sanitation better, let's rebuild abandoned homes, we said we're going to try to help this guy. >> jp morganw two years into a $200 million investment. >> what do you say to those who point to wall street and say you were part of this big mess? >> jp morningen obviously made mistakes, but we were here in the darkest moments of all time, we didn't run or hide, when the marketplace wasn't willing to, but we made mistakes, learn from them and move on. >> you don't normally have a bank come up to you and say we want to help you. the sincerity of what they have done, we have come together brainstormed together. >> those who say this is a pr move by a big bank post crisis you say? >> i just look at what people do. jp morgan is embedded here. >> i thought it could be the great american recovery, but somehow we all pull together at the right point and pull out of the worst zone. >> did you think of leaving detroit all together? >> absolutely, i was seriously thinking of moving to washington d.c. >> angel and martin paris said because after maxing out credit cards and borrowing from friends and famil

>> it's going to be jp morgan. if you want the lower risk, it's travelers. you know i think the world of travelers. it's been for so long. my problem was the hottest tech stock going into the downturn, david. flash prices have turned up, and western digital down 10% yesterday. >> and avago. >> and broad com, avago should bounce the highest. >> and there it is. right on time. the opening bell of course here at the new york stock exchange. we'll take a look back at the real time exchange at cnbc hq, and we see we've got a lot of green on the board as you might have expected. here at the big board, overseas ship-holding group, for the transfer at the nyc. at the nasdaq, automatic data

equity markets, jp morgan first. credit suisse first $236 million.arkclays ninth with $155 million. again, there could be business up for grabs with these european firms pulling their horns. why not buy the stocks based on the likely retreat of the europeans? simple. looks like there won't be rate hikes this year thanks to the brexit turmoil. that matters to the banks. it's all that matters at least in the near term, banks can't make as much money with interest rates this low versus where they used to be before the great recession. if the numbers have to come down due to the shrinking, jp morgan can't rally because very few people are willing to look through the valley of the shadow cuts. the incredible struggle to find any stocks with earnings estimates that actually go higher off brexit is indicative of just how hard this market's become. especially when you consider that almost every major u.s.-based international company will make less, not more, in the wake of that big, ugly exit win. stick with cramer. hi baby! hi daddy! gain the freedom to fum

jp morgan has also said they hired 500 people just to look at stress tests and deal with stress tests year. this way in the qualitative sense, they are really investing. morgan stanley might have to do the same. costly: it has become a part of the business as well. bank of america authorizes the $5 billion stock buyback and boosting its quarterly dividend by 50%. joe: most of these banks are a stress test, but overall, investors are not into this group at all. all the shares are down, deutsche bank trading below tangible book value. what is the anxiety of investors right now towards this entire sector? why do people not want to touch banks? >> i think they are concerned about whether the regulatory environment is going to be too hostile, but i also think that the possibility of the whole banking model does not look as great as it did before. the trading has been moved out to hedge funds and exported, so the banks are a little more of a utility than they used to be. i think this all those kind of go to gather with improving the safety and reliability of the them less exciting from the

maybe you don't buy the stock at jp morgan. if they trade down to 57 you probably do want to buy it. gundlach did say they there could be buying opportunities. that was a level headed -- he went level headed there but i'm not going to adopt it is going to be down 40% if brexit because then it will be a simpsymmetric. i got up this morning at 5:00. he had brexit brexit. he is like mr. brexit. he is like james bond brexit. he wants his market shaken and not stirred. i love his style. he was so good. he is on his game. and he is great to watch and i really feel more confident that it is not going to be crazy after getting the information from someone who is very good. after i listen to him, he made himself, he will be on mad money next week. i'm more confident that it is not insanity. insanity -- >> a lot of discussion why the bookies, betting markets continue to believe it will remain their thesis is undecided tend to break for the incumbent. >> i've never gone against the bookies anywhere. i don't gamble professionally but they

jp morgan has a dividend yield of over 3% which might be an increase in the dividend of jp morgan. you'll continue to see that strong defense. we also think they'll have better offense here as they benefit from better markets recently. >> what's up, doc? >> yeah. >> not manufactuy of the bank s. but soon they will be. mike mayo, thank you. and thank you for the carrot. i can see better already. >> that is super insightful. >> meantime, the stock rally continues. yeah. i own a home and an apartment. but coming up, is this rally really all about the vote ineniin eni england. what else may be responsible for today's big gains when "power lunch" with vegetables returns. they found out who's been hacking into our network. who? guess. i don't know, some kids in a basement? you watch too many movies. who? a small business in china. a business? they work nine to five. they take lunch hours. like a job? like a job. we tracked them. how did we do that? we have some new guys defending our network. new guys? well, they're not that new. they've been defending things for a long time. [ digital t

