morgan stanley is a more diversified business.e end of the day, in down markets, morgan stanley had higher returns this year where the investment banking business was find out if you're sitting on a gold mine. call coventry direct today at 803 83 9200 or visit coventry direct.com on $100,000 margin. loan interactive brokers charges just 6.83%. do you know how much your broker charges? fidelity and schwab charge over one and a half times as much. e-trade and td ameritrade are even higher. move your account to interactive brokers and save at least $5,200 or much more. if you're trading big bucks. avalara. we can calculate sales tax automatically. avalara. what if tax rates changed? filing sales tax returns, business license guidance, cross-border sales item classification? does it with. this is bloomberg markets and i'm sonali basak with john ehrlichman real estate private equity firm rockpoint has just closed its latest opportunity fund at $2.6 billion, bringing total capital commitments to roughly $5 billion in this latest cycle.

morgan? he or she looks like they are getting their confidence to jump -- my daughter loves horses. she rides a little pony named chief's of this made me think of her. this also made me think of joe biden. [laughter] it's very cute but it looks like joe biden when he's trying to go down the stairs of air force one. you did it! yay! [applause] >> greg: i'm always wondering, how is morgan going to make some red meat out of this one? "how can i tie this in to joe biden?" >> morgan: i tried to be funny. it's hard. >> greg: [laughs] all right, todd. what is your animal video? and i hope to god... >> todd: trust me, it's just an animal. this is a live iguana meeting a stuffed animal iguana. for those of you who don't know, this is how greg and i greet each other when we see each other to do a show. can i be real for a moment? i'm really impressed by the calm of the stuffed animal. didn't flinch the entire time. didn't get flustered by the live iguana. >> tyrus: i have a question. what was the stuff

jp morgan up by 2%.ave to manage the excellence. they've got to underplay profitability, underplay dominance. >> imagine trying to forecast this year, tom, the next 12 months. all the elections around the world, the tensions in the middle east the expectation the fed is going to reduce interest rates, may well start in march. tom: we are going to have to see. will continue with mohamed el-erian. this is just wonderful after the accolade he has received from dubai, and an award given to him for all of his commitments of the arab world and economics as well. his father, the former egyptian investor to france a few years ago. i know what dubai was like the first time i was there and the growth just since i've been there is extraordinary. what was dubai like the first time you were there? >> so, that's going to expose my age but i was there the first time in the 80's and there was nothing there. there is absolutely nothing there. to see what there is in dubai right now and it's a combination, as you know, of

morgan and morgan stanley recommending investor start buying five-year u.s.otes after they saw the worst rout since may of last week. abigail doolittle is here to explain. esg there was a big -- abigail: there was a big selloff or bonds. we had the first record high for the s&p 500 in two years. it took a backseat to stocks. here are the losses for bonds last week. the two-year yield in particular backing up 19 basis points. to your point, the most since may of last year. a big selloff as investors reconsider what the fed will do next. we have morgan stanley and j.p. morgan both saying you want to buy the five-year note in particular. we have morgan stanley, this is bad news is good news, saying some of the upcoming data could be disappointing. that could support the idea the fed will cut as expected. right now, five cuts are priced in. you have j.p. morgan saying the level, they say the markets are aggressive on timing. they talk about the fact we have options starting tomorrow and there is the gdp number on friday. if we look at it in context with a number

let's start with jp morgan.what's your reaction so far to the overall numbers and what about jpm in particular? >> i think they were moderately positive. in other words, it's almost impossible quickly to go through these numbers and come up with really hard decisions because there are so many one-time writeoffs coming from multiple different places whether the crease in the fdic insurance, the writeoff of long held bonds, whether it those do with shifting of the businesses to meet the requirements of this new what they like to call basel iii end game. you have to separate that out. once you separate that out you take a look at what would be called operating earnings and i think that jp morgan showed and improvement in operating earnings. i think that you are seeing some contradictions, though, bank to bank. in other words, the capital markets activity of jp morgan and of bank of america were weak, whereas they were strong at wells fargo. plus wells fargo took one very, very sizable capital gain which a allowed i

