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wells fargo. zell transaction attempted $3500 reply. yes or no, she replied. and moments later, her phone rang. the man said he was with wells fargo that someone was trying to take $3500 from her weisel, but luckily they caught it in time. and there was a simple solution . he didn't ask her to click a link or give a bank account number just to go into your cell account. and make sure since the money's already been extracted, that is kind of sent back to you , he said. to send $3500 via cell back to herself to reverse the transaction. in the course of the call. did you have that moment where you said wait a minute. i don't know if this is real. i did. and that's why i said, improved to me who you say you are. but here's the clincher . she says he told her the exact amount of a recent bank transfer. they're already in the account. sergeant michael smith is the charles county sheriff's detective in charge of financial crimes. the office is now investigating denise's case, he says scammers can access bank accounts from information they get on the dark web or throu

michael schumacher joins, head of rates and wealth strategy at wells fargo.t is the change in the wells fargo strategy of what rates, what price in yield tells us in the market? michael: we have been bearish for a long time and the move has been incredible. i think it has been too fast. with the market pricing 165 basis points from the fed, that seems too quick. the fed may get there eventually but this is been awfully fast. i would say the front end backs up, yields fall come you get a curve steepen or. longer perhaps a flatter curve. tom: on a 10 year yield, where is neutrality? michael: i would say probably taking ukraine out of the equation, if that calms down, 2.25, somewhere around there. lisa: there's a lot of fed speak coming up, there has been a lot of fed speak. james bullard is speaking on cnbc and people are talking about which beneficial should you be watching. who should be listening to? michael: what you rather listen to bullard on cnbc or michael schumacher on bloomberg? lisa: schumacher, obviously. who will signal the best when you have mary

you did buy some more bank of america calls and i know you've liked this for a while, but new wells fargo ones why? >> well, they continue to come in and show us the dift that wooe seeing in the finance world, and steph was talking about the financials as well and i'll tell you what, it's just been incredible, scott, how much we are seeing there. we were talking about the ten-year and this rise was not too terribly long and here we are pushing towards two and you take a look at wells fargo and a lot of activity. that stock is literally pressing up again of the 52-week highs and you look at bank of america and citi across the board we'll see the financials with the money center banks and they're starting to push to the upside, and i want to get the extra fuel that we can get from the options world every time i, and i continue to do that along with energy, as well >> steph, i'll come back to you really quick and then we'll take a break. i see you sold active after a big gain >> look. i'm up 73% i should have sold it in the beginning of the year because the stock is down 18%, but it's still

there is still room to go with wells fargo. the rest of financials are looking good.ks that have come down a bit are probably buy on dip opportunities. >> i was reading one of your reports, i think it was the most recent report, are you doing bottom fishing with twitter, uber, things like that? >> there are certainly great companies out there. again i would love the fed to provide some forward guidance. if it did i think the markets could stablize and we could see another leg higher but absent that we will wonder what will happen in march? will it be 50 basis points? will it be 25? , how many hikes? i think the markets will be nervous going out certainly into the spring and probably throughout the summer. charles: right. >> i'm not so sure right now where i want to be with some of those names looking at zoom, looking at paypal, looking at those two you mentioned. i have a long list of companies that have been beaten up that have really great balance sheets that i want to own. it is just a question when they start to turn the corner as far as some kind of consolidation

the caller said he was from wells fargo and told her how to protect her money. just to go into your cell account and make sure since the money's already been extracted that it's kind of sent back to you. woman says she asked for proof. the caller him. she transferred $3500 to herself as requested, and soon after the mo wells fargo says this scam is so common it started warning customers about it. police warned that scammers can get information from bank accounts through data breaches or on the dark web and say if you think you're being scammed, hang up and contact your bank directly. us airline and travel industry groups are pressing the white house to drop mandatory preflight covid test for vaccinated travelers flying into the united states. in a letter to the white house to travel groups say the uk concluded that the cost of both passengers and airlines of the testing mandate could no longer be justified. in december, the u. s toughened its testing rule for inbound travelers by requiring a test within 24 hours of boarding. previously it had allowed 72 hours. f

the chief economist at wells fargo and has a number of years of experience.s wells fargo recalibrating global gdp? i see a lot people on real u.s. gdp, nominal u.s. gdp, what is your global statistics for growth? >> we are looking at a 4% number this year. to put that in perspective, you look at the last 40 years and take the average of that. 4% is above the 3.25% over the last 40 years. when you look at next year, we are looking at a below trend growth rate for next year. as we go into here, we think it will be a strong year for growth. tom: do you see the struggle within monetary policy being a struggle that will have stability of markets, strip -- stability of growth or do you see instability out there? >> i think it will be volatile for a while. the fed has a very tricky road ahead what it's trying to do is keep inflation expectations in check and trying to show they are on the ball and they will raise rates to not let inflation get out of control but they will be tightening -- but you don't want to be tightening so much that you choke off the recovery. t

