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May 2, 2023
05/23
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i listened to goldman sachs, jane fraser said she is ready to adjust headcount. previous cfo said they were just worried about costs and costs under control. are you ready to take that out of the business again? are you actively considering scaling back any of the areas? are you ready to cut headcount in investment banking? >> that has all been very focused on the transformation program. our q1 performance at a reported level, our costs were down about 2%. if you adjust on a cost and currency target basis, we were up around 2% against the target of 3%. our cups are well-controlled. this is now embedded as a cost discipline in the organization and that is after 3.5 years of strong focus on cost. the other thing, in q1, most of that cost growth against target was all technology spend. it was digitization of the bank. that is good spend, not bad spend. manus: was no o'quinn speaking exclusively to us earlier today on the results and the way forward. octavio marenzi joining me now to talk banks. bank in transition, huge activist investor shareholders there on the ros
i listened to goldman sachs, jane fraser said she is ready to adjust headcount. previous cfo said they were just worried about costs and costs under control. are you ready to take that out of the business again? are you actively considering scaling back any of the areas? are you ready to cut headcount in investment banking? >> that has all been very focused on the transformation program. our q1 performance at a reported level, our costs were down about 2%. if you adjust on a cost and...
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May 13, 2023
05/23
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i sat down with jane fraser to talk about these and other challenges.nything new in the banking world? [laughter] jane: it has been a quiet week, david. david: quiet? ok. so, let's talk about what has been going on. let's start with the easy one. silicon valley bank. what went wrong there? jane: well, before we dive into that, i have worked in financial markets all around the world. i have to say we are very lucky in america. this is the best financial system in the world. [applause] it is the envy of the world. david: ok. but despite it being the best, we have some problems from time to time. jane: yeah, but they are isolated problems. when you look at it, the financial system is broad, deep, and it's competitive. we have large banks that are well-capitalized. and a sort of strength at the moment. we have medium-sized banks, regional banks, and by and large, they are equally well capitalized, serving their communities, playing an important part in the banking system. this is quite isolated. david: ok, but people are still interested in hearing about it
i sat down with jane fraser to talk about these and other challenges.nything new in the banking world? [laughter] jane: it has been a quiet week, david. david: quiet? ok. so, let's talk about what has been going on. let's start with the easy one. silicon valley bank. what went wrong there? jane: well, before we dive into that, i have worked in financial markets all around the world. i have to say we are very lucky in america. this is the best financial system in the world. [applause] it is the...
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May 1, 2023
05/23
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you had set me up here, i'm with jane fraser on this his though -- historic day in global banking. i'm curious for you to take us behind the scenes. thinking about the first rescue made by a lot of large banks weeks ago, why was there not an inclination to step up and save first republic a second time? it's always a -- jane: it's always a sad day when you see a bank fail but it we are pleased to see the major uncertainty addressed and that's a good thing. on to mentally the u.s. financial system is sound. this is the case of a small handful of banks that were fully managed in getting this address, which is very important. when we stood up it was a statement that the major banks, the 11 major banks of the country in 30 hours put $30 billion to work. to buy the time to get the right solution in place. that was our intention. not to provide the answer, it was to give the time to get confidence restored and for our regulators to do their job, which they did. sonali: first republic is out of the way now, that was the whale in the room but what do you expect next in terms of future bank
you had set me up here, i'm with jane fraser on this his though -- historic day in global banking. i'm curious for you to take us behind the scenes. thinking about the first rescue made by a lot of large banks weeks ago, why was there not an inclination to step up and save first republic a second time? it's always a -- jane: it's always a sad day when you see a bank fail but it we are pleased to see the major uncertainty addressed and that's a good thing. on to mentally the u.s. financial...
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May 31, 2023
05/23
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jane fraser is holding fast to the moment at citi.i: for citi head of capital market was on bloomberg yesterday saying they think investment banking will be coming back in the back half of the year. maybe that is good news for bankers. but citi is turning about 1% -- trimming about 1%. manus: manus: this is "bloomberg daybreak: europe". i'm manus cranny in dubai with dani burger in london hq. dani: china's manufacturing slump deepens in may, denting the nation's recovery. global stocks and commodities sell off. the house plans devoted a on the debt ceiling deal as republican hardliners voice their objections for concessions granted by mccarthy. jamie dimon, the jp morgan ceo, says ukraine is the biggest global risk today and his bank is in china for the long haul despite heightened political tensions. >> it will take years for this thing to take place but it won't be a decoupling. and the world will go on. manus: there is a lot more from jamie dimon to come. two for one. we are better than waitrose. dani: i am into this moving my mout
jane fraser is holding fast to the moment at citi.i: for citi head of capital market was on bloomberg yesterday saying they think investment banking will be coming back in the back half of the year. maybe that is good news for bankers. but citi is turning about 1% -- trimming about 1%. manus: manus: this is "bloomberg daybreak: europe". i'm manus cranny in dubai with dani burger in london hq. dani: china's manufacturing slump deepens in may, denting the nation's recovery. global...
