there seems to be a hopeful tone from jamie dimon.t the same time, we are seeing there was anger because he had made unhelpful brexit remarks. erik: american bankers, and , they are caught between a rock and a hard place. on the one hand they need to be realistic about the future for whosake of their employees want to know what is one to have and to them. on the other, they have a relationship to maintain the richest regulators, and of course, the british government, which is changing before our theory eyes. jamie dimon has been very outspoken in the past, but today, took a conciliatory tone. very first question was about brexit. it is one of the great unknowns, right? one of the great uncertainties that hover over the future of the u.k. in the eu. underneath that, there are two big questions. what happens to clearing and past 40 -- what happens to clearing and passporting? vonnie: of course, they can't answer any of these yet. none of this has been negotiated. is there a plan in place at least and jpmorgan for different scenarios? it

jamie dimon has a warning for the u.k.t relocate a few of his employees if the uk's decision hurts banks. jamie dimon called on europe to address complaints about bureaucracy and regulation. the latest threat from islamic state and iraq. they are using explosive devices u.s. troops. global news 24 hours a day, powered by our 2400 journalists in more than a 150 news bureaus this ishe world. bloomberg. shery ahn: thank you. let's get a check of the currency markets. hauled looselyp in the morning session but it is now resuming its drop. at one point in the session it we are currently looking at the pound injured intradate. -- this is the pound against the dollar. shery ahn: almost all the analysts expect the pound to remain weak. our next guest said there is .ore here to make his case is an diaz-alvarez. would you say that we have already priced in all the damages following brexit? think we are pricing in a lot of damage. we are looking at the historical lows going back to the early 1980's. it is deserved. the situation has

tom: can you transfertom: jamie dimon's philosophy?that especially will be dedicated on improved commercial and loan growth and their asset management division. we own jpmorgan. another financial that comes to e whose assetpris management business and the wealth management business can be a catalyst for higher valuations. scarlet: net interest margin for jp morgan, 2.25%. lower than the estimated range given by analysts. let me bring in michael moore who spent years covering jpmorgan. is interest rate environment what is working against the banks now because they were positioned for rate increases or normalization through the rest of this year and suddenly we got the word that will not happen. >> the beginning of the year, it looked like the year you would get some rate increases to help those margins. now you see analysts talking about not until 2018. the nimsikely to see across the board start to compress because banks have taken their funding costs close to zero. is 860 $2umber for me million year over year, down 6% on net interest

. >>> comi up, why warren buffett, jamie dimon and mary berra and others held a secret meeting abouthe future of corpor >>> shoefs some of the nation's most valuable companies held a secret meeting to discuss the state of publicly trade companies. as reported by the "new york times," a group of business leaders met over the past year to address how to make the marketplace more attractive more privately held companies. today the group released a public letter with what they call common sense principles that suggest how current executives should lead their businesses. warren buffett was a part of that group and this is what he said today about berkshire hathaway becoming a public company. >> i originally would have preferred berkshire hathaway to be a private company, and over the years my view on that has changed 180 degrees. i enjoy having berkshire acpublic company and i enjoy having -- i don't know whether we have a million shareholders or even more, but i like the fact that people put their trust in us and that we treat them like partners and they feel like partners. >> j.p. egger

talkingd jamie dimon there but he did not say very much and neither does his cfo. takeaway on that is interesting -- you want to look at the political effects and how the u.s. economy is faring in their view is a much the u.s. consumer is fine, the u.s. economy will not have any problems but in terms of trading and how we can think about markets, they did not have a lot of color about exit. vonnie: that's because they do not know yet. is positive on jpmorgan and says in terms of expenses, has caught mostly what it can. where are the analysts looking for tailwinds moving forward? laura: some analysts we have talked to have said our estimates are down for the year. we are not seeing a lot of places where we can see more growth because we have the elections which could be bad for either the retail side or the trading side, though people are saying maybe we will have a hit of a surprise with everything being so much better than the analysts verdict it. , bank of america and goldman sachs next week. can we take anything away from jpmorgan's figure and translated into th

simon: jamie dimon, head of ups both saying it is about passporting.of jobs they will move will be more diminished but you have got to remember, it is not about the city. is a huge financial services industry all up and down britain. jpmorgan is the biggest private-sector employer. you have citigroup and deutsche and hsbc with positions. some of these are the back office jobs they may well look to move out of the eu. if we lose a sizable chunk of the city, can the u.k. make up for it in manufacturing? we are talking about a weaker pound but it is mainly foreign-owned owned companies that are exporting so much. how quickly can the fabric of the u.k. economy change? rupert: that will depend on the nature of the relationship. i think jamie dimon is saying whether we keep passporting, i think there is a low probability of value to financial services. i think the struggle is going to be maintaining as much as the single -- as much of the single market in other industries. what investors that depend on the single market, that is where the real meat of this n