so why did kinder morgan's headline numbers fall short?ear declines in earnings and cash flow are, quote, largely related to increased interest expense which was anticipated in the company's 2023 budget guidance, end quote. the company went on to say that, quote, it finished the year slightly behind its budget due to lower commodity prices. that makes you feel a tad better about the soft results. kinder morgan got hit with higher interest expenses when rates were rising rapidly as they did last year. but now long rates have already peaked and pulled back stushlly from the highs. at the same time they missed their internal targets largely because of lower commodity prices. but oil and gas were already headed higher again. if you believe carley garner, our resident commodities expert saying crude could go up to as much as 100 bucks i like this story. kinder morgan said its nachb gas pipeline segment -- by the way, that's its largest business unit, not oil. saw its financial performance down slightly across most of the network in the fourth q

stephen: well, one of the hallmarks of jp morgan is there diversification.hey always seem to be running on seven cylinders ahead of eight, a weakness in one area, strengthen another. it is rare to see a quarter where they have material weakness in several divisions at one time, so i think the diversification aspect helps. they have the national banking franchise, strong on the consumer side whether mortgages, credit cards, automobile loans, etc. they are high in the table so when capital markets do well, they capitalize on that. trading revenues tend to be strong. this quarter was an exception with reduced volatility throughout the year, so it is more of a well managed bank, jp morgan, with return on equity in assets, and you know, that is where you look for investments in this space. john: we appreciate the time as always. the director of financial research at argus break and gum quarterly results from the big banks. coming up, a preview of bloomberg's next big risk series where we interviewed 3 twelve st players about their long-term outlooks. thss bloombe

morgan, this is the dow component, here comes j.p.lion revenue on j.p. morgan, the street was looking for 39.70 billion they came in at 38.6 billion on j.p. morgan that's a revenue list that's what i is earnings-per-share it was looking for 332, maria let's go to the j.p. morgan numbers because obviously this is the dow component and this will give us the tone for all of the banks even though the third number to report, book value up 16%, assets under management 3.4 trillion this is j.p. morgan commercial banking revenue for billion and that they're talking about return on common equity 12% consumer banking revenue 18.1 billion looking for the commentary which is not come out yet, the stock is moving down as you can see. >> a new number, hold on. one more time. that is now upbeat, were clarifying other revenue, given the wrong number earlier, 39.94 billion on revenue that is a b on the revenue for j.p. morgan, the stock is under pressure by 4%. my apologies. again clarifying the adjusted shares coming in. now i have it adjusted number

morgan stanley.king.com ♪ somewhere, anywhere... ♪ ♪ i just want to lie motionless in a chair! ♪ booking.com, booking.yeah ♪ ♪ katie: welcome --sonali: welcome. i am standing by with an exclusive interview with james gorman, executive chairman of morgan stanley, recently stepped down as ceo. your new role as executive chairman. what is your most urgent priority? james: this interview with you. [laughter] it is to support ted. he is terrific, will be a great ceo. my job is to help him as best i can but stay out of it. that is my priority. sonali: you used to handwrite a checklist of priorities at the start of every year. if you think about how you change gears into executive chairman, what does that list look like? james: i did not write it this year. i did that when i was ceo. it gave me a framework for focusing on the big things that matter. there are thousands of issues that come at you. you can easily lose sight of the stuff that matters. every year, i would tea up on the first day i came into off

numbers out from morgan's tax and -- from goldman sachs and morgan stanley.es, responding to those numbers as they drop. the regulatory regime, let's think about what gerard just told us. if we get a rush to private markets is moody's right to warn you could get a race to the bottom? lisa: this has been something people have raised for a long time. have we seen it yet? warren buffett said when the titles out there is a sense of who is swimming naked. jonathan: and we do not want to see anyone swimming naked, either. we do not. lisa: it is a metaphor. coming up, robert vince, president and ceo of bny mellon. equity futures pulling back most of this morning. we are -.3%. ♪ that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. how am i going to find a doctor when i'm hallucinating? what do you think, fever monster? what about zocdoc? zocdoc? dr. castell has a great bedside manner. so many options. but dr.

