diamond of jpmorgan. he has 16,000 employees in the united kingdom.a jpmorgan meeting, which i would suggest is tinged with the backdrop of june 23. jamie dimon making comments this morning to his employees, of -- maybesupport this is a window of what is to come in the coming weeks. we say good morning to all of you worldwide. let's listen frame on it. well, there is the chancellor ending his comments. let's see what jamie dimon does. this is very spur of the moment. jamie: i want to say i love the u.k. and britain. even though i am an american patriot. britain stood alone in the early 1940's, alone. the only people in the world standing up against the tyranny sm.not see as him -- of nazi calledn really should be js morgan because jpmorgan is the son of a man called js morgan. he is american but spent most of his life in london. he sent his son in the early 1860's to america because europe, wastinental actually industrializing america. his son when there and started another company called jpmorgan. he was an internationalist. jpmorgan himself traveled

what jpmorgan is doing to their dress code. it is monday, june 6.uawk box" begins right now. >> live from new york where business never sleeps. this is "squawk box." >>> good morning, everyone. welcome to "squawk box" on cnbc. i'm becky quick along with joe kernan and andrew ross-sorkin. the comments from the fed chairman janet yellen come up at 12:30 eastern time in philadelphia. she'll speak about the economic outlook and monetary policy. and then she'll be taking questions from the audience. this is really important. we knew this was going to be important even before friday's jobs number came out and surprised people so drastically. but this time around people say she has a very tight line to walk. she'll be listening to find out if she walks any of this back. if she takes back some of the hawkish sentiment that's been comi

tom: robert michael with jpmorgan -- robert michelle with jpmorgan. us perspective and the next hour, and brad hintz on the many stresses of global banking. ♪ francine: the stress continues -- tom: the stress continues for deutsche bank and unicredit fall to lowe's. markets stabilize after brexit suddenly, a crowded field to replace the prime minister. some republicans had to cleveland.- head to "surveillance." francine lacqua, expert on italian banks, that is front and center and you just saw the headline on unicredit. francine: this is a press report. i would make two points. we knew there was only two or three people in contention for the job and we thought it would maybe go to a former economy minister but i'm telling banks that is very clear they need a measures toprevious shore up a timeline have failed so we need a resolution sooner rather than later. tom: they rebound and now they fractionally rollover. it's get to our first word news on brexit. the u.k., conservative candidates are making their pitches to succeed david cameron as the next pri

example, jpmorgan is down 10% from the highs and i like jpmorgan and do i believe it is going anywherewell, at $61, i am willing to buy a jpmorgan and get the 3% or 4% yield and sell the calls up 30% from where they were last week. so i am getting an extra kicker for more volatility, and at 21.22 that is where you have the better opportunity, and the volatility shifts and if you get it the shift like josh talked about, you can ride pit other way. >> and pete, do you see the volatility rising because of the exogenous event like brexit or something larger looming that the volatility is 40%, and vix at 21 and now the vix a month from now at 30 or 35? >>> it certainly could happen, and no doubt in my mind. >> and so there is no distinction on the rare clarity of the predik shction? >> we can't make that, because it is brexit, and china, and the weaker jobs and all of the things that janet yellen threw out on the table in front of us that we have the deal with each and every day, and tobias talks about, 20 to 25 is difficult to trade in the market when the vix is up. >> and mr. brown? >> he

what jpmorgan is doing to their dress code. it is monday, june 6. and "squawk box" begins right now. >> live from new york where business never sleeps. this is "squawk box." >>> good morning, everyone. welcome to "squawk box" on cnbc. i'm becky quick along with joe kernan and andrew ross-sorkin. the comments from the fed chairman janet yellen come up at 12:30 eastern time in philadelphia. she'll speak about the economic outlook and monetary policy. and then she'll be taking questions from the audience. this is really important. we knew this was going to be important even before friday's jobs number came out and surprised people so drastically. but this time around people say she has a very tight line to walk. she'll be listening to find out if she walks any of this back. if she takes back some of the hawkish sentiment that's been coming from fed officials the last couple of weeks. it just is a way of acknowledging the lousy jobs report. this is the last time we'll hear from the fed chair before the central bank's media blackout takes affect in front

i want jpmorgan to say it. i don't want to put words in jamie's mouth but a lot of things that are just say opportunistic away from the banks that will happen. i'm not recommending an etf out of europe but i will. if it keeps up. >> yeah. >> i will. because the times we had this before, people looked the other way and say it's too dangerous. major opportunities in some of the etfs. shortly. our country, i wish i had more stocks that were of companies doing well. we were going into a period of weakness why the fed didn't raise. don't have a lot to recommend. >> we started off showing you discovery, down substantially given its large international exposure. vodafone, a champion of the uk market, liberty global i mentioned if you take a look at that you will see it has suffered. these are all, by the way, with substantial u.s.-based investment bases. >> right. >> certainly discovery and vodafone and liberty global controlled by john malone. >> by the way, back to the bigger question, jim, which derives from the st

