ever the privilege of leading wells fargo. incredibly proud of how we used our strength in difficult times to support customers employees and communities we serve. what we've worked to transform the company at the same time. our nation benefits from strong wells fargo that has never been more true these days paid the last time i appeared before this committee the country was in the middle of a pandemic. i testimony and many questions were focused on what banks were doing support the communities which we operate. those were important questions then and there equally important today in the complexity of today's high inflationary environment. since 2020 wells has provided billions in emergency lending, and we donated approximately $421 million for lending small business owners struggle during the pandemic. these funds are estimated to have reached more than 150 thousand business owners nationally and preserved hundred 50,000 jobs. last year alone we help half a million homeowners with low rate loans for refinancing system mortgag

and finally the president and ceo of wells fargo and company.ithout objection your written statements will be made part of the record. each of you will have five minutes to summarize your testimony. you should be able to see a timer on your screen. it will indicate how much time yoyou have left and a timer will go off at the end of your time. i would ask you to be mindful of the timer and quickly wrap up her testimony. before we began with the oral testimony, i would like to swear in the witnesses. with all of you please raise your right hand. do you solemnly swear or affirm that the testimony you will give before this committee and the matters now under consideration will be the truth, the whole truth, nothing about the truth so help youre god? let the record show all of the witnesses answered in the affirmative. already we will now begin your oral testimony. you are now recognized for five minutes to present your oral testimony. >> good morning and thank you. chairwoman waters, ranking member. collectively speak directly into the microphone? a

i was brought in to bring about substantial change at wells fargo. and we have made tremendous changes. i've also been very clear since the day i arrived, including when i testified in front of this committee in march of 2020, that it was going to take multiple years to make all of the changes that were necessary so that the company was run in a way that i would be proud of, a regulators would be proud of and you would be proud of. we've closed for consent orders since i've been there. we've returned our c rating to outstanding. we have plans a place for all the remediation work that has to take place. and i firmly believe that we are making progress across that body of work. as i said in my remarks, i'm very confident that we have the team in place, but that we also have the processes, the discipline in the sense of urgency to get done what is needed. >> if i may interrupt you, will you respond to the accusation of fake interviews? what does that mean to you? i think you've heard this criticism. >> congresswoman, no one should go through an intervie

wells fargo, assets of approximately 1.71 trillion. predecessor bank accepted enslaved people as collateral in 24 transactions took temporary possession of enslaved people from default on loans. conducted business with the confederacy. citi corp., assets of approximately $1.72 trillion provided a chart of mergers pursuant to a request that we made and acquisitions over course of $210 years. that's lengthy and complex, but didn't give us a detailed report. the staff asked for more information, hasn't received it to this date. word will be set on that at a later time. bank of america assets of approximately $244 trillion, predecessor secured a mortgage with real and personal property, the borrowers property included 13 enslaved people. predecessor bank agreed to a $10,000 mortgage to u.s. secretary of state john forsythe with 40 enslaved people as collateral. jp morgan chase, assets of approximately $3.38 trillion, predecessor bank accepted 13,000 enslaved people as collateral for loans, came into possession of 1,250 enslaved people from

scharf, is wells fargo too broken to fix? hoechst chairman brown i'm very confident we have made changes which will enable us to put all of our historical problems behind us. as i mentioned in my testimony we are an entirely different company today. we have a new management team, we have changed our processes. the plans that we have in place across all of the identified historical issues are being executed upon. in the team that we have working on this has the experience and knowledge to get the work done. >> thank you. it just seems to a lot of us, ceo after ceo, year after year, scandal after scandal nothing at wells fargo it seems to improve. let me go down the line for the ask a yes or no questions. you'll have a legal more responsibility to do right by your workers and your customers and expand access to affordable banking to everyone yet ordinary americans still are denied basic access that all of us your take for granted. in shrink bear access banking requires your management teams to a social -- make it a central focu

some of you, like truist, wells fargo, have been door signature legislation, the ignite hbcu excellence act. thank you for doing that. this, by the way, is hbcu week and the white house initiative is pushing that as well. but my question is, i want to know directly, please be as detailed as you can, what is your long term plan to engage with, to support and to recruit from h c b e? and how are you evaluating the effectiveness of your external effectiveness and internal pipeline programs? mr. scharf, let's start with you. >> thank you congresswoman, thank you for your leadership in this area. it's extraordinary work, we're proud to be a part of a lot of your leadership efforts. the hbcus for us is an incredibly important relationship. and his multi fold. from the things that we do to support the hbcus to the things that we get out of the hbcus, including the talent and locations across the country. and we've just had outstanding experiences some of our senior folks around the country who are products of the hbcu system. ultimately, but we will look at is the success factor that we have i

