jp morgan. the vanke named a replacement for daniel pinto. she is exiting her role as ofs the co-ceo of commercial and investment banking at jp morgan and will work alongside pinto until he officially leaves the role june 30. this leaves the ultimate question of who will replace jamie dimon unanswered. >> this is probably the best bench in banking, period, end of sentence. the company has done a great job getting these in front of everybody. i think that everybody is comfortable with the next successor. sonali: we are joined by a senior reporter from bloomberg covering banking. when we think about what happened at jp morgan i will steal a line from mike mayo. confused. the idea that she does not want the ceo job leaving succession open. sri: one jeff bezos talks about the washington post he talks about a complex of fire. somebody like jennifer piepszak is replacing a 40 year veteran of the firm. in the same breath the banking tells us she's not interested in being the ceo. the most interesting t

we had numbers of jp morgan, citi, goldman and wells fargo. rgan stanley. equity futures up just a little bit going into a huge data point in about 20 minutes time. coming up, we will catch up with peter tear and david kelley on why he thinks inflation will slowly tick lower, expecting the fed to stay on hold all year. we begin this hour with stocks 30, investors in waiting -- awaiting cpi. what if markets reacted so poorly to payrolls because no one believed the data, but everyone believe that the fed will need to react to the data, for the fed is forced to rely on official data, but the data isn't reflective of reality? does that lead to policy mistakes? peter joins us now for more. i love this quote over the weekend. i shared it with the audience as we kicked off the training week. are you suggesting the number we got on friday overstate reality to mark -- overstate reality? >> i do think so. only four out of 75 were over 200 jobs, so they missed by a lot. so either we believe the official data is so much better, for the official data might

we did reach out to jp morgan who declined to comment on the protest. i'm sarah stinson reporting back to you. >> sarah, thank you. new at 11 the justice department has released its special investigation on president-elect trump's interference in the 2020 election concluding of trump had not won the 2024 election. he would have been convicted. the justice department sent the report to congress late tonight after a judge refused to block its release. special counsel jack smith and his team have indicted trump back in 2023. on charges of working to overturn the election in connection to the january 6 capitol insurrection. but after s veral delays in court, smith ended up dismissing the indictment following the november election because of the longstanding policy that sitting presidents cannot face a federal prosecution. smith also resigned this week from the justice department. a life-saving deal for hundreds of thousands of people living in east side. san jose, the county of santa clara announcing today it's buying regional medical center for 150 million

we'll have a look at day one of the jp morgan healthcare conference. plus more bay area officials are stepping up to protect immigrant rights against an incoming trump administration. tell you how san francisco is responding to this will be right back. gum problems could be the start of a domino effect parodontax active gum repair breath freshener clinically proven to help reverse the 4 signs of early gum disease a toothpaste from parodontax, the gum experts. >> right now on the kron, 4 morning news police arrest a 15 year-old for a shooting that killed an oakland father. plus an agreement that could save lives. santa clara county finalizing its purchase of a trauma hospital in san jose. and starbucks enforcing a new policy at all of its stores. buy something get out. wanko morning news starts now. >> news at 6. good morning and thanks for tuning in on tuesday. i'm sorry. and i'm james. chilly tuesday morning or if you notice. i did notice, but i couldn't put all the heat because it's electric car died in a much better idea called said the deal with th

the jp morgan healthcare take that up a little bit higher. you should feel that, like, right back here. oh, yeah, i felt that! good, that is so much better than last week. thanks, i've been doing 'em every night while i'm watching tv. - oh, what are you watching? it's a mystery. high quality care that meets you where you are. >> millions of people are expected to visit san francisco this week for the annual jp morgan healthcare conference. the conference kicked off in union square today and it's already creating a lot of buzz in the area. attendees are expected to bring more business to hotels, restaurants and shops in downtown san francisco. some local business owners say they're already getting more customers. >> this is such an impactful conference to kick off january, which which historically without this type of the conference, is a really slow month in the restaurant business. >> the jp morgan healthcare conference is one of the largest of the year to come to san francisco. >> while businesses are looking at the positive, others are usi

