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

more on that morning from jamie dimon. what does that do to bank stocks? we get the details.s is bloomberg. ♪ >> last quarter is exceptional. this quarter is normal where you can make it simple. something north of $6 billion emma which is still good by the way. last time we said 2019 was the number one, a little north of $6 billion. anna: a little bit north of $6 billion. jamie dimon speaking at a morgan stanley virtual conference that the pandemic boom could be drawing to a close. let's get more on this story with dani burger. good morning. you heard from jamie dimon. did these comments come as a real surprise from wall street watchers? dani: it did fall 2% so some people had to change their estimation. banking executives have been warning about this for the past year when these numbers started cropping up, that this volatility in the markets wouldn't last. that means these sorts of profits wouldn't last either. of course, that means it is not necessarily a surprise but that 38% figure that jamie dimon warned about, the first quarter year-over-year drop just north of $6 bill

i also think jamie dimon is a master of managing expectations, and you have to kind of talked on thetreet a little bit because folks are really starting to price in things that were a little bit unrealistic for some of these banks to match again in q3. tom: we've got sonali basak on top of this story, the whole idea of waltzing back to work. what is your reporting, r omaine? tom: goldman -- romaine: goldman brought everybody back at once, and other banks are saying this should be the template. we will see how it works out. i don't have any real insight other than that, other than to say that we are coming out of this crisis. lisa: i think there's a bigger question for the banks. we talk about trading revenues coming out and managing expectations. jp morgan shares basically flat. there is a question, can they increase lending. if the economy does pick up and people start going back to work and doing things, if the lending picks up, that will look a lot better for them. tom: i think it is very important, and it speaks to the tech move yesterday. right now on a percentage basis, i've go

morgan's jamie dimon.ie dimon warning that trading revenue at his bank would probably be down by about 38%. the ones that in the current quarter, other divisions would probably be closer to normal. morgan stanley also tried it to temper expectations. mark mason of citigroup says the current quarter is a very different place than the bank was in a year ago. >> citigroup's warning, one key difference from j.p. morgan chase, that was investment banking. >> city is warning that this will be a much weaker quarter compared to a year ago and in stark contrast, we heard from j.p. morgan's jamie dimon saying that because of the robust mna activity we have seen, we could see one of the best quarters we have seen yet. what we have heard from all the banks so far this week, particularly at this conference is to expect weaker loan growth. one thing we did see during the pandemic is a lot of consumers paying down debt, a lot of it coming from the stimulus checks they received. city noting that is having a negative impac

you hear jamie dimon saying he wants people back in the office and a fintech saying, bank wants you into the office. come to us we give flexibility. >> yes he's going to have to be able to balance that look, a lot of these types of cultures, they're hard to deconstruct. i think what we saw during the pandemic was the genie's out of the bottle they want flexibility and people are going to talk with their feet and if they don't see ability to have flexibility maybe they walk out the door that's a risk. >> yeah. big week for, where that starts, that word starts with an "s" and it's only tuesday. lo toney. >> this just in. a statement from draftkings on the new short frort hindenburg research accusing the company of systematically skirting the law. it reads, "this report is written by someone short on draftking stock with an incentive to drive down the share price. our business combination with sb tech was completed in 2020 we conducted a thorough review of their business practices and were comfortable with the findings." it reads, we do not comment on speculation or allegations made by form

here is warning that the trading boom may be coming to an end. >> these comments came out of jamie dimonj.p. morgan chase immediately dropped their stock to percent and let the banks lower. dimon is saying there could be a 38% decline in trading that is cmo -- coming. we sought record-breaking profits for the banks. this 38% is a bigger drop than previously expected. we did see weaknesses in the bank as a result. this is coming after what had been a surprisingly terrific year for some of the largest operators on wall street. j.p. morgan's ceo said this quarter will be more normal for fixed income and stocks. they expect to be somewhere north of 6 billion. dimon points out that is still pretty good. he also pointed out that investment banking will be very strong because of a lot of the active mna that is taking place. he says this could be the best quarter you have ever seen when it comes to investment banking. >> all right, that was su keenan in new york. a warning about a nuclear power plant in southern china is stoking fears about a potential leak. we have the details next. this is blo

i love that story about jamie dimon.looking at some serious money here, $300 billion to 400 billion dollars in trading in stocks, bonds, and derivatives. quite significant. guy: it is a huge win for emmanuel macron. there is a war definitely on between european capitals in terms of attracting post-brexit finance business. emmanuel macron certainly loving what is happening at jp morgan. amsterdam has been a big winner out of this as well. it is interesting. you are seeing london losing some of the trading. that is undeniable. we are picking up some business in the u.k. from the emerging-market story. the other thing i think worth focusing on, that story that riddick a was talking about -- that ritika in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedica

