an alert if you have a wells fargo bank account. an apparent glitch led to some payments being processed twice yesterday and even emptied out by that double processing. wells fargo is working to fix the problem. more news after the break. are back in town this weekend. to amaze the bay area with their >>> the harlem globetrotters are back in town this weekend to amaze the bay area with their electrifying skills and to educate one of our reporters on the court. >> bob redell learns what it means to get schooled. >> scooter right over here, zeus has the guinness book of world records for the most bounce three-point shots in one minute and the world record for spinning the ball the longest on his nose, 7.7 seconds. let's say i'm a mom or a dad. you'll see crowd participation. bob, the real reason we brought you out here we're going to challenge you to a trick shot. >> what do you have in mind? >> i will bounce it off my knee, off the backboard while holding a death grip on you. >> wait, wait. what? >> reporter: i'm going to use my left

withkick off big time jpmorgan and wells fargo, bank earnings come through and politics has a lot goingeep an eye on the french president as he heads over to china and talks in korea. that is something to keep an eye on. still with me around the table, some final thoughts. is that we you have your focus on, cpi? kathy: the usual for this time of month. on both.adings the important thing about cpi is, on a year-over-year basis it is likely to be higher for technical reasons. we had that big dip last year earlier in the year. year-over-year it will probably outperform what most people's expectations are. michael: same. we have had so much momentum recently that even if you got it soft, you still have a good quarter. impressive gdp number. we are paying a little more attention to the data. jonathan: at what point do think we have a tax cut, i will spend more money start to kick in? michael: normally when you get tax cuts it comes out of recession, everybody is terrified so people do not spend the money. you get one this point, you are likely to spend. you will start to get withholding chan

there's a park, and so i saw that their attention was on a gentleman that was right outside the wells fargo bank." jimenez says it seemed like the suspect wasn't complying with officers' orders."he had his hands in his pockets in his sweater and then soon after that he took his hand out, and he had something in his hand and shots rang out - i'm not sure who shot first or what - and then the gentleman fell to the ground."police say the suspect shot at officers, who returned fire and killed him.another witness works at the savers about a block away, and heard the commotion all the way over there."i heard about 12 shots so i told my coworkers about it and then ran across down over here and i saw the cops taping the whole streets."meanwhile, jimenez had his phone, and was recording everything he saw. when i spoke with him, he didn't have his phone, because police had it and were reviewing the video as evidence."i'm glad that my video was able to hopefully help them and their investigation."even hours later, people watching from the other side of the police line say they could see the suspect's body

plus, on the earnings side, it kicks off big time at jpmorgan and wells fargo. bankart to come through. in politics, a lot going on is -- as always. keep an eye on the french president emmanuel macron as he heads over to china and talks in korea. something to keep an eye on as well. final thoughts with michael cloherty, kathy jones, and krishna memani. kathy, retail sales, psi, something you got your focus on? kathy: your usual for the time a month. decent readings on both. the important thing about cpi is that on a year-over-year basis, it's slightly higher for technical reasons. we had that big dip last year early in the year. if you are looking year-over-year, it will actually outperform what most people's expectations are. jonathan: michael? michael: same. the regional sales data we have had, we had so much momentum recently, but even a soft month, you still have a very good quarter. an impressive gdp number. i think we will pay more attention to the inflation data. jonathan: at what point, michael, does that tax cut, i'm going to spend more money kick in? does i

take a look at the surveillance images, from december 22, police say this man enters a wells fargo bankgton. they say he passed a note to the teller, and demanded money. after getting the cash, the suspect fled the scene foot. >>> dc police are still digging for leads in a liquor store burglary that happened nearly two weeks ago. take a look at these surveillance images of the suspect. police say he entered irving wine and spirits on mt. pleasant street northwest, grabbed some money from the cash register, and took off. if you recognize the man, you're asked to call police. >> and, a dc man is facing human trafficking charges tonight. abby vans accused of bringing missing teenage for frederick to work as a prostitute at a hotel. investigators say, the 16 year old girl is a run away from prince george's county. authority took the girl to the hospital for an evaluation. she was later released to her parents. >>> and a desperate search continues for missing prince george's county man, his family says he's nonverbal and such as from dementia. six a year old dan yee de-haven last seen yester

