wilfred frost reports. >> repor it's been applauded by the community as a necessar conditn for the bank to be ableo move past its recent scandal. is welcomed is the fact that there is a new ceo who, yes, is an insider, but not from the embattled retail part of the bank. also a new board setup that includes independent chairman and independent vice chairman. though pressure remains from lawmaker most notably senator elizabet warren who said, quote, if mr. stumpf is leaving with all of his ill-gotten millions, that's still not real accounta. in an exclusive interview with me last night, the new ceo, tim sloan, confirmed there had been additi request from congre for information. of his own will go more smoothly. >> we disappointed that the hearin turne into a situation where there were more speeches given than questio asked. we felt like there was more answers that we could have t those hearis are over with and we're moving on. >> repor we' see tomorrow morning if there's been any financl impact. the other outstanding question what is morale like amongst the troops? i asked sloan whether t

i'm sara eisen. >> i'm wilfred frost. good morning to you from me as well.'s get to the market action. yesterday we did see declines about a half percent for the s&p and the dow about a quarter percent. financials the only outperformers up 0.3%. banks within financials leading the charge up about a percent. regional banks in particular doing well as yields started to tick up again from the lows we saw a couple weeks ago. we've seen gains in the premarket but fractional gains. we are essentially flat. the dow higher by 1.5 points. european trade is soft today. two strong days on monday because deutsche bank fears eased somewhat. on tuesday because the euro was particularly week. exporters were doing well. the euro today bouncing back slightly, but we're still taking profits following two strong days. the dax in germany, the cac in france both down. the ftse 10 0 whi is seeing pro taking. asian trade mixed for the most part. stronger for the main indexes. the nikkei up a half percent. hong kong up 0.4%. shanghai up just a quarter percent. >> as for the broader

wilfred frost spoke exclusively with the newly minted chief executive and joins us from outside wells>> we've had encouraging comments from analysts including csa's mike mayo saying this is the beginning of the end of the cross-selling crisis. he and a number of analysts not supporting just the change of ceo but also the board changes that we've seen. wells fargo now has an independent chairman and vice chairman, pretty unique for the big u.s. banks. every analyst is united that this is just -- was possibly a necessary change, it is not sufficient and a similar sentiment was echoed by the new ceo, tim sloan, when i spoke to him last night, making it clear there were a lot more changes that were needed. i asked him, what changes in particular he was looking to make. >> well, john set in motion a significant number of changes, some of which we've announced specific, for example, in our retail banking business. we've made some changes in terms of our management there. we've made changes in terms of some of our incentive compensation system. we've reached out to our customers to make sure

wilfred frost joining us on the fast line. exclusive interview with the new wells fargo ceo tim sloan. drifting slightly higher, up 1.8%. how do you think the full market session will take this news? will we see wells fargo tomorrow close in the green? >> well, if i've been short this stock and you're coming into an earnings period given this news, i would probably more inclined to cover at least part of my short. so do you see it close in the green tomorrow? yes, if you're pinning me down. >> all right. for continuing coverage on wells fargo, go to cnbc.com and of course tune in tomorrow for more developments throughout the day. meantime, we join "mad money" in progress. >> when it's really calm out there, you can really do some good decision making. remember, not all stocks are created equal. you have to be willing to circle the wagon, just like a wagon train going out west in 1,800 others, around a few good stocks. by them down to get a better basis or average price for your holdings. why does this matter so much? because w

i'm wilfred frost. seema, welcome. >> thank you. good morning, wolf.'s check global markets this morning at 5:30 a.m. eastern. looking at u.s. futures pointing to a higher open. yesterday the dow lost 200 points making it the worst daily performance for the dow jones since september 13 of 2016. healthcare the worst performing sector. the dow calling for a higher open by 12 points, nasdaq up by 4. we have two fed speakers and the release of the september fomc minutes that will be in focus as well. europe, stocks are mixed overall. a lot of focus on the ftse 100 which hit a 2016 intraday high yesterday on the back of the weakness in the pound. with the resurgence in the uk currency, looking at stocks lower. france and germany following suit. italy and spain are higher on the day. >>> in asia, risk sentiment downbeat following the weakness we saw in the u.s. weaker currency in china sparking some concern among global i investors. shanghai composite ending lower a as did the nikkei. >>> oil prices slipped about 1% yesterday. they are bouncing back by a hal