morgan got hit because jamie dimon has been saying that for quarters.kind of trading revenue is not going to last forever. and the market all of a sudden decided to freak out about it. guy: i'm not sure the markets have freaked out about it. i don't think the stock drop was that significant, considering the magnitude of what he said. he's said that it will happen. he's now confirming that it is. i am just wondering whether or not that is going to be someone that shows up in the next reporting season. alix: which kinds of brings us -- which kind of brings us to what the catalyst is. i mentioned that the hop of the show, 1.5% on the 10 year, even with temporary inflationary pressures, is kind of nuts. when do we decidedly get the steeper curve which would then be the next catalyst for banks? victoria: i'm with you. i think saying it is not is probably an appropriate way to phrase that. you said earlier people are now agreeing with the fed, a lot of the folks in the clips you were playing. we saw a rates spiked up to that 1.75% level, and that is probably

. >> and warning for jamie dimon. why j.p. morgan's revenue may see a double-digit digit decline.et's buckle up on the trading day in the u.s. so far. arrest and pay -- a record close in the s&p 500 led by technology stocks and education services. a record close 4255, a gain of .2%, but setting another record. the u.s. 10-year note, yields rose as high as 1.50 today. that is still a big move up from last thursday when it hit quite a low of 1.43, or 1.46. crude oil actually pulled back a little bit today. bourns johnson's decision to extend a lot of, the virus lockdown in the u.k. dampening the hope that the accused -- the demand for gasoline in the summer driving season, it looks like oil has recouped that. bitcoin made a very interesting story. back above 40,000. that was very important move. again of 1.1%. it traded 41,000 today after a hedge fund veteran says he sees a great portfolio diversifier. let's go over to hong kong and look at the markets. as they get ready to open with sophie. sopie: expect more range trading in a stay with china and taiwan and hong kong back online a

haidi: jamie dimon out with a warning for wall street. trading boom it may be coming to a close. trading revenue at the largest u.s. bank will drop 38% to $6 billion in the second quarter and that was during a panel at the morgan alley conference. let's bring in hannah levitz. what was the warning we did hear from him? >> thanks for having me. the warning from jamie dimon is what some executives have been saying for the bulk of this year, which is that last year was a complete anza in this year is going to look, you know, a little less like last year and more like the year before as jamie dimon said. he said it will be a little bit more than $6 billion in trading revenue for the second quarter and looking at that number for 2019, it was $5.4 billion. it's looking to be ahead of 2019 but behind 2020. kathleen: a lot of stories about goldman sachs or jbm versus someone like citibank, how the ceo's are handling this and a lot of it focuses on young people, younger workers, people starting in the work is for the first time. what is your stanc

you are stepping on the air hose of some of the biggest financial names, and jamie dimon of jpmorgan as much assad mitted that saying that you guys represent, you, specifically, but also everybody else, in fintech, represent an enormous threat to old school banking, and i was thinking about that and i thought no way, until my daughter whose 19 got a job this summer and she said mom, how should i be signing up for , and i thought do i put her with my bank and i thought wait a minute. she might be a candidate for sofi, and that immediately made me think how is this possible? jamie is right. you guys are a threat. what is your reaction to that? >> well first of all thank you for advocating for sofi. that makes my heart warm, so, we really appreciate it. liz: haven't done it yet, but -- >> you know, we're trying to create best of breed products on their own. we want them to be best-in-class and sort of the value proposition we serve to our members so we build trust and reliability with them, so when they want a second product they choose us and part of our strategy is being there for eve

the big story in the paris thinking world is that jamie dimon, the ceo of j.p.n chase, inaugurated the new banking headquarters there. which makes this the trading hub for the european union. it will have six trading floors, up to $400 billion in trading volume each day according to jamie dimon. stocks, bonds, and derivatives will take place there. jamie dimon says they are hoping to have 800 staff members by the end of 2022. j.p. morgan chase was initially reluctant to put a trading hub in paris because of the french labor laws. it made a big difference. in the ceremony in tuesday in paris, macron said to jamie dimon, i love the idea that you the fact that your putting money and people your, "this is the best evidence of love." there is the quote for you. you hub in europe for j.p. morgan chase. [laughter] >> su keenan in new york. we have breaking news when it comes to -- they are pricing their hong kong listing at 155 hong kong dollars a share area new york traders election filemaker exxon looking to raise as much as $1.97 billion, the estimate we had earlier

