he just met with jpmorgan's chief executive officer.e mayo on the bank's outlook. ,ater, douglas holtz it again former cbo director on the white house's budget plan. this is bloomberg. jonathan: from new york city, this is bloomberg. i am jonathan ferro. shares of berkeley have risen to a 16 month high after it's corporate -- it beat estimates. we spoke to jes staley on the restructuring plans. >> all the effort last year just means that in june of this year we will no longer have a non-core business unit in barclays. in the second half of 2017 the bank will be what it wants to be in the future and we will look forward. we look forward to ending the restructuring that has been going on for years, in a matter of months. jonathan: joining us from london is jonathan tice. great to have you on the program. , theake away from barclays restructuring will wrap up in a few months. the direction of barclays under his leadership, the right direction? jonathan t.: i think so. they have addressed capital and that is the good thing. then you add in

look at jpmorgan. jpmorgan alone has a regulatory and personnel eek twool filling up madison square garden two times. jpmorgan's control people, they can fill up madison square garden twice. that's a ridiculous number of people making sure they stay safe. yes, you need a lot of people. yes, you need to spend a lot of money but not this much. so the regulatory pend lum, this far too lax and we spoke a lot about that on your show. now way too far and the regulators are too strict. it was a happy mid play here. >> mike, it's tim. you're a surfer. surf the banks. what is the biggest part of the model? is it for the integrated, is it truly lending? >> if we're going with the surfing analogy. it is not the type in hawaii where banks go for the big waves where they get it and get crushed. this is a slow, steady way. so traditional spread revenues. they are now starting to expand. you have net interest margins at bay. at the lowest level in 60 years. and you're seeing it normalize which isn't anything when we

just at jpmorgan chase, back in the day, jpmorgan was jpmorgan, chase was his, but now j.p. washingtone was the radiant, and if you open to recording of everything that is jpmorgan, by the way, donald trump keeps quoting jamie dimon and you could ask jamie, i am taking down these measures are w the. frank act, and he would save it is hard. you look at wells fargo's, it is -- it is wells fargo walkover via, you look at bank of america, merrill lynch, and there are various places and you can see how many different subsidiaries are under these things, these mega-regional banks are not affected and multinational. host: another tweet, if the economy is so great, or interest rates so low? adding maybe because she many is -- maybe because cheap money is driving the fake market. guest: we had never seen were interest rates are so close to nothing. the fed has hesitatingly brought are they nearre normal. you pass by a branch of a bank, and they put up a sign, go get them, three-year cd at half a percent as if it is a favor, but the banks want, crave the normalized bond curve, where t

this includes bank of america, jpmorgan, citigroup. a nice rally for the financials, leaving the markets once again. vonnie: we will see if the 10 year yield can backup of that 250 mark. still ahead, martin indyk joins bloomberg markets.

jpmorgan says the risk is nontraditional supply growth. ore producers look at these high prices and decided to rent up supply, this optimistic forecast will be revisited. one of the big beneficiaries is rio tinto. they are expected to come out with earnings later today. what should we be focusing on? is a return of this dividend policy? we will see aubt return of that policy, but the good news is that since walking away from it, it looks as if the dividend will be more than forecast at this time last year. analysts are anticipating a dividend of about $1.44. is definitely helping rio's bottom line. analysts are expecting net $4.75 come in at about billion and revenue at about $34.3 billion. but we will find out later today. yvonne: thank you. they willf australia, push the case for a trade deal without the u.s. with potential embers of the tpp meeting next month in chile. the transpacific partnership remains relevant, but will always require minor tweaking to allow for america's withdrawal. >> there were a lot of hard-fought gains that wer

jim glassman of jpmorgan stays with us.ion with lockhart. ♪ francine: live pictures from hong kong. youing at the landscape, probably talk about fancy hotels. i will talk about currencies. -- currency reserve just below $3 trillion in january. this is part of my chart of the day, if not the week. outflows are quite significant, and they have increased the touch. you can really see the decline. in fact, it is the biggest decline in two decades. let's get back to jim glassman of jpmorgan. has to do with his trilemma, reserves falling, outflows increasing, and the yuan steepening. is this unknown for 2017? jim: it is. but china has a lot of control over the capital flows. just because they see reserves coming down does not mean there is a rush of money out of china. they have a lot of control over how you can move money there. way we in think the the u.s. ought to view this -- china's living standard is 10% to 20% of our living standard. what that tells you is we have a lot to gain by helping china to get on their feet. so i t

