he is a key advisor to jamie dimon. as ceo of jpmorgan, jamie dimon is very influential himself.is one of the few people that really has his eaer. he is the former ceo of exxon. vonnie: activists are targeting his seat. how will this play out? michelle: a lot of it remains to be seen. a lot of shareholders used to be passive, blackrock, state street. they are becoming more focused on climate change as an issue that they can have an impact on. it really depends on if majority action of the shareholder group that is pushing to get the raymond off the board is able to appeal to these other shareholders. they could succeed. it all depends on what they say. described bybeing some of the people you spoke to as an incredibly important moment. how do you think this may ultimately play out? michelle: this group majority action has had success in the past and getting the largest proxy advisor to get on board with some of the proposals. if they are able to do that, they could succeed. at the end of the day, jpmorgan is a company that has risen to the top in terms of its biggest bank in the

he happens to be one of jamie dimon's mentors. he was ceo of exxon.has a history of skeptical of climate change so climb and activists are putting up this new campaign. sonali: so you have been to a ton of things involving shareholders and jp morgan, and activists always bother jamie dimon. why will this time be different? >> activists have been targeting amy for a long time. -- targeting jamie for a long time. investors, analysts haven't really paid attention because he does not really like the spotlight the way jamie dimon does. that they are pivoting their focus to him shows that they might be onto something. this group, majority action, in the past, they have succeeded in getting iss, the biggest proxy advisor, to join in on some of their campaigns. romaine: one interesting dynamic in this is the longevity. he is basically one of the longest-serving directors of any corporation out there actively serving. jamie dimon is one of the longest-serving ceos in the finance industry and maybe across industries. is there a sense that there needs to be a ch

let's start with jamie dimon, given the 10-year is at record lows.e thinks growth will be top in the next decade. >> especially for one of america's biggest banks. that interest income will be pressured this year, will recover next year. the on the issues we are seeing in terms of headwinds for interest rates, jamie dimon says they are seeing competition in the investment banking and lending industries everywhere, from traditional banks as well as technology companies and private equity firms. he was not shy about saying he was ready to tackle that. amanda: changes at the top of citi. focusinglike banks are on that high-margin business in the investment banking side. what do you make of the executive shuffle? usually number four or five on our mergers and acquisitions table. the short answer to all of this change is there is a generational shift going on at citigroup, a lot of new people rising up. their financial institutions group is important. we have seen the main leader move over to asia, another growth area or them. that means they have had to

the bernie campaign in its new attack on jpmorgan chase's jamie dimon, you won't believe the error they made. i'm elizabeth macdonald. "the evening edit" starts right now. ♪. liz: welcome to the show. you're watching the fox business network. we've got solid turnout for both president trump and the democrats in new hampshire. the president, the best for an incumbent since george hw. bernie sanders winning the new hampshire primary. the democrat raise slight between these candidates. none got above 30% a look to nevada and south carolina and super tuesday on march 3rd. jonathan hunt in vegas with more. reporter: elizabeth the biggest winner in new hampshire last night may have been the state of nevada itself, suddenly lavished with attention by democratic presidential candidates who want to separate themselves from the pack. senator amy klobuchar had a good showing in new hampshire. she immediately announced a huge increase in ad spending here in nevada. she is battling mayor pete buttigieg what would be termed the moderate wing of the democratic party. hoping that she can get ahead of m

he's only a couple of years younger than jamie dimon so if mr. n does go on for another three to five years as the sort of official line from jpmorgan at the moment, then by that point gordon smith probably would be too old or not young enough, however you want to frame that exactly of course if you go through the way people analyze things over the last couple of years, if anything were to happen all of a sudden, he would be right fiscal year the top of the list three or five years out the line the younger crop come in >> the next crop of bank ceos will be female i think that's the bottom line thank you, i'll see you later. wi will fred frost. a quick check on the housing sector the markets, gone negative again. yo-yoing around flat line. we gave up 188 point gain already. dow down 17, second time being negative so far only less than an hour into trade more "squawk on the street" when we come back ...only about 80% of your part b medicare costs. a medicare supplement insurance plan may help cover some of the rest. learn how an aarp medicare supple

