scharf is a visionary and operator. we are approaching the five- year anniversary of charlie scharf's appointment as the ceo. for the first time since he took over we had a chance to sit down with him earlier today for an interview. charlie, you came into a very difficult situation for a storied bank started in 1852. i have to ask you, given the fact there was a couple years of what it was called controversy, why did you take this job? >> i think it is one of the greatest jobs in the country. the franchises incredible. if somebody handed you the pieces and said you have the opportunity run this. we have some things that need to fix but if you think they are solvable what else would you rather do? >> to some degree you are a ward of the state after that happened, but you did not do any of the things you have to correct. >> listen, it was clear we had to prioritize the work that the regulators required of us. that was on us and to me it was clear that with the right people, with the right urgency, with the right process i

by the way, scharf, can i just say, scharf is so good. got some texts this morning, said, wow, man, really toe-to-toe. i said, not toe-to-toe. he blew me away. the guy -- when we have a lot of executives on tv, david, and charlie, i'm putting him early pantheon of knowing what the hell he's talking about. >> i imagine that -- it's just interesting to hear the man's voice, given this was the first time. >> me lifluous. i gave him two segments. i can't get the luncheon meeting, but i am king. >> you're making up for lost time. hopefully he'll become a fixture now. >> every quarter. >> every quarter? every quarter. trying to get him to host our election club. election coverage. >> we have an election club. you just came up with that. >> let's have an election club. >> let's have an election every week. >> i totally enjoyed him, and he is in command, and he's trying -- look, he wants that bank to be -- i said, come on, you're number serven in this, number eight in that. he just looked at me and said, no problem. no problem. >> we're going to

by the way, ai -- >> charlie scharf, huh? >> i only worked for three years to get that. >> basically said nice things about wells fargo every day for the last two years. it works. you don't need to ask. >> basically, yeah, i'm a cheap date. w what the hell are you doing? i've worked for 42 years at wall street. i call every day and finally he says, you know what, i'll come on. i said i'll come on. it works like that. >> it's a great interview, a great get. i look forward to seeing mr. scharf are "mad money." >> we talk about, the viewers were, like, i thought they talked about seriousthings. they talk about that and the mets. >> we'll move on. >> one thing is for sure, jim, if you had bought the xlf in the fall of '23, you would be up almost 50% total return. >> see, we don't know what's really out there until you look at these numbers, these wealth management numbers. and it looks like, david, a huge amount of money is coming in. no, it's just people own stocks and they make money. these are people who didn't say quarter poi

charlie scharf is making a statement. he's making it. >> i'm listening to you. am looking occasionally at my phone because unfortunately, that is the way that people communicate. if we want to be in realtime, i need to look at my phone, okay? >> david, when i look at the wealth management line, and when i look at -- i got the cows. >> you fully acknowledge we get texts from people who we need to see what they have to say. >> "candy crush." >> yeah. >> never played that game in my life. >> i'm trying to explain why wells is up. >> if i'm not fully paying attention to you, you start to have a little problem. >> i have angst. >> i'm looking at you. tell me exactly what's going on with wells. >> what's going on, bell, wells is turning into a premier investment bank much faster than people thought. the revenues were really extraordinary. >> you started the whole show by saying that. >> he was listening. >> he was listening. shocking. where should we go? i'm willing to go anywhere you want. >> let's do tesla. under some pressure premarket, as you know, last night at t

for the rest of the day, on friday, which i regard as being the charlie scharf day. charlie scharf.f wells fargo. stock of which is up a bit this morning in the early going. >> what an amazing quarter. >> and to b of a's point, they argue that you're starting to see signs of a tailwind from lower rates. and that got reflected in some financials. >> look, if you -- one of the reasons why wells did well is that they do better in a lower for longer but it doesn't matter. you're in a rate cut cycle and the crazy -- one of the great moments -- oh my god. there was a moment on a call on friday where jamie dimon, i mean, all these companies claim to be -- they're all hostage to net interest income, which is this obscure thing that only four hedge funds care about, and at one point, he said, to hell with it. to hell with the nii. he was at his queens best. >> we did use that clip of him getting frustrated with the analyst community and just, like, enough. everybody's trying to hone in on a number they can put in as an estimate. >> he obliterated the analyst community. he took a steam shovel