jp morgan knows how to work in any kind of environment.aking, i still think having the flexibility in this balance sheet is where you really want to be. >> regional banks act horrible. if you were getting excited about the potential for m&a. the market is telling you, that's not it. as far as the big money centers again. i say to might. it's kind of laughable. at this. maybe we're late cycle in the economy. you want to roll back regulation. go back to 2018. a bunch of the regulation that was rolled back were the very thing that failed a lot of regional banks. to me, the market. telling you, don't expect a lot of deregulation any time soon. >> by the way, we'll have more on the results of the banks, jp morgan and others tomorrow. we'll break it down with joe moglia. fast money. coach joe. >>> coming up. meta followed under pressure. even though it seems more unlikely that tiktok is going to be banned in the u.s. >>> and it's acronym reveal week. one will give you a caffeine pick. we'll tell you what it is when we come back. ♪ (man) oh, come

jp morgan up 2%. the bitcoin related stocks are seeing their own rally as bitcoin takes another run at $100,000. coinbase up 6.5%. getting back to the inflation data and what it means for the federal reserve. last week bank of america economists made the bold call the fed cutting cycle is over. earlier we can't up with the firm to see if today's cpi data change that forecast. >> i don't think it changes our mind. it is a good number. .2% on the core pce. we were below consensus on 26 basis points. if you look over the last three or four months we are running around 2.5% which is where the fed thinks will be at the end of this year. by the fed's admission inflation is stuck around 2.5% and on top of that the labor market seems to have stabilized. that was the primary reason they were cutting. we do not see any reason for them to keep cutting going forward. vonnie: joining us with more on the cpi and the federal reserve is bloomberg's michael mckee. nothing completely fell off a cliff in terms of prices

. >> the jp morgan chase health care conference kicked off today in san francisco. the four day conference brings thousands of people into the city, as well as some prominent figures, including first lady jill biden. as ktvu christian captain reports tonight. security is top of mind following last month's high profile killing of a health care ceo in new york city. >> the jp morgan healthcare conference has taken over san francisco's union square. the conference has drawn an estimated 8000 conventioneers to the west and saint francis. san francisco mayor daniel lurie addressed attendees on the first day, telling them they've arrived. as the city is on an upward trajectory at this very moment. >> san francisco is at an inflection point, and in this new era, our potential has no ceiling. i'm glad you bet on san francisco and brought your conference here. >> conference has an outsized impact, drawing other conventions to the city to coincide with jp morgan's alex bastian from the hotel council of san francisco, said it's meant full hotel rooms around the city. >> so we'

know, jp morgan and so on. ready that's what they say shouldn't be the law. i don't remember that, but impose many of these conditions and some of the developing countries as well the way they do this is and what that would become. a visa initiatives is a story that has to be seen in the days to come, but quite frankly, it is political pressure right from the beginning, during biden, even before and now doing shop is this is a circus. quite frankly. john may has issue the finley veiled threats that a you could impose sanctions against social networks. that if, if they do not conduct fact checking operations for the content posted on their platforms. according to the digital service act, the cooperation of very large online platforms with fact checking organizations is not mandatory, but their risk of sanctions is reduced. if they do so in the e. u. if a very large online provider does not work, with fact checkers, it must prove that it is taking other equally effective risk. minimizing measures was probably something to do with the fact that we've seen that l

banks left since december, jp morgan left just recently. your thoughts? >> yeah, two quick things.t draws net interest income, 50, 65% of revenue for these banks, it's really n not only rates but volume. volume means you have healthy loan growth, it more than offsets rates that are in this case rising. so there's a balance there. the notion of the bond portfolio for banks that goes back almost two years ago to unrealized losses, highest was bank of america's, over $110 billion but offseting that was $2 trillion of deposits so i don't think that's on the table as an issue. maria: i see. mike lee, your thoughts? jump in here on the impact of the spiking rates. >> well, look, you know, whether or not the fed cuts once, cuts three times, we have $9 trillion of u.s. debt that needs to be refinanced over the next 12 months. janet yellen was rolling over all sorts of maturing debt into short-term debt so we did not have a liz trust type of situation where the long end blew out at some point over the last two years. we are starting to see the long end blow out and, yes, this could be a mas

so interesting, succession at jp morgan. jamie is in his late 60s.ual conversation i had with people at the firm and the like is their expectation is he is going to be there until the building is done, an incredible structure they have going up. it is up but they have to finish it. it will be a little while. >> do you go to wells fargo? do you go to wells fargo which is where ex-officials of jp morgan go? >> who goes there? daniel pinto is just retiring. >> people who worked at other major banks tend to end up at wells fargo. generally we talk about eli lilly and the stocks are down and people were worried. >> you were talking about it in the mad dash and you said don't worry. >> i happen to have david ricks here and it kind of works. he's the ceo. >> there was one thing i wanted to get to but i don't want to let him sit forever. let me do the supply additional deal. it is small but it is perhaps indicative of a trend we will see more of. bitcoin miners to hyperscaler capacity. they are taking what may end up being $5 billion quarry asset manager. an

