sara: kkr filed its own lawsuit in a washington, d.c. court seeking a judgment from a judge saying it did nothing wrong and this was politically motivated and based on a misinterpretation of antitrust law by the doj. sonali: we have to leave it there. thank you very much. find the story on bloomberg.com and the bloomberg terminal. that's sara forden u.s. legal team leader in washington. another major story. major changes at jp morgan. the vanke named a replacement for daniel pinto. she is exiting her role as ofs the co-ceo of commercial and investment banking at jp morgan and will work alongside pinto until he officially leaves the role june 30. this leaves the ultimate question of who will replace jamie dimon unanswered. >> this is probably the best bench in banking, period, end of sentence. the company has done a great job getting these in front of everybody. i think that everybody is comfortable with the next successor. sonali: we are joined by a senior reporter from bloomberg covering banking. when we think about what happened at jp

whether that's banks or those in the private equity and private credit face and that's kkr one of the i don't expect a repeatnecessarily this year. $17 trillion of assets in that group out of $120 trillion globally. a lot of penetration to be had. helped in changes by regulation that would allow it in 401k plans and a restart of the whole deal machine that's ipos and recyclingcappal and allowing them to generate increased fees. >> kkr shares up over 70% over the last year so very strong performance. do you think kkr is taking private companies, is that the deal you are talking about or is there some other kind of deals you are looking at? >> obviously, they're a business in large part historically has been taking companies private or buying private companies and for private investment? obviously the private credit business as well and financing deals but there are beneficiary of all that activity. >> you know what? one thing to ask you about. people talking about am terntives and another big year for private credit. but loan conditions. growth is going to be anemic. credit conditions

are waiting for the banks and trying to buy from in between and the ones that benefit from m & a and kkr, and more the smaller, regional banks from the activity you heard her highlight in interest rate, they probably won't show the upside. >> so i want to clarify this. i fear i'm setting this up wrong. you like the large banks. >> yeah. >> and the private equity players. >> yeah. >> many of whom stocks have had a really nice move. it's just the regionals that you don't like? >> yeah. we market weight the totality and the beneficiaries and in short the ones that went up a lot and don't benefit as much in this rate environment and this activity environment as the big one. look, the ones that are up today are the best companies, morgan stanley, goldman sachs, j.p. morgan and those are the ones that benefit the most and then you have kkr and blackstone that will benefit. i think you top of the stay long that because every lawyer i know and every banker i know are super busy. as long as rates don't come up, as kim pointed out earlier, you will see more transactions. >> agree? >> we like the b

. >> kkr is one of the best performers. >> amazing. $132 billion market cap in kkr. >> amazing job.ional banks did incredibly well. >> there's an expectation there could be a lot of consolidation amongst the regional banks this year. >> with jonathan kanter out, the justice department, this is often cited to me, i have a lot of friends, not as many as you, this is going to be the big boom. this is what's going to happen. >> as we hit -- begin this year, there's an expectation we're going to see a lot of merger and acquisition activity. because of pent-up. my understanding is dialogues have begun. we'll see if they end up in deals. >> what, like over the -- >> still plenty of issues -- >> during the oregon game. >> people do -- people talk during the game. by the way, you could talk during that game. the other game, the asu/texas game you couldn't talk to anybody. >> no, there was no talking during that. >> that was just like, whoa, wow. >> yeah. there was a lot of talking apparently from the giants game they beat the colts. >> yeah, that was genius. genius. >> they can't even lose r

looking at kkr, ever core, things like that. blackrock which did not act well on our news. i think that these things will also do well because of that. >> great seeing you. >> my pleasure. get some warmer weather. >> next time. the big market guessing game has been over the fiscal policy coming into this thing. the focus has largely been on impacted tariffs. a little bit of a delay. they still loom large potentially. my next guest says the direction of travel policy is clear, it is a magnitude that is not. i want to bring in martell norton. you mentioned in your notes that all of these main focuses, whether it is higher tariffs, lower taxes and less regulations , creating more voluntarily. walk us through how you plan on dealing with this. >> i think that the real common theme across all of these policies, of course, they vary in their specifics is that sense of volatility. we do know that trump wants lower taxes. we do know that we want to see less regulation. we do know that tariffs are likely headed higher. we do not know the extent to which any of those will actually ma