>> ash a 6%, 7% decline in jpmorgan. thought that one down 27% was a real opportunity and was right into the close, anyway. i think it closed at 8.90, something like that. up 60 cents. i scalped out of the stock, like i said, on the corresponding side, still short the puts, nonetheless, obligated to buy at a lower price. >> what about gold? >> still like it. still like it, simon. i think it goes higher -- i think it goes -- goes through $1,400 in the not too distant future so i'm still long gold. took a lot off the table last week. how i bought that and am going to continue to hold that. >> is it real? >> and i'm going to continue to wear it. >> and you've got big option trades in high yield? >> hyg. take a look, since june 20th, down about 1% but on the other hand, the tlt is up 10%. so high yield bonds going down is what this is saying. somebody put a really big bet on, on a couple different expirations. i followed them. bought puts, i'm long on the puts at hyg. >> good to so you. jon najarian. >>> and phil lebeau join

jpmorgan and goldman sachs had the same issues in 2013. they were able buy back stock. the fed was pleased enough with what they turned back in, so there is precedent for banks needed to muster to fed on this and obviously, the issues are not serious enough that the fed would say hold out of an that. we have so many issues with this. >> or serious enough for morgan stanley to say we're quoing to wait. thank you. joining frus the news room. karen, you've been in these banks. walk through why you prefer the buyback versus the dividend. in case f of citi increasing the dividend by three times. seems to be a huge confidence boost. >> that is. that is good, but when i think about the buyback versus dividend issue, when you do a buyback, you are permanently buying that earning stream back from yourself, so the share float goes down and you're eps ton same earnings goes up so, that's a good thing. i like that. i think the shares are good to own. the second part of it is is you could announce a buyback and you can do it at a pace that you would like. so, if things get really to

i just thought that jpmorgan, you can call me to the can call if they too became the never and will do this across the board now cutting price target on morgan's family stocks, although foreign banks. ever when writing out and tried to cut targets because why? they are worried about what happens going forward. >> well, imagine if you were three m. or ibm doing business across the pond and all of a sudden the currency is down 10%. you can't have a business name for the future, which means your business not necessarily stalled the u.k. and into somewhat of a vicious cycle which means earning possibly go down. remember this article l, they came out with that in order for you not to get out of the e.u. they made it not only to do it, but go through the negotiation part. ashley said it best. there would be massive uncertainty forward and uncertainty breeds bad stock action, especially if the market somewhat on the late stage side the earnings are down and sales are down. m lauren: 10, i will renew in here. the banks passed a stress test. that should be the good news. no interest environment

jamie dimon and jpmorgan are the very people who urge this country to imbed itself in the euro, which has turned out to be an absolute catastrophe. >>> china checking into europe's leisure sector. they look to china to foil the plan to raise the stake in the intel group as they snag up 70% of intermilan. >>> and a drug developed with johnson & johnson appears to be a breakthrough in treating aggressive forms of cancer. >>> good morning, everybody, welcome. >> favorite day of the day. >> optimistic. really? the whole week ahead of you? >> we are halfway through the year almost, right? june is already here. >> did you watch tennis over the weekend? >> i didn't. i like playing. >> you like playing but don't like watching it. >> i don't like watching sports. >> you enjoyed it? >> i did. let's take a look at the markets. >> the european is flat right now. the stoxx 600 is flat after the jobs number came out on friday. i was expecting a flat close in the u.s., actually, i thought we would see a higher than average number. but the fed came out to say we won't have a hike in june. and we also

hsbc also cutting. , withof a downdraft here the exception of jpmorgan which is higher by .2%. we've been seeing a lot of money safe havens.ived the yield on the tenure going lower, bouncing off the bottom, but still moving lower. -- the 10 year going lower. the japanese yen also an area where money has been flowing in today. the prime minister -- we are seeing buying of the yen on that. biggest ruling deal -- brewing deal ever one step al?ser to approve m deal approval may restrict a be in bath's control of -- a be in inbev's control affected by+++ -- deal approval may restrict ab inbev's control of local breweries. portugal down by 2%, austria by 1.8%. luxembourg down as well. casting somewhat of a shadow across the global equity markets. shares down by 5.7%. earlier, they were down 7.2%. a british distributor of plumbing materials. they say third-quarter revenue for ongoing operations rose 10.8%. recent revenue growth trends have been weaker. a hold rating on the stock saying third-quarter trading was strong, driven by the united states. they note the sharp slowdown in organ