so thank you we appreciate that from wells fargo investment institute >>> latest covid variant weighing> yeah, sarah so the pandemic continues to have lasting impacts on main street our latest cnbc survey monkey finds that 30% of small business owners say that omicron and in particular related sick-outs have been a major problem for business, while 35% say that they've been a minor problem now in addition, 62% say that they support additional federal aid for small businesses dealing with the effects of covid, includingnearly 50% of republican-owned businesses. beyond the pandemic, confidence is holding fairly steady, it's at 44. but a reminder, this is just one point above the all-time low above 43 that we saw this quarter last year. those who think business conditions are good right now fell however, there is a bit of a sunnier outlook for regulations and potential tax changes. the other concerns are supply chain, of course, labor headwinds and inflation. nearly 3/4 of small businesses say they're experiencing higher costs for supplies and what's really the takeaway for me, nearly half

the temporary closure of this wells fargo in oakland caught customers by surprise. >> i am super annoyeder irritated. this is a huge inconvenience and i wish something could be done about it. >> last year, wells fargo closed 221 branches. it is more than any other bank. this branch did reopen but is no longer open on saturdays. think of america shut down this branch in brisbane leaving the small city without any bank. chase turned off the lights in this ranch in south san francisco early in the pandemic. it reopened offering a different set of services. beth mills of the western banking association says that is a trend is seen at other banks. >> it is not where people are going to deposit checks but rather go for financial services. >> a report from global market intelligence found banks just 1000 new ones. that is a net loss of 2927 branches. james wilcox is with the graduate school of his nose at uc berkeley. >> banks have been closing branches on balance for at least a dozen years. >> the pandemic accelerated the pace of closures but increased use of mobile apps coupled with competiti

. >>> and wells fargo is expecting to bring employee back in mid march after delays from the pandemic most groups will return into a hybrid, flexible model on march of 14th regardless of vaccination status nearly 250,000 employees from wells fargo set a return to office in september of last year and set a postponement plan indefinitely. >>> and mcdonald's is preparing for the metaverse or probably protecting its real assets in the fake world applying for patents for virtual mcdonald's trying to shore up the intellectual property in the virtual world. >>> the single biggest piece of economic data this year and more important than the jobs number that is the january read on inflation. it is expected to soar up 7.2% year over year that's the forecast. if that happens, it will be the biggest yearly jump since 1982 excluding food and energy, core cpi, rising 5.5% year over year. food and energy is a big part of everyone's life. this read is key for the markets and your money this is directly tied, maybe the most tied, to the fed playbook for interest rate hikes. jay powell said his main go

nick ben -- nick bennenbrook of wells fargo, thank you. past couple of days, volatile, to say the least. we will talk with doug king, ceo of our cma -- of rcma capital. this is bloomberg. ♪ ritika: this is "bloomberg markets." coming up, european commissioner for the economy paolo gentiloni. this is bloomberg. ♪ let's check in on the bloomberg first word news. i'm ritika gupta. president biden has made his decision on who will replace justice breyer on the supreme court. bloomberg has learned it is federal appeals judge ketanji brown jackson. she will be the first black woman to serve on the supreme court. consumer confidence in the u.k. fell this month by the most in on most two years, when coronavirus lockdown restrictions were first announced. the monthly index is closely followed by the bank of england and the treasury. it says how household are worried about rising taxes and inflation. in ukraine -- burst into flames. 10 sailors jumped overboard and were rescued by ukrainian authorities. this came a day after a ship was hit by shell f

or, as i call it: "tuesday." ( cheers and applause ) well-- ♪ the wells fargo wagon is a-coming down ay, tonight's "meanwhile" is brought to you by the number 2! and we have a very special guest. come on out and say hello to everybody. the number 2, everybody. >> whoooo! are you ready two partayyyyyyyy?! get it? two! two! two! two! what's up, steve! let's light this candle! >> stephen: well, hello, uh, 2. you certainly do seem to be enjoying the day. >> i've had 2 fifths of bourbon, 2 bottles of adderall i stole from 2 different pharmacies, and 2 lovers! it was 6 and 9. ♪ cuz, tonight we're gonna party like it's 2-2-22 ♪ whoo! i wanna fist fight a stop sign! >> stephen: okay, that's not the tone i was expecting, number 2. you're going pretty hard there. >> i am gonna make those prudes at "sesame street" regret firing me! i haven't been this blasted since i hung with number 3 on march 3, 1333. we stole an ox cart and crashed it into a blacksmith's! that chick is sketch a.f. stole my boyfriend. do not lend her money. more pills! ( applause ) >> stephen: don't encourage her! do you think

jp morgan chase, wells fargo, and citibank.n other words, these banks are also owned by a handful of wall street firms. what about transportation? we all get on planes and go here and there. these three major wall street firms, blackrock, vanguard, and state street, they are among the top owners of the four major airlines. united, american, etc.. what about health care? who owns the health care industry? together these three wall street firms own an average of 20% of the major drug companies. they also own many hundreds of nursing homes, hospitals, and emergency rooms. what about housing? what we are seeing is a handful of wall street firms are now a major owner of rental housing in america. at a time when housing and rent is shoring -- soaring in this country. maybe, just maybe if you have not heard a whole lot about these issues, and my has something to do with the fact that a handful of wall street firms control half of the newspapers in america. i think there is a reality, which maybe, says it all. that is, during this terr

