn't quite as important as those numbers would lead you to believe. the effect may be overstated. the point is the u.s. economy continues to do well, and the u.s. continues to pick up, then things in the global economy are probably not quite as bad. policy.

jpmorgan ceo jamie dimon spoke to bloomberg about the impact. jamie: normalization is a good thing. it will actually reduce uncertainty. timel let them take the when they do it. i think it will be a good thing, not a bad thing. scarlet: will china like it? will japan like it? steven: right now they would prefer a weaker dollar to a stronger dollar. the weaker dollar with the higher commodity prices would be associated with less pressure on emerging comedies that emerging economies. it has been associate with stronger equity markets. in a time of inflation, you might like a strong dollar, in a time when you are concerned about global disinflation. caseld argue it is not the or the u.s.. alix: what does that even mean, what would it normally even look like? we actually tighten right now when it comes to monetary policy? steven: is falling at the same rate it did last year. fed is getting closer to its statutory goal, then monetary policy proxy by the real interest rate is becoming more common native. -- more common data. i think the weakness in the global economy, temporarily per -- t

banking coverage continues with jp morgan jamie dimon. colleagues in the u.s. out a question on twitter asking what should be asked of jamie dimon. get in touch with us. guy: let's get back to our big stories this morning. for anrg set down exclusive conversation with the finished economy minister. when it comes to the refugee crisis, the eu and turkey need to help more than ever. had a.ink we have where opportunities have been missed in the eu-turkey relationship. time, we needin each other more than ever. that it is time to revitalize the eu-turkey relationship. to solve atrying migrant crisis together. new economic and business relations. anna: that was the finished economy minister. let's go back to the codirector of southern consulting. we have this comment that caroline was taking from the saudi's coming delaying payments to contractors on oil slumps. let's talk about how stretch the saudi budget is by the weakness in the oil price. >> it is stretched in two directions. oil prices falling about by half, the biggest change of revenue for the saudi fiscal p

he was once seen as a potential successor to jamie dimon and may take over after they fired antony jenkinsembattled glencore is in talks copper mines as it seeks to cut its $30 billion debt by a third. let's get the latest from david stringer. how much are these two mines potentially worth here? david: good morning. that all depends on your view on copper prices. they produce about 125,000 tons of copper a year. or citigroup and ubs, that means they might be worth as much as $1 billion. the copperuggests price is a lot higher than where we are now. for the likes of investec, they think they might be worth only about $350 million. two mines inn sold for a deal of about $500 million. quite a wide range. glencore iser that looking to cut its debt by about $10 million -- $10 billion. angie: copper has fallen a lot this year. why are people so bullish about this potential deal? david: it is a fair question. we know copper has touched a six-year low in recent months. why are people bullish? it is the fact that asian copper simply is notply forecast to keep up with demand in the coming years. the

jamie dimon said that the financing is there. banks will syndicate the loans. it is a concentrated deal, but we can get it done. david: jeff mccracken, head of global m&a, thank you. for more on the deal, we are joined by abhey lamba, analyst with mizuho securities. i read that this would create an enterprise solutions powerhouse. do you agree with that? >> it will be interesting to see how it pans out. if you look at what ibm and hp are doing, they are going the other way, creating more double organizations. have everything from pcs to storage, so they are going in the opposite direction. who will be right? only time will tell. at the same time, dell will have the portfolio that others would not have. about howk complementary these companies are. emc historically works with larger enterprises. is this a good fit? >> it will be interesting to see how they come together. has beenight, dell working a lot with small businesses and emc's sweet spot has been large corporations. the products that are different, which isy or storage, going to be more appropriate for t

we saw jamie dimon release a statement saying, we are seeing the impact of a challenging global environment. wall street hedge fund titan, leon cooperman says they might be seeing the impact unless diversification. >> they were mistakes. i spent 25 years of goldman sachs. the firm was a profitable. we had many diversified profit centers. by forcing them out of business, it is to weaken the enterprise. by stronger they can be being more diversified. they should have risk-based capital. maybe require more capital. su keenan: trading activity suggests a lot of investors might be bracing for the worst. jpmorgan is the first of the letters report as the sectors comes that with numbers. at its highest level since march, etf. analysts also say the s&p 500 earnings likely dropped over 7%. casting a shadow a concern for other lenders? what are we expecting from other lenders? su keenan: we'll know soon enough. jpmorgan is already setting the town. we are expecting to see similar results. bank of america, wells fargo, all reporting on wednesday. citigroup is expected on thursday. it has been a top tr