plus, on the earnings side, it kicks off big time with jpmorgan and wells fargo, bank earnings come throughitics has a lot going on, as always. keep an eye on the french president, emmanuel macron, as he heads over to china and talks in korea. that is something to keep an eye on as well. still with me around the table, my guest. some final thoughts. retail sales, kathy, is that we you have your focus on, cpi? kathy: the usual for this time of month. i think you have decent readings on both. the important thing about cpi is, on a year-over-year basis it is likely to be higher for technical reasons. we had that big dip last year earlier in the year. if you are looking at it year-over-year it will probably outperform what most people's expectations are. jonathan: michael? michael: same. with sales data, we have had so much momentum recently that even if you had a soft month, you still have a good quarter. you have an impressive gdp number. we are paying a little more attention to the inflation data. jonathan: at what point do think -- do you think the story of we have a tax cut, i will spend m

are called bail in that is a direct confiscation of money we've already seen a test case with wells fargo bank here in the united states they test case this process by stealing money out of millions of accounts while smarter they still want to act like a common thief because of course they're terrorists and have a comment about that wells fargo but you know you've seen the polling to ten can do to a man and they were just going down the road to steal people's money and oh did i speak out of turn so wrapping up on this story because we only have thirty seconds left i want to say this house i household debt two hundred percent of g.d.p. will constrain further borrowing in the future we've talked about this in the past what are they going to do with the next financial crisis have they can have this you know s.t.r. is the i.m.f. going to come in and roll everything out is going to be gold it could be crypto currency and i don't i didn't mean to threaten anybody ok that's just metaphor i'm a poet that's why i'm popular in the rap community now stay there for the second half because i got a fantasti

called bail in that is that direct confiscation of money we've already seen a test case with wells fargo bank here in the united states they test case this process by stealing money out of millions of accounts well fargo they stole money out just like a common thief because of course they're terrorists and have a comment about that wells fargo but you know you've seen with polonium two ten can do to a man and they were just going down the road to steal people's money and oh did i speak out of turn so wrapping up on this story because we only have thirty seconds left i want to say this house i household debt two hundred percent of g.d.p. will constrain further borrowing in the future we've talked about this in the past what are they going to do with the next financial crisis are they can have this you know best.

called bail in that is that direct confiscation of money we've already seen a test case with wells fargo bank here in the united states they test case this process by stealing money out of millions of accounts while fargo they stole money like this like a common thief because of course they're terrorists and have a comment.

called bail in that is that direct confiscation of money we've already seen a test case with wells fargo bank here in the united states they test case this process by stealing money out of millions of accounts of all started they stole money like this like a common thief because of course they're terrorists and have a comment about that wells fargo but you know you've seen them pulling to ten can do to a man and they were just going down the road to steal people's money and oh did i speak out of turn so wrapping up on this story because we only have thirty seconds left i want to say this house high household debt two hundred percent of g.d.p. will constrain further borrowing in the future we've talked about this in the past what are they going to do with the next financial crisis are they going to have this you know s.t.r. is the i.m.f. going to come in and roll everything up is going to be gold it could be crypto currency and. and look i don't i didn't mean to threaten anybody it was just metaphor i'm a poet that's why i'm popular in the rap community stay there for the second because i've g

jpmorgan, wells fargo, bank of america, citigroup may i just add that the founding fathere fathers would be so furious about the consolidation. they allowed bank of america, they allowed wells, that was incredible you will never see that again. that is why the stocks keep going higher techs only ever got a few winner and it was fang. i got to tell you, it was because we found the intense scarcity of rapidly growing tech groups, facebook, amazon, alphabet that is not changed at all as we see from the spectacular netflix numbers this evening of course apple has been a winner for ages. we know that that is not a surprise but as it keeps climbing, i don't see it as a tech stock i see it as a consumer products company. spearheaded none other by warren buffett and it would be a mistake to -- what is going on here he is proving pressure about the consumer product company witness how carl icon destroyed it what was that about, 80 points ago. and he made money anyway but buffet has spun a new narrative. with the terrific recognition of the razer, razer blade app business model something they don'

called bail in that is that direct confiscation of money we've already seen a test case with wells fargo bank here in the united states they test case this process by stealing money out of millions of accounts while fargo they stole money out just like a common thief because of course they're terrorists and have a comment about that wells fargo but you know you've seen with polonium two ten can do to a man and they were just going down the road to steal people's money and oh did i speak out of turn so wrapping up on this story because we only have thirty seconds left i want to say this house i household debt two hundred percent of g.d.p. will constrain further borrowing in the future we've talked about this in the past what are they going to do with the next financial crisis are they can have this you know s.t.r. is the i.m.f. going to come in and roll everything up is going to be gold it could be crypto currency and i don't i didn't mean threaten anybody ok that's just metaphor i'm a poet that's why i'm popular in the rap community.