jpmorgan's jamie dimon says the brexit decision could be reversed.ys there's nothing wrong with changing her mind. as the town becomes this year's worst currency performer and u.k. consumer comments plunges the most in over two decades, that call may be resonating. our next guest says colonel so fast. monetary and fiscal improvement is on the way. as itief economist management with over $4 billion of assets. the rate -- is that wishful thinking from jamie dimon, the brexit decision could be reversed? it doesn't seem that way. >> richard branson has suggested it. annoyed.ve been bitter stop twisted trying to talk the economy down. we said before the referendum we were being [inaudible] we have been promised tax cuts. -- you told by the bank might want to point to the consumer confidence. mark: let's look at the chart. biggest fall in 24 years. that you could see was relatively lofty. in the day after the referendum. mark: so it is too early to get a trend from lloyd's business confidence yesterday. >> if you were to give me a piece of paper with no na

matt: jamie dimon today is talking about moving 16,000 people out of the u.k. just staley who runs our klees has said he plans to keep his people in london and it will remain a financial hub. where is the bulk of the business going to go? i think the odds are out between frankfurt, paris and dublin, because dublin is english-speaking. i think the major parts are help by frank for an paris to get a lot of the clearing business for derivatives. dublin also has much lower taxes. bankers don't like to get ripped off i the man and you are realng at high taxes and difficulty hiring and firing people. but inthat is correct the end, you need a place where you can do euro settlement and theon will be out after brexit negotiations, so business has to move. them -- it is an open question. joe: we keep hearing this term about pass porting rights and how the u.k. would lose those. explain what that is talkfically and when you about the business london will lose, is it conceivable in the negotiations that they could create summary -- some relation where they keep those right

i understand we are not going to hear from jamie dimon.f the talking and she said you may hear him chime in but apologies in advance, he has a course voice. hoarse voice. she has been talking about the various sectors of the business and what to expect, speaking about corn -- core loan hoarse h growing by 15%. underway, has gotten she also talked a little bit more about the u.k. vote and the effect of that. andsays it is very early she pointed out the new government is just forming, and negotiations have to be given some time to take shape. said, we would hope we can continue to operate as we do now in the u.k. but it is very early, and she emphasized they continue to support their european clients. there are a lot of questions again about the various parts of the business and about net interest margin for jpmorgan, which she set will grow by $2 billion to two and a half billion dollars year over year in part because of the strong loan growth that we had seen last quarter, that it sounds like they expect to continue. as the call has gone o

speaking of brexit, you may have seen jamie dimon campaigning for .he u.k.the eu he's got eight ilion reasons why as jpmorgan puts out $8 million in britain. biggest is the contributor across the board, contributing $27 billion in yearly income to the largest investment banks. analysts will be eager to hear what they have to say about the vote. you might have heard about jpmorgan talking about trading rebounding in the last order, representing a drop in fixed income and equities from the prior year. teensere expecting amid percentage increase in the second quarter. if you are looking for impact on -- impact on these incredibly low rates, keep an eye out for earnings and the rest of the financial sector when they are released for thursday's opening bell. act to you, john. quite here with us is allison williams. forson, thank you very much joining us. what is the big thing, in your view, to watch for? allison: it's all about the fixed incomet? trading has been a dismal story several quarters and was finally doing better. exit the u.k. voted to eu, really a lot

jp morgan ceo jamie dimon has a warning for the u.k..d in a tie in newspaper he may relocate a few thousand of his -- he told a newspaper he may relocate a few thousand. jim and him and called on europe to address britain's complaint about labor roles, bureaucracy, and regulation. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 20 countries. this is bloomberg. tom: francine, i read an article on jamie dimon and i think he, like everybody else post-brexit, is talking their book. i read it carefully. i guess they're measured comments, but it goes back to this idea of passporting. would you inform our global audience what he means when he says "past boarding -- "passportint"? is not a basically, it real passport but you can imagine it being a real passport, that means as a bank, you can do business in the , andnent, france, germany elsewhere. because now we are in a limbo state where we do not know the relationship between the u.k. and the rest of europe, you don't know if a bank can do that transa

i mean, even jamie dimon is not talking about, listen, this is a wholesale change because this happened>> but it's still a fairly large economy in the world. >> it is large. i'm just saying that -- and that's why i say i don't want to -- i don't -- all i'm saying is that there was -- i'm watching which wiilford this mo and the changing of the guard. and i'm saying, all right, they finished this. barclays trading up -- >> how about ppi, .5 core, .4. you have to go back to last summer claims at 254. >> we're switching over here to where if the economy is good -- i'm going back to fink's comments. if the companies are doing better, well, then, maybe we should be willing to pay a little bit for those earnings. do you remember the old days when earnings would go higher and we would pay for that. >> but we had this conversation yesterday and a lot of people seem to be starting that theme we're willing to pay more than 17, maybe we will get to 18, 19, jpmorgan not bad today we will see what follows thee, 1.5% yield on the ten year. i get it. >> yum! we have to wait for the conference call but

we mentioned that new warning from jamie dimon.hear from the wpp ceo joins us to weigh in on the follow from brexit. let's get you up to speed very quickly. we are about 19 minutes away from the cash open in new york city. here in london, strong session up by over one full percent. out the board very quickly, strongest demand for 10 year yield option since 2013. record low yield on the 10 year. you include treasuries for two basis points today. rate, we bounced up that 31 year low. >> i cannot get over the 10 year yield. let's go around the world and check in with our bloomberg team. reports, u.k.ment property funds, and david gura in sun valley idaho. let's go to the 10 billion acquisition. it is the day before jobs friday. give us your forecast. >> it is out and about 15 ends, and people will be looking for a clue to tomorrow's number, because it is all about the -- may jobsdismal j report,. fed officials are trying to figure out why that was. if you take a look at job creation over the last five years, it has been pretty steady.

