thoughts on jpmorgan >> start with jpmorgan jpmorgan is best of breed amongst the money center banksnd obviously performed very well and when you look at the fundamentals of the company, they remain relatively strong. where you run into trouble, talking about the relative performance mattering. another thing that matters is valuation. where we are, above average valuations for many banks including jpmorgan, whether looking price to earnings or price to book basis. somewhere between 7% and 15% above the historical valuations for the nail interesting also going into earnings some of these names are implying fairly big moves. maybe above average moves. isn't true for jpmorgan. looking at about a 2.5% move the bank itself is relatively expensive, options on it are not. the way to play this, looking out to march buy the 105, 100 put spread about $1.15 looking at it earlier today. spend $2.20 for 19005 against i. like that math trying to target that check back carter talk about. >> interesting, i don't know what you think of the trade, bk. give that opinion. this goes against what a lot of

next week, we will hear from citigroup, jpmorgan -- citigroup, jpmorgan stanley.ason goldberg- from barclays. give us some insights into what you saw today. any surprises when it comes to these banks? if yourally speaking, adjust for all the tax related noise, and there was a lot of noise in the quarter on gains and charges, results pretty much in line with expectations. long growth a little better this -- upr than last quarter, modestly. trends we felt were mixed. trading revenues were down, not a huge surprise. -- credit remains benign given the economic backdrop. shery: one of the things i've been watching is that net interest margins in most cases have begun to expand even as the curve yield has flattened out. contracted. does that mean jpmorgan has more pricing power in a way? what is the difference in how they are managing this? hadf you look, wells fargo -- given the tax change -- there margin was up two to three basis points. similarly, both companies saw a deposit cost increase 2% to 3%. in any quarter, it is hard to compare two banks. at this point, the

we will see if jpmorgan drags down the index. three-year high as dollar weakness continues to erode the trade. quiet, 2.55% on the 10 year. crude modestly lower, but still $63 on oil. david: it is time for the daily brief. we get thet 8:30, consumer price data as well as retail sales eco-data. noon, federal fed president patrick harker gives an economic outlook street -- speech. 12:45, the president has his annual physical exam at walter reed military center. emma chandra has the first word news. emma: let's get you caught up on the headlines. the united nations calls president trump's remarks about immigrants shocking and shameful . he is said to have used foul language speaking to lawmakers about why the u.s. accepted immigrants from haiti and africa but not places like norway. president trump will not say whether or not he has spoken with kim jong-un. he refused to comment but says he probably has a very good relationship with the dictator. a germany, there is preliminary agreement and four months of political stalemate. accor

thoughts on jpmorgan >> let's start with jpmorgan jpmorgan is best of breed among the money center banksobviously it's performed very well the fundamentals of the company remain relatively strong he was talking about the relative performance mattering another thing that matters is valuations and where we are at right now is above average valuations for many of these banks, including jpmorgan, whether you're looking at price to earnings basis or price to book basis. somewhere between 7 and 15% above historical valuations for the name what's interesting, some of these names are implying fairly big moves, maybe even above average moves. that isn't actually true for jpmorgan we're looking at a 2.5% move there. while the bank itself is relatively expensive, the options on it are not. >> i think the way to play this, i was looking out to march, you could buy the 105, 100 put spreadsheet. you would spend 220 for that 105 strike put, less than a quarter of the distance between the strikes. we like that kind of math. we're trying to target that checkback that carter was talking about. >> bk, i do

jpmorgan's global chairman of .york, this is bloomberg. ♪ scarlet: i am scarlet folk -- scarlet fu. julia: with insight and analysis on the sector, joining us now is bloomberg reporter, ed. m&a.port jpmorgan's over 25 years of experience on wall street during the time he has worked on a number of industry defining deals like fox, at&t, time warner. a work in progress there. great to have you. while we have got you, we have to talk about the news of the week thus far. jamie dimon will stay on for another five years. we have a sense of succession plan as well. is a really years long time in jpmorgan's history. >> things again for having me. obviously, big news. the most important thing is jamie will be here for another five years. it is also recognition for two great leaders of our firm, gordon and daniel have done an amazing job running two of our most important businesses. from that perspective, it is a recognition of a job well done. >> yes, they have been promoted to copresident, both of them. it puts them in a di