jpmorgan is breaking away. just stick with that.t think about what the year could bring with tax reform. go with morgan stanley or something. goldman sachs is making a new all time high. that's the one i would go to. it seals like citi and bank. >> you're not will having to me. the environment will is the environment where they'll perform. >> they the haven't performed a relative basis at the bottom. why would you expect that? >> people have not believed in this rally. >> actually, the deregulation happened. who has the biggest bull's-eye on their back in terms regulation? they're going after bank of america. wells fargo has its own little problem. >> they almost brought down the financial system as we know it seven years ago. >> they're not going to buy financial regulation, should financial deregulation boost them the most? >> if you want to look at another one. look at wells fargo. they got themselves in trouble in the last couple years in a perld of unprecedented regulation. massive banks, we can't figure out how they length, wh

jpmorgan, 28 1/2%. morgan stanley, 33 1/2%.o on and on. >> year to date, goldman has lagged morgan stanley and jpmorgan. if you're going to peck on one i'm not sure this is the one to do. i'm think there's more they can do. people underestimate the technology at this company and how efficient and productive they are. i do think they've done a good job in terms of cutting costs group still have operating leverage. without the rate story. i wouldn't be selling. i wouldn't be selling any bank right now. >> to the point steph hit at the top of the show when she talked about the elections and pressuring rates and things like that, obviously pressuring the euro/dollar and other currencies around the globe. and that is something that goldman will benefit from. the trading, the hedging that goes on there. >> the trading was i 25% year over year, right? at goldman sachs. it's interesting because not to bash this analyst so much, judge, but he went from a neutral to a sell and price target at 140 to 190. stock is nowhere close to any of

jpmorgan's forecast disappointed. 1%.hey see it modestly higher, quarter on quarter. asset manager revenue growth was just about 5%. the same thing with r.o.e. for that unit. in terms of analyst estimates, they were also light. follow this group into the premarket as well as into president trump's speech, this evening. up, we- david: coming have heard from the chairman of the house budget committee. next, we are joined by her tender part, the ranking democrat for his views on tax reform. later, hobbit el-erian -- mohamed el-erian. this is bloomberg. ♪ emma: this is bloomberg daybreak. coming up, mohamed el-erian, and a bloomberg view columnist. time for other stories making headlines. for the first time in five quarters, valeant beat estimates. a turnaround plan to pay down debt. it has been boiled in scandals about high prices and accounting that led to investigations. retail workerline which firm in the u.s. is slashing commissions. fidelity investments is cutting the cost of trading in u.s. stock and trade funds by 40%

jpmorgan for a trade near term. fade on proctor and gamble. >> i will own boeing. i've will owned it forever. i still believe it is early winners, late losers. >> lockheed versus boeing. they're really close to the president. >> boeing is close. >> yes. so f-18 versus f-35. it has garnered a lot of headlines but i believe boeing will turn back. lockheed will have a little tail winds. cisco legacy business. 37 billion. 12 on services. can't turn it around. so proctor, i think it has some juice left. proctor is up. >> you're willing to pay that kind of valuation? >> if you're value it aing on one company. maybe it doesn't seem as high. >> where's that sum of the charts changing for the laugh nine months? >> you can also say, so why did it change on nelson pell state? >> i don't think it has. >> that's my point. the opponent is the stock has had such a good run. today's headline deal tells you they need to do something to survive to grow top line and it is consolidate. >> they are. so we got the first blush when you see a nelson pelts stake. it would have popped and t

jamie dimon, close behind gaining $116 million from his jpmorgan shares.pple ceo tim cook, gaining just $23 million. now, why is there such a lead for these two guys? it is not just that bank stocks have outperformed. if we broaden out to the other big banks outside of the dow, blankfein and dimon are still way ahead. him sloan, james gorman and brian moynihan have $7 million of gains. why are blankfein and dimon so far ahead? it it how they have managed to build up such large stakes in answer lutd si absolute side. jamie dimon has also purchased half a million additional shares himself in recent years. there may be some criticism given the presence of former goldman sachs alumni in the cabinet, but most of the gains have become because of bank share price gains because of the yield curve move rather than specific policies. and it's encouraging to see ceos so tied to the fortunes of the companies they run. former wells fargo ceo, john stumpf received $27 million just sitting at home. >> any names you're surprised not to see on the list? >> not really. the

. >> with jpmorgan. so josh, you look at the technicals more than anybody on the show. >> yeah. >> does this sort of make sense to the way you look at things? >> well, so a couple things. the first is rotations are positive, not negative. specifically when you're in range of new highs or at new highs. in other words, what you don't want to see is a narrowing leadership group. you don't want to see fang part two. you're not seeing that. and you're even seeing some days where staples and utilities absent any kind of rally in bonds, you're seeing those names have their day in the sun. this is exactly what you want when you're at these levels. and then the second thing that i think is worth pointing out, it's not all perfect underneath the hood, scott. we're not a perfect conditions. you have in highs versus new lows starting to drop off a little bit. or at least not confirming new price highs. that's something that technicians are watching. so you know, i don't think we're talking goldilocks here. we're jus