i'm wilfred frost. straight to the market action.>erring earnings in a minute, first a scary moment at laguardia airport last night. the campaign plane carrying vice presidential nominee mike pence skidded off the runway after landing in heavy rain. emergen emergency personnel evacuated everybody on board. nobody was injured. the plane did not strike any of the fencing and was never in danger of going into the water. later this morning, governor pence will join the team of "squawk box" in the studio live at 8:00 a.m. i landed in laguardia last night around the same time that governor mike pence did. then they closed the airport, and had a full grand stop. it was very rainy, wet, skittish. >> a bit. >> delighted that everybody -- nobody has been hurt. >> delighted to be back. >> and you had a safe landing. let's check in on the global market action. futures are looking a bit soft, down about 5 points on the s&p, dow down about 17 points. nasdaq down 28. yesterday, we saw slight declines in the nasdaq and s&p. tech was the best sector

i'm sara eisen. >> i'm wilfred frost.appy friday. let's get straight to the market action. yesterday slight declines, it was a broad decline. 10 out of 11 s&p sectors ending the day in the red. this morning we're in the red for the s&p and dow, but the nasdaq called higher fractionally. microsoft in after hours trade, doing well off the back of that announcement. the ten-year treasury note, the yield 1.742. back down towards the 1.7 level a bit over the past several days, having touched 1.8% six or seven trading days ago. >> as for the early trade in europe, let's show you what's going on with european equities. mario draghi didn't give the markets much to trade off of yesterday. sort of punted the decision on extending qe to a big december meeting. the german dax is the bright spot, just barely positive. little action. ftse 100 in the uk flat as well as italy, spain under a bit of selling pressure. the boards in asia, show you what happened after u.s. equities finished marginally lower. nikkei down a bit, hang seng uncha

wilfred frost joining us. and shares now up by 1.5%. first analyst to slap a sell rating on the stock, dick, great to have you with us. does its removal make you inclined to rethink your sell rating? >> no, a sell is a sell and a sell is based upon the fact the fundamentals of this company do not merit the premium it sells relative to book value. if you take a look at the pretax, pre -- you know, provision earnings of this company, from 2009 to the present, they have not gone up you. 100% of the increase in earnings at wells fargo has come from the reducing the reserve. zero percent of the increase in the pretax earnings have come from an increase in their operating business. the company not only has not shown any improvement in its profits, as i would tell about them -- pretax, preprovision. but it put all the extreme sales effort, because it needed to to build the business, which wasn't growing. the fact that jpmorgan has shown continuous growth in earnings through this period, and wells fargo has shown no growth in earnings would tel

i'm sara eisen. >> i'm wilfred frost. very good morning from me as well.heck in on global market action. futures lower about 25 points for the dow. s&p down by four. the nasdaq by three. about half a percent of gains yesterday for stp and the dow, little more than that for the nasdaq about 0.47%. the energy that performed the best was energy as prices gained 3%. it's a mixed picture. europe is as i said mixed. we got a little bit of gains for the ftse 100 in france and slight losses for the other main indices. asia was a little more avertly mixed with big gains for japan but decent losses for hong kong down 1.3%. >> as for the broader markets we start with oil fueling that rally yesterday. wti closing at its highest level since july 2015. backing off this morning, down about half a percent. still above $51 a barrel. brent at 52.85 down a little more than half a percent. ten year treasury note yields opened hire. bond market was closed yesterday for the columbus day holiday and we continue this trend of yields backing up here 1.77. we've come a long way fro

i'm wilfred frost. welcome, seema. great to have you with us. yesterday we lost around about a quarter to a third of 1% but we are off the lows today. today we're expected to open higher. 46 points for the dow. five for the s&p and 19 for the nasdaq. so about a third of 1% higher expected to open. big story this morning or big move sterling dropping to the weakest level against the dollar since june of 1985. plunge in the currency after uk prime minister theresa may said she would trigger the start of a brexit by the end of march. we're down three quarters of 1%. we moved around a bit. some construction data brought a bit of reprieve. no real news developments on the brexit front today overnight compared to the weekend but i think we're testing new levels. since brexit we found a range of 129 to 134. now people are trying to work out where the new range will be. >> the brexit now seems more real after those comments from the prime minister, theresa may. as you said we've seen the move in the pound, depreciation currency. ftse 100 back above 7,00

wilfred frost took a closer look. >> a big beat on the eps line for goldman sachs, in a quarter that saw them return to double digit returns. r.o.e. of 11% was impressive. the beat largely down to trading. fixed income currencies and commodities trading was strong, almost 50% growth from q3 last year. here is cfo harvey schwarschwar. >> year over year we were up 50%, but i would have to agree with you i wouldn't say it was particularly strong quarter for ficc. year over year i talked about some of the drivers. i would say maybe the best way to describe it is that it wasn't so much -- wasn't so much about tailwinds, as it was about not having so many headwinds in the quarter. >> later he said not to overemphasize the third quarter trading performance too much but that momentum was good. >>> on expenses, while up year on year they did post a 3% fall quarter on quarter in contrast to peers who had increased expenses this quarter. investment banking performance appears soft, down 14% on the quarter. though m&a backlog is encouraging, particularly in the u.s. and advisory was better towar