that was the earnings per share, but, yes, this commentary from , hejpmorgan ceo jamie dimon doesn't knowledge a challenging global situation. the consumer business benefited from trends and credit quality. putting up less money for bad loans the thing speaks to that. >> we are looking at that. was that a surprise to you, that they did not have more money in their piggy bank, alison? alison: what they specifically said in terms of what is going on in the different areas, although mortgages continue to be a great area -- gray area. those are likely continuing to and we aree energy, probably not seeing losses, but we are seeing some divisions for it just those areas. fixed income coming in a $2.93 billion. investment banking revenue is slightly higher at one point $5 billion. all right, thank you so much, tracy, as well as alison from intelligence," and we have more behind these numbers, right after the break. ♪ alix: i am alix steel. "what'd you miss?" let's get right to julie hyman. julie: interest from two of its including western digital. according to our reporting, they were in ta

markets and the economy an exclusive interview with jamie dimon on monday at 9:00 a.m.much more ahead in the next 20 minutes. russian hackers target dow jones on insidernformation trading. bloomberg news has learned that this is much more serious than the cyber attack against dow jones that was disclosed last week. is money going to determine the next president of the united states? in the race for cash, people like ben carson and ted cruz are outpacing jeb bush, but clinton is still the winner. there are questions about whether technology is accurate -- whether the third us technology is accurate enough to become widespread. ♪ betty: good afternoon and welcome back to the bloomberg market day. time for a look at headlines. the ceo of united has been admitted to the hospital. oscar nuÑez suffered a heart attack. he became ceo last month. the airline says it is tontinuing operate normally. we will have more on this story at the bottom of the hour. steve ballmer has bought into twitter. the honor of the clippers has confirmed that he owns a 4% stake in the network. filing

manus: that was jamie dimon speaking in an exclusive interview saying that the fed rate debate also sat with san francisco fed president jon williams. he said the u.s. central bank should raise rates in the near future. >> my view is that some of the slowdown in jobs is really because of the strength in the dollar and other things and other factors. i'm not so worried about the slowdown and some of the recent data. again, it is supportive of continuing to improve in the labor market. >> the g.d.p. tracker suggests we're going to see 0.9, .9% of a growth for the third quarter. is that too low? do you need to see something higher in order to support the case for higher rates? >> my mantra is not to get too caught up into the onth-on-month. of course there is some payback in the third quarter. my view is it will be about 2% rowth on an annual rate. you don't want to get caught up on this month's data or the quarter data. for 2016 r forecast for the first half or for the entire year come down with the slowing in growth this fall? >> no, in fact my forecast in term turnovers unemployment rat

he was at one point seen as the , but her to jamie dimon left the firm years ago. favored to succeed at barclays. alix: antony jenkins was a retail banking guidem. -- guy. mr. staley seems like a shift. back into trading, back into investment banking. that's a curious development from barclays. scarlet: this is according to "financial times." aley might be named as the new ceo of barclays. "what'de coming up on you miss?" ♪ scarlet: don't miss this, jp morgan's earnings are out tomorrow. financials, as we look inside the terminal, underperforming the broader market. a lot of weakness heading into this earnings around. a lot of banks, including j.p. morgan, have talked about a 5% drop year-over-year. alix: over the -- after the bell, we will hear from john: don't forget, there's one big wildcard. ♪ welcome to las vegas, site of tomorrow night's democratic presidential debate. first, obama. in an interview with 60 minutes and aired sunday, the president was asked about hillary clinton's unusual e-mail practices. he offered a few words of defense