jpmorgan ceo jamie dimon will speak at his bank's annual investor day.ou will be there. >> i will be there. the other interesting thing, not to downplay mr. dimon, but i'm looking forward to the individual heads, particularly david pinto, the head of investment bank and gordon smith, the head of the consumer bank. so, a good look ahead in terms of investment banking. >> that's not all. target's ceo brian cornell will present at his retailer's annual investor day. auto zone and target will report before the open. salesforce.com is out after the close. let's focus in on target. landon dowdy has been digging into this one. she joins us with three things to watch when the retailer reports. good morning. >> good morning. the street is looking for target to post earnings of $1.51s a share on revenue of about $20.7 billion. beyond those numbers, here are the three things to watch. q4 sales, same-store stales a s q4 sales, same-store stales aal expected to have dropped after two quarters of growth. target warned of weaker sales during the holidays. second, trump

. >> first we talked to jpmorgan about the emerging market that could be vulnerable to the america first agenda. ♪ >> welcome back to bloomberg markets. >> let's get you a quick check of the latest headlines. income fromrecord operations abroad, $621 million. president trump's victory spurred demand for fixed income products. the first full year overseas profit in seven years. oil fields.selling shell wants 3.8 billion dollars for a half of its oil and gas taxes. they are selling a stake in it for 900 million. >> under armour plunges the most after sales forecasts fell more than forecasted. it's the smallest annual gain since it went public. under armor is struggling to maintain growth that doubles every three years. take a look at the bloomberg data. it is the shortest stock. i just took a look at it on the s&p 500. >> the dollars rebounded triggered by president trump's claims other countries are devaluing currencies. let's discuss this. thank you for joining us. see aondering if we could dollar selloff if the fed doesn't come out and handled tightening very soon given this strong doll

goldman sachs up 71%, jpmorgan chase up 64%.tle better than jpmorgan since that dimon bottom and american express up 53% overall. guys, it's a huge story. when you make that kind of a bet, it's a big deal. now that jpmorgan shares are 87 and change, call it $34 per share, half a million shares, the guy made $17 million market to market on that trade, a pretty good return, 64%, guys. back to you. >> thanks for breaking it down for us. what an extraordinary turnaround for banks. we're also coming up almost to the bottom in oil prices as well. that's another big factor and what was weighing. >> s&p 500 overall, too. >> exactly. amazing turnaround. >> thanks. when we come back this morning, 16 hours and 23 minutes later, qatar airlines broke a record with a flight you probably don't want to take. details when we come back. ♪ ♪ >>> welcome back to "squawk box." a plane landed in new zealand, the long ecommercial flight at just over 9,000 miles. a qatar airways flight, doha to auckland in 17 hours 45 minutes. previous record holder em

these are business leaders, executives, interviewed by jpmorgan jpmorgan. hire to weigh in, jonathan hoenig, capitalist pig hedge fund and fox news contributor and kevin kelly recon capital partners. kevin, look at numbers, where we've been and where we were after november and the inauguration, is this all donald trump? >> i think it is and one of the reasons why it is not just donald trump though but it is also the legislature. we have the house. we have the senate. they're able to effect a lot of changes. if you go back to the lasted a administration, business didn't have the confidence to lay out capital expenditures because one of the biggest things they got hit with was obamacare. it was a tax on them. so you even saw that came through on the jobs numbers where businesses of 49 people and less barely contributed to the jobs numbers, 12% of new jobs added. that will be a big reversal. companies are excited to hire more. it is a lot of confidence and this administration is focused on growth. we had mediocre growth, sub2% gdp numbers. this administration

for more we're joined by jpmorgan's matthew boss. he is the top ranked analyst who covers retail.t's going on with macy's? why is the stock negative? >> the conference call and the largest picture take away continue to be same-store sales in the department store sector down low to mid single digit, driven mostly by traffic declines. one of the peers dillard's reported a negative six comp today. ebit dollars continue to move lower. there's no realtime line on the turn around in this segment right now. >> is there any reason at all to buy a department store stock today? >> our price targets are below the street across the board. they're all street lows. no, i haven't seen any reason to step into the department stores. if anything, what you've got today is so far 2 for 2. inventories heavy into 2017. again, there's no real answer to the traffic declines. >> goodness. nothing out there has sold off enough that it makes it even remotely attractive. >> i don't think in the department store sector. or even the core mall base specialty. we would rather look in athletic, off pricers, poten