i'm sara eisen. >> i'm wilfred frost. good morning to you from me.'s check in on the global markets. yesterday we saw about a half percent decline for the nasdaq, a quarter for the dow and s&p. some high profile earnings misses, but probably more beats than misses. nevertheless the results were declines yesterday. today we're calling it lower, 80 points down for the dow. s&p down 9. the s&p down 28. apple shares in the premarket down about 8%. weighing on sentiment is markets around the world. europe down for the ftse 100. similar declines for germany and france. wti and brent below $50 this morning at certain points. asian trade, apart from the nikkei, soft, too. some conversations happening over there about whether the pboc will cut down on credit use taj. that's hurt stocks in hong kong and china. >>> oil under pressure. wti slips below $50 a barrel. 49.24. there's some comments and talk from interfax russia that it might not be on board with the cuts in production that was agreed to by opec and other oil members going into a big meeting in novemb

i'm wilfred frost alongside courtney reagan.> good morning to you. >> sara is in cincinnati today sitting down with the ceo of procter & gamble. it is throwback thursday, in honor of the world series, we're throwing it back with some of the best sports themed songs, paying homage to the cubs with this song, they won game two last night. they tie it up. sara is also with us. tell us what you got coming up. >>> good morning. the hometown to the global consumer juggernaut, that's procter & gamble. that traces its roots back to the city to the 1800s and is going through a transformation right now. p&g never fully recovered from the financial crisis years ago. it's brand-new ceo, david taylor, on the job exactly one year, november 1st, sat down with us. it was his first interview since taking on the role of p&g. we talked about where he is, coming off a solid quarter. 3% organic growth. something that p&g had not seen since back in 2014. where he sees growth. this is a company behind many household brands that you know. old spice, pa

i'm wilfred frost alongside courtney reagan in for sarah today. good friday morning to you. >> we made it. it's friday. >> nice friday song in the background for us. sarah will join us later this hour with a preview of her exclusive interview with treasury secretary jack lew. she canceled today's holiday for this interview. well worth it. it shows she's willing to cancel a day's holiday for jack but not me. >> try not to take it personally. >> i can't, it's impossible not to. all of our viewer also watch that later starting from later this hour at about 5:45 today. let's check in on markets at this hour. yesterday was a disappointing day for markets. down about a quarter to a half percent yesterday. we came off the lows for the day. the week as a whole, the dow down about 1%. yesterday the banks were the worst performers. as you can see, we expect a bounce this morning, relatively small bounce. the dow called higher by 41 points. the s&p 500 by 3 1/2, the nasdaq by 7 points. the ten-year treasury note this is why banks suffered so much yesterday.

i'm sara eisen along with domenique chu in for wilfred frost. animal spirits is listed by the $90 billion deal in a so far better that expected earnings season. the s&p is up 9.24. and nasdaq futures are up 27. this comes after stocks squeezed out gains last week. we didn't see such big moves but they did finish in podstive territory breaking a two-week early streak. early action in europe is positive by earnings reports over there. the german dax is down .75%. euro stocks at a one-month high. spain is a particular bright spot at 1.3%. >> they are going to get a government. >> they are going to get a government. the politics are cooperating this morning in europe. as for asia overnight, another strong session there as well, in particular, china. the shanghai comp jumping 1.2%. this after the yuan is near a record low against the u.s. dollar. their outflows are coming out of china, and yet investors are not worried looking ahead to potential fiscal stimulus out of china to drive the action today. hong kong closing up a percent. and japan's nikkei

