mike mayo: we see upsides in all the stocks. the banking industry that we have been in 20 years. there is a lot more upside if there was a better town at the top of these companies. -- tone at the top of these companies. banks hasf those above to create returns the cost of capital for every one of the last eight years. that is unacceptable. the question for all three of these banks or any bank that has destroyed value, if you are not getting it done, if there is not up clear plan for deleting it done -- for getting it done, what is your plan? we think all options to be on the table including breaking of the banks. jonathan: before we get to breaking of the banks, i want to know the problem with ownership is. i bring up wells fargo and use the atf function on the bloomberg. you can see blackrock with five, then go with five. doing it to do something about that? not just the size of the bank but the ownership and try to avoid concentration we can see across the board? mike mayo: we are seeing a positive direct to an -- direction i

mike mayo, and i think northern trust, state street, bank of new york, melon, those three, they wouldause i think these are going to rock because of what mike is saying about how well the banks are going to do going forward. >> it is a pleasure, guys. thank you very much. that does it for "the halftime report." "power lunch" begins now on cnbc. >>> welcome to "power lunch" with michelle caruso-cabrera and brian sullivan, i'm melissa lee. tyler mathisen is off today. we start off with that bombshell at theranos. the wall street journal reporting that regulators are considering banning elizabeth holmes from owning or running any lab for at least two years. this follows a journal investigation published in october that questioned the integrity of theranos' lab results. holmes came on cnbc late last year to address those claims. >> this is what happens when you work to change things. and first they think you're crazy, then they fight you, and then all of a sudden you cha

mike mayo got out of the meeting and joins us on the news line. you call this a turning point for cma. why? >> i would say this is one of the most noteworthy annual meetings i have ever been to. this is a turning point. management is finally listening. we published a report three years ago saying what if interest rates don't rise? well, interest rates didn't rise. they are in a tougher position than they were then. today is the day comerica moves from plan a to plan b. they said they have a sense of urgency to restructure. all options are on the table. they would consider strategic alternatives at least seven times during the annual meeting. >> so the number of times they said that convinces you? they have already said that everything is on the table. >> well, you had not only the ceo saying that but the director was also stressing that. they also said once they review what the consultant is completed they will especially look at the potential for strategic alternatives. let me remind you what we have said here. we said comerica either, one, needs

mike mayo is the bank analyst at clsa and a good friend of the show. hello. 20 years.

mike mayo joins us. >>> hi, everybody.ere is your cnbc news update at this hour. 170 world leaders gathering at the united nations to sign the paris agreement on climate change. secretary of state says it marks a turning point in the fight against climate change. >> the power of this agreement is what it is going to do to unleash the private sector and it is already doing to set in pace the global economy on a new path for smart, responsible, sustainable development. >> a commission from the belgian parliament looking into the brussels terror attacks visited the train station today. one member laid a wreath at the site to mark the 1 month anniversary. 32 people were killed at the station and at the brussels airport. general motors ceo total kpentation from 2015 rose 72% to $28 million from the year before. this is posted record profited. but much of the compensation is tied to stock she cannot yet cash in. >>> and one lucky american girl won an air b & b competition to spend the 400th anniversary of shakespeare's death in

mike mayo got out of the meeting and joins us on the news line.all this a turning point for cma. why? >> i would say this is one of the most noteworthy annual meetings i have ever been to. this is a

mike mayo gearing up for earning season.e merger of allergan and the release of the fed minutes. that's next. ♪ stephanie:'s official. the megamerger between pfizer and allergan is off. the fed releases the minutes of its march meeting later today. for signs ofking hawkishness. an output freeze will be done even without iran. hope you are ready for a big hour because we are 30 minutes away from the opening bell in new york city. you are watching "bloomberg ." jon: joining us for the next hour, senior investment officer at prudential fixed income. david: it will be a very big hour because drew armstrong will -- brentiewing saunders. stephanie: sitting down with brent saunders, the ceo of elegant -- ceo of allergan. drew is with us right now. walk us through what has happened here. night, we gott word that pfizer and allergan were pulling the plug on this deal, $160 billion, the biggest ever deal in health care. they made the announcement official this morning. new rules that the treasury department put out this week had