there's a park, and so i saw that their attention was on a gentleman that was right outside the wells fargo bank." jimenez says it seemed like the suspect wasn't complying with officers' orders."he had his hands in his pockets in his sweater and then soon after that he took his hand out, and he had something in his hand and shots rang out - i'm not sure who shot first or what - and then the gentleman fell to the ground."police say the suspect shot at officers, who returned fire and killed him.another witness works at the savers about a block away, and heard the commotion all the way over there."i heard about 12 shots so i told my coworkers about it and then ran across down over here and i saw the cops taping the whole streets."meanwhile, jimenez had his phone, and was recording everything he saw. when i spoke with him, he didn't have his phone, because police had it and were reviewing the video as evidence."i'm glad that my video was able to hopefully help them and their investigation."even hours later, people watching from the other side of the police line say they could see the suspect's body

boeing, at&t, comcast, wells fargo and fifth third bank corps. all announcedd employee bonuses or pay increases following that bill. real money back in the pockets of the forgotten men and women that deserve it in this country. take a look, for example, what happened over at, yeah, liberal cbs news. they had an accountant crunch the numbers to see how the tax plan is going to impact the middle class in country. uh-oh, didn't come out the way they expected. watch this. >> we wanted to see how folks would actually fare. we asked households from three different parts of the country to send us their tax returns and had an accountant calculate how things will change for each of them. >> a single mother whoho rents a home in kerry, north carolina, her income last year as an administrative assistant was a little under $40,000. >> if she were your client, what would you tell her? >> i got good news for you, marcy, you are getting more money back next year. >> amber and jason edwards were also hoping for good news. >> i hope it alleviates pressure on the

san francisco's wells fargo bank rose nearly 2%.f macy's employees in the bay area are among those he impacted by store closings. today the retailer disclosed plans to close seven stores including one in novato. they are moving ahead with the closure. overall some 5,000 employees nationwide will lose their jobs. they've struggled to compete with online shopping. >>> promoters are billing silicon valley as the epicenter of the new automotive world. a lot of that has to do with the move toward self-driving vehicles and technology which is very much on the minds of millennials. >> the lane assist, lane depart you warning, parking assist is probably important. gotten a gear headset. i like cars. >> jeremy beaver with dgdg. he likes cars as well. tell me the hot trends that we'll see in this show. >> i think you will see first of all, 300 cars by 30 manufacturers. so a lot of trucks and suvs for everyone to see. a lot of the focus in the auto show is around three different components. one, the electric and the hybrid which is really impo

they say they're taking over the wells fargo bank next to p.f. changs. it's also considering op two other stores. who's got the best burger? i have never -- have you had shake shack? >> i've been to the one in brooklyn, and it's heavenly. >> heavenly? >> the burgers are good, the shakes are good. >> better than in and out? >> or five guys? >> yes, i like shake shack. >> your kids would disagree with you. >> they would. >> spencer, pick it up. >> time for weather. >> yes. >> can't disagree with that. >> it does no good anyway. >> here's a look at live doppler 7, lots ofog forming right now, it's a little damp and dreary out there, but the actual rainfall has ended, but we have rough surf. this is to be taken seriously. this is a high surf warning in effect from 10:00 tomorrow night to 10:00 thursday night. wave heights are all rigt ranging from 20 to 40 feet. a rough and dangerous surf has whipped up already. now we're looking life from our rooftop cam. these are our forecast features, we'll some sun burning through, especially south of the golden gate an

bank is trying to curb expenses... from its fake account scandal and other high profile troubles. wells fargo point- three billion dollars in legal expenses last quarter. the bank did not say how many employees will lose their jobs. (pam) the highly- anticipated tesla- 3 was on display at the stanford shopping mall today.(grant) it's the first time the public was able to lay eyes on the vehicle. with a 30 thousand dollar base price....this tesla is labeled as the affordable model and is projected to have a mass market. the new car drew in a crowd of curious admirers...many of whom already placed a reservation to buy one as early as two years ago.early as two to buy one as early as two years ago. "i've seen seven or so out on the road on two eighty or just driving around and noticing them but this is the first time i've been up close and personal. it's amazing, really good, really comfortable, it's bigger than i thought. i'm just waiting for that email, your car is ready select your color and pick up your car and that's it. hopefully that will be next month."(grant) more than half a million cu

