jp morgan has new leadership there, too. we have a strategy among jp morgan, morgan stanley.his is michael's last earnings report, laying off this transition plan among leadership , something they will be speaking to and also turning the page on some of the competition with fixed income trading falling below estimates in a banner year where citigroup is one of the top debt underwriters in the world, is disappointing. lisa: we have michael who said, as he left, he wanted this to be a boring bank. what is the profitable model of a boring bank in 2021? sonali: it can never be so boring. if you cut some lines, it must mean had cost somewhere. how do you keep staff energized while you are fighting off some of these demons? lisa: thank you so much. do not be a stranger. right now we are seeing citigroup shares falling down about 1.5%. we will be coming back and digesting more from all of the earnings as she parses through. in the meantime, we have been getting a consensus on wall street that banks are the place to be. asset management, senior advantage for -- senior investment stra

tom: we will have jp morgan any moment here.go to alison williams and come back to kenneth leon as he looks at the report. the citigroup executive transfer, how is that going? kenneth: when we had that first conversation, it was positive about a jane fraser. then we find out part of the reason michael corbin had to leave was he declined to invest in platforms which created a 900 million loss. jane fraser will being energy to restructure. citigroup has disparate businesses around the world, she has been involved in many of those. she had a small tail in the water with announcing the -- with private banks. she's going to come in as a vibrant, new ceo that will change the culture that also know where all the issues and opportunities are. tom: waiting for the earnings here. jamie dimon, what is his strategy for 2021? kenneth: i think it is mostly toward getting a higher wallet share. tom: i am going to use that phrase this weekend with the kids -- "wallet share." francine: what are your thoughts on buyback? kenneth: the fed still ha

2020 at large, because they don't have the massive offsets of the capital market businesses that a jp morganan stanley, goldman sachs, even citi, and bank of america have. they have been a little bit -- they are much more reliant on the lending businesses, and that is the reason for that beat-miss . tom: i am lost on wells fargo. five years from now, the you perceive them as the old wells fargo, or if not, what they look like in five years? stephen: they have to move beyond the asset cap. clearly, that has to be goal one for the ceo at this point. you have to be able to grow the business. i think they simply have to get past that. but, yeah, they have met a number of exhibitions and what they would like to be. they have the national footprint of branch banking, clearly amongst the strongest in the lending for mortgages, home loans, you know, strong wealth management franchise generally. i think they have made aspirations about increasing some of that capital markets component. i think they want to leverage the relationships they have on the institutional side. like other banks, they have not

jp morgan, cfo on the call talked about how there is limited employment opportunities. we will see what that could be on the back half of the year. how these banks could drum up more demand. octavio: what he is really saying is we have lend as much money to as many people as we can think of. there's no one left to lend to. that is basically what he is saying. how could they deploy that capital? they could invest it in other ways. people are up to their necks indent. only if they could lend it out. if they can't lend it out, we are sitting on this access. just sort of a millstone around their neck. that probably means lowering lending standards. taking on a bit more risk. alix: that pairs up with the biden administration. thank you so much, really great to see you. joining us is walter todd, large-cap strategy portfolio and he owns bank of america and morgan stanley. jp morgan totally crushing it. i'm wondering how you look at them in the back half of the year. you have stimulus issues. how does that come into play? >> there is a lot to like in the quarter. the question

that puts you at jp morgan's price of 146,000 it's not necessarily unreasonable but i think when you have these big upside targets people say i am going to load into it here. i have done that for years, but bitcoin has months where it is down 30 or 40% so you could buy at 30,000 today and it could go down 30 or 40% >> and we should make clear that anthony said there could be swings, up 20% or down 20 or 30%. >> kate, i imagine you have people inquiring how do you approach that >> honestly, bitcoin is not my joint. i am jealous of the people who are in it. i don't get it it doesn't make a lot of sense to me. if you say crypto currency generally, supply and demand if it is doing that well, it will attract other crypto currencies so i will sit on the sideline >> steve grasso, would you rather, gold or bitcoin? >> bitcoin we are traders and looking for the most outsized performance gains, you are not going to get that with gold although you can think gold is going higher but when you are looking at bitcoin, yes, you could be down 10, 20, 30% and then it rifles up if you were at the begin

i think the streets was expecting a strong quarter from jp morgan.o-we own the stock. there's nothing here that makes me want to sell it, nothing here that makes me want to run out and buy it either. jamie dimon is talking down the quarter a little bit but really what i wanted to see was release of reserves. they reserved a lot of money last year. i wanted to see more of the money. they released some. i want to see more of that coming out because i think the big story, maria, when you talk whether jp morgan, bank of america, citigroup, any of the large banks, i want to see innovation. i want to see growth. my money was in jp morgan last year and for the year it returned roughly 2% before the dividend. so i need more growth and innovation from the big banks. and the way they're going to get there, it's through acquisitions. there's a lot of private start-up businesses that are disrupting these big banks and they're going to continue to acquire these companies. so right now i'd say hold onto jp morgan. and that goes for all of the banks. look at the in

