20 Burst results for "Bank America"
How to turn travel benefits into financial rewards
"I'm excited today to dive in a little bit because I do think. In the travel rewards space there are certain dominant players who have tons of different products and really drive deepen travel but I think the Bank of America premium rewards visa has a really a unique spot now lease so you've traveled every poll because now there's so many people traveling to every country but you you have them beat by by something right well first of all. I'm kind of the Koji with it so I was the first one kind of go public with the whole thing and A lot of people blame me for the influx of how many are now. But I'm still the youngest person to visit every we country in both polls and I've been to so many more as well like all the territories and and everything that no one's ever heard of or actually thought about going and we're GONNA to get into how you've used points to travel around the world similar to me but in a lot more interesting ways but merited let's focus on the credit card. Division of Bank of America the reward space is really competitive and you know can be argued that there's a race going on where every bank card offers trying to one up each other. What is bank America's approach to winning in this highly competitive market? Yeah I mean first of all everything we do starts with our customer and understanding what is it they want and we hear a couple of things across the board. Ford one is no me understand what I want. Reward me in recognize me and have my back so those are fundamentals as we think about anything. So we've got our products products but was also unique and I think it's really different even when you call the credit card division. We don't think like that. We know that we think about our customers and what they need. We're a full service financial company so we think about the customer and what their needs. We don't think about from a product standpoint. What product they need? What does the customer? I need to live their life and we have our new campaign right now he says. What would you like the power to do what we want to send is? What do people want to accomplish that? How do we build our capabilities around that? So is an example. We have our preferred rewards program so we look at it across our different products and services. You could have a checking account whether we have a merrill investment account a mortgage. How do we look at cumulatively? What are you doing with us? The amount of business. And how do we reward you for the totality of Your Business. And so it's taking a little bit of a broader view of the customer and ensuring weird trading the programs in the products based on the full relationship instead of just. We're not them online. I guess that's the difference that when you look at the category there are Ramana lines. We don't view a credit card division. we say what our customers need to love their financial life and let's make sure we're rewarding them for their business so that's really interesting. Because as a preferred rewards visa card holder. We worked with thank America on the launch of that product and it. It's it's really interesting because it's kind of cool to see your banking and deposits actually give you more rewards. It's really rich. You know especially with the double points on travel and dining with the top preferred rewards ratio. How do you afford to give out so much back per dollar spent? Are you losing losing money on certain areas so look at the big picture when you look at it and there are thresholds right so we've got different tiers depending on the combined assets that you have at the bank so a goal twenty to fifty fifty thousand in assets and it goes all the way up to one hundred in a mob in so we have got also incredible retention we ninety nine percent retention of customers were enrolled in our preferred rewards program. Because they see just to your point Brian how rich it is. And they're also more satisfied in more likely to recommend Bank of America so out of the millions and millions of customers that we have enrolled their great customers they refer and there continue to do more business with us so we look at it over the long term too. I think which is maybe maybe different than other folks. We look at sort of the lifetime of our customer. And how do we think about the future of our customer. More business with us over time. I think this really interesting because so many people say what did the banks you know work with you. Why do they want people you know the airlines must hate you? Because people are redeeming their points and they're losing money but I think what you said is very true like engage customers truly do bring more value back over time so you want people to use their points. We want people to use the points. We want people to engage. We want them to feel rewarded for doing. Business is with us and for me as a Bank of America preferred awards member and a premium rewards Visa Card holder. They always talk about lowering your words like learning your credit card with your banking rewards and as a preferred rewards platinum honors. Your member. I can't think of a better program because I'm getting three and a half points per dollar spent traveling dining in two point six two points on everything else. There's nothing else that can peace with that. And because you know I'm a platinum honors to your member so I have a certain amount of assets with Bank of America. I'm not going anywhere. Because I'm loving that. And it's low annual fee on the card and it's very favorably comparable to any other card out there in my opinion especially if you combine it with words. There's there's nothing better so basically basically what the points they're not at a certain airline you don't have to use them in only a certain category it is basically cash back right. That's how I use it actually is cash can use it for any purchase. So if you've got a helicopter they need to pay for which actually I mean have. I was funny. The first time that I I was talking about how I use my