and so i've been a defender of jpmorgan for a long time. citi bank, sold some jpmorgan.t more u.s. centric so hanging on to that. >> right. >> i feel like i come back to that with other things that seem safer in this market. >> brian kelly, on ""fast money"" i don't know if you could catch it. they said now is the time to buy some of the european banks. this, of course, after the biggest two-day decline 600 bank index in history even for a bounce. can you see the validity in buying the european banks? >> yes, i can, for a dead cat bounce only. in fact, i actually covered some of the shorts that i had in the european banks but, i mean, that is -- that is an extraordinarily risky proposition to do because there is a banking crisis that's ongoing in europe right now, particularly italy. >> crises worse than the crises we've seen in the past? >> italy is not performing. they need a bailout, which is illegal under eu rules on the order of the size -- on the percentage of gdp the same size we had for t.a.r.p. >> i want to get to some brexit buys. with these declines people out

should do with your portfolio, jim lebenthal, and josh brown and jon najarian, and joining us is a jpmorgan global strategist. and sara eisen is on the ground on the day after this historical vote. >> simon, the destiny has been voted on outside of the eu, and today, the people are expressing surprise and shock, because they had originally voted to stay in the, u while a majority of england did not. the final tally is 52% of brits decided to vote out of the eu, and 48% decided to stay in, and i have a bunch of paper here, and sort of the late edition late papers that really reflect what a historic day this is, and maybe a new day in the uk, and many of them are calling june 23rd, yesterday's referendum day independence day, and this is the daily mirror, and we are out with the british voter on the british flag, and lot of people celebrating sort of the nationalism that the daily express, historic day for britain, and up here at the top, they have 65.1 million people, and that is the british population that was announced yesterday, and of course, the paper editorializing just as we told you

you bought jpmorganing right? >> i did. >> and you bought pit day that jamie dimon did? >> yes, i thought that if the ceo is behind it, there must be something specific there, and i also talked about a stock picker's market, and when john is talking about the investment banking with thely sards and the kkr,s and jpmorgan has that and the in addition to the go into high net worth piece, and it is a buy and hold and not looking for the 20% growth tomorrow. >> and john, on the european banks, how do you go to get it with the banks of the credit suisse and the irs, and those are significant headwinds and how are you look at those? >> those are under siege by the regulators and we will try to find the financial companies without that pressure. i met with the president of the management of the cre, the financial investmeneinvestment and looking for them, and others like that, jjl. >> and you have made the financials the largest group in the sector breakdown, and is that a newer move or adding to what has been a large position? >> we have been adding to what is a large position

why is jpmorgan down 6.2% on the back of this? is it just intense risk aversion ?t is a bit of an overreaction. -- ir case, the reality is don't mean to minimize this, but with the way our company is , the impact on legg mason is fairly modest heard at least the direct impact is fairly modest. next months over the and quarters and years in terms of investor confidence and how that could impact our business, that is a pair that's a fair question. the way our stock is being impacted today, there is a -- what is thes direct impact? how much of your business is actually being directly affected by this business in the u.k. or eu? it is harder to assess that than just one day of trading. in my view, it is a bit of an overreaction. , the dust will settle a bit and people will be able to better quantify it. operationsarding the of your day-to-day business, how much have you been invested in the u.k.? are you in there putting more money to work now? joe: there has been some discussion. we have managers across asset classes with a number of affiliates and they all have their

saudi arabia has appointed hsbc, citigroup, and jpmorgan to coordinate a bond sale.ial institutions could join. they will wait until after the summer for the resale of debt. in hong kong and singapore and beijing. i am rishaad salamat. yousef: it is a: 30 in dubai. london, goodre in morning, everybody. let's get you set up for the european day ahead to good to see you. let's talk about what's coming up in david cameron addressing parliament later today. friday saw him promising that he would leave office within months . then we saw a weekend dominated by turmoil in the labour party. politics of many levels here in the u.k. no functioning government know are in opposition. boris johnson writing in the telegraph talking about how fears of a brexit have been wildly overdone. he reiterated that he is in no hurry to start negotiations. he also gave his backing to the bank of england's governor, mark carney. you might remain that the leave campaign has been critical about mark carney and his warnings about the impact of the prince appeared boris johnson saying that most pe

now we turn to jpmorgan's head of equity strategy. and len tenenbaum.ctives. i read your note and you think it may be time to get back into the water and energy. why is that? the trade continues to persist, throughout the year end. you look at expectations on the earnings side, they are quite low and if you look at whereoil is is our and net analysts resume -- net analyst revisions are, there is disconnect with a little bit of lag, so i think you likely continue to see some positive earnings surprises. technicals can play quite an important role in the energy space, as well. represent up to 40% of wti open interest, and they have covered their shorts and the current long. there is a number of supporting factors for energy. the one risk i will mention is the fed. is a that tries to hike headwind for the energy commodity conflict. david: is there a particular sector in the energy where you are going? dubravko: we have been moving more toward bmps. at a lot of the stocks, with the folks that we have been focusing on quality. balance sheet robustness, decen