>> the jp morgan is entrusting.together active and passive investment management stocks together. jp morgan modifies that ever so slightly. what they told me in the past, they build a portfolio by taking all the stocks in the index, just tweaking their weights ever so slightly. jp morgan, when they are bullish about a particular stock or stock in the portfolio, if they are not so bullish about a particular stock, it is under weighted in the portfolio. that strategy has done really well for them over the past few years. it out performed in 2024, but consistently profitable for them over many years. >> is that unique to them? or have you found other investment managers taking similar approaches here? >> if you are producing such fantastic returns, competitors are going to keep a close eye on how you're doing this. and you have a number of competitors putting out very similar funds that are available now, the fertility sustainable research and u.s. equity, that was up 6% last year. so that's a very similar offering by

jp morgan healthcare conference. plus princess kate shared an update on her cancer treatments and our coverage of the southern >> now at 4.30, really devastating images coming in from la county. 24 people have been killed and more than 17,000 structures have been destroyed in these wildfires which began last tuesday this afternoon. it's an especially tense time down there given the the wind conditions forced theresa has been following this story and has the latest. >> and extreme fire danger warning is in effect for the entirety of southwest california intensifying winds are causing on eason los angeles basin. fire officials just had a briefing talking about what they're doing to try and stop fresh fires from starting and trying to get that upper hand on the fires that are still burning by start up here on the top all start dirt mulholland that we call here on the north side of the fire. the north right side. >> it's all looking really good. as far as the same footprint has been since for the last 24 hours. however,

at stores everywhere without a prescription. >> the jp morgan healthcare conference is underway in san francisco this week. it is expected to draw thousands of people and add millions of dollars to our local economy. kron four's joey horta was in union square where there is increased security. >> security is tight as thousands are expected in san francisco's union square. dozens of police officers on foot patrol and barricades around the westin saint francis for the 39th annual jp morgan healthcare conference. this is like the super bowl of health care on the minds of many december's brazen killing of the united healthcare ceo brian thompson nn the streets of new york city in december. the suspect luigi maggi charged with murder protesters in san francisco demanding a public takeover of the health care industry, which they say is putting profits over people see certain mega millionaires who making billions of profits off of the backs of patient safety is top of mind among some of the attendees. >> i've been coming to this conference for 15 years and i have never seen so many police off

the jp morgan healthcare conference. the conference includes global industry leaders, investors and tech creators. >> the jp morgan conference is one of the most significant conferences that we've had. it's one of our longest lasting partnerships. >> in 2024, the jp morgan healthcare conference generated more than $90 million for san francisco's economy, including its small businesses, restaurants and hotels. >> it's enormous for us. it's such a great way to kick off the year in the hospitality world. >> just like at dreamforce, city leaders say convention goers will wine and dine and visit local businesses, and there will be plenty of security, including sfpd ambassadors. but there is one big difference that sets this conference apart from dreamforce. >> they don't use the convention center. they use the hotels specifically around the union square area. and of course, the westin saint francis is their headquarter hotel. >> this year there have been some monumental changes right before this premier conference, a long hot

stay with cramer >>> every year we make it a point to attend jp morgan's health care conference in sanffers access to the top ceos in the industry. it's the most important health care event of the year some people feel it's the most important conference of the year we get a preview of what we can expect from lisa gill, managing director of jp morgan. welcome back to "mad money." >> thank you i love coming every year >> thank you i know you will start things off by taking to your ceo. can you give us a preview about what you will discuss? we have a new administration we have a lot of changes in health care. i think we have a new m & a approach and a lot of deals. >> that's right. my discussion will be around health care. deregulation, what does this mean financing, rates going into next year that's how you finance deals three, you are right, most deals either get announced at our conference or meeting for the first time at our conference to put something together >> which parts of health care would be most likely to have deals? we are doing a piece tonight about deals. they seem to be i