sitting down with jamie dimon. that's a big one. >> yeah. be very interesting to see what he has to say. monday on power. thanks for watching. >> "closing bell" starts right now. >>> hi, everybody. welcome to "the closing bell." i'll kelly evans at the new york stock exchange. >> happy friday. i'm bill griffeth. mixed picture today. big gains in july overall the is s&p trying to close in record territory, as a matter of fact. coming up, we'll discuss whether this rally can continue and the possible roadblocks that are ahead. >> meanwhile, how about oil? this is the story today. it was struggling all month. it did bounce back from bear market territory briefly. low oil prices hurting exxonmobil with the worst quart quarterly profit since 1999 this morning. where oil prices could be headed next, in a moment. >>> shares of hewlett-packard enterprises rallying on a report this afternoon that private equity firms may be targeting it for a buyout. we'll hear from the reporter that broke that story in a few minutes. >>> let's start with earnings tr

>> burke, jamie dimon -- >> i know. i'm kidding. most important one and probably the biggest success out of that. >> very much so. >>> coming up in the 8:00 hour, another success. warren buffett. he's going to be weighing in on the initiative as well. we're going to have that must-see interview at 8:00 a.m. >> it's not even close. right? >> i'm with you. >> geez. >>> coming up, elon musk revealing another part of his plan. looking to pivot into the truck market. we have details after the break. and governor rick scott will join us with his reaction to ted cruz's speech and much more. "squawk box" will be right back. zblvrnlts we're back. elon musk revealing the master plan. and phil lebeau joining us from chicago. >> we've been talking about the master plan and how it justifies the integration of solar city into tesla. one of the interesting parts of the plan is what musk sees in terms of future vehicles being built by tesla. if you think this is a company that only makes high end electric cars, think again. in the future tesla plan

jamie dimon has written an op-ed in the "new york time."tes that we just for americans have gone nowhere for too long. this is part of jamie dimon announcing a race for the lowest paid people. 80,000 people who make roughly $10 an hour will be moved between $12 and $16. tim: a huge buzz this morning, and it reminds me of sitting in davos a couple years ago where aetna was way out in front of this. the ceo of ethnicities is ridiculous. we are paying people next to nothing. we have to change this. what i like about this essay is training calls it to to get people into entry-level jobs and go from there. some of the inspection they are doing and the training they are doing, the amount of money they are spending appears to be larger than the amount of the cost to give the raises. tim: it is a rounding error for jp morgan. one of the biggest errors they have is explaining how big they are, how they the operating income is, but what is great about this training money, it is a hunk of the bank business medium we ignore. it is a lot employees, whet

and let me spin it to your interview with jamie dimon on monday, we're looking so much forward to at eastern time. the main issues you hope to hit with jamie are what? >> listen, definitely touch on the divergent performance we've seen from european banks to u.s. banks. u.s. q2 earnings were pretty good and the results of the bank's stress test here got lost a little bit, because they came out the day after the brexit result and were pretty strong. i don't think we've grasped on that. and isn't as bad as european banks. the woert sector. look at that. and brecxit is a big topic. is the fallout as bad? pull people out of london? the political situation here as well. interesting, as we look at the debate, both sides of the political debate unite on beat anti-banks over here. getting perspective from here will be fascinating. >> not to mention following gdp today. the first half of the year in the u.s. growing at a rate of 1% after the revision downward to q1. interesting to sort of get his perspective on what the real economy looks like from his vantage point. >> absolutely. particular

jam jamie dimon raises higher wages and howard schultz's stocks went down yesterday. so what does that mean? >> i don't know. i'm putting it out there. >> you're the man who answers the questions. we ask them. >> i raised eyebrows on this one. why did howard schultz not getting any credit is and jamie dimon is our wisdom. >> he has, but in this case, it was about why he's not running for president. >> all i can dell you when i read this by jamie dimon, i thought how much is this stock going to go down? magic tusk. >> tesla is worth watching. two things, the journal says the sec is being looking into the disclosure regarding that may crash. morgan stanley thinks this big announce me announ announcement, this master plan, may involve public mobility. >> that's the secret plan. >> master plan part two. >> yes, secret. >> i think to him, frankly, the sec is on cbs. i don't think he cares. sec on cbs. >> as in the southeastern conference. >> i think he says -- he's a little bit immune. he is probably saying why is the sec going to -- the big 10 likes me. >> do you really t

