what's morgan without gorman?out from sheila, senior fellow for the center for financial stability. great to see you. fantastic. much to talk about. morgan stanley, james gorman. we been waiting a while. massive impact on the bank, wall street. i'm sure you met him. what impact did he have on the banking world? sheila: good tenure. he moved quickly to de-risk morgan stanley. he recruited a strong board, strong senior management. they've been not public about succession planning. there are internal candidates. if you leave, you need to make sure your company is ready for the next round of leadership. overall, job well done. congratulations. on his own terms, also good. alix: 14 year run. a lot has happened. give me an idea of where the industry was when he started, now what it's become. sheila: less risky. he took over during the great crisis, goldman sachs, morgan stanley became bank holding companies. they were subject to more rigorous oversight. the sec is a great regulator. they looked at issues like capital li

that is jp morgan. you still see the gsp taken a hit, agreeing to jp morgan.at. they will partake in some of the recovery. this as -- the stock is up today. people see this as good news. perhaps not immediately, not is there any risk in something like this where jp morgan has to come in, the other smaller banks are out there. it is clear the strongest and safest have the biggest banks in the country. jonathan: thanks for being with us. that's the latest with jp morgan and first republic. there is no in between. we have produced a template for the banking stress, if a bank gets into difficulty, wait. wait. wait a little bit longer. wait for it to fail. then come to terms for a deal. lisa: this is really the risk. this is not what the fbi see wants to do. they don't want to see it process. this was their best option. what does this mean about the banking system where the biggest get bigger and are rewarded for it the government? jonathan: they did all try to keep this bank together. they tried it restore confidence. based on what has transpired over the weekend,

it's like if you're a morgan, you're a morgan.own me 45 years. they know where all the bodies are buried. they're notjudgmental. they don't care. it's not a world that they occupy. they find the world of media and celebrity pretty shallow and vacuous. and they're absolutely right. and think we're all full of ourselves and think what we do is way too important. and i think they're right. so that's probably why they're great for me. after leaving cnn and spending six years at good morning britain, morgan eventually signed a three—year deal with media titan rupert murdoch, said to be worth tens of millions of pounds. what do you owe rupert murdoch? everything. to me, rupert murdoch is the greatest media figure of my lifetime, possibly ever, in terms of his boldness, his vision, in terms of his reach around the world. and for me, personally, the opportunity he gave me when he made me editor of his biggest selling newspaper in the world, aged 28, was an unbelievable opportunity. and actually, to go back and work for him back and work f

we have been caettin morgan that stepped in. we have been getting insight — morgan that stepped in.n getting insight into _ morgan that stepped in. we have been getting insight into how _ morgan that stepped in. we have been getting insight into how the _ morgan that stepped in. we have been getting insight into how the deal- getting insight into how the deal was done, we heard from jamie dimon saying it was an all—nighter and people were thrashing out the deal, and they had to submit the details of what they were proposing. also said this is a good thing it helps to stabilise the system and it is not like what happened in 2008 and thatis not like what happened in 2008 and that is the thing many people will be worried about, whether it is a rerun of the banking collapse. remember what happened a few months ago, with the other banks when they failed. everyone was asking that question, i'll be going back to another financial crisis, question, i'll be going back to anotherfinancial crisis, is question, i'll be going back to another financial crisis, is this going to be reminiscent of 2

jp morgan higher by 2.7%. let's get more details from first republican, bringing in embarq's -- bloomberg's sonali basak. bring us the details on the jp morgan deal to acquire first republic. >> we are watching the biggest u.s. bank gets bigger as we know there are other bidders behind the scene. we had reported that apollo and blackrock had supported, for example another bank to buy the company as well. jp morgan emerged as the biggest bigger -- better and most successful, the cost of the fdic was the least under the jp morgan acquisition. any other politics a come up by on this is up for debate. the question here, does the stem the banking crisis? we see california lenders going through a series of struggles, some have failed. this is another major deal. it certainly gives jp morgan an even more attractive base of customers. high net worth individuals. when you look at first republic there had been a lot of fleeing already. this deal is a coup for jp morgan. ed: going back to when svb collapsed, one of the b