>> it's going to be jp morgan. if you want the lower risk, it's travelers.ou know i think the world of travelers. it's been for so long. my problem was the hottest tech stock going into the downturn, david. flash prices have turned up, and western digital down 10% yesterday. >> and avago. >> and broad com, avago should bounce the highest. >> and there it is. right on time. the opening bell of course here at the new york stock exchange. we'll take a look back at the real time exchange at cnbc hq, and we see we've got a lot of green on the board as you might have expected. here at the big board, overseas ship-holding group, for the transfer at the nyc. at the nasdaq, automatic data processing celebrating the tenth anniversary of the adp, national employment report. >> carnival cruise, once again they delivered. i was concerned about zika. higher prices on higher bookings. >> nice. >> ccl. >> carnival cruise. >> that's an interesting sign. there's still a lot of things against them, could be management being so strong. that's the only earnings story today that

same with jp morgan. morgan stanley down anywhere from 4 to 6% here.e a look at some of the united kingdom names. the trade here in new york. you may own these in your portfolio. you guys have to be checking your portfolios because sometimes when you own your own mutual funds, some of these names might get in there. a foods maker, along with insurance giant aviva. all down. but i should tell you too when you get to a name like aviva, anything that has to do with financials in any way, shape, or form, even an insurance giant is going to get smacked, at least at the moment. here in the u.s., materials, real estate, but let's look at materials for the moment. they are lagging, one of the worst performing sectors in the s&p 500 for s&p names, dow chemical, are those some of the biggest losers at this very moment. with the dow down 297 points, s&p getting clobbered down about 40, team fox business has the british exit aftermath covered for you. the aftershock continues. ashley webster and adam shapiro are in london and berlin respectively. we've got our mar

jp morgan and goldman sachs have taken down there forecast from 2% to about 2.25%. the u.k.ggest greatest partner. it wille three ways affect the economy. three possible general global slowdown. we see less demand around the world for anything, including american roddick's. you can see the contribution net exports have made to u.s. gdp. second, concerns about confidence in general. ceos made pullback. not street and ceo's do like uncertainty and that is what will have for a long time. the dollar will probably be the biggest impact because as the dollar gets stronger, we see inflation though down. we will import the inflation. prices havemport fallen, we are only beginning to recover. our products will be less competitive overseas. unique united kingdom experience versus the dollar in asia one of the examples? the asian dx why? discrete worlds, aren't they? michael: the exports are going different directions. tom: a great. michael: it will have an impact of china or japan devalues but for the most part we are seeing the dollar strengthened against. francine: for tv and radio

jp morgan looking at this pair and seeing a rebound in the making.are looking at basically a technical bounce. 1.3842.k would be we are not close to that, but these of the levels to watch closely. equity markets looking like this. we are still looking at gains across the board in a ship. my mistake, with the exception of malaysia. tailwindeling a still from the u.s.. headed: written is for recession, according to a communist. -- britain is headed for recession, according to economists. campaign -- the leave , this is what some experts have to say. 71% think the u.k. will go into recession. that would be the first time since 2009. it was evenly split between who saw it happening this year and those who sought happening next year. out, the vote result came mark carney said the bank of england would do what is necessary to maintain stability. economists are saying that as a sign that the bank of england could step in with stimulus. eu leaders are starting to show their frustration with the u.k. summit,g a minister saying essentially that the u.k. was ho

jp morgan stanley, holding onto gains to some extent.round 10-year note -- 7:00 a.m., a bit of buying coming into the treasury market in the yield a lower. -- treasury market and the yields go lower. this comes after a two-day drop of 1025% on friday. friday.% on the worst performance today -- morgan stanley is reassessing european banks to reflect the possible impact of brexit. lloyds, bnpludes , clydesdale and handles bank. these of the banks since last friday, only one bank rising, hsbc. the industry is down 17%. luna credit is down. replace planning to federico. more on that later. a lot of been head -- a lot of been said about the ftse 100. it posted its losses post brexit. since friday, it is up by one half of 1%. ftse --e stocks on the have now declined double-digit since friday. the ftse 250 is down 7%. check out the big gainer and the big decliners on the ftse since friday -- the gold producer up 29%. down by a third of their value using -- losing 30% in the space of a few days. quite incredible. julie was talking about the 10 y

some of the biggest point gainers are citigroup, jp morgan as well as wells fargo. citigroup up 4%. i took a quick look in terms of the ratio of ups and downs. one stock is up, one stock is down. positive. in take a look at treasuries. is now up0 year higher in terms of deals, five basis points especially because of this risk on environment. generally, a good rally. david: thank you very much. let's look at the first word news. mark crumpton has that. u.k. citizens voting today in a referendum on the country's membership in the european union. prime minister david cameron casting ballots. u.k. law prevents us from reporting on voting or discussion and analysis of referendum issues while the polls are open. we'll be following the voting as results come in. special coverage at 5:00 p.m. new york time, 10 a clock p.m. in london. in onent obama says it is disputable he wants banking and financial safer then when he entered office. in an exclusive interview, he also said reduction in banking profits is ultimately good for the financial sector. president obama: banking profits are not as