points with the team because I do I use them for like the helicopter to the Hamptons because you can spend on it and just wipe those charges off at once in each and and they were like Yeah Brian. We don't think most people are going to use it for helicopters but even you know word dog owners you can use it for the vet bills. which Leeann I both have French bulldog? The man Arthur amazing money. We always dog are you. Do you have a dog. I have two cats cats. Do they get along. Yeah most most of the time they get along long and do you have a favorite I do have a favorite Riley Fan. Favorite is Anthony so shadow to anthony. I have a lot of Bodega cats near me when I go for walks and it's like probably my most most popular thing on instagram stories. It's kind of amazing. So Meredith. Explain a little bit more about preferred reward. What counts as a deposit and then what are the bonus levels that a consumer humor can get by hitting those levels? Yes I mean the way it works. Is there different. Thresholds depending on the amount of business you do with us and it's combined business and this is what's really important and so it's either having a deposit account or if you have a merrill investment account you don't have to have both she's doing business with us at the different thresholds and you get different level of rewards awards depending on it and it's a multiplier effect in terms of the amount Bonus that you get on your credit card as well as we get interest rate boosters and other types of AH benefits and really it's as the more business you do the more the rewards grow and I'll tell you these folks are enrolled in this loyalty program we've got a very high retention rate ninety nine percent retention rate because the rewards are so rich as well as they're more likely to recommend bank of America so satisfied with the
"bank america" Discussed on KNBR The Sports Leader
"Some larger goes for the two thousandth win in Bruce but she just might give it to him to spell right quite well this year that's supposed to let him go past five taking these guys on anyway let's just see one against ten thousand steps in yeah he was not happy at all last night man during the game he was riffing afterwards but during the game and his blood pressure was boiling I funny just got the roads and then we got a lot to do we're going to go get more speed Toronto when it's not nice no stopping us we're gonna be it's it's our bills about thirty minutes but it's where my going we're gonna their annual hall today you're going to enjoy that very much go Pat the read our backs that you on the head you'll see it okay yeah we got. traffic is sponsored by cache creek star year with some fortune cache creek the year of fortune every Saturday and Sunday at six to nine PM someone will win eight thousand eight hundred eighty eight dollars plus on February seventeenth someone with a two thousand nineteen Lexus your fortune only at cache creek visit catch produk all for more information let's check on the roads for the children auto body traffic this delays continue for the North Bay where I we won twenty one is that one way traffic control all morning long your duty grow because of overnight road work that ran long and so while traffic is improving it is still very congested there in both directions and it's impacting highway twenty nine in both directions approaching one twenty one northbound one on one with the scene Vinson's drive right two lanes are blocked due to a major crash there you're backed up to the Civic Center in the South Bay highway one fifty to shut down still yet to Bloomfield in the Gilroy area due to a major crash if you're on north down six CD into Danville before sycamore valley road correct as movie shoulder slow from crow canyon and then heading into San Francisco were backed up into the maze metering light still on at the west found a bridge. traffic was sponsored by red with credit union read would credit union has free checking and that's actually free that's free which means no fees plus access to more ATMs and bank America and Wells Fargo.
"bank america" Discussed on WBBM Newsradio
"A bereavement leave bank America is a great program called life event services where someone's going through a transition in their life whatever that happens to be so it's just the kinds of benefits to the drive in what we call responsible growth I like to think my guess Larry to read it so what would you like the power to do find a bank of America can help you a bank of America dot com stop by your local branch IBM news time twelve thirty traffic and weather together on the aids and clearly the starting me where US forty five remains close between Washington and Rollins because of the very serious crash on going investigation involving a motorcycle as well as some I see may want to consider avoiding the area use almond if you'd like as a possible our alternate about on these yes moving road work in the left lane old orchard lake twenty three to like cook so story on the inbound side busy tower to willow moving road work in the left lane twenty two like a crowd at the junction Kennedy on ten mantra say they expressed twenty eight to hear about this twenty seven we're coming in about fifteen minutes in FOR Montrose up out I report of a garbage can and the two right lanes at independence eighteen a Manheim is thirty one of three ninety about thirty four three ninety coming in twenty one from Mannheim Stevenson's fine abandon Ryan and Iman on the Dan Ryan moving at the post espy's local place fifty seven Ford lecture drive a bit busy both ways as you near Chicago the loan tollway delays northbound tristate a slight when getting out of the I could that's the extent of it and clear for the most part in northwest Indiana save the toll road happy either way at Klein with construction get traffic and weather together on the aids every ten minutes on news ready seven eighty in one of five point nine FM accu weather forecast for this afternoon clouds breaking for Sunday times still humid high today of seventy eight today mostly cloudy hello it's sixty three areas.