bank of america, wells fargo bank, fifth third bank -- >> if i ran a bank, okay, in a lot of those states, you needed to raise the minimum wage, but if i ran a bank and dodd/frank was getting rolled back, and suddenly payday lending was getting less regulation, i would be throwing money out the window, i would be so happy. they should give raises. >> and walmart went to $11. >> and they closed a bunch of sam sam's clubs. >> when they go to $11, when businesses have more money because of tax reform, they have more money because of deregulation. everybody -- you've seen the numbers from the national federation of independent businesses and other sources. >> yes. >> business optimism is through the roof. they believe the economy is going to grow. they've got money to invest. and they've got money to pass on to their employees. and you're going to see more of this. it's not just these companies that have announced. whether you run a muffler shop or an mcdonald's, you're competing for the best employees. that competition is driving wages up, because people have the money to pay 'em, and they b

senior bank analyst at wells fargo. what have you got, another prop? you ever come without props what is that just pick it up and show it. >> look, what i think is still underappreciated about jpmorgan and the bank industry as a whole is a 25 your structural breakout act one was the last 25 years. >> hold it up higher. >> this is act two for the banks. >> action. and -- and what that means is it's a structural breakout. >> i'm going to start calling you marty now, as in scorcese. >> there you go. >> okay. >> look, you have a 25-year structural breakout for the largest banks. 1994 is when you had first ever permission for banks to expand nationally 25 years later the execution, technology and approach have finally caught up to the business models. that allows a bank like jpmorgan this past year, 2017, had the best pre-tax margin in at least three decades. that's as far back as our data goes also you have some of the best resiliency in throw decades and what you're seeing now is our theme is goliath is winning. that's your note that's our report. goliath

guy robbed wells fargo bank, on the west white horse pike in galloway township yesterday afternoon. the teller says he handed her a note, and then took off with some money. he's in his late 20's, maybe early 30's, about 5-foot nine. see him in the black hood i right there. also has gray sweat parts on. >> in burlington county, a brave homeowner foils a burglary and then get a picture of the get-away car. there it is. so, he stopped two intruders breaking into his home in mt. laurel in the middle of the day on friday. if you have any idea who drives that car, please call the mt. laurel police. >> and in cumberland county, police need your help to find a hit-and-run driver who seriously injured a 77 year old woman. see the vehicles in the back of that flatbed? that is the vehicle involved. they've just released the pictures, that's the pick-up truck that is being towed away from the crash scene. in morristown ship friday. the intersection of highway 47 and broadway street. >> we've got search continuing in chester county for pair every would be shoplifters who pepper sprayed a macy's

officers were called to a wells fargo bank on broadway saturday afternoon. a bank customer noticed the man pacing in front of the atms there with a handgun. police say a crisis team tried to deescalate the situation. but they say the man raised his weapon an fired in the -- and fired in the direction of the officers and the officers then returned fire. police told us that carlos was known to them and had been incarcerated several times. >>> crews rescued a horse and its rider today at chabot regional park in oakland. the report was the horse and rider fell down a ravine. the park district says it happened on the jackson grade trail. skyfox was overhead around 3:15 p.m. the oakland firefighters worked to save it and they did it. they led the horse out of the ravine and up the hill. >>> did you feel it? an earthquake woke up much of the bay area early this morning. >> it was the 4.4 quake centered in berkeley's claremont canyon. the epicenter was just a couple miles southeast of downtown berkeley close to where 24 heads into the caldecott tunnel but as ktvu's

they wil be taking over the spot where the wells fargo bank used to be... next to the p-f chang's.... the menu will feature all the shack classics, including the shackburger, crinkle-cut fries and hand-spun shakes... the popular joint is known for using 100-percent all natural angus beef with no hormones or antibiotics... shake shack says it is also considering loactions in marina county and san francisco's marina district. it's expected to open this fall... (grant) that wraps up kron4 news at nine..(steve) pam is here with what we are working on for kron4 news at ten. ((pam))thank you steve and grant...next at 10.. a story you will only see on kron 4.a viewer tells us her mother's home...has been egged countless times for years, and she has the evidence to prove it.now they're demaning something be done to find the vandals.the security measures they are taking...next in a live report.plus...fire breaks out at an assisted living facility in the east bay. tonight 49 people are forced to sleep somewhere else.what firefighters think sparked the fire..and what