archer hathaway and jpmorgan not going anywhere. anthem, cigna unitedhealth getting hit in the market. really huge news. i want to bring us back to washington and the state of the union. when the things we are going to be looking at is infrastructure. even before the president addresses that we have chuck schumer. coming out and saying and the washington post this morning only a plan with direct investments can properly addressed scale up the challenge we face. initial indications are that the present proposal will rely on capital from private companies and states and localities. let's talk about infrastructure. this is really a flight. -- fight. republicans are more towards the private funds. if you do that it's going to be really hard to have a bipartisan infrastructure plan. democrats don't want to give president trump a win. they see themselves getting back the white house in four years. check outs to just the president and don't let any of his priorities get through. president trump isn't really reaching out to them and saying

for the year, 2017, jpmorgan earned $24.4 billion. i spoke with jamie dimon at the healthcare conference in san francisco giving fox business rare insight into the industry, and politics in washington. jamie dimon: there are almost 2,000 individual meetings. the beauty of this if you go back to the beginning. it was 10 companies, now it's almost 500. the total market cap is $5.2 trillion. that to me is an amazing uplifting thing. maria: you are seeing companies talk about new innovations and get help in the sector. jpmorgan, largest bank, millions in credit cards, how would you characterize our seeing. jamie dimon: from our business lines and other data, it's clearly accelerating. you see it in household incomes and capital investment. and it's helped by the fact that rest of the world is growing, too. but the american economy looks like it's strengthening. maria: why? what's behind that? jamie dimon: this is my own personal opinion. we were growing slow for a long time. animal spirits are back. markets are higher. i think you are see

>> jpmorgan mindset. at 8:00. >> don't try to chew gum, doing two things at once thank you. >> joining us on the phone is dick bove, analyst and what are some of the numbers that are jumping out? >> the very mediocre are right across the board if you just get to the bottom line numbers which are the most important, and i like to use the recorded numbers, not the pro forma numbers. the numbers are down on a quarter over a quarter basis, and their operating expenses are up you can't have anything worse than that. in addition, if you go into a number of the subsectors, you know, the revenue sectors that wilfred just described, most are down pretty substantially on a quarter over quarter base so i would say that i can't see anything in this quarty that would say. >>> i really love this company, i want to go out and buy this stock. the important point, however, is that this is ancient history i mean, we've had a massive change in the financial system, in the economy, and none of that is reflected yet in the ea

jpmorgan, let me turn to you.action in the euro is interesting because i have had a lot of people say they are not pricing in a lot of political risk around germany. is this momentum building from yesterday, or is it specific to this german news? has certainly helped. the fact that we are beginning to see the formation of a government that potentially would refocus on the european , those are adding to the positive story in europe at the moment. we have had good data out of germany recently. factory numbers in production are very strong. europe is growing profamily above trend. at the beginning of the week we also saw the ecb minutes, suggesting a slightly august him. he euro is still coming from a position of being undervalued. instead we are reflecting a positive and growing economic story within the eurozone. nejra: so, we will fairly price that. >> it is still undervalued, but moving in the right direction. tom: matt, i know you have got the lamborghini driving the 360 .miles south of munich how far is bavaria

." >> live from san francisco at the jpmorgan health care conference. he was maria bartiromo at this special edition of "mornings with maria." maria: good tuesday morning. thanks for joining us. i am maria bartiromo. tuesday, january 9th. happy to have you. 6:00 a.m. on the east coast. from president trump policies to the health of the global economy. jpmorgan chase jamie dimon set down for a wide-ranging fox business exclusive. an interview with the banking that he weighed in on my cutting the corporate tax rate is such a big deal. >> i think one of the mistakes people make is to have a huge cumulative effect. people say the be good for america. maria: more from exclusive interview with jamie dimon this morning. market this morning. s&p and nasdaq had close to another record high yesterday. the dow down a fraction that the s&p and nasdaq continue in record territory. features right now the kick off of the program indicating the markets will open higher once again. momentum continues in the market will not quit. dow industrial 40 pints a day, 25291. s&p