jamie dimon spoke about his bank's expenses on last night's conference call. >> i spoke my whole life on good expenses, bad expenses. bad expenses are waste, things you don't need. we want expenses go up. we find marketing opportunities, we'll spend it. if the investment bank does better. that's how we run the company. that won't ever change. >>> once again, jim, story is loan growth is good, but the trading revenues are challenging almost everywhere. >> yeah. people will say when they listen to bank of america, which was an excellent quarter, okay? bank of america is making money in that business, why shouldn't jpmorgan. bank of america has little loans and taking very little risk. bank of america trading 24 cents above its tangible book value. the cheapest it's been. i did some work on that. it's the cheapest it's been. >> really? >> yeah. you have to recognize all the banks are good. but jpmorgan, marianne lake put that one caveat in that maybe the weakness could continue. in that one line, that one line of q4, i thought jpmorgan undersold themselves. the loan growth is sensational

market, and you heard jamie dimon saying the same thing on bloomberg tv, and talk a little bit aboutls' strategy. jason: they are much more focused on the consumer and do not have the k -- same kind of expertise as jpmorgan who are exporting, so a lot of opportunities. they continue to expand organically and with acquisitions, selling more products into the customer base. john: something that erik talking about the ge deal, and he took a very broadly defined definition of what main street is, saying this is what wells has done. n: these companies are over capitalized. there is not a lot of loan growth, so they have to do this capital to work in other places. i think the ge deal was a very good deal for them and put them at the top of the market, so i agree with what wells fargo and stumpf are doing, and i consider them one of the better banks in the country because they do focus on the consumer, and they do focus on the u.s. market more than anything else. david: jason, let me ask you about this credit suisse deal, planning to get more into wealth management, despite a decline in the

jamie dimon says it is a challenging environment. further ahtag without day of holiday in jakarta. the region doing one thing. >> that is headed it down. we are looking at a second rate of decline. this is where we are at the moment. a second day of 1% declines. toward session lows. asia, extending the loss across global markets.

don't miss a jamie dimon's views on china, head. welcome to "first up", live from hong kong.

now speaking after the results, ceo jamie dimon explained the bank must be there for its clients through the good times and the bad. >> that's what we're here for is to lend to clients in tough times but you can't be a bank that every time something goes wrong you run away from your client. >> i think the company that he was talking about was glencore and other commodity firms. speaking about the commodity space and energy firms there's been so much concern about bad loans stemming from the energy sector and what jp morgan said is we want to be as forward leaning as possible. well, even if the banks want to do that, how much visibility have they got because we don't know whether this was the energy sector or not. >> i think just generally it's been tough to be a bank because how do you make money is usually off net interest margins, especially if you're a retail/invest lt bank like jpm is and their net interest markets have been narrowing because we're looking at a flattening yield curve, they're still freakishly low at this point, still close to 0 and 8 out of the 13 banks set to report

jamie dimon said they faced a promising global environment. now other financials set to report today, bank of america, black rock and wells fargo, they're out before the bell and citigroup and goldman will release their third quarter scorecards tomorrow. >> let's check in on jp morgan shares and they're trading lower today in frankfurt, echoing the after hours session and we were pricing this in as going to be a tough quarter for the big banks in this low interest rate environment meaning that net interest margins are narrow but this is just a roll out and just a start of what we're going to see from the other big banks in a tough environment. >> you might be right. especially in the volatility we've seen over the course of the third quarter. to some extent volatility is good because it drives higher equity trading but what we saw happening this third quarter depressed fixed income trading and equity capital markets, debt capital markets activity, that was lower than expected. you have bright spots in terms of advisory but can that rescue the

he was a similar age to jamie dimon thinking he wouldn't get the spot. >> this is the second time barclays has approached je jes staley. the first was back in 2012 when barclays decided his contract was too expensive. in the end the british bank went for a change in direction and opted for a retail banker. we all know him. but this choice was an intentional switch from previous investment banker bob dimon. after three years at the helm mr. jenkins was ousted after disapproval of his leadership among those at the top. specifically one man, the chairman. >> earlier this year kelly evans spoke to him on u.s. closing bell where he made it clear he is in favor of big banking models. >> large banks provide the oxygen for large corporations. so i would -- >> so if they're so great, why don't you go work at one? >> the other phenomenon is that the buy side is doing quite well versus the sell side. so share of the financial market has clearly shifted to the buy side community. i personally think in my lifetime probably the biggest evolution in the financial market is what you see with the large spo