. >> and i'm wilfred frost. a very good morning to you as well. >>> we'll check out the markets in a minute, but first the hot political story. the fbi has obtained a search warrant to start reviewing newly discovered e-mails possibly tied to hillary clinton's e-mail investigation. the fbi director james comey wrote a letter saying, e-mails, quote, pertinent to the clinton campaign were found. former disgraced anthony weiner separated from huma abedin. in response harry reid over the weekend writing a letter to comey saying, quote, your actions in recent months have demonstrated a disturbing double standard for the treatment of sensitive information, with what appears to be a clear intent to aid one political party over another. through your partisan actions, you may have broken the law, end quote. the s&p dropped 20 points in a matter of minutes on the headlines. >> the markets recovered later in the day on friday, but much more on that political story in a moment. the various commentators are joining us to tal

i'm wilfred frost alongside courtney reagan in for sarah today.d morning. >> good morning. >> let's get straight to the global market action. yesterday we ended broadly fl l, the nasdaq down about 1% week to date. as you can see, we're expecting to add to those losses today. down about 104 points for the dow, the nasdaq down about 30 points, the s&p down 14 points. trade data out of china disappointed, fell quite significantly, around 10% year on year. exports falling, but they still have a big trade surplus. it's not derailing china long-term, but it's justifiably a risk-off day. let's look at europe. in the red, miners and metal companies down the most. ftse 100 down a half percent. another day of weakness for the british pound. asian trade is suffering, too. we have the nikkei down 0.4%. the yen has rallied today in the eyes of the poor chinese data. hong kong down 1.6%. shanghai a good marker for you not to overreact to that disappointing trade data out of china. it's flat. >> if we look at the broader markets, let's start with oil. you know,

i'm wilfred frost alongside s. it's thoughback thursday, throwing it back with some rock classics like the rolling stones. they're about to play at coachella. >> old-chella people are calling it. >> i'm not going, but i'm sure it will be an awesome concert. the stones kicking us off. let's check in on global markets. yesterday good performance, about a half percent to 6% of gains. banks for the second day in a row soaring largely because deutsche bank fears eased earlier in the week, particularly because yields have taked up so significantly. it highlights the potential these names have to respond if and when we do see a rate hike. stocks this morning are up about 21 points for the dow. 1 point for the s&p. the nasdaq up about 4 points. we have slipped a bit in terms of yields in the u.s. and europe today. but we are, as you can see, close to 1.7%. yesterday we hit 1.73%. that was the high of the day. those lows we saw at the back end of last week around 1.5% when the risk aversion around deutsche bank was at its p

. >> i'm wilfred frost. >> let's check in on the global markets this morning.ome strength early in the pre-market action after yesterday couldn't hold the gains. dow futures are up nice 80 points. s&p futures up 13.5. nasdaq futures are up 41 points. ten year treasury note yield falling some disappointing numbers on industrial production an ahead of the consumer price index. ten year yield backing off from that 1.80 level. 1.77. we saw a jump in yield in the past month or so but off those june highs. >> in europe uk inflation tick up to the highest annual rate since november 2014. european shares trading higher significantly as you can see over 1%. we were down yesterday by about three quarters of is% so a little bit of a bounce back there. uk inflation data something to dive into more deeply when we see the currency moves. asian trade also strong, started off a good risk on trade for the day as a whole. hong kong and shanghai up 1%. 1.5% in fact. >> let's go the broader market picture and show you what's happening with oil. wti stronger back above 50 after it

i'm sara eisen. >> i'm wilfred frost. good morning to you from me as well.'s get to the market action. we saw gains yesterday led by the nasdaq up 0.8%. the s&p 500 and dow up around a half percent with all 11 s&p 500 sectors in the green. today we are looking at declines, only slight. just below flat. this off the back of a mixed picture of trade. slightly soft in europe, down 0.2% for the main indices. of course yesterday your closed very strong indeed, up about 1.5%. a bit of profit taking understandable. also a bit of treading water the day before an ecb meeting. >> feels like the stock market can't get itself going in terms of momentum. one day on, one day off. yesterday's gains were the best of october for the s&p 500 and the nasdaq. the momentum is not there. will it come from earnings? we're looking for a catalyst. will it come from the fed? that's where investors are trying to figure out whether december is a go, whether that's okay for the economy. a lot of big question marks. >> the momentum is not there but it comes off the back of a strong quart

morgan, our wilfred frost is monitoring all of that for us and joins us with more.wilf. >> hey, carl, indeed, the earnings so far is a strong bounceback in trading revenues and loan growth staying surprisingly long as have been in q-2. trading beat for citi and j.p. morgan in particular was focused to fix interests and rates. both companies cfos explaining reason for high client volume sparked by brexit reaction in july and then continued through the quarter due to lots of debate on possible central bank action. a side point on fixed interest commodities and currencies, citi cfo said that over time market share gains, quote, could be in part down to deutsche bank. an interesting side point given their recent trivials. loan growth, which had been expected to settle after strong first half yet j.p. morgan hit 2% for the quarter, wells a little behind that yet fee income for them delivered an eps beat overall. but the bigger reason for wells' share price lagging the others today is that it doesn't have that same trading exposure as j.p. morgan and citi group. the main