jp morgan, many people were fighting for parts of the business, but jp morgan offered to take nearly the whole thing. >> typically, that is what the fdic wants. no viable bid emerged. the fdic then seized the bank and in a predominant announcement said jpmorgan chase had taken it over. jp morgan seal jamie dimon predict in the crisis is pretty much over. he says everybody should take a deep breath. jp morgan is paying 10.6 billion this allows -- types -- $10.6 billion to the fdic. conditions were deteriorating at the bank. about 10 billion dollars had walked out the door in deposits, so a decrease in 10% just since april 21, a condition that indicated collapse. by end first republic could prove to be jp morgan's best acquisition in decades. that may explain why the stock took off right at the open in a big way. it is estimated jp morgan could earn up to $1 billion in annual net income. the biggest u.s. bank getting even bigger while at the same time doing the fdic a big favor, taken this failed bank off of its hands and sharing some of the costs as well as any of the benefits. there

morgan was chosen to run that pain. -- thing. for jamie dimon, jp morgan gets bigger and bigger.om: headcount is being trimmed at morgan stanley, 3000 additional. does it signal there are further cuts to come through? >> the most interesting thing from that story is that cuts will not be part of morgan stanley wealth management. that has been excluded, but it will be hitting their trade and banking arms. from the outside, the investment bank will be getting hard-hit. these are big numbers. it is interesting to hear noel quinn and the citi ceo. francine: adjusting is the new work. tom metcalf with the very latest on banks. ibm plans a future whereabouts takeover significant chunks of -- where bots takeover significant chunks of jobs. we will have more on that next. this is bloomberg. ♪ go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable,

morgan. there he is j.p. morgan. now, jp bargain was the most respected businessman the country, one of the largest owned u.s. steel will have more to say about that later. and he was a guy who could get the operators attention because the one who trade created the coal strike coal trust to with and so they would listen him and tr told him about his plan to nationalize the essentially nationalize the mines and so morgan realized not only was this serious but morgan himself very concerned about anarchy in the country and he could only maintain wealth if he could keep this country going. so he had every reason to support this. so he got the mine miners together and began to operate together and began to talk to him. now i'm not going to go much more on this running out of time. i will tell you that doris kearns goodwin, who will be here tonight at our dinner, wrote a book called leadership in turbulent. there's a whole chapter on this subject. so if you really want to know more about it, that's probably the best place

leeann morgan: yes.he country like i am a we are cooking pinto beans and how stress is an thought i will bow out of this thand then it happened. when i look on it and i've had television sitcoms and my children were little and i would be devastated and i look back on it now unlike, oh my gosh, that was not the right time. i got to raise these children in knoxville, tennessee, and then now they don't need me like they used to. they still need me. and this happened to me at this time in my life. jeff: yeah. leeann morgan: and i am having a ball. i'm having a ball. it is bigger, more wonderful, and more special than anything i dreamed of. stephanie: i love that she says your name with two syllables. jeff: as part of her tour, she sold out the grand ole opry, which is a big deal, but certainly somebody from tennessee. she is something else. and that interview was part of our arts and culture series, campus. meantime may is aapi heritage month and we are explain how food is tied to culture and identity. steph

jp morgan rose even larger after the deal.0.6 billion to the fbi see on the deal and they expect a one-time game of 2.6 billion dollars and it is estimated just over $2 billion will be spent in restructuring costs. you're watching how the risks of first republic had played out and the actual deal, the $10.6 billion price reveals that about 10 million dollars of deposits walked away in the past 10 days, since the april 21 first rescue. therefore it was imminent, the bank collapse. jp morgan acquired $30 billion of securities, $92 billion in deposits and look at the way the stock shot up. a bank analyst says buying first republic jp morgan's best acquisition in decades. he says jp morgan could earn up to a billion dollars in annual net income. meanwhile, and overhaul of the system being called for because of the failure of four regional banks. haidi: not everyone is cheering the rescue. su: right, there are some like our opinion, -- columnist, mohamed el-erian, who have questioned this. he said this benefits jp morgan and could