looking at what happened was wells fargo and jpmorgan, it is interesting because with the jpmorgan, theywith estimates in terms of earnings and revenue, just a $60 million miss, not too much in the grand scheme, but the weight from friday, the head to what is happening with citibank and the other banks, is what is happening with trading revenues. his is for 289, trading revenues with jpmorgan. we saw this on friday. now have the numbers entered this is the third quarter, the is at itsming in lowest in the past three years almost chart, 2.2 2 billion, the off time that happened was of the star here. in terms of equity revenue, we're hitting the bottom, 1.1 5 billion. it is a bigger fall than expected, down by about 34%, an expectation of about 19%. you talk about jpmorgan and the share price, still rising to a record high. it might be because of what is happening here, because of the tax windfall these banks and other banks are very well going to be seeing. for jpmorgan in orange, wells fargo in blue, we are expecting them to see a corporate tax rate of 19% from their effective tax rate b

jpmorgan will look and say what are your customers saying? are they more active in m & a or lending? if your rates are going up, you're going to make more money too so i think that will get discounted, plus your tax rates globally you can see banks, multiples actually, if you're going to look at multiple expansion, there's a sector in financial services that's below the market that's where you could see the growth coming from, especially to drive this market. >> in terms of what you say about the clients, agree, absolutely crucial slightly under the radar was loan growth. the second half of the year it really slowed. if we look at loan growth overall, it gained so much in 2016, up 9% year on year it could be around 1% or 2%. commercial industrial loan growth is the one area the ceos have been saying once it has passed, that's when it picks up. >> do you remember an earnings season where the actual reported numbers could potentially mean less to investors than they do this reporting period? simply because it's about the guidance the tax plan h

jpmorgan and -- join forces.nebook cross the lines running cryptocurrency promotions on its platform here it the selloff continues for u.s. stocks with most declines since august. a u.s. rate decision, the president's address to congress in the state of the union, let's bring in cory johnson in new york. walk us through the highlights today. y: there are a lot of the factors that lead to a market selloff. it is such that the baby in the bathwater all go together, but there are interesting developments in the world of tech and i think most important, one of the reasons for people to sell stocks was the announcement for this potentially big deal, this interesting idea of amazon berkshire with hathaway and jp morgan to provide health insurance for their employees and perhaps the on that. they say if it works for their employees and families, it might help other businesses. of a bigto a selloff health care stocks. after yesterday's downward moving stocks, a lot of the selling and a lot of stocks with amazon outperfor

conference from nonother than jpmorgan's jamie dimon.e won't talk about what the company will earn. we'll get those results on friday when the company reports but i think we'll give the whole market a jolt if he comes to play now ordinarily i don't take my -- from the little companies like schnitzer steel but these are extraordinary times. the chinese are dumping the steel where it's a national security interest to block them. when that happens you'll see a legion of money managers and commentators on tv and carrying their -- tearing their hair out for how we're in for a big crash. so any commentary from any steel company right now will give us an inkling about my biggest worry at this moment when i say this is my biggest worry i don't mean a potential trade war. i mean the bonus warnings from faux bulls who are dying for an excuse for turn bearish. why isn't that triggering a trade war, why does that frighten me so much? okay, we're in a trade war with china. and we have been losing for ages because our leaders like to pretend it isn't

as the mayor mentioned i am part of the corporate responsibility group that jpmorgan chase. we call it the city strategy. it is new. i've been at this job for about a year and a half up when i think about it is not really new periods based on the lot of the great work that jpmorgan chase has been doing there are four foundation in their business for a really long time. i don't have to tell this group that cities are the key drivers of economic growth. the senator mentioned it. where people are, 60% of people in the cities and 80% live in urban areas so this is where challenges are often their most acute. whether it's income disparity, job growth, housing, public safety all of these issues are touching the cities and you guys are on the front lines. i think we have all come to recognize that these require a comprehensive and collaborative approach. the government can't do it alone alone. you drive incredible change but it requires partnership with the private sector, the business community, non-profits and foundations. jpmorgan believes the business community has a real respo