he was seen as a possible successor to jamie dimon but he moved to hedge fund blue mountain capital inich was founded by former jp morgan colleagues. joining us on the phone is mark garnier. he's a member of the treasury committee. good morning to you. thank you for joining us. this appointed like barclays are moving back to investment banking focus. what do you make of labels like that? do you think that is the case and is it a welcome one in your eyes? >> it will be difficult for barclays. clearly we still have very much an atmosphere in the u.k. that the banks are responsible for bringing down the financial system. he came out labeling investment banks as casino banks. they are a brand which is still very damaged at the moment. anthony jenkins was very much seen in parliament and in the community of being somebody that's going to reverse that damage and i think that what will be perceived by this appointment is a move back to the old style. the bob dimon type of style and he'll have a challenge trying to convince people that he will be focussing on getting the brand right but also s

. >> paul, what would you like to hear from jamie dimon on the wall. >> caller:?> i want to see where the long growth is, how competitive the long growth s are we starting to see real growth out there. i don't think we are and that's why the fed hasn't moved and that's why these stocks have given up some of those gains and probably going to remain flat until we get insight on how the economy is doing. >> there are a few numbers in here i can tell you it looks like at least in the consulting and banking business average business banking at least average loans up 6%, average deposits up about 9, roe in that unit was quite good, corporate investment banking roe much lower. other areas -- some decent, i guess, paul, numbers, but we will continue to walk through t thank you for joining us, paul. what's your rating on the company, your price target? >> what's that? >> what's your rating and price target on the company. >> >> we are a buyer with i believe a $75 price target right now. >> thank you, paul. appreciate it. >> yeah. >> paul miller from sbr. we will have more

stephanie: jamie dimon? tom: great guy. stephanie: smart watches?t i have not figured them out. stephanie: toughest defense? tom: ed reed. eli?anie: peyton or tom: both. stephanie: michigan under jim harbaugh. tom: let's go. stephanie: even though it is a nike team? a thatthink they made decision there. i think the wolverines made a bad decision. stephanie: kevin plank. tom: one of my heroes. stephanie: donald trump. tom: one of my friends. stephanie: jordan spieth. tom: a beast. stephanie: mike bloomberg. tom: did a great job in new york city. stephanie: we have some men's men on today. david: i learned something in the interview. stephanie: that i can tom brady is hot? david: i knew that. that he should be a diplomat. stephanie: there you go. and he can help donald trump with that. next, he is served more than 30 years in the government. former commissioner bart chilton on banks, regulation, and maybe a little hair care. you know i love this guy's hair. we will happen next. ♪ david: we are now 30 minutes from the opening bell here in new york. wel

jamie dimon had said at conference recently he thought their trading revenues were in line with other of their rivals, looking 5 to 6% reduction in total trading revenue on the year. we did see the reduction in revenue. it will be interesting to see how they made it up on earnings side. another thing, leif, jamie makes argument, even when interest rates, doesn't matter to him essentially what interest rates are. they sort of make a margin on it, no matter what. a lot of people say that is the not case. where do you come down? >> i think trading revenue is clearly issue, flat market for everybody. maybe he is in line with industry standards. it hasn't been a great year for trading period. they had investment banking has been down. i'm thankful that the company didn't come out to say they will buy back shares just like intel. formula seems to be, you know, we blow it on, we have good earnings because we cut expenses. blow it on revenue and we buy back shares. good on them for not, you know, throwing out financial life-support we've seen with johnson & johnson this morning. melissa: gary

the idea that jamie dimon is so big, is there a fear that european banks will not be able china's giantssanks? vonnie: it is. it goes to the problem that there are imbalances reading political fragmentation. problems of europe sound one way in german and another way in greek. it is all about growth on one side or lack of it on the other side. you have the political devolution, the forces sort of pulling apart. that is not good for european banks at a time when you've got regulatory repression and too much monetary liquidity. can you come back? your dress is still black. thank you so much, lena komileva . jamesomberg go next, chambers is still short the world. bloomberg television and radio, stay with us. ♪ >> it is the biggest tech deal ever. ♪ >> welcome to "bloomberg go." you are joining us in new york city. i'm stephanie ruhle. >> i'm david westin. here with us is jim chanos. he is a shrewd skeptic and will share his skepticism. >> this guy knew enron was coming. he has warned us all about china. matt miller, you have something for us? >>