jamie dimon famously called the bottom in jpmorgan stock a year ago.c chemmy has more. >> hi, kelly. last year jamie dimon made a lot of news for himself buying half a million shares of jpmorgan shares. with the stock up 60% he's made $16 million on that trade so far. dimon wasn't alone at buying shares at the bottom. we dug into insider transaction filings and found a few other heavy hitters, namely steve mnuchin and warren buffet. mnuchin loaded up on shares of cit group. it's worth $5 million more today. the biggest buyer in total dollars was buffet's berkshire hathaway. they brought $78 million of phillips 66. the key thing, buffet did not panic when markets dropped continuing to buy more. just that one february in trade has earned over $6 million. we found a couple more big-name buyers that actually earned a higher return than dimon. steve wynn's $15 million purchase of his own company is up 67%. not bad for one trade in one year. and then there's elon musk who may have had the best trade of all. he bought solar city last year, sold it for tesla s

we're here at jpmorgan now, which is the second stop for the snap executives.y're meeting with the sales forces at the banks today. they were at morgan stanley first thing this morning. we saw their two cadillacs pull in. they spent about an hour and a half there talking with the sales team. i'm told that their presentation and video explaining how they intend to pitch this ipo will be available later online today. as you mentioned, earlier today they posted their amended filing. we learned a few thing $19.5 billion to $22.2 billion. we did some back-of-the-envelope calculations on that, looking at how that compares to the sales numbers they put up for 2016 -- 48 times, carl, 48 times sales numbers for 2016. that compares to about 14 times at facebook, which is particularly interesting because this is the first time we've ever seen an ipo being offered and conversations with people who were in these meetings will be ever more interesting to see exactly how they plan to pitch that valuation to investors, how they get investors to buy into this. after this, of co

jpmorgan chase,

is the japanese auto industry including barriers of jpmorgan to u.s.joining us from chicago. >> i don't know if you've been to jpmorgan but if you go there and i've been there you really don't see american automobiles there. it's not a technically closed market but it's really tough for u.s. automakers to sell vehicles in japan for a variety of reasons. and we've heard donald trump talk about that, particularly when he's talking about the number of japanese vehicles imported into the united states. when you look at all the vehicle sales, last year, $17.5 million in the u.s., 9% of the vehicles were imported from japan. and that's third most after mexico and canada. it's a sizable number. about 1.5, 1.6 million vehicles imported. now, at the same time, the japanese automakers will point out we've got a number of plants in the united states. we employ tens of thousands of people. when you add the suppliers and you add others in terms of dealers, et cetera, it's hundreds of thousands of people who are employed either directly or indirectly by japanese aut

david stubbs of jpmorgan stays with us.ith a conversation with opec secretary-general mohammed barkindo. david stubbslive from the interl petroleum wait here in london. look for that at six clock and in new york, 11:00 a.m. in london. this is bloomberg. ♪ ♪ aylor: this is bloomberg. let's get to the business flash. to people familiar with the matter, the japanese company wants to complete the transaction by march of 2018. toshiba is grappling with a $36 billion write-down in their nuclear division. that comes with cost overruns in over nuclear division construction in japan. passive says the investment model will become higher in the region. one reason, new regulations will increase the cost of managing money in your. vanguard sees that driving up the share of the market from 50% to almost a third. hsbc is extending stock buyback's that have driven shares to a three-year high. the bank announced a $1 billion $2.5ck after purchasing billion last year. >> we continue to focus on investing capital in the growth of our business

i wouldn't mind earning money at jpmorgan or visa dollar or walmart dollar because if they devalued on me i could replace them. with treasury having monopolies if they devalue we have nowhere to go so long-term private money as it historically has will replace government honey. >> host: in shepherdsville, kentucky, you are on booktv with john tamny. >> caller: thank you. i caught the tail end of your show. i have read a book or two about the formation of the federal reserve, very intriguing. i want to grab your book and read it but my question is do credit unions -- are they on the same play with the banks? do they have the same relationship with the federal reserve, do you see us going back to a gold standard to return the money into the free market and have it back? i will hang up and listen. >> guest: you are asking any central question. your point is so much credit occurs away from the banking system, i can't specifically talk about credit unions but what you describe happening, usaa, and a really excellent bank, lending club is huber for lending, they want to expose their savings

jpmorgan has said foreign nompanies will sell more yua bonds in china.er they started allowing the banks to write them last month. an active dialogue with global clients about issuance of bonds. the markets team, consisting of three people after it gained wider access to the markets. spacex has launched its second rocket, carrying 2.5 tons of supplies to the international space station. yesterday's lift off from the apollo launchpad was a success. the rocket landed without problems, taking the spacecraft out of the atmosphere. that is your bloomberg business flash. manus: thank you. let's focus our attention into china banks had more than $3.8 trillion in wealth. the expansion is in the form of shadow banking. a 30% increase on a year earlier. we some normal lending over the same. of time. -- over the same poco of time. everybody has always warned about the shadow banking. these numbers do testify to that. definitely. it backs of the fears underneath the stability in the economy. underlying systemic risk growing. we have seen the quarterly report on frid