jamie dimon has talked about he wants the j.p.organ moniker on top of a skyscraper in shanghai, wholly owned. where are we? mark: we do have a local on the building in shanghai tower. [laughter] stephen: 100%, though, what's the trajectory and what time frame are we looking at? mark: good news, commercially we have all the agreement with our partners. our securities. , our asset management unit. we are already operating as the first foreign fully owned options company. our bank has always been 100% since '07 on securities, on asset management. the last remaining are foreign entities. we have commercial agreements with our partners. we have been working with local regulators since last year. for the security is one in particular, we have handed in our application. we have gone through multiple rounds of q&a. fingers crossed. our target is to get it done as another possible, because -- as soon as possible because after that a lot of work has to be done. putting products on the ground, integrating with our global infrastructure, beca

jamie dimon says yes >>> president biden preparing to face-off with russia's vladimir putin. leading the eu counterparts this morning. we take you there live it is tuesday, june 15th, 2021 "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc i'm becky quick with andrew ross sorkin joe is out today andrew is reporting from brooklyn andrew, i guess it is not because you get an early seat for the game against the bucks >> that would be a good idea we are here, becky, because it is game five tied 2-2 we have a big interview in the 8:00 hour this morning with the owner of the brooklyn nets joe tsai co- founder and executive chairman of alibaba. we will talk sports, media, basketball and social justice in america and so much more we are here at the barclays center, as you can see, behind me 15,000 people will be here this evening. this is effectively the big reopen trade to some degree. 98% of the folks here this evening and game two, the last game played here, 98% were vaccinated i know we had a conversation about vaccination. there is an unvaccinat

speaking in the french capital, jamie dimon says paris is now jp morgan's eu trading hub, handing emmanuelthat dimon skipped the u.k. because of isolation requirements. london has changed the rules for senior level executives, who can now skip the quarantine area -- the quarantine.

jamie dimon pointing to what is happening in terms of the threat coming from fintech.he last time he did it, it felt like he was pushing for more regulation. now i think this is clear, he's basically making the point that we are in a real fight there. alix: also talking about net interest income for the year. seems to be right in line with estimates. we will follow that story as well. now let's get some market reaction here. eleanor taylor jolidon, ubp cohead of double equities, the story in the u.s. is going to be looking ahead to the fed meetings. the story in europe is still are going to see inflation in europe and para back -- and para back -- and pare back pepp. how do you prefer that? eleanor: i think we are getting leg which at the moment coming out of the fed which needs to prepare people slowly but surely for any kind of tightening they might want to do. they don't want to have the missed message of jay powell and messages misinterpreted by the markets, as recently as the end of 2019. so they are clearly preparing and massaging the market in the u.s. having sa

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

jamie dimon is leading to the fact that disruptive technologies are disrupting their industry.hey need to adapt and build it in house or make asset purchases like they just did. we'll continue to see that. all the major banks are trying to find a way to become more relevant and meet the client where they are. charles: i'm shocked no one has bought square or paypal. enjoyed the conversation. thank you very much. >> take care. charles: douglas holtz-eakin and kathryn rooney vera coming up with bigger government and bigger entitlements and make the middle class losing their way. there are superhot stocks that can change your life. art referred to it. it's a big world, folks. we'll help dive into it. we know about the blue chip names. we know about the s&p. we know about the dow. those are things you buy to protect your fortune. you can't really make a fortune unless you buy or hold those forever. think outside of the box. think of the names that can pop. world wealth chart is out where does the u.s. fall? tweet me @cvpayne. we'll see if you get this right. we'll be right back. ♪.

. >> listen to jamie dimon a couple of weeks ago, he talked about a very poor trading environment. pete, are you seeing anything in the capital marketplace to reflect some of the negative sentiment surrounding the trading revenue expectations that are not very positive right now. >> yeah, that sounds almost crazy for me to be honest with you. what we have seen has been a record year again for the derivatives markets until the trading involved in that specific area and i know there's much more to trading than just that when you look at the derivatives market you and i talk about this when we're talking. the volumes are absolutely extraordinary. we traded 40 million-plus contracts again yesterday. a couple of years ago it would be a monster day to trade 20 million contracts. here weer a consistent basis trading anywhere between $35 million and 50 million contracts per day. from what i am seeing, the trading at least by volume perspective is absolutely still very explosive and on a record pace once again. >> let's turn to tiffany and then i know, rob, you want to jump in on this. spea