officers were called to a wells fargo bank on broadway saturday. a bank customer saw the man in front of the atms with a handgun. police say a crisis team tried to deescalate the situation but they say the man raised his weapon and fired in the direction of the officers, and the officers returned fire. police told us the man was well known to them and had been in jail several times. >>> if the earthquake didn't wake you up, maybe the rain d many parts of the bay area got quite a soaking last night. today it's still gray and cloudy. this is the camera in the east bay. you can barely -- in fact, you can't really see downtown san francisco. the bay bridge kind of disappears into the mist. >> yes. in the mist. and that was just the beginning. more rain is in the forecast. chief meteorologist bill martin joins us now. is that fog or mist or clouds? >> it's a little bit of fog, yeah, jules. i think there already a little more fog and mist and rain tonight and tomorrow morning so we are back into the wet pattern, a warm wet pattern which has snow levels h

companies from american airlines, jet blue, to wells fargo, bank of america, and just today waste management saying they were going to hand out $2,000 bonuses to 34,000 employees. as you mention, walmart is now joining the party, the country's largest private employer, more than 1.5 million people work for walmart. they're going to raise their starting pay from $9 an hour to $11 an hour. also going to hand out bonuses up to $1,000. all of this after we find out that the corporate tax rate is come down from 35% to 21%. those companies passing on their savings. but, if you think the democrats are impressed, they are not. in fact, they continue to say the big corporations are getting unfair tax advantages, and they say don't be fooled by the peanuts that they're handing out to their workers. just listen to house minority leader nancy pelosi. >> in terms of the bonus that corporate america received, versus the crumbs that they are giving to workers to put the shmooze on is so pathetic, it's so pathetic. >> well, i'm not too sure, trish, whether those more than two million people getting a bonus

they say the guy robbed a wells fargo bank on west white horse pike in galloway township yesterday afternoon. the teller says he handed her a note, and then he took off with the money. there he is. you know, late 20's, early 30's, police think about 5-foot nine, obviously wearing that black hood i, and some gray sweat pants. >>> all right, let's going are get back to the story we were kicking off with today, the very latest in the trial that's happening today. interesting to see who was going to be there, that was the shoot that was so horrifying, ran up, shot that office, who got out of the car, and chased down that suspect, and who was alive and well today. let's get to jenny joyce about what we are speccing in this and who may be in court. jenny, good morning. >> reporter: good morning, karen, so the trial process has already gotten off to interesting start during jury selection earlier this week. the defendant, 32 year old edward archer of delaware county, apparently started telling the judge that his attorney does not represent him, this was while potential jurors were in the courtroom,

shake shack will take over the wells fargo bank attached to pf chang's.e menu will feature all shake shack classics including the shack burger, their crinkle cut fries, hand-spun shakes and frozen custard. >> like so scrumptious. it's mouth explosion. >> i think it's amazing. i'll go anywhere there's a shake shack. >> do you think it would work here? >> sure. i mean, shake shack will work anywhere. >> shake shack currently has 100 location as cross the country. but just search here in california. >> i know a l loyalists are upset. the prices are different. you can have both, it's okay. you don't have to choose. >> tell me more. okay. mike nicco? >> i'll try it. maybe the frozen custard will keep me coming back. i love frozen custard. good morning everybody. >> definitely keep you coming back to the gym. >> oh! not that you need it, mike. >> no, i do. i do. i know. you're right. i do. i need to lose some weight. hopefully i'll get to the gym today. >> not what i meant. >> i know it's not what you meant. but i still feel awful for all the food i ate over th

customers report waiting for an hour or longer on the bank's customer service line. wells fargo says it's working to fix the issue. >>> apple is promising to create 20,000 jobs in the u.s. the company says as a result of president trump's tax overhaul, it's making a tax payment as well of $38 billion on its overseas profits. it'll also invest another 30 billion in capital spending right here at home to create jobs and build another campus in the u.s. no word on the location as yet, but apple's ceo tells abc news the campus will not be in california or texas. >>> when we come back, inside an emergency landing as passengers are told to brace. >>> and also ahead, flu cases spiking and killing healthy people. the hardest hit areas and the places with hidden germs that you should avoid. >>> the big surprise for this grandfather and his emotional reaction. we rbut we are not victims.ack. we are survivors. we are survivors. we are survivors. and now we take brilinta. for people who've been hospitalized for a heart attack. we take brilinta with a baby aspirin. no more than one hundred m