last time i was at wells fargo it didn't go well and you've done a tremendous job with your institution, i want to congratulate you. thank you. i had a follow-up to conversations we had on china earlier today. i will start with you, city's former global head of corporate and investment banking praise to the chinese communist party initiative. he said, quote, city's strategy is directly associated with 32 of the 69 countries which is more than any global institution or financial institution and city should play a leading role in this initiative. it is my belief the chinese commonest party uses its initiative to give unfair advantages to chinese companies, force developing companies into debt traps often with public corruption paving the way. i witnessed this on a trip to the middle east with chairwoman maxine waters where we were told of extreme corruption at chinese companies that they have been involved in across the african continent and by participating in the initiative you are supporting significant risk to national security and global economy. city supports the belt and road initi

in the past couple of years i've watched a handful of black managers at wells fargo get fired ore mr. sharp, i know the bank has made various commitments to address the racial wealth gap and you agreed to do a racial equity audit i also appreciate that wells fargo is one of the few banks that have maintained a presence in the caribbean as a correspondent bank while, of course, we had citi who responded to us when we were in barbados that they had closed their correspondent banking operations and so i do appreciate but it is not all clear that you're doing enough to finally break the pattern of repeat offenses so take another example, a bloomberg investigation found wells fargo approved fewer than half of black applicants for home refinancing i know you will point to things like fico score, requirements of the gse. but this doesn't fully explain why your bank was comparatively worse in this market compared to other major lenders. when you look at the track record and hear feedback like that from your own employees what is your assessment of your performances since you last testifi

scharf, the last amount of wells fargo ceo come before here didn't go well and you've done a tremendous job with your institution. i want to congratulate you, so thank you. i had some follow-up to a lot of the conversations we had on china earlier today. i'll start with you, miss fraser, citi former global head of investment banking praise the chinese communist party's belt and road initiative. in fact, he said, quote, citi the strategy is directly associated with 32 of the 69 countries, which is more than any other global institutions or any other financial institution. and citi should play a leading role in this belt and road initiative, and quote. it's my belief that the chinese communist party uses this initiative to get unfair advantages to chinese companies and forces developing countries into debt traps, often with public corruption paving the way. i witnessed this on a trip to the middle east with my great chairwoman, maxine waters. where we are told of extreme corruption that the chinese companies have been involved in across the african continent. by participating in the belt

the lesson had a wells fargo ceo come before it did not go well. you have done a tremendous job with your institution pretty want to congratulate you. you.ank had some follow-up to a lot of the conversations we had on china earlier today. we'll start with you mr. frazier. cities of former global head at corporate and investment banking praise the chinese communist party's road initiative in fact he said quote city's strategy directly associated with 32 of the 69 countries which is more than any other global institution or any other financial institution. city should play a leading role in this belt and road initiative". it is my belief the chinese communist party uses this initiative to get into advantages to chinese companies, forces developing companies into debt trap sob with public corruption paving the way.co i witnessed this on a trip to the middle east with my great chairwoman maxine waters. we were told of extreme corruption the chinese companies have been involved in across the african continent. by participating in the initiative you are

some of you, like truist, wells fargo, have been door signature legislation, the ignite hbcu excellence act. thank you for doing that. this, by the way, is hbcu week and the white house initiative is pushing that as well. but my question is, i want to know directly, please be as detailed as you can, what is your long term plan to engage with, to support and to recruit from h c b e? and how are you evaluating the effectiveness of your external effectiveness and internal pipeline programs? mr. scharf, let's start with you. >> thank you congresswoman, thank you for your leadership in this area. it's extraordinary work, we're proud to be a part of a lot of your leadership efforts. the hbcus for us is an incredibly important relationship. and his multi fold. from the things that we do to support the hbcus to the things that we get out of the hbcus, including the talent and locations across the country. and we've just had outstanding experiences some of our senior folks around the country who are products of the hbcu system. ultimately, but we will look at is the success factor that we have i