the answer is jp morgan wealth management, my moderate to severe crohn's symptoms kept me out of the picture with skyrizi feel symptom relief. at four weeks, many people were in remission at 12 weeks at one year, and even at two years. >> don't use if allergic serious allergic reactions, increased infections, or lower ability to fight them may occur before treatment. get checked for infections and tb. tell your doctor about any flu like symptoms or vaccines. liver problems leading to hospitalization may occur when treated for crohn's. control is everything. >> ask your gastroenterologist about skyrizi. >> enjoy your risk free trial. hello? >> can you hear me? >> you sure can everybody hear me? i sure can. >> do you hear me? >> i sure can. >> so can you hear? well? >> sure can hear well. >> feel well from your first appointment. try our new nearly invisible solution. risk free. call one( 800) 633-0088. now. >> hi, grandma. i played baseball today. oh. >> that's great. what position did you play? first base. >> that's what grandpa used to play when our hearing wouldn't allow us to use

sonali: looking forward to the rest of your interviews from jp morgan health care. i know you have a huge day tomorrow as well. stick with us. more coverage of markets of next. this is bloomberg. so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. ♪ >> i wanted to check in on these market as we close out the hour because yes, we are still lower on the s&p 500 and the nasdaq 100 but we are off of session highs. down 3/10, 4/10 of 1%. the nasdaq 100 about a 10th of 1% lower. the 10 year yield has been just below 4.8% all day long, but elevated out 4.77, so not far off.

i mean, it's it's a huge impact our sales this weekend were up 50%. >> the jp morgan healthcare conference as one of the largest conuerences of the year to come to san francisco and doctor joe biden. first lady is expected to speak during the event on tuesday. we really need it and it's feels great to come in hear how busy it is. s of travel says they expect to see over 65 million dollars in direct spending from the conference telling us in a statement, the conference not only provides a huge boost, our hotels but its economic impact of more than 90 million dollars as felt by the restaurants bars, small businesses and culture institutions that are the backbone of our city. adding that this is a great start for 2025. let's look at kron. 4 news. >> all eyes continue to be on la county with the wildfires. politicians are watching. we have their take. some of them on the issue will be right back. i take a good look here. the chp is asking for help. they're trying to find this teenage boy who they say has been missing now since friday night. officers say 14 year-old lavelle jones was last seen

. >> jp morgan healthcare conference is underway in san francisco this week. it is expected to draw thousands of people and some 90 million dollars to the economy. security is tight as thousands are expected in san francisco's union square. dozens of officers are there on foot patrol and barricades around the westin saint francis for the 39th annual jp morgan healthcare conference. i think security is very good. things have just gotten a great job. the police presence is significant here. >> i have felt uncomfortable on one or 2 occasions when walking by people i have it engage me verbally. >> the conference runs through thursday. >> still ahead on kron, 4 news at 6. the latest on the southern california wildfire. and when federal aid could be available. plus, what a new poll says about governor newsom's response to those fires and a cease-fire deal between israel and hamas could between israel and hamas could be on the horizon. excited about saving big with the comcast business 5-year price lock guarantee. five years? -five years. and he's not alone. -high fi

i mean, it's it's a huge impact our sales this weekend were up 50%. >> the jp morgan healthcare conference as one of the largest conferences of the year to come to san francisco and doctor joe biden. first lady is expected to speak during the event on tuesday. we really need it and it's feels great to come in hear how busy it is. s of travel says they expect to see over 65 million dollars in direct spending from the conference telling us in a statement, the conference not only provides a huge boost, our hotels but its economic impact of more than 90 million dollars as felt by the restaurants bars, small businesses and culture institutions that are the backbone of our city. adding that this is a great start for 2025. let's get kron. 4 news. >> in the south bay, santa clara counties reached an agreement with hca healthcare to purchase regional medical center in august 8. see a cut certain trauma stroke and heart attack services. the county says it plans to bring back those services once it assumes operation of regional medical center in early april county officials say this deal will allow t

on wednesday, we will hear from jp morgan, citi group. given the environment has improved for mergers and acquisitions, we could have some excellent forecasts. i like these stocks. they are off their highs with low multiples. could it be an opportunity? i think so. we have been buying them because a robust economy produces the best results for these companies regardless of the bond market or fed. thursday, we have more of the same. this time bank of america, morgan stanley and pnc financial. i expect these to be good. pnc will probably be the best. it's a cult bank stock. the biggest health insurer, unitedhealth group reports. it was in the news after its executive was murdered. they have strong earnings. they got good news from medicare this evening. they are no longer dealing with the post-covid hangover. i suspect unh will have an excellent quarter. what can i say? these stocks probably are going to work. the close, results from one of my favorite companies, jb hunt. i see this as a barometer business. it breaks down the strong and wea