. >>> wells fargo upgraded to overweight and the firm raising its price target from 50 to 60 it's ourof the day steph, you own this one. >> i do. it is my largest bank holding by far. obviously, the analyst is late the stock was up 60% in '21, and better late than never because it's still cheap at 1.3 times book and the restructuring is kind of just getting leg, mel and it's getting momentum. the expense guide was really good at their last quarter at $51.5 billion versus 53 last year so year over year getting better and it's 10 billion for the company versus 8 billion guided to. loan growth is definitely there. it has more to go, i think, and the real reason you own this is it's the most sensitive to rate and the 50 basis point increase is about 16% to earnings and 7% to net interest income so good quarter, momentum is there. i think we haven't even heard about the asset cap lift and that will be a real positive when that occurs and oh, and by the way, they just increased the dividend two weeks ago i still like it. i like the call, i guess >> should we assume, josh brown that the envi

want to go with wells fargo, neglect h.i.v. 100,000.he reason i go with those naps, wells fargo still believes we get five hikes this year and predicting a negative number this friday. ethan harris of bank of america still believe we get seven hikes this year. they still look for a negative number this friday. another 50 basis point hike in march, they still think we get a neaping active number on friday. this is from the fed to wall street, this number this friday does not matter. do you push back against that? >> i would push back slightly against that. one reason i wouldn't think it would have a huge impact on the fed is we'll get another labor report before the next fed meeting. so if this is an omicron-caused outlier, then we should see a significant rebound in the february numbers when they come out. remember, we also have to compare the a.d.p. numbers to private sector hiring, not the total number. private sector hiring expected to be even lower than the overall 150 consensus, 113,000. that makes the a.d.p. number look even worse

the largest offering coming from wells fargo. the u.s.k bond market grinding to a halt after pricing in more than $9 billion this month, the slowest february since 2016. take a listen to what he had to say about may be a market that is not well priced. >> the bad news is i do think the beta in the market still has a way to go. but the dislocations are really becoming quite pronounced. what we are doing is relative value. definitely not diving into the pool here. i think this is a volatile time and we have not seen the repricing. jonathan: let's pick up on a couple of those points. we have not had the big shakeout. there is this comfort not in the left off or the pace of fed hikes, but the ultimate destination. it will be low and comfortable for investors. can we pick up on this idea that the fed will not have to take rates that high, that it would disrupt the market too much? marilyn: i think that is right. the market is expecting the end point of this normalization will be lower than previous cycles. there are risks around that, in terms

pay the contractor for remodeling his kitchen and needed to transfer $33,000 from his account at wells fargoank of america. he brought the check straight to the teller so it would clear right away. >> she said it would post that afternoon or the next morning. michael: but when he checked his account the next day the money was not there. he called the bank and it was not good news. >> the woman said there was no record of the transaction so as far she was concerned, no transaction happened. michael: brian went back to the bank and got another surprise. they had shut down that branch after he had made his deposit. >> i realize the branch was closed and the teller that took my $33,000 check was nor to be found. my heart sank to my stomach. i saw a boat leaving the dock and my money is on that boat. michael: he wants to another branch to find the doors locked there too. >> the branches are closing, the people i have had contact with, gone. michael: he wants to a third branch that was open, but the manager did not help. >> he said there was no record of the transaction so there was nothing he cou

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let's get to wells fargo here. actually, this is mike mayo from wells fargo, and it's a call on goldman sachs reiterating his buy rating on goldman, amy, you own it yesterday financials didn't do too well bouncing back today. what do you think? >> we like goldman within the financial sector we're still under weight financials in general, but last time i was on i talked about moving some of our position of j.p. morgan into goldman sachs, and we think goldman is the better positioned company here still has number one market share in a lot of key important markets, trading at less than ten times earnings good management team good positioning, so we like it relative to the financial universe, and i agree with mike's call, it was a good note. >> weiss, you own this too. >> i do. and i always like hike, and i've of course always liked amy, back when we worked together. i agree. goldman is way too cheap and the way david solomon is reengineering the business going more to fee-paying business is going to be great for him b