bank is now saying it was because of a computer glitch. grant lodes joins us now in studio with more on this story... (grant) wells fargo wells fargo is apologizing again -- this time for a glitch that drained some customer accounts by double-paying their bills online. the san francisco based banking giant -- says the processing error was fixed overnight. angry customers slammed wells fargo on social media, and many wrote in to us here at kron4 directly, saying their accounts were overdrawn. the company says it will refund any related fees or charges. and this faux pas is just the latest embarrassment for wells fargo, which is trying to repair its reputation after a year of scandal. most notably, when the bank admitted that employees.... motivated by unrealistic sales goals... created millions of fake customer accounts. (steve / on cam) using a car to rob someone of their purse --- it's called 'drive-by-purse-snatching.' (catherine / on cam) it's a crime we first saw here in the bay area last year...but in this new year -- it's happened again. this time in an east bay shopping center... kron4's haaziq madyun has the sto

bank earnings season kicks off with a whimper. jpmorgan reports a 26% drop in trade and revenue. wells fargo -- due to ongoing litigation costs. ♪ >> this is bloomberg markets. bank earnings season now underway. jpmorgan's net income falling while wells fargo's earnings took another big hit from litigation. next week, we will hear from citigroup, jpmorgan -- citigroup, jpmorgan stanley. jason goldberg- from barclays. give us some insights into what you saw today. any surprises when it comes to these banks? if yourally speaking, adjust for all the tax related noise, and there was a lot of noise in the quarter on gains and charges, results pretty much in line with expectations. long growth a little better this -- upr than last quarter, modestly. trends we felt were mixed. trading revenues were down, not a huge surprise. -- credit remains benign given the economic backdrop. shery: one of the things i've been watching is that net interest margins in most cases have begun to expand even as the curve yield has flattened out. contracted. does that mean jpmorgan has more pricing power in a way? what

shake shack will take over the wells fargo bank attached to p.f. chang's.hake shack classics, including the shack burger, the crinkle cut fries, hand-spun shakes and frozen custard. >> like so scrumptious. it's mouth explosion. >> i think it's amazing. i'll go anywhere there's a shake shack. >> do you think it would work here? >> sure. i mean, shake shack will work anywhere. >> she's a real ambassador for the brand. shake shack currently has 100 location as cross the country. there are only seven in california and of course, none in the bay area. >> it is great. there are a lot of in and out loyalists talking on the web right now. shake shack burger is double the price. it's apples and oranges. i have to say their fries are creamy on the inside. i could talk about it all day. but we can't. you're never more than seven minutes away from the accuweather forecast and meteorologist mike nicco is up right now. >> i'll jump into the forecast then. we'll leave that kind of in the drive-through, i guess. one way to say t look at this storm. it's like a thousand mil

. >>> good news for wells fargo customers. the bankhe errors that mistakenly drained some accounts. wells fargo tweeted a few hours ago it's sorry for the issues and its technical teams corrected the errors. >>> it was ate once in a lifetime opportunity and they seized it. the historic way one couple took their relationship to a whole new level. >>> a reminder, we're on 24/7 on the abc7 news app and abc7news.com. today on our web side, we posted a way for you to track the storm using live doppler 7. if you're logging onto abc7news.com from your phone, also be sure to download the abc7 news app to get breaking news alerts and tune in for the latest news, weather and traffic for our next newscast at abc7 news at 4:00. >>> huge crowds welcomed prince harry and his fiancee meghan markle. this is the first time they visited wales together. they learned about welsh culture. the couple also went to the city suburbs to visit a community sports center prince harry regularly supports. don't forget, their big royal wedding is taking place may 19t

shocker, bank earnings. wells fargo off by 1% premarket. rm and good talk about consumer banking. david: it has been down and up. the market is trying to sort out what the tax law means for j.p. morgan. alix: they did point out in terms of individual business, consumer credit good, real estate also strong. i'm interested to hear more details about that as well as what they will do with the tax reform money. right now, they are avoiding it. and paulwart warther hickey will be joining jon ferro. this is bloomberg. ♪ jon: i am jonathan ferro. this is the countdown to the open. 30 minutes away from the start of trading. ♪ jon: coming up, j.p. morgan's season on wall street. u.s. core inflation accelerates. two-year yields up for the first time since 2008. facebook announces big changes to its website. coulduckerberg says it cause user engagement to follow. 30 minutes away from the opening bell, futures unchanged on the s&p 500. pop, uplar seeing a big .7%. the dollar still cannot get a bid, four basis points. up off the back of the solid core in