these three companies amazon, berkshire hathaway and jpmorgan team up with a new company together they will use technology and private sector know how to improve the delivery in cost of health care very big deal. there is a major selloff in the stock price of other health care providers and ensurers they might be squeezed out by this new company. that is affecting the whole market. here's another factor. the all important big tech companies announced their financial performance in the next two days. there's a few nerves here. any disappointment would upset the whole a the cart. we should also say that the market is due for a setback after 15 month near straight up rally. well that's money. now politics. tonight, the "state of the union" speech. the as the is cleared his schedule today to prepare he's likely to sell his growth plan and maybe reach out for a bipartisan immigration deal. and here's the news that is truly rocking the world of politics. the memo, spelling out reportedly deep state goings on before and after the election. we may get to see it. the fbi director read it and pr

important to note 25% of jpmorgan's branches are in low-income communities. a branch touches 6,000 families. it touches 450 small-time businesses. that is great news for the economy. it is juggernaut moving along. it will take a a lot to slow ths down. trish: it is exciting to see. >> it is. trish: let's get to a topic you and i have been all over. competition for new jersey which today was broadcasting from switzerland addressed this issue of carried interest with private equity investors. i made the point over and over again, david, there is such an opportunity there. you have by some estimates up to $180 billion over 10 years. >> yeah. trish: baseally is there for us. it is, dare i say almost criminal the idea that some of these investors are getting away with treating their income as investment when it is not in fact investment. anyway, david rubenstein, of course a big private equity guy was asked about this by our competitors. watch it. >> sure. >> you said that one of the things you do when you interview is try to get a rise out of people. that gives m

coming up, we will speak to jamie dimon, jpmorgan chairman and ceo.avid: this is bloomberg daybreak, i'm david westin. let's get a quick check on the markets with taylor riggs. taylor: the biggest story of the day as the weaker dollar index off about an intensive 1% after steve mnuchin said that a weaker after -- about 7/10 of 1% steve mnuchin said that a weaker dollar is good for trade. and still risk on, s&p futures up around 2.1%, even after making records yesterday david:. -- yesterday. david: trade negotiators have extended their time in montreal to continue nafta talks. we welcome michael mckee. find?o you expect to michael: cold weather, and maybe called attitudes. attitudes. the u.s. trade promotion authority, which are made both them -- enables them to negotiate a treaty without congress, also expires on july 1. this will be a key event. the trade negotiators for various countries are all in davos, and they will have some informal talks. maybe they can accomplish something. but the worker bees continue to labor away in montreal over what they

kate rogers has more >>> let's start with his comments on drug pricing speaking at the jpmorgan morgan health conference, ken frazier telling cnbc the current rebate system for drugs is in serious need of an overhaul. >> i think that's really broken, if you want to call it that, those rebates are not passed on to consumers, as is the case with hospitalizations and with physicians visits. so we think what we have to do is get some of those rebates which are the product of intense negotiations with the supply chain on to the people who need it at the pharmacy counter >> frazier also talked about the impact of tax reform on merck. >> it will allow us to compete on an even basis with our ex-u.s. competitors. as it relates to capital allocation, i don't think it will change a lot in the immediate future we'll continue to spend money on the science as we've always done we'll build plants, we'll hire people where business expands. >> frazier also talked about his public fallout with president trump after resigning from the council, prompting president trump to tweet now that ken frazier of me

we have jpmorgan and wells fargo both reporting during "squawk box" this morning.s we'll kick things off with blackrock earnings they're coming out at the top of the hour we'll be joined by larry fink, the head of blackrock. he will be sitting down with us for a half hour to not only talk earnings, what he sees happening in the sector, how he's been climbing that stock has been an out-performer even in a sector that has done so well. we'll talk to him about what's happening. why he's been doing that what's happening with etfs what risks he sees in the market. maybe talk to him about bitcoin, too. also we'll talk with gm's president today. he has news we'll talk about phil lebeau is there he will talk to us about big stuff when it comes to autonomous vehicles. and we have the dallas fed president, rob kaplan, he will be joining us this morning big news there, all types of questions about what the fed will do next, how many times they could raise rates this year. >>> and we have the president of sachs joining us to talk about what's happening in the retail world. num

