not an issue for jpmorgan and the other banks?ale ofould call it a two cities, even though citigroup does not report until monday. definitely a difference in net income guidance. it's important to remember there are some key differences between these two banks which makes -- it's planes some of it. a tougher industry environment is not new news. as thing jpmorgan stresses an offset, balance sheet growth, volume. they are growing their balance sheet. if interest rates are hurting, that growth can help a lot. wells fargo is still restricted from growing their balance sheet. that is one thing that differentiates the two. the other thing we are thinking about is the deposit mix. jpmorgan has a chunk of wholesale deposits through its security and treasury services business. deposit betas are already at 100%. you step over to wells fargo where they have more of a traditional consumer deposit days, probably some more deposit beta pressure to come for them. some of it is explained by the differences of the two banks. vonnie: who may make

jpmorgan up 4% financials as a sector up 1.6%, tops the list. health care the only negative sector >> wells fargo nailed it >> nope. >> shares of wells fargo under pressure after the earnings call the cfo john shrewsberry >> let's begin with the broader market, the three key reasons. bob pisani >> reporter: first, it's a perfect day for the bulls. just off the high. number one strong china data and jamie dimon laying out the bull scenario saying the u.s. economy is strong. bottom line it looks like analysts have been cutting their numbers too much and estimates are going higher less than 2% on the nasdaq the russell 2000 small caps 9% away another company that's powering the dow higher today, what a day for disney just look at these numbers volume, five times normal. 11% gain that's the biggest 1% -- one-day gain for disney in ten years disney is cracking the top 20 companies by market value for the first time ever in league with pfizer and at&t you can tell the investing public really likes it back to you. >> bob, thank you. we're going to pick

jpmorgan was doing well.arty here i'll give you a quick rundown on some of these numbers. looks like $1.20 a share versus expectations of $1.09. do we have the same revenue deal here, becky, with -- >> no, jpmorgan has the managed services -- >> only jpmorgan -- >> revenue number of $21.6 billion versus the $21 billion the street was expecting. >> that's above as well. >> that's $600 million above. >> net interest margin 2.11, interest income $12.31 billion the $5.9 billion is the quarterly net income and the provision for credit loss is 845 million. all right. you can see that stock up $1.25. it was up -- what is that, 2.62%? it was up a little less than a percent before the numbers on the back of jpmorgan. >> there are some comments from the interim chief executive officer, allen parker. obviously, just very brand-new in this job. he says "since assuming this role, i've been focused on leading our company forward by emphasizing my top priorities -- serving our customers and supporting our wells fargo team.

dow pole vaulting 269 points disney and jpmorgan are in the dow. s&p gaining .6%. please, have no illusions, people this positivity will be hard to sustain. even though earnings season kicked off with an amazingly bullish bang, we'll be right back where we started from once next week rolls around unless apple comes in on monday and bids for both abs and viacom not going to happen. while occidental scooped up apache, and we get perfect quarters from citigroup and goldman sachs. highly unlikely. this isn't a what have you done for me lately market it's a what have you done for me this morning market. with that in mind, what's the game plan for next week? let's start with citigroup and goldman sachs. citi will have a hard type topping jpmorgan it could be more like wells fargo, which was a tab subdued only closed down about $1.25 i doubt sit tee will be as bad, but the stock is running up too much at this point don't get too excited. people want revenue growth, not endless buy backs. goldman stricker, the ceo made his mark, and i like his mark, but it will be out for

not much news on what jpmorgan will be doing. it is more i'm not as optimistic about our place in the world and this is what ceo should be doing to help america. guy: fascinating -- david: fascinating. we will come back to you in just a moment. we want to go to kevin cirilli at the white house. this seems to be the crunch day. where we looking for? times and new york washington post reporting that president trump will announce a summit with resident xi jinping. the -- the president is set to meet with the chinese prime minister who is in washington, d.c. prior to the vice premiers meeting with trump, he's taking meetings with robert lighthizer and secretary mnuchin. a couple issues still being worked out, including further to be enforcement mechanisms, how much commodities china will purchase from the u.s. and as well as the potential for the u.s. to be able to have the opportunity to take ownership of chinese firms. all of this comes as that much-anticipated meeting. it is unclear whether or not we will hear directly from the pr