emily: the jp morgan health care conference is one we will definitely be following as well.t to get your take on this new york stock exchange controversy, saying they will thenst chinese telecoms, saying they are reconsidering. of course, we are in the waning days of the trump administration. does the uncertainty stop when he leaves office or do you see continued tension and possibly confusion? mark: yes to everything. we have two weeks left in the trump administration. january 20 will be a momentous day for the country, the future of the country and the markets. i think there will be determined is pressure on china. i think trump did open up a dialogue on what china has done for our markets and what they have done for cyber and some other things globally. there is certainly concerned about the chinese and what they are doing and that will not abate on january 21. in fact, i think it will accelerate. a lot of what we have been paying attention to has been deemphasized. i think the last chapter has not been written. i think you pay attention to what the trump administration l

the jp morgan healthcare is going virtual. with more people focusing on healthcare space we got an early look as i just mentioned of the perrigo caller and see what they have to say. stay with cramer >> don't miss a second of "mad money," follow @jim cramer on twitter. have a question? tweet cramer, #madtwits, send jim an e-mail at madmoney.cnbc.com or give us a call 1-800-743-cnbc. miss something head to madmoney.cnbc.com. ♪ what do i do when my love is away, ♪ ♪ does it worry you e? ♪ ♪ how do i feel at the end of the day, ♪ ♪ are you sad because you're on your own? ♪ ♪ i get by with a little help from my friends, ♪ ♪ oh, gonna try with a little help from my friends. ♪ that's why we're bringing out our best deal on the new iphone 12 with 5g. right now, get the iphone 12 on us on every single plan. switch now and save 20% on your bill versus the other guys. and that's not an introductory rate, that's the best value in wireless. that's right. the iphone 12 on us. on america's 5g leader in coverage. and save 20% per month. shar

stress comfort from nature's bounty. >>> let's talk about the big winners from the jp morgan health carek eed with lisa gill, remember on friday got more information aside from eli lilly, terrific news on alzheimer's news the best news came from bristol-myers up nearly 4% bristol-myers gave you lots of smaller good ones. management laid out excellent preliminary revenue goals for new products including at least three new drugs they think could hit $4 billion in sales this deca decade that was exactly what we needed to hear because bristol-myers has a fabulous pipeline, bulked up by the acquisition of cellgreen and recently miocardia. the next few years, they simply use that money to pay down debt and roll out a $2 billion buyback. for years the stock has struggled to break out from its ceiling of resistance in the mid 60s where it's trading right now. i think it's way too cheap could this be what puts them over the edge? let's take a closer look with dr. giovanni caforio, chairman and ceo of bristol-myers squibb, to get a clear read on the vision of the future dr. caforio, welcome back t

. >> right now, we have with us a representative of jp morgan asset management. let's talk about the taper versus not taper discussion. what do you think is the earliest the fed could start thinking about tapering their bond purchases? >> the fed has already come out and told us that [indiscernible] it's really because the economy is not yet a full steam. it seems premature for markets to be having this discussion. i think the data this week supports the idea that we are far from the point where the fed should be discussing easing back. that's not to say the discussion won't happen. we think probably by the end of this year, they will start carrying the market toward dialing back on asset purchases. the sequencing is important. what the fed is trying to avoid is -- they don't want to talk about taking off the balance sheet until they can -- expectations. i would expect the fed would wait until the earliest september when the -- is in place for their economic projections and use that as a signaling tool for discussion between balance sheet reduction. >> what is th

strategy at jp morgan. this is bloomberg. ♪ wanna lose weight and be healthier? it's time for aerotrainer. a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time. it allows for over 20 exercises. do the aerotrainer super crunch, push ups, aero squat. it inflates in 30 seconds. aerotrainer is tested to support over 500 pounds. lose weight, look great, and be healthy. go to aerotrainer.com. that's a-e-r-o trainer.com. guy: welcome back. we are getting details released of a call that has taken place between treasury secretary yellen and the u.k. chancellor, rishi sunak. that has taken place. they discussed the global recovery, inequality, climate, a big feature of the relationship, we think, between the u.k. and u.s. they also discussed tax challenges with multinational firms, which will be an interesting aspect of the relationship between europe and the u.s. the french finance mi

eolli from jp morgan joins us.is bloomberg. ♪ ♪ - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) "bloomberg surveillance" the deputy prime minister says businesses should plan to stay closed throughout the first quarter of this year. the is some example of labor challenges worldwide. michael mckee looking at the thursday claims, which become so important. hard to get a clean read on this because of the holidays. 780 7000 is the main number. it looks like not a lot of change. did every state get their data in? we don't know that yet. howquestion that we have is accurate are these numbers aro