i'm wilfred frost alongside courtney reagan in for sara. >> good morning.appy to be here on this monday morning. >> we'll kick things off and see what the futures are doing at this hour. a roller-coaster ride, particularly the last couple of days of trade all resting around what was happening in germany with deutsche bank. we ended friday up about 1%. but for the week as a whole, largely flat. and we are looking pretty flat this morning. the s&p just below and the nasdaq slightly higher. it was all about the deutsche bank rally on friday that allowed 1% of gains. we mentioned the fourth quarter open for trading day. we could be in for a choppy octob october. stocks have surged every year there's an election year since 1992. we'll see if volatility picks up at the moment. right now it is down with headlines around deutsche. no confirmation of what the doj found, but we have a long way to go. the ten-year treasury note saw sentiment improve and ticked back up from 1.5% to 1.6% where we are right now. >>> now we'll look at the global picture this monday mornin

. >> and i'm wilfred frost. welcome back. >> thank you. we'll check in on the global markets this morning to show you what u.s. equity futures are doing after a second down week for u.s. stocks. it looks like we're adding to the pressure. dow futures down about 40 points. s&p futures down 5.8. nasdaq futures down 15. it's going to be a heavy week and day of news flow, economic data, fed speak and earnings to pay attention to on the markets. as for the ten-year treasury yield, it went above 1.80. that's driven up the dollar. the reassurance from the better economic data in the u.s. and some fed speak that we'll get an interest rate hike has been driving rates higher. there we sit this morning, just above 1.80. we'll see how that reacts to industrial production and other data releases out today. >> the other bond move to mention today, gilt, the ten-year is seeing the highest yield in our memories. >> your independence day. >> it's important to know the strength after the vote, we saw a big pushdown in yields as people sought safety in terms

. >> good morning, i'm wilfred frost. we haven't sat here together in a while. >> it's good to be back. >>> hillary clinton and donald trump's exchanges last night certainly getting personal. the candidates didn't shake hands at the beginning of the night. and then as soon as things kicked off, the candidates were asked to address the audio that surfaced on friday of donald trump making vulgar remarks. listen. >> this was locker room talk. i'm not proud of it. i apologized to my family and to the american people. certainly i'm not proud of it. >> have you ever done those things? >> i will tell you, no, i have not. >> donald trump also went after hillary clinton for her e-mail scandal. >> if i win, i am going to instruct my attorney general to get a special prosecutor to look into your situation. because there has never been so many lies, so much deception, there has never been anything like it. and we're going to have a special prosecutor. >> it's just awfully good that someone with the temperament of donald trump is not

i'm wilfred frost. i, too, just want to have fun. us means checking in on the global markets. futures a bit higher. yesterday we saw fractional gains, 0.2% of gains for the s&p and the dow. looking at similar moves in the premarket. just 35 points of gains for the dow. 2 1/2 for the s&p, 5 1/2 for the nasdaq. european trade, gains yesterday, slight gains. slight gains this morning. the dax up a quarter percent. the ftse 100 just below flat. european markets waiting on the words, the tones of draghi expected at 8:30 a.m. eastern time after the decision at 7:45 a.m. eastern time. asian trade, let's check in on that. more decent than european. nice move for the nikkei. >>> the tones of draghi, sounds like something that i would say. >> quantitative easing. >> always moves markets. >> interesting to hear simon derrick say the last press conference mario draghi spoke as slowly as he could trying to give little information. >> unlike the boj and the boe which can just go. >> still the best central banker in the world. >> with the best skin

i know something. >> i'd be happy to do that. >> wilfred frost, i don't know, whatever his e-mail is.. >> and wilfred it's dimicco. >> my apologies as i say thank you to dan dimicco. thank you very much, dan. >>> meanwhile, mahrio draghi ha been speaking in the last few minutes. steve leisman has the latest. >> territory hasn't seen in a little bit. as mario draghi draghi said the current monetary policy cannot stay in place forever. we're off the high of that spike right there. but you can see the clear reaction when he said that. also said he did not discuss tapering or the intended horizon of our asset purchase program, just so people here know what's going on, they're supposed to sort of stop their bond purchases, their version of quantitative easing, in march of 2017 if conditions allow and the markets start to think about what happens. that's five months away. the market begins to price things six months out or so. and there was a story, a report that they might be doing tapering. what's happened is ecb has tried to say hold on a second. we got a full range of reports in decembe