morgan and wells fargo were funding the foundation that's not listed anymore. are you still providing resources to this organization spreading policies encouraging you to invest in places struggling to attract capital? >> i don't know the answer. we've got to get back to you. >> i don't know the answer but i'm glad to take a look at it. >> could you commit while you're here you will not continue to fund an organization spreading disinformation that's blocking the capital sector from allocating capital? >> if that were true we would cancel. with active agendas i want to see you continue to minimize equity risk and continue to earn a shareholder returns and i want to leave a better planet for our kids than our parents left us and i would hope you will work together on that with us. with thato i will yield back. >> mr. hollingsworth is recognized for five minutes. good afternoon. i'm excited to be here with you. before i getfr started on my questions i want to let you know she has been my team member for a couple of years now but on monday she becomes a bank of am

when you ran wells fargo, you were one if not the leading mortgage lender. what is 7% mortgage rate going to do to the american housing market >> it's already slowing in an historic lull. and it will keep slowing however, if you're my age, you were that 6, 7, 8% mortgage rates were normal. >> yeah -- i do agree with that, but that's -- that's coming where everybody was paying the same thing, not having doubling in a year. that's my thing. we've gotten kind of i addicted to super-low rates >> we did. and that's the fault of the fed. and we need to talk about that i think that's why we are where we are but you'll also see arms come around an arm now is probably more like in the 5% area and you can keep that rate for at least five years before it's re-done. so there will be ways to if you really have to have a mortgage, that you can get one but more andmore more, cash ise way that people are buying homes. >> i think something like 30% of all home transactions are cash that that will save that part of the market let's talk about the federal reserve. all due resp

marine o'connor over at wells fargo. still ahead, the finals read of the week ahead. a host of global rate decisions, including the federal reserve. that conversation comes up next. this is bloomberg rated --. >> on the week of -- ahead, coming up, jay powell and the federal reserve are kicking things off on wednesday. a big decision, and then it's the bank of japan and the bank of england on thursday. plus we get another round of jobless claims, and we will round out the week with some new pmi's. europe manufacturing. let's get our next guest year. glad we could get to on the program. before we ended here, let's start off with a look ahead. were going to expect the 75 basis points out of the fed here. do you have any sense of hope that that could be it. for that day, it's a big hike in november, but i think a hundred basis points are on the table, but more importantly, with the actuality, much more important. this week's numbers a game changer, and it reminded me of november of last year. it became clear that inflation wasn't transitory. this time, it's become clear

wells fargo, bank of america, citigroup, with a 4+ percent gain. yields on the two year today, hitting their highest levels since november 2007, but is the rally in financials too good to be true? karen, i know you will say no. >> i feel like it is still a nightmare. they were much higher earlier in the year. obviously, i like the banks through good and bad. i have been long on the banks. i think it is a nice bounce. i wish there was one more trading day to the week. i still think the evaluations are really compelling here. the bear case for the money center banks is that all of their investment banking business and capital markets business is down. all that is true. remember, half their business is net interest, right? that is really doing well. we always look at the two year, 10 year, that is not how they make their money. it is much shorter than that. short-term rates are higher. that is great for them. the evaluations are really compelling. j.p. morgan, obviously, i love jamie. 3.4% dividend yield. 11 times earnings, actually, a little cheaper

cdc we are grateful that several of you have taken up the partnership challenge and some of you wells fargo have endorsed the hbcu excellent at the this is hbcu week and the white house is pushing that as well. my question is i want to know directly please be as detailed as you can what is your long-term plan to engage with this board andir to recruit from hbcus and how were you evaluating the effectiveness of your external recruiting efforts in the pipeline program so mr. scharf let's start with you. >> cumbersome t and thank you fr your leadership and your extraordinarily hard work and we are proud to be a part of your leadership efforts. hbcus for us are incredibly important relationship and from the things that we do to support the hbcus to the things that we get out of the hbcus includingg the broad-based talet in locations across the country and we have just had outstanding experience with some of the folks across the company who are products of the hbcuve system. so ultimately what we'll look at is the success factor that we have been keeping the folks that we bring on from the hbcus