over the next three years, jamie dimon said he will raise the pay of some 18,000 staff.japanese tech giant nintendo has seen its shares go through the roof in recent days as the new is gainingn go" popularity. it ended the session up 16% in tokyo. the app's success looked likely to become -- continue as the game becomes available in europe. nicholas rushworth reports. nicholas: it's become a global phenomenon in a matter of days. in the realch world to find creatures on their smart phone screens. enter a pokÉmon attic. >> i get out -- addict. >> i get out of the metro three stations before my workplace. there could be pokÉmon on the way. there could be a pokÉmon hiding behind a tree or something like that. gaming of session has seen nintendo shares surged more than 50% since the game was released last friday. the rally has boosted its market value by billions of dollars. the released so far is only partial worldwide with germany the first to get it in europe and with japanese game fans on tenterhooks. no release date has been announced there. >> i don't have the courage

now, the jamie dimon bottom, february 11, it has held up. traded down to 56. >> if you're worried about something internablly and some exposure, usual i citi and morgan stanley get egged with those concerns. >> a few weeks ago, we had a bearish trade on citigroup. if you think it's an earnings trade, i would do something in the weeklies because what i don't like is the duration of this trade because the way european bank stocks act, i know they've had a day and a half off and are green. if you're going to do it in a single catalyst, you need to collect little bit of premium. and we've seen big bearish bets in the space. we saw them this week and talked about it in deutsche bank and i don't think their situation is the same. you brought up morgan stanley. how have they started to make as they've seen pressure in other areas. asset management is the answer. >> waetd, hold on a second. are you kidding me? we have the betterment ceo on the other day. charging eight bips to manage your money. those fees are going down. it's becoming increasingly

. >> jamie dimon says too many people are not getting a fair opportunity to get ahead. what he's doing to change that on "power lunch" when we return. >>> welcome back to "power lunch" everybody. jamie dimon has written a "new york times" op-ed and was published today about how he plans to help the economy and boost employment for the next generation. he starts by announcing a pay increase over the next three years for at least 18,000 employees. let's bring in steve oddland, ceo of the committee for economic development and former ceo of office depot and auto zone. steve, welcome, good to have you with us. it seems to me this is the way the system ought to work, where you have businesses making independent decisions about how to compensate their employees and at what level rather than having it imposed from above. do you agree or disagree? >> no, i think that's exactly right, tyler. i think the situation follows the financial crisis where the banks let a lot of people go and then they held wages down for a long period of time. now you see a systemic increase in wages. w

. >> lost half their value and still no be sure to catch wilfred's interview with jamie dimon monday, 1:00 p.m. eastern time. right at the top of a fine program called "power lunch." up next, two retailers maybe signalling the sweet spot for the american economy. they're hitting new highs today. names and how you can get in on the action. plus, have you been to a bunch of movies this summer? you're not alone, tim. it is a bummer of a summer at the box office. the studios most at risk and july was good to the dow, but awful to oil. could this spell big trouble for one stock's sizable dividend in the name and why some of us are worry when "fast money" returns. with the xfinity tv app, now you can watch nbc's coverage of the rio olympic games live at home or on the go. >>> it seems to be that the trade that keeps on working is the american consumer. two retailers in fact mitting all time highs today. home depot and tj maxx. take a look at performance of some consumer names. coach near the top of the list. dollar general has done well. dollar tree has done well. j.c. penny, dick's sportin

and i want to hear jamie dimon saying overall, u.s.s better and brexit may have a small marginal impact. >> thanks, bob. >>> looks like we have dow and s&p and stay tuned earnings from young and ceo of csx coming your way as well as our new friend paul feig, director of ghostbusters here on the new york stock exchange. here is hour two with kelly evans and company. kel? >> thank you, bill. welcome to the "closing bell," everybody. i'm kelly evans. and yes, the dow closing at an all-time high today on wall street. adding about 23 point. good enough for a new close write it down 18,371.02. that's the high water mark. things will shift a little as it fully settles out. looks like s&p managed to do on the bell too. although it is very close to a tenth of a point higher. 2152 and change is the low for the broad index there. nasdaq gave up 17 point. slightly in the red for the year. 5,007 is the line to watch there. closing at about 5,005, down about a third of a percent today. transports did well. oil got whacked. also coming up within csx

ceo jamie dimon says 18,000 tellers, customer service employees and other workers will see raises overhe next two years. he says that the bank will raise its minimum pay from $10.15 an hour to up to $16.50 an hour depending on market conditions and locations. >>> the website ashley madison is dropping its slogan, life is short, have an affair, and changing it to, find your moment. it's part of an effort to rebrand as a dating site. the move comes nearly a year after a security breach exposed data on millions of members. close to 45% of ashley madison members are single. more than 50% are attached and interested in a wide range of experiences. the service also got rid of its logo showing a wedding ring next to people holding fingers to their lips alluding to affairs. >>> law enforcement, civil rights activists and community leaders come together today at the white house for discussion on policing as victims of the ambush in dallas are laid to rest. >> reporter: a major step in transparency for the san jose police department. the training about 15 officers will get later today. we've bee