shares didn't budge so are you pleased with what jpmorgan said? >> i have to say they are the best bank in the united states a nice clean quarter the capital markets did decently well and jamie's optimism about the future is, you know, made everybody calm down a little bit. the other thing that we had in the bank stocks is the big move in the treasury. we had a big drop two weeks ago. today macro guys are like let's cover our shorts and buy them again. so this is both earnings and the macro trade. >> and wilf do you think investors are saying you still have a lot of catching up to do? >> analysts are angry with wells if a a far go their guidance only is you ysue january. and people are pretty surprised by this cut in net interest income guidance. and it is macro factors, but they are dealing with the same yield curve. and he said it is a tale of two stocks, it is not really, it is a tale of welling fargo and the rest pnc had a decent beat across the board and that is why you see all the banks rising apart from wells fargo. >> a great point so some

we heard from jpmorgan chase c.e.o. and bank of america c.e.o.. this is about an hour and 45 minutes. ms. waters: the committee will come to order. without objection, the chair's authorized to declare a recess of the committee at any time. this hearing is entitled holding megabanks accountable, a review of global systemically important banks 10 years after the financial crisis. i now recognize myself for four minutes to give an opening statement. i would like to acknowledge that bruce marks and the neighborhood assistant corporation members are here in the audience today. you're welcome. today this committee convenes for a hearing on the u.s. global systemically important banks. before us today as witnesses we have the chief executives from bank of america, bank of new york melon, citigroup, goldman sachs, jpmorgan chase, morgan stanley, and state street. at a previous hearing on march 12, we had wells fargo, then c.e.o., before the committee to testify. before i begin, let me urge our witnesses to speak for themselves. i understand that there's s

leading off, jpmorgan, wells fargo. they are both on friday.ells fargo one to watch as they search for their next ceo after tim sloan's resignation. let's bring in our senior banking analyst allison williams. friday is a big day. anything onearing the conference call about the search for a ceo, will it make a difference to investors? >> we could hear something but we are likely not going to get the answer, which is who will that be. that is the key question for the stock. what we will get on friday is perhaps how the bank is continuing to fare under the asset cap. loan growth is something we are seeing pick up at some of the other banks, seeing it pick up based on industry data. benefits of the weaker environment last year was that wells fargo did not get hurt as much by having that cap in place. if we see more of acceleration in balance sheet growth opportunities for other banks and wells cannot take advantage of those, that is a negative. is perhapsis step something the regulators wanted, at least will appease the regulators and could help .x

jpmorgan was there through good times and bad, we didn't cut and run. i want to pause for a moment to thank the 250,000 employees of jpmorgan chase for their extraordinary efforts during these difficult circumstances. since the crisis, reforms have made banks much safer and sounder in three important areas. capital, liquidity and resolution recovery. large banks doubled the highest quality capital to protect against losses. under the fed's most extreme stress testing scenario, the combined losses of all the 34 banks is only 6% of total capital. large banks have tripled the liquid assets to protect against unexpected cash flows and resolution planning has created a credible framework for unwinding a large bank. lehman simply would not happen again. legislators and regulators are credited for putting these rules in place. we must look forward for emerging threats to the stability of our system. unregulated nonbank mortgage and leverage lending is growing rapidly and needs to be monitored. we need to spend more time on critical issues like a.m.l., b.s.a.,

but if you look at what jpmorgan reported, i think the u.s. economy is healthy, and i think margins are still holding in tight. how many times do we get to see that, 5 earnings growth, 5% revenue growth. margins were completely find. maria: you think overall the year is going to be better than expected. this is just the first quarter. you think overall for 2019 we're going to see a positive showing. >> i feel that confidently with one caveat, if phrase war is not resolved, all bets are off. cap-ex is the big thing we look to. if that doesn't accelerate, then that changes our projection. maria: you had very strong numbers on china at the end of the week. exports were up strongly, much better than estimates. you had good numbers from jpmorgan and wells, the bank earnings. you had a big deal in the oil sector, chevron acquiring anadarko for $33 billion, $65 a share on anadarko. it seems like you've got more and more good news coming out, and i said this last week, everybody's got their head on fire looking for this recession. it's not happening!