jp morgan and citi group made a ton of money well wells fargo is doing better. i think he's lowballing, frankly. let me put it this way, if the bank stocks hadn't ran up, i bet jp morgan would have rallied and citi may have gained a point instead, all three got slaughtered and they're repealing earlier gains. my advice, why don't you wait three days, counting today, then buy the stock at jp morgan the best of breed or wells fargo, the worst of breed they will be able to buy back a boat load of stock this year and raise their dividends substantially, which is what the shareholder base really wants. you just need to be patient. now, i know patience is in short supply everywhere but that's what you must be if you're a bank investor. with that thought in mind, let's dive into the game plan. today we heard from the traditional deposit banks. on tuesday we'll hear from an investment bank that specializes in transactions and wealth management i'm betting the quarter will be a barn burner. i think they had a great trading but the matters may not matter plus, goldman sto

jp morgan and deutsche bank citing tax occurrence. gooeg guggenheim expecting beverage companies taking longer to recover and rbc is taking a caffeine break saying valuation is near full andrea teixeira joins us from jp morgan she downgraded the stock today thank you for joining us i did some investigating whether the company held a call with investors and analysts last week or something, why you all downgraded the stock it doesn't sound like they did did they why do you think they have experienced four down grades in a row? >> i think what happened - thank you for having this and me specifically on this name. the decision was on the back of their announcement yesterday that they were hiring a judge. i think that weighs questions about what has happened. that was back november 18th when the irs had an opinion regarding, and the tax court has had an opinion regarding this matter that goes back to 2007 to 2009, and that's about $3.3 billion that they were deemed as an opinion it can be appealed i believe coke will appeal to that but tha

jp morgan pushes back. stocks dismissed the cash injection intended and look set to turn lower this friday. is the economic reality of the pandemic hitting home? global virus debts -- deaths near 2 million. we could be in for another 10 weeks of this at the end of january. u.k. economic figures. the gdp rolling across the ticker. you see serious shrinkage, 2.6% in november. that is better than the estimate. the estimate had been for gdp contracted of 4.6%. the economy, although it is contracting, is not doing as poorly as a survey of economists by bloomberg had predicted. we will continue to watch for any fallout in terms of reaction in the pound, reaction in the gilt. as for right now, as i pull up my screen that i stole from guy johnson, i do not see much movement in the pound. 1.3664 in terms of guilt. 29 basis points. you are still looking at a positive return in gilts. how luxurious. let's take a look at futures. red arrows across the board. you can see euro stoxx down right now. red arrows across the

the next level, withdrawing all support for republicans and democrats who have been -- you have jp morganx-month suspension, citigroup says they are stopping all contributions, at least temporarily. others are more targeted. morgan stanley says they are going to withdraw support from those in congress who voted against the certification of president-elect biden. this is a significant move by significant donors for the political parties in the united states. say they wereld very happy with the deregulation, the dividend policy, and it is disingenuous to do it now. what does it mean for contributions going forward? >> the question is how long does this go on for? jp morgan and citibank are saying maybe six months. the question, is this a rethink in general of critical contributions? if they did, that would be significant for the political parties. thisstreet donors alone, is rank and file bankers, contributed $125 million to the majority democrats, and that does not include the big spending that goes to political action committees. these are big donors, and if they do any rethinking, it cou

news coming out of anima amazon that the partnership with berkshire hathaway and jp morgan on pause and potentially not coming back. you saw those shares take a hit as well. emily: thanks so much for that roundup. we will keep watching. we are learning more about what led up to that hour long phone call with president trump pressuring georgia election officials to turn the november election his way. here is part of that conversation. >> so, look, all i want to do is this. i just want to find 11,780 votes, which is one more than we have, because we won the state. emily: on tuesday, tomorrow, georgia holds perhaps the most consequential senate runoff election in history. my colleague joins us now from atlanta with the latest. let's talk about the runoff. where do things stand in the midst of this controversy between the president and georgia's secretary of state? >> this is a huge runoff that has ignited georgia. it is not just one or two senate seats. this is for control of the senate. it has been a huge thing in georgia. they have been flooded with ads. biden just had his rally behind m

we're going to hear them from jp morgan, and we'll bring you those numbers as soon as they cross thecan watch us or listen to us live not just on tv but on the cnbc app we're back after this. ♪ ooh la la by cherie ♪ it was the age of wisdom... ♪ ooh la la by cherie ♪ the moxie showerhead speaker. only from kohler. >>> welcome back to "squawk box. take a look at u.s. equity futures this morning we're going to be getting a host of bank earnings from jp morgan in just a moment i want to show you where we stand right now. we have the dow looking like it would open down about 97 1/2 points, the nasdaq looking to open off about 30 points, and the s&p 500 looking to open off about 12 points, and as just mentioned we are awaiting quarterly results from jp morgan, i want to bring in marty mosby, before we get the numbers, tell us what you are looking for, what investors should be looking for? >> well, we've got a perfect set up in this back half of the year we thought the inflection point for banks was going to be the third quarter earnings that's when the credit costs were going to start and