live with speaking jamie dimon.oomberg go. ♪ rishaad: middle of the asian trading day. this is "asia edge." look at our top stories, china's economy beating expectations. 7% target still within reach. asia stocks barely changed on the news, the slowest pace of growth since 2009. the president makes his first --it to the u.k., the deals to the u.k. candidates are registering to run for the president of the philippines. we will be live in manila. the value of investment in china and india are rivaling those in california's tech heartland. warsts for the next star are about to go on sale, two months before the movie opens. juliette: we are seeing a better-than-expected gdp number coming from china. weaknesseen some coming through in korea. the

ceo jamie dimon is calling the results descent. joining us to talk about it is director of u.s. he equity research. thank you for coming in. i should say the headline is jp morgan is getting smaller and the first sentence goes on, really talks about how their decline in assets is down $160 billion. you'd think just on the headline alone it's a bad thing but most analysts think it's a good thing. explain. >> the fed has these enhanced surcharges for the big nasty banks and so jp morgan is trying to work around that. all the components of the balance sheet that get treated poorly by the new rules so they're trying to adjust to the new reality to their credit. they went down one bucket in the new fed's proposal. from a 4.5% charge to a 4% charge so that was the silver lining. >> can that go even lower or no. >> interesting thing is it went up because the cash went down so you make no money on cash. so they are going to keep at it, right in but jamie was clear last night in saying it's going to take awhile. you say okay for example they have the commodities business. >> we try to lo

guy: jamie dimon was making that point earlier. not bob. what is the right trade around this?bviously, the markets are going up they will be one of the most interesting parts of the market to invest in. but there are three areas everyone is looking at. and we are seeing the shift away in terms of investment banking to the more profitable areas. they do this cost-cutting and restructuring -- guy: they all want to be asset and wealth management over here, and you wonder how you differentiate over there? whether this constant drive to raise more capital is ever going to go away? gemma: differentiation is a different issue. they're going to become more and the utility, kind of a transaction behind-the-scenes. i think it is less a focus on differentiation, but maintaining market share and extract value out of wallaets. anna: second be summing up the driven by the regulatory environment. just generally. gemma: they're able to restructure the businesses, they will definitely be a move. se halfeard, credit suis is in investment banking. it is hard for wealth management. it is unsustai

david: would jamie dimon have bought it at that? a fewwe conversations where tim cap saying call jamie and jamie didn't want to do it and i didn't want to do it, but when the head of the new york fed is pushing you to make the calls, you make the call. stephanie: you look at the last two years and the problems banks have faced since these acquisitions, is it fair because when we look and say it was the fed that pushed the banks into these trades? not fair.that's to talk about to get us in this position -- when you just made money and the market is going your way and you can borrow or sell high and securitize and people are making 20% or 30% with their stock, someone's got to blow the whistle. they got carried away and leverage was wild. when you think about the leverage these firms had, including morgan stanley, it was absurd. a really interesting conversation there. seven years later, it takes a question, what shape are the banks really in mark regulation can beget new issues. we have credit squeeze planning to shell cares to -- to

look at jamie dimon. look at ceos of conglomerates out there.witter and square are significantly smaller than many fortune 500 companies that have lots of articles that have nothing to do with one another. david: it is an exceptional problem more than a management problem. stephanie: twitter has problems, by the problem is that jack cannot handle both verticals. david: let's go back to general motors. we broke the news on their record third-quarter earnings this morning. we now go to matt miller who has the cfo. matt: i am talking to chuck stevens right now, chief financial officer at general motors joining us from the joint. let me ask you about the margins. 11.8%. that is better than the 10% you were shooting for next year. you have already be in the incredible north american margin. can you keep that up as you continue to overhaul the future on huge productis line? chuck: we reached our objective in advance and we plan to maintain that. we continue to drive on efficiency in the business and we are hammering the heart of our lifecycle. it will