wilfred frost spoke with the new ceo, tim sloan late yesterday in an exclusive interview.ere's what sloan had to say about the management changes ahead. >> oh, there's a lot to be done. wells fargo is a company that's made up of 260,000 team members, all across the country and all across the world. and no one individual is necessarily going to make the difference. we all have to work together to restore the reputation of the company, to continue to focus on moving the company forward. so, one person, whether it's john stumpf or candidly me is not going to make the difference. >> i said management changes ahead, it's management challenges ahead. more on management changes coming up in a bit. we'll talk about this with a wells fargo analyst. >>> potter heads are in for a special treat starting today. all eight harry potter films are hitting imax chetheaters. the one-week film festival building up to the new ef film. the exclusive screenings include a look at fantastic beast and a greeting from the film's stars. i didn't know there was a new harry potter movie coming out. >>

thanks so much, wilfred frost with that conversation.osby of bank and equity strategies. of the three banks that have reported this morning, which one do you like the best? >> well, i think the reports have all been positive. what we are seeing is the money center and the capital markets revenues are really pushing citigroup and jpmorgan higher. i think what we came to citigroup is one of our favorite banks. we believe the leverage they're getting showing improved probability here will have a little bit more momentum for their stock price. and what you'll see is the growth and tangible book value as they're buying their stock back at a significant discount. so the capital deployment will be something that builds more momentum through the day. >> and citigroup shares are up 2%. the whole sector is really on the rise this morning. but they did have much lower loan growth, marty, than we saw at jpmorgan. we also saw 34% decline in equity revenues. is it as solid across the board for citigroup as it looks for jpmorgan? >> well, what we're se

i'm becky quick along with joe kernen and wilfred frost. been watching the futures this morning and so far not much of anything to really tell anybody about. dow futures down slightly. down by about 5.5 points. the nasdaq up by just over two points. again, though, yesterday the markets were down for the third out of four sessions in a row. there has been some volatility around a lot of other areas. things like sterling, some of the other markets we've been watching. bond yields picking up. i think they're back around 1.7%. >> yeah. just shy of 1.7% today. >>> making the headlines at this hour, investors looking ahead to 8:15 a.m. eastern time in this september adp report. consensus calls for -- mortgage applications rose 2.9% last week according to figures just out from the mortgage bankers association. that increase was driven entirely by a jump in refinancing applications. and amazon has introduced a new feature called prime reading. it allows pri it. >>> twitter also making headlines this morning. "the wall street journal" reports that t

i'm sara eisen alongside dom chu in for wilfred frost.e have economics professor at harvard, ken rogoff, guest host for the rest of the show. couldn't ask for a better day to have you with a flash crash and a jobs report on the horizon. >> thank you. >> a lot to get to, including an update on hurricane matthew as it makes landfall in florida let's check futures at this hour. under a bit of pressure. not a lot of movement ahead of jobs report, not like the selloff in europe except the ftse 100 in the uk. s&p futures down 1 point. dow futures down 1.5 points. and the nasdaq down about 4 points. basically stocks are flat. huge story of the morning. look at the british pound. just after 7:00 p.m. eastern time here in new york, 7:00 a.m. in hong kong, there's the plunge, 6% in just moments against the u.s. dollar. took about two minutes in total before recovering most losses. concerns over the uk's exit over the european union certainly driving the action. the short-lived drop led to speculation of a fat finger trade, a rogue algorithm made wo

i'm wilfred frost alongside

tim sloan saying he's deeply committed to restoring the trust of share hollers, wilfred frost has beeng the developments back at headquarters. >> yes. the new ceo, tim zone, at the top of the call said his priority was to restore trust. he admitted that things are likely to get worse before they get better. insisted that we would not see a real change in transparency from the bank. on that, here were some of those figures. checking account openings declined 25% in september compared to the same month a year ago. account openings were down 143,000 from a base of 33.2 million. citi's analyst saying he doesn't see the numbers overall as impactful. the analysts still want more. for example, mike mayo asking a pointed question about why analysts have not been given access earlier and more information sooner and on today's call. sloan on the defensive in his response. >> i'm sorry that we've disappointed you. we spent 30 minutes talking about the company, sides providing tremendous detail on the sales practices issue, and we deliberately and diligently walked through the performance of our b

wilfred frost joins us now with the latest on this. >> melissa, thanks very much.weekend? the key thing is no doj settlement has been announced. and friday's move suggested something was, a, imminent, and b, in and around the $5 billion mark. so the focus this week will remain on that possible settlement. and just for some perspective, a few months ago analysts had 2 billion to 3 billion in their models for this particular fine. and it shows how the issues got away from deutsche bank that a $5 billion settlement now would likely be applauded by markets. though not imminent, there are many other litigation cases to be settled. most notable one for russian money laundering, though that's likely to be pushed through to 2017 now. the other development over the weekend was political. one german politician saying the u.s. was waging economic war on germany, while perhaps more importantly the deputy chancellor and economy minister saying he didn't know whether to laugh or cry since deutsche bank was blaming speculation last week even though their business model, he says,