there was something missed by jamie dimon and others that they didn't go that fintech route i think that's something they're obviously kicking themselves over, but it doesn't mean it is over i think these are companies that absolutely can make some moves very rapidly and pivot if they need to, and i think they need to now >> i don't have any of this in my notes so i don't remember >> hey, scott? >> yeah. >> scott, just quickly, but to your point i don't think we have the wait for the banks to diversify among the financials and fintech, in that area, and wait to do it for us to your point, i think we can look at the paypales, we can decide to add the visas, we can look at the paypal if they fit our discipline the goldman sachs model is so different, you get diversification there, but it is absolutely worth having, particularly when you gets rates in this level. >> larry, i was going to come to you anyway, michael farr as i was saying, i wasn't necessarily going to bring up american express so i don't have the notes on recent performance of it. but what about american express? anybody own th

jamie dimon is sitting on loads of cash at this point in time knowing rates are going up, prices are coming down in the markets and he is looking to wait it out a little bit. charles: and to your point, they have been at this inflation target since 2012. >> yes. charles: they keep changing the rules. one thing to keep printing money. okay you will do this. you have your own reasons for doing it but you change the rules of the game. to your point, listen, i'm old school guy. i bring out the calculator to pick up considered. this wild card makes it tough for all of us. what you said with phil, jamie dimon, jpmorgan ceo stockpiled money to invest in higher yield atmosphere. what does that mean? phil, if we see the higher rates what would you be buying? >> you all have very short memories. we are coming out of a pandemic, i love you, but i couldn't disagree with you more. we wouldn't be here without the fed. they may go too far. i disagree on long-term inflation but forgot about demographics and technology which are deflationary. i think the fed breaks above 2. i think we get a little co

that's why jamie dimon is sitting on this cash, because you can't invest it.d that's not right. david: but, mitch, i think the point that dimon was getting at is you need flexibility. if you think inflation's going up, you don't want to be stuck in a position, right? in stocks or bonds that the value of which might go down if there is inflation, right in. >> right. and -- right? >> right. and he hasn't been very transparent, i'm not being critical, but just a statement of fact, in term of what they're going to invest in. if you're investing in assets and interest rates go up, normally you can buy the asset for less money. if he's looking at other banks, i'm assuming he's assuming interest rates are going to go up if the fed intervenes and starts to raise rates, then banks generally become more valuable when interest rates go up. the real question is are they going to start paying depositors more money, and what's going to happen with their net interest margin because when rates go up in terms of what they can loan for, they're paying goes to haves more. the fa

>> ever since jamie dimon became ceo he needed to expand the branch operation nationwide so that was washington mutual to give them actual footprint to be the biggest in the world. >> were you trying to find out one - - fight off the acquisition? >> no. we were always interested in looking at all possibilities for shareholders but i talked to a lot of people over the years when we thought that made sense. so we know the j.p. morgan chase people very well so when the financial crisis hit, the board said we really need to focus on getting capital increased and reduced residential lending even more and that and up the hatches and prepare for death difficult. and as the markets continue to deteriorate substantial additional capital and then to give us new capital we had to go through the thinking that is for the shareholders to issue new shares that's better to do a transaction. and certainly banks like wells fargo or j.p. morgan chase several were very interested in the franchise and said before we finalize we should check with all the parties. and as he went to the process. and with th

bill de blasio had never had a meeting with the ceo, jamie dimon.ind that absolutely ridiculous. my question is who's going to work with these companies with roots in the city and what does the outreach look like? shelly: eric adams in almost every candidate we interviewed leading up to this race said we want a different administration, working with the private sector, working with these companies. mayor bill de blasio ran on a platform that said i don't want to take any advice or issues from these companies. eric adams in particular, could change that. tom: i will ask a rude question. adams put up a mets jersey last night. i believe the owner of the mets did provide funding for mr. adams and others. is mr. adams in the back pocket of the fancy people? shelly: he did get the second-most amount of money that we've been able to count from a lot of these wall street donors. these are the folks who are interested in charter schools. that is one of the issues that adams has said, education is not just necessarily about public school children but all chil

jamie dimon yesterday said that consumers are not taking loans because they are paying off debt. can they do both? ann: i think they can and we are at a fascinating point in time. on the one hand, consumers are think fully taking down their debt load on the one hand. on the other, we see massive demand for high ticket goods. things like autos, home purchases, because there is such crude -- such cheap credit available. matt: what kind of new businesses will we see come to market? what are you looking at at wheelhouse right now? ann: focusing on the creator economies. influencers, celebrity talent, creators that have spent a lot of time building audiences direct to consumer social media platforms, now looking to monetize their fan base, pushing out authentic brands that speak to them and their viewership. the second one is how media and commerce comes together. you are seeing netflix pushing into merchandising. amazon is out there buying media assets. that is a trend that we expect to see in the private and public markets. matt: is the spac boom that we witnessed and fizzle out, is