"bank america" Discussed on WCBS Newsradio 880
"A bereavement leave bank America is a great program called life event services where someone's going through a transition in their life whatever that happens to be so it's just the kinds of benefits to the drive in what we call responsible growth I like to think my guess let me to read it so what would you like to probably do find a bank of America can help you a bank of America dot com stop by your local branch. W. CBS news time three oh eight. and weather together on the eight sponsored by miracle noodle crash in the garden state parkway here stern Feldman. and the parkway accident Michael is on the southbound side right are nice to one fifty four in the left lane but traffic is back to one fifty seven and now on the northbound side of the garden state parkway before it's a one forty four we got another accident there and that is got a lane shut down westbound seventy eight after exit forty eight that crashes clear just some leftover delays also still a little slow on route three on the eastbound side in the area of the eastern spur of the crash in the right lane that is still being cleared to Tappan Zee bridge well that's now starting to slow down the delay start in Tarrytown on the Thruway all the way across getting in Iraq than to at least exit twelve for the mall I ninety five in Connecticut is building up to on the northbound side three Stanford through Norwalk as you getting into Fairfield southbound side you still have delays from round exit for two across the line it Porchester through all of that road work trouble on the southern state westbound after exit twenty one that's a broken down vehicle you do have the left lane shot with that and also we got a lease on the northbound side of the sack to close right around playing their drive and that's an accident with the left lane blocked next traffic update less than ten minutes away and all the CBS now it's turned to the weather and CBS twos lease French with the forecast looks like a pretty good weekend overall it does look like a pretty good weekend overall I mean that we definitely have I have seen worse that we've had a pretty good stretch here for the most part this summer and that kind of continue so this afternoon we're seeing partly to mostly cloudy skies as temperatures soared to hover in the mid and upper sixties tonight increasing clouds we dipped to about sixty.
"bank america" Discussed on 10 10 WINS
"A bereavement leave bank America is a great program called life event services where someone's going through a transition in their life whatever that happens to be so it's just the kinds of benefits to the drive in what we call responsible growth I like to think my guess Larry to read it so what would you like the power to do find a bank of America can help you a bank of America dot com stop by your local branch. when's the last time a eleven eleven the Mavis discount tire traffic center here's Karen story and here's what you need to know about the bridges and tunnels Hudson River crossings great on the inbound side they're also great on the outbound side with the exception of the GW bridge which is never amiable around this hour traffic is jammed for forty five minutes from the Brookner change all the way out to the bridge itself D. again is very heavy because these cross Bronx delays in either direction northbound delays almost go back to the one hundred and forty fifth street bridge and the southbound delays do go back to was Fordham road and these are bumper to bumper delays the southbound side of the F. T. are the Harlem river are still heavy but it is easing up and we're moving at a much better clip the we were about an hour ago east a hundred twenty eight street down the fifty ninth street bridge again it's slow heavy in some spots but it is not like you're sitting there for too long over the Whitestone bridge we are heavy cleans the Throggs neck bridge is having the Bronx and it's got the clear view all the way back up to about thirty Fifth Avenue now check of mass transit for you we do have subway delays cleared city bound a and C. is city bounty trains they're all running now back or extremely close to on a close to schedule Travis sponsored by major world dot com buying a car before you sign on the dotted line which makes a huge add on fees stop at major world really be a seventy five dollar dealer fee the price negotiated the price you pay let's check sex and the envy major world dot com no games no gimmicks one hundred major auto open till midnight I'm Karen Stewart.