. >> the jp morgan healthcare conference is underway in san francisco this week. it is expected draw thousands people and had millions of dollars to the local economy. kron four's joey horta was in union square and because of this conference, he says there is increased security there. >> security is tight as thousands are expected in san francisco's union square. dozens of police officers on foot patrol and barricades around the westin saint francis for the 39th annual jp morgan healthcare conference. this is like the super bowl of health care on the minds of many december's brazen killing of the united healthcare ceo brian thompson in the streets of new york city in december. the suspect gionet charged with murder protesters in san francisco demanding a public takeover of the health care industry, which they say is putting profits over people. see you, may come millionaires who making billions of profits off of the backs of patient safety is top of mind among some of the attendees. >> i've been coming to this conference for 15 years and i've never seen so many po

a 71 right now and the jp morgan healthcare conference is underway in san francisco this week. it is. and it's expected draw thousands of people in at millions of dollars to the local economy. >> cropper's joy or to the live for us out in union square where we've noticed an increase in security. joey? >> yeah, good morning. we've seen quite a few police officers out in the early hours this morning. also the barricades going up around the westin saint francis where this big conference is going to be taking place again today. it's the first big healthcare conference since the ceo of united healthcare was shot and killed in new york last month. and new at this hour, jp morgan just announcing this morning that daniel pinto, its president and chief operating officer, will be stepping down in june is retiring after running one of the leading financial companies in the u.s. protesters gathered here in union square for the first day of the conference monday. protesters are calling for a public takeover of the health care industry which they say is putting profits over people. ceo of a

and while there is a heavy police presence in san francisco today, all this and mor >> the jp morgan healthcare conference is underway in san francisco this week. it is expected to draw thousands of people in that millions of dollars to the local economy. kron four's joey horta was in union square where because of this conference there is increased security. >> security is tight as thousands are expected in san francisco's union square. dozens of police officers on foot patrol and barricades around the westin saint francis for the 39th annual jp morgan healthcare conference. this is like the super bowl of health care on the minds of many december's brazen killing of the united healthcare ceo brian thompson in the streets of new york city in december. the suspect luigi maggi charged with murder protesters in san francisco demanding a public takeover of the health care industry, which they say is putting profits over people. see you, may come millionaires who making billions of profits off of the backs of patient safety is top of mind among some of the attendees i've been coming to thi

a lot of data, one and the jp morgan healthcare conference is underway in san francisco this week and it's being met with some controversy. yeah, and also some celebration because thousands of people are coming millions of dollars expected to come into the local economy bay at demonstrators as well. kron four's joey horta. >> live from union square where security is certainly on the high side. joey. >> absolutely. james and darya. we have seen dozens of san francisco police officers out here this morning. they have barricades set up around the westin. saint francis is well to keep protesters and anyone else away who doesn't belong there. this is an invite only event and it is jam packed. thousands expected to attend. it's the first big health care conference since the ceo of united healthcare was shot and killed in new york city last month. jp morgan just announcing this morning that daniel pinto, its president and chief operating officer, is stepping in stepping down rather in june. lot of people are upset. those protesters saying that health care industry is putting profits over peo

the jp morgan chase health care conference got underway in san francisco today.nference brings thousands of conventioneers right into the city. and as ktvu christian captain reports tonight, security is top of mind following last month's high profile shooting of a health care ceo in new york. >> the j.p. morgan healthcare conference has taken over san francisco's union square. the conference has drawn an estimated 8000 conventioneers to the west and saint francis. san francisco mayor daniel lurie addressed attendees on the first day, telling them they've arrived. as the city is on an upward trajectory at this very moment. >> san francisco is at an inflection point, and in this new era, our potential has no ceiling. i'm glad you bet on san francisco and brought your conference here. >> the conference has an outsized impact, drawing other conventions to the city to coincide with jp morgan's. alex bastian from the hotel council of san francisco said it's meant full hotel rooms around the city. >> so we're talking about 20,000 people in total, probably in town around

jp morgan continues its health care conference in san francisco today.was analysts from jp morgan the downgraded the bay area's joby aviation, saying they were less impressed by green ideas in this new era of politics. other ev toll companies fell, too. that's electric vertical takeoff and landing. now, incoming president trump has railed against green projects. he did so at his press conference last week, saying, for instance, he wouldn't want any windmills built during his administration. mcdonald's, facing a lawsuit over its popular scholarship program that awards tuition to hispanic americans. the person who brought the suit says it's unfair for people who aren't hispanic. that same person sued harvard over its minority admission plan and won. mcdonald's. a few days ago announced it was ending many of its diversity programs. meta says its ceo, mark zuckerberg, has been invited to monday's inauguration. that's notable because donald trump has been very public about his dislike for zuckerberg, in fact. trump's change of mind on tiktok, he now says he d