the results of citi and jp morgan, their share prices slid. what happened and why? dani burger has the inside track. dani: in the bank earnings we get this week, there will be a really strong focus on capital markets. ipo activity has been really big in the fourth quarter. in the second half of 2020, along with just market volatility in general so that's going to benefit banks like goldman sachs and morgan stanley but the dichotomy we are going to see is also what affected some of the bank earnings on friday, that consumer response. it is the consumer going to be able to hold up? bank of america might not do as well because of that. we have heard them call for more stimulus. jp morgan on friday saying they need a longer bridge to help the consumer so credit card data will be important this week. we have seen some pulmonary data from bank of america saying that credit card spending at least in the start of january surged by 10%. 20% if you look at the people who received stimulus payouts serve stimulus outlook, how that affects banks, that's going to be important alo

at least in the case of jp morning -- jp morgan, stocks sagged. you have seen a steepening of the yield curve. nevertheless, i think that one of the most important factors is after the global financial crisis a lot of financial services firms demonstrated they had improved their balance sheets, improved liquidity, taken on more asset like business models. the market did not give them credit for it. what we see is a lot of the financials have come through the recent recession in a lot better shape than most of their clients. they demonstrated that. there -- clearly a lot of them also learned from past mistakes. morgan stanley showed that they really are benefiting from -- they're probably not getting full credit for it, but -- guy: hasn't that already happened? these stocks are up big. then we got the pfizer news on the vaccine. they really ripped higher. what would drive a further rereading that is not already in the price right now? burns: the first thing is you need consumers to have cash in their pockets. as the prior guest suggested steepening

from a jp morgan perspective, we are looking at equities overgrowth. cyclicals every defensive.ade has perplexed many because it has been relatively spotty. we worked our way to market reopening and closures, the back-and-forth of the covid story. as we look forward, we are still positive on markets and value trade. we would be looking at cyclical stocks and financials within weeks. haslinda: looking at china, we are seeing the pboc withdrawing some stimulus for a second time already. they have been pretty reliant on capital from china. what headlines do you see in china? >> if we look at the 150 rnb, it translates to roughly 200 billion u.s. dollars. crosschecked that with the fact that china saw its highest ever inflows, all the pboc is doing is removing one month of capital inflows. we have to put this into perspective. we actually drew forward our forecast from year end to midyear on the back of the strength of the overall economy. david: finally come up wanting to ask you about indonesia. i understand you have sat down with policymakers in both countries. what makes you bul

it's jp morgan, citigroup, wells fargo, the big ones to kick off earnings season.u haven't already subscribesd do so to our new podcast, "worldwide exchange" every day in audio format if you miss us, check us out on apple or spotify or whatever other podcast app is your fancy. we will be right back after this break. facing collagen that's all hype? new olay collagen peptide 24 with derm recommended peptides. hydrates better than the $400 cream. for visibly firmer skin. olay. face anything. >>> welcome back, the big banks kicking off earnings today with j.p. morgan chase, wells fargo, and citigroup all reporting results before the market opens. financials have staged a staggering comeback since the lows of 2020 as interest rates are climbing and stimulus has helped keep banks afloat joining us now for an earnings preview is girard cassidy, always great to hear from you. let's talk about whether or not the big banks are going to set a good tone for the rest of the industry and the market in the coming days? >> thank you, dom, and i think they will set a good tone as

jp morgan is outshining its peers on this chart. jp morgan is in yellow. wells fargo in turquoise. how far do you think this is going to go? we have enlarged that position and we are now overweight the sector. we did that immediately after the fed surprised on a friday afternoon after 4:00 with lifting the rules or using the rules is what i should say on dividends and share buybacks. if you look at the performance last year, one of the performers that was lagging was share buyback in dividends. growth andt drive tech was the driver. this release of the banks which step of is the first gradual fed release of the banks means they are going to be able to be more aggressive, have higher earnings and have share back -- and have share buybacks and dividends. ht upok the weig immediately on the news. we are very positive on the banks. david, we are looking toward the next element of political risk, the georgian senate runoff. the campaigning is taking place. kamala harris is there campaigning. risk thatpolitical markets should be watching more closely? david: i think markets should watch

jp morgan shares up 40% since the beginning of november.e investors looking for to go further from here? what are the key metrics? matthew: everyone knows capital market revenues like trading, investment banking will be strong in q2 and the outlook seems positive. the key is net interest income. even for the diversified banks, it is still over half total revenue, driven by interest rates on loans and the outlook for that is really i think what investors are looking for to have gains in the group. net interest income is bottoming this quarter. we hope banks will be cautiously optimistic throughout '21. lisa: can banks rally if yields don't rise? matthew: it is possible you get a pause in the near term. i am in the camp, the longer and will move higher as macro conditions improve. we have been assuming the 10 year average, 1.25 and 150 in the back half this year. that is high enough to support further gains. tom: when we look at banks, we talk about consolidation, business plan, wealth management activity yesterday with frazier at citigroup.