liz: jpmorgan, amazon. >> thank you, and, of course, later on, you got the fed meeting this week.to take profits and considering the size of the run-up in both stocks and in the oil market, i think we have to put it in perspective. it's not that big of a pullback considering the move up. liz: although, andy, when you hear that the guys over at renaissance, and i'm talking about the one run by jim simon who is one of the all-time geniuses is saying watch out for a very big correction and that they're wrapping themselves in iron man teflon, somehow, some way in some instrument to prepare for that. what does that send as far as the signal is concerned? >> we're going to see a correction in the equity markets. as i said earlier, the bond market is already in a bear market. i think the president will do great tonight. tomorrow the two things to watch are the fed announcement, i think they will say something about changing the monetary policy a little bit. certainly not going to raise rates. and one of the things that is keeping us in a little bit here in the bond market is the fact you

. >>> up next, jpmorgan surging after its earnings support, we'll explain why that's bad news for one of our traders. at . why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum -- just to help you improve your skills. boom! that's lesson one. education to take your trading to the next level. only with td ameritrade. we know life can be hectic. that's why, at xfinity, we've been working hard to simplify your experiences with us. now, with instant text and email updates, you'll always be up to date. you can easily add premium channels, so you don't miss your favorite show. and with just a single word, find all the answers you're looking for - because getting what you need should be simple, fast, and easy. download the xfinity my account app or go online today. i'm not really a, i thought wall street guy.ns. what's the hesitation? eh, it just feels too complicated, you k

jpmorgan and wells fargo each up.black rock hits the tape as we speak, earnings right there beating estimates, revenue also better than expectations on black rock, the numberses just hitting the tape, better than expected and that's certainly what the sentiment is in terms of leading this market this morning. european markets are also higher, ftse up a quarter of a percent as the dax index in germany and the cac quarante up a third of a percent. in asia overnight, mixed performances at the close. nikkei average in japan lower but the hang seng up, the other majors also higher fractionally speaking, devastation in california, dozens are still missing this morning, several others are dead including four children after deadly mud slides ravaged the southern part of the state. the latest of desperate search for survivors coming up. the actor slamming bella thorne, why he says her attitude is why people hate celebrities. ai to take over the roads, details as general motors plans massive rollout next year of self-driving ca

jpmorgan put out a flash that said it sees signs of weakening apple iphone x orders.kening iphone x orders and this on the heels of mashable report on kgi securities, coming out and predicting that apple, i know it sounds dramatic but so is the fall off the highs. still up about 36 cents. the prediction is they'll jettison the iphone x after the summer. josh is with us. josh, i'm looking at my own iphone x. >> i hate my iphone x. liz: you do? i don't mind mine. >> i like the face id, i called apple and said you got to fix this. if i know the four digits, i can get in without the face. it was supposed to be this revolutionary password protection, but the facial recognition has a lot to be desired. it's cool. liz: if you got into mine uwould see all of my favorite pages i saved on the houz. you would see the march for the s&p and the nasdaq, netflix is a big driver today. do you think the trade talk has a chance to shake the foundation just a bit? >> i think overall i'm bullish. we're due for a 5% pullback. if you look, we're pay above the 200-day moving average. about

to our man from jpmorgan. then we talked to teri haynes.the get a preview state of the union address. a let's get to the bloomberg first world news. nejra: the house of representatives has committee -- has voted to get clearance to release a republican memo. it alleges bias. say thetive republicans investigation to come in ties to the white house are under false pretenses. >> for the first time the 10 years or so i have been on the committee, there is a vote to politicize the declassification process of intelligence. that would could potentially copper my sources and methods. the u.s. secretary has announced a list of oligarchs in russia with ties to vladimir putin. it includes 96 oligarchs. -- willmed will not all not automatically face in the sanctions of inclusion may cause banks not to do business with them. there is fragility in the new mood of optimism after canada and mexico came forward in new nafta ideas. the u.s. trade representative said he's hoping to make progress before the next round of negotiations. the three parties are due