jpmorgan, too. mean, as -- if cramer were here he would say growth is literally breaking out everywhere right now. >> yeah. >> and over in japan. the whole market is doing tar f terrific right now. >> five big tech stocks, market cap over $100 billion, hitting 52-week highs. s&p, oracle, amazon, apple, cisco. big. >> court's now in session. let's get to the judge. >> thanks. welcome to the "halftime report". i'm scott wapner. stocks surge. what if anything can stop this trump rally. with us, joe terranova, stephanie link, john najarian. kevvin o'leary back with us. we do begin with stocks if major averages all hitting new highs today. throw in the russell 2000 as well. there's the dow. crossing 20,700 for the first time ever. the question is should stocks be where they are given much

we are going to hear from jpmorgan. the shareholder meeting today. dow futures up six. the features down one point. oil at 5396 a barrel. you are watching "fbn:am" ♪ liberty mutual stood with me when i was too busy with the kids to get a repair estimate. i just snapped a photo and got an estimate in 24 hours. my insurance company definitely doesn't have that... you can leave worry behind when liberty stands with you™ liberty mutual insurance just like the people every business is different. but every one of those businesses will need legal help as they age and grow. whether it be with customer contracts, agreements to lease a space or protecting your work. legalzoom's network of attorneys can help you, every step of the way. so you can focus on what you do and we'll handle the legal stuff that comes up along the way. legalzoom. legal help is here. >> arizona state. "moonlight," you guys won best picture. this is not a joke. i'm afraid they read the wrong thing. this is not a joke. "moonlight" has won best picture. nicole:'s the price waterhouse coopers accounting of kos

you see we have the indexes and the jpmorgan price return index a white and again, hardly surprise. have the fed move there at the end of 2016. it has converged now they are moving apart again. how do you navigate this? i think the move we saw up in equities was across the board, but particularly across the saudi market. if you ares -- looking at the cash flows of the region, most into the bond market. there is a greater confidence that people will buy into the bond market. they say the next for seven years as still do not know where your price is going but there is liquidity.l of we have seen surprising, consistent demand for bonds. yousef: gary, hold that thought. we will get more from you on the debt line from greece's bailout review. more to come. this is bloomberg. ♪ yousef: welcome back. you are watching bloomberg markets: middle east live from dubai. i am yousef gamal el-din. tracy: and i am tracy alloway. greece could reach an agreement with its creditors by march. greece is under a pressure to come to a deal on its debt and upcoming elections make an early agreement even mo

ceos from ibm, general motors, jpmorgan, jpmorgan chase, jamie dimon is there. getting together to talk about all the policies and what is needed to get this economy going. it cover as wide gamut of industries. i think there will be heated debate regarding the temporary travel ban in place by donald trump. there are critics out there, including ford and elon musk at tesla. stuart: let's see what they have to say when they come out of that meeting. we'll have the tape at some point this hour. "washington times" charles hurt columnist. in my opinion we have news from president trump, job creation, about his relationship with business and about the economy. my question is that positive news being obscured and overshadowed by the violence from the left that the contempt from the left and non-stop, stop erything point of view that they embraced? ishat overshadowing the good stuff? >> certainly among the media but among normal people it is not at all. what we're already hearing from the left, with good numbers that came out this morning, somehow trump inherited this e

visa, goldman sachs and jpmorgan leading the charge there. s&p 500 closing higher by almost 3/4 of a percent. the nasdaq finishing higher by half a percent. that was a record close for the nasdaq. the russell index -- russell 2000 index of small caps there closing the highest of all of them. up 1.5%. fewer financial regulations and jobs orders and a bunch of ceos at the white house seemed to lead this rally. >> volume was good. time for a cnbc news update with sue herera. >> high, guys. a french prosecutor says the luovre museum attacker was a 29-year-old egyptian born resident of the uae who came to paris on a visa. the knife wielding man attacked five police officers while shouting god is great in arabic before being shot five times by police. police operations are underway in the city in response to that attack. >>> drug kingpin el chapo guzman appeared in federal court this morning. his lawyers are arguing his new york city jail conditions are too strict. the judge did not comment on the conditions. el chapo has pleaded not guilty to drug

jpmorgan, bank of america, two of the big ones and we talked in the past about jpmorgan. or bank of america. i apologize. i feel bank is sort of a synthetic play for the entire financial industry for retail because the trades basically inexpensively than real dollar terms at $23. so it doesn't take up a huge amount of people's accounts to get involved with that type of stock. then, of course, we continues to see people buying. amazon. a stock at the higher end of the stock that people bought for the last year and again one that everyone knows the business. >> that one sets you back 800. >> i guess it's great that there's room at every end of the scale for people. again they have been handsomely rewarded. and the one that may surprise people is navidia. our clients use that as an opportunity to come in and do some buying >> you're not getting a whiff of bearishness at all based on what the market has done. financials are up 19% since the election. >> i agree. it's a little bit more of concern and people going into stocks -- nvdia was a surprise because one of the things we