alix: mike mayo stopped by bloomberg this morning. u.s.'s an ugly quarter for bank earnings.pressure on net interest margins, the 10 year has come down, and you also have capital markets being pretty sluggish in the first quarter. we are trading down 1/4 year over year. that hurts the wall street banks more than the main street banks. let's define the difference between the two. >> wall street banks, the big trading houses. of then certainly parts jpmorgan, citigroup, and bank of america. and trading is lousy for the first quarter compared to last year's first quarter. the main street banks -- it's kind of not much growth, and it is sluggish but not as bad as the wall street banks. having said that, for all the problems with revenues -- this is one of the few quarters this decade with negative earnings and negative revenue growth, year over year. that's for all the top 10 banks. that is the bad news. the good news is the resiliency of the banking industry. credit quality remains good, capital is higher, risk is down. as ugly as the first quarter is, we think comparisons get b

mayo,nking analyst mike managing director of cms a americas. jon: what a guess lineup we have.ks down across the board.

maybe cinco de mayo we could be talking about rain showers. >> but that is on thursday. >> mike is auman calculator. >> could deputies hail? >> there's a possibility. maybe some lightning strikes as well so we will have an update coming up later.>>> they are making history one leg of a worldwide trip at a time. we will hear from one of the pilots and founders of the solar impulse project. stay right here, the 4:00 on 2 will be right back. that's a good lookin' pile of dirt. yeah. it's nature's care. what's in it? lots of rich, moist organic things. can i touch it? yeah, get in there. that feels really good. nature's care organic garden soil. that's some good dirt. and that's some other good stuff too. fill your family of four up, with eight pieces of delicious original recipe chicken and sides. it's a meal that's freshly prepared every day. court adjourned! colonel quality, guaranteed. >>> dennis hastert was sentenced to prison for a sex abuse scandal. he is accused of abusing at least 4 former students decades ago when he was a high school wrestling coach. he pled guilty and was sen

mike and gasia, the forecast models trying to generate some rainfall in time for cinco de mayo. we will keep an eye on that. >>> how many times have i frozen to death on the hill at stern grove. we have learned the line-up for the music festival that will be here for the summer. is >>> legendary director gary marshall returns with another holiday themed movie with a star-studded cast. >> i love him. mother's day tells the story of three generations. adam housley has more. >> hello, atlanta. >> happy mother's day. >> reporter: veteran director gary marshall has a star- studded ensemble comedy which weaves together separate stories of mom-kid relationships. marshall says he knows his audience. >> i know that i do women's pictures. i look forward to that so i don't have to compete with flying people and explosions, which i learned, but my sister penny and i don't do that type of movie. we like to make you laugh. >> reporter: with mother's day may 8 stars jennifer aniston and jason sudeikis. >> started the second she wakes up. >> breakfast in bed? >> yep. >> you don't live with your

mayo. still a ways out. >> may 1st is sunday. >>> still ahead, big news for dog owners. why some psychologists are saying you should not cuddle with your four-legged friend when we return. >> mike. you shouldn't have to go far to get the help you're looking for. that's why at xfinity we're opening up more stores closer to you. where you can use all of our latest products and technology. and find out how to get the most out of your service. so when you get home, all you have to do is enjoy it. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. >>> tonight andre is in for a rude awakening when more truths are revealed on the hit tv show "empire." >> her role pretty closely resembles her real life. >> reporter: when fox caught up with roper and "empire" co-star breezy, she was working the crowd and scissors. the former barber was giving fans a haircut. >> barbie bettering got me out here. so to come to l.a., i was still cutting hair and making relationships with major people in the industry. >> reporter: she plays a rapper. she has learned a lot from actor terrence howard. >> stay true to who you