jpmorgan led a $6 billion credit line last year. sachs has been involved in the credit and helping the company raise as a private company. you will start to see this jockeying start to happen among the firms to get a name on these bigger deals, especially as the rest of these 10 billion plus evaluation private tech company start to move closer to the public market. mark: we had spotify last weekend dropbox today. what does this tell us about the timing? >> people on the street .2 2017 2017great year -- point to is a great year. the quantity was one we hadn't seen for years. now, with spotify and dropbox, adt looking to raise more than seemslion in its ipo, it there's a lot of momentum from these tech companies to actually get public. which hasn't been the case since 2014. inhave seen a big lull u.s. companies deciding to get their cash from the public market. vonnie: why now? why this quarter? --s the final opportunity >> equity markets are still good. the buy side investors are still willing to snatch these chairs. folks are starti

let's start with jpmorgan.ertainly the tax change had a big impact, not just on the bottom line where it hurts, but also some of the businesses like the corporate bank and investment bank. talk about how you are putting aside those numbers to read the corporations. chris: if you put the tax bill aside for both companies today, the fundamental trends were very close to what we were looking for. wereourth quarter charges not just felt on the tax line. both companies owned some tax advantage assets. tax-equivalent adjustments through the various instruments they own. it impacted any number of lines of the p&l. when you strip through the noise and they give most of the pieces in the press release, everything was close to what we were looking for. pretty close through recent quarters. joe: jpmorgan stock has been doing phenomenally well, some of it is the taxes and the boost they are want to get to earnings. in terms of the underlying business, how much momentum is? there can it sustain the stock further? chris: i t

jpmorgan talking about rates down to 19%.ll, not that it's priced in the markets just yet, do you think? could we see more of an aggressive tightening in light of some of the developments? neil: although one can get very corporate -- very cared way of the corporate level with the tax changes, i think the underlying u.s. economy is struggling to grow significantly. -- wasnt trump opening hoping when he elected, there would be better performance. we might get 2.5%, maybe 3% from the tax plan. i would not get carried away about the underlying power of the u.s. economy. but it suggest the fed is increasingly behind the curve, is what i think the markets would want to see or anticipate more rate prices from the fed then-priced in. that leads to the debate. if you get a more aggressive fed, you get an version of the yield curve. interestinge are scenarios being played out in bond markets and monetary policy at this moment. yvonne: we had a guest who called the bond market scenario right now a teddy bear market. does it feel that wa

stuart: jpmorgan raising wages 10%. 10%.-forman, maker of jack daniels. >> walmart raised their minimum wage a couple of bucks. that is get to up to par with target. they're still behind costco. that money goes straight to the middle class. those workers are walmart customers. it is good for shareholders too. stuart: talk to me about general electric, an icon for investors for a couple of generations. now we hear, this thing might just disappear in it is current form. what happened? >> ge has deep problems obviously. people thought for a long time, maybe it is just too complex. maybe it needs to be restructured and broken up when i talk to analysts taking a deep dive on the business, someone tells me alarming than that ge is flat-out not competitive in some of the major businesses it has. they do great in aviation, everyone knows that there is a lot more to the company than that oil and gas, some different things itself, major businesses. i don't know, it becomes more complicated when a giant company like this, run by inside

amazon, jpmorgan saying they are create a nonprofit. applying technology and cost-saving.issue is this for your members? 17% of gdp. >> it is a big issue. we asked what are the cost pressures that are at the top of your mind, top of your worry list? quarters, the answer has been regulation, overwhelmingly. with the advent of the trump administration approach on regulation, regulation has slipped to number two. surprisingly health care in the latest quarterly survey came in dead last. there are big problems in the u.s. health care system. ofticularly taking care uninsured population and those who don't get insurance through an employer. where our businesses are employer,hrough their that system is working pretty well. we need to figure out how to how to make the system more efficient. buckt less bang for our than most other countries do. don't know much about the amazon merger but, it is exciting somebody is going to look at innovative ways to do that. of america'sdpoint largest employers, the system is working well and we are going to be in a position of arguing let's sust