aren't they in the short ideas, kkr, blackstone? is is that you? >> no. >> not you? under your notes. that's not you? >> something got -- i wondered why i was confused. >> that's fine. we like those business es. >> you do? >> yeah. we don't like the businesses where we don't think they're benefit from banking and we don't think they'll benefit from transactions. i think talking about, i think got switched. i don't know what happened. also -- >> reading off the notes i was -- >> i didn't make those notes. >> from you. from you -- neither here nor there. not a big deal here's the quality of what i have right here. >> exactly. first time that's ever happened to us. in our appearances together. i don't know what happened. we like the company's benefiting from transactions. we say, hey, i'm with steph. like financials only the ones that benefit. don't like regional banks as much. they don't benefit as much from dealmaking. large cap, long alts and more negative -- >> large versus small? steph talked about broadening. largely been large. >> right. >> large stocks over say

if you want to talk about the m&a story, look no further than kkr and ares and carlyle. those stocks are doing extremely well. obviously there's valuation concerns, but that exists everywhere. so i think up and down the financial sector, the banks, the cards, the insurance companies, obviously it's very difficult to find some subsector or industry within financials that is not doing well. and i think that speaks to lauren's point to the strength of the economy and the consumer. >> i mean, by the way, bank of america is one of the better performing bank stocks today. in fact, it is the best performing today of the large banks. >> it shows you how much they care. >> do you like the group? >> i think it's. where dan ended is a really important point to emphasize, which is that the banks have been doing well not just because of animal spirits related to deregulation or what have you. >> and frankly. >> i think we could say this for a lot of sectors. it's not. >> totally clear. >> what the impact of new policy will be. there's a lot of push and pull. banks have been performin

david, you have filed kkr for years. this makes it sound like a bucket shot. what is this administration doing on the way out? it has become a clown show. >> they are throwing a lot of things out and with a robust response is always from his lawyer. yeah, there is a lot of that but getting back to wells, your buddy, charlie, speaking a good game, saying he is excited about the opportunities ahead. >> he is good. >> we believe we will drive higher growth over time. credit card business continues strong growth. very positive comments within the release itself. >> they are the international bank, david. they are the middle-market bank, the market that seems to be the most connected to the footprint and the numbers were superb. did you say my buddy, or my pal ? >> i think i said your buddy. >> zuckerberg is my pal. other ceos are my pals. >> you've got a lot of pals. amongst them, i remember back not that long ago i thought you guys were pretty tight. >> you know, tight with lisa, my wife. charlie knows my wife, so maybe you are onto something. i like that concept

do you think kkr knew they were about to really get the book thrown at them? what happened here? just in the last 25 days they just said, you know what -- [ speaking in a global language ] >> high end chip sales conceive conceive conceiveably might impact nvidia. i understand. >> i mean, it has been onerous and it's across the board, i think. what we're learning now now that all these ceos are talking about the new administration is how they had felt about it. with banks it's not just about regulation. the tone of these ceos and robin vance at bank of york melon yesterday on the call and the ceo confidence levels rising and how that will be better operating environment for banks. loan has been the missing link. potentially they're to follow if we really see follow-through with optimism. >> post election was let's put the money to work. preelection was we're doing pretty good. it's now david's world. every one of the banks are saying the same thing. they always felt they'd be sued if they did a deal. now they feel they'll be praised. >> yeah. well, we've talked about it. the only

blackstone, kkr, apollo and charles schwab will have to pay over $63 million for not monitoring and archivingalers admitted to the violations and vawed -- vowed to improve. two chinese social media apps have taken over the top two positions on apple's iphone download charts in the u.s. the rise of the popular chinese apps as a response to the impending ban on tiktok in the u.s. many seeking alternative platforms. a string an english thing which content showed up this week. #tiktokrefugee has garnered more than 44 million views. jonathan: up next, the cost of rebuilding in california. >> get the permit. do it in a way that we have done it in other communities that have been similarly ravaged by wildfires. the scale will require us to be better and do better. jonathan: that conversation is annexed. you are watching -- conversation is up next. you are watching bloomberg tv. ♪ jonathan: equities just about hanging in there, positive of one third of 1% on the s&p 500. bond yields just a little bit higher. 10-year, 478.83. ppi data in america. the appetizer for the main course tomorrow, cpi tomorro

goldman could not competing with blackstone and kkr because of regulation.but they will be smart. they want to have the right strategy and execute. annmarie: do you see any weakness in any earnings? ken: the weakness is related to any sharp change or shock in the markets that affects volume but also affects their books. i mentioned before the black swan event. some complex derivative product that has a ripple effect, whether it is in asia or europe but it impacts goldman. the other one which jamie dimon speaks to is a geopolitical event. that has usually been if there's any selloff of buying opportunity. we are seeing confirmation of the 2025 stay the course and we will stay -- consensus and street analysts raising throughout the year. jonathan: i think what speaks louder than anything is the other from jp morgan. the outlook is pretty decent. incoming policy changes aside, the outlook is better than good and the stock is up in the premarket. i want to look to citi. you've had a decent read on a cross-section of wall street. numbers from wells, jp morgan, go