i want to focus on the 13,000 wells fargo employees in our district. we spoke here last year, as you mentioned, he said you're going to make those folks a priority. we talked a little bit about some of the organizational structural pieces you're gonna put in place. the ways you are going to engage employees, and i was very excited to hear about those. but this news is very disconcerting, at this time. there have been nine rounds of layoffs, notices, to more than 350 i wins since april. to what i understand, that is due to a slow mortgage industry. is that correct? >> i believe that is correct, congresswoman, thank you. >> thank you. bloomberg reported wells fargo is planning a major retreat from its mortgage business. i don't like this where. it's those mortgage operations are one of the primary businesses in iowa. can you confirm whether that story is accurate? and can you discuss what will happen with the 13,000 high winds that wells employs if you shrink mortgage operations? >> congresswoman, first of all, as we've discussed, iowa and des moines spe

berkshire hathaway, wells fargo and starbucks.ate let's welcome in bill stone, chief investment officer at glennview trust company. let's kick things off with berkshire hathaway why do you like this stock >> i mean, when we talk about defensive, you can't get much better than this i'm coming to you not far from fort knox and berkshire has a fort knox balance sheet with buffett and moffett. insurance companies have this float, which is really the money that they get to invest while they're waiting to pay out claims and if yields are going up, they make more money on that float. i think the last thing is valuation. typically even berkshire it starts repurchasing shares somewhere between 1.2 and 1.3 times book value it's currently gotten back down to about 1.3 times book. so, i think there's some support here as well >> next up is wells fargo. a slightly more affordable stock than berkshire hathaway, bill. >> true. and not very beloved as much as berkshire is beloved, wells fargo probably doesn't bring those warm and fuzzies, but the

nick bennenbroek of wells fargo, thank you.uddenly they get a currency that reflects the normalcy of the difference. i question how comfortable it is. we were talking about this last week in london. how the grocery store prices reset at the end of this month. we were talking about this with jeffrey yew. people will experience a week yen relative to the dollar. is that comfortable? jonathan: i wonder how comfortable the bond market would be with the removal of yield curve control when we have twos at 393. 350 earlier this morning. lisa: one of the tail risks for the 10 year yield, even hit the 5% level, would be the bank of japan abandoning the yield curve control. that would roll markets in a way people are not expecting. the currency is expecting some sort of change policy disruption but not necessarily the gtv market. jonathan: has not been a market for a long time. 349 on the 10 year. lisa: david stubbs reiterated that saying this is the time to go long. if you had short duration, you are getting yields. ok, but what happens

wells fargo ceo also touted his bank efforts to reduce overdraft fees.k came under fire from lawmakers this year after an investigation found that wells fargo had approved fewer than half of refinancing sought by black homeowners. you will notice a lot of red on the screen. the bank stocks appeared to do fairly well during a lot of the testimony. during the final hour of trading, it was rocked with the rest of the market. in terms of grabbing headlines, jamie dimon said the worst possible outcome in terms of the fed trying to maneuver a soft landing would be stagflation. he said oil is going to cause a global recession and he also had some of his toughest criticism yet for crypto. he called crypto tokens decentralized ponzi schemes. there were a lot of concerns about capital ratios and regulation all mixed in. >> lawmakers were also asked -- they also asked the ceos to weigh in when it comes to political issues in china. >> you did have a smattering of comments from the house members that indicated they are very concerned about china and a missouri lawma

jon: there were multiple factors to get worked out, but earlier, sarah house of wells fargo was talkingow the longer inflation stays elevated, the more conversations we will see between companies, industries, labor unions. what are you watching for on that front? pete: most collective bargaining agreements have a cost-of-living allowance built in. typically, they involve some use of cpi or some range, but we have had a substantial rise within the last year and a half. you will see that any talked of bargaining agreement that comes up, there will be a higher risk factor, especially if that industry is significant on a macroeconomic level. taylor: cpa data that we got this week in the retail sales that we got this morning, how is the health of the consumer in this inflationary environment? pete: it is a mixed bag. we should not be surprised that the numbers look strange. we are coming out of a strange environment the pandemic but we have a strong jobs market scout. there are still almost two openings for every individual looking rate job. consumer sentiment seems to rebounded and there is