a lot rain and 9 o'clock and the jp morgan healthcare conference is underway in san francisco. yep. they do expect a lot of people to show up thousands as a matter of fact and millions of dollars. >> hopefully coming into the local economy. incredible. joy horta is live in union square where there's an increase in security. joey? >> a noticeable president due here. those motorcycle officers going by right now, we've seen dozens of san francisco police officers out here this morning as i step out of the way, you can see also that barricades that blocking off the entrance is if they can get a better secure situation out here, many people are expected to attend. this is the first big healthcare conference since the ceo of united healthcare was shot and killed in new york city last month. jp morgan chase announcing this morning that daniel pinto is president and chief operating officer will be stepping down in june protesters we heard from yesterday when a public takeover of the health care industry which they say putting profits over people. we spoke with a few people attending the con

and the jp morgan healthcare conference is underway in san francisco. yep. they're expecting a lot of people to come by thousands. in fact, to attend millions of dollars, hopefully flooding into the local economy. and they've had some protesting over coverage showing horses live in union square where there is an increase in security. joey? >> yeah, you can definitely notice the increase in police presence here. as you take a look here, the westin saint frincis is where this event is taking place. invite only and police and security are at the door making sure no one gets into the hotel without credentials. security is tight as thousands are expected in san francisco's union square. dozens of police officers on foot patrol. >> and barricades around the westin saint francis for the 39th annual jp morgan healthcare conference. this is like the super bowl of health care on the minds of many december's brazen killing of the united healthcare ceo brian thompson in the streets of new york city in december. the suspect luigi maggi charged with murder protesters in s

jp morgan just putting out something that the preliminary estimates indicate that insurance losses fromes could approach $10 billion. that is high but manageable. that gives you on the financial side of things, a glimpse of the magnitude of what they are dealing with. as i was saying from the news conference, two civilian fatalities in the eton fire and those officials are saying none of those fires are under control, or remotely under control. repeating again and again, the evacuation orders which have expanded to 32,500 people, they must be listened to. that is the qr code, that will take you to the bbc live page, constant updates on reporters accounts, witness accounts and related details from the officials. we continue to monitor that news conference if more significance comes from it we will return. for the next few minutes, less turn to a few of the other important studies of the other important studies of the other important studies of the day. political leaders in europe have been reacting to donald trump's refusal to rule out using military force to seize greenland. the german

jp m morgan, wells fargo reportd a double beat on earnings. wells fargo is up 2 and two thirds percent. jp morgan investment banking revenue up 46%, wells fargo investment fees up 59%. these are animal spirits. i think they're expecting animal spirits to continue with deregulation coming under trump. >> i'm not surprised but it was expected to be a strong quarter. it feels like that's how it's getting started. we've had two of them so far. let's see what the rest of them do. i'm not surprised. i think financials will be a place you want to put money. i just wanted to know for like jp morgan, loan loss reserve account i know it was 2.6 billion or something but are they added more money to the account or are they not? that's going to be an interesting take on what the banks think about what the future holds. if they're raising the money in those accounts, that means they're a little cautious about default. maria: feels like good sentiment on the financials. as adam said earlier, the energy sector will be a pay juror major beneficiary of the dere

jp morgan warned insurers that the cost is expected to pass $20 billion.e could rise further as the fires are not controlled and continue to spread. many affected homes were not insured. some of the biggest insurers hit by hurricanes and other natural disasters over the years have seized writing or stopped renewing policies in high—risk coastal and wildfire areas like pacific palisades. hurricane katrina in 2005 was the most expensive us natural disaster, with an estimated cost of $200 billion, according to national oceanic and atmospheric administration. blazes in california in 2018, including the camp fire caused an estimated $30 billion of damage. i spoke to garret gray, president of insurance solutions at corelogic and one of the evacuees of the palisades fire, to discuss the range of the damage and the financial toll of rebuilding. insurability is a big problem. notjust here in california, but all over the country. for example, in florida where there's hurricanes. there has been a lack of access to insurance. so, there is different government programm