morgan had contributed towards. and so when you watch season two of the gilded age, if any of the cast would avoid disaster by having a business deal go wrong or by spraining their ankle, you're going to now know where the inspiration for that storyline came from. and with that that is it. thank you very much. and if anybody has got any questions, stephanie, is got a microphone and go. and i only take it easy questions. i think this is easy. okay. why did they make k.m. or whatever it was called instead of using limestone in those days because it was cheaper? was it away any of us know? it's just it's just, you know, it's one of the other things that they did was there's a lot of them, what you think of as marble columns actually are not marble. it's actually material called scale tula, which was plaster, which was made to resemble it. the ironic thing was scale ula. now skeletal is more cost more to make than what it to turn a marble column because the technology changed is easier to work with stone now and the cra

morgan then he moved to j.p. morgan, in that time, he was known as "high net worth" broker.eople say, unwhat could he have added to the mix or given leon black of apollo. i asked jimmy cain that before he died, he was really good at the tax code, he understand the tax code, memorized it he was self taught. he was a broke that's correct give you insight to how to save money, he was good. like i'm not rich, you know, like we do better than most americans but there a whole business of servicing the uber rich on wall street level. you have to know about art, you have to know about their yachts vu you have to know about tax law, he was good, he did it for wexner and a new for and leon black of apollo. >> he took a hit. >> his representation. here is where it gets problematic as a journalist. just because you say hello jeffrey epstein, does not mean you are a pedophile, in have been two people put in jail on this whole thing, one person convicted the other was just arrested. jeffrey epstein was arrested, killed himself or died whoever you want to go there. and that is one. the oth

morgan, bank of america, wells fargo. j.p. morgan is coming in way too hot. i fear that. bank of america stock has had a nice run but i think it can go higher. wells fargo is still nowhere it was five years ago. the ceo always gives us a review of both the financial industry on the world. i find he has a wealth of knowledge and shares it in an informative and provocative way without politics but with the desire to tell the truth. let's just say that is a rare quality. from united health, that stock is getting crushed. i don't think anything short of a her rent this quarter will send it higher. delta, so far this year cheap is attracting a lot of attention, but the bottom line, the new year started with the redistribution of cash out of the magnificent seven onto the sidelines to a few industrials. most importantly, the healthcare stocks. it is propelled about what people expect to hear at the j.p. morgan healthcare conference. i am flying out there to give you the skinny on what this red- hot group can do and what will take it to the next level. let's go to todd in rhode

morgan had contributed towards. and so when you watch season two of the gilded age, if any of the cast would avoid disaster by having a business deal go wrong or by spraining their ankle, you're going to now know where the inspiration for that storyline came from. and with that that is it. thank you very much. and if anybody has got any questions, stephanie, is got a microphone and go. and i only take it easy questions. i think this is easy. okay. why did they make k.m. or whatever it was called instead of using limestone in those days because it was cheaper? was it away any of us know? it's just it's just, you know, it's one of the other things that they did was there's a lot of them, what you think of as marble columns actually are not marble. it's actually material called scale tula, which was plaster, which was made to resemble it. the ironic thing was scale ula. now skeletal is more cost more to make than what it to turn a marble column because the technology changed is easier to work with stone now and the cra

morgan would broker the deal to create u.s. steel, which was the first multibillion-dollar company in the country. from one famous to another, in season one of the gilded age, george russell was played by morgan and is very much based upon the infamous who was referred to as the king. along with his partners would manipulate the stock market to the first financial panic of 1869 and what would become the first black friday. he famously said, take a skunk. one of my favorite stories. i'm going off script, but one of my favorite stories is that his house is not fire from here and he is actually buried at woodlawn cemetery, which is the last chapter in the book and it is right in the center of woodlawn. when he passed away, they welded his sarcophagus shot. the newspaper reported that it was to stop his soul from escaping and causing more havoc on wall street. the reality was that at that time, people would come still bodies and ransom them back to the families, so it was a way to prevent them from happening. for anyone who has see