our wilfred frost joins us this morning having spoken exclusively to the new ceo tim sloan. >> good morning, carl. yes, indeed, this change of ceo being seen very much as a necessary but not sufficient condition for the bank to be able to move forward. so the new ceo, tim sloan, bit of criticism because of the fact he is a company insider. yes, that's true, but he came up through the ranks of the investment and wholesale bank, not the retail bank. so degree of separation there. perhaps more importantly we're also seeing some board changes. the bank now has an independent chairman and an independent vice chairman. that's pretty unique in terms of the big u.s. banks. that's the good news for the company. the changes they've made and the share price has reacted accordingly overnight. however, it hasn't ended the political pressure. senator warren very quick to release a statement last night saying, quote, if mr. stumpf is leaving with all of his ill gotten millions, that's still not real accountability. a lot of millions too, according to ek wi lar $135 million in total, about

wilfred frost brothers rum. i'm not kidding. i had it last week. it was killer. go ahead. >> caller: yeah, it's killer. actually on this island, we make our own rum. you can come here and buy it and it's duty-free to get it out of here. >> okay. it's called dummy rum or something. >> caller: you want to hear my question? >> no. i'm busy talking about rum. and have a shot of rum. my question is viacom/cbs. wow, what an interesting story this is. this is my question, jim. is it a merger to revitalize the stock of both companies because i believe one is stagnant, and one is trying to help the other in one way. and i believe it's a go-go situation. i believe that there's one so international, it has everything going for it, but it's in debt. >> you are so ri viacom has a huge amount of debt. it doesn't have any momentum. i don't know why leslie moonves has to be saddled with it. then again, it does have controlling shareholders. if they wanted to get together, i think that they will. i like a standalone cbs a lot more than i like one that combines with viacom. don't

wilfred frost just getting off a call with the company's c fo.ase your e-mails? >> i came off the back end of that conversation but no my e-mails will stay private. let me talk about the stanley numbers that were beat significant lip. he said it was a solid quarter. he, quote, feels good about the results that but they still have more work to do. let's explore some of that work. their 2017 target is 9% to 11%. he said they need more client conviction and confidence to hit those targets. but did really make a clear difference to what most of this year has been like compared to january and february. and clearly things have improved since then. in terms of the competitive position that they have, he said they've got good momentum, strong global footprint. we talked about the fact that the beat was led in trading revenues, asked about whether they were making, taking market share and on that he just said you can't comment on market share of a specific quarter. but we feel confident that they can accrue share over time. very clear key to emphasize the

. >> and i'll wilfred frost. it was a busy morning for earnings with numbers from practical to proctor and gamble and united technology. we'll get numbers from apple. we'll tell you what to expect from their earnings. >> and speaking of earnings, an ugly day for under armour. we'll tell you why the stock is sinking, down 13% and putting pressure on the likes of nike and lieuululululemon. >> and target will discuss their thanksgiving. >> and new wikileaks e-mails give insight into the clinton's campaign relationship with still loi c silicon valley. we'll show to you coming up. but we begin with the earnings reports. bob pa welcome, everybody. bob, we'll start with you. >> a lot of things going on, about 30% of the s&p reporting. tales of the tape, let's go through a couple companies. oil and gas, baker hughes big sur rice. narrower loss than expected. they see an uptick in drilling activity in the united states. that is a big story. north america activity will modestly increase. wow, this quur similar are to what

wilfred frost has details. >> the headline is a strong bounce back in trading revenue and loan growth remaining positive as q 2. big beat for citi, likewise for jp morgan particularly for fixed interests and rates. both companies' cfos explaining the reason was high volumes and then continued through the quarter through lots of debate on lots of central bank action. equity trading was weaker especially for citi and jp morgan and citi are skewed towards fixed income. don't extrapolate too much. loan growth remains strong. wells a bit behind that but made up for it with its best fee revenue in five quarters. wells' lack of trading exposure and the bottom line these results were strong all three beating on eps. soft retail sales slightly lowering chance of fed rate hike. the markets focus on big reason for the beat being trading. questioning whether it will continue. sticked on lunch time on a story they will not be receiving. after the earnings calls tim sloan ad wells fargo thinks his company will get worst before they get better. meanwhile jp morgan lake confirmed jp identified cross