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charlie scharf told us yesterday -- >> the margin gets impacted at foaming rates to the extent you have a series of 50 basis point cuts that is more difficult for us to manage through than a series of 25 or 25, take a pause, another 25. i don't think financial conditions are extraordinarily tight today personally. i don't expect that the fed will be particularly aggressive this year into next. in our case we have a very balanced business model in the sense that our mortgage warehouse lending business, mortgage business and fixed income business tend to benefit from falling rates. we pick up in fee income a lot of what we loosen the net interest margin. we tend to be very balanced the multiple interest-rate cycles which i think is particularly attractive for a bank investor. you won't get the volatility you might otherwise get. >> that is exactly why i've been recommending your stock. one last thing, we have these terrible storms and they hit areas people are not used to getting hit by. what is it like to be the largest bank in an area where suddenly you have unfathomable damage and ther

. >> charlie scharf, wells fargo. >> these shares are taking a bit of a hit.eo's already announced plans to step down, correct? >> yeah, got some other things to do. >> apparently. as we take a look at the insurers. all state, at least -- >> remember i told you to buy chubb? these stocks, you know what they do? they go up. and then you see the cpi, it's still going up. insurance and health insurance are the real issues these days, and yet, we don't talk enough about it, how much health insurance is going up, how much regular insurance has gone up. it's your biggest bill. everyone knows that. >> it's a huge bill. >> although, year on year, jim, gasoline, down 15%. >> that was pretty good. >> used cars, down 5%. >> that was really good. >> new cars down 1%. >> carvana has been such a stock. yeah. they make the money, and you -- you ever bought from carvana? >> you ask me every time. no. i've never used carvana, never gone to their -- >> even food and homes running 1.3%. >> i know, there's a lot that you could, if you're harris, you have something. if you're trum

david, i had this interview with charlie scharf from wells fargo. >> at 9:05. >> had to. mentioned jensen. and what was amazing was the broad-based nature of the strength of this. people say, listen, the areas that are strong, nashville. nashville. areas as strong as middle of california. areas strong as all of georgia. we just -- it's not where we expect things to be strong. that's actually from prologis yesterday, the areas that are strong, and i just find -- i know we can't be -- it's almost panglossian, and i don't want to go there, but i think we are at a moment where the fed's going our way, even with retail sales being where you would normally say, if we would say, do they have to tighten? >> on that point, then, i'd love to bring in john gray's voice, not his body, because he was on "squawk box" earlier. blackstone reported numbers. we can get to the blackstone numbers a bit later, but when we're talking rates, when we're talking economy, it was interesting listening to mr. gray discuss what they're seeing, and they have a very broad view, of course, given the div

give charlie scharf his due.s an amazing quarter. >> and it's been a great year to own all of these. citi is now the laggard of, again, the biggest cap names at 21.5% gain this year, but that's in line with the s&p, roughly. almost all the others have outperformed the s&p. >> carl, what this says to me, again, is that when you look at the mosaic of how they outperformed, it's because there's no -- there's no defaults to speak of, which is really incredible. we had a tightening cycle that was supposed to wipe out so much business, but employment trumped tightening. as long as employment is strong, you don't have default fz. as long as you don't have defaults, people were surprised at how good these quarters were. >> not a surprise that, given all jim just said, wedbush takes rl to outperform 430 today and baird ups mohawk. >> there are so many different sectors that are strong, and i understand why people, david, might want to go after the drug sector, where there's -- that's where there hasn't been a lot of -- >>

>> yes, it is, and i think charlie scharf is doing a remarkable job, and i want to own it into the quarters, i do. very much so. >> why? >> because he set up, ideally, for slower -- where his assets are, and liabilities,set up very good. >> has the stock responded significantly to the idea that the asset cap is finally going to be removed? >> it hasn't been. >> it hasn't happened but there have been reports that it's getting close. >> the 8th of 2018. i think that charlie is remarkable, and i think there isn't anyone rooting against charlie right now. people really like charlie. >> the stock's done fine but it's trailing jpmorgan's performance and it's sort of in line, more or less, with the s&p this year. >> that's one i have, and morgan stanley, i have. and morgan stanley had been terrible. now look at morgan stanley. it's just doing incredibly well. >> i know, and it had been a laggard. >> aarde is what i call it. do you know that chelsea closes for chelsea? nfl is going to dublin. oh my god. there's just -- >> you can't -- this time of year, now for the next i don't know how many more