jamie dimon coming out and saying not to respect trading as big a driver of the bottom line is it wasast year. i think keep an eye on banks on how they put money to work. one of the biggest challenges over the past 12 months has been, not so much managing losses on loans, as much as ways to identify new loans. that is starting to change. they are starting to see a new demand for borrowed money. haidi: do you see the resurgence in the u.s. dollar being a temporary theme or is this something that will be game changing across other asset classes going forward? guest: i think it is a natural response to the fed talking up some of the risk out there and responding to some of the inflationary risk. i see the dollar being overvalued long-term. when you look at a parity basis, the dollar remains relatively expensive. that is not likely to continue for very long, especially in an environment where the u.s. runs healthy dual deficits on a trade deficit side and on the fiscal side. haidi: we once again see these environmental concerns, mining concerns, weigh on crypto pricing. does that universe

while people like jamie dimon want everybody back in the office, i think you are going to see a lot more, at least amongst white-collar workers and technology workers. more sophisticated companies that understand that to attract the best and brightest employees , especially the younger generation, they have to offer flexibility. tom: thank you so much for bringing me up to the young generation. [laughter] tom: winner take all theory in investing. lisa: i was thinking about this idea of how cities have changed and whether the office is really going to come back. frankly, you are not necessarily seeing fear priced into the market. people are still thinking of building office towers. i am wondering who is right? are we going to see your return to offices and a massive way or this -- is this a new paradigm shift? i find this fascinating. tom: i make jokes, but it is important, we have heard the word paradigm seven times this morning which is seven times too many. [laughter] i go back to what barry said, before the pandemic in some ways we will get back to that and another other ways we won't

jamie dimon thinks that inflation is going up.l be much higher than 1.6 percent? so jpmorgan, they're hoarding cash instead of buying treasuries, because they think that the fed will be forced to raise rates even faster and higher because of inflation and higher prices that we're seeing in the economy. now, bank of america in a survey this morning agrees with three-quarters investors believing that inflation is just temporary. transitory is the new word, by the way, for temporary, and over 60 expect a taper signal in either july or august when they pull back on the bond purchases each and every month to support the economy. stuart: susan, thanks very much, indeed. you put it in the right context there, this is the great debate. we do have inflation. is it, as the federal reserve says, temporary and transient and going away? or is it not? let's bring in larry kudlow. let's see what he's got to say. he's been at the very center of this kind of action for the last three or four years, and the other 30 or 40 years before that too. lar

-- oh, you weren't here jamie dimon last week saying, you know what, i know it's disappointing't trade as well. it was like he dropped a bomb on people's heads it was a bomb. like an h-bomb and people were like, i didn't know how disappointing it was. >> no trading here at paypal. >> right, right. so this is now the pure play i don't want -- people don't want exposure to credit risk they don't want exposure to trading. so they buy paypal. >> on that desk,on donahoe telling me, now we're not going to split the company and coming back and saying, yes, we are. >> and it was brilliant. although ebay has not -- it's been one of the greatest stocks. >> when you look at the performance of the stock since the split. >> i think dorsey said he would come back as bitcoin if he didn't - >> yes, yes. >> he's going to dress -- maybe dress as bitcoin for halloween >> opening bell coming up next this is the sound of change. it's the sound of low cash mode from pnc bank giving you the options and extra time needed to help you avoid an overdraft fee. low cash mode on virtual wallet from pnc bank

jamie dimon said earlier that we do not have the innovation or the imagination to do what square is doingake these acquisitions. why wouldn't they do it in a place that has a lot of digital banking? guy: because there is an acceptance of it. you will go into the market. that is a tricky thing to do. coming in with additional back, and you see goldman sachs trying to do this -- with a digital back, and you see goldman sachs trying to do this, the infrastructure is much more updated and current. it is a much easier prospect. having bricks and mortar is where the cost -- it is a higher cost proposition. doing it in germany is different to the u.k.. alix: also if you can get the interest rates. marcus on savings is 50 basis points. that feels like an enormous amount when you looking to write your -- when you look at your regular retail balance. it is crazy the numbers we have to look at like that. guy: what is interesting is the u.s. banks do not want any more money. alix: please go away. guy: can you please stop taking it? this is happening at the corporate level and the retail level. can yo