we will have jp morgan's take on those pmi numbers. ♪ ♪ let's have a look at those pmi figures out ofor may. joining me is the china economist at j.p. morgan. inn the manufacturing coming a tiny bit above expectations, showing a little expansion. worst over with? what is the deal? >> the numbers are good. april number came out as a disappointment, so the market was speculating whether the recovery we see in march is temporary or will continue. 49, 51, it does not make that much difference. , an articleks ago pessimisticet too about one number. that second quarter, probably the growth was in modest recovery. i don't see a big upside, but i don't see a downside. rishaad: is this a stimulus coming through now? there is always a lag. enterprises, the pmi is falling down. the small enterprises are moving up. sectors,ok between overcapacity is still hurting the economy. it does give you incentive to draw down the inventory overhang. >> these are still strong sectors. we have some downside and other sectors picking up offsetting each other. rishaad: what next, i suppose. does this mean the r

morgan stanley, jp morgan. scarlet: let's take a look at the rates market as well.our rate trader function. i have picked the united states look at on and i can the benchmarks, across the yield curve. this is the short end and this is the long end. what you are seeing there is the intensity of the move based on this historical information. the spread is tightening because we see the negative numbers. how many standard deviations question were what you see here in the bottom right is the index. you can go to it as well. what you see here is this spike. that shows a severe point of in the u.s. market when the headline had crossed. there were about the confusion over what would happen and this the european market open for trading. it: interesting to see reflected like that. i'm looking at one area where there is some stress. you may have missed this if you want looking at polish or hungarian credit. both of these spreads were surging today. with the u.k. thing, it throws all kinds of questions into the future of the eu and these countries on the periphery, their future

u.k.g jamie dimon, chancellor calling on jp morgan to send a message that brexit is bad for business. giving up on their bid for months and what they are doing now. oin is back. bitc is this rally sustainable or is it another full's gold -- fool's gold moment? jamiert in europe where dimon is helping to back up warnings about the risk and cost of a brexit. this after recent polls suggest that the government is failing to get that message across. financialact on the markets -- and we all learned during the financial crisis how that could affect -- things would be more cautious, the value of things like shares would likely fall. has selected five bank of america, credit squeeze, goldman sachs, hsbc, cheese. if the deal happens, it would create the largest provider of fo farm chemicals. bair said to raise loans to $2 billion. and, saudi arabia's energy minister said that they won't need that -- meet the end of keeping production capacity idle. buy shares and must accept the policy in place to inhion any disruption supply. oliver: time now for our bloomberg quicktake, where we provide con

wells fargo, jp morgan, all lower. the a correlation with the yields.et the 10 year -- you look at the 10 year, it is the lowest since february. what is what we have seen around the globe. talk more about that in a few moments. safety,ou want sovereign bonds are going to the japanese yen today, which are catching up as well. 1% versus the japanese currency. mark: stocks are down for that first consecutive day after rising for two straight days. one industry group is rising from the stoxx 600, real estate. interesting note today from citigroup. 28%ain's biggest bank downs in the last year, even more if the u.k. votes to leave. , primarily also down because of week earnings -- weak earnings. they have not taken into account the so-called exit -- brexit. since february, since the seven-year low, the index has risen by 14%. the u.k. trade balance today through off a surprise because u.k. exports rose to the highest level in three years, britain shipping more to countries outside the eu. a 9.1% in exports led a trade deficit, $3.5 billion. imports jumped 4.5

wehing othmaettoy are e naials nesik jp morgan, golan sachs, ciess you can e at paicar sector all vior. also moving lor o fainfothir d in fouretreatg r a 11-month high, chevro valero, allf those stocks alsasouan seinheed and forget stockand bos. w about coffee sodsooabt w. jonal, consursavbostet $1 billi ldeon stbus car. most ohose -- that imo th bksave in their rerves. rerkle starbusp lf% da the g ceorhehite house takingffn new directn. he x sissea cora peterar ath white use to telusow esenoba's endorsent hilla cnt wl play t. and blake burm h dails ononald trump's etg with some of eop's biggest furaer 'll getootthe stors. but just moments ago esident obama di a t drama d ecatn tre al w a bfoally enrsg hilly inn for esent. ke a lisn. look, i know w hard thi job can be. at's w inohiarwi sgo ait. inac ion't think the's ev bn meone so qualified hd is offe. e'gothencourage, the coassionanthe heart gethe jon aseyth'sherede comes justou aftereeng rn sde w idog e rounds idcith seto hay reid. petebarns outse e ite hoe thheery latest on alofhese developmes. te >>has ght. thpresidt ide sn't go

bank of america, jp morgan several hundred of thousands of dollars to millions of dollars donated to the clinton foundation. you can say you are going to reign in the wall street banks and whatnot, but you're certainly not reigning in the donations that they are giving to you or the ones they are giving to the clinton foundation. >> all right. can i see the hypocrisy of that of going after saying horrible at the same time taking money from them or doing -- giving speeches to them. what i don't understand, going back to my original question, if you are just sitting here watching, are these big banks demons? are they destroying our economy? how do they need to be reigned in? what are they doing to me? >> i think what happened was in the wall street bailout, which i think was a big mistake. you picked a few banks that you wanted to save. you send tens of millions of dollars to citigroup. you sent to goldman sachs. one of the wealthiest companies on the planet propped up two different means. all of these wall street banks were propped up during the financial metdown and they were saved m