again, these are not the wells fargos, bank of americas, or jpmorgans. these are the small guys, the little guys on main street, minnesota, and main streets all across this country. we all remember the financial crisis of 2008 and the devastation it brought to this nation. our economy suffered greatly. no one wants that again. unfortunately congress reacted by demanding that small banks and credit unions quite literally paid for a crisis they didn't cause. in the great state of minnesota, the land of 10,000 lakes, i consistently hear from small banks and credit unions who want to do what they do best. help minnesotans achieve the american dream. due to the increased cost of compliance with the cfpb's double the data rule, an estimated additional 326 million, many small banks in minnesota are reconsidering their ability to make mortgages and other covered loans. in 2014, minnesota credit unions were on the hook for $7.2 billion in compliance costs. that's before the double the data rule. not only are the additional hmda compliance burdens ill suited and u

companies like bank of america, wells fargo, u.s. nk, southwest airlines and others, american airlines, even comcast, the parent company of conspiracy tv msnbc, wow, because of the tax cut they have given my employees $1,000 bonuses and pay raises. other employees have said that they will invest billions into the u.s. economy, build factories and manufacturing centers and hire new employees, not to mention you, the american people, will soon start to see money in your paychecks. where it belongs. it is all because of what? your tax bill that the media said was god-awful. i just shows you how clueless and other media lies to you daily and frankly, how much they hate president trump. if they have this trump-hating obsession, which i told you about last night, which means tt they will do and say anything to try and hurt him on a daily basis. let me tell you how it works. i told you all about cnn, he called them a demented wire and then conspiracy tv msnbc has to say, no, that's not enough. he's not only demented, he's deranged, and a pat

jp is only half bank wells fargo is a more balanced business they are much more like a smaller bank,e with bank of america. but jamie dimon always manages to hit his earnings target, the real question is where is revenue. the street is looking for low single digits in terms of growth rates, i think that's where they will come in >> chris, thank you very much for joining us >> my pleasure >>> facebook is overhauling its news feed to feature more posts from friends, family and groups. users will see fewer posts from businesses and media this is part of facebook's efforts to encourage more personal interaction on the site kind of what facebook was originally. >>> stocks to watch, fiat chrysler will shift production of the ram heavy duty pickup trucks from mexico to michigan it will invest $1 billion in th u.s. plant and add 2500 jobs, and add a bonus to some workers. fiat up 3.5% a mrshgs d is ed amd isposure t the spectkctre flaw is much larr than first thought >>> and intel says patches for the flaws may have bugs which could cause computers with older chips to reboot more often than

board, the board for the state of alaska chamber of commerce, the boards for alaska airlines for wells fargo bank. this is an individual, a leader who has been involved in his community for decades, a perfect example of the community minded individual who we call our alaskan of the week. we could be done right here, mr. president. it's a pretty amazing career, a great example of someone dedicated to his state, to his country, to his community. but jeff has done a lot more. he has recently used all his energy, all his experience, all his community involvement to embark on what really has become an extraordinary fund raising campaign to raise money for cancer research. so important for our nation, so important for alaska. this became a personal issue for jeff. let me tell you this story. last march he and sue received a devastating phone call from their youngest daughter krissy who is 34 and she lives in las vegas with her husband and 2-year-old daughter. she called them to tell them the bad news, really the horrible news that millions of mrn families hear every year that she had been diagnosed wit

bank earning rollout. off results,icked j.p. morgan climbed to a new record. wells fargo dropped before recovering. the wall with remy. we need to know about the banks this week. looking at what happened was wells fargo and jpmorgan, it is interesting because with the jpmorgan, they came and one with estimates in terms of earnings and revenue, just a $60 million miss, not too much in the grand scheme, but the weight from friday, the head to what is happening with citibank and the other banks, is what is happening with trading revenues. his is for 289, trading revenues with jpmorgan. we saw this on friday. now have the numbers entered this is the third quarter, the is at itsming in lowest in the past three years almost chart, 2.2 2 billion, the off time that happened was of the star here. in terms of equity revenue, we're hitting the bottom, 1.1 5 billion. it is a bigger fall than expected, down by about 34%, an expectation of about 19%. you talk about jpmorgan and the share price, still rising to a record high. it might be because of what is happening here, because of the tax windfall these banks an