wells fargo and jpmorgan also falling.ey are seeing their fourst drops in the past months or so, ever since february. but also as we're seeing in the paring some of those losses. let's take a look at currencies commodities. taking a look at the dollar, we would see these and expect these to happen. seeing its worse day since february 3. gold futures are rising. biggest jump since march 17. treasuries. look at traders different rallying into treasuries, pushing the yield on the10-year as well as two-year down by the most since february. reactive to interest rates then the 10-year, but the down by 10 basis points there. still, in the red. it looks like, yes, we're still the red. >> all right. thank you so much. now to wrap up the is our day and the week guest. take us through the market action today. a very data-heavy friday. >> the labor report, obviously before the open and then at ism report. so we opened lower and hit the a little after that report came out. then about 10:20, we started climbing higher. and we may end in

. >> morgan stanley, jpmorgan, all talking about moving stocks overseas in the case of a brexit.ne: i'm concentrating on the hitch of the country stays on the 23rd. one of the things at risk is the single market financial services . meaning that the u.k. is the headquarters for lots of companies that want to trade into the eurozone. i don't want that to be put at risk. you have had these big investors , like jpmorgan, making precise in this point, it's one of the great benefit opportunities of the eu. look at the upside, we've got a british commissioner develop the capital markets union. britain's businesses and london as a financial center and others in the u.k. are benefiting from that single market as it deepens . that's the big upside for financial services in the u.k. if we vote to remain. >> final question, the prime minister has said he plans to stay on. you want to remain as chancellor regardless of the result? mr. osborne: i serve at the request of the prime minister, but this is a job where i have got a huge amount more to do and to give and i want to make sure that i'm

the banks see another day of red as jpmorgan stays defensive on the sector. >>> home builders losing their footing. >>> politics in turmoil t. the fight begins to replace david cameron while corbyn replaces his cabinet. >>> and it's groundhog day in spain. >>> hi, everybody. welcome back. just checking in on european equity markets an hour and a half into trade we were called lower across the board hanging onto that selling not by as much as what could have been feared though they're lower than we were at the beginning of trade on our european equity markets. ftse off by 1.3%. smi still to the downside. you have the ibex down a smidgen. and we've been talking about whether or not this could have to do with people deciding to vote for what they know and conservative establishment having seen what happened here with the brexit vote at the end of last week. i just want to mention that goldman sachs falling by 5%. goldman says stoxx 600 is falling. more downgrades and for various other sectors. banking sector in particular very exposed to downgrades from the likes of barclays saying thei

we spoke to you vs and jpmorgan.t ision selling ilion dollars 300 could further be wiped from the value of the market in the coming days. you have the fundamental issue, which is not insignificant. you have a problematic trade issue on top of it that could exacerbate the selling. that is likely part of the issue on friday. -- howhow does this ready is it? julie: you look at some past crises, it's not quite a steep. sunday, theto black example of this. that was a 20% drop. 3.9% move. first go back to the trading after the september 11, that was a 4.9% drop. felt likeive asus, it it was a lot of selling. in the united states, it was smaller than other market shocks we have had recently or in the past several decades. what was interesting was the magnitude of the movement. the magnitude of the move was bigger on friday. it was the biggest move in history on the cable rate. thanks are not stepping in to do what they used to do. can you tell us a little bit about that? to thei can speak more stock market than to the fx ma

guest: jpmorgan says that they are stepping up.ven as policymakers in beijing say that they want the market to play a bigger role. the analysis shows the china deficit exceeding, more than three times the official target. banks andis using local government to pump money into the slowing economy. on capitolemocrats hill, trying to continue until republicans agreed to vote on good related measures. protests have come to a halt and put the public on the defensive on an issue that is significant following the or later shooting massacre and in an election year. the leaders ordered the c-span cameras turned off, but the democrats continue to stream the action. and we are being told that the biggest bank of abu dhabi merging with another should not be seen as a takeover, it will be a merger of equals. it is the national bank of abu dhabi -- shares have surged since bloomberg first reported that they were in talks last week. global news, 24 hours a day, powered by journalist and more than 120 countries. this is bloomberg. chinad: rosalind

bank of america, citigroup, jpmorgan had a rough time this quarter popping for a second day.hese are modest pops but some stability. remember at the end of the day today, 4:30 eastern time we will get their c-car results. comprehensive analysis and review. 33 banks in it and the fed will evaluate whether they can pass the stress tests after capital reits, pay out dividends and stock buybacks and do acquisitions. it's expected they're all going to pass and some will pass with flying colors. a lot of speculation we may see an increase in dividends with the number of the big banks. some of the them like bank of america and citigroup foreca, f example, they're poultry, paying out 1.6%, 0.5% yields. their payout ratios are low right now, true of bank of america and citigroup. the payout ratio what percentage of your earnings you're paying in dividends. citigroup paying out 11% of earnings in dividends. that's really, really low. you can see a lot of the other guys in the 30% range. so the speculation is, after the ccar results bank of america and citigroup may announce dividend in