easy to eye ball the stock that went up and maybe they're the screening buy for the year if you are jp morgan or hathaway and amazon, they're supposed to transform to change the industry i see pvh and calvin klein and tom tommy hilfigure and same with lululemon. those are taking off modest rallies, led by goldman sachs because this is a good time to be an investment bank. tesla jumped again why not? you rarely go wrong buying off stocks on a those on a down day. >> that's a short term idea. that's not what we are about at "mad money." we are fnot looking for stocks we cannot stock that can stand the stock of time. >> the year and beyond first, wall street is eager to have a divided government because they can't accomplish anything for the next year we got the two senate run-offs in georgia if that happens there is a chance that biden could raise taxes or it is pretty slim we don't like taxes if we like higher stock prices. stocks are up so much. in the new year it takes some profits. president trump does not believe he needs to leave the white house right ow we are doing an horrendous job dis

you have wells fargo, city, jp morgan. the number one thing you are looking for?: the number one thing we are looking for is what did they say about reserve leave? you were talking about the stimulus. the stimulus means your net charge-off peak of cycle losses could come in lower than what my selves and others are anticipating. does that translate into a bigger reserve release than what we have forecast? if it doesn't, when do we get to see that? alix: what bank would benefit the most for that? what bank has this certain type of loans that would benefit? betsy: it is really the institutions skewed to consumer lending. that is why we are overweight, our consumer finance names we cover. our estimates for eps this quarter are roughly 40% above street estimates. that is without much reserve release at all. that is looking at the quality of the credit that has been coming in for the last three months. alix: moving forward, he get goldman sachs, morgan stanley. what are you going to be watching there? betsy: key question here is how are we setting up for m&a in 2021? my

if you are jp morgan and citigroup, you are pausing it to both political parties.al memo reacted directly to money that was directed toward josh hawley in 2019 and what they had said was that they won't be supporting candidates who do not respect the rule of law. it does go beyond trump. you see morgan stanley halting donations to people who had supported going against the biden certification. you are seeing goldman sachs considering the same decision. it does go beyond trump although the trump question itself, it does become a complicated story. francine: if you look at banks on both sides of the atlantic, what is their biggest concern for 2021? i know it is different in europe because they have to deal with negative rates but overall, it is what to do with the economy and bonuses. sonali: i they that there are long-term risks because a lot of the damages are not happening tomorrow. pressures in the commercial real estate market that are ,nderlying these banks and also it depends on what biden does. there are evictions around the corner. there are a lot of loans t

let's bring in jp morgan asset management's global market strategist. mike, europe is really behind in terms of vaccine distribution, and terms of clearing vaccines, but it is really ahead in terms of what we are seeing in terms of the virus count. germany could have another 10 weeks. we are looking at double-dip recessions in some parts of europe. i know they are cheap from a multiples point of view. aassume there's going to be significant economic impact here. >> the thing is that the market knows it is going to be a difficult next few months around the world, but also in europe. the market is focused on the fact that once the vaccines do get rolled out, say by the middle of the year, we are going to see this huge bounce back and growth as up savings get spent and get a real boom time economy. so i think the market is pretty resilient over the next few months. what would cause a problem for the market as if there were something that come out which meant people started to question this story, that actually vaccines are going to be effective in allowing

karen ward, jp morgan asset management chief market strategist for emea.uy: hsbc ceo no quinn haskins -- ceo noel quinn has concluded remarks at a policy hearing. he defended the china policy, saying there are no plans to split the china unit from the rest of the bank. he said, "we are not going to comment on democracy." joining us for more from london, harry wilson, bloomberg finance reporter. we knew hsbc was between a rock and a hard place between london and beijing. did we get any clarity today on how the bank is going to resolve that? harry: i don't think so. i think what we found out is that hsbc is probably going to carry on in much the same vein as it has for some time now, which is that it will basically try and stay as quiet as it possibly can on all of these issues. that is an increasingly difficult position because there's a lot of people that want them to be more vocal on these things. just in this recent hearing, noel quinn, the ceo of hsbc which he repeatedly -- of hsbc, was wickedly asked to give his position on chinese law, and we hear him