bank account? this is what is happening to wells fargo customers who found their bank accounts severely depleted yesterday. reports say a glitch caused on line bill payments to be processed twice. bank is working to resolve the issue, rahel and jim. >> don't want to wake up with zero in your bank account. >> no. >> or negative. >> exactly. >> so dianne this caught my attention there is an app that apparently pays you to exercise what is this all about. >> reporter: oh, yeah, this is idea behind the app wet coin for every thousand steps a user takes they are paid 95 cents in sweat coins traded in for fitness gear, work out classes and gift card. free version of the app pays five coins a day, jim and rahel, i love this idea. >> what are they paid out of it, are they paid by the companies. >> there has to be something. >> reporter: well, look, again , there is a free version of this, free version is you can only get, five sweat coins a day with the free version. that is how these apps will pull you in, they will get you for the free version and then i'll pay to get a little bit of extra and some of the bells

a costly growth for wells fargo. bankustomers say they were charged double, one person had their account drained. those mistakes coming up. dolly parton celebrating her birthday today, she received two guinness world records coming up. the rising tensions with north korea take another turn. according to the journal, us satellites chinese ships buying call from north korea. filing sanctions. this is an important story. >> china was not really helping us the way they claim they were. now we have seen evidence over the holiday week that we have information china was not supporting these sanctions, chinese ships, one was false flag going into north korea, turning off its identification system, looking like it was going into one poor when it was going into another, doing some real interesting maneuvers and us intelligence was watching the whole thing. mary make it is all on satellite imagery and not the first time chinese ships were caught selling goods to north korea. >> it adds to a number of concerns we should have or many

a lot of banks, notice that. wells fargod it would raise its minimum wage to $15 per hour and you can see behind me there are other companies that changed the minimum wage there we go, here's wells fargo, walmart, u.s. bank a lot of banks over here boeing, a company that announced an investment for corporate giving and workplace improvements, though, no actual wage hikes some analysts think you might see more big firms announce plans to increase compensation walmart were thinking about and here we are with an announcement there may be other companies in a similar boat that a few weeks from now you might see an actual announcement, but they are the only one of the ten biggest companies so far have given a concrete plan. one theme to watch, telecom companies, banks, these are companies with a lot of regulatory fear. they may want to do these things to keep the white house happy. back to you guys >> thank you very much for that. moving on to bitcoin, pressure as south korea government says it's preparing legislation to ban curr

for wells fargo, the net interest market and was a bit of a surprise in the form of the biggest legal charge yet. is it not yet passed the consumer banking scandal? alison: what we expected at wells fargo was a big charge. this is a bigger charge than we expected, but the offsets that they had with tax benefits from the new reforms, they had a of aive impact of the sale business. when we get those one-time gains we see one-time charges. wells fargo is the one bank that has outstanding litigation related to the department of justice and legacy securityrates backed issues. it was bigger than expected here they have taken a $1 million charge last quarter. how much of that is related to the doj and how much is ongoing issues? to the extent they are saying let's be as conservative as we can, that is a positive for investors. the other thing is a negative in ongoingter which is operating expenses. the guidance is a little higher than people expected, but investor day in may gives them another bite of the apple in terms of how are things running at that point? it will be the guidance and what terms of they in ongoing profitability. hopefully mo

fifth third bank, wells fargo, they have raised wages.ing will invest $100 million in employee facilities. the list of tax break pass-throughs is very long. it will be a more difficult sell if the companies put extra cash into stock buybacks or higher dividend. the left will scream of that. it smacks of the rich getter richer. business will have to spell out very clearly how higher stock prices and dividend help everyone. the bottom line here, if capitalism has been given a free rein, so our capitalist system has been given the opportunity to show what it can do. don't screw it up. because if you do, the left will seize the moment and return america to the socialist road. heaven forbid. the second hour of "varney & company" is about to begin. ♪ the market gaining ground. we have the latest word on manufacturing, ash? ashley: 59.7. what does that mean? figure above 50 means it is growing and better tan it was in november, which is 58.2. it is better than forecast. very positive. employment, new orders, all be very strong throughout the yea