jpmorgan's bob michele will remain with us. jonathan: every little ipo seems to count.ery little one helps. the opening bell right here in europe with five minutes ago. the opening bell in new york city is coming up. futures positive. gains hereht days of in london. a pound in the fx market is looking strong. treasury yields just creeping higher. ♪ ♪ jon: "bloomberg ." this is i'm jonathan ferro. futures looking firm in new york city. s&p 500 futures positive. five-day winning streak in london. what a move over the last five days. as you hear the opening bell , we getnew york excited. switch of the board of fairly quickly. risk on rally, yields go higher and treasuries job -- and treasuries drop. crude anticipated in a global up.y on wti of 1.14%.outh let's send it over to julie hyman. julie: it means that u.s. stocks are trading higher this morning out of the gate. all three major averages are higher. we have had a close correlation between u.s. stocks and european stocks. the dow and s&p out of the gate adding 6/10 of 1%. the nasdaq closer to a 10th of 1%. we are

jpmorgan. would you be on marco's trade. >> on his team. smart guy. >> as a trade. different story. >> team, yes. >> i like a lot -- listen, i skew negative in terms of s&p short-term. i understand what tim is saying three-term standard deviation event. to me germany is rolling over. does germany camp up to s&p or does s&p catch up to what's doing on in europe? i think it's the latter. again, that's what makes market. ewg in my opinion failed. what are we talking about with flash gordon, a preemptive strike, remember we said be careful. it sold off since. europe is leading, we need to follow at some point. >> european financial, deutsche bank with record lows. credit suisse. >> i think you have to stay away from all financials at this point. i don't want to oversimplify this. all the yield plays seem to be the way what's working. everyone wants to bet against them. to the correlation, the only correlation that matters is one that's stable. all those correlations have been on one day and off next day. the only correlation to me is s&p and oil. you follow those two. t

the jpmorgan derivatives strategist says forget what happened on friday.here could be another $3.5 billion wiped out as a result of program attic trading. another analyst from ubs says as much as $160 billion. this could be significant here. alix: we did see a lot of that in august. we talked about that exacerbate in any kind of selloff as well. take us through any other big historical event somewhat the market similarities were from then to now. the chief global strategist at charles schwab looked at this. he looked at a couple of things. it looked at the japanese earthquake in 2011, the debt ceiling standoff in august of that year, and the 2012 eurozone recession triggered by the crisis there. on thesechart based three events, and he points out, yes, you have big kleins in each of -- big declines in each of these cases, but you have recovery pre-shock levels. we are talking about significant shocks. of ansounding a little optimistic note on what we could potentially see -- not tomorrow, not next week, maybe several months down the road. waslet: the damag

jpmorgan, which has 16,000 workers in the uk says it's goin to don't maintain a large presence in london regardless of the threats and after the dow's

and we are just getting news from jpmorgan. it is increasing its dividend to 48%. that's something the bank had already announced several weeks ago. but it's also increasing its share buyback authorization to $10.6 billion, according to the company. shares up 1.6% on that news. wells fargo, its dividend is 38 cents and no mention of a buyback in the press release. but certainly, we'll keep you guys posted as we get more of these releases that are coming in. bill and kellie? >> all right, kayla, got your hands full there. mike, once upon a time, this was going to be the biggest story of the week for the financial markets, but that little vote in the uk preempted the that for a while. you wonder what this will do tomorrow on the heels of what some would call a short covering rally we've had for the last couple of days. >> people felt safe to raise exposures. there was this round trip from a week ago friday. it has a downward bias in financials and other higher beta areas have had a good run these two days. i don't necessarily think that these results will be the reas

jpmorgan has a note out, david, i wanted you to address talking about the issue of grade.arde also brought this up. he points out if we can bring up that graphic, that there are many non-eu members out there, non-eu countries, that actually have plenty of trade with the eu and doesn't necessarily think it's going to be an issue. talk about trade specifically because in essence what the uk is in right now is a trade agreement. they don't use the euro, david. >> that's right. they're also in the wto, so lots of countries are looking for ways to trade. it's a very globalized world. so i think the uk could exit the eu and still be an ally and a friend of europe and trade extensively with europe. they run a trade deficit so they're in a good bargaining position to have good trade relations with europe, and they may add better trade relations with the u.s. if they're separated from the eu. the problem is the eu is just too big and it's sinking. coming back to the neg at ththi this -- negative, to the bank stocks, bank stocks have been getting crushed. i think it's ball game nega