it's jpmorgan and charles schwab more so. >> what's the rational? of bank of america, they beat their earnings forecast the last couple of times. growth is good. if you look at the stock performance, it's been on the rise for a number of months and years as well. when you look at the top three buy sectors, you saw financials, information technology and industrials, you could make an assessment that first of all you have the glass-steagall act that will be particularly dismantled and not be there anymore that could help the financial sector. followed by slowly rising interest rates, and then technology, so you could have the repatriation tax that could benefit. specifically when we look at information technology, the semicsem semicon ducter activity. >> so it's not apple. there could be money coming back to shareholders in a special payout. is apple attracting much fire power? >> it is. in terms of the percentage of foreign revenue they have, it's about 60%. it's not near the semic semiconductors. the magnitude is different, the overall revenue that

jpmorgan and company became the agent taking sales commission on everything the british brought and keeping the people going in part. all of that helped lift them. it was cut in half by 1915. germany's warfare and the other side, britain's naval lock cade had a fatefulkens. given the supreme court on the north atlantic germany not ir rationally thought submarine warfare was the only militant response. they would argue it may have been a matter of time and both attacked the u.s. into declaring war. wilson's decision was not an irrational one. the north atlantic was a lifeline to u.s. commerce to destroy neutral ships and e congressman mers was a -- and e-commerce was a violation of global law. one of the quips made at the time about the british blockade versus the warfare was bo tanya rules the waves and waves the rules. [ laughter ] >> woodrow wilson was not himself neutral in thought. he was a life-long agrifall. his mother was born in lake brooklyn and others. less than a year after this europeans went to war, he told lieutenant house, a victory will change the course of the nation and ma

their position is half has of jpmorgan and citigroup. i don't have those fears. people are still worried about litigation, a foreign exchange litigation is still ongoing. those won't cost them the numbers they've seen in this quarter. that's fine. the problem, geoff touched on the jam tomorrow issue, is at what point can john start to crank up the equity? now he's done a lot of hard work on the balance sheet? and they're having to start further back than two, three years ago. >> 11.9%, the strongest in three years, how do they compare to other main banks out there in europe? >> in terms of european perspective, that's pretty high. of course they are being kept to a higher level than a number of their peers who are not as involved in the investment banking, don't have a list profile. they're getting there. they're up with the u.s. counter parts. but those u.s. counterparts go through a much tougher stress testing regime than europe does. so the fed is already allowing them to start to return capital shareholders. john is still trying to build it higher. so he's ag

they took stake in citigroup and jpmorgan. these are the first stakes taken since the election. tech was also an interesting play this quarter as berkshire hathaway tripled its position in apple but other hedge funds were less optimistic on the sector. tepper cut his stake in apple in half. we saw other sales in amazon, facebook, alibaba was another stock that experienced some selling. back to you guys. >>> president trump's sons eric and donald jr., they'll be heading to dubai for the opening of a brand-new trump golf resort built by the uae based properties. the golf club dubai has drawn criticism that it creates a conflict of interest with critics that say president trump isn't distancing himself from the business. >>> tourism development authority is joining us. a lot of people are looking at what's taking place in the u.s. and they're looking at ties to the middle east and they're thinking, well, trump is continuing to profit from his investments in richer parts of the middle east while at the same time closing the country for people from war torn countries. you're a two ho

jpmorgan is ready for its annual gathering of investors in new york.ng reporter laura keller. what time do we expect an update on profitability targets from the bank? laura: usually every year the cfo of the bank comes out and drills down on these different things. analysts we talked to do not expect much of an update. there is the $30 billion net income goal they have and it is not something most analysts believe will change. there will be an area to talk about how taxes will change. will it make the bank more efficient/ of course, we are always talking about interest rates rising and how great that is for the bank. it is something you have to think about, if the yield curve is really going to pop, how are you going to do this, jamie dimon? how are you going to increase profitability? is a going to be loans from consumers? to get it -- is a getting companies comfortable with the tax infrastructure to make these deals? had earnings in january and have another one in april in a couple months. what do we usually talk about your separate from what they sa

he is chief global status and jpmorgan funds. don't miss bloomberg's special coverage with president obama's joint session of congress. you have to stay up, mark. taylor riggs have more from our news on. taylor: president okafor big increases in defense spending. and. that is according to persons familiar with the plan. the outline of the budget will be made public is early yesterday. he told the nation's governors there will be a public safety budget. it will cutrning off renegotiations on nafta if the u.s. imposes new tariffs or quotas. the country's economy minister told bloomberg the moment the uss will put a 20% cap on cars, he is leaving the bargaining table. is --ent trump says nafta may isu.k., theresa getting ready for battle and the house of lords this week over her draft for her brexit law. they have demanded the unelected law makers in the upper part of parliament don't invite legislation -- don't read right legislation. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 cou