jp morgan agreed to acquire first republic. it is the biggest, one of the biggest troubled banks in the recent turmoil in a u.s. government led deal. let's bring in finance editor defined nb&t. -- estefania yankee. >> this is something actually that officials have been trying to avoid for a long time. jp morgan already the u.s. is biggest bank and now it got bigger. like i said, this has been obviously there is little else ways to go because this makes jp morgan even stronger. we did have some reaction from the ceo jamie dimon who said that hopefully with this takeover, this could hopefully signal the end of the turmoil that we have seen recently in u.s. making sector. we have had reaction from senators who are already saying, this means that the banking system is broken is such a big bank can take on a nether bank, then where is it going to go? there has to be rules and limits on what they can do. manus: jamie dimon says we should breathe a sigh of relief and yet has cost the fdic $13 billion. svb cost them $20 billion. the qu

we heard from mike wilson at morgan stanley this morgan. lisa: just wait.nt rally. lisa: if you are late you are wrong. tom: i think fomo is to simplistic. jonathan: alexa people said in the first six months we dipped and then we will rip. tom: you have a bear market when you get intermediate bow market trends. is this intermediate within a long-term bear market? lab different opinions on that. -- a lot of different opinions on that. christopher marinac jones -- joins us. we saw the oak hill this morning. you live by augusta. give us a picture of your augusta. christopher: it is the prettiest place on earth and it also gets taken down for four months in the summer and they will redo the greens and fix up some trees that fell back in a role. it is an incredible piece of property. tom: a place to relax when you are dealing with the bank stocks as well. are you at any point at masters relaxation about the banking crisis or is it vivid? christopher: it is early innings. we have a recession to find and real estate to work through. the banks continue to make mone

[upon cannot hear vice president morgan] >> [vice president morgan's mic is not on] >> it did. it the cyclone event created an east wind and 8 foot waves that crested over the bough. over the side of the boat. it is does not have significant drains. it is not an ocean going vessel and water was able to penetrate the walls. >> [cannot hear vice president morgan] >> once water was able to penetrate the walls, it significant damage at this time driveway wall and insulation in the walls. >> thank you vice president. >> thank you very much, cho i got a couple of comments. the clarity of the questions came up as well. that this presentation in your responsibility are for lack of a description are the bonds. for moiz as well, there had to be some education in terms of the earthquake safety and emergency response bond to understand it collapses. the bonds. part of the issue with support services and chief serrano's report there is a whole section on the bonds one thinks about how can all of this work be handled by a unit like chief serrano and more support in this. chief nicholson, it

morgan, thereby making j. p. morgan even larger and more so big to fail than it was before. this is the most finished piece of business from the last financial crisis in 2008, where we, we failed to run size these institutions. now, if we're willing to live in the world, uh, basically socialized banks that are more of the state, then we like to make the conscious public policy decision. but in steps that we tend to pull ourselves into thinking that we have a competitive system. we're really what we have in the us is, is a subsidized to the big to fail. after all, the 2 big to fail. banks account for about 60 percent of all banking assets in the us. and as william pointed out in the us, system is not as bank separate as, as a european system. but we, we have this dichotomy, and ultimately we're going to have to reconcile. williams is jp morgan too big to fail is jamie diamond. the man who runs at to pa, for one of the changes of us banking, consolidating around a handful of these 2 big to fail banks for the both for, for consumers who of course, will face less choice. and for