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May 17, 2023
05/23
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jamie dimon of jp morgan, jane fraser of citigroup speaking with the majority leader chuck schumer aboutjamie dimon saying the u.s. government probably will not default on its debts. the first republic testified on capitol hill. let's get more perspective, kailey leinz has been covering it along with hermann chan who tracks regional banks. let's start with you. so much conversation about the debt ceiling and the bank a ceo's wanting to have a seat at the table. kailey: these executives are in washington separately for the bpi meetings, the bank policy and is--institute. the did sit down with the senate majority leader as you said and jamie dimon said the yuan -- the u.s. should not and probably won't default. he was tightlipped and i tried to ask further questions. he said everybody wants a stable financial system and jp morgan is prepared for any scenario. he said we will be prepared. what schumer said it was go out there and tell people how catastrophic it would be if the u.s. were to default. he said tell them default should not be an option. clearly he is trying to get the banking co
jamie dimon of jp morgan, jane fraser of citigroup speaking with the majority leader chuck schumer aboutjamie dimon saying the u.s. government probably will not default on its debts. the first republic testified on capitol hill. let's get more perspective, kailey leinz has been covering it along with hermann chan who tracks regional banks. let's start with you. so much conversation about the debt ceiling and the bank a ceo's wanting to have a seat at the table. kailey: these executives are in...
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May 1, 2023
05/23
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of coming up, citigroup ceo jane fraser joins us at 1:15 new york time.omberg. >> keeping you up-to-date with news from around the world, here's the first word, i'm simone foxman. business groups putting pressure on president biden to negotiate with house speaker kevin mccarthy on the debt limit. they had hoped this would take the possibility of a debt default off the table but the chamber of commerce and the business roundtable took mccarthy side in exchange for trillions of spending cuts. donald trump seeking a mistrial in the civil sexual assault case in new york. the former president lawyer says judge lewis kaplan's rulings have been unfair and presidential -- prejudicial. they want greater latitude to cross-examine the accuser which returns to the witness stand today. first public becomes the fourth u.s. bank to fail in two months. the lender seized by the federal insurance deposit court early on monday and remains were sold to jp morgan. jp morgan ceo jamie dimon said stress in the banking sector is coming to an end. >> no crystal ball is perfect bu
of coming up, citigroup ceo jane fraser joins us at 1:15 new york time.omberg. >> keeping you up-to-date with news from around the world, here's the first word, i'm simone foxman. business groups putting pressure on president biden to negotiate with house speaker kevin mccarthy on the debt limit. they had hoped this would take the possibility of a debt default off the table but the chamber of commerce and the business roundtable took mccarthy side in exchange for trillions of spending...
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May 17, 2023
05/23
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morgan chase and jane fraser of citi group met with chuck schumer along with other senators today. >> mr. dimon, did default come up? what was your message to the leader? what would it do to the banking system? >> actual default would be a disaster. it's been said over and over, you're just repeating it. >> are you optimistic about a deal? >> let them worry about that. >> this is where wall street meets main street. the lead negotiator spoke today at the capitol. a sticking point, workman dates for people to receive some benefits. >> i asked the speakfer he agreed this needed to be a bipartisan process. he said yes. again, this i believe is a promising step in the right direction. nobody will get everything that they want in these discussions. i hope nobody, nobody draws red lines in the sand. >> but there's now optimism that the sides can reach a deal even with the president overseas and the senate in recess next week. >> we know how this will be. there's going to be a deal. there's no use blowing it up and not having the president to go to australia. it's silly. find the middle grou
morgan chase and jane fraser of citi group met with chuck schumer along with other senators today. >> mr. dimon, did default come up? what was your message to the leader? what would it do to the banking system? >> actual default would be a disaster. it's been said over and over, you're just repeating it. >> are you optimistic about a deal? >> let them worry about that. >> this is where wall street meets main street. the lead negotiator spoke today at the capitol. a...
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May 18, 2023
05/23
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. >> if you were janet yellen and meeting with jamie dimon, jane fraser, brian moynihan today, what would say? >> i would tell them to pressure the republican officials that they donated to and that they funded to do right by our economy. at the end of the day, this is really coming down to are republicans willing to hijack the economy and harm the american people in order to try to get their political goals across the finish line for our future budget. >> are you sure it's fair to just say it's only on the republicans at this point? we have 13 days and it appears that the president is willing to give a little, a little bit on work requirements for welfare. here is what he said yesterday. >> i am not gonna accept any work requirements that's going to impact on medical health needs of people. i voted years ago for the work requirements that exist, but it's possible there could be a few others, but not anything of any consequence. >> are you willing to support a bill that includes increased work require its for things like s.n.a.p., food stamps, maybe medicaid? >> these work requirements ar
. >> if you were janet yellen and meeting with jamie dimon, jane fraser, brian moynihan today, what would say? >> i would tell them to pressure the republican officials that they donated to and that they funded to do right by our economy. at the end of the day, this is really coming down to are republicans willing to hijack the economy and harm the american people in order to try to get their political goals across the finish line for our future budget. >> are you sure it's...