these sectors obviously that means right now with financials, jpmorgan on a pullback today, because jamie dimon is preannouncing that trading will be light, all right. if you don't own jpmorgan, here is your opportunity to pick up a quality name i think that's the way to look at it. >> josh, that brings me to you you own jpmorgan is this the right environment to start adding more to the financials or do you go the other side of the coin and talk about what tom lee talked about, what jim cramer talked about on this program as well? what is the best trade right now? is it the nasdaq is it tech they have pigeonholed themselves as value investors, to now come out and take this victory lap because cyclicals have had a good couple months arkk, the primary vehicle through which people are playing small and mid-cap growth stocks is having a huge rebound, looking pretty good. shopify is breaking out to the up side, one of the poster children for large-cap, large valuation tech square looks good to, take a look at zoom, monster really off the lows just a couple weeks ago. roku is in the middle of a break

this as wall street braces for the recent pandemic driven boom to run out of steam after jamie dimonthe trading boom slowing. >> revenues are likely to be down in the low to single digit range. we see strong m&a performance. we feel good about the dialogue in investment banking. >> global news 24 hours a day on air and onbloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie? annmarie: thanks so much. the e.u. is set to lift travel kurbs. next month i could be flying dulles airport. this is bloomberg. ♪ manny: it is day break europe. i'm cranzphran dubai. the european union set to lift travel restrictions for u.s. residents as soon as today. a return to normal despite concerns over the spread of variants. so big news. it shows you it is good to talk to one another when it comes to global relations and travel. good morning. >> good morning, manus. how are you doing? manny: i'm good. >> at the moment, it looks like the u.s. is going to be on the e.u.'s white list which will allow people from the u.s. to travel to

jamie dimon says paris has become the main trading center in europe.oke at the inauguration of j.p. morgan's new headquarters in the french capital. he said all european trading will go through the facility. jp morgan says employees have moved to paris in the wake of brexit. the justice department has stepped up scrutiny of digital practices in recent months. that shows the administration is pursuing an antitrust probe that started under former president trump. the justice department sued google saying it was abusing its dominance in internet search. house prices grew at their fastest annual pace in 17 years. that is adding to a growing wealth gap that has policymakers worried. property prices rose 13.4% from a year ago. the average price is now $353,000. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> with every day that goes by it is clear to me and our scientific advisors that we are very likely -- very lucky to

morgan ceo jamie dimon are fed up with zoom calls and remote work. >> we want people back at work >>eporter: yen says companies that don't adopt a flexible model could lose the war for talent >> a quarter of employees are willing to leave their jobs if their companies are forcing them to go back into the office full time so a lot's at stake. for most companies their most valuable asset is their people >> reporter: startups may have to thread a delicate balance as the company grew, it turned into debaucherous parties. they are confident they can find the right balance. wor >> it's all about living our values >> the main goal of an off-site is bonding and maybe learn to surf along the way. >> since these are work off-sites, companies, they are covering all of the costs for their employees, amy yen's redirecting budget that would have been spent on physical office space he sees the off sites as being more equitable >>> congress is taking aim at the size of the tech industry,e organization and big changes could be around the corner democrats in the house recently unveiled a bipartisan pa

. >> jpmorgan chase ceo jamie dimon has been push for return to work saying exclusively working from people and those who want to hustle. >> new york centric wall street banks are ripping the band aid off and requiring employees to go back to work. one for competitive reasons because they want to win, and winning is sometimes seeing customers face to face. two would be the culture. you create culture by having people around each other. there's creative combustion, there's spontaneous interactions, there's mentorship. and third, there's additional safety in having people, you know, face to face in meetings as opposed to relying too much on remote communications, especially in a world with more cyber risk. >> the effects on new york's economy and morale could be vast. according to a march report from the state's comptroller, the city's security industry last year employed 179,000 people. >> more so than almost any other industry, wall street is synonymous with new york city, there's no question that this back-to-work push by the leaders on wall street delivers a huge vote of confidence

jamie dimon was talking about the fact that trading isn't going to be as great.&a as a driver. how much of a growth catalyst do you think m&a will be for these banks? gerard: that is a real good question. i think it will be a real driver because as corporate become more confident that the u.s. economy is out of the downturn that we experienced last year due to the pandemic, they will have more confidence to either build new equipment or go out and buy a competitor to become more competitive. so we are seeing that is one of the accelerants to loan growth, as long as corporate loan demand. the building up of all of the new green initiatives, whether it is lust vehicles -- it is electric vehicles or other things, those are demanding corporate borrowing. that will pick up as confidence comes back into this economy. lisa: how much does your banks call get threatened by a flattening yield curve, as many people are now looking at the consensus call as being that continuing? gerard: that is a risk. i don't disagree with you whatsoever. if we are chatting here a year from

jamie dimon says yes >>> president biden preparing to face-off with russia's vladimir putin.unterparts this morning. we take you there live it is tuesday, june 15th, 2021 "squawk box" begins right now.