and you may have seen jamie dimon campaigning for the u.k. going into the brexit vote.arriesbecause jpmorgan $8 billion in britain. you see just how important the u.k. is to revenue across all of the banks. jpmorganhese numbers, executives think this will affect the gdp in the u.k. which will affect the economy that not the banks business. jpmorgan is a stock to watch. through the session today and going forward to see how brexit affects the company. shery: let's get more with laura keller who covers the banking sector. how long can the success of jpmorgan last? laura: who knows? [laughter] laura: this quarter was good. this was a good kickoff to the bank season here. most analysts are not revising upwards. not going into to that in 16 or 2017 yet. so it won't necessarily carry forward into the next quarter. a lot of people were saying that the second quarter numbers didn't matter even with the trading increases. what kind of outlook did jamie dimon and the management team offer on today's conference call? janie didn't say much at all because he had a horse voice. i thi

jamie dimon is saying let's try to get this process a little bit quicker and let's get it going so thatn get some answers and we don't see capital spending totally fall off, consumer spending totally fall off. >> related to that, mike, we learned that the next leader of the conservative party in britain is probably going to be a woman, theresa mayer or andrea ledsom and does that narrowing down. leadership help provide some. clarity as all? >> it does help especially because the guys who fell away, to clear the way for her, were really nobody's favorite and seems like that was just more representative of the kind of turmoil that the party was in so i guess it's a net positive. i still don't think you've dispelled this idea that britain can remain in a state of suspended animation for a while and you're not going to necessarily have the resolution. jamie dimon's comments say if we get the so-called passport treatment where you have financial services able to operate across the eu from london, that's great but almost nobody thinks that's a likelihood. >> right. >> it seems as if there's g

vonnie: jamie dimon says thousands of employees will be getting a raise.the banks will $12.15 an hour for full-time and part-time employees. that is your business flash update david: the s&p 500 its games. that's its gains. julie: there's always winners and losers. the maker of industrial fasteners, the company's sales growth is slowing, daily sales 1.6%.g to further weakness and faster sales -- in fastener sales. you on sharesdate of amazon. it is prime day. when around here is channel advisor said sales are little changed from last year. the shares down by 1%. we are watching the weapons makers today. we did have democrats introducing a bill called help and assault rifle tragedies act -- help end assault rifle tragedies act. --s according to a statement covering all assult-style firearms. the taser also appears to be falling into the category. vonnie: amazon's prime day is start. a rough #primedayfail trending on social media. hiccupsack ups -- a few this year. emily: amazon always holds numbers close to the vest. last year, was widely criticized. they s

expected last week, research sales data has not been that bad, we are starting to see signs of jamie dimon came out today, said they would give wage hikes to their lowest paid people. is the u.s. growth situation really that bad? guest: i do not think it is that bad, i think it exceeded since breads it was announced. but that is a short-term negative for the market, there will be separations. but the market is blowing that off, and marching ahead. i think we are somewhat whistling by the graveyard in the sense of, there is a lot of dry kindling out there, a lot of expectations. a piece of good news like the job report will set up a rally the next couple days. ,> regarding where to put money areas that are highly bid up, where do you go in terms of looking for the best places? energy for example, has had its bear market. we like chevron and others. allergan will -- i think that is a strong example of a stock that can outperform in a choppy market. joe: thank you very much. coming up, the fed shows little appetite in raising interest rates. quickly, if at all, what is weighing on their minds

jamie dimon leading the company to health. interesting question, what we will hear from citigroup tomorrow. tonegan setting a positive for the banks. citigroup ceo warned their outlook is ripe for risk. betty: we are talking about risk on. someone flipped the switch from safety to risksu. . su: we have a great chart for you. what you see is blue, the weekly numbers. on the far right, the green is what you had in the last week. it shows a complete 180 switch. do not get too excited because strategists are starting to ask, has the market come too far too fast? so much.ank you we have some more breaking news coming out of france. the president, the mayor of nice confirming 60 people are dead in this truck attack on bastille day. , calling thisng an attack, the worst attack they have seen in nice history. let's get the other first word headlines. >> donald trump appears to be closing in on mike pence as is president of running mate. the republican close to mike pence says the campaign is preparing to confirm the decision. trump is

italianseen of course newspaper articles on interviews with prominent bankers including jamie dimon whoghs in on the issue saying flex ability is needed on the bailout rules. italy does not have any intention of independently some sort provoking of legal skirmish on the issue. i think there is no doubt that the compromise has to be reached. , nohe coming days and weeks one wants to have a truly , rightc banking collapse now, when in this pokes exit world when valdez in this post-brexit world when volatility is extreme lehigh -- post-brexit world when volatility is extremely high. francine: he said it could be systemic. in italy, the banks -- if a bank it goes or if there is not a resolution, that means the prime minister will have to step down. we are at thatk point but lurking in the background in all of this is renzi's own referendum that he staked his future on, the one in october on his political reforms . the last thing he needs right now is a full-blown banking crisis, a run on a bank as he heads into that key vote in october. there is probably going to be a few more days of -- on