tom: jp morgan.on, matt levine and john authers brilliant on gpm. look for that -- jm. -- jpm. henrietta treyz with us now. within the marble halls of capitol hill, when there is a debt crisis or shut down or job boning, how does the process change on capitol hill? henrietta: if anything, it speeds up dramatically. there was a lot of hay made about secretary yellen moving the debt ceiling up from as early as june 1. the reality is nobody does anything until the last minute anyway. we've got about four weeks. if those are in may, june, july, september, it is not like they will work in advance. speaker mccarthy demonstrated goodwill putting that bill on the floor last week well ahead of schedule. it spurs them into action. we've got four weeks, that's plenty of time. we've seen it done in far less and i would wager that it doesn't start until the week of the 22nd. tom: so five guys sitting on a couch with chair yellen in the oval asset -- oval office on may 9 doesn't have urgency? henrietta: i am happy

morgan chase, even larger than it was before we. we had other banks that were interested in buying for a script uh that were not too big to fail themselves. and i'm thinking in particular the cnc back, but i disappointed in the administration in that they actually subsidized the purchase of 1st group cover to buy jp morgan, thereby making j. p. morgan even larger and more so me to say all that it was before, this is the minus and a piece of business from the last financial crisis in 2008 where we, we failed to run size these institutions. now, if we're willing to live in a world of basically socialized banks that are more of the state, then we'd like to make the conscious public policy decision. but in steps that we tend to pull ourselves into thinking that we have a competitive system. we're really what we have in the us is, is a subsidized to the big to fail. after all, the too big to fail. banks account for about 60 percent of all banking assets in the us. and as william pointed out in the us system is not as bank septic as, as a

jp morgan is buying first republic bank. are saying it takes risks away and it is a reminder we may see more issues ahead. in terms of possible downside moves people are saying the equity market is extremely hedged and we may not see a big downside moves. yields higher, two year treasury yield 1.1%. the euro-dollar up, but europe is on holiday and liquidity is an issue. oil falling, debbie ti 1.1 7%. we will get back to oil. let's look at thanks. jp morgan higher, kbw bank index higher. other regional banks still under pressure. we have heard from they jp morgan ceo saying we are getting closer to the end of the banking crisis. the cfo is reassuring investors this is far from 2008. but the question is as we get closer to the federal reserve meeting today, let's look at this chart which shows what market is pricing in. investors expect another 25 basis point rate hike. the biggest question for the market, will those small banks be able to handle higher interest rates, tighter financial conditions? let's look at prude market a

e*trade from morgan stanley.to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley >>> big story this earnings season is we are finally able to appreciate companies with advance numbers. this weekend might be put on hold as wall street advances wednesday. i am concerned a quarter point and no weight. but it means we have to be on the look out either way for great american companies that sur vise the upset finally i eidentify what you know and when you are confused able something. my mantra is buy and home work, i always look for anything to alou me to at lost narrow down a list of stocks worth looking into and patrick, a technician that is a founder of mentor and it turned out to be incredible cost, because everybody hated them the charts can't tell you how a company is doing, but it can tell you how the big money is doing, and you

piers morgan was editor of the daily mirror from 1995 to 200k.wyer for prince harry and the other claimants has claimed they have new evidence linking mr morgan — who is now a tv presenter — to phone hacking at the mirror. in a bbc interview recorded before the trial, which will be broadcast tomorrow night, mr morgan denies any knowledge of unlawful activity. originally i said i have never hacked a phone, i have never told anyone to hack the phone and no stories have ever been published in the mirrorfrom my time stories have ever been published in the mirror from my time from stories have ever been published in the mirrorfrom my time from hacking the mirrorfrom my time from hacking the phone and somebody pointed at you can only know the first two for sure. i can only talk about what i know about my own involvement. i have never hacked a phone, i wouldn't know how. mr morgan is not involved in the trial — which is expected to last for 7 weeks. and you can see more of that interview tonight at ten — and the full "piers morgan: amol rajan interviews