. >> there is heightened security in downtown san francisco this week for the annual jp morgan healthcare conference. first lady doctor jill biden was among those who delivered remarks today. she spoke on the importance of advancing women's health research. this year's conference marks the first major health care industry gathering since the killing of united healthcare ceo brian thompson. last month. some attendees say they do notice the tighter security. i've been coming to this conference for 15 years and i've never seen so many police officers. >> at the jp morgan conference ever before. so i think it really double down on security. >> the conference will run through thursday. it's expected to bring an estimated 92 million dollars. the local economy. >> still ahead, giving wildfire displaced pets second chance of bay area shelter is working to rehome dogs left behind in southern california. >> plus, a last ditch effort to save a safeway store from closing in the and more bay area schools could be on the chopping block tonight. san jose parents and teachers sharing their concerns. pete

i think only jp morgan is the one which is quite open about the impact of ai on their businesses, andup to $2 billion of benefits can come from ai, and it can go more, so banks start thinking about this in more detail, and we expect this will be even more investigated in the coming quarters. tom: jp morgan had put a dollar number on it, and you expect more banks to be disclosing in the months and quarters ahead. really great piece of research. how ai is shaping and affecting the finance sector with a particular focus on banks. today's bloomberg big take takes a look at former wall street analysts who are turning to social media and content creation to make a living. the biggest base globally of slashed equity analyst jobs. the story talks to a former analyst plying his trade on youtube, giving his irreverent investment takes behind an avatar of shrek. that is also with your time at dictate. the global bond selloff good place yields further toward thresholds. longer did a yields getting about 5%. we will discuss next with alexander from a wealth management company. what is happening wi

that's according to jp morgan chase. and for many people they simply don't have insurance that's going to cover their losses here. according to recent data, insurance companies declined to renew policies for 2.8 million homeowners in california between 2020 and 2022, and that includes more than 500,000 homes in los angeles county. joining us now, someone who, unfortunately and tragically, is having to live this out in her own life, peggy holter was denied private insurance coverage on the contents of her condo. she just lost her home in that palisades fire. peggy, hi. thank you for being here. i am so sorry for what you're going through. >> thank you. it's just it's been difficult. part of the problem was that we thought. i thought that my place would never burn because i sat. it was right underneath the reservoir. and every chopper that wanted to fill up with water had to go there and pretty much fly over my bedroom. and this didn't happen this time. and we discovered the day later that the reservoir was dry. so on top

that's according to jp morgan. and that just adds to the losses from natural disasters worldwide.cnn's anna stewart has more details on that. >> last year was very costly due to natural disasters, hurricanes, storms and floods all around the world. >> munich re, the world's biggest insurer, estimated total losses of $320 billion with $140 billion covered by insurance. so less than half climate change is playing a big role, according to munich re's chief scientist. >> we saw a number of extreme weather events in many countries, including canada, united arab emirates, spain and brazil. >> we all have the pictures in mind with the airport in dubai knee deep in water with the city of valencia, where cars were swept away in mud like toys with areas that were widespread flooded in brazil, in central and eastern europe, in china and in many other regions, climate change is showing its claws. >> the two costliest, most destructive disasters of last year were both in the united states. hurricanes helene and milton. the aftermath led to losses of $56 billion and $38 billion, respectively. n

that's what i think as we swoop down into the second day of the jp morgan health care conference which is filled with ceos talking about the future of health care. here is what happened. the s&p advanced and the nasdaq lost. why am i willing to focus on the so-called out years? the long-term possibilities for the companies are incredible. incredibly lucrative. as the present is good but not great. at the risk of antagonizing the day traders, let me tell you what i saw today. wasn't to start with a stock that got pummelled today, eli lilly. they announced $56 billion in revenue next year, better than expected. there's one problem here, the fourth quarter estimates that we finished, they aren't as strong as wall street was hoping. it went from the best of the best to the worst of the worst, finishing at the bottom of the s&p 500 today, which is saying something. because there are 499 other companies that performed better. why am i not pre preturbed? i think thinking zepbound has too many potentials. it will work against hypertension, heart failure, liver disease, joints, dementia and she

art, it's a bit of embarrassment for riches for the bulls and point to jp morgan earning ands one of the brightest and record revenue and asset management and how long does the ennauseam we see spreading to all -- enthusiasm spreading to the market all day last? >> it has legs and going through with the start of the year was all of the people, whether it's in the wealth channel or constitutional inve investors tt put off selling last year into january for next tax year and that's a piece of the pi and will that was negative and it's something with a significant head wind for investors and still the risk off attitude that turns into a tail wind and settling down off the boil. liz: it's boiling up certainly for the big bank name that reported and we want to remind our viewers that tomorrow it's morgan stanley reporting along with bank of america. we looked at jamie dimon's statement and he's ceo of bank of america and inflation is on the horizon and look at consumer price index today and particularly the core year over year, sure, it was slightly less than the expected 3.3%, but at 3.2