morgan we know and jamie dimon their business model is to keep $0.90 of every dollar they steal they pay $0.10 of every dollar they steal as a fine they played hundreds of millions of dollars in fines jamie diamond before the crisis was a mid-level guy in america now he's a billionaire from committing serial fraud and they've been you know had to face the music many many times so i don't understand why they're singling out mexico it seems like crime pays well this is a local think tank and they're looking around and wondering why it's the 1st year in a decade that the economy the g.d.p. has shrank and they're saying well perhaps if we could. down on all these headlines on these stories of cartels beheading people but yeah you're mentioning that there is a crime wave that goes on in america and perhaps if we got rid of all the jamie dimon taking all the money perhaps member the velocity of money chart we showed perhaps there would be more velocity of money but just in terms of ending that crime if you end the crime at the end the violent crime on the streets you know what is there in t

jamie dimon was to be very, very creative try -- creative.nts to be very the -- he wants to be very creative. the other thing that came out of investor day or after investor day, was the and report. you will notice the added a new risk factor. they say something that could materially impact their business going forward is climate change. had to is after michelle be funneled into the back door of jp morgan. >> that was because of the protesters outside. they had to take me through the loading dock. jp morgan is doing $200 billion in green financing, social financing. let's see if that is enough to move the needle. alix: saying it is different from doing it. i think that is the same issue they will have with implementing that across their strategy. >> they announced monday that they would be restricting several companies, and protesters and activists have said, this is great, but it is not enough. diamond -- jamie dimon acknowledging this issue and it showing up in the report shows that they are transitioning. alix: thank you very much. coming

other areas is most profitable in terms of looking at return of investment. >> i am not one to give jamie dimone on how to run a business, he is pretty good, but, what bothers me is bending a knee to rage mob, as a business, if you do that, that is a sentence for death, it will never be good enough, won't you show them you are willing to heed the call of one group, then another group will come then another, and soon you will not be able to do business with anyone. if it is a be decision -- business decision that fine. >> they should have just stated that. >> result of outside pressure. don't forget, united states is not j.p. morgan's only market. people take this stuff seriously in europe. david: shoul >> it should be to economic pressure, and to your point, j.p. morgan saying we'll not fund anyone without a woman on the board or someone of a particular race on the board that top of mob mentality. >> goldman sachs back said that. david: school administrator this seattle ending a program they call racist, but a lot of parents' to keep, our panel weighing in on that, coming next. if you have post

, james gorman told me that china will, quote, bounce back out of this we're going to hear from jamie dimonomorrow banks down nearly 4% today and over 8% year to date, kelly. >> willf, what i hear from the bank investors guys i really respect interest rates don't matter as much, that spread is not as important as it once was. do they have a point or at some level do you have to take that into consideration and say it's hard to be in these stocks? >> they have a point in that it collapsed from 1.9% in the ten-year to 1.4. it's as big a move in the crisis and collapsed aggressively down to zero. it's also true that last year, most of the pressures that we saw on that debt interest margin was offset by loan growth. towards the latter part of the year, we saw fee income offset pressures in net interest income partly of course for markets record highs for things like wealth management earnings are very strong. remains to be seen this quarter if rates stay where they are remains to be seen whether there are that many upsets we'll hear from jamie dimon if he updates any guidance. >> true, it would

party at jeff bezos's $23 million home along with jared and ivanka and the ceo of morgan chase jamie dimonsense to the public that you are not, in fact, immune from external pressures? >> i would certainly hope not. >> okay. so i want to get to his response in just a second. first, congresswoman porter, tell the rest of us, you know, what were you trying to get at? >> so we all really need to be committed to the independence of the federal reserve, particularly at a time when we have the president drawing into question how much par of justic. it's incredibly important to our economic growth, which is something that republicans and democrats should both be committed to, that we all president trump has taken to twitter to try to pressure him. so i was disappointed when mr. powell went in the completely other direction and attended a lavish party where he knew that ivanka trump and jared kushner, kellyanne conway, he knew they were going to be at this party. you heard him say in the testimony, well, it was just an after party for the alfalfa club. i don't know what most americans think, but i