if all of a sudden, we see jp morgan and all of these different financial companies, and they say -- we are moving everyone to berlin. now, there is a tangible impact on jobs and that will influence the conversation. it is the same in the u.s. we are talking about nationalism and donald trump versus senator clinton. if all of these businesses are "take back ours country" movement and start leaving, that sets a tone for the election as well. why would it be different here? on the flip side, if the u.s. is open and we adhere to our treaties, then all of a sudden, tech companies in particular in the u.k. who want to be able to work with the european union and they have the treaties already in place, they might come here. if you see a big movie -- a big movement of tech companies here because there is no better tech foundation than in the united states, we may see a wholesale inflow of those countries. for the u.k., that says it would be a big mistake, and it sends a message to our economy that protectionism and cutting off the treaties would be a huge mistake. johnson: nationalism is a

that's the decline and they're not necessarily the most uk focused and today you have jp morgan talkingkpand it could a problem. in the meantime anything that you're holding and the dominations is clearly valuing in the value. this is a clear move and you have lost five in the session ises today. you have the move is because the u can k is a less of an attractive area because of the inflation rate. they're pushing up up and pushing down the tinier and that's trading below one percent to a record low, and that's going to impact everything else as well. partly as golden for example says that not only will the bank of england cut a rate, but there's a mild recession and then they think that it will knock 3 percent of gdp. they're coming out and the warning to the market and if you have been in london you know it very well and then the real-estate players have said that there's not a housing or a real-estate recovery in terms of the volume that they expected in the second half of the year. check out the house builders. confidence among consumers is the first lightly to be affected. this is

saying that jp morgan and goldman generate 7 million in the united kingdom. y have more exposure, morgan stanley less, though, in that realm. if you want to pick banks that are separated in some ways from the united kingdom those names that will have more geographical diversity or more focus here on the states, that would be citigroup also northern trust just to name a few. but for the most part, banks are all higher. and everyone on wall street certainly seems to have the feeling that there will be somewhat of a relief rally if britain chooses to stay in the euro zone. but, again a very cautionary tone is now being taken. back to you. connell: thank you nicole. nicole petallides there at the stock exchange and speaking of thanks and the economy, did you know that believe janet yellen the chair of the federal reserve is testifying once again today and we have our best people watching, i can assure you. essentially so well, you don't have to. that's how we operate around here. but there she is. janet yellen but whole buyers are buying when rates are low. the ex

jp morgan and goldman sachs issued a letter this morning to their clients saying we're on top of thisve to watch it. you are going to see -- you are going to see a lot of volatility in the next two years as -- because there are going to be issues that come up here that we haven't even anticipated. >> the dow is down 500 right now, which is significant. it does not appear to be in free fall. >> no. it's funny that 500 actually looks pretty good at this point relative to what happened in europe. almost 3%. that's a lot. >> what would be catastrophic? >> well, 3% is pretty bad if you are trying to cash out today. so i don't want to be relative, but we saw -- overnight, we saw the p in brit an as the votes were coming in overnight, the pound fell 10%, to levels we haven't seen in 30 years, and there's going to be more pressure on it, still. great for me, i have a daughter in college in scotland. my tuition got cheaper. about if -- but if you are living in england, your money is worth less. >> they have to renegotiate though -- those deals. >> some of those deals take half a dozen years. >

had names like citigroup, bank of america, jp morgan, all of those names were down, and those names down nearly as bad that's british banks which have just been getting pummeled. in the middle of this you have prime minister david cameron addressing parliament, speak thing to the country and the world, defending britain as economically stable and resilient, but trish,er traders dvded not enough to not hit the button. then britain lost the decreed rating and if the exit plan moves forward everything for britain could get worse. >> much more on the market reaction. first, straight to the man at the center of this movement. uk independence party leader niger farrage right now from brussels for this chat. welcome, sir. >> thank you you you've made a built of news. ever imagine when this all began that you would shake things up as much as you have? >> well, i started 25 years ago. took the view that the european project was questioning in the wrong direction so decided to get involved in this new political party for the first ten years i was laughed at, mocked, derided, called all the names u

coming up cnn's one-on-one with the head of jp morgan chase.on talking politics, trade and the economic anxiety that's altered this election season. >> i understand that. i understand too that there are sectors that have been left behind and they're angry. >> one of that exclusive interview, up next. anything? th hey siri, what's at&t's latest offer? oh, i don't think that siri can... right now, switch to at&t for an iphone and get one free. wow, is that right? yeah, it's basically... yes. that is the current offer from at&t. okay siri, you don't know everything. well, i know you asked me to call you the at&t hostess with the mostest. okay, shut her down. turn it off. right now, buy an iphone and get another one free when you add a second line. stain for your deck... that not only looked as handsome as charles stephens' barrel on his farewell voyage over niagara falls... but stood up to any kind of weather... ...no matter if the forecast is this... ...or this... ...or this. if a stain can make your deck beautiful and survive any amount of tortu