pay the contractor for remodeling his kitchen and needed to transfer $33,000 from his account at wells fargo to bank of america. he brought the check straight to the teller so it would clear right away. >> she said it would post that afternoon or the next morning. michael: but when he checked his account the next day the money was not there. he called the bank and it was not good news. >> the woman said there was no record of the transaction so as far she was concerned, no transaction happened. michael: brian went back to the bank and got another surprise. they had shut down that branch after he had made his deposit. >> i realize the branch was closed and the teller that took my $33,000 check was nor to be found. my heart sank to my stomach. i saw a boat leaving the dock and my money is on that boat. michael: he wants to another branch to find the doors locked there too. >> the branches are closing, the people i have had contact with, gone. michael: he wants to a third branch that was open, but the manager did not help. >> he said there was no record of the transaction so there was nothing h

companies like wells fargo bank have opened their doors with most employees returning by mid- march. others like google have delayed their returns and have not officially announced a new date. >> ceos are getting reluctant to set return to office dates. they keep setting a date and it gets messed up. it's like trying to catch a plane in the middle of a storm. >> reporter: stanford economist nick bloom has been researching this topic for years. most companies envision a hybrid future, a mix of working at home and from the office, but there has been a shift in how many days. >> we've been asking them each month, how many days are you going to let your employees work from home, and that number has been creeping up. it was about 1 day per week in summer of 2020, and it's now 2 days per week. >> reporter: in a city taking a beating with fewer workers to support small businesses, city leaders are returning pushing companies to return to office. >> as early as next week, they are going to be coming back into the downtown core san francisco. it's so important for downtown severances go. citi

yeah, there was a lot of examples you talked about wells fargo and jp morgan chase and i was just like oh i've been with yeah many many years and you gave me great reasons to stop. i'm finally gonna do it. like you said it's a little bit of pain, but it's okay, so we have some questions first question. what advice would you give someone in their early 20s on while activism? yeah, um, i think honestly the more that you can get into some of the habits the butter so, you know sort of just the american way the capitalist way is very much to as you grow in your career and you earn more you're supposed to spend more you're supposed to buy nicer things. you're supposed to, you know, people call smaller homes starter homes with the application that you're always supposed to move up into a bigger home if you can just sort of set your expectations at looking for what is and this is a concept that i don't talk about in this book that i do talk about in my first book work optional of finding your comfortable spending level. once you get to a point where you say, okay, i can pay all my bills. i can

disease and a thyroid condition, and she reportedly is facing financial troubles, recently accusing wells fargo bank of denying her access to her accounts. sherri shepherd, who filled in for williams, will take over the show's time slot. >>> coming up, a moose on the loose in a very unusual place. >>> also ahead, elton john's midair ever notice how stiff clothes can feel rough on your skin? it's because they rub against you creating friction. and your clothes rub against you all day. for softer clothes that are gentle on your skin, try downy free & gentle. just pour into the rinse dispenser and downy will soften your clothes without dyes or perfumes. the towel washed with downy is softer, fluffier, and gentler on your skin. try downy free & gentle. recognized by the national psoriasis foundation and national eczema association. i lost 26 pounds and i feel incredible. with the new personalpoints program, i answered questions about my goals and the foods i love. i like that the ww personalpoints plan is built just for me. get your first 3 months free at ww.com. hurry! offer ends february 28th. wi

now, you don't own wells fargo for this you own wells fargo because charlie has reinvented the bank.k in with brian moynihan tomorrow about whether brian moynihan is one step ahead of everybody at bank of america the technology, something i monitor close with him, and he's enjoyed because he's paying people more. he's done so much for charity. and the same way, elong musk, that's a huge amaupt >> 5 million shares is a lot on wells, though, the one reason that a lot of the sell side likes it is the expense levers, that thing still - >> they still have it, look, i don't want to say it was poorly run. it was inefficient i was with charlie before the pandemic two years ago, and i said something that was moderately not smart, and i found out he schooled me in a way that i mean, my wife said, geez, how much does he hate you? i said, oh, no, that's charlie he doesn't -- >> suffer fools. >> now at peloton, and charlie, are the two, i don't want to call them mean, horrible tough, i want to say that they're difficult. >> we haven't really talked a lot of peloton in the last couple days. >> how

hello, welcome to wells fargo. more than 700 years ago, the great sophia point roommate pound one of the most enduring commentaries on the state of the world, comparing it to a reeling drunken body and saying that the caravan of civilization has been ambushed with pools in cherish. everywhere he called untrue leaders to stand up and beat the captains. that ships. well, what does it take to navigate the dire straits of life? first as a world class athlete them down as a world leader? to discuss it, i'm now joined by prime minister of pakistan. even a con, prime minister. it's chris. you see you great to talk to you. thank you very much for your time. my pleasure. now i began with this somewhat their bose introduction 1st because i know your interest in supervision and more importantly because i say your whole life in politics and before that is a very colorful and i think very authentic illustration of following your heart desires, which was very essential to room his teachings and the teachings of other mystics. yo