morgan we know and jamie dimon their business model is to keep $0.90 of every dollar they steal they pay $0.10 of every dollar they steal as a fine they played hundreds of millions of dollars in fines jamie diamond before the crisis was mid level in america and now he's a billionaire from committing serial fraud and they've been you know had to face the music many many times so i don't understand why they're singling out mexico it seems like crime pays well this is a local think tank and they're looking around and wondering why is the 1st year in a decade that the economy the g.d.p. has shrank and they're saying well perhaps if we could. down on all these headlines on these stories of cartels beheading people but yeah you're mentioning that there is a crime wave that goes on in america and perhaps if we got rid of all the jamie diamond taking all the money perhaps member the velocity of money chart we showed perhaps there would be more velocity of money but just in terms of ending that crime if you end the crime if the in the violent crime on the streets you know what is there in the

jamie dimon sees competition everywhere he looks.lans to be creative with what he can buy. here he is speaking at the bank investors day. >> we are looking and will be much more aggressive acquisitions across the board. you can get some form of competition from apple, amazon, facebook, google, you get payments and bank in a box and marketplaces. that's the world we will face. did come to mn day we should be very creative. >> j.p. morgan is coming out of the most profitable year in u.s. banking history. me do a data check. i wanted to take a look at the continent as well. it's a better tape than one hour ago. again is weaker. we do see a little bit more appetite for the dollar braid stocks again under pressure there prayed 1.4% of the stoxx 600. sector -- and leisure section is the worst performing pre-ryanair down by 4.5%. once again we see a focus on the travel and leisure stocks in the mindset of the market. it is a really nuanced tape. we will do more data checks on that through the day. i will let you decide on the debate last ni

morgan we know and jamie dimon their business model is to keep $0.90 of every dollar they steal they pay $0.10 of every dollar.

excuses that they use for why the markets are like they are why the fed has to keep on intervening jamie dimon who says we can't have socialism not recognizing that he himself is the biggest recipient of government welfare in the united states so these 2 this couple jeff and paul it karpov well authorities said the karpov's siphoned money to fund a lavish lifestyle including dozens of properties and vacation homes a nascar sponsorship a stake in a private jet service a holiday party featuring the rapper pitbull and at least $150.00 cars malcolm siegel a lawyer for jeff karpov said in an interview that his client quote feels terrible that his business started out intending to provide clean energy and tax benefits to many large corporations but unfortunately failed and resulted in his committing a number of illegal acts right well as you are saying in this 21st century form of capitalism failure and fraud usually gets you a bailout occasionally they get a day some innocent mom and pop are to make it look like they're doing their jobs on innocent relatively innocent. relatively innocent mom and p

necessarily a good sign number one number 2 and there's this is where so disingenuous remember that jamie dimon who's the head of j.p. morgan actually criticized the coin for a long time saying that it was worthless and it was garbage and now all of a sudden you want to issue your own j.p. morgan coin so there's a hypocrisy there over 10000 today by the way just in case anybody is worth less and so i make my own and then that'll get worth something. battled office sharing startup we work announced a plan tuesday to become free cash flow positive by 2022 the company which recently named real estate better and sundeep ronnie as c.e.o. have struggled after a 200-1009. 101st ever $1000000000.00 revenue quarter in 2020 and hopes to have free cash flow over $1000000000.00 by 2024. they also announce that the news of 3 members of their board of directors having stepped down we work is hoping to reach 1000 locations worldwide by 2021 an increase from their current 739 locations meanwhile the company's executive chairman marcello clere clarified reports that ousted c.e.o. adam neumann walked away from t

. >> we heard from jamie dimon talking about bernie sanders saying he did not think it would happen. the reaction we get from wall street has been pretty severe. clarityhink we get more on how it will shake down? some volatility run-up to an election. thereld not surprise me it feels like they are due for a rethink because most years, there is a noticeable drawdown. to your point, i would like to hear what you think bernie sanders would be good for corporate profits? >> i think the idea is there is two main things. expansion in general to other sectors of the economy considering how much is saved by consumers and because things target there for all lower end of the consumer base, those folks would be able to access credit they were not be able to access. this would be a impulse on the consumer and a net positive. think eia all alpha weather partners. from new york, this is bloomberg. ♪ >> time now for smart cards were we look at timely topics to the charts and this week i am joined by jerry. you have -- even with last week volatility, you remain bullish. talk to us about your chart h