. >> i'm julianna tattle balm, these are your headlines strong e from jpmorgan and ahead of citi and goldman sachs. >>> italy's ftse mib tells cnbc exclusively he's seeing signs of a recovery. >> there are indicators that show us that we are seeing a change in our economy. >>> publicis says there is a $4.4 billion deal for marketing giant epsilon. >>> cnbc exclusively, the arrest of his daughter samay have been politically motivated. >> reporter: if president trump keeps intimidating people, who would risk investing in the u.s. >>> well, good morning, everybody. happy monday happy "street signs. let's start off by talking a little bit about some of the market's action. u.s. equities, very strong day on friday. we had the s&p close above 2900. it is 1% within its all-time highs again. so everything that was lost back in december almost fully recuperated now. also saw the dow end the session about 1% higher as well. on a good start to the earnings season we have positive results on friday all eyes today will be on citi and goldman sachs will be reporting later as well. so far for the b

jpmorgan gives its shares a boost, but wells fargo disappoints.e get the wells fargo cfo's taken a moment. chevron's $33 billion bet on amazon boost its peers as wall street eyes a revival. and another rough week for lyft as uber makes it ipo case and why elon musk might be a competitor. first, wells fargo announcing its full-year results, delivering a surprise. shares initially rose, but they slid as the bank lowered its forecast. let's join now with the wells fargo cfo, john shrewsberry. they are not looking downbeat about the rest of the year. why are you? started with the fact that we had a beat over quarterly expectations. we printed $5.9 billion worth of net income, about $.10 greater than analysts expectations. forid some further guidance whatnot interest income will look like. interest income is about half of our revenue. at the last quarter, a couple things have happened. the bond market repriced down in yield at the end of the year when stocks were selling off. it has stayed quite low. in oure reinvest securities portfolio is going to be

look, i have stayed long jpmorgan, i'm long american express and kkr. the last couple of days i purchased goldman sachs. when i look at goldman sachs, i think goldman sachs technically breaking out and goldman sachs h fundamentally focused on what you should be focused on as a financial institution, that is fin tech, the spin on fin tech, creating itself as a main street bank, relationship with apple. i like the pivot goldman sachs is making right now. secondarily i think there are select regional banks you can look at. texas banks, brian, texas capital, tcbi, these names are working as well. very low expectations. the banks pivoting where financials are going, when they're spending on technology, those are the names you want to on and i don't agree 13% of the s&p, you don't want to reduce allocations below that. >> we don't own any of the money in the big banks. >> that's what i mean. we can focus on jpmorgan, chase, all we want but the bank in the is ozarks is the best-performing regional bank. amer prize financial near minneapolis, lake mason, they'r

we have results from jpmorgan and wells fargo on friday.and citi today bank of america tomorrow morgue gan stanley wednesday chris whalen, how important are these bank earnings to the overall market narrative >> we're trying to see, dom, how much impact december had on the investment banking side especially goldman, citi, and then really loan growth is the big question people have hopefully citi will benefit from that that's what they are, subprime consumer lender. goldman, i'd like too see if they'd make progress with markets and banking franchise. it's still way too small as i've written in the past. they have to grow deposit base that's what i'm looking for with citi and goldman >> let's take a look at the bigger picture we've heard the yield curve is not as important to banks as we once thought it was. is the fact we have yields as low generally speaking the way that they are right now a hurt or a help for these banks? >> the policy combination is a hurt it puts pressure on loan spread. at the same time the funding costs are normalized

certainly for the folks at jpmorgan, this is coming right from the top of the bank would jpmorgan talking the extent of the potential for an uptick in volatility, but also strategist at his own bank saying if you look at the treasury's market, you are seeing an indication that recession could be coming in the next 12 months, the likelihood of which could be as high as 70%, they are saying, so you need to be ratcheting up cash levels, trimming out of some of the risk elements of markets that have had a very good start to the year. do not expect a rest of the year to have these kinds of returns we had in the first three and a bit months of the year, and instead, start to layer on hedges if you are prepared to keep risk on throughout the remainder of the year. it certainly feels like there is a little bit of a build now towards expectation and start to get the preparation for an uptick in volatility in the coming weeks. shery ahn: really interesting coming from jamie dimon himself. let's turn to australia because we are seeing consumer staples, now the worst performing sector. how bad is the