morgan chase, bank of america and wells fargo. coming up, on the heels of a massive deal with activision, microsoft has its eye on this cybersecurity firm. could this be the next target and a massive buying spree? this is uber -- bloomberg. ♪ >> more mna for microsoft? they are in talks with cyber research. they are with us now. is this deal a good deal for microsoft? >> this is aggressive on activision but they will book out -- bulk up the enterprise piece. it would make a lot of sense of them to make an acquisition. it would also be on the offensive. >> they were talking about cybersecurity as the new pandemic. they used that word. i want you to take a quick listen to that quote. >> while we have a pandemic, we have another real pandemic. that is cyber. the level of tax pressure has increased. the need for response to be top-notch has also increased. >> microsoft has had its own vulnerabilities over the last year. how does this make sense from a technological perspective? >> it would give them significant defense. i think that w

you need to protect yourself and get in for guys with with mm welcome back to wells fargo with lisa miller, professor of psychology and education at columbia university, and also the weight can drain the psychologist, spirituality, and research. for many, listen before the break we were talking about the difference between spirituality and religion, organized religion and has been more than a 100 years since frederick need shape proclaimed that god is that implying demise, organized religion. and i think the need for establishing building a very chilled temples within our own souls. but as his own biography shows that could be very challenging. even though we all have the spiritual is thing. even though we all have the sort of the biological infrastructure for a connection to personal connection with the divine, can everyone do it on his or her own without the help of a religious community without how the less a family, every single one of us has been down it of a spiritual brain and i travel that, you know, the world people will say one of 2 things very often. either say i am a deeply spi

morgan chase, citigroup, bank of america and wells fargo. on the heels of a massive deal with activision and microsoft, could this be the next target and a massive buying spree? we will discuss. this is bloomberg. ♪ >> more m&a from microsoft? the tech china is in deal talks. acquisition could bolster efforts to protect customers from hacks and security breaches. which micro self knows all too well about. dan is here with us. microsoft is on fire here. is another deal a good deal for microsoft? >> they are going to bulk up the enterprise. cybersecurity, it has been a part of what microsoft wanted to beef up. it would make a lot of sense for them to make an acquisition. they are to almost be on the offense. >> they were talking about cybersecurity as the new pandemic. i want you to take a quick listen to that quote. >> while we have a pandemic, we have another real pandemic. that will be there with us. at the same time, i think what is really much more in the consciousness of people is the level of attacks have sure increased. but the need fo

wells fargo higher. rates higher, helping out the banks.other hand you have utilities and real estate down. the dividends look less attractive. an interesting breakdown. kriti: abigail doolittle, we thank you so much will stop coming up, paul krugman joins balance of power with david westin on bloomberg television and radio. be sure to tune in. do not forget to tune into bloomberg radio, the cable show at the top of the hour is live on bloomberg and dab digital radio in the london area. this is bloomberg. ♪ >> from the world of politics -- >> the bottom line is members of congress must be banned from trading stocks while in office. >> to the world of business -- >> we are not going back to 2% this year. >> this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." consumer price numbers released yesterday have resolved at least some important questions such as we do have real inflation, the highest in 40 years, and everybody agr

with us now is gary schlossberg, a global strategist at wells fargo.reat to have you with us as always. which a.m. -- which ems given we are in for a bumpy ride? gary: after today's meeting, there was not too much clarity from the federal reserve. the hope was we would get a better read on the trajectory, the balance sheet wind down, perhaps some clarity on the size of the first rate hike which is almost certain to be announced on march 16. our feeling is the federal reserve will come in fairly rapidfire, rate increases perhaps early on, but we are more cautious about the number of rate increases we can expect to see over the course of the year. we are anticipating four or five, but it depends on the economy's trajectory, inflation. given our outlook for more moderate growth, inflation winding down but staying above the long-term average, we think the fed may become a little bit more cautious during the latter part of the year. haidi: talk to me about china. that seems to be a bit of a darling for strategist at the moment, given the divergence between

during earnings season to keep up more flexible about non-cash perks and joining me, mike, from wells fargo, jpmorgan dress code a little more casual these days >> well i mean, i think the banking industry needs to have more forms of non-cash compensation so that's more job flexibility, remote the way you dress, different types of perks, and banks need to do that to better compete for technology talent. the war for talent in the banking industry overall has never been this intense and especially for technologists as you know, as i've said on the show before. you have the tech revolution at banks and facilitating that you need employees. >> give us the numbers goldman, in particular, banks reporting higher expenses primarily tied to comp pretty incredible numbers. what are they facing in quarters to come? >> we learned our numbers back in december. since then wages continued to increase, and from all levels. from the bottom to the top especially technologies. raises from 20%, 30%, even more. several bank ceos say it's never been this hard to get tech talent if you have kids, tell them to g g