chairman and ceo jamie dimon would note be drawn on the market sell-off overall, but he had this to say about coronavirus. >> it's very hard to tell you, so i don't want to guess we obviously hope it's contained. you know, it's a human charac r how bad is it? how did they get they? they don't know who patient number one was in italy? i had this nightmare that somehow in davos, all of us there got it and all left and spread it. the only good news there is might just kill the elite. [ laughter ] i just don't know. we'll just have to wait. >> the company told me earlier today that any employee recently in italy must work from home two weeks and no further travel to italy without approval the stock, like all the banks, do you think sharply today, down about 6% or 7% 4% today, as we discussed earlier, bank of america the worst performer, it's often seen as the -- followed by citigroup down 9% over two days. citi has the highest exposure to asia mike, quite impress ivl that they didn't need to cut guidance, a tone coming out of the day was that 2020 will be harder than 2019 jamie dimon says t

attending a lavish party at jeff bezos's home along with jared and ivanka and jpmorgan chase after jamie dimonive the sense to the public that you are not immune from external pressures? >> i would hope not. >> he didn't talk to any of the people named. new york governor andrew cuomo and donald trump meet face-to-face for showdown over sanctuary state policies. what to expect. we will tell you next. >> shannon: new york governor andrew cuomo >> andrew cuomo scheduled to meet with donald trump over white house push back to new york drivers licenses. for preview. >> we are hours from the meeting between andrew cuomo and donald trump and the governor seems ready to compromise, says the state could share department of motor vehicle weapons but only those in the traveler program. the governor will out he feels this is all about politics. >> i don't believe the dmv database has anything to do with the tpp program. if they want dmv data for those enrollees on a case-by-case basis it can happen but i don't think there are any facts that he is a policy. >> the state of new york department of homeland s

david we have a whopper of a mistake that bernie sanders campaign has now made in a new attack on jamie dimon know to find that out. david: huge beltway furor over sudden resignation of federal prosecutors after they locked horns with doj and president trump over sentencing over former trump aide, roger stone. are the dems looking for another impeachment? judge andrew napolitano will join us next. >> they requested him to come in next month. i hope that we don't start walking down a parade of inless investigations again, it is time to move on. b st. bernard puppy, and my lack of impulse control, is about to become your problem. ahh no, come on. i saw you eating poop earlier. my focus is on the road, and that's saving me cash with drivewise. there's a company that's talked than me: jd power.people 448,134 to be exact. they answered 410 questions in 8 categories about vehicle quality. and when they were done, chevy earned more j.d. power quality awards across cars, trucks and suvs than any other brand over the last four years. so on behalf of chevrolet, i want to say "thank you, real people." y

i got a statement from the business roundtable, chaired by jamie dimon and he is very proud of this plan it is good for the u.s. economy. >> plans to raise as much as $159 million in an ipo. that is at the top end of the range the offering would value the company around $744 million, a drop from the previous valuation. of what happened between then $1.1 billion. and now? >> a 30% haircut. think about the timing. the valuation was in march, 2019. since then we have seen uber's , ipo, peloton, the wework debacle. it seems a lot of these unprofitable companies did not impress investors. it makes sense that investment bankers would say let's put this at a price that could appeal to investors. >> jp morgan announced it is keeping with its plan for bankers and traders. in keeping bonuses flat as wall street readies for a drop in payouts. jp morgan has been the most profitable bank in history for two years. is this the best they could do? [laughter] >> it has been a record year again jp morgan and other banks . but are preparing for tougher times ahead. remember morgan stanley cut 2% , of their

jamie dimon calls at the white house and makes a deal. they move the tax write off for jpmorgan anyway whereas everybody gets caught with a crack back straight to jail. that is the criminal justice system that is in some ways criminal. that is in some ways criminal. it is true. if we are going to have rule of rule of law, about for poor people, let's have will of law for all people. for wall street, if we have it for main street. what jane austen would have called constancy. ethical constancy. and it needs to be pointed out, the same with student loans. i was just in santa cruz just yesterday with the students who said, why increasing tuitions? interest rates for students, still out of control. what were interest banks for 3.5 years, almost zero. how come the banks treated that way and students treated another way? which group is more important for the future of the country, the students or the banks? what are we talking about? more priorities not a matter of , hating on rich people. some rich people can do the right thing in my view. i w