does she somebody over there or scholarship but samuel, but she was the food she was, but i'm with wells fargo just talking to have a student with the bus thought video with you. not got them you up. well, let's see above a bunch. so what i see about a a might be for a a with will not put out a crime. no not. but she knew pretty for you and you guys a am, you've got a call. then you find that id is that, but it was a for us to do so much is love. what's the idea that was ok. you give us the near with a most. i knew the yeah, just the market here. me and i looked at me when i see these 3 lines, i moved out. that is what color you got up elected maps deals. do you feel i'm with you know, my son is sort of demo with my golf. but super super pascall, especially basil bucket. he over here not got a new at voyles, but see by saw this by see about him. lou dems up ideas was a bit is the one you look at you with a story or specialist will provide you a with her to provide me with preston. it really huge. it was there should hardest but don't study. of course no. really watch a choice retro to shoot in

ford, apple, amazon, wells fargo, and devon energy. jim cramer , is my portfolio diversified?this young gentleman is as a private are clearly to the club. he's a member of the cnbc investing club point you know how i know that? these are all of our stocks and i love them. the yield and dividend going higher. amazon just bought some more for the travel trust appeared you would know that if you are the member of the club. we got such a big gain but it still has amicably high yields. jennifer wells fargo, as interest rates go higher on the jordan, he is going to make a fortune on your account. we've got a bank, we got an oil, without a retailer/web services, you've got a great comedy and an auto. and that, my friends, is how you play "am i diversified?" . now we're going to go to florida. hey, jim, thank you so much for taking my call. i really appreciate it. i just wanted you to know i've been watching you since the days of kudlow and cramer. thank you, thank you, thank you for all that you do for all is out there. my top five holdings are pepsico, apsley amazon, google, and you

anna han joins me from wells fargo. cle clearly, yesterday was a wild session. nasdaq down 2% and at one point nearly finished positive what do you think of the volatility is it starting to peak with the yesterday's intraday rebound >> i don't know overall market volatility is starting to peak yesterday's driver is special particular to the information technology sector. we saw tensions with the u.s. and china rising the changes coming to the chip makers is racking the markets there. that is the main driver for the last couple days whether those continue and how they shape up we have to see this could be a hot topic for the mid-term elections >> let's touch on that you mentioned the chipmakers in banning exports to china clearly we saw a big reaction to those semi stocks to the down side yesterday do you think there is further weakness to come is it a reminder that valuations in the tech space remain relatively stretched and you need a bit of bad news to see a move >> you bring up a good point this is within the semi sector if you look at the overall tech sector

. >> wells fargo? truths? >> yes. even ifca mr. diamond's worst predictions he did not make a prediction he was saying it's a possibility. >> yes, sir. >> think our stress test are beyond mr. diamond's predictions were correct bank of america? >> yes. you do not have the take a word for us to look at a stress test bed for ten years and read them and stress testing under scenarios that have the worst indicator of every element that has occurred. highest potential real estate look at the results for. >> think you have to yelled back. >> thank you. mr. williams is now recognized for five minutes per. >> thank you madam chair. thank all of you for being here today. i appreciate it. last week at merchant category was approved for ammunition sellers. my republican colleagues and i have expressed concerns this will make it easier progresses this is a huge step forward and monitoring suspicious gun purchases. lisa came out with the statement how they've been dragged into the political arena and it reads we do not believe a private company

. >> i had the position in wells fargo and other banking stocks that i own for some time before i ran19 because i wanted to alleviate any appearance of impropriety. >> congressman rose sits on a committee investigating wells fargo. nancy pelosi's husband is under scrutiny because as speaker of the house she doesn't sit on any of these committees. the speaker has yet to bring a bill to the floor that could bend trading stocks by members while they are in office and that brings us to a larger point. banning stock trading by members of congress is popular with the public, it pulls very well, we have spoken to numerous members who are against it and the argument they make is if you do that to stock trading you might not get qualified candidates running for congress in the first place because you wouldn't be able to own and still stocks. stuart: two sides of that argument. i want to talk baseball because yankee star aaron judge is close to setting a new record, you are the sports guy, give us the story. ashley: he had home runs 56 and 57 against the boston red sox, he's inching closer to a

nick bennenbroek of wells fargo, really appreciate it. getting back to some big news of course we were hearing from president biden speaking at the fema headquarters while hurricane ian delivers massive damage to florida. how very own bill joins us on the phone from fort charlotte florida. what is you make of the big federal effort as well underway to help rebuild and also preserve some of the loss of life that the president spoke of in florida? >> it's going to take a big effort. there is a lot of destruction down here. i have been driving around port charlotte which is a little bit north of where ian made landfall yesterday and there's a lot of destruction. i'm seeing a lot of trees blowing down, signs all over the place, there is no our, don't know how long it'll take for the power to get back up. i know the governor says this county and the next over were basically off of the grid for who knows how long. taylor: talk to us about that grid. millions of people we still here out of power. what does the next few days and next week look li