jp morgan up more than 3%. 3.2 percent ahead of the open.mes as you have the biggest steepening in the yield curve. you have the biggest gap between two and 10 year yields going back to 2017. how much is inflation and how much is expectation that the fed will be comfortable allowing yields to rise over the longer-term area -- longer-term. tom: foreign-exchange important for an incoming president. the dollar pushing new weakness on dxy. the 6.4 five is always important sawr hong kong news we on multiple arrests. we heard the shock from our hong kong news bureau. guestbefore we get to our , mr. cabana, i want to walk through the formula, which is nominal yield higher, but at the expectationslation are higher, which means the real yield has not moved all that much, it's an interesting juxtaposition of those three numbers. the implication is that central banks will continue to buy more than $100 billion in bonds for the foreseeable future for pressing yields. areoesn't make sense if you expecting 2% inflation over the next 10 years to get 1% for

that's what strategists at jp morgan compiled in their notes.et you a bit of an overview with some of the business flash headlines, starting off with 7-eleven. they have hired softbank for a bond offering that may go as high as $11 billion. we're told the company will hold investor calls to gauge interest. holdings sold a blockbuster barn in japan last year, pressing almost $3.5 billion to help pay for a gas station operation. deutsche bank is reported to be investigating whether staff stalled investing -- investment bank products, and colluded to split the profits. the inquiry comes after clients complained last year, adding it focused on a bank that sells hedges. torture is set to release -- it's -- of course, a key force of show is set to drop blackrock and abu dhabi's investment arm. it hopes to raise about $5.4 billion in the sale, which may take orders from today and could be the biggest entrance into the ipo in years. its main -- china's main domestic rebel. that your bloomberg business flash. late-night announcements in saudi arabia. the

market cap -- jp morgan market cap at four times what it is worth. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ mr. biden: we need you to vote again in record numbers, to make your voice is heard again and again to change georgia, to change america again. tom: good morning, everyone. "bloomberg surveillance," lisa abramowicz in tom keene. jonathan ferro on sabbatical -- lisa abramowicz and tom keene. jonathan ferro on sabbatical this morning. the 10 year yield, 0.93 percent. this is a joy. tina fordham is one of the clearest thinkers we have on synthesizing the moment. i love her word here. i never can pronounce it correctly, but i will go there. febrile. it is almost a medical concoction around the pandemic and those horrific fevers people get, and yet it is the political lever of the moment. within your research note, what i love that you do is you focus on the democratic party experiment. where is the middle groun

also the utilization of two letters of credit reported, jp morgan and goldman sachs.new york times" has that -- $600 million. that is a lot of money last 12 moneys -- 12 hours. emily wilkins joins us. of course emily wilkins and i know when the balance of power, it is a most-watched show. she and i will be doing balance of power at 12 noon. i have been studying. there are 400 35 representatives. i am on top. emily: wait to go, tom. tom: i want to talk about that moment -- in the zeitgeist this morning the democrats are at the tipping point where they go it alone on fiscal stimulus. is that a valid statement? emily: absolutely. if you look at congressional democrats, the ones in the house, the senate, they are getting ready to start the foundation of going at it alone. president biden is not ready to throw in the towel. he has been making calls to republican lawmakers, rob portman, trying to figure out if there is some middle ground. he wants to make sure this first major bill has republican support. tom: i got to go to the crisis at hand -- gary gensler comes in usual

jp morgan saying -- part of the dollar bearish narrative.y saying while they are still wary of being able to call the end of the dollar downturn, the direction of real yield is supporting the idea of a greenback comeback. they say democratic wins and congress could provide a lifeline to the dollar, especially when you're looking at low yield. looking at a normal rate spread model, and an extra 15 basis points, toward a 2% uplift for the dollar according to the model, assuming the rest of the main -- the rest of the world remains anchored. coming up next, big tech crack down on president trump with twitter imposing a permanent ban. we discuss the implications with our guest, next. this is bloomberg. ♪ ♪ shery: big tech is cracking down on president trump after last week's chaos in washington. that includes twitter, which permanently banned his personal account, citing the risk of further incitement of violence. twitter's former head of government and elections, adam sharp, gave us his thoughts. this when you have created " public town square,

jp morgan pushes back. stocks

robinhood, they take advantage of credit lines from jp morgan and goldman sachs, an additional 500 million. gamestop, gamestop from 500 to 100 to 193 to a clear and present $400 per share. the gentlelady from the bronx, the gentleman from texas, aoc and ted are on the same page. does las vegas treat their customers this way? good morning, everyone. "bloomberg surveillance." i am tom keene at the casino in new york, francine lacqua at the casino in london. aoc and ted in agreement. we

jp morgan j.p.se, wells fargo, citigroup before the opening bell and likely set the tones. let's get a preview, chief financial strategist, dick mulvay, pleasure to see you, thank you very much for being here. give us your first 30,000 view on how banks are doing right now. we have seen this little nice big bumpup in yields recently, maybe that's a positive. but what are you going to be looking at when the banks report? >> well, i think there's been a number of very positive developments for the banks in the fourth quarter. basically, it has not been good, it's a clear negative. interest rates went up so markets are higher and reduce reserves. they are seeing, you know, little -- low operating costs because of huge amounts of money they spent on technology and if they are big banks, guys like jp morgan, bank of america, morgan stanley, there's been explosion of activity in capital markets arena. it is highly likely that biggest banks will show much, much better earnings than expected. it's likely if