the us economy is great and 60% plus of jpmorgan net revenue.is point given we have seen rates move lower? >> it is not going to be the engine for growth in 2019 and we have to recalibrate how they drive growth and that is in lending. we get to spreads on loans, deposit datas, competitive in the markets to keep the positive holders. it is not great but not bad but what it does it is a high percentage of net revenue, you've got to do so much better than other businesses. dagen: jamie dimon and jpmorgan are making moves that our response to the political climate that clearly those ceos were facing this week. you mentioned in the earnings report $350 million new skills at work focused on getting people ready for the transformed workplaces. maria: he announced that two weeks ago and focused on it. dagen: they mentioned advancing black pathways, expanding, helping create economic opportunities for black families in the united states, students, businesses and the like, highlighting that in the report. maria: does this educate in terms of what the rest

they have serious issue with that the jpmorgan coin is a token which is supported by jpmorgan shipped around the world and a lot of data and split it into minutes and the second someone wants cash, we can move the cash >> the settlements will happen almost instantaneously and how will that facilitate better payment systems if it works correctly? >> well, the payment systems today, they do work but the fact is this might be a faster way, could be faster and it comes with data. and everyone would have the same data at the same time. so, instead of us having to call each other's banks up and saying what happened to that shipment from singapore, we go to the screen and see it. >> more transparent. >> it has to be secure and in this case permissioned not everyone can access it we need security around moving the money. >> we can't talk about the thriving new sector without discussing how to protect consumers. as your role as banks secure custody of digital assets is essential, but no regulation or guideline on who can be a qualified custodian for digital asse assets in looking at your polic

jpmorgan chase, wells fargo, both beating estimates. in the case of jpmorgan chase, handily.than 10% on some better than expected news and indications that it's going to have a $6.99 a month streaming service to rival netflix. good for disney, not so good for netflix. but also, big deal in the works for chevron wanting to scoop up anadarko petroleum for about $33 billion. you might recall if that name is familiar, occidental has a bid on the table for anadarko. that and throw in ipos with more coming next week and the weeks thereafter, and you've got a perfect mix of issues that had been sort of all over the map that are coming back. the s&p 500 for its part is looking at an easy third straight weekly pickup and again, that is a broader representation of corporate america. we will keep an eye on all of that. >>> in the meantime, keeping an eye on this mueller report that we are told could be out in a matter of days. much of it is released to the public or released period and to whom is anyone's guess. a good time to catch up with a guy who follows this very, very closely, of

jamie dimon is the head of jpmorgan chase bank. $31 million a year and pays lobbyists millions and millions to handle his lobbying interests in washington and to prepare him specifically for things like testifying to congress. but lobbyists cannot anticipate katie porter representing the 45th congressional district in california with irvine as her biggest city. she began her questioning of jamie dimon this way. >> i went to monster.com and i found a job in my hometown of irvine at jpmorgan chase that pace $16.50 an hour. >> the lobbyists never saw that one coming. katie porter then did the math on what that income would be on an annual basis. and for a the hypothetical job applicant who is a single mother with one child. that job would leave her with $29,000100 a year after taxes. jamie dimon is no doubt good at math but not used to working with such tiny numbers. so katie porter laid out what the financial life looks like of someone getting a entry level job in the company where jamie dimon makes $31 million. >> should $2,425 a mo

changes on top of jpmorgan.ed burger, yes, we will tell you who is adding it to the menu, next hour right here mornings with maria, back in a minute . . . metastatic breast cancer is relentless, but i was relentless first. relentless about learning the first song we ever danced to. about teaching him to put others first. about helping her raise her first child. and when i was first diagnosed, my choice was everyday verzenio. it's the only one of its kind that can be taken every day. it gives us more time without cancer progressing. verzenio is the only cdk4 & 6 inhibitor approved with hormonal therapy that can be taken every day for postmenopausal women with hr+, her2- mbc. diarrhea is common, may be severe, or cause dehydration or infection. before taking verzenio, tell your doctor if you have fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. serious liver problems can occur. symptoms include tiredness, appetite