liz: wonder how jamie dimon, bankers but regular folks, too, are trying to travel back and forth. we will watch it. please let us know what happens. thank you. >>> to stocks. a bunch of names getting slammed but all for the same reason. start with food giant craft heinz, down 7.66% after the ceo announced during their earnings call that the company has had to close four of its eight plants in china, yes, due to the coronavirus fears. didn't help that lowered its full year forecast. >>> to ralph lauren. ralph lauren says two-thirds of its fashion stores on mainland china are closed. that stock is down about 1%. the french spirits maker known for jamieson whiskey, cutting its full year profit outlook in half due to the epidemic. the stock is up 3.75%. >>> finally, alibaba's ceo called the spreading crisis a black swan event that will impact the global economy. alibaba down 1.5%. let's just get you some help to inoculate portfolios out there. to our floor show traders, along with eric nelson, wells fargo strategies currency expert. sarge, first it was the obvious ones. the airline se

imagine how attending a lavish party at jeff bezos' $23 million home, along with jared and ivanka and jamie dimonf a sense of public that you are not to come in fact, immune from external pressures? >> i would certainly hope not. >> shannon: powell says he didn't talk to any of the people named there, including ivanka and jared. tomorrow, new york governor andrew cuomo and president trump meet face-to-face for a showdown over sanctuary state policies. what to expect, we will tell you, next. ♪ as the day begins ♪ time for reflectin' on family and friends ♪ ♪ and hey, we got somethin' ♪ ♪ just for you (sniffing) ♪ it's a cup of your favori-i-i-ite... ♪ (loud splashing) (high-pitched laughter) dang woodchucks! with geico, the savings keep on going. just like this sequel. 15 minutes could save you 15% or more on car insurance. i'm happy to give you the tour, i lohey jay. it. bye-bye. i recognize that voice. annie? yeah! she helped me find the right bonds for my income strategy. you're very popular around here. there's a birthday going on. karl! he took care of my 401k rollover. wow, you call a lot. y

the majority of rate pressures in 2020 said trading should be up mid teens year over year though jamie dimonill be tougher than 2019 and the next decade will be tougher than the last decade he didn't comment on the selloff but had this to say about coronavirus. >> it is very hard to tell you i don't want to guess. obviously we hope it is contained. it is a human -- you know, it is a human casualty you feel terrible for it the only question is when you have south korea iran and japan now with the rapidly increasing curves how bad is it how did they get there they are talking about this morning they don't know who patient number one was in italy. did that come from -- i had this nightmare that somehow in davos all of us who went there got it and this we all spread it. the only good news there is of the might have just killed the elite. [ laughter ] i don't know we will have to wait and see >> despite the lack of a cut in guidance the stock selling off alongside all of the bachgs as yields continue to compress. down about 2%. yesterday down over 2% now down about 7% year to date. >> willford fr

also cheaper in early 2016 when we had that sort of jamie dimon bottom in the whole thing. and we did have the absolutely valuations on stocks lower so where you can basically say is earnings might not hold up. and therefore the earnings yield on stocks might, in fact, be lower than this. but at least you're starting to rebuild a relative valuation cushion. then you want to look at dividends. it's a kind of a similar story dividend yield on the s&p 500 compared to corporate bond yield. this isn't just treasuries this is kind of investment grade corporate yields what you see is dividend yields give you a higher percentage of the yield of high grade bonds than they have in 25 years so if you think that that's a relevant statistic or a little bit of comfort in terms of deciding to have some equity exposure, that's where we are right now. >> all right, mike thank you. >>> just want to point out some news that we are getting and we are learning here at cnbc. and that is harley-davidson is going to have a leadership change president and ceo matt lebitich is going to step down. th

lavish party at jeff bezos's $23 million home along with jared and ivanka and the ceo of jp morgan jamie dimon my give off the sense to the public that you are not in fact immune from external pressures >> i would certainly hope not. >> what did you talk about at that party with them >> i didn't -- i didn't talk to any of the people you named. >> you didn't talk to anybody? >> i didn't talk to any of the people you named. >> can you tell me who you talked to? >> i mainly escorted my son and his brand-new wife i introduced them to general mattis >> okay. great. i would just suggest that this attendance at this kind of events with these kinds of people is inconsistent with what i would otherwise commend you on of doing a good job of establishing to the public the independence of the fed. can you name a couple of the biggest drivers of economic growth in this country since the recession in the 1970s what has been making our economy grow what factors >> factors that have been making it grow. the hard work of the american people you know, i think what you have seen is tremendous growth in some sect