it's what you want >>> then last year at the jp morgan health care conference, i sat down with christian for the first interview as the ceo after an unprecedented first year on the job, thanks to covid and also because she's real good i'm circling back to see how he helped the company up 22% and regardless what is happening in washington, it's now as i've been saying a stock picker's market t.g. therapeutics seven much higher when we had them last on and mike wise is doing a fabulous job stay with cramer >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter we have a question tweet cramer #madtweets. send jim an email to madmoney@cnbc.com or give us a call at 1-800-743-cnbc miss something head to dmeynbcomaon.cc.m. your grooming business is booming. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base. claim your seventy-five-dollar credit when you post your first job at indeed.com/groomer >>> time to talk about our favorite group last week we did a quick rundow of

>> reporter: culminating in a paid six-month tryout at one of more than 250 companies including jp morgan microsoft. he has a full-time mentor he now meets with virtually and learns software, public speaking, project management. >> 90% of our graduates, within four months of graduation, are either in school full-time or are earning $42,000 a year on average. that young person when they came to us was on average earning between 9, 10, $12,000 a year. >> reporter: taylor brown was working in a call center and her partner ronald shackelford as a driver when they realized they were not going to make it. >> it was a very low point, we didn't know what we were going to do. >> it would be hell to have our son in that situation, in those type of jobs, really struggling. >> reporter: jp morgan chase, after a year, hired them both. >> it was emotional, we cried a little bit. >> with the current situation in the world, it seems like your education pretty much determines what your potential is. >> reporter: and here's the thing. those degree requirements do not affect everyone equally. according to c

speaking at the jp morgan health care conference yesterday, stephon says immunity from his company'sment should last a year he added his company is confident that it's well suited to deploy a vaccine based on the new variant of covid as well, and moderna does not expect to have clinical trial data on the covid vaccine in young children until 2022 twitter has announced that it has now suspended 70,000 accoun accounts associated with the far right, qanon conspiracy. the accounts were sharing harmful content, and were primarily dedicated to spreading conspiracies the company previously announced it would close accounts sharing qanon content. >>> amends, mooazon, google, mi, are pausing contributions to the political action committees in the wake of last week's capitol attack they join a growing wave of big businesses that have suspended or are reviewing their campaign donations with many saying they would stop donating to republicans who objected to the election's certification process. frank, back over to you. >> bertha. thank you very much. let's stay with the fall out over last week'

. >> reporter: culminating in a paid six-month tryout at more than 250 companies, including jp morgane has a full-time mentor he now meets with virtually and learns software, public speaking, project management. >> 90% of our graduates, within four months of graduation, are either in school full time or on average earn ing $42,000 per year. that young person when they came to us was on average earning between 9,000, $10,000, $12,000. >> reporter: he was working in a call center when they realized they weren't going to make it. >> we had our son and didn't know what we were going to do. >> to have our son in that situation in those type of jobs really struggling from check to check. >> reporter: after year up, jp morgan chase hired them both. >> i think i cried a little bit. we really put our all into it and it paid off. >> with the current climate of the world, it seems like your education pretty much determines what your potential is. >> reporter: here's the thing. those degree requirements do not affect everyone equally. according to census data, when you slap a degree requirement o

mon, you mentioned james di jp morgan, there is this resilient belief we will move on as we always do to peaceful transfer of power. that was an issue a few years ago with a country called great britain 300 years ago. the issue here is there is a huge confidence in peaceful transfer of power. what we see now is almost a political moment around one individual. it's a real question within politics and economics, the linkage of the trumpian model within the republican party and whether that moves forward in the future. affectser how that president trump and former president trump. i was thunderstruck when i heard kevin mccarthy of the house on cbs -- you could tell he was shattered by what he observed on his capitol hill. joe: bloomberg anchor -- b loomberg anchor tom keene, thank you for your perspective. appreciate it. bloomberg with more a opinion columnist. we just had you yesterday on, right before the georgia votes. we were not sure if the polls were going to be accurate, showing momentum for the democrats. that feels like ages ago. where time just was elastic and contracts and so

season started slow last week with several banks seeing their shares fall including wells fargo and jp morgan chase. >>> janet yellen wants congress to act big with a new coronavirus relief package as the president elect's nominee for treasury secretary, she will testify before the senate finance committee as part of her confirmation hearing. in prepared remarks she said the benefits out weigh the costs if they care about helping people who have been struggling. >>> the president elect is preparing to sign dozens of executive actions when he takes office tomorrow. according to several media reports one of those will be to cancel the keystone pipeline expansion. local native american groups have fought the project for decades. >>> and that's your cbs money watch report. for more head to cbs money watch.com at the cbs broadcast center. >>> powerful winds hit the bay area overnight blowing down trees and fences. a high wind warning is in effect until seven this morning. officials are urging people to stay home as downed trees and power lines can make driving very dangerous. potentially damaging