we're talking about financial names like jp morgan, morgan stanley, bank of america, citigroup, everybody'sanywhere from 2% to more than 3.5%. so to the issue that is happening to our north, we are just moments away from president obama's press conference with fellow leaders of nafta countries. canada and mexico. during the three day, talk about to expand trade ties and also increase the use of renewable industry. just how to do the plan on doing that? blake burman outside the white house, have been watching this, blake, we apologize if we have to interrupt you but when canadian prime minister trudeau takes that podium, we're going to jump to him. >> i understand. and it has been a busy day for president obama there in canada at the north american leader summit, he met with his counterpart from mexico with the bilateral meeting there, he will do the same this afternoon with justin trudeau of canada. address the canadian parliament as well and as you mention there's that news conference we are anticipating any moment now featuring those leaders. the white house has already released a list of

so if you want safety and if you want that name, i guess you could jp morgan. >> rich, good to see you. >> i got it. >> i don't think that was michael mcdonald taking it to the street. i think it's the other lead singer. >> i don't know what's going on. ahead, yahoo ceo marissa mayer speaking at the annual shareholder meeting which is now under way. we'll hear what she has to say. more "fast money" right after this. >>> seema mody with williams board. >> reporter: 6 of the 13 directors have reportedly designed after a failed effort to out of their ceo allen armstrong, that according to dow jones quoting sources. chairman frank mcginnis, activist investor from corvex capital are among the directors who resigned. keep in mind resignations follow the collapse of the williams planned merger with energy transfer equity for $33 billion which, of course, did come as a big disappointment to the shareholders of williams. we're looking at the stock down just about 1%. back to you, melissa. >> seema, thank you. karen, what do you make of this? >> this has been one of the strangest takeovers in a

caterpillar and ford among them even jp morgan chase's ceo writing to employees that some one to 4,000 jobs may be impacted. financial experts say retirement funds long term investments be on should be able to weather this store in the long run. the other good news traveling from the u.s. to europe could be cheaper in the coming weeks. ray ramundiabc news, new york. >> today president barack obama reacted to the vote despite the fact he strongly urged that the uk remain in the european union. today he said the people of britain have spoken. >>> he said he spoke with british prime minister david cameron earlier today. cameron also against the so-called brexit. >> based on our conversation i'm confident that the u can k is committed to an orderly transition out of the eu. we agreed that our economic and financial teams will remain in close contact as we stay focused on ensuring economic growth and financial stability. >> now reactions also coming from the campaign trail today. presumptive republican nominee donald trump was in scotland opening his newest golf course. even though scottish

earlier today jp morgan also donated $500,000. but today we continue to help the victims and those who witnessed the event to recover. the chief talked about our efforts with our first responders and city personnel and county and local law enforcement agencies in terms of getting the counseling that they need, but there's a wide range of services that the families and the victims and the witnesses need. so earlier today we opened the orlando family assistance center at camping world stadium, and that's formerly known as the citrus bowl. so a lot of you would probably know it as the citrus bowl. but it's camping world stadium. we have all of the necessary support services in one location. i had a chance to meet with the various providers this morning, and they are extremely excited to be able to be helpful. so many people want to reach out and be able to do something, and they are able to do something for the victims. everything from assisting with funeral services to forgpet fos care, airlines, saassisting in travel and licenses a

>> well, jp morgan was asked, and they said the markets will fluctuate.unt of fear being ginned up by people in the media and by traders who make money on fear. but the actual magnitudes involved in the brexit are tiny, especially for united states investors. the magnitudes are pennies compared to the size of the united states economy. and i do not understand, except for the paining being whipp -- being whipped up by the media, why there is so much fear in people in the sp 500 range. i think people who sell into this may well regret. it's almost a bad idea to sell into panic. >> but, ben, come on. it's too easy to talk about the media here. you've got world leaders, people who are saying politicians, they're afraid. they're scared. what do you make of it? >> i make of it they have not looked at the magnitudes involved. we export to britain something like $55 billion. if we export the 10 billion less than that, you couldn't calculate how small of an effect that would have. yet the united states markets lost on friday. the magnitudes are all messed. the mag

jp morgan, city group, both saying they've had a massive increase in applications.jp morgan says it will only hire 2% of applicants for its banking decision. city group 2.7%. so a lot of competition out there. . stuart: and they better hope bernie sanders is not the next president of the united states. ashley: that's right. stuart: fema, beginning a large-scale drill for states like washington, oregon, idaho, northern california, which lie on the cascadia fault line. fema is going to simulate effects of the quake, a 9.0 earthquake. and a tsunami. mike brown is with us. former fema director. mike, welcome to the program. now, you had trouble right after hurricane katrina. tell us about this drill that you've got going here in the pacific northwest. my question is, look. how can you prepare for that level of catastrophe, you can't, can you? >> no. you can't but that's the purpose of an exercise. the purpose of the exercise should be this, stuart, is to find out what's not going to work. because in a disaster of this size when you think about it, i notice you two have