act anna: commodities and fixed income trading t, as jamie dimon warns the fourth quarter is not off to a good start. guy: russian president vladimir putins all smiles. in 20.onill hit 4% we will hearrom r and how she will dothat in this program. once again, when you talk about data coming out of china. guy: it seems like a familiar theme. but the aggregate is interesting here. the chinese inflation data and aggregate again just adding to this overall picture, the chinese economy is slowing. and as a result of which, maybe we'll see reaction. cpi story, speculation the central bank would do more to stimulate the economy. there is ongoing weakness -- the factory gate deflation story. we have a chart that shows just how long we have been in negative territory, that the 2012 is as far as you have to go to find a positive number. 43 -- those are the months that we have seen it in negative territory. guy: that has an impact around the world. with weakcoincides growth, we have a chart here on bloomberg that shows the deflationary trend running around the weakening and global growth that we

markets and the economy and an exclusive interview with jamie dimon, jpmorgan's ceo. nine clock a.m. on monday. >> coming up in the next 20 months of boomer market day, while oil prices have funded -- plummeted, the banks that funded the boom are escaping the drops. >> presidential candidates releasing their fundraising totals for the third quarter. upstart republican candidates are once again outdoing the establishment. ♪ >> welcome back to "bloomberg steel.day," i'm alix you're looking at the rubicam in the middle of new york. brisk morning. >> the fact that it is friday may to feel all the more lovely. time for bloomberg business flash, the biggest stories in the news right now. we're learning new details that the compensation of twitter's executive chairman will get nearly $12 million in restricted stock. an annual salary of $15,000. appointed twitter's board this week and was previously with google. scarlet: a4 letter words cropping up when it comes to talking about the u.s. labor market. it was little changed in august at 521 million. peopleest numbers of quitti

jamie dimon left citicorp back in 99. he was on the outs. he got to bank one a couple years later.ok all these executives from citigroup. eventually they populated the sleep of jpmorgan. did not go out of business even though citigroup did in 2008. >> how come they are not signing up more people. it is really a marketing thing. 320 million. here is the thing. town square. abusive snarky people who -- it is more like a drunken bar. >> you are right about that. >> ad growth in their conference calls. >> i get abused and i abuse back. i never throw the first trump. when facebook was facing exponential questions about company, about the model before they brought in cheryl sandberg, she started doing things with the existing infrastructure that made money. the mobile apps. neil: i am just saying, are we being too harsh here? >> bring in some leadership to do that. i think that this is probably what will happen. >> this is what i would add. why did you give your twitter traffic to google? why did you do that? >> if you google neil cavuto, what you last week about. going to twitter. >> th

i cannot be as articulate as jamie dimon.oy he sees it and he sees it correctly. citibank, jpmorgan, and we own barclays. valuation. citibank, returns are rising. sometime in my lifetime, rates will start to rise and earnings will start to improve. matt: we have a great function on bloomberg and it shows you a number of different framers relative to your competitors. right -- inlays in the white. it is under the competitive group that lists the banks we have gotten. it has broken out in a last anths or so at least as being little more highly valued as competitors. i thought that was interesting. 16 times earnings. a big discount to the market. superior yield, a discount multiple, and improving situation. looks fine to us. erik: it is not clear to me why they pushed the ceo out. it does not look that bad. stephanie: antony jenkins had a completely different mindset. deemphasizeng to capital-intensive business, the importance of doing good and being conscientious. and sadly, that is just not that that -- brand of banking. >> th

i asked jamie dimon about regulation a couple of weeks ago. >> i don't think it's just dodd frank.er interpretations of rules. some of the things are quite good and some i don't agree with. they are all what they are and have been advised by regulators so we must deal with them. donald trump says he likes the banks of the act like a punk what it comes to regulators. he said they have you -- turned to human punching bags in of standing up, guys like jimmy dimon are saying thank you, may i have another? what do you think? >> no comment. stephanie: we know how regulation and dodd frank have given you opportunities to do direct investing and lending. when does it become a problem? you need liquid markets. you don't have them anymore. >> i think that's a little overblown. if you got an order from a large account when you hired a salesperson, the trader will not take down $100 million. they will take some and work the balance. now they are taking a portion which is not of the equation so they have to work all balance. do i buy a cheaper on the buy side but the trade still gets done. it's