. >>> welcome back to the exchange stifel beat on revenue, but reported an earnings miss this morning, the company is seeing record revenue in wealth management right now stifel has distributed about $1 billion of ppp loan commitments. all of this amid a pandemic that has dramatically reshaped ow the company works. 90% of employees is now working remote and the firm has expanded from eight primary desks to more than 200 separate locations. for medicine more on what the future of finance could look like post-coronavirus, let's welcome in ron kruszewski. welcome, ron >> how are you, kelly? >> pretty good, all things considered let me start with the most controversial thing here it's the ppp program you guys probably caught that you were name checked by junior's cheesecake when he was explaining to us why he took the money but doesn't plan on paying workers yet in this whole thing a few weeksba back. he was very grateful that he could get the money at that point. what has the process been like for stifel and how does it fit or not fit the conversation. >> the ppp program was intended to

joe denardi is the manager who made these calls and a managing director at stifel good to have you and i guess to begin with, the funding aspect of this will come from the government. what's your expectation now as to what airline will receive and what happens next in terms of staying power for them to stay afloat here? >> yes and thanks for having us i think the financing from the government is going to come in two primary buckets. one will be essentially payroll support or wage and labor costs, reimbursement. that will be a function of how much airlines spend on wages and benefits over a several-month period that, i think, every airline is likely to apply for that and is in the process of applying for it now. should know more details on that by the end of the week or early next week, but expect the terms on that financing from the government to be relatively friendly, and then the second bucket would be access to credit and as the treasury secretary indicated, not every airline is going to need that funding equally. and so, i think, airlines are still trying to figure out, you know,

lindsey piegza is chief economist at stifel, a wealth management and investment banking firm. so, in many ways, this is the tip of the iceberg. i am just wondering how the iceberg. i am just wondering how the united states, particularly donald trump, will react to this. well, as you mentioned, if i percent drop whilst unexpected mystique might hide the unexpected does solidify the fact that we were already heading into recession at the start of the year and this is before the hardest—hit is expected to come in the second quarter with most forecasts expecting a 30% drop when we look out to the second quarter, so this was a small decline, as expected, but hardly the worst to come. we are talking about a forced economic shutdown, stalling nearly every industry in the us economy. the fed is due to meet again shortly, they have slashed interest rates, relaxed banking rules, expanding and blending, what else can they do? at this point, we do not expect much to be announced from the fed. as you said, rates are already at zero, they have committed to asset purchases and we have an ser

these companies raise cash and lower costs, is right behind this upgrade of southwest today out of stifel, which argues in their mind they're going to come out of this stronger to their peers on a relative basis despite everything we know about how long it's going to take traffic to come back >> that deal, if you got in on that deal, the equity deal, wow. i think there are going to be others a lot of people were debating whether boeing is going to do an equity deal or not or straight loan but the secondary, so to speak, have been great places to be so i think we have to keep our eyes open if you're at home, keep your eyes open for when these companies want to get liquid, and remember the carnival deal at eight, and go look at the carnival cruise bookings they're good and look at the deals. if you think there's a vaccine, okay, if you think there's a vaccine, it's an interesting call on travel and i think some people are starting to get a little sense of the idea after the remdesivir yesterday. maybe a year from now, life will be not great, but better than it is so let's book some things b