i do not need that because i have things like bank of america, wells fargo and i got morgan stanley those ones you need to be in even though citi looks cheap, it could stay cheap what can i say it's just too hard too hard to own citi what a crazy complicated earning season i hope you understand one of the most important take aways from the action is you can't rely on the analysts anymore they're just wrong from what they said back in november you need to understand what's really going on with the companies. not with the analysts reports. much more mad money. i'm talking to the company's top brass. this market share has its fair share. i'll reveal what you can learn from this week's action. all your calls rapid fire tonight es edition of the lightning round. stay with cramer what happens when we welcome change? we can transform our workforce overnight out of convenience, or necessity. we can explore uncharted waters, and not only make new discoveries, but get there faster, with better outcomes. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change-- meeti

anna han, equity strategist at wells fargo. it is time for our stock of the hour.h is off of daily peaks but q4 earnings have shares higher on a record number of deliveries and it is a down day. kriti gupta joins us. kriti: a record number of deliveries is powering the stock. 369 million. this is up 35% from the period before. really important to keep in mind that doordash has 50% of u.s. delivery sales and that is something that has built upon not just groceries and restaurants, but convenience store items, on their path to becoming a logistics diet relative to the ipo performance. the last couple of months, falling victim to that tech blowout, but it is there earnings growth and revenue growth in the future powering the stock today. matt: thanks very much. from new york, i am matt miller with jon erlichman and this is bloomberg. john: the police service sending to thank the names of people involved in protests that have paralyzed iowa. this is a first step in the crackdown on demonstrators. kevin has been following the financial side of this story and he joins us

we own wells fargo good things happen to stocks like that.idend boost in the middle of last united parcel we recently woke up to a 10cent quarterly dividend now if is a terrific sign of how healthy it is. dividends are why i have such a fondness for the oils. chevron reported a quarter and the stock dropped quickly. it was almost yielding 4.5% at that level and rarely get that from companies that reward you over time with repeated dividend boost like the bump that chevron gave you last week you don't boost your dividend if you are worried about near-term future that is devin energy which pays a special dividend on top of their regular dividend costco does more than a dividend, periodically a special dividend and 2022 might be one of those years we get one. as prices for so many goods of all-time goes up, costco holds the line the sign ups alone will be amazing. sign ups to be club members. buybacks my favorite steelmaker repurchased 12 million shares. astounding there are only 280 million shares total at this pace they will be an earnings per

brian transferred $33,000 from his account at wells fargo to his account at bank of america.e brought this cashiers check straight to the teller so that it would be cleared right away. no mistake. he never saw that money again. >> because there was no electronic record of the transaction, the transaction did not exist. >> the bank branch shut down after he made that use deposit. the bank said it never happened. >> there is nothing i can do about that. >> they are entrusting you with their money and this happens too often. >> ed says brian's experience is all too common with complaints pouring into the consumer financial protection bureau. >> over the past three years, they have had tens of thousands of complaints with people having trouble with deposits or withdrawals on checking accounts. why are we having so many problems with something as simple as putting money in the bank, you take it out. >> no one would find his money. >> they said you are telling me that big of america lost $33,000 of my money and you're telling me right here to my page there is nothing you can do. >>

. ♪♪ you wells fargo says due to inflation, super bowl party foods will cost 14% more this year whichl americans to call their losses by betting on the big game against any jimmy failla's best because he's all quiet betting. that's the best advice you could bank on and this is topical from. topic number one -- russian funeral home is being called tasteless proposed a video featuring hot babes in monterey. closing erratically around caskets. you complement inside were stiff before. [laughter] here's the outrage among no wonder people are dying to get into the funeral home. the funeral directors had it's a classy establishment. in fact, the only funeral home in the country with no motor boating policy. the ladies get the rate of $30 a eulogy i have to admit, their hair and makeup fabulous. they must have a great mortician. believe it or not, make a ton of money. the trick is to get you drunk and ask you to buy them a cemetery plot. remember no matter what the funeral director tells you, there's no embalming sex. [laughter] okay. there's a new professional combat sport trust me, you don'

morgan chase, citibank, and wells fargo.news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. guy: so you've got neil young, christine lagarde, and a host of other central bankers. that is an unusual venn diagram. kailey: it absolutely is. neil young has made his fair share of headlines in the last week or so. first you take your music from spotify because you don't like joe rogan's podcast or spotify's response to it. you see your music actually getting somewhat of a lift off of that, removing spotify from the equation, now taking on the big banks. he said, "join me as i move my money away from the damage caused her's or you will unintentionally be one of them, so he's definitely taking an activist stand, but i think it broadly goes to the idea of big inks financing the fossil fuels industry, and what that means from a regulatory standpoint as well. guy: just from a market point of view, the energy sector is