month and in today's big picture we're lool looking at a dire new warning about hispanic workers wells fargocting a recession for 2023 the firm saying during downturns like this the hispanic unemployment rate rises disproportionately to the national average because they're dealing with cyclicals like construction, today mortgage rates climbing to above 6% hispanic make one third of construction workers they also represent a disproportionate share of the workforce in goods related industries like goods and transportation, warehousing, manufacturing, wells fargo expecting a sharp cut in terms of jobs in these sectors as household shift to services. who else typically gets laid off at a higher rate during recessions, junior workers with fewer years of experience making it harder to find new employment in a weak job market the median age of hispanic workers in 2021, around 30 years, ten years younger than non-hispanic companies and executives should take note, the census showed the overall population grew 7.4% between 2010 and 2020. in that same period those who identify as latino rose 23%, they

it's been a dismal third quarter for the market, but coming wells fargo scott wren reveals his best investmentr the fourth quarter we'll be right back. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. >>> check out today's self-mover rent-a-center, good read on the consumer retailer allows people with little or no credit to represent the to own everything from electronics to furniture the company slashed it third-quarter earnings forecast below wall street estimates. the company says that economic conditions are hurting retail traffic and also hurting customer payment behavior. the news is sending shares to the lowest level since april 2020 there were early signs of stress in the most vulnerable consumer demographic,

the the recent report from wells fargo saw beer, brats, and snacs and snacks, have all gone up in. in price. as well as fuel for the grill. getting to the game will also cost you more. and ife going to fly in to see a raiders raiders game in las vegas, that's going to cost you 34% more. some ways to save experts say,ch ss expensive foods, take public transit to e just stay home and watch it. > >> coming up, a differ >> welcome back. today some cous had quite the backdrop to tie the knot. they got married at the summit of mount diablo. that that is a 3800 foot mountain peak surrounded by rolling hills, valley, and a beautiful view. >> it's beautiful. we have 360 degrees views of the whole bay area. it's amazing. >> that beautiful couple planned planned to ride bikes down aftee ceremony, and we wish them congratulations so much. thanks thanks so much for walking today today at 3:00. be sure to tune in at 5:00 when we are back. kevin: i've fought wildfires for twenty years. here's the reality we face every day. this is a crisis. we need more firefighters, more equipment, better forest

. >> new at 9 volunteers from wells fargo putting on their hard hats and grabbing hammers. they'll build affordable homes in san francisco. the group partnering up with habitat for humanity this morning on this project located on amber drive a low and medium income families will be moving into the 2, 3 bedroom hopes. >> it's an incredible dream. i'm so happy that we get to be a part of it. so grateful to have it out for making this come together for the property owner for donating this. they get really takes a village to make this happen. >> wells fargo also presented habitat with $100,000. check is a donation from the bank. coming up, farmworkers descending on sacramento today. the action they're demanding from the governor. >> and for a night to dine and do with the kind of a silly name fool you. these folks are serious about their savory snacks. >> we'll give you an inside look at the a popcorn stylings of that fluff nuggets. >> and if you've been holding off on washing your car because of the drought, you might want to check this out. a waterless car wash. more on that

. ♪ >> "the david rubenstein show: peer-to-peer conversations" is brought to you by wells fargo.lping our clients forge what's next. ♪ an xfinity rewards special offer. xfinity customers join xfinity rewards and get an early access code to play the open beta. early access begins september 16th, first on playstation. visit xfinity.com/rewards. chief

wells fargo was on bloomberg surveillance today, talking about the idea of a soft landing being like landing a plane on a picnic blanket. you go back more than a dozen rate height cycle since the 1950's, only a small portion of those, at best one third, have turned to soft landings. what is your sense on how market expectations are still trying to bake that into the equation? >> i'm not sure, because i'm not sure what self landing really means be a we are already in a technical recession a soft landing doesn't mean we don't go into a more onerous recession. i think it is really questionable. i don't use it too much. frankly, what we see is the most likely outlook for earnings, based upon the fact that we continue to see a slowdown in employment growth, we see unemployment slowdown, it looks a bit more stable than a typical recession outlook that we have experienced for the last several cycles. it would imply we get about 4% earnings going forward. the consensus has been about 8%. there is still some downside to earnings. how does the recession actually impact the market? the market's