Latest from the Stock Market
"I'm Melissa Leo Best Carter Worth Tim Seymour's Karen fighter men and guide dominated Tommy. The countdown is on its apple's big event tomorrow. Will it be enough to convince enthusiasts the world over to trade up in the middle of trade war also ahead activists investor. Elliott management taking a three billion dollar stake in at and T. A. Saying ix nay on the bank they see a sixty percents upside potential traitors take a second look and Boeing pausing using stress tests on its new triple. Seven after issue is discovered. We've got the details ahead. We begin with the Big Bang breakout on the day. The S. and P. Five hundred ended in the red checkout. He's he's moves from City Bank. America Wells Fargo David Morgan all firmly in the green for wait a minute. It was just a few days ago. The racer plunging yield curves inverting cats and dogs living together together and now look so the banks turned a big corner guy this desk by the way cats and dogs living together guy who's not sorry sorry who had a cat or a dog. I guess well how good question to answer on TV well. Let's go to the marketplace Sultana think they've turned the corner at all but what happened is everything got a little ahead of itself and it's not like we haven't talked about this. We're not saying this in a vacuum. Go back Tuesday. I think before Memorial Day we actually power-pitch some of the banks specifically it was city saying that you know what boring markets slow week into a holiday markets probably GONNA rally the toto's probably gotten and ahead of itself when city trades that discount to tangible book historically over the last couple of years. It's been a buy and that's pretty much what's happening. I mean I don't think again. The landscape has gotten better for the banks. Necessarily just the trading landscape in the short term has so the city have more room yeah probably overshoot seventy two like it undershot to sixty one but I think the the headwinds that they faced still exists today are some rays of sunshine based on what the CFO told the Barclay Financial Services Conference today that they expect growth in the back. AH The year that there are other parts of the business that can offset some of the losses or the softness in sort of the rate sensitive businesses so can you sort of extrapolate that some of the other brings thinking. Maybe things aren't as bad as people thought yeah I think I think that what the price they were trading at before. Two days ago really reflected a lot of things so I don't think I more that a lot of bed extra too much penalties there. I think if you think about where Citibank was trading you know well under ten times earnings a three percent yield. JP Morgan tend to change times earning a three and a half percent yield Bank of America under ten times earnings. I mean that's a lot about news priced in and their business models aren't all interest income right. There's a lot of other income in there as well so I think you know the market just saying Oh the whole book of Big Money Center banks is a giant two year tenure spread it must be going to zero didn't make sense. I'm not selling them here. I think they're still attracted. I'll actually question because we've had one kind of from a market position. Technicals Protective Talk and fundamentals. I'll talk to you the context of the overall market this this could you could make a comparison to the first quarter twenty sixteen when we're worried about global growth and banks essentially got through this period where once we got the sense that recession was off the table banks want on argue a very historic run for them relative to at least the cycle. Citibank's up thirteen percent eight days. It's up close to sixteen percent in sixteen days if you look at the X. L. F. It's basically kept pace with the SNP. Despite all of the things things that have happened to bank so the most important thing that happened today and I hate hyperbole may but I will tell you I think this is one of the most extraordinary trading days of the year that no one's talking about impressive was flat and yet you had banks three percent. You had expertise three and a half percent. You would transfer this is a major day for the march is not about the banks banks right. It's a behavioral thing. Is You look at the one hundred. What was the best performing stock the more beaten down. You were the better your slumber J. Lead. You Got Simon Property. You've got things like I mean in hindsight which is literally down eighty percent. Ge in the top ten so it's it's not a bank story although it is that's part of the story because they matter the most. It's simply dead. Cat bounces and dead cats do bounds but do they really come to life. No they're still dead heartbeat. It was more about deflation isn't as bad as you thought. I'm not going to tell you that deflation because I believe it's there's some stuff as leftover from the crisis but but deflation as it was exemplified and illustrated through bond yields around the world through gold going through the roof through everything else that was related to acid replacing going through the floor. The rally today are asset based their reflationary based and that's very exciting sites the retail these are retails that won't exist at some point in three five seven whether it's an urban outfitters. Tayo Ay and it's again it's it's it wasn't specific the banks the fact that it was craft. Ge tells you it was just an unwinding. If there's two sides here on this side of the desk extraordinary training day or just dead cats that's bouncing to make extraordinary trading day in terms of the move in yield terms everything he pointed out was extraordinary the context of what we've seen but I tend to sort of I I well. It should come as no surprise ten more with Carter Worth. I do think these are bounces within the framework of things that have just been oversold. I mean you mentioned Simon Properties. These go back and look where it bottomed out in April. Two Thousand Eighteen look where recently bought them at so you can understand the bounce slumber. J. has been left for dead. I mean we've talked about it. Seemingly for a year and a half trying at least I have tried to ascertain when the bottom would be unsuccessfully. We've seen moves like this before. This will be so again. I guess the fact that the SNP when he was unchanged today bowls could say what that someone constructive bears could say it should have been up twenty five handles on a day like today the other flipside of what happened today was growth oath at any price which had been where everyone wanted to go no matter what terrible complete reversal names like crowd strike or zoom right just absolutely getting annihilated highlighted today so you're just a rotation is just everything that didn't work now pile into that everything that did work time