discount relative to any other sector of the market >> so just -- >> plus i wait for -- you get a jamie dimon coming out saying he is buying his own stock in situations like this. >> exactly right. >> the dimon bottom. that's not out of the realm of possibility. not speaking about bank ceos more broadly, you start to get commentary, i bought -- >> tepper brought mlps at the end of 18 and they went on a moon shot rally because they were so oversold. >> i think it continues to define how you look at financials i think there are areas in financials, jp morgan or exchanges, there are areas within the financial sector that you can avoid being completely focused on net interest income i think as long as you are looking at it from that perspective this will lead the opportunities to add to your financials exposure. it may be in one of the larger banks provided they are focused on increasing their fee revenue. we were looking for a tail wind for financials this year it has certainly taken winds out of it. >> there is some talk today -- i have so many notes in front of me i don't remember who said it

jamie dimon is looking aggressively at acquisitions. he could buy anything that is not a u.s. bank. the wall street giant has a greater appetite for deals than previous years. after the most profitable year in u.s. banking history, diamond says 2020 will be tougher. anna: now that the 10 year yield has touched a record low, how low can it go? annmarie hordern has a round of of wall street's latest take. annmarie: that's the big question, how low we are going to see it go. strategist's are starting to put numbers out. bank of america is certain it will be by 1.25% in june. hm eight financial says under a bad case scenario, they could see it going to the low 1%. annmarie, thanks very much . let's take a look at more of the stocks you need to watch ahead of the open. we've got diageo, which came out with a warning saying that it had a substantial impact on the coronavirus in china since the end of january. that's it for me. ♪ good morning! oh no, here comes the neighbor probably to brag about how amazing his xfinity customer service is. i'

what is jamie dimon going to do buying this stock this high?uyback frenzy die back a little bit, and that seems to be linked to valuations. you have a company now that's current pe is around 13, slightly above the industry, so it is not wildly overvalued. but you figure dimon has to be sitting down with the finance people and saying, what is really responsible at this point? sonali: if it is a high-class problem, guess what? if it starts to feed over to other banks, we have goldman sachs with their new plans in place. is there enough net capital for them to buy back shares? romaine: they've given back a lot to investors, so they could go back to the dividend or put more weight on the others of the equation if buying back shares becomes a little too much. sonali: my favorite day of the year, the bank stress tests. [laughter] romaine: learning so much here. coming, iowa voters head to the polls, kicking off the primary season. we will have more on what those results mean for markets and the hedge and for 2020 election risk. you see joe biden ther

until we hear from jamie dimon later today, when he tends to talk about much bigger picture things.x: uncensored come up may be. thank you, bloomberg sonali bostic joining us. we have had of global markets research here. now and ithe 10 year say, do you like cyclicals, or do you like banks? derk we have: had big declines in rates and the holden on the cusp changed. if you look at spreads, everyone has been bullish on the u.s. dollar because of the spread story, very attractive and in favor of the u.s.. those spreads are shrinking dramatically. in japan, 165 basis points the last 12 months, in europe, 100 basis points. at some point it will start having an influence. the dollar is obvious safe haven currency and in these uncertainties, it could continue to rally. but at some point, the window will close. if we get third rate cuts, which is quite a possibility later in the year, than the dynamic start to change for the dollar and it is not as supportive as it has been. alix: thank you very much for joining me. .erek halpenny of mufg coming up in the market, i will be joined by james a

today will be on the comments that we hear from the business heads and of course chief among them jamie dimon and the coronavirus. we're due to hear from him at 11:45 a.m. things will kick off at 8:00 a.m. >> before you go in terms of some of the projects that jp morgan is no longer going to finance, is there any estimate on what that will cost today it will certainly cost them something. the critics will argue why not why didn't you do this earlier the science hasn't changed for a decade more detail on that in the day ahead. >> much more on the broader markets and reaction to yesterday's sell off but up next, mortgage rates driving the housing market higher and home depot is looking to capitalize. we'll discuss the latest report after the break. and then later the white house unveiling the $2.5 billion emergency coronavirus plan and the update on the spread of the virus and what it means for ua b rur mey sqwkoxetns right after this >>> welcome back a couple of downgrades to tell you about this morning they will beat yesterday for sure downgrading to underperform and concerns about the second