transactions that involved slavery between jpmorgan or its heritage companies back in the 1800s. >> in fact, there was an indication, i believe, that you accepted loans against slaves as collateral, true >> i believe that to be true, yes. >> for edification purposes, have any of the other banks compiled a study as to whether or not you have benefitted from slavery? if so, raise your hand, please let the record reflect that none have raised a hand not one has raised a hand. do you believe that your bank benefitted from slavery in some way in terms of its business practices? if so, raise your hand if you do not believe that it benefitted, raise your hand. let the record reflect that all by mr. dimon raised a hand thank you. let's move on. i'm concerned now about the raise that b of a has indicated it will accord i think that you indicated that there will be a raise in the near future, is this correct, the representative from b of a >> yes we said that we would raise our minimum starting pay from the current level of about $15.5 to $16 an hour to $22 an hour over the next 2 years >> is

jpmorgan is up 2.66%. wells fargo, pnc financial, look at them go. this is a big factor in today's market rally. nice moves there, pnc financial, wells fargo, first republic on the downside. >>> then there's this. another headache for speaker pelosi. after ilhan omar said some people did something on 9/11, navy s.e.a.l. dan crenshaw called that statement incredible and so it was. in comes aoc to take on crenshaw with a rather strange criticism. you refuse to co-sponsor the 9/11 victims compensation fund? that's it? in comes rashida tlaib saying omar's words were taken out of context and that happens quote, especially to women of color. speaker pelosi has lost control of her caucus. >>> we've got a rally. money's being made. "varney & company" is about to begin. stuart: there's only one place to start on a day like this, and it's that. sorry, that. that would be a big rally. triple digits. here we go. jonathan hoenig, capitalist pig kind of guy, with us this morning. this is all about profit, is it not? >> profits and innovation, to your point. as you

it's jpmorgan. quarterly earnings for that bank came in better than expected, though trading revenue did drop 10% year over year. the stock is jumping $4.45. we are showing you a two-day here. you can see the big jump, as the mega-bank size and breadth makes it a barometer for u.s. economic strength. ceo jamie dimon painting quite a buoyant picture saying among the midst of global geopolitical uncertainty, the u.s. economy continues to grow. they are jazzing up investors for next week when a whole third of the financials report earnings. we put them on the screen. they are getting a nice bump. that is more than just a little bit here when you look at bank of america, up 3%. morgan stanley, up 4%. goldman up 2.5%. amex coming up in the rear, up .75%. wells fargo bucking the trend, not happily if you are a shareholder. shares are slipping after it lowered its forecast for net interest income this year. that stock is down three full percentage points. >>> it may not be as epic as the trojan war, but ju

now through april 14. >>> jpmorgan is downgrading ge from 6 to 5 the stock is $9, almost 9.5.hat would be almost cut in half in fact, it would be based on where the stock was before looks like it's right around 10. tusa says many investors are underestimating the severity of challenges and underlying risks at ge and they're over estimating the value of what he calls small positives. >> this is interesting warren buffet calling on wells fargo this time to look beyond wall street for its next ceo the legendary investor who is the bank's largest investor said the next ceo shouldn't come from wall street. former chief executive tim sloane stepped down last month >> a lot of people thought he might get someone from jpmorgan. >> miss lake. >> marianne lake people mentioned ruth borak. the ce google. i think the job of cfo of goo e google. >> this article mentioned -- buffet mentioned that this article mentioned that maybe the head of pnc bank would be somebody who could be interested in that. he would be coming from a more regional bank factor i read the article i haven't talked to