alex dryden from jpmorgan is joining me. why is it markets still rally on this announcement?we heard a lot about tax cuts, fiscal policy broadly since trump was elected in november. however this is painfully little detail. this is one of the first mentions we had from the new administration since they have taken office about any plans for tax cuts or fiscal stimulus. that's picked up equities a bit. the prospect that maybe finally we are getting a bit of clarity over what that fiscal policy will look like. frankly i think we'll have to wait until april or may before we get some of those hard details. >> how would you quantify the impact for you as corporates? i read one note that said for every 1% tax cut eps will rise by 1%. on the other hand you have all these protectionism concerns. what's the final impact? >> there's a lot of crosswinds. we have trade, corporation, tax, we have things like the stronger dollar and monetary policy. corporation tax helps companies eps. however what i would say is that massive unfunded tax cuts are unlikely to be signed off by the core base o

he's jpmorgan's global head of derivative.hort-term, we're basically at where you thought we'd be at and we think we're in for a pullback here. >> we could have a pullback. our 2017 views that we still have upside in equities. 2,400 is our target for the year. so overall we are positive for the market but basically what's happening now a bit of come plain essentialsy setting in. how much investors are buying protections very little actually. so there's a bit of kplanssy and positioning is both from the mental and so you if look at the systematic investors, also volatility based investors because volatility has been so low they jack up the exposure and level. from the mental investors they're fairly long. they're beta to market is fairly high. pretty much everyone is relatively long. set up the stage for a little bit of the pullback. >> say risk on the market that everybody is so come place sent. the policy that he promised will get accomplished we'll get accomplished. they think tax reform is going to come, et cetera he. >> i

get this more than jpmorgan chase comb their highest level ever.estors are optimistic later this year of the 10th anniversary phone expected to include major upgrades and also like apple's increasing sales in china in the apps and streaming music markets. >>> so the transportation department is getting a earful about allowing wi-fi phone calls on airplanes. it received more than ,000 comments and most of them are emphatically against it. most of the people writing in say allowing flyers to make personal phone calls would make flying even less fun than it is now. it's hard to believe. four years ago, a similar outpouring helped keep the ban and cellular calls. >>> coming up, love is in the air. in the airwaves in our wardrobes. you should see what i'm looking at right now. we're going to take a look at the top love songs on this valentine's day and your eyes might hurt by ourut s congestion for 12 hours. no thank you very much, she's gonna stick with the short-term stuff. 12 hours? guess i won't be seeing you for a while. is that a bisque? i just lo

you see, bank leader jpmorgan, which had been stalled, taking off and running. remember, if we get a bunch of rate hikes, then jpmorgan can make as much as $3 billion more than we're currently expecting. bank of america jumped 2%. that's a monster move for that stock. how about these down and out retailers and apparel companies all climbing on the possibility that border tax won't happen? what do you say to an all-time high for cramer fave costco? a stock we own for my charitable trust and you can follow along there by joining actionalertsplus.com club or how about the big gain in nike? that was like done, right? even target went higher. the stocks of dollar general and dollar tree, two that i actually think i'm now going to recommend to you, if the border tax is behind us, they really roared today. they have the most to lose from the tax and the most to gain from its death. no wonder they were up 3.5% and 3.6% respectively. when i bought those five pair of sunglasses for five bucks from dollar tree, i was thinking they weren't like from ray ban. i was thinking

>> we did, and especially being a midsize bank, many of the rules that were applicable to jpmorgan anditibank were thrown upon us. liz: which is really ridiculous. it's funny, the road to hell is paved with good intentions, dodd-frank intentions were let's never have the crisis happen again. with one size fits all, you were swept in and ensnared. what's the worst part of the ensnarement? >> first of all, everybody involved in crafting dodd-frank, all the democrats in the house and the senate side as well, thought there would be a second bite at the apple. they knew there were mistakes and thought they would fix it. what happened was senator kennedy passed away and the law became fossilized. no changes could be made. nobody in the world thought that a $50 billion bank ought to be regulated with the burdensome regulations with the international bank like a jpmorgan. liz: be clear, 50 billion for viewers, once the bank hits that, you are considered systemically possibly dangerous, you are held to bigger rules. i can only imagine that disincentivizes you to grow your bank to something bigg