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jp morgan employs more than 300,000 people globally. coming up, new year, new you.lobals -- global credit markets he strong demand as they settle for low risk premiums. we get the details next. this is bloomberg. ♪ ♪ three little birds ♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ tom: welcome back to bloomberg daybreak: europe. happy wednesday. borrowers are flooding global debt markets at an unprecedented pace as they take advantage of demand from credit hungry managers. flush with cash. let's bring in bloomberg's valerie tytel, is this a seasonal story, what's driving this corporate debt issuance? valerie: it's not a surprise that we get a flurry of corporate debt issuance to start the year. january is normally a busy month for those putting the bond issuance is together as corporate try to raise cash for their needs for the year. what is surprising is that the corporate bond spreads are at historic tights. there's not a lot the investor gets from buying corporate bonds but they still have appetites. was driving that is the fact that the risk of defaults has dropped recently. if you think

jp morgan wanted the potential cuts choice is expected to surpass $20 billion and there are a lot ofcrisis that going on. this is going to other great —— great the existing crisis that might aggravate existing prices. they're going to take significant losses for a wide variety of disasters in the united states. at the same time, issues with homeowners and business owners having their policies cancelled by those insurance companies because of that situation, so people were having a hard time getting quality insurance already in california, in florida and in other states across the country and that is going to be another major problem when you add up all of the impacts of major disasters across the country, over the last 12 months, it has been staggering. a 606 of total damage in economic loss, 2.5% of us gdp. damage in economic loss, 2.596 of us gdp-— of us gdp. only briefly, we have seen _ of us gdp. only briefly, we have seen exceptionally - of us gdp. only briefly, we j have seen exceptionally dry of us gdp. only briefly, we - have seen exceptionally dry and is a strong winds which

in the past 24 hours, the financial firm jp morgan doubled its estimate of the total economic losses these fires. the estimate is nearly $50 billion. but again, these are all just early estimates. los angeles is still focused on fire fighting and evacuations. to begin a proper accounting of how much damage has been done. property damage is just one of the things we truly do not know the full scope of yet. here was la county sheriff robert luna speaking about the official death toll from these fires which as of last night was at five. >> regarding any death toll information, yes. we had preliminary numbers yesterday. i got to be honest with you. as i reviewed some of those last night and this morning i was not satisfied with the information we are getting and it's not the fault of our people. the people working under very difficult conditions are doing their best to do what they need to do. some of them looked like a bomb dropped into them. to bring canines and other thing to help us. hopefully not discover too many fatalities. that's our prayer. unfortunately, based on the preliminar

jp morgan, morgan stanley, citigroup, bank of america, wells fargo and goldman sachs. could add blackrock today. they're staying away from all this climate change woke and zero. what do they call it. zero net something or other. now you're on the street at least occasionally. what do you make of this? is it true? so it sure sounds to me like elections matter, larry. that's perfect. it sounds like there might be a two way door on the climate group. and that's a good news. it was a two way door. they all flocked together, but after the election, it's a two way door. and they've decided that they're going to make their own policy and their own interests. this wouldn't be the first multilateral organization that's been created whose interests aren't exactly in alignment with the interests of their members. glad to see independent, independent members, independent ceos making their own decisions. i mean, i you know, there were reports i don't want to obsess about this, but there were reports that they were debunking people. if they found out that such people were not involv

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jp morgan, city, goldman and wells fargo. let's get you an update on stories elsewhere.ani: the wildfires in southern california have killed at least 24 people and destroyed more than 12,000 buildings. firefighters got a brief break from the dry santa ana winds that have spread the flames across nearly 38,000 acres. however, another round of gusting is expected to pick up later today. the national weather service issued a rare particularly dangerous situation red flag warning for parts of then sure and los angeles. that is from early tuesday morning until noon on wednesday. jd vance says a deal to release hostages could be struck before president-elect trump heads to the white house. he said it could happen in the last day or two of the biden administration. israel said it sent negotiators to qatar for fresh talks. the u.s. supreme court signaled it is likely to whole of a law that would ban tiktok if bytedance does not sell by january 19. a majority of justices suggested they see national security concerns as overwriting the free-speech interest of companies and content