it partnered with wells fargo to build homes for low and medium income families. they're working on eight new homes in san francisco's diamond heights neighborhood. >>> want a permanent solution to homelessness? you won't get it with prop 27. it was written and funded by out-of-state corporations to permanently maximize profits, not homeless funding. 90% of the profits go to out-of-state corporations permanently. only pennies on the dollar for the homeless permanently. and with loopholes, the homeless get even less permanently. prop 27. they didn't write it for the homeless. they wrote it for themselves. >>> okay. it seems too good to be true, but it turns out, they're both just really nice guys, and they like each other. 49ers soap opera, less of a soap opera and more of kind of like a bachelor love story. >> they're kind of chill, no drama between jimmy g and trey lance. jimmy g practicing for the first time since taking that huge pay cut to be the backup to trey lance. he said he could have demanded to be released but says that is just not my style. as for goin

it partnered with wells fargo to build homes for low and medium income families. they're working on eight new homes in san francisco's diamond heights neighborhood. >>> >>> okay. it seems too good to be true, but it turns out, they're both just really nice guys, and they like each other. 49ers soap opera, less of a soap opera and more of kind of like a bachelor love story. >> they're kind of chill, no drama between jimmy g and trey lance. jimmy g practicing for the first time since taking that huge pay cut to be the backup to trey lance. he said he could have demanded to be released but says that is just not my style. as for going from starter to backup, jimmy g seems at peace with his new role. >> i know a lot of stuff gets made in the media, [ bleep ], like that. we have a good relationship. everyone can say what they want, we went through it last year, very similar. it's not like we haven't done it before. >> nothing's changed between us. i can say it a million times. he's been my big brother, nothing's going to change that. >> at the end of the day, i'm 49er,

mm mm ah with ah ah with mm. gone welcome to wells fargo, back in 1955. when does somebody later nikita per shelf was visiting it? he told me that most going you daily. where so most that if the indians where to come from, the mountains helps the russians would be at their side price for almost 70 years and be a russian in partnership is still going strong despite.

required and have anan income and can pay back the mortgage and borrowers can comer in and see wells fargo and have all kinds of low down payment programs and what i would watchu as home prices, you don't want to get in at the top of the market. you don't want to start house rightfor a now. bidding wars were rampant during the pandemic and saw the lines of people outside of house and 40, 50 deep all masks and waiting to do in. unless you're -- it's not necessary in today's housing market. it's not such a seller's market as it used to be. seller haves to bring their sights down a little bit and see how the market has changed because again, when you go from a 3% mortgage rate to 6% mortgage rate just as an example, on a $400,000 home, your monthly payment is now $700 more per month than it would have been just at the start of this year. >> host: find diana olick go to cnbc, watch her reporting there and go to cnbc.com and diana olick was talking about two series, fresh start and rising risk. >> guest: rising risk and clean start. >> host: clean start. thank you very much for talking to our v

bank of america, wells fargo, jp morgan all declined to do that.y did tout how they have limited some of the fees and adjusted the policies and they offer products without fees. jamie dimon argues that consumers want choices and other u.s. customers about 23% decide to opt into the products. >> also quite surprising in terms of the narrative around fraud and risk on payment networks which have of course become so popular in recent years. >> a very popular payment network a lot of heat from lawmakers. six of the seven banks there, they own and operate this network. lawmakers pressed them about reports of scams and fraud on the network. elizabeth warren again, she called it unsafe. she said banks off it but when customers are defrauded, there's not much they can do. in response, they said the fraudulent transactions are a tiny fraction. they are improving guardrails. it was a surprising -- and the hearings today this network. >> some of the takeaways from those banking hearings. let's get you a check of the latest is this flash headlines. credit suis

he is set to appear in washington alongside teeth from bank of america, wells fargo, and citigroup.s prepared remarks, he touts the role jp morgan plays in the global economy, warning of harm from arbitrary increases in capital requirements. global 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 su keenan. this is bloomberg. shery: malaysia's largest public services pension fund says it is embracing market volatility as an opportunity to buy. a ceo told us exclusively about the fund's plan to diversify its international investment base. >> indeed, it is a perfect storm that we are facing now. the interconnectivity that we have is -- in terms of supply chain. inflation is not everywhere. everyone is facing the same issue. our intention, we have a vision 2025 that we have the intention to expand and diversify our investments, international footprint from 20% currently to 30% to 2025. so right now, we are already in over 40 countries in terms of our investments. we want to go from $8 million to