amazon cisco, jpmorgan. out for reporting earnings that missed on revenues due to the trading revenue situation. the tax not helping them in the fourth quarter, but expected to help them in the year ahead. shares seem to be rallying. these are some of the participants. check on theget a headlines on the bloomberg first word news with mark crumpton. senate minority leader richard germans as an immigration meeting in the oval office yesterday grew combative times. he added that republican senator lindsey graham pushed back after president trump used a vulgarity about african countries. senator graham has released a statement in which he thanks senator durbin for his statements of support. it continues ". following comments by the president, i said my piece directly to him yesterday." the president and all those." attending the meeting know what i said and how i feel. i have always believed america. is an idea not defined by its people, but it's ideals." earlier today, senator durbin took exception to the presi

jpmorgan loans were up 6%.i is a bit different than other banks because it is credit card focused, and we did see good holiday spending so that will increase their loans, even if it is spending that consumers will pay off in january. it will increase balances in december, so we do not know how much of that is due to spending. last quarter, they talked about having a higher mix of trans actors and teaser balances, so we will want to see if that is contributing to the loan growth. david: take a little bit broader view, because there is a lot of ins and outs for the banks because of the tax law. it hurts them in the fourth quarter and going forward they think it will help them. how do we take that into account , and look at the longer term? jay: i think you are right. the market has discounted pretty much what it heard today, so you have a reaction but not tremendous. the opportunity and the financials is that they are a two-way player. they provide offense to the growing economy in terms of loan growth and better

the likes of jpmorgan are down today. it's not like the market is celebrating two or three stocks with new initiative and selling off the rest because of it. >> no, i agree with you that the three people involved are not necessarily winners but it's the idea of disruption so, they're coming in. we haven't seen what comes out of the whole food merger completely they're out there, all people remember is the bookstore business they started selling books and suddenly 90% of the bookstores were gone. they're seen as disruptive and that affects the entire market. >> what i think of is the kroger move after the whole foods deal was announced. we can show it kroger traded down, i think, to the low 20s. maybe went under 20 for a while. in is after amazon came in, said, we're buying whole foods that was a knee-jerk drop. kroger erased all that i wonder if a similar effect could be playing out because the announcement this morning about whatever is going to happen with amazon and jp in the health care space is a long-term plan, it's

to his left, is mary cullen, chief executive officer of jpmorgan's asset and wealth management. whom i've met and shared panels with now quite a few occasions. i'm looking forward very much to this one.

trading for jpmorgan was poor, which bodes badly for goldman sachs.quities were quite strong, even despite a $143 million writedown realitying to a south african retailer whose shares fell last month due to an accounting scandal. wells fargo's included huge one-offs they had no deferred tax asset write downs or repatriation issues for the quarter that was contrasted with a 59 cent litigation expense. the clean eps likely just behind estimates. for wells fargo, loan growth was soft, particularly in mortgages, but credit quality was good. the efficiency ratio which is expenses relative to revenue, which will be absolutely crucial for them this year, was distorted by some one-offs, but their target expenses for 2018, $53.5 billion to $54.5 billion is not ambitious enough to draw the line wells fargo share prices are a lower compared to jpmorgan today. >> we'll come back to you for more clarity later on. >> got some breaking news on nordstrom this morning sources tell cnbc that family members expect to resume their ets to take the company private. that wo

you have the capital of jpmorgan interesting, u.s.anks don't have as much insurance themselves as some of the big international banks do a slight nuance to this. it's something that banks and big financial companies could easily move into. >> we've been talking about how health care has become a bigger and bigger part of the gdp over time and waiting for the government to come up with solutions on this, this could be the private enterprise solution to how to deal with these things. >> 19% of u.s. gdp. >> what do you make of the fact this is not a fully fleshed out plan. >> this is about a page and a half. >> they're clearly saying we're going to get together and try to figure this out as opposed to saying, we've figured this out, and we're going to be launching x product, the name of the company is x. >> you wonder who this would impact if you're looking to kind of strip out costs and strip out middlemen. my guess is the insurers will be concerned about this. >> yes >> my guess is the pharmacy benefit managers would be concerned about