the global market strategist for jp morgan.ng the conversation on bloomberg radio at 9:00 a.m. u.k. time. coming up, netflix surges as much as 13% after it shows and positive free cash flow encourage investors. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. ♪ anna: welcome back to the european market open. 24 minutes into the session. nasdaq futures getting a lift. let's focus on netflix. it ended its biggest year in company history with a bang. they soared in late trading. after reporting a surge in new customers. they cannot all have been watching it. >> a lot of people have to admit. i was included in that. these number

certainly something she's only thinking about, something jp morgan is already planning on. i recognize you have sufficient time to make moves on this next year but many of the allegations are being made already. i, and every other member on this committee have sent a letter a couple weeks ago asking about this i just want to confirm to you and hear your confirmation that this is an important issue, something you are hearing about and others are hearing about and begin to think about -- no one. >> absolutely. my reference to -- [inaudible] as i explained, there is, we have a one-year timeframe to see the consequences. you're absolutely right that is banks are sure whether what accommodations will be made or how they would be there, organically that they will need to take steps well before a year from now in order to manage but we do have time to think that question through because of the way the framework is structured. ... i know i sent a letter along with many others about how we can work through the facilitating portion of that rule. i know i have a concern that the restr

like jp morgan, blackstone, and goldman sachs call for an into the violence.e are just under an hour away from cash equity trading. to trade.rning up one ftse futures quarter of 1%. the nasdaq futures gaining more than 1% this morning. let's have a look at where we are with the asian sessions. an outcry domestically in the united states from both sides of the aisle. back to the return of that joint session of congress to continue counting the electoral votes. after the mob had been cleared. we see amongst all of that violence, the democrats will have control of the congress. -- senate. asian markets doing quite well. decided it was not a day to talk about markets. but still, in terms of the markets that have been moving, it was the blue suite narrative. kong, we see underperformance. the latest trumpa target for potential cut down. matt: we have some breaking economic news from here in germany. which is far better than expected. these are up 6.3%. factory workers are backward looking. but better than had been anticipated. extraordinary scenes in washington. su

jp morgan and citigroup are seeing much smaller increases in their bonuses. temper payouts. they are mindful that it does not look good to have massive paydays during a very difficult time for many people around the world right now. haslinda: senior editor jonas bergman. well dave, no big bonus for the goldman ceo david sullivan. the board slashed his package to around $17.5 million to make amends for the firm's criminal role in a scandal. david: yeah. putting that into context, you do get very big paychecks across other big heads of the banks. as you point out, it's because of this penalty. if it was not fo rhtat -- for that, his pay would have been flat. $27 million to $17.5 million. yeah, it is down about $10 million, but it is still $17.5 million. haslinda: not too shabby. advance market devices gave an forecast reflecting stung demand for its chip and progress against rival intel. they expect first quarter revenue to come in over $3 billion and sales to jump 37%, both big beats on wall street estimates. they have made big gains on its more successful riv

jp morgan, the disparity is bigger. 22% revenue increase versus 1% for pay. environment where there is a crisis and it does not look great to pay your traders that much more money. matt: if that is overall pay, what about the top rainmakers, the big executives who get multimillion dollar checks? is there pay also stalled? dani: we have seen some of those stalling. jp morgan is keeping jamie dimon's pay flat. we usually get the figures around the end of january. we are expecting the top rainmakers to get a pay increase. companies localized this, wanting to retain talent, and that means paying well. we have seen other companies like citi say they will slash back pay for executives, that has to do with regulatory issues, but it shows a willingness to cut back on pay even at the top. anna: thank you dani burger with the latest on pay in the banking sector. 25 minutes into the trading session, let's look where we are . key movers, the industrial giant, siemens with a beat by a wide margin. up 5%. negativity on european lockdown has been affecting other stocks. dow

jp morgan will kick off the earnings season today in a move that was not expected, trump a's overseerbiggest banks imposing last-minute rule chains. -- changes. joining us is bloomberg's dani burger. this is forcing companies to land, no matter ethical decisions. they would need to land to, you know, climate denying companies, gun manufacturers, and the like. wall street is not pleased. dani: that is not her statement. as you said, gun manufacturers, oil drillers, another non-esg friendly one. a lot of these banks had previously refused to do business with these types of companies, francine, it is also concern over the type of presidents it sets. does this mean we can have more last-minute regulation where we are not really consulting the parties that have a heavy interest in these sorts of things? this comes, of course, as the banks are preparing, just days away for of the biden administration coming in. part of the confusion and the anger coming from the lenders is that, before this, the trump administration had been pretty friendly to wall street. so it comes as a surprise in that