. >> jamie dimon has long been pushing for return to work saying exclusively working from home doesn't for young people and those who want to hustle. >> new york centric banks are ripping the band-aid off and requiring employees to go back to work. one, for competitive reasons because they want to win. two would be the culture. you create culture by having people around each other. this creative combustion. spontaneous interactions. mentorship. and third, there's additional safety in having people, you know, face-to-face in meetings as opposed to relying too much on remote communications, especially in a world with more cyber risk. >> the effects on new york's economy and morale could be vast. according to a march report, the city's security industry last year employed 179,000 people. >> more so than almost any other industry, wall street is synonymous with new york city. and there's no question that this back-to-work push by the leaders on wall street delivers a huge vote of confidence in new york, a city that at one point was the epicenter of this pandemic. >> not everyone on wall st

. >> the trifecta of kind of paying for jamie dimon yesterday, right, the sort of -- >> we didn't getas tremendous engine for the companies that don't have to play ball with the regulators, don't have to worry about the deposits and what ted say, jamie is basically saying, we should talk about this, these guys can do whatever they want, i think he's right that it is not fair, but life's unfair. fair's got nothing to do with it it has nothing to do with it classic wine. >> fair doesn't have anything to do with missing the boat missed the boat. >> he said so. we didn't say so he said so >> bob pisani, today's the big day and when the real work begins right? >> we have the second half of the year, to go through flattish open is the way for the fed and the inflation trade is looking very, very topee, and look at the sectors today as we always do, tech is leading early on, and health care, there's your growth sectors right there, banks, materials, you see down again today, that's what i'm talking about, that's a proxy for the inflation trade. take a look at these global copper producers, n

let me start right out with jamie dimon. you tell me whether or not you are going to employ the kind of operation that we won't have to get into a confrontation about, that we don't have to try and do something in law, you're going to initiate this program? >> i can't promise you that because i don't know the details. but we don't like foreclosing on people. we have modifications, we work with everyone. there are some appropriate where homes are vacant, they're vacation homes, they're second homes. where appropriate, you can expect us to bend over backwards to help those folks save their homes. >> thank you, mr. dimon. i described the kind of homeowner that would be looking for a loan modifications. i didn't talk about homes that were boarded up. i took the opportunity to describe that. i'm going to hold you to it. ms. fraser. >> thank you very much, chairman waters. we require our partners follow gse and federal guidelines on these matters and we only work with people that have good best practices in these matters. >> you'r

all of these things, sara, are driving our business so aggressively. >> so you don't agree with jamie dimon, employees should come back into the office, collaborate, build that culture again, no more zoom meetings >> i love the financial service executives and the bank ceos are all friends of mine and my customers, so i have to be very careful what i say, but i have a different perspective on going back in the office i'm not ringing some kind of bell saying, all right, everybody, get back in the office, here we go i'm saying the world has changed. and yes, they'll come back before this started, sara, 20% of our workers worked at home. we already knew that now i think maybe 50%, 60% are going to be working at home. i'm not really sure. but it's going to be higher. and then we're going to have people in the office every day? i don't know maybe not as many a few days probably and then we'll do other things like events, cultural engagement centers, we'll have a big training facility. all of these things together make up the new way to work. plus we need a new technology harness to help companie

about a week >>> old school sports fans complain about the intrusion of numbers on their games but jamie dimon doesn't seem to mind jpmorgan making a bet on sports analytics. the first official weekend of summer and americans seem ready to travel. coming up, we're checking in on hotels, cruise lines and the boating industry to see if this opening can live up to the hype. stay with us it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. right now, you're planning for your future. whether it's a bigger family or taking care of the one you already have. you deserve to work with a company that has been invested in planning for the future for nearly 170 y