he was head of jpmorgan chase, jamie dimon. he happened to be in the height of the financial crisis when it first occurred, also director at the new york fed which is the wall street located fed of the 12 member reserve system but he was one of the people along with hank paulson who at that time was treasury secretary, but who had been, when i came into goldman, ceo and chairman of goldman sachs. you have tim geithner ultimately came in. he was new york fed president at the time and then became treasury secretary under obama at the turn of the year after that crisis. so you have all these individuals who effectively have the ability to direct policy and money coming out of washington to their own institutions, which are public institutions. these are banks that trade on stock exchanges, they are monitored supposedly by the federal reserve because one of their day jobs is to be the regulatory sort of answer, oversight body, to these banks. they are monitored and yet their individuals have such a tight relationship with the centr

let's start with the big one of the day let's start with general electric this morning, steve of jpmorgan, one of my favorite analysts, the man who got you out of ge 18 points ago took the stock from a hold to a sell and truth, he's been consistent in disliking this one for ages but having a hold on it implied that maybe he thought its next move could be higher after today, when he cut his price target from 6 to 5, well, you know, he isn't about to go positive on this baby. his argument, he's saying people are too bullish and there's a lot of things that could go wrong, especially if we go into a recession. he's concerned that investors are taken with what ceo larry cull p is trying to do but enthusiasm has morphed into too much optimism, it's misplaced. ge still has structural problems and its horrific long-term insurance policies this was an opus, an opus dedicated to telling you to sell ge i like what culp is doing. when culp came on the show, i don't know about you but i think you felt like a breath of fresh air. i believe in his plan. i think 2019 is a reset year and 2020 will be whe

something like a bank of america, very little exposure overseas anyway so i like bank of america, jpmorgan, citibank i'm long them all. i think there is room on the up side >> and worth noting that tech actually closed at an all-time high in today's session. >> and we know those four names, you think about the weight in all the major indices. and microsoft has been outperforming. apple closed about $200 today for the first time in a while. feels like it is headed back there. and we talk about some of the sectors, financials not acting well, tech obviously leading we have had some good cyclical sort of stuff. we have groups that are really expensive. you saw practical tore and gamble closing at a new all time high so a lot of weird closs currents if we are in a different place and rates are lower and we're seeing a reflation of growth, why is the russell 2,0008 yet to bring o break out of its brinrange? >> volume has been light. yet to break out of its range >> volume has been light it is not necessarily improved economic data here because then the fed would not be where the fed is. that ha

what are the prospects for jpmorgan in china?actually own a bank or brokerage >> the way to look at that is right now in london, hong kong, new york, we can raise money, equity debt capital, by and sell bonds and do research of four chinese companies, we can't do that in shanghai. the shanghai market today is like 20% the size of the american market it's going to be huge over the next 30 years so we want to have control over companies who do equity issuances, research, equity sales and trading, debt underwriting, debt sales and trading credit advice, mainstream media and we're getting those licenses. we've been giving michigan 51% hopefully on the path to 100% and the full licenses. we had very limited licenses before. maria: this is a really big deal because i think china is opening up its markets particularly first for the financial services industry and jpmorgan was among the first. >> and they've done a little bit and we're not the only one if you look in the] year they've opened up a few so i think they opened up their marke

jpmorgan, 3.7 billion. meanwhile, each of you makes at least 150 times what your median worker is being paid, and three of you on this panel make over 350 times what that median worker makes. given that the administration's rationale for those tax cuts was so companies could reinvest the money, mr. dimon, can you explain how you're investing that $3.7 billion growing your company, and are you using it to increase pay for your workers and reduce the pay ratio? >> a lot of companies, not just jpmorgan, immediately announced pay increases, more investments. billions more in small business lending. and because we got regulatory approval to expand into another 17 states, opening more branches. what we said is to have a competitive tax system is a cumulative long-term effect of capital retained and reinvested in the united states, which will drive wages and growth forever. that is the benefit. it was never meant to be this week or this month or even this year. we also make the point, a lot of that benefit will be