jamie dimon says they are looking at acquisitions. and could buy anything that is not another u.s. bank. they had a greater appetite for deals. are looking and we will be more aggressive with acquisitions across the board. you can get payments and marketplaces. that is the world. we should be very creative. we are seeing broad pressure across markets, all following more than 1%. falling 2% at the moment. the lowest level since early january. the nikkei also down 1.3%. that is it for this hour. our coverage continues as we look ahead to trade in shanghai. haidi: bloomberg china open is next. this is bloomberg. ♪ awesome internet. it's more than just fast. it keeps all your devices running smoothly. with built-in security that protects your kids... ...no matter what they're up to. it protects your info... ...and gives you 24/7 peace of mind... ...that if it's connected, it's protected. even that that pet-camera thingy. [ whines ] can your internet do that? xfinity xfi can because it's... ...simple, easy, awesome. [ barking ] shery: 9:00

morgan morgan ceo jamie dimon and discussed stock buybacks. >> you had a buyback in place are you goingrd territory. >> we we have been buying back we continue to do that. one point might say, that we should -- i would rather invest money i think highest investment to capital grow for more clients, we are doing that more commercial bank, more credit card clients i want to grow meantime excess cash buying back stock. >> "the wall street journal" says that j.p. morgan nearly 60 billion dollars in share buybacks past threeies worked out well for shareholder 75 billion dollars. >> scoring a touchdown selling counterfeit merchandise came up short 123 million dollars counterfeit goods, phony merchandise at flee markets retrial stores as well as very street vendors less likely starbucks yes, it is your name wrong will install machines by end of this year one in every starbucks wi 202020 automated machines reduce wait time tracking showers what drinks are popular dominos, looking to help give up pizza your heart get to it soon to be fiancÉe selling an engagement ring in shape of a slice of pizz

corporation set up with warren buffett and jamie dimon.hey are selling prescription drug insurance to their employees and taking it nationally. i believe in young people. here we have a young host thinks she knows it all. the people in iowa and new hampshire do not represent the united states in terms of diversity. i believe it is 95% white and iowa, maybe 2% african-american, 1% hispanic. to can you use bingo cards determine votes? host: gary, thank you for your points this morning. final thought from ella nilsen. the lack of diversity is something we have talked about. caller: we did touch on that exact point earlier. i think you very much for the comment. he did bring up michael bloomberg, who is an unknown in this race so far. he didn't compete in iowa and is not competing in new hampshire and is not on the ballot here. but to the callers point, he has been campaigning in places that have not typically gotten attention. he has been campaigning in the south in places like arkansas and texas. withdo not get showered attention from the ca

jamie dimon coming out with jpmorgan, the very first, used to be ge to come out, now it's jpmorgan, givinga sanguine look into earnings. the market's doing fine. just a little pullback. stuart: greg, do you think the -- i think the problem with the virus, i'm speaking strictly in stock market terms, we don't know how long this is going to go on, the lockdown in china, and we don't know the impact on china's economy, therefore, we don't know the impact on our economy. that's the uncertainty that investors have to deal with when it comes to the virus. >> yes. i think you're right. let me add one other thing, stuart. president trump wants the fed to cut rates more. he will probably call for it in the next few weeks. after a number as great as this morning's number, the chances of a fed rate cut any time soon are zero. stuart: i was going to say that, actually. i was going to wind that into my wrapup. you are absolutely right. when they start clapping and cheering you know the market is about to open. this is friday morning, the end of a tumultuous week both in politics and in money. in ten se

matt: if you put the stock up versus jp morgan over the last decade, jamie dimon has done incrediblyough it has got the size, the scale, exposure to quickly growing economy in china and asia. what is the problem? harry: i think although you have this fantastic business in asia, you also have a lot of laggards. assetsng like 1/3 of returning something under 1%, and that is putting a drag on the rest of the business. if you just have hsbc asia on its own, you would have a very strong, very successful bank. but on the other hand, you have these large operations in u.s. and europe which simply aren't making return on equity. the real challenge tomorrow is to announce a strategy which enables it to do more of the things it is good at in asia and less of the things in europe and u.s. that it isn't good at. matt: we get the earnings overnight, tomorrow morning? harry: we get them at 4:00 a.m., and we will see what we get. matt: excellent. get some sleep. you are going to need it tomorrow morning. harry wilson covering the hong kong shanghai banking corporation for us. coming up, mark zucker