piers morgan was editor of the daily mirror from 1995 to 200k.r prince harry and the other claimants has claimed they have new evidence linking mr morgan — who is now a tv presenter — to phone hacking at the mirror. in an interview with the bbc�*s amol rajan, recorded before the trial, mr morgan denied any knowledge of unlawful activity. good to see you. how are you? very good. better known now for being a judge on talent shows or walking off set on breakfast tv, piers morgan was for many years a campaigning and influential tabloid newspaper editor. have you ever hacked a phone? no. did phone hacking ever take place during your editorship of the mirror? not that i'm aware of. cos what you're not saying there is there was no phone hacking at the mirror. to be clear, originally i said i've never hacked a phone, i've never told anyone to hack a phone, and no story has ever been published in the mirror in my time from hacking a phone. and then somebody pointed out, well, you can only know the first two things for sure. yeah. all i can talk to is what

morgan owns 17% of all u.s. deposits, by far the largest. after farmer's dog, she's a much healthier weight. she's a lot more active. and she's able to join us on our adventures. get started at betterforthem.com this week is your chance to try any subway footlong for free. like the subway series menu. just buy any footlong in the app, and get one free. everyone loves free stuff chuck. can we get peyton a footlong? get it before it's gone. on the subway app. if lawn care were easy, everyone would do it... as well as trugreen does it. trugreen's online tools help ensure your custom treatment works to deliver a greener, healthier lawn - guaranteed. it's time to trust your experts at trugreen. go online today! the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com for your most brilliant smile, crest has you covered. ♪ (l

morgan swallowed up 1st republic. i mean, those are not the usual circumstances, some on one hand side, there was some a relief even of this, not a great a solution, but it might be the least of worst them under normal circumstances. j. p. morgan would never get the okay, never get the sums up the to acquire another at bank and increase their a deposit. so this is clearly and this situation why everybody was sort of relieved and made an exception. so that j. p. morgan, as you mentioned, is getting even bigger audience, judging by wall street reaction to the deal reaction, this monday, traitors, they seem to be shrugging off the the whole mess. yeah, and, and i'm wondering if we are underestimating the impact that those regional a bank failures ahead to him. i mean on one on the financial system, if more banks might follow. but even if this chapter is closed, for now, there might be an impact on the overall economy as so if we see a credit crunch, for example, that could lead into a recession for the united states. if

more -- morgan stanley executive plans to step down. he is been ceo since 2010 and transformed the bank after a global financial crisis pretty will assume the role of executive chairman. there is no word on who will replace him in january. he said there were three finalist for the job in january. global news, 20 boroughs a day, and on bloomberg originals, powered by 20 senator journals and analyst and more than 120 countries. i'm john hyland. this is bloomberg. >> welcome to bloomberg markets. i'm am jon erlichman. >> i matt miller. let's get a look at the markets right now. after we heard that republicans are walking out of that ceiling negotiations, we've had a marked change in the trade. the s&p 500 is down. not by much. just 1/10 of 1%, and at a relatively high level. we are holding on to the gains we have made in the most recent surge, and really the rally from your today. 4190 two is where we sit on the s&p 500. we have a yield floating up right now at 366 and 367 on the 10 year. we saw a jump in yields at the beginning of the cur

morgan um, apparently moved quickly to take over 1st republic of gp morgan was already the largest us bank. now it's even bigger. and i remember banks in the financial grad crisis back of 2008, 2009. remember they were too big to fail. i'm wondering, did i browse, did they breeze to day when j. p. morgan swallowed up 1st republic. i mean those are not a usual circumstances. some on one end side there was some a relief even if this is not a great solution, but it might be the least of worst them under normal circumstances. j. p. morgan would never get the okay, never get the sums up the to acquire another at bank and increase their a deposit. so this is clearly the situation why everybody was sort of relieved and made an exception. so that j. p. morgan, as you mentioned, is getting even bigger. and he ends judging by wall street reaction to the deal reaction. this monday, traitors, they seem to be shrugging off the the whole mess. yeah, and, and i'm wondering if we are underestimating the impact that those regional a bank failures ahead to him. i mean on one on the financial system, if