jp morgan, morgan stanley, goldman, city, wells, they're all up because it looks like the british maye stay side of the vote. banks up in america when the brits decide to stay if they do in europe. british stocks generally are way up. barkers, the big drinks maker, all of them up, three, four, five, 8% higher. look at this. we've mining stocks. 4, 3, 4% higher. bp and british american tobacco. also this hour, we're waiting for an update, fbi update on the orlando terror attack. we're also waiting for those transcripts from the phone calls between hostage negotiators and the shooter inside the pulse club in orlando. they're expected out some time. >> well, omar mateen according to the transcripts ideified himself on the 9-1- 9-1-1 call as an islamic son-in-law. he said i'm in orlando, i did the shooting, the new tier you're going to see redacted. now you're going to see the justice department step in and redacting it. so here's a quote. my name is. i pledge allegiance to. omitted. may god protect him and then a word on behalf of omitted. so this is the doj stepping in and censoring wha

the chief economist from jp morgan stanley will be here to talk about what janet yellen spoke about. is 2:00 in new york and 7:00 in london. >> welcome to "bloomberg markets." >> from bloomberg world headquarters, i am betty liu. vonnie: i am vonnie quinn. betty: janet yellen sees interest rates gradually rising. she spoke of short time ago. janet yellen: economics is broad. a good stream growth in the united states over the past year. i am cautiously optimistic these headwinds are now fading. betty: and the oil rallied marches on with crude topping months high. i'll be debbie officials say the worst is over. -- abu dhabi officials say the worst is over. to meet the top ipo, japan'

-based companies, including jp morgan chase, alphabet, the parent company of google, and microsoft tookthe stocks in many u.s. investors' portfolios and refire. accounts which is why we have been watching those so closely. one british company that has been hard hit is virgin. the company lost about 1/3 of its value. branson argues with gold man sachs that the u.k. is heading towards a recession. the banks won't be lending money any time soon which will affect the british economy for a long run. branson is now calling for a second vote to leave the eu. >>> the u.s. economy grew faster than originally thought. the gross national product expanded by 1.1%. >>> we are learning some new details about issues with fiat chrysler gear shifts. government investigation into confusing gearshifters finds they may have caused 266 crashes that injured 68 people. they may also be to blame for a star trek actor's death. anton yelchin died last week after his 2016 jeep grand cherokee pinned him against a mailbox pillar and a fence at his los angeles home. his jeep was part of the fiat chrysler recall over

jp morgan certainly in a good position right now.ut many others will seek to be a part of that potential sale of a very small percentage, but when you're talking about something that could be valued as much as $3 trillion, you can imagine the numbers start to add up. >> absolutely. >> 5% of 3 trillion. bigger than we've seen in a long time. >> exactly. >> i did want to mention something in the "journal" today in terms of a deal. vision and amserg. market value the deal would be about 9billion. i did want to take a look and see how those stocks were performing this morning. because there is another company that is suffering from this. the big loser, if it comes to be this deal, could be team health. actually trying to get that company to engage. but then, eventually, walked away, even though it was offering as much as 69 based on its stock price as well. or 70 bucks a share. you can see that stock is down because the idea being well, these two other guys are getting together without it. big holder there is jana. one of the larger hold

won't mind i ask you to stick around while we bring in and participate as we bring in ken goldman at jp morganverweight rating on mondelez and a neutral rating on hershey. welcome. good to have you with us. you said earlier today in a note that you were intrigued by the idea that the trust had not immediately rejected this bid from mondelez. they still have not rejected it. but maybe they didn't need to because the board did. it sounds like a pretty swift and sweeping rejection. what comes next? >> i think that's the right question to ask. i think the question is, is the rejection by the board part of a ploy to get a higher bid? we've seen that obviously before, across many industries. or is it a return to what we've seen in the past with hershey, which is we're never going to accept a bid from anyone no matter what. >> what do you think? is this the heisman pose here? >> i think it's a little bit different this time. i think that, you know, the tone of their rejection was pretty strident. i'll give them that. but i think it's a little bit different in that the hershey company is not as strong

jp morgan cutting the price targets saying that economic head winds in europe could hurt profit margins. dow chemical is seeking approval for a merger with dupont. >>> well, while we're talking about dow chemical, let's highlight the company cutting 2,500 jobs, shutting plants in north carolina and japan. as it takes full control of the dow corning silicon joint venture. dow paid for full ownership and completed that deal earlier this month. that stock as we highlighted down 2.6%. meanwhile, lendingclub is trading higher. named acting ceo sanborn as the permanent chief executive and cutting 179 jobs and it expects to see revenues and earnings growth resume in the first half of next year. >>> moody's weighing in on british banks. what are they saying now? >> bill, that is correct. moody's changed the outlook following the uk's decision to leave the european union. moody's rating agency has changed the outlooks at eight banks. to negative from stable. three of which include barclays, hsbc and two banks have been reduced to a stable outlook from positive, those two include lloyd's and prin