. >> despite record highs jpmorgan says the market accident could be on the horizon. let's find out why with marko. it's always good to see you. what sort of accident could happen? >> primarily thinking about the increase in market volatility, if you look at it right now, s&p is about 5% extremely low and the main driver that is very employee correlations. correlations are really at historical all time lows and that's stock correlations, sector correlation. we think that unsustainable. there has been quite a mock driven related moves but also there's a turn of the year seasonality where investors started changing sectors which pushes correlation lower and most importantly earning season. very disruptive. so suppress correlation to unsustainably low levels. they're going to bounce back going into march once when the earnings season is behind us and we go into quarterly option cycle. volatility of market will go up as well. >> the markets will then go down. >> so once volatility increases that's going to put some pressure to derisk it and may shake out some weaker hands

had you bought the overall market or jpmorgan shares you would be looking good now.r how the sectors have performed. the s&p 500, you have some real winners and losers. on the winning side, the financials. better by 40% just since that dimon bottom date back on february 11, 2016. the worst performing sector in the s&p 500, telecom services, up by 3% or 4%. the high and the low if you will there. as for the dow overall, again, financials leading the way higher there. look at some of these winners and losers. goldman sachs has been a better performer among the banks, up 71% since that market bottom. jpmorgan up 64%. american express up 53%. so mega cap, large cap financial names doing well. since the dimon bottom. jamie dimon made around $17 million off that trade alone. when it comes to market timing, he seems to do well. as for other banks, not too shabby. dominic chu, cnbc. >> tim is still with us. tim edwards director from the s&p, dow jones indices. why is greece back in the headlines? >> the first reason is the last time we kicked the can down the road and we rea

jpmorgan chase, jamie diamond. >> no one better than jamie. >> unless you have the frank from dodd frank. congressman barney frank joins know diuss. >>> why i'm obsessed with ground hog day again, and again. >> rise and shine. >> this is mtp daily and it starts right now. >>> good friday evening, i'm chuck todd here in washington. beer, taxis, mickey mouse, motorcycles, and plaid shirts. folks, welcome today 14 of the trump administration where everything has become politicized. the white house today president trump met with an advisory council compose of more than a dozen business leader. comes amid a growing backlash over the president's partial travel ban. the ceo of uber sent a memo to employees announcing his resignation from the president's council. you probably can guess one reason why, flood of uber users were livid with the association with the new trump association. more than 200,000 deleted their uber accounts off their phones. this week, according to fortune magazine. it's not just uber though. after facing intense backlash on social media, it was reported last night that dis

jpmorgan up 3%. the list goes on.e strategic and policy council meeting today will have the ar stevet's e schwarzman. -- and it is led by steve schwarzman. will this be broadly led by banks? kevin: the signal out of the white house is they are trying to make the case that the regulatory policies will be good, not only for large financial institutions, but also for the middle class. we heard this earlier coming from several administration officials from the white house, including in bloomberg's exclusive interview with gary cohn earlier this morning where they have essentially said the dodd-frank law did not do anything to address too big to fail. let's be honest, democrats would vehemently disagree with that detection, but the fact they are using that populist rhetoric signals they do at least understand the political climate, if you will, that quite frankly helped elect president trump to the white house. a lot happening behind the scenes. a lot of ceos dealing with the fallout from grassroots groups against this pre

onare keeping our eye jpmorgan stocks. jamie dimon is speaking.es, taking questions from analysts, talking the traditional bank reputation of jpmorgan and also talked about what is going on in washington, to some degree saying there needs to be more collaboration on tax reform. he says it's not about what is good for the bank or the company, it is about what is good for america. something the cfo said this morning in her comments, that some regulation works and some does not. he did say a lack of tax reform is hurting the average american and infrastructure spending would be positive. he had an exchange with the well-known bank analysts who just lost his job after that company closed its u.s. equities unit after he asked a question about jpmorgan's brand. he said you are a brand. he told the story about when he first became aware of him when he took over as ceo of bank one and said he wasn't allowed them call because he'd written the negative report about the company. a couple of the highlights the far. onrlet: love the antidote mike mayo from jam

he was very reluctant for the court to allow jpmorgan to help the british, or allow u.s. credit to the british, even though he knew american workers were happy that they were going back to work. factories, making the munitions and stuff. he was the most popular figure in his own party except for the president himself. as most of you know, he was resigned as secretary of state after lusitania was torpedoed, because he thought that wilson's second note to the germans was much too tough. he knew more than everybody in his party wanted to go to war. i also mentioned ethnic animists on all sides. new york city was full of immigrants, children of immigrants. this is february 8, a week after the germans have already resumed unrestricted u-boat warfare. so as the title of my book has it, it is a war against war. yiddish, italian, and others spoken. so there were many, a large important networking if you will in the antiwar movement. their tactics were quite diverse and imaginative, i think. they took petitions across the country as you might expect them to do, but they packed lik