morgan. they have to come up with a plan to spot the regional bank some points so they can bid and win the next bank that goes under. or they need to levy a big enough field that lets them raise the deposit insurance to at least $500,000. the fed has to raise rates tomorrow, so we are going to wait and see how much damage has already been done. apple will report what it reports, if it is weaker than it expected the stock will go down. but then it will come back again, i believe. there too many things going right for this great company including ai. we want wages to stay steady or even come down and little bit. i think that it will happen eventually. i do not know if it will be friday. the debt ceiling crisis will be resolved, but maybe not until the national parks are closed. maybe no security checks will be missed. there might be a hangover, it could be a little light 2011. you know what, you had to purchase it when i got to the bottom. boy did we have a good run after. think about that as h

jp morgan will assume all of first republic's deposits and buy most of its assets. first republic is the second largest failure in u.s. history as far as banks go. the stock halted in the premarket, down almost 46%. i spoke to odeon capital group chief financial strategist dick bove to get a reaction. watch what he had to say. >> i think what you can expect to see going forward is that entrepreneurs who understand the market will continue to attack these banks, seeking out other ones that they can drive into bankruptcy because it's a highly profitable effort to do so. the government is going to have to shore up its major massive weaknesses in terms of bank regulation by going in and increasing the real equity of the banking system. cheryl: mike, dick dove seems to think that it's not over of, that there's other opportunities here and that others are going to go after other banks, that's one opinion. other opinions say that this ends the crisis and that the banking sector is going to be stable after this. what do you say? >> yeah, look, it's really hard to say where

morgan stanley's chief chinese economist joining us from morgan stanley chinese summit to discuss theutlook for growth. up next a closer look at the impact of the debt ceiling talks in the u.s. are having in global markets. we discuss that with k2 asset management. this is bloomberg. ♪ ♪ yvonne: checking u.s. futures this morning. markets are closed for memorial day, reopening on tuesday as debt ceiling talks reach a deal. it has to get through congress but stock futures are elevated. nasdaq 100 futures are half a percent higher. the ai trade, nvidia is fueling that one. watch when it comes to long data treasury futures rallying in the wake of the deal reached between biden and mccarthy, paul. paul: u.s. equity index futures are creeping higher, modestly so. after debt limit negotiators in washington reached a tentative agreement to raise the debt ceiling and avert a default. joining us is george, executive director and head of research at k2 asset management. u.s. futures are looking modest for the asia-pacific. looking flat. what are you expecting to see in u.s. markets when we get

morgan, what never get the okay. never get the thumbs up the to acquire another at bank and increase their a deposit. so this is clearly the situation why everybody was sort of relieved and made an exception. so that j. p. morgan, as you mentioned, is getting even bigger audience. judging by wall street reaction to the deal reaction, this monday, traitors, they seem to be shrugging off the the whole mess. yeah, and, and i'm wondering if we are underestimating the impact that those regional a bank failures ahead. i mean, on one, on the financial system, if more banks might follow, but even if this chapter is closed for now, that might be an impact on the overall economy as so if we see a credit crunch, for example, that could lead into a recession for the united states, if that's going to happen a remains to be seen. i guess one of the reasons why walt street sought obstruct it off is that with the, this banking crisis of at least 4 regional banks. it does make it a bit likelier that the federal reserve might increase

the deal between jp morgan and first republic bank. jp morgan is up 2.5%.st take away from jamie dimon who says he wants to do things differently and he wants to add mortgage break securities on the balance sheet. flipping up the board again, we have this survey from bloomberg today. they asked investors how to position the head of the federal reserve meeting. it is interesting that the majority of them still wants to buy defensive stocks and only 20% see an upside in growth stocks and only 16% think it is time to buy technology. alix: natalia, thank you so much. appreciate it. nasdaq down .3%. that wraps it up for me on "bloomberg markets." coming up, the presto automation chairman and ceo be joining bloomberg technology with caroline hyde and ed ludlow. there is a panel with stephanie frazier -- stephanie wilkins talking about the debt ceiling. happy monday. this is bloomberg. ♪ >> from the heart over innovation, money, power glide in silicon valley and beyond this is "bloomberg technology." with caroline hyde and ed ludlow. ed: i am ed ludlow in san fran