morgan stanley is certainly not up.t looks like there has been a few misses and the market looks disappointed. sonali: there is reason to be. morgan stanley just told investors net interest income will probably be that for the quarter and have to look at the regionals, super regionals. pnc expected to be down on the year, and the question is, rates were as high as they have been for a long time. in interest income could come easy to everyone by j.p. morgan. how did the rest start to fair? guy: going to get a new environment? interesting what having a day off does to the psyche. the dollar well bid across and i am thinking maybe this is a market looking to reprice the fed. while there will be speaking at 11:00 a.m. eastern. fascinated to hear what he says. are we going to get pushback from the idea that we will get six cuts this year? feels like the market starting to reprice that. sonali: blackrock coming up with a note saying they are expecting a rise in equities this year but they are still worried about a re-accelera

morgan and bear stearns, j.p. morgan was friends with number two person there. jeff state's, i know that he knows more people there are more rich people who did, with him, i got his number from a bi billionaire, i will not say his name. >> i read it in your article. he gave me the number, this guy is a household name, his connections are deep, broad, vast, this does not do it much justice really. >> so release doesn't dig deep enough in terms of -- ch-- >> chief ch stephen hawkings. >> he said, you can i a reward to any of virginia's friends that come forward and help prove her allegations are false. the strongest is clinton dinner and new version in the virgin islands that stephen hawking participated in an underage orgy. >> if it was ridiculous enough for epstein to be denying it probably done happen. >> in a less woke era it would be a "saturday night live" hit. >> let's keep moving. >> richard, you know judge prescott, i know her a competent federal judge. why where were jane and john does, why were they protected, why were the recorded sealed. >> this all h

sonali: that was jp morgan president and coo daniel pinto.t is interesting is jp morgan in the united states, for banks, is the largest employer, 320,000 people last year with the purchase of first republic. number two was actually citigroup, and citigroup is dropping by tens of thousands in headcount. so the divergence between jp morgan's hiring versus the rest of the banks is stark -- bank of america, citigroup and wells fargo are all dropping in headcount. compensation costs rising even with less headcount. it shows you the conundrum of these banks to compete on talents today. jon: yes, it is helpful to point out some of those differences. exist one comparison that is worth making if we are talking about the size and scale of jp morgan, is that you have the head of the largest canadian bank, rbc, speaking to bloomberg in davos, and he also indicated that there is a willingness on his behalf to expand into the wall street business, into the capital markets. so while all the big banks obviously, are doing with different realities, when you a

vice president morgan. >> i'll be quick. hope you feel better chief. >> thank you. >> i won't hold you too long, but i want to make a comment about the fire prevention town hall meeting you guys do. you guys do a great job with that. i was looking at all the dates and everything and i think that is a great idea. keep it up. yeah. i think that is a great idea. thank you for that. that's all i got. >> thank you. >> thank you very much vice president morgan. thank you chief. i know you have a meeting to go to. again, we all wish you to get better. my comment is basically thank you for the continued advocacy of the department in terms of the issue of the deficit and how we will deal with that. with that, thank you very much chief. >> thank you. >> madam secretary, i believe we have cd2. >> that's correct. chief luttropp you are next. >> good morning and happy birthday chief luttropp. now that the whole world knows it is your birthday. trying to hold back and find out how old you are but that isn't necessarily at this time. welco

you think about jp morgan. jamie dimon developed a culture and that one is a little more straightforward at this point. they are moving ahead, really building, and their dominance is continuing to spiral so i think that was morgan stanley, this is a chance for them to continue the culture. starting from a pretty stable level. it is just a matter of can he continue that momentum? can he continue these the ability -- the stability? jon:jon: what about on the capital issues specifically? you had the executives that made their way to washington not that long ago and clearly in the conversation, james gorman highlighting some of those failed banks and essentially saying one offs. the regulators themselves have been very concerned about what could happen going forward. what is that conversation going to look like going forward? katherine: it's funny, his answer to that topic, to that question, he started it with a laugh, saying is signaled to me that he does not think that this was a system failure at all. he referen