. >> jamie dimon outspoken in his unhappiness with the brexit vote.e he be relocated a few thousand of his employees in the u.k. to countries. >> this is really a story of the financial sector and london. london is the question the -- is no question the european , center of finance. it's a global one. everyone is wondering about the uncertainty about brexit does that mean you start to see relocation very soon. before we even know the details of the brexit agreement that could take and probably will take years to finalize. ♪ ♪ matt: you are watching "bloomberg best." i'm matt miller. let's continue our global tour of the week's top business stories. in italy with troubles mounted for the banking sector. >> italy said to consider capital injection. italy wants to save its bank and the eu has rules that you might not be able to do that. >> is a crucial sticking point, this aspect of competition rules. it seems from our reporting that what italy is trying to illustrate is this is an exceptional situation. after the brexit vote clearly italian banking shar

chase ceo jamie dimon says it will help the company attract and retain talented employees. starbucks says it will give its employees a raise starting in october. got to keep in mind how tight the labor market is. economists say we are full employment where it is hard to attract a new employee so they don't want to lose the employees they have. a lot of companies are doing this. jobs we think of as minimum wage often don't pay minimum wage. >> how are they raising? what is starbucks doing on the backs of hard working coffee drinkers everywhere. >>> if the cost of your latte seems to be higher this morning it is not your caffeine-deprived imagination. starbucks going up as much as 30 cents. the company is not saying which drinks will be affected. i guess you find out when you go to order your skinny caramel machiatto. >>. >> we get starbucks here. plenty of sunshine and warmer weather. >> really warm the next couple of days. maybe ice coffee from starbucks. we are talking about inland valleys today where it will be the warmest. in san francisco we have the low clouds and when

jamie dimon, we're talking about. want to go to a former wells fargo ceo.nks always in the crosshairs, it feels like this time around your industry getting it from both eyes of the political -- sides of political aisle. will this kind of thing help? >> well, i know jamie very well, and i think jamie's a rational decision maker, and i think he thinks this is good for his company, i think he thinks it's good for his employees, and it maybe also helpful given the political environment. but i think this is, basically, jamie making what he thinks is the right decision for his company can and his employees. charles: i want to ask you about the state of the economy right now. the dow is at an all-time high, but i'm looking at fed data here with respect to demands for bank loans, and even though auto loans are going up and credit card loans are going up, you go back to the second quarter of 2012, auto loans, the demand for them were up 38p. now it's up 18%. it feels like it's tailing off. some of this data feels like we're going in the wrong direction even though t

. >> jamie dimon outspoken in his unhappiness with the brexit vote.ore he be relocated a few thousand of his employees in the u.k. to countries. in the divorce settlement with the european union. >> it is a story of the financial sector and london. london is no question the european center of finance. it is the global one, too. everyone is wondering with the uncertainty around brexit, does that mean you will see relocation of the attentional rival centers before we even know the details of a brexit agreement that could take, and probably will take coming years to finalize? ♪ ♪ matt: you are watching "bloomberg best." i'm matt miller. let's continue our global tour of the week's top business stories. in italy, where troubles mounted from the troubled banking sector. >> italy said he considered capital injection. italy wants to save its bank and the eu has rules that you might not be able to do that. >> is a crucial sticking point this aspect of competition rules. however, it seems like from our reporting that what italy is trying to illustrate is that

this quit idea, then jpmorgan chase, ceo jamie dimon saying, people are getting a raise they have gone too long without getting one it shows some underpinning. charles: it does, and starbucks is raising their prices because they are paying their people more. one of key for a rally is pricing power, for any stock you want to own is pricing power, it will be interesting. deirdre: all right, charles, i know have you more analysis coming our way in 50 minutes. charles: at least one stock pick, they want more. deirdre: we've gotten into a friendly fight about amazon, it closed up at a record high. charles. amazon is the killer. facebook is cheapest stock. deirdre: two great ideas. >> thank you charles payne. we want to switch your attention, charles "making money," but from markets just for moment, to anti-police shooting protests that continue across the nation. president obama paying homage on the 5 slain dallas police officers moments ago. >> a new gallup poll shows a drop in race relations in last 3 years, possible trump veep veevp pick, newt gingrich calling out president obama last ni

. >> jamie dimon up talking taking minimum wage to $12 to $16.50 an hour.nflationary data later in the week. get to the judge. the "half" over at hq. >>> all right, carl. thanks so much. welcome to the "halftime report." i'm scott wapner. top trade this hour, market milestones with the dow and s&p hitting highest levels ever today, is it time to play offense with your money? with us for the hour today joe terranova, stephanie link and jon and pete najarian and joining us for the hour, kevin o'leary, o shares investment chairman "halftime report" resident shark as well. stocks begin at all-time highs today in signs investors could be finally ready to play offense in the market. one sign of that, or a few of them, utilities and telecoms, two best performing sectors of the year lagging bigim