i'm tyler mathisen jp morgan buying first republic.ig banks getting betigger, is that a good thing? we'll debate it. >>> new mortgage fees, we'll separate the fiction from the facts. >>> norwegian reporting strong demand and pricing for this year and next is the stock finally a buy we'll get to all of that >>> kelly, over to you for a check on the markets. >> thank you, tyler. hi, everybody. the dow is up 71 points. s&p at 4181. nasdaq has gone positive by 42 as well. jp morgan higher, one of the best banks today after rescuing first republic it's kind of muted it's come off the highs a little bit. pnc did not get the bank that stock is moving lower >>> gm is rising adam jonas is 38 it's a 33 right now. the company cutting hundreds of jobs in product development. shares are up less than 2% >>> norwegian, strong earnings look at the five-year stock chart. nowhere near prepandemic levels. it's at 14 and change today. >> thanks a lot. >>> we begin with first republic jp morgan chase acquiring all its deposits and a majority of its assets

now jp morgan chase. they are worth 4 trillion dollars. what i've learned if you did not, you're very rich and very powerful, but you did not take your money out. according to jp morgan chase, they say your deposits should be fine as well as far as the employees about 4600 left. not exactly sure what's going to happen to them. first republic bank is in 8 states with eighty-four branches and it's just a matter of time where this bank we'll have to change their names. this is an indictment on the fdic and banking regulators. why they did not keep a close eye on this. and even they admit, just like with silicon valley bank james and area, they were a little lax with their supervision. >> all right. and look what okay. thank you. will. >> 604 is the time. oakland teachers, by the way, are expected to go on strlke perhaps as soon as today. the oakland education association voted to authorize a strike last week if the school district didn't reach a deal with them. and at last check, there was no deal reached over the weekend. so we know the stat

morgan chase, right? >> it was. >> this has been sold to j.p. morgan chase. how big can it get before there are concerns about it being too large. >> j.p. morgan chase was the largest bank before this, and will entrench itself after that. jamie dimon, the ceo of j.p. morgan chase had a call with reporters earlier this morning and faced the question, j.p. morgan chase just got bigger, don't you think that increases the eyeballs and scrutiny in washington, d.c. and his talking point was we're big, and we're not apologetic about it. he was basically saying j.p. morgan chase because of their scale, they're able to lend to businesses or able to lend to governments, able to lend to the imf, the world bank. don't you want that coming from the largest economy in the united states, a u.s. bank. that was his point. >> also a private bank. i don't know. seems like it's -- i listen, i have no idea. i'm going to rely on you as the expert. brian cheung, thank you very much for coming on. hopefully this is the last story like this for a while. >>> coming up next, speaker mc

morgan won it. what happened with first republic was after silicon valley and signature failed in march and pumped more money into first republic, 30 billion from other banks to prop them up, but people who were depositors are going, i don't know if this is safe, they took their money and the stock market punished them and the price fell and that caused us to be here. >> ainsley: they withdraw 100 billion in deposits. third bank to fail since march, signature and now first republic. >> brian: if past is prologue, doesn't seem like they took into account rates were going up and inflation was not transitory. 13 after the hour. ashley, you have news. >> ashley: start can with with hunter biden, he will appear in court in arkansas over child support payments. he is accused of withholding efs. the president's son continues to live lavishly. neither president nor the hunter have publicly acknowledged the child nor did she have a christmas stocking in the white house last year. top republicans calling for