>> ever since jamie dimon become ceo he needed to expand the branch operation nationwide. because he did mostly focus on the east coast. he knew the best with washington mutual it would give him a national footprint and instantly make him probably the biggest bank in the world. >> kerry, were you at that time trying to fight off any acquisition of them? what was going on there? >> we are always interested in looking at all possibilities for shareholders. the making acquisitions which we did a lot of. i talked to a lot of people about potentially buying washington mutual over the years. thought that made sense. we merged with another big commercial bank where it made sense for everybody. so i knew of course jamie and j.p. morgan chose people very well. what happened when the financial crisis hits, our board said we need to really focus on getting our capitol increase. reducing residential lending even more, which we did. get a cost structure down and just batten up the hatches and get ready for a difficult. in the spring of 2008 as the markets continue to deteriorate we dec

jamie dimon is saying it is stockpiling cash because it thinks inflation could be long term.is making interest rate hike bets over there. start with this story with tennessee senator marsha blackburn. it is great to have you on, senator. thanks for joining us. what was your reaction to president biden and the g7 leaders saying yeah, there should be a new investigation whether the wuhan lab leaked covid-19? >> i think if the g7 were to take this up it would be a replica of the w.h.o.'s investigation. what we need is for congress to do its job, for the senate, the various standing committees to take this up. why would secretary pompeo blocked? why did secretary, when dr. fauci worked with facebook? and why did he decide he was going to keep the lab leak theory squashed when some of us were calling for this? why did he hide information? why were those of us said hey, we need to look into the origins of this and the lab leak theory and he poo-pooed that. we were called anti-asian. we were called racist. you know, he was out there agreeing with the chinese communist party that not

sonali: we saw elizabeth warren blow up at jamie dimon a couple of weeks ago in washington.u think that tension is going to start playing up between the banks and lawmakers? jason: it will be interesting to see how it plays out because you have seen some banks eradicate overdraft, like ally. we entered the market partly because we saw major banks charging $34 fees for access to overdraft, but other banks did not offer overdraft at all. we find people are really relying on overdraft to go buy everyday essentials like gas or groceries, so you don't want to get stuck at the gas station, you don't want to pay $34 for a cup of coffee. so dave reinvented this market by giving people access to $100 of extra cash which helps people bridge until that next paycheck and go buy those things without paying the crazy fee. the concept of overdraft is a really important one. it is just people don't like the cost. guy: you are dealing with some of the most vulnerable people, the people closest to the financial edge. do you think that responsibility should come with greater regulation or less

in fact, he said he's got cash jamie dimon has cash i think that's where the market is we have seen the rotations in the market the leadership changed virtually every day. we have seen selloffs in stocks and sectors that belie the 16 vix and the market reaching new highs every day. to me, it is a confusing time. i see value there, but as i saw with fcx, freeport last week, but it's down another 10% and i thought i was getting a good prize. it is a confusing period, a consolidating period i don't think inside a major move up or down. >> i appreciate the honesty, too, steve i know our viewers do as well. it is hard to make sense of what actually to do jenny our viewers are relying on you the investment committee to help guide them in the months ahead following a fed meeting that could set the stage for the ultimate beginning of the taper. are you as confused as steve paul tudor jones 5% gold. 5% cash, 5% bitcoin, 5% chad tees the other 80%, i am not really sure what to do. do you have any answers today? >> i wouldn't say i am confused. but what i find is that when you are having easy conv

. >> yeah, for all mike mayo saying that fin tech and jp morgan, it is jamie dimon who raised the threat of fin tech in his letter tim, what do you find surprising in terms of the gross payout increases that we've seen? >> well, no, i mean, look, these banks are also thinking about how quickly and large they provisioned on covid dynamics. there is so much capital to unlock here. and look, the banks have had a target on their bank until they didn't in the trump administration and then there were really some concerns frankly as we got out of the gates with the biden administration so as banks as we have all said and priced in some of the good good news. and the interesting part of what christian, i mean mike said, excuse me, is in case you have the dynamic with the lower interest rate of the curve and that is part of where banks have run into pressure on the charts over last six weeks. i think people are concerned that the net interest revenues or interest is something that they actually are going to see the tail wind on so that is really the crux of this argument. the sensitivity there, i

in some news for esg bulls and followers of jamie dimon, announcing plans to buy open invest, a fintechsers to customize investments focused on environmental, social and governance factors the bank's third fintech acquisition since january. dimon has not been shy about pointing out the fierce competition in that space. for cnbc's exclusive reporting on this story, head to cnbc.com. "techcheck" will be right back [swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. let's roll. donis this some kind ofon. a ninja boy band? huh? [ "me and you" by barry louis polisar ] ♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪ >>> from foggy san francisco to the rockies, it's the analyst supine ideas festival and our leslie picker joins us live fr