a february 2016 study by the jp morgan chase institute found the overwhelming majority of 2.5 million americans who earned income as small business owners did so to supplement their incomes and better support themselves and their families. with little to no barriers to entry the on demand platform economy has become an important option when income volatility continues to change. on demand plat forms like ours provide a new earning option that is accessible to millions of americans. of course the emergence of the platform economy has sparked a debate of workers versus independent contractors. it has been shaped mostly by decades of regulations and court cases. as a result, it fuels uncertainty about what we can or cannot do to support our taskers while reserving their flexibility and independence and accessing our platform. as professor bruckner noted. many platform economy participants either do not know or are not fully aware of their tax obligations and tax benefits as a result of earning income on platforms like task rabbit. we have no reason to doubt that significant numbers of ta

those banks include morgan stanley, jp morgan -- connell: two days ago, this why you need to take a deepr stories like this. because it was on monday people -- or especially friday afternoon. where are these banks going to go? they're all going to set up in frankfurt. nobody is going to do business in london, let's get out of here, ask the ceo and now here we are next week and now we're saying, well, london might be the most attractive place to do business after all. it just shows you. >> it's a fluid situation. connell: they might be, by the way, better off. i mean that argument was made by a few people at the beginning and now i notice more and more people are making -- i feel like more and more people. do you feel that way? >> there could be perks for staying in the uk. there really could be. and tax rate definitely number one. although i am concerned about how germany is going to interfere here because you have the deutsche lsb merger. a german regulator has come out and eventually said you're not doing this if the headquarters are in london. connell: even with the negotiations; righ

jp dimon, j.p. morgan, he says somebody's going to get hurt on this. think, keith, he's saying that because the average length of an auto loan now is 68 months, that's way extended there. what do you say? are some people in trouble because of this? >> yeah, they're in trouble because the length of time that they owe money and also in trouble because the competition of the buyers, and that's what jamie is driving at. a huge percentage of that money is going to subprime borrowers. where have we heard that expression before? the first place we heard a trillion dollars in derivatives, that's in housing. ashley: they put out the warning signs on this. average payment is over $500 a month now. stuart: are we running into trouble with this, do you think, scott shellady? >> 100%, because those types of borrowers, unfortunately, aren't going to get rescued from a good economy or a higher stock market because they're the ones with the manufacturing jobs, producers and ones that are going to get hurt and not going to get rescued and look how bad the numbers were

these are the ones in the opening what i would call a wells fargo/jp morgan approach.who is getting it right in the united states? davide: wells fargo has a similar business model to santander, it is a universal model. if you're in the states you can keep one market. he market is big enough. if you are in spain, you need to go to other markets because your gdp isn't big enough. are one of the few people who was saying he was effectively a dead man as ceo at deutsche bank. who is the next dead man walking? davide: the next dead man by december.ll see it is too early. if within 12 months they haven't delivered i think investors will want them out. , the reality is, the restructuring of such a proportion needs 24 months to see. you can't basically change the surgeon in open heart. yeah? that is what is happening. i think that has to do with corporate, rather than performance itself. let's put it this way, it used to be that the bank was one of the drowned jobs. -- dreamt jobs. in backing isn't easy. it is my top talent is leaving the industry, particularly in europe. aman

208 point rally on the dow right now, the vote is that the united kingdom stay in the eu, all the, jp morganrgo, all up, and on the other side, the british banks also nice rallies in today's trading here and there. and our question will be -- well, one of many questions, are they all getting ahead of themselves? we're going to talk about it this hour. the second hour of "cavuto: coast to coast" i'm connell mcshane filling in for neil today. it's good to be with you. and this fall out from the vote that we'll get later in the week constituents certainly beyond stocks has a lot of politics involved and ashley webster knows better than most everything that's involved. he's over there in london covering the fallout. ashley. >> yeah. connell, you said maybe odds go up stay in vote. bookies, one of the bookmakers companies 72% will stay, another company has 83%. i think it's fair the stay in campaign has certainly gotten a little momentum or maybe it's the leave campaign losing their momentum. of course we had a -- somewhat of a shot down campaigning in the wake of the dreadful death of labor joe

joining us from london is international ceio of global fixed income for jp morgan asset management. thank you for joining us. bond, it's an inflation story. it's an interest rate story. where does the big uk vote fall into the global bond market scenario right now? >> well, when you look at it right now, the risks are very a systemrick. sterling had a tremendous rally this week. it's up 7%. when you look at that and the results from friday, it's now real really real really asymetric. if you look at the ropes that, goes to 152, something like that. on a leave vote, you're down into the low 130s. when you look at bonds more generally, what you're likely to see is a relief rally on remain. and what is already baked into the market. it's around 18% price. but, of course, if it leaves, credit spreads go a fair bit wider from where we are now. >> so basically, you're saying the most likely outcome which will be a remain vote is fully priced into the market. is that correct, nick? >> it is. i mean, when you look at polls, it's 50/50. translate athat to the betting market, you're around 80/