. >> sarat, you own bank >> i own bank of america, jpmorgan, morgan stanley and what i like about the story of bank of america and it goes to morgan stanley is the wealth management business is going to give you this operating leverage, especially when costs are coming down. you add to that, scott, to your point, if the economy does improve, your lending is going to improve and your credit quality is going to improve. all that falls to the bottom line and i think this is a classic example of companies underpromising, given what they just went through in the last quarter and you could see future growth >> and the cfo on the conference call said no evidence of recession. i took that as a very positive sign from this conference call >> they've all been saying that. >> well, jamie said it this guy really came out and made a point of it, that they said no evidence of recession, that's pointing towards growth >> well, fink said -- >> rather than contraction, right? >> fink said you've had a reacceleration in the committee too. i think now, the perspective that you're going to have a recessi

i mentioned jpmorgan leads is off tomorrow. they are facing the gains today. , the second-best performing sector on the s&p 500. jpmorgan, bank of america, and citigroup on the green. fix trading said to be a focus with the banks over the next few days. big misses there in the last quarter. let's end with another asset class. something we do not normally get "o do on "balance of power. prices on a tear. the reason for that is china made it a just ever purchase of american pork last week. they purchased 78,000 tons. this is due to the swine fever wreaking havoc on china's own heard. david: a trade cap story -- a trade story that is not about tariffs. just around the corner with candidates like elizabeth warren presenting themselves were run for the white house. we talk with the policy director next. this is bloomberg. ♪ david: this is "balance of power" on bloomberg television. we are waiting at white house for the arrival of moon jae-in, president of south korea, standing there with president trump. the presidents will have a m

united technologies, jpmorgan chase. kind of a mix. the banks are having a good day.ls are too. losers are more defensive companies like mcdonald's, united health, j&j and coca-cola. time now for a cnbc news update with sue herera. hi, sue. >> hello, sara hello, everyone. here's what's happening at this hour the u.s. navy and coast guard taking part in marine exercises off the coast of nigeria to try and stop pirates, drug and migrant smugglers. it's the ninth year the u.s. and 33 other countries have trained together a u.s. admiral says that training is crucial to the african economy. >> the gulf of guinea is a very important region and the sea lines of communication are important not only for the security of the nations in the gulf of guinea but also for the economy so you must have security before you can have a prosperous economy. about 90% of our goods are delivered from the sea >>> a shooting at a school in arkansas this morning involving two eighth-graders police say a 14-year-old brought a gun to school and shot another 14-year-old in the hallway the suspect i

banks, why do you think jpmorgan is making $8.5 billion a quarter in profit they are the dominant bank in the world these days you know, so are their brethren. it's a great time if you want to be a u.s. bank or a u.s. wall street banker. >> bill cohen, i hope you won't go too far same for wilf and robert frank, sara eisen, bob pisani as we wait for the hearing to resume while we have the time shares of levi strauss are up. the company swings to a quarterly profit in its first earnings report since coming back to the public markets the ceo joins us exclusively this morning from san francisco. welcome back congratulations on the first public print >> thank you it was a great quarter. >> walks us through sort of the dynamics right now that you're seeing, at least in your core business >> thanks, carl. it's great to be here. yeah, this was our sixth quarter in a row of double digit, top line growth and constant currency we grew 7% reported, 11% in constant currency, six quarters in a row, double digit constant currency growth. the bottom line grew at an accelerated pace, 21% growth in cons

meeting the c.e.o. of jpmorgan. lemonis: so you want to meet jamie dimon at jpmorgan? cory: yeah.m-hmm. lemonis: okay. most kids that are 13 would be like, "i want to go to the world series or win a trophy at my soccer tournament." cory's list is "i want to meet the chairman of the world's largest bank." he's got a better plan than i do. i'll see you at the commercial kitchen. i'll see you at the commercial kitchen. cory: perfect. nick: welcome. nick prastos. lemonis: nick, how are you? i'm marcus. nick: nice to meet you. lemonis: nice to meet you. is this an event space? nick: it's an event space, and then next door we have our commercial kitchen where mr. cory does his cooking. cory: hello. lemonis: is this where the magic happens? cory: yes, and i actually have a gift for you. it's a shirt. lemonis: okay. cory: oh! now, that looks nice. lemonis: so you know that i'm people, process, product guy, right? cory: mm-hmm. lemonis: so the people, we're square. cory: yeah. yep. lemonis: we got good people. i need to understand the process and how the product works. cory: okay. lisa: so