coming up in the next 20 minutes of "bloomberg markets," jp morgan chairman jamie dimon led the back to solid second-quarter results. we will have reaction from two analysts with very different views. company sees gun an opportunity to supply cops with cameras. vonnie: days away from the republican convention in cleveland, donald trump appears to be closing in on a vp running mate. this is bloomberg. ♪ david: this is "bloomberg markets." i am david gura. vonnie: i'm vonnie quinn. david: time for the biggest business stories in the news right now. word from appeals court on a decision that may affect the data security throughout the u.s. technology industry. the ruling overturns a 2014 decision ordering microsoft to hand over messages from a suspected drug trafficker. david: france is warning former european commissioner not to consult goldman sachs on the brexit from which some consider an act of betrayal to the eu. he is under fire despite taking the job 20 months after leaving his post. vonnie: burberry is putting plans to build a $67 million factory in the u k on hold. the luxury

jamie dimon's?in february. >> wow. >> that is when jpmorgan stock was under a tremendous amount of pressure and obviously as a gesture, you're always encouraged by it, but, again, ge has had a hard time making any distance between itself and $30 a share. that stock is -- not spending much time up there. >> series of moves they made, shedding businesses and trying to improve operations. they will move their headquarters to try to improve the talent and, you know, the young people and the pool there. again, we're now at 31 or so and a half. what kind of catalyst does it take to get them significantly above that level? >> a couple different things. they can do m & a. a lot of people are speculating they buy baker hughes and a lot of assets. not sure they will happen and they certainly have been focused on energy for sure. you will see synergies from alstom, an acquisition they made two and a half years ago. that comes in the second half this year and streamlined company to focus more on technology and

take that up, gary, the economy, first thing this morning start read something jamie dimon with an op ed in "the new york times" talking how he will be giving everybody a raise. part of the story with starbucks raising prices as they did, they will give employees a raise. companies are willing to go out and spend more money. your take on the economy, gary with those stories? >> i think the economy is okay, nothing special. when you come to starbucks, there is strong demand for a lot of coffee. they're attempting to raise prices. guess what, if people pay those prices they will keep them up. if they don't, they will have to bring them back down. jpmorgan, by themselves think they're not paying enough to their employees. i had no idea how much they were paying until i read about it today. they think they can do better. more power to them. on individual basis that is what capitalism is all b companies having the ability to decide for themselves what they pay people, not what is mandated by states and by the country. connell: of course. that is the political story, jason. wondering the ec

jpmorgan chase, ceo jamie dimon said the increase is the right think to do.americans have gone far too long without a significant bpay bump. workers at starbucks are also getting a raise. the coffee chain will increase pay 5 to 15% for all store manages and employees. interestingly the pay raises come among growing satisfaction who employees said their hours have been cut. a group of them started a petition last month which currently has more than 13,000 signatures. it is good to see starbucks doing this at the same time raising those coffee prices. this is a trend in this country that's gone up. >> i assume we're going to see pay rises across the board. >> we hope so. >> it's about time. >>> now, hillary clinton finally getting an endorsement from bernie sanders. but are his supporters ready to unite behind her candidacy? we'll get to that, next. we give it to everyone for free. oh, well that's nice. (to dog) go get it! you can go get it yourself online and see your fico credit score right there. great! (to dog) that's a good boy. thanks? oh, and you can eve

jamie dimon said after brexit doing 1,000 currency trades a second.o expecting that type of revenue to come back in the next quarter. >> quick on one thing. talking a lot about the fed not moving at all this year. i think december rate hike chances around 13%. at some point the winds will change on that. particularly if you keep getting good economic data here and abroad. the chances of a december rate hike go up. that's the further impulse for banking stocks to move higher. >>> gold on track for its first weekly loss since may. jackie deangelis, a stone's throw away from the futures trade. >> that's right. just across the highway at the nymex, 1322 session low for gold prices giving back some of those postbrexit gains we saw. jim, what's dragging gold down today? >> seems like there's less panic in this world. yields have screened from 1.395 to 1.6. a joke. 1.6 a very low. several good economic pieces of data in a row. good economic data from china as well, too. as it sits now, gold doesn't look particularly as attractive. juxtaposed against the yiel

i mean you know genius move by jamie dimon to get some publicity, talking about upping wages, upping training. i think he is extremely well-positioned. we also love goldman sachs. talking about what to do with london but all the people there are earning 15% less measured in dollars so why not. connell: guys, thanks. kevin, david, always good stuff. appreciate both of you. melissa: restaurants and businesses under attack from unprecedented onslaught of new regulations coming from washington. white castle vice president jamie richardson will tell us about the challenges his chain is now facing. connell: donald trump firing back at supreme court justice ruth bader ginsburg after her comments slamming him in the media. now even "the new york times" weighing in its support of trump. judge napolitano will be here. you know he has a lot to say about this. melissa: what can we expect from the republican convention? we are going to ask former presidential candidate mike huckabee. he will be giving his big speech there on monday as security is still scrambling to get everything in place. >> ri