. >> the founder and ceo of ds economics, david kelly from jp morgan funds and bob doll, chief asset get a rate hike today? >> no. >> why are you laughing? >> sorry. it's not happening today. >> somebody's got to play -- i'm fine with that. here's my beef with the fed. let's assume you're right and everybody else is right and we don't get a rate hike. it is really -- >> i'm taking a big assumption on that one. >> is it really because of one piece of pay role data? that doesn't seem right. look how low the bond yields are right now. and that is complicating things for the fed. >> larry kudlow was on an hour ago and he would tell you you're crazy. there is no reason to do. so wrong, wrong, wrong, wrong. >> i'm surprised that larry would say. that the interest rate is the most important price in the economy. rate of interest is set an inappropriate level. it is misdirecting resources throughout this economy. moreover, the fed wasted the opportunity to reload monetary policy so that if we do have a problem they could cut rates to stop growth. it's a happy tortuous. this is as fast as kit

to his left, his right anne lester at jp morgan management and i will say more about them as we go through to name. be we go through to name. headed institutional adjustment solutions and ceo of credential bank and trust at the prudential insurance company. besides jamie is diane oakley and last but not in the least is derek dorn ahead of regulatory gauge meant policy at tiaa so we are going to first hear from mark who really i don't know that there times there's one person that encompasses more of a different experience with the different phases of reform and advancement of the american venue, very much a part of tpa o as it came to be and since then mark has been incredibly essential and a lot of the other dances that have been mademinisi during the obama administration toward some of the gaps we will be discussing so not only was in the tpa but the recent creation of times of my ire raised the expansion of automatic 401(k) features that have happened over the past decade spending retirement innovation at the state level something he's been incredibly supportive and working on, promoting

has not been shy in the past about what he thinks about inxit but today, he said it front of the jp morganmployees who he says their jobs may be at risk. and will not tell the british people how they should vote on this but i do want to give you some of my opinions. it is a orton that people make decisions with their eyes open. it is my opinion that this is a terrible deal for the british economy and jobs. dimonre you have jamie speaking to his employees. he says they may have to cut thousands of jobs in the u.k. if brexit happens and move those to the continent both for business reasons and if other countries require it. megan: why are the polls tightening so much? we thought the remain camp had this done. now, we have seen this tighten so much. leave is even pulling ahead. what is driving that shift? >> it seems like there is not a over whatimistic talk happens if the u.k. stays. it has been more of the fear of leaving and perhaps that has driven some. what you are still seeing some of the betting markets think that remain is the more likely option. the government is stepping up efforts

jp morgan supposedly has 43,000 people of their 220 that are involved with compliance and risk managementit's over 10% of our gdp now is in regulatory costs. and that 10% causes our productivity, which has been at 2.2% for 50 years, to be .6% in the last eight years. the last two quarters have been minus 1.5%. you can't have wage growth, you can't have economic growth when productivity is at these levels. >> dick, i want to thank you for being here. it's always a pleasure seeing you and we appreciate your time. >> thank you. >>> coming up, two hours with fiscal manager jack welch. a look at the economy when we come back. i take prilosec otc each morning for my frequent heartburn because you can't beat zero heartburn! ahhh the sweet taste of victory! prilosec otc. one pill each morning. 24 hours. zero heartburn. every year, the amount of data your enterprise uses goes up. smart devices are up. cloud is up. analytics is up. seems like everything is up except your budget. introducing comcast business enterprise solutions. with a different kind of network that delivers the bandwidth you need

also david who is global market strategist at jp morgan funds. it's good to see you.ean, why don't we start with you. people woke up this morning, they saw the dow down on friday and this morning things look to have stabilized. how long committee wi how long can we expect that to last. >> i think the longer and more drawn out the uncertainty is that potentially feeds back to the real economy which as you know globally is relatively weak so far. so sort of two things to watch. one for us, european banks down 18% on friday. down another six% yesterday. when you have volatility that is that significant, you start to wonder from a financial con tay gent standpoint. the second one is the exhibiticono brexit. even back to the u.s. economy, it's something for us to watch for. >> the stall eed nature and the slowness, the business leaders we talk to, traders, investors all say we want this set and would settled soon. leaders say we want to take our time. tempers are hot. what do you think about the politicians view on that. >> that's their view. they're not necessarily worrie

david: thank you. ,fter thursday's brexit vote bank bosses from jp morgan to jamie dimon to credit suisse.k. employee means -- employs about u.k. jobs shifting out of the country, they said they would wait until they see how the u.k. negotiation worked out for the brexit. take us through how this works for a company such as a large bank, what are the possible ramifications of brexit for the --loyees of banks in london big banks in london? >> people do not know yet because there is uncertainty. the comet -- comment that they will wait and see about negotiations is key. we will still be part of the eu until our exit negotiations come to an end. they have not been triggered. people have been talking about article 50, that can take up to two years and it will not be triggered until the end of the year. maybe even next year. laws.part of the eu company still have to apply all the eu laws already in force and the new laws coming through. they still have to work to apply those. for the time being, we have all access to eu markets that we had before the brexit vote. a lot of the comments from pol