these are down 4% pure coca-cola, apple, jpmorgan done 3% this week.etailers at the up arrow spirit macy's, nordstrom's, all gaining 3%. ms. is up 2.5%. calvin kline and tommy hilfiger. the ceo says their department store sales are doing well. looking at these over one year and their performance. turns out nordstrom down 51%. close on 44%. s&p down 2%. retailers getting hit hard. this is a big story here as the two could not come together and make a collaboration. we can enable a banker to travel to the most remote locations with nothing but a phone and a tablet. everywhere where there's a phone, you have a bank. now a person is able to start a business, and employ somebody for the first time. the microsoft cloud helped us to bring banking to ten million people in just two years. it's transforming our world. charles: beijing demanding apple halt iphone. still selling those funds mean it is appealing that decision. risk and reward host deirdre bolton. >> it is the biggest market outside of the u.s. this is really worrying for apple. i think some of thes

jpmorgan. one of the things i like, these power companies, their fuel's down, the footprint for construction is up. we're not having a total shutdown in industry other than in oil, which is coming back a little. all these add up to a whole group of stocks that seem attractive to me in light of the fed. >> meanwhile the macro we haven't touched on. philly surprises to the up side, cpi is up three months, 220 year-on-year. >> that's rent. we're still building as many houses in this country as we did when our population was literally 50% lower. there's just tremendous demand for housing. the reason there is is because the rents have gotten out of control. certain parts of the country are adjusting but for the most part rents are too high and it's too hard to get that low. they're not giving loans with lower fico scores. the banks don't want to risk it and give you that loan to go buy a house so you're stuck renting. renting's going up. good article today in the times about how your premiums for he

a british exit could movie up to 4,000 jpmorgan jobs would leave the uk.ght up with a prominent exit campaigner and spoke with him, weighing in on a uk vote. here's what he told me about dimon and even president obama. >> jamie dimon and jpmorgan, they're the very people who urged this country to embed itself in the euro, which has turned out to be an absolute catastrophe. yes, it's true have over the years have benefitted from the eu setup, but it's also true that huge numbers of people and modest earnings in this country have not seen their wages rise. indeed they've seen the wages fall. as a result, many of the signature policies of the eu. one is the euro. the other is uncontrolled migration across the eu territories. since you bring it up, it's fascinating listening to americans on this subject. now americans -- i think they are generally amazing when they realize the loss of democratic control that is entailed by the eu system. they would never dream of sub assuming, subordinating, subjugating their own democracy. >> did obama come too far? >> we lov

remember jamie dimon said this "brexit" would cost 4,000 jobs of the 16,000 jobs jpmorgan has in the uk. but since the "brexit" vote, that is the vote for britain to exit from the eu. we've gotten different story from all major firms. they're all basically saying, retreating from their initial promise to leave britain. they're saying they have no plans to leave london in any major way. we should point out we talked with press representatives from morgan stanley, jpmorgan, citigroup, fidelity, even goldman sachs. no plans to dramatically cut costs. they say they're taking very much a wait-and-see approach to this. i will say this, melissa. here is one problem with leaving uk for all these firms, it is infrastructure. how do you develop infrastructure in alternative site like dublin which is bandied about. like frankfurt where they don't speak english? put one other thing on the table. we'll find out more about the post-"brexit" fiscal policy coming out of britain next couple days we're hearing. suppose the uk does really good thatcherrite reforms and opening up trade. why wouldn't you

jpmorgan is only down 5%. so if you want safety and if you want that name, i guess you could jp morgan. >> rich, good to see you. >> i got it. >> i don't think that was michael mcdonald taking it to the street. i think it's the other lead singer. >> i don't know what's going on. ahead, yahoo ceo marissa mayer speaking at the annual shareholder meeting which is now under way. we'll hear what she has to say. more "fast money" right after this. >>> seema mody with williams board. >> reporter: 6 of the 13 directors have reportedly designed after a failed effort to out of their ceo allen armstrong, that according to dow jones quoting sources. chairman frank mcginnis, activist investor from corvex capital are among the directors who resigned. keep in mind resignations follow the collapse of the williams planned merger with energy transfer equity for $33 billion which, of course, did come as a big disappointment to the shareholders of williams. we're looking at the stock down just about 1%. back to you, melissa. >> s