and scott rend at the wells fargo investment institute he takes a different view.hillip, we are either in correction if you look at the nasdaq or correction-ish with respect to both the dow and the s&p 500. you think we've got further to go and headed to a 20% or greater decline bear market territory? bull market in your view is about to be over. >> that's right, tyler there are these challenges to see. right? the invasion of kuwait or beginning of an invasion into kuwait and the things that we look at is predictive is the history with valuations and a 22 times trading on the s&p 500 since 1900 we have been above 20 times earnings 9 times seven led to bear markets with 42% with durations of 2 1/2 years so that's the primary predictive thing and then with the other challenges which is a main thing we look at and kelly wrote about this yesterday i saw, the fed put is probably kaput as least as it pertains to the stock market i think we have further to go down and investors should look to derisk. >> we'll come back to in a moment and bring in kelly to defend and posit

you have norfolk southern, wells fargo, raising dividends by about 14% and 25% respectively then youvidend by nearly 50% its largest hike going all the way back to when it went public in 1999. some of the key names we have watched have also announced new or additional stock buyback programs walmart is planning a share repurchase of over $10 billion through the course of this year. comcast raising its dividend by 8% with a $10 billion boost to its buyback program, and nxp semi-conductor launched an additional $2 billion share buyback program with a 50% hike to its dividend. this kind of return to shareholder capital is a theme we're going to end with a check on two very different companies. cisco systems and exxonmobile. both stocks have outperforming the broader market over the last year but are now returning money to shareholders with additional buy backs. cisco announcing a 3% hike to its dividend, while exxonmobil has redumed buying back stocks in a $10 billion program there as all of this volatility continues, stocks like these could act as possible safe havens for those who are

either, however, his wife, former cabinet secretary elaine chao does have a significant steak in wells fargohen she served on the board of directors. many of the existing proposals would cover spouses and independents as well back over to you. >> yeah, but we're talking about secretary chao, we're not talking about banning owning stocks if you have stocks you inherited or you're on a board, you're not trading them, but owning them for years or decades, would that still be allowed >> so it depends on what your definition of owning actually is so there's a spectrum here. >> okay. a timeline. >> you could still hold the stocks but you couldn't sell them while you're in office. other bills require you to put them in a blind trust so you still have them but you don't know what's going on with them and this new bill from senator warren and senator steve daines wouldn't allow you to own them at all, even if it's in a blind trust. that's part of the conversation that's happening how actually do you prevent lawmakers from profiting off of the policies that they're going to be debating and passing in

he goes into wells fargo and every single person had to be replaced all of his reports but he's done.ting to grow the business they're going to remove those fed caps which members started this week. 2018, they're going to come off, do more business, he's going to take share and he's going to take names and he's going to be nice >> speaking of new ceos who are trying to take share, intel held their first analyst day this week barclays, seems disconnected from reality we don't see free cash even with the company's unrealistic growth targets. we see why this stock would underperform for another three years. >> he attacked his critics saying no one is giving him a chance what do you think of that? >> you haven't given him that much of a chance. >> all i'm saying is give pat a chance it's so early in his ten year. he's up against the two titans in tech. >> and bofa points out, taiwan semi doesn't get more aggressive. >> and people are telling me that tower, the company brought the old technology are the long knives out for pat gelsinger? yes. but intel was a halollow shell that makes a lot

that's 1-800-217-3217 liz: the big banks are broadly higher and when you look at some of these names wells fargovery solid in january but the rosy performance for many of these financials could be overshadowed by ongoing tensions with russia, charlie gasparino is talking to bank executives working with the biden administration, any headwinds by possible financial sanctions. >> there's a couple of things the national security, at least that's what i'm hearing from my sources that the big banks these are people that are running the show, they have been working with the biden administration first with the biden administration were trying to figure out the scope of the ties that russia and the country itself in major businesses in the oligarch's business under billionaires that are of vladimir putin and his regime what are the ties are the lines of credit, loans do they hold our stuff to behold their stuff is there counterparty risk, how much damage can we do if we shut down dealing with them, they can't get any credit from our banks and what i'm hearing from that in the biden administration is sign

dan: wells fargo announced employees who are fully vaccinated can choose to come back to the office starting today. unofficial return to office policy begins in one month and will include hybrid options. the bank says it has 100,000 employees who never worked remotely during the pandemic. today, governor newsom signed a new bill in oakland that extends paid sick leave for coronavirus patients. workers get up to two weeks paid time for missing work because of covid, including time to recover from vaccine side effects and paid time off to take care of their loved one with covid. the bill will expire in september. ama: to stay up-to-date on the headlines and changes come go to abc7news.com/coronavirus and get your covid questions answered as well. dan: a stolen car, hit and run, a violent felon arrested, only to be rearrested after being released on suspicion of murder. the i-team is examining how covid protocols may be to blame for this. we have the story you will see only on abc 7. reporter: there is nothing more unsettling than knowing violent felons are near your home, or nearly crashed int