piers morgan, is this the answer to the climate crisis?y: did anybody know what she actually said? >> greg: no. >> she will be known as the coughing lady who may have been spreading ebola and committing mass murderer. nobody has any idea why she was. it may have seemed a good idea at the time. it's pointless. it made a mockery of this poor woman where back in the amazon rain forest that's a tribal ritual and is taken seriously. instead she on comedy shows from here to london and that's ridiculous. >> greg: maybe we should send a gender studies lady to the amazon. doesn't that remind you of ruth buzzy? >> it looked like something in gilligan's island. it's like my wife at the drive in. it's silly and fun watching these people uncomfortable pretend they are not. nobody wants their head held and the red stuff. that's awful. you have seen that in the mirror. >> you know they are all worried about covid. they being exploded on. >> maybe this is gret's replacement. she is getting holder. no one is buying it anymore. >> i saw this woman on amazon

there is morgan stanley down 4%. >> the stocks were up anywhere from at that 25% to 40%. they had to be perfect quarters, beat expectations not just meet expectations a lot of them just met expectations including jpmorgan. okay, fine, maybe they had better net income. it by no means was a blowaway quarter. i'm looking at morgan stanley, i can't believe was down when they had far better than peer industry numbers in terms of m&a, fees, even fic but better than wealth mappingment fees up as well. to me the problem with morgan stanley is their expenses were up the new ceo has to prove himself. >> didn't you trim it, though? >> i trimmed it to buy something that we'll talk about later. >> wealth management was up or flat >> wealth management fees beat 41 bips up and expectations were up for '24 they did beat the number >> they beat it but it was flat, right? >> a beat is a beat. people expected it to be down. >> i disagree. >> well, fine -- >> wealth management is 50% of the business and not growing >> no one is growing in wealth management, josh last year was horrific for we

morgan last week. what is going to be the standout for you?t of it will be about the outlook these guys deliver. just like you said, we have heard from some of the biggest u.s. banks that dealmaking did not come back in that fourth quarter. trading was a lot softer. we're expecting to hear a lot of the same in terms of the fourth-quarter results. then it's all about the outlook. what do these banks say about how ceos are talking to them now? do they feel like clients are ready to come back into the dealmaking arena, and if not, what will provide the earnings boost they will need this year? kriti: there is a different strategy per bank. we have some major revamps coming from citigroup which you are a long veteran in covering, but morgan stanley is about to deal with the change of leadership. >> you have ted pick, their new ceo coming in. obviously during a quarter where results will not be what morgan stanley is used to talking about. for many years now, they have been investing in wealth and asset management. you might see him tried to fitbit

goldman sachs and morgan stanley don't have that. so i think a lot of investors are going to be questioning where will their earnings growth come from this year? guy: there have been some layoffs but not an enormous amount. if we continue with these kinds of numbers, does that become a more difficult argue mght to sustain? -- argument to sustain? >> i think so. on friday we heard from citigroup saying that they are going to be cutting 20,000 jobs over the next two years. so i think we're going to start hearing some of those bigger numbers finally come out. but again, two years is a big time horizon for those kinds of cuts. they might have time to change their minds if things really get better. so we'll see. i don't know that we're going to be hearing anything that drastic from these banks tomorrow but certainly if things kind of continue the way they have, that becomes a more real reality. guy: what's happening on the asset management front, particularly for morgan stanley? >> that's a good question. that's an area that was weak in t

jp morgan.t the former for the stock. looks like this on the s&p 500 pulling back yesterday. by one third of 1%. yields up again by four basis points. first trading day of the year dollar stronger. the euro. >> brilliant continuation of what we saw. fed speak does resume. everyone is pleased to hear that. the richmond fed present begins his day long discussion with a number of different events. does he lean into some of the market softness saying people got over their skis when it came to how much they were pricing in the rate cuts. ism manufacturing. jolts job opening. what i am curious about we have seen more than a year of sub 50 ism manufacturing rates. do we see a continuation of this and does it matter considering the disinflation from goods has not played out in services in the same kind of way. honestly this to me as one of the biggest mysteries. you shouldn't follow the manufacturing numbers. >> do they talk about cuts in the minutes based on what you've just said? >> we may get the ans

