i will go to alison williams and come back to kenneth leon as he looks at the report. group executive transfer, how is that going? kenneth: when we had that first conversation, it was positive about a jane fraser. then we find out part of the reason michael corbin had to leave was he declined to invest in platforms which created a 900 million loss. jane fraser will being energy to restructure. citigroup has disparate businesses around the world, she has been involved in many of those. she had a small tail in the water with announcing the -- with private banks. she's going to come in as a vibrant, new ceo that will change the culture that also know where all the issues and opportunities are. tom: waiting for the earnings here. jamie dimon, what is his strategy for 2021? kenneth: i think it is mostly toward getting a higher wallet share. tom: i am going to use that phrase this weekend with the kids -- "wallet share." francine: what are your thoughts on buyback? kenneth: the fed still has a restriction in terms of the first quarter on dividends and buybacks. they can do it

kenneth leon of cfra joins us now. what does jamie dimon need from president biden? kenneth: he needs to set the tone for confidence of the country, and to make sure that we are going back to a period of normalcy as it relates to how people think and live. as it relates to the economy, the stimulus is coming and it will help the consumer and small business. probably we will see that benefit by the second quarter. and this covid-19, we did see a reserve release of $2.9 billion after building up to 33.8 billion. that tells me that other than distressed industries like energy or leisure, the economy has strong footing for 2021. banks will benefit from that. tom: when miss basak walked into the studio, her first figure was -- percent. the rest the scope and scale of that number. cam: it is a norm is, and it speaks to the buildup of capital and the opportunity of the return of capital with buybacks and dividends to shareholders. with yield and cash flow and that type of return, it is obviously going to flow to investors. can they sustain that? it is questionable. certainly

the cfra -- kenneth leon of cfra. looking forward to speaking with mr. leon here.ures at -14, the vix 23.74. stay with us. from london, from new york, this is bloomberg. ♪ >> this is bloomberg surveillance. the overseer of u.s. banks are infuriating wall street. brent brooks has finalized the rules that. -- joining us is mohammed l visa . i read the story this morning to see if i had missed something. this come out of the blue by decree? the trump administration deciding that street needs to land to all controversial industries? >> part of the concern was that wasn't enough time people to weigh in and those concerns to be aired. the worry is that the bigger banks that have access not find themselves in a situation where they cannot outright boycott and walk away from certain industries. those industries being the gun makers and some of the energy companies that could have been singled out as being targeted to these boycotts. the concern is that the banks are somehow prohibited -- or it is difficult to make their own decisions of who they want to lend. francine: wha