banks, only morgan stanley passed each of recent years with no reservations from it's fed, boa and jpmorganonly citigroup an outright fail in 2014. all major banks expected to not only pass the bar but increase payouts. the question, how deutsche bank and southson will fair and see how they righted those issues and what that could possibly mean for barclays, ubs, credit suisse and a handful of european banks that have to go through the stress test of the fed next year. and the rats and the stringency what the fed puts the banks through highlights a growing gap between how investors perceive the progress of the u.s. banking system in cleaning up its books and building capital compared to the overseas pairs in opaque expected and it's expected what we could see this afternoon is a broadening divide between those two sectors of the financial system. >> absolutely. kayla tausche. thanks. and on the session, deutsche bank shares down by 1%. banks, a nice bounce over the past few days and even if we're expecting in em to increase payout, they've been dogs this year, lebenthal. >> they have. frank

jpmorgan, bank of america increasing both dividends and buyback. trickle of good news for these companies perhaps just playing catch up with their counterparts in other sectors. >> those banks had really chafed under the ability to increase buybacks. obviously vindication of what they've done to shore up their books. and also, good news for shareholders. >> the reason why i said citigroup's is a stunning move, in 2014, dividend was one cent. after two years after failing the stress test twice in five years, to raise your dividend that type of movement is is 16 cents so very notable buyi back $18.6 billion of stock. certainly, shareholders had a lot not to like about the banks. low growth and cost kuyting, but this is one piece of good news. e downside omes in a week in the financials because of brexit and because of what's been going on. so perhaps tomorrow in tomorrow's ratrading session, i will be a little bit of good news. >> for the u.s. banks, but i think what p tt units of european banks have again not passed the test. what happened next year

global market strategist for jpmorgan joins us.e talked about the feds, what is happening with the oil price, shell and its dividend. european equities? buyer sell? are they cheap for a reason? >> for me, europe has a lot of room to run in terms of economic growth. look at the unemployment rate at 10%. standing,e the ecb willing and able to act. i think i am a positive about certain parts of the european and these. those that are not exposed to the cyclical upswing starting to kick in in europe. there is a more confident consumer. unemployment coming down and retail spending going up. all of that starting to show signs of kickstarting a domestic recovery. more focused on a domestic economy rather than what was the play last year which was taking advantage of the weaker euro. more domestic. guy: why am i buying equities? there is difficulty within the credit markets when you look at how much is yielding in negative territory in this sort of uncharted waters. european -- guy: what about corporate credit? alexander: 2% is corporate cr

it was another ugly day for money center banks like bank of america and jpmorgan, but even regional banks and met life got clobbered at well. second problem is the dollar. it's rallied about 3 trading sessions. big pressure on commodity and commodity stocks. energy names were down as were copper stocks. steel stocks like allegheny and iron ore names like bal irk. any good news? utilities and telecoms like verizon were at or close to new highs because they do well in low rate environments and volatility was down today. that's strange. i think some traders do not believe this wild volatility will conti b kerry is meeting with eu leaders and he called on them to remain calm. especially during the political and economic transition. but this london, it appears as though thing rs anything but. sara eisen reports. trz. >> investors picked up where they off on friday selling british stocks and the british pound after political turmoil intensified over the weekend. prime minister david cameron peeking out today for the first time since announcing his resignation after losing the referendum vote. s

to that end, i spoke to jpmorgan investment bank about the contagious, and what is going on behind the scene, and he said that they are trading with all counter parties in europe normally, and they are not seeing the liquidity issues for the banks, but just the equities selling off the bonds are doing fine, and part of that is because the central banks have been pledging assistance in the case that the liquidity is so bad that they have to put up some of the first line of defense funds for the companies, and pinto told me that he sees no evidence of the boe or the ecb having to intervene thus far, but it is a relief of the markets to know that they are there to backstop. so that is the scene here in london, and for now, guys, we will send it back to you. >> really good stuff with the former hsbc ceo a moment ago trying to remind the world of the possibilities of the uk going on their own, and lot more from kayla tausche later on in the morning, and when we come back, more market coverage on post nine, as we are seeing the dow down, and the s&p 500 just a touch below the intraday lows.

like jpmorgan chase. like wells fargo et cetera. the companies are asset neutral than asset sensitive. so as a result, they will less likely to be bounced around if they do see shrinkage in net interest income. liz: can i get to maury? maury, you are the economist in all of. i grabbed headline. terrible number for purchasing managers index. when you talk about big industry and going, pretty much at multiyear low right now. so is it just best to stay away from the region? what looks better now? >> what works better now to have your money in the u.s. for example, you mentioned purchasing agents surveys. we've had some surveys from some of the regions already for june, for example. philadelphia and new york. and these surveys are looking better. so i wouldn't be surprised to get the ism surveys over all for the country for june, we'll probably see those looking better. we're going to be the haven country. right now it is being reflected only in the treasurys. i think stock market money looks for a home coming to the united states. liz:

all these bankers who were in the uk, jamie diamond, jpmorgan, other places saying they will start flying to brussels. let's cut a deal with the uk. don't make us tear up the architecture of the european business. i don't think that will happen. >> what do you think the implications are for american politics. you heard donald trump say he thinks there are implications and he's talking about it. there is no question that worry about immigration and the abilityy of e.u. passport holdes toof set until the uk was part the motivation for this vote. this is a s rebike to barack obama. also to hillary clinton who got on the same camp. donald trump had been promoting brexit. for those reasons you see him already again trying to transfer this back to the united states and the question of immigration and control. i think what he's trying to do is draw parallels to what was a populist movement in the uk. back here. that's where his base of supporters are. he's trying to suggest that a vote for him in the fall is about reasserting american independence and control over the future. >> do you think tha

first let's start with what jamie dimon of jpmorgan said. pricing was consistent. feedback from clients was very good. fx volumes were record overnight and we expect to do three times the normal daily volume today. james gorman, the ceo of morgan stanley said, we always anticipate positive outcomes and ensure that they have liquidity staffing to help navigate with minimal disruption and finally, we must avoid distract and instead think about what we can do to help our clients in the short medium and locker term starting today it's business as usual. safe to say, the european ceos were not as conciliatory in their tone, not as kuhn graduate la torrey. they were washing about the volatility that would surely come, the economic backlash that would take years to settle out. john krien of deutsche bank said it was a sad day. he said the european block has become less attractive. certainly we haven't even gbegu to see the lairs of how this is affected. that is something we'll have to be exploring for days, weeks, months to come. >> so true. kayla, stay right there. >> st

banks, jpmorgan and morgan stanley warning they'll review investments in britain. as did carmakers, ford and toyota. president obama reassuring britain and america some ties won't break. >> one thing that will not change is the special relationship that exists between our two nations. >> reporter: the news made britain's currency then start to globally fall. britain will now leave the world's biggest trading block. google reported a sudden uptick in the search question, what happens if we leave? the answer? no one knows. after a vote that's turned britain and the european union on its head. the real danger now is a total break-up of the european union. other countries copying britain, even a break-up of the uk itself. the whole western alliance could be damaged. that worries washington. it would delight moscow. lester? >> bill neely tonight in london, thank you. here at home, the news is already having a deep impact on the wallets of so many americans. high anxiety from wall street to main street, the markets taking a dive, retirement funds hard hit. nbc's olivia s

jpmorgan are deep in the red in early trading. we have statements from jpmorgan's jamie diamond who are trying t to calm employers who e worried who could take jobs out of britain. take a look. the ftse down 4 and a half percent. the cac quarante down almost 9%. these numbers off of the lows, earlier dax in germany down as much as 10%. earlier in the u.s. down 700 in terms of futures. lowest level in 31 years. there's the british pound this morning on the vote. asia close deep in red as well. nikkei ended down nearly 8%. we are breaking down all of the information and free fall this morning with dagen mcdowell and kevin kelly, recon capital partners, cheryl casone has been covering the story all night and has watched the developing markets. guys, what a story. extraordinary. cheryl: the volatility is incredible. you saw the bank of japan, the government of japan, but it's the french market being hit the worst of the three which i found surprising. kevin: the pound hit a year high and went to 150 against the dollar. now here we are

jpmorgan, which has 16,000 workers in the uk says it's goin to don't maintain a large presence in london regardless of the threats and after the dow's 600 point plunlg on friday, there is talk the uk could keep the fed on hold. also reports of the european central bank could be forced to provide more stimulus, r meaning printing more ur os ur os. that could be a problem. european union is our biggest trading partner with $700 billion of business each year. lots of u.s. companies have exposure. what does that mean for our jobs here? here with analysis, retail analyst, "wall street journal" reporter, shell by holiday and scott martin and jonas ferris. so, are you worried? >> i am extremely worried about this whole thing. i think what is happening is dismal and to say the least and i think what's really happening, you have to think about the affiliate corporate profits that's happening in the investment in the uk and in europe. it's about 9% of global corporate profits. $153 billion. that's the type of money they're going to be losing. i know the argument is that we're going to get even mor

banks, jpmorgan and morgan stanley warning they will review investments in britain, as did carmakers president obama reassuring britain and americans some ties won't break. >> one thing that will not change is the special relationship that exists between our nations. >> reporter: the news made britain's currency and then stocks globally fall. google reported a sudden uptick in the search question what happens if we leave? the answer no one knows after a vote turned britain and the european union on its head. >>> president obama is designating the stone wall inn in new york as a national monument, the first to honor gay rights. back in 1969, the tavern became the site of an uprising in greenwich village after the nypd raided it, which a lot of people view as the start of the gay rights movement. the monument will protect seven acres of land in manhattan and will be dedicated on monday. >>> after nearly 40 years of service to alexandria, the city's top cop calling it earl cook has been the police chief for the last seven years and presided over a lot of cases including the arrest and c