could the representative from jpmorgan respond? in 2005 we made a report about potential transactions that involve slavery between j.p. morgan in the 1800s. rep. green: there was an loanstion you accepted against slaves as collateral. true? >> i believe that to be true. rep. green: have any of the other banks compiled a summary as to whether you have benefited from slavery? if so, raise your hand. let the record reflect that none have raised a hand. one has raised a hand. do you believe that your bank benefited from slavery in some way in terms of its business practices? if so, raise your hand. if you do not believe it benefited, raise your hand. let the record reflect all but jamie dimon raised a hand. thank you. let's move on. raiseoncerned about the that bank of america has indicated it will accord. you indicated there will be a raise in the near future. is this correct, representative from bank of america? said we would raise our minimum starting pay from our current level to $20 an hour over the next two years. rep. green: is

underwriters and here talking about jpmorgan seemed to make a half-heart add tempt but that didn't work either now lyft is a $69 stock which means anyone who got in on the deal has lost money and the underwriters didn't even try to stabilize at all letting it find its own natural level. they were luck y the stock dropped to 66 bucks, 2 points from where it traded but closed at the 69 level still well bow lee the $72 pricing. what's so great about it after a lot lost money, i'll tell you, going into the lyft ipo you know what my biggest fear was that it would go off without a hitch and encourage caspar, slack, pinterest, uber to rush to the market because these companies want to take it while the take something good and that's why i warn you a flood of new deals could swamp the stock market with too much supply particularly because much would be from index funds. now, that's much more of a concern after the disaster that was lyft now, can you imagine discussions between the brokers and these private company, motion of which are losing money just as fast as lyft i bet they're saying, unle

a shakeup at jpmorgan, a shuffle at the top of america's biggest bank starts a fresh discussion about morning, and welcome. i'm matt miller in berlin. we are getting more pmi figures out, this time from germany. french pmi out earlier, missing the mark. german pmi now coming up lower than expected, 44.5. we were looking for 40 five third -- 45. on the services, better than the survey, and expansion. the entire composite expanded and 52.1, we were looking for 51.7. but see how things are shaping up in terms of individual movers. take a look and you can see that 358ave 192 stocks winning today -- 358 losing today. is still the biggest winner, schneider electric up 2.5. you can see unilever as one of the top 10 gainers and nestle up more than 1%. isthe losing side, kering down. 3.7%.pringer is down let's get first word news with debra mao in hong kong. >> the u.s. and china are aiming to reach a deal by early may. this would be so that they could sign the labor that month. they have learned that the white house strop trade team plans to travel to beijing and would be followed by the vice

would the representative from jpmorgan respond. >> i do believe that in 2005, we made a report about potential transactions that involved slavery between jpmorgan or its heritage companies back in the 1800s. >> in fact, there was an indication, i believe, that you accepted loans against slaves as collateral, true? >> i believe that to be true, yes. >> for edification purposes, have any of the other banks compiled a study as to whether or not you have benefitted from slavery? if so, raise your hand, please. let the record reflect that none have raised a hand. not one has raised a hand. do you believe that your bank benefitted from slavery in some way in terms of its business practices? if so, raise your hand. if you do not believe that it benefitted, raise your hand. let the record reflect that all but mr. dimon raised a hand. thank you. let's move on. i'm concerned now about the raise that b of a has indicated it will accord. i think that you indicated that there will be a raise in the near future, is this correct, the representative from b of a? >> yes. we said that we would raise o

that's when we get the first bevy of major earnings reports jpmorgan wells fargo they'll both be good i just don't know if anyone will care that they're good because that darn yield curve. which means they can't make as much money off their deposits as they would otherwise i expect them to have a strong quarter. as for wells fargo, it may not matter the ceo just announced his resignation. because he's taking so much fire from congress for the sins of his predecessor, he decided to fall in the short rather than put his company back in the cross hairs. we own jpmorgan for the travel trust because i can't remember a time when it's been thit cheap on an earnings basis wells fargo is cheaper although there are people who don't want to earn that ahead of the upcoming grilling on capitol hill that starts the week after. whoa throughout this whole week, we'll hear about the status of the tlad talks with china. i still believe the chinese want a deal their economy is coming in hot now, but it will be hard to make one because president trump is unwilling to roll back the tariffs. he wants to ke