wilfred frost joins us now to give us a look inside the numbers. wilfred. >> good morning, david.ed, both on the top and bottom line more comfortably beating on the bottom line. like j.p. morgan and citi on friday, this was driven by trading revenues, especially within fixed income. cfo paul donofrio made the statement that fixed income built momentum as the quarter progressed and indeed continued into october though too early to speak for the rest of q-4. however, equities were weak albeit not as bad as citi which highlights the macro driven explanation for beat in trading. loan growth 7% year on year on strong mortgage and vehicle lending this compares to 15% for j.p. morgan who are the outlies as opposed bc being laggard. on recent cross selling issue, d donoforio said they were always measuring controls and since this news come out they've redoubled their efforts. they've not found anything that concerned them so far. the bank's still on track for target of $53 billion in expenses by 2018. and on rates they said that 100 basis points hike would be worth $5.3 billion to the bot

let's get over to wilfred frost sitting down with a special guest this morning.ey, carl, thanks very much. yes, indeed sitting down with the british chancellor of the exchequer, the uk finance minister philip hammond, good morning to you. chancellor, thank you very much for joining us. >> good morning. >> great time to have you with us, the pound hitting a fresh 31-year low this morning. clearly that's acted as a bit of a short-term shocker for the economy from brexit, but how much free fall in the pound can you see before it brings into question the credibility of the strength of the economy? >> well, our economy is fundamentally strong, but we're now going into a period of uncertainty because of the brexit vote. our growth figures, our employment figures for the first half of this year have been revised upwards. we're probably going to be the highest growing g7 economy this year. but next year we'll be a slightly more turbulent period. we don't target any exchange rate. the markets will set the exchange rate that's right for the economy. but we're confident tha

. >> and i'll wilfred frost. morning for earnings with numbers from practical to proctor and gamble and united technology. we'll get numbers from apple. we'll tell you what to expect from their earnings. >> and speaking of earnings, an ugly day for under armour. we'll tell you why the stock is sinking, down 13% and putting pressure on the likes of nike and lieu

wilfred frost -- >> is going to join us. >> to talk about -- not bank of london but bank of america.t the heck does he know about bank of america? he's been here six months and is an expert on bank of america now? >> he's a great host. >> yes, and he's very tall. >>> coming up, a major hill milestone for the simpsons. and the cubs are a step closer after the world series. we'll see how it went last night. >>> and tomorrow on "squawk box," we have the ceos of eli lil lilly. and buy the book "earning it." mary buys a little lamb. one of millions of orders on this company's servers. accessible by thousands of suppliers and employees globally. but with cyber threats on the rise, mary's data could be under attack. with the help of at&t, and security that senses and mitigates cyber threats, their critical data is safer than ever. giving them the agility to be open & secure. because no one knows & like at&t. what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's the value what's the value of a walk in the woods? the value of capital is to create, no

joining us for the rest of the show, wilfred frost. first it was brexit, then the ryder cup loss.>> did you watch over the weekend? >> i watched clips of it. >> just take some of the edge off of it. >> it takes the edge off anything bad in the world. i watched arsenal over the weekend. >> the way you're saying arsenal. it sounds like you're saying -- >> it does have the first four letters as the word. >> yes. you flaming arsenal. >> you're allowed to say that word. so you won't get in trouble. >> i'm not going to the other word. gotten in trouble for saying the other word. yet i had no idea -- it's not a bad word. >> please don't go there again. >> you're a 2-year-old wandering around saying curse words but you don't know it. >>> time now for the -- i think the guy who runs it over there, he's the american but knows it's bad, right? >> you've been put on warning. now you know it is bad. >> i'll never say -- >> don't. how about this? >>> time for today's executive edge. more fallout from wells fargo. the bank faces possible bans from doing business with the city of chicago. and sta

. >> wilfred frost joins us from the breaking news desk with all the details. >> indeetd.e elevated following strong estimates. but they smashed the street's estimates earning $4.88 per share. fixed income commodities trading was strong. almost 50% growth from q3 last year which compares to peer average of 39% thus far. this gain they say was due more to rate products than currencies and commodities. equities performance plus 2% year on year. some of whom saw significant declines. also a nice boost in investment and lending book. investment bank performance appears a little soft. $1.54 billion in revenue was flat year on year. down 14% quarter on quarter. that compares to 15% year on year growth for peers so far in q3. on expenses up year on year. over the course of the quarter. all in all it equates to double digit which the market certainly welcomes up nearly 1.5% in the market. the question will be do they hold onto those gains. >> i was going to say the stock's trading up 1.6% but it had moved higher in advance when all the other bank numbers came out. >> exactly. it's