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May 1, 2023
05/23
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shery: jane fraser recession expectations. next guest says if a slowdown happened in the u.s., the consumer is well-placed. joining us is ceo and cio of defiance etf. rate to have you with us. we are seeing consumers in the u.s. with higher prices. how much longer can they keep spending? >> great to be here. consumer spending has been softening but not a lot. so the other factor is that wages have continued to rise in job numbers continue to be strong. in terms of a recession, we are seeing a softness. pmi, those indicators are coming down. consumer spending is softening. i would not say it is a hard landing recession type of territory. we will experience a slow down we are seeing that in the last 14 months or so. i do not expect a hard landing with a lot of fundamental factors in place of too many people have jobs, too many people have high levels of savings. wages are increasing in demand continues to grow in a lot of industries. shery: after the banking crisis some say that the crisis is over but could we expect credit cond
shery: jane fraser recession expectations. next guest says if a slowdown happened in the u.s., the consumer is well-placed. joining us is ceo and cio of defiance etf. rate to have you with us. we are seeing consumers in the u.s. with higher prices. how much longer can they keep spending? >> great to be here. consumer spending has been softening but not a lot. so the other factor is that wages have continued to rise in job numbers continue to be strong. in terms of a recession, we are...
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May 2, 2023
05/23
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jonathan: jane fraser, ceo of citigroup yesterday.he probably would not realize we have seen the second-biggest banking failure in the history of the u.s.. tom: thank you. i totally disagree. i understand she has a corporate officer at a public person, she has got to say the right thing at the right time. i am glad she was able to calm the troops. but everybody i've talked to it is about commercial real estate. that is one angle. and it is still about distorted interest rates. it is underplayed that the events that got first republic and other banks into this mess still exists. the idea that there is no other bank out there, i have trouble with that. jonathan: they were speaking to the ft over the weekend, suggesting they are full of bad commercial real estate loans. heard from katie yesterday, the tcw group president. she was from goldman sachs for many years. she says regional banks are in area we are concerned about because of deposit flight and the highest exposure to commercial real estate. tom: i'm going to listen to the pros. t
jonathan: jane fraser, ceo of citigroup yesterday.he probably would not realize we have seen the second-biggest banking failure in the history of the u.s.. tom: thank you. i totally disagree. i understand she has a corporate officer at a public person, she has got to say the right thing at the right time. i am glad she was able to calm the troops. but everybody i've talked to it is about commercial real estate. that is one angle. and it is still about distorted interest rates. it is underplayed...
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May 1, 2023
05/23
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today, the milliken global conference is kicking off and a number of speakers, mark rowen, jane fraser and interested to see what she has to say as well as former fdic chair sarah blair is saying she is where they waited too long. jonathan: looking forward to the data later. and friday for payrolls, the headline, jamie dimon wiring first republic after and inquired -- we have been on this journey with you and have appreciated it. we have some kind of resolution. jp morgan is positive in the premarket. when they say our government invited us to step up and we did. are they doing us a favor or do they have something good? >> they were able to do it at a lower cost to the government. you look at the did they made and again, it is a lesser gain then we saw at the other transactions. this is a less of a gain for jpm and represents the upside to the wealth management business. that is what jp morgan sees and where there is opportunity for them in the long-term with the assets and asset management. lisa: is is a bailout by the fdic? chris: they could have med -- made better terms. at the end
today, the milliken global conference is kicking off and a number of speakers, mark rowen, jane fraser and interested to see what she has to say as well as former fdic chair sarah blair is saying she is where they waited too long. jonathan: looking forward to the data later. and friday for payrolls, the headline, jamie dimon wiring first republic after and inquired -- we have been on this journey with you and have appreciated it. we have some kind of resolution. jp morgan is positive in the...
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May 17, 2023
05/23
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lisa: how much is the change in rhetoric what jane fraser was talking about. work in it a lot of people were not that productive when they were working from home. they would bring them in for retraining or whatever euphemism she put out there. the field right now in the c-suite across wall street, is this the field? jonathan: -- these feel? >> yeah, i think they put a lot of work into help to make people feel together in zoom. they said at blackrock you can work from home two weeks of the year. that is standard for a lot of companies such as citigroup. jonathan: -- tom: this get solved instantly when there is a two-tier pay structure to get people come into the office? >> is and it just as simple as being in front of your bosses? tom: over the one-year, two-year, five year cycle -- i think we are heading toward a -- if you work from home, great hugh can work from home and make less money. >> the people that are coming in are in front of their bosses they are in early and they are late. there is another dynamic that travel is coming back. people are in the offi
lisa: how much is the change in rhetoric what jane fraser was talking about. work in it a lot of people were not that productive when they were working from home. they would bring them in for retraining or whatever euphemism she put out there. the field right now in the c-suite across wall street, is this the field? jonathan: -- these feel? >> yeah, i think they put a lot of work into help to make people feel together in zoom. they said at blackrock you can work from home two weeks of the...