wells fargo shares that heritage with john silvia, and mr. price and and all of the people you have. do you think they are wrong with the labor economy? >> directionally, the consensus is right. we are seeing signs of the labor market cooling i think it has been tricky. we have to fine-tune the degree of that, and what we see over the past few months in payroll and some of the more recent data on things like jobless claims, stabilizing, it's a very elevated rate of job openings, and the fact we haven't seen it come down at all. there are still a lot of resilience is in this labor market. it is very durable for workers, and you have to think about what it means for the income trajectory in this high inflation environment. if you have that, you have decent income growth against the high price movements. next forgive me for not looking ahead. i want to look back to 520,000, from a month ago. i'm blown away. what was that? >> i think it was perhaps the seasonal, particularly difficult in july. going back, with a death model factor, there is a con

bell wing, airbnb, kiko wells fargo, verizon, goldman sachs, florida power & light, national christianoundation, the pga tour, just to name a few. that doesn't go into all of the people who are giving five and $10, thank you so much for what you're doing. i want to thank tom brady who put on his website, a special thanks to our fund, the floored disaster fund who got a lot of attention and saved a lot of money. also, thank you to visa, amex, paypal, and braintree, they are waving their fees so that all of this money will go directly to people in need. as the governor mentioned, one of the important things to understand is that we are getting needs instant tamely into the emergency operation center, we are able to communicate those needs to the nonprofits on the round so that we can meet them quickly. these done -- these funds make a difference as to what we can target. some of these areas that were devastated are going to need things like food and tarps and what have you. again, to give the website, florida disaster fund.org. you can also text, disaster 220222. god bless you, thank you

the wells fargo equity strategist joining bloomberg markets. bloomberg. >> breaking news of the top of the hour, the european union proposing a new package of sanctions on russia including a price cap. maria tadeo joins us from brussels. walk us through what we've learned today. >> the european commission talks about this oil cap but it setting up the foundations, of the legal foundations for this oil cap. it does seem this is something in the works and at this point is not a lot of strategy on the way it should work. we know the european commission says it will work on a new package of sanctions and also now target trade and people. they say this is in response to vladimir putin now deciding to escalate the war in ukraine. they said this was announced last week the fact he has made nuclear threats over the past week and of course the fact the referendum which they call a scandal in those occupied territories to the east does go forward at this point. the european says the response is to increase the pressure on the kremlin. guy: part of this i

you also have truist, wells fargo, u.s. bancorp, pnc also there tomorrow. are the larger investment banks. you see a very strong focus on community banking and lending into a very tough environment. guy: what about by now, pay later? this has been hugely contentious. it is one of your favorite subjects, i know. we're going into an economic downturn at some point soon. we have never seen this go through a cycle. the banks have been piling in. i'm really curious about this non-bank lending and how this is going to feature in this next cycle. sonali: and remember, we are talking about what jamie dimon is telegraphing to lawmakers. jamie dimon has been concerned not necessarily about buy now, pay later, but the private lenders who have stepped up to fill the void without regulation. something so interesting in that cfpb report released last week was this idea that more people are using buy now, pay later to pay for things like gas and groceries, and you are seeing more consumers return what they bought, so some signs of froth in that sector, and of course you h

boeing, publix, simply healthcare, air b&b, teco energy, wells fargo, verizon, cvs, duke energy, goldman sach's, rumble, florida power & light, national christian foundation the pga tour and hornet just to name a few and that does not even going to all the generations that came in from people are given five and $10 and thank you, thank you so much for what you are doing. i also want to say thank you to tom brady put on his website a special shout out to our funds. the florida disaster fund that got a lot of attention raise a lot of money. so thank you for your support of your community. also thank you to visa, amex, paypal and braintree. they are waving their fees so all this money will go directly to service and the people in need. and again, as governor mentioned where the important things understand about this fund and why it is so important is because we are getting a needs, instantaneously into the eoc the emergency operations center. we are able to then communicate those needs did the nonprofits on the ground so we can meet them quickly. until these funds make a big difference to h