the ceo jamie dimon announced 18,000 tellers, customer service employees and other workers are getting raise. he said the bank will raise its minimum pay from $10.15 an hour to $16.50 depending on market locations. >>> the website ashley madison is dropping its slogan, life is short, have an affair, to "find your moment" to rebrand the dating site. the move comes nearly a year after security breach exposed data on millions of members. close to 45% of ashley madison members are single. over 50% are attached and interested in other relationships. it also got rid of its logo showing a wedding rick next to ring and innuendo of having an affair. >>> four brewers have voluntarily agreed to add nutrition labels by 2020. they produce 80% of beer in the u.s. >>> in the next half-hour, pokemon go, new warnings from police as the craze takes over the pop culture world. the latest ups and downs. >> a major step in transparency in the san jose police department the training its officers are about to get today. ,, ,,,,,,,,,,,, ,$8drw ,,,,,,,,,,,, it's tfrom the old way off buying and selling cars. i

here's jamie dimon who is recovering from a summer cold speaking to analysts early this morning. >> thet important thing is that we had will continue every single country to serve our klines day in and day out. not really worried about it. it would be nice. it doesn't create huge turmoil. so, you know, i'm hoping the eu is sensible and we'll be prepared. there is a range of outcomes. we're not going to like pull back serving people in italy, germany, france, or spain. >> the bank cfo saying it would prefer to keep london as it's europe headquaters though she would not comment on applying for new banking licenses elsewhere. larry fink, the ceo of black rock which also reported earnings this morning had more of a dire prediction. he believes a short-term recession is coming because of it and believes rates will go lower before higher. >> although if earnings season can improve on this minus 5 expectation number maybe some of these are justified. >> still to come, call it the paypal of europe. how it's making waves in the online payment space. we'll speak with the ceo next and later on the

we do speak regularly to jeffrey think,-- immelt, larry and jamie dimon.sing for boards and how they should conduct themselves going forward. we are just thrilled to have it finally in print, finally put out there. it is a great product and it is excellent and it will help move our economy forward. david: nelson, as you say, and throughout the principles, there is an emphasis on the long-term rather than the short-term investment. you are a very successful businessman and investor and you identify with fairly successful activist investing. a lot of people associate activist with the short-term, that that is part of what has driven short-term thinking apart to get value in the short-term term. is that unfair? nelson: that is why i started off by saying we are a highly engaged share owner. we don't view ourselves as activists. -- we thinkctivists certain activists are short-term, certain are long-term. we create real value, that creates a longer period of time. we understand time frames. we know things don't happen over the weekend if you are trying to redir

we can still go back on this desk and talk about jpmorgan when jamie dimon started to buy into his own stock at 53 and we're trading over the 60s. this last earning reports -- >> and jpmorgan is down 3% year to date. >> simon, i know you've got to go to break. can i ask you a question before we go? >> on live television? please. >> you started this thing with john harwood with the word that i've never heard before. can you say that again? >> controversy. >> i know pete looked right up when you said it. >> there's a lot going on. what can i say. >>> netflix suffering one of its worst days of trading ever after subscriber growth got crushed. one of the biggest bulls on the stock is here to explain what the street is missing. that's next. >>> plus netflix may not be the only big earnings mover. we'll tell you which stock could be in for a similar fate after it reports this week. that's next on the show. more "fast money" ahead. >>> welcome back to "fast money." traders are betting on some sharp moves for a number of dow stocks reporting earnings this week. mike coe is in austin breaking i

ceo jamie dimon revealing the bank might have to move thousands of staff out of britain if it loses automatically right to sell financial services to european union. scott, this is something called pass forwarding. it's a great bank convenience that london could lose as a result of vote. that is a big problem, no? >> it is a real shame and something, david, wasn't really foreseen by a lot of the "brexiters" if you will, talking about getting out of eu, was collateral damage could be created in the job market. let's face it. let's not overhype this. banking will not stop being done in london but with regards how they conduct business with the eu which is a major partner of theirs in the banking system, that could change. therefore costs the english some jobs. david: jonathan will not only cost jobs but cost money. how might it affect jpmorgan stock? >> i'm worried about the banks, david, i have to tell you. they are the weakest of all the sectors i follow and especially the european banks. deutsche bank at 52-week low. even goldman sachs is at a 52-week low. european banks and both uk and non-uk h

. >>> jpmorgan ceo jamie dimon weighing in on the wage debate in "the new york times." giving our employees a raise. he's hiking for thousands of employees. he said led to many thinking that the next generation will be worst than the last. many employees who will receive this increase work as bank tellers and customer service representatives. and he says above all it will enable more people to share in the rewards of economic growth. this is not any type of federal mandated program. this is a private company deciding it has the wherewithal to raise wages. let's not get too excited. i think he's going -- did you read he's up to the average -- for the lowest pay goes up to like $10 which is a couple of dollars above $7. but it's still, if they want to attract good people, it's smart to do. number two, there's plenty of room. because he's talking about $10 and $12 per hour jobs he's talking about here. no one wants to be in a $10 or $12 an hour job five years after they start at jpmorgan. i don't have any problem with corporations finding a way to do this and it makes sens