, the company's only 12 years old and we've grown by over 45% annually year over year we passed wells fargo, an iconic brand to help more customers with mortgages tells you we're doing something right, but this is a no doubt a negative trend in our industry but it is not sustainable and testit will come back around. >> thank you so much for joining us back to you. >> thank you very much, diana, as well. >>> up next, the spy who worked for me the director warning china's corporate espionage is worse than ever. >>> plus, a metaverse land grab. investors spending millions to buy up virtual property. we'll take a dive into this new reality for real estate. "power lunch" will be right back its innovation organic ingredients and fermentation. fermentation? yes, formulated to help your body really truly absorb the natural goodness. new chapter. wellness well done. today, you have to deal with a lot of moving parts. you want everything to be on autopilot. and to be prepared if anything changes. with ibm, you can do both. your business can bring data together across your clouds, from suppliers to sh

interesting to me >> let's drill down on the big rally and the cyber stocks the senior equity analyst at wells fargo, andrew, great to have you with us when we think of cyber attacks, what source are they most likely to mound and which companies for those attacks? >> thanks for having me back >> we will see more as well as other impacted countries so far over 70 government agency websites from the ukrainian gove government i think we'll see a number of phishing attacks the ran some wear attacks that will likely come next. the best positioned companies to, sadly, benefit from the expected onslaught would be crowdstrike. cloudflare could benefit from the attacks we've seen so far. >> we try to make a case and the push back is valuations. people can't wrap their heads around we've tried to make the point in this group valuation is not as important as other groups. is that a logical argument >> it certainly is a logical argument it's hard to forecast the impact of how much additional spending and growth if you look like a palo alto trading at 15 times, it should be trading well north of 20 times. and th

the work we're doing in financial services, with wells fargo, to provide more value from their data. work that we're doing in manufacturing with mitsubishi to enable their manufacturing systems to have digital to maintain and repair more efficiently. so many different things we're doing, but eventually comes down to, can you shift cloud to be a value creation excess for a company? and i think that's where we're uniquely positioned both with our products, our history of innovation at google and our understanding of the ecosystem. >> a lot more where that came from watch the full interview on "techcheck's" quitter feed talked about also metaverse and web3 how google is playing it kurian said not big revenue yes. hopes it will grow de >> yeah. great interview, jon amazing to me to think google cloud still unprofitable but growing and becoming a bigger player. >>> still to come on the show, an interview with ceo of crowdstrike and report on the state of cybersecurity as we continue to monitor developments on the ukrainian border. on the ukrainian border. >>> more "techcheck" after this.

steak you are about to dish out a whopping up with% more according to an analysis by wells fargo, if you go to the game. the national weather service issued the first ever february heat advisory for los angeles. a heat advisory, the temperature for the big game is forecast to be as high as 90 degrees, which would, of course, make it the hottest super bowl in history. follow me on facebook, on instagram, on twitter him on the tiktok @jake tapper. you can listen to it wherever you get our podcasts, our program continues with wolf blitzer. we'll have all the latest on the gaspacho police. see you tomorrow. >>> [ music playing ] >>> what's happening now? breaking news. the national archives is now asking the u.s. justice department to investigate former president trump's handling of white house records after revelations that he ripped up some official government documents and took others with him to mar-a-lago. >>> also breaking, new york just joined new york and rhode island as the latest states to announce an end to their mask mandates. but the cdc says it's still too soon to change it

eli lilly, wells fargo, pfizer, north drup grumman.mpanies chose to stop contributions to either party, joining a list of several hundred abstaining such as ibm, levi strauss and cnn's owners discovery. the pledge came about by the conferences moderated by the next guest. professor and associate dean at the yale school of management. he's been running ceo meeting for decades. professor, nice to have you back. if i'm a stockholder in any of those, meaning those who complied or broke the moratorium, isn't my position, hey, worry more about earnings and dividends instead of getting involved in these political skirmishes. >> michael, thank you for that lead-in, your introduction knocked the ball out of the park. you covered the key statistics on what it just showed friday. congratulations on the fast analysis. that's exactly right. nothing can be more important in a strategic context of a business leader than to make sure we have trust in our system. to have free enterprise working we have to have belief. a political scientist from france

two he had to pay the contractor and needed to transfer $33,000 from his account at wells fargo to hisof america. he brought a cashiers check straight to the teller so it would clear right away. >> she said it would pose that afternoon or next morning at the latest. reporter: when he checked his account, the money was not there. he called the bank, and it was not good news. >> the woman said there was no record of the transaction, so no transaction happen. reporter: he went back to the bank and got another surprise. they had shut down that branch, just hours after he had made his big deposit. >> when i realize the branch was closed, the teller that took my $33,000 cashiers check is nowhere to be found, my heart sank into my stomach. i felt like i saw a boat leaving the dock in my money was on the boat. reporter: he went to another branch only to find the doors locked. >> that's when i became nervous. the branches are closing the people i had contact with her gone. reporter: he went to a third branch that was open, and the manager did not help. >> he said there was no record and there w