he had a tenure of a decade at morgan stanley. after the financial crisis he tried to run the bank and now he seems to be going out on a high note, staying on his executive chairman. there's three contenders for his spot. we saw the stock at it differently than the bank indices so a little uncertainty as an overhang on the stock but overall it is in stride. jack otter: after the crisis morgan pivoted hard toward wealth management meaning financial advisors. the morgan stanley advisors have been gaining a bigger share and doing well. interestingly goldman sachs has been watching that, they bought an independent advisory and pivoting toward the consumer but it has been a rough road. what did you learn when you sat down with david solomon? carleton: this was before james gorman made the announcement. we questioned david solomon about the path goldman sachs is taking andrew comparisons to morgan stanley. he admires what james gorman has done very much. goldman is trying to get more into the asset and wealth management business. there

morgan stanley meeting kicks off. i know that is one of the main issues and today for to speak, it is the big issue. no one cares speaking about fed governor at 11 a.m.. tom: this is a small matter. this panel is an honor of john williams, grade publishing colleague tragically dying of cancer in 55. german the commonness with great -- economists with great credit. jonathan: he was an advisor to powell as well. tom: this is the guy, i suggest lead the charge on this think we tossed around. jonathan: looking forward to the fed speak this morning. eric friedman joins us. always wonderful to catch up with you. are we had a risk of being sucked in to an equity market rally before the big fold? eric: we think there is a risk of people capitulating to the upside. our viewpoint has been what you shared earlier in program, we think variables work against both corporate profits and consumer. our strategy has been, despite concerns about were fed ponsetto out -- fed fund to sell out and consumer tracking area, we have done so wi

that's what you get from the morgan stanley client experience.tening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ ♪ ♪ ♪ ♪ ♪ the l'or barista coffee and espresso system. a masterpiece in taste a third kid. what if she likes playing golf? it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next. >>> welcome back to "the halftime report. i'm contessa brewer with your cnbc news update a top chinese commerce official will travel to the u.s. to participate in a rare trade talks. the u.s. and china have seldom held meetings in recent years but, of course, they're important economic partners and bilateral trade between the two superpowers hit a historic high of $760 billion last year. hyundai and kia have agreed to pay $200 million to settle a consu

him in the hospital, but it could have been much worse without his uncle's quick thinking morgan's here to share his story and an important message, what he learned that everybody needs to know,w, right aftfter this. o. that's w why i take e kesimpt. it's's the only y b-cell trereat for rms i i can take a at hoe ononce a monthth. kesisimpta was p proven supepr at r reducing the rate o of relapseses

the boss of jamie p morgan, he said this phase of the i p morgan, he said this phase of the banking crisisnot? i was trying to get at is whether or not he is right? you i was trying to get at is whether or not he is right?— not he is right? you 'ust have to look at the t not he is right? you 'ust have to look at the share _ not he is right? you just have to look at the share price - not he is right? you just have to look at the share price of - not he is right? you just have to look at the share price of his - not he is right? you just have to i look at the share price of his banks who are kind of, pack west saying they are exploring to gtech options. whether it's investors are short sellers, whether it's from your customers, something has to give. because of the over but perhaps the question is what does this mean for the broader economy? maybe we are seeing borrowing costs reach their peak. there mirrors what we see have seen over the us where the federal reserve as well. central banks are automatically raising their rates in response to inflation. that is the latest from the business. i

morgan chase chorus. stacy morgan's already the largest bank in the united states, a little bit bigger today. as a result of this deal, which it is promising to pay $10600000000.00 to federal regulators that seized 1st republic over the weekend. now this is something that many had long see coming and we saw were, see now the markets responding to this with a little bit of a blip. not very strong trading as this was widely expected and investors are still waiting on the fed meeting later this week. to discuss whether to continue raising interest rates. but as far as 1st republic goes, it collapse was eminent after a disastrous earning report that was released last week showing that its customers had withdrawn more than half of the banks. assets, of course, is of happening in the context of those raising interest rates, as the fed has been trying to bring down inflation in the us. and this is now the 3rd at large bay to have failed in the united states in just the last 2 months. indeed, we'll heidi as you just said, markets opened and what the last hour, just how anxious do investors loo