morgan stanley was at 70, went to 92. sell, sell, sell wells had a good quarter it doesn't matter, david this group was set to sell and they're selling it. >> i feel like it seems so rare that the group actually really does perform well after earnings >> i couldn't find the time. that's a very good call. >> a great consistency >> if they ran, you're so right. that's your feel but 'em peericly it's absolutely true it's a really bad group to own. >> they don't seem to underperform to your point had numbers well above what most of the analysts had been expecting there are fdic charges that some have included in their estimates. overall we can tell you goldman better-than-expected. >> i was going over goldman with goldman people i know, i said, wow, great quarter, sorry about what going to happen they said, what's going to happen i said, well, your stocks go down that's what banks do when they go up into the quarter david is right thes these. >> record aem, up 2 trillion a piece in "the consumer" how they're doubling down on

so i like jpmorgan, i like morgan stanley even better at these prices. >> you have morgan stanley asnervous, to be honest, it's up 24% from the lows. >> uh-oh. i know what happened the last time you got nervous heading into earnings. do you remember that one? >> and i was right. >> that was nike. >> this is the reason i'm nervous, nothing to do with the fundamentals. there are puts and takes. the stock is up 24%, rerated to 17 times. my suspicion is that's why you traded yours. i didn't want to get too cute and trim around. i like it for all the reasons you said, sarat. what ted pick needs to do is reiterate 20% rotce for the medium term. pretax wealth margins and a trillion dollars in asset growth every three years. those are the three metrics that everybody that has an interest in the name needs to hear and we have to hear how they're going to do it. >> mike santoli is next with his "midday word." we have to trade a couple of the day's biggest winners and biggest losers and wwi de llo that as well. we're back in two. i was only 23 when i was first diagnosed with non-melanoma skin c

we have a motion vice president morgan. >> question. was this public comment, was that-did that actually occur at that meeting? >> yes, it did and it want wasn't put on the agenda or the minutes. >> i was just trying--okay. >> it was the highlighted portion. >> i got you. thank you madam secretary. >> thank you for your question vice president morgan. any other questions? otherwise i need a motion and second, please. >> yes, i like to make a motion to approve the minutes from march 8 and for december 13. >> we'll take december 13 separately so march 8 and second, please. >> eel i'll second that. >> the motion is unanimous. minutes from the regular meeting of december 13, 2023? >> any public comment? >> there is nobody approaching the podium and nobody on the public comment line that wants to comment. >> thank you very much. public comment is closed. commissioners, questions, comments? otherwise we'll need a motion and second commissioners. >> eel polk make a motion to approve the minutes from december 13. >> thank you very much vice pre

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morgan included. guy: we will talk about j.p. morgan in just a moment.are back after the break and need to talk about what is happening with the big story today, opening up their books. it is fascinating, the divergence we are starting to see. citigroup cutting jobs, bank of america under pressure, and jamie dimon is having another good day. we will talk about all of that, next. this is bloomberg. ♪ ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) -awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, d grow. constant contact. helping the small stand tall. alix: let's focus on the big banks. super interesting read through his. jp morgan, nasdaq up .8%. let's parse through a lot of this year. we are joined by analysts -- allison williams and sonali basak as well. we have been going through all the earnings presentations. is there a take away from all of them? a lot of them did seem idiosyncratic? sonali: there is a take away, and it is credit quality. you have different things to expect from ea

morgan and morgan. call one 800 602 3400. >> world news now continues after this from our abc stations . >> what would you give for a child you loved to make their wish come true, to help them fight a critical illness? >> just imagine what you'd do. you see, wishes are so powerful and you can make them real. they can give a child back their childhood, even change the way they feel. every single one of us can make the stars align because when we come together, hope and joy will shine in. >> causing a sky cause in a sky full of stars. i think i saw you do. tremble >> protocol and tradition are the metal from which every copy in this city is forged. >> the rookie returns tuesday, february 20th on abc. >> i just give me some kind of sign, girl. >> oh, my baby. to show me that you're mine. girl oh yeah i just give me some kind of sign. girl. oh my darling. to show me that you're mine. girl. all right, thank you. >> happy tonight. show near you more than 100 brand new little signs to show him everything from

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