meg terrell spoke to a number of ceos at the jpmorgan con >> reporter: rainy weather kicked off the jpmorganonference in san francisco. it's the biggest event for health care 450 companies present to 9,000 attendees. this year we got a deal from celgene to impact impact biomedicine gaining a drug for a rare form of bone marrow cancer. we spoke to the ceo. >> it is a hematology play. second, it is a highly unmet medical need. this is a rare cancer but until now there's been only one fda approved drug ever for the disease. following the deal biotech stocks were under pressure as some may have hoped for them to do bigger deals in the space. many wonder if the u.s. tax overhaul would spur m & a. we spoke with dave ricks about the impacts of tax reform. >> we are worried about the lopsided nature of foreign competitors with better tax competitors. now addressed. strategically that's the most important thing out of the tax reform. it will allow us to invest without thinking about the tax rate so much. but rather put plants and labs where it makes sense, where the serving are. overall it was a succ

that's what i want i need leadership from jpmorgan wells fargo had a problem. i forget what it was was it stagecoach related? they opened some accounts -- >> there was some cross-selling going on

nicholas: jpmorgan is in fact our banker, but we have not engaged them to help us sell the company.d, if there were an opportunity for gopro to partner up with a larger organization that can help us scale the company, scalar brand and reach to consumers, that is certainly something we would consider but it is not something we are actively engaging in the moment. selina: do you think you will want to actively engage in this? do you see a potential catalyst? at any potential suitors reached out? nicholas: the question so far is would we engage in something like this? this is something that we explored from time to time. grow the job to business in the most strategic way possible and that is one way to do it. gopro,ot a new topic at but i cannot share any more information than that. selina: can you talk about organizations that you would love to work with if theoretically something didn't work out in terms of a sale or partnership? i can think of a number of electronics companies that gopro could fit into. how are you thinking about it? nicholas: i'm not going to go into too much detai

jpmorgan chase and wells fargo kicked off tomorrow morning.gement joins us now with what to expect. fourth-quarter earnings coming in for the banks. are we going to hear about tax cuts and their impact? >> thanks for having them. a lot of optimism around tax cut with tax cut with economic growth and higher interest rates that bode well from financial. jpmorgan came in around $1.70 share per earnings are wells fargo around $1.6. we should be expert cheryl: vice president might tend to lead our nation's top athletes at the olympics in south korea next month, but supporting the american delegation will be his only mission. >> the underlying message is the president is sending us there to make it clear that we stand with south korea. we stand with our allies in the region and may continue to bring maximum economic and economic pressure to bear until north korea abandons its nuclear and ballistic missile programs and threaten the united states of america. cheryl: the vice president speaking with michael mccollum. north korea has after historic talk

. >>> plus you can hate the tax bill, but some jpmorgan employees likely very happy today. we'll tell you what moanjprg just did, makes some pretty doggone happy. still around ♪ ♪ ♪ what we do every night is like something out of a strange dream. except that the next morning... it all makes sense. fedex powers global commerce with vast, far-reaching networks... deep knowledge of industries... and, yes... maybe a little magic. ♪ nothey're not investing iney commoditiesies. or fixed income. what people are really putting their money into is what they hope to get out of life. but helping them get there requires a real refusal to settle for average. because when you approach investing with a tireless desire to beat the status quo, something wonderful can happen. those people might just get what they wanted out of life. or maybe even more. sploo jpmorgan the latest to announce a spending plan. >> the highlights include wage increases of around 10%, 22,000 of the lowest-paid employees, who will now by paid between 15 and 18 dollars per hour. 4 hounds new jobs, as well as increase

great news for the jpmorgan employees. cheryl: that's good. share the wealth. jumping on the bonus program. >> offered a one time bonus to 125,000 employees. this is hourly salary employees as well. full-time, part-time and as long as you work and play by january 1st of this year you can be eligible for the bonus. they are also doing a $15 million education funding programs so that will help 88,000 hourly employees can help them pay for tuition costs. lauren: i remember the first company saying we are going to pay workers more because of the tax cut. so many skeptics were saying that good. look at the number of companies giving back because of what they of what they're getting for tax reform. talk about budweiser. no longer the king of. >> no longer the top three best-selling beers in the u.s. adviser replaced by miller light in third place. second place is going to be cooler aside and don papas bud lite. budweiser gave up the top spot to bud lite in 2001. all of this because people are drinking last. they are switching over to craft beer. just less in general.