to bail but the question is exactly. I can't can't be in a crowd strikers in there too expensive. They're expensive. Yes two days ago even down ten percent too expensive for me. I think would momentum goes out. Those kind of names have were down to maybe more it's not. It's not terribly surprising that a crowd strike in company and their ilk are going down. Maybe on a daily today or just not rallying as much what's been interesting. Is that Koogle Amazon anything. That's been defensive relative momentum but actually you know they. They tend to be low momentum. Stocks in in difficult times in the market are under performing to Carter cares rights talk about. I don't know anything changed slumber J. in the last week in fact I think lenders as got some tough times ahead of them but when I look at some of the other parts of the market including the transports that are very real companies that are not going out of business that I don't think they're dead. Cat bounces. I'm not saying the world has gotten better in two days. I'm I'm telling you that it's always about positioning. It's always about where I think. The market momentum is we've got an ECB meeting coming up in a few days it's also going to I think help tell the tale of work. Global yields yields go because I think that the European Union is the one that was dragging global yields down and we know that the machines momentum is on both sides momentum down or some momentum up in if I go and when it flips. It's the you get these levers going on both sides but it doesn't usually last that long. At what point do you think I mean. Would you would take a lot of time and a lot more of this kind of thing. Because we saw the bouncing we saw in the certainly bouncing today. You just need in a lot more than I I agree cars. I don't think anything can you can't say suddenly it's it's all good for all these things that have underperformed for long time but for the last three weeks we've seen the DAX ax outperforming the machine emerging markets outperformed so This isn't a one day phenomenon today. It was a bit of an exclamation point on things that really suffer from deflation all right her neck. Scott says you may WanNa pump the brakes on the banks especially ahead of next week's. Fed Meeting joining us now. Steve chaperone equity strategists portfolio manager at Federated Investors Steve Great Great to see you again. so is it just the banks or is it all of these sectors that were dead cats bouncing Carter. I don't know if I'd do as far as the dead cat I. I'm somewhere in between I think Carter and Tim here and what I mean by that is it's very enticing when you look at the move in the banks today and you put it in the overall context then that context has rate rates bottom two weeks you go and have moved higher. The city surprise index bounced into positive territory week ago and value in general has moved up so there's an inclination to want US okay this is. This is the move in the value cyclicals that we've been waiting for. I think you need a little bit of confirmation on that. I think you need see what the Fed does in a week. I think they need to deliver against market expectations I think. ECB similarly has to at least provide some some delivering. I think this meeting is not as important as the one that comes in November when Christine lagarde takes over but move the ball forward and then I think you need the data that continue to come in strongly. If what we're talking about is a global reflation trade because the stimulus that's been put in the system helps the economy to move in the in the back half of the year. That's incredibly bullish and so I'm enticed by it but I'm not willing to kind of jump all in on it just yet so how are you. How are you positioned in the market right now. It sounds like like your you want to see how the data plays out. It sounds like you think I mean the federal probably cut twenty-five deliver on something that's sort of in the expected realm the the data is a little bit of a question mark at this point. So what do you do you think about the market right now is really a battle between the P and the right the P. should be higher. We've taken the discount outrage for stocks and we've cut it in half the only reason why the market isn't higher is because the market's concerned about recession and so they're worried about that e part so I think what it really comes comes down to is how our earnings gonNA come through and that's why trade matters. That's why Hong Kong brexit matters our view. Is that our base case. Scenarios earnings are going to be okay. They're going to be flat right to slightly up. You're going to get a revaluation higher because of those lower yields and that's where you play out over the next six to twelve months however over the course of the next month or so. I WANNA WANNA see how that goes. I want to see how the Fed goes. I WANNA see how earning season so when we were here earlier in the year we were eight percent overweight.
"bank america" Discussed on WCBS-FM 101.1
"And as you say then you know one. I'm going to. when it came. the other day. and I just. jobs. twenty dollars an hour in two thousand twenty one we have a comprehensive health benefits we have sixteen they then weeks came of paid to me. family leave we offer twenty days a bereavement just leave like bank America the. is a great program.
"bank america" Discussed on KCBS All News
"A bereavement leave bank America is a great program called life event services where someone's going through a transition in their life whatever that happens to be so it's just the kinds of benefits to the drive in what we call responsible growth I like to think my guess Larry to read it so what would you like to probably do find out a bank of America can help you a bank of America dot com stop by your local branch five eight see we've got KCBS traffic and weather together we're going to head to the bay bridge with Kim Vestal from your local Honda dealers traffic center yes we are padded with a whole lot of other people northbound one a one that slide to the bay bridge hampered now by what sounds like a fender Bender on the lower deck before the island blocking the right lane maybe it's even out of the way but you just don't need it anymore salt rubbed into the rooms there it's solid there from the two eighty merge and yet west alright that's pretty sticky to they just activated the metering lights of the toll plaza there's not really much of a back up but it's on the brakes all the way into downtown San Francisco and that you're right the Golden Gate Bridge I'm looking at that on the case VS instead of you well that's nice in both directions moving well under mostly sunny skies up ahead northbound one a one I do see a lot of brake lights it but you make your way through Marin city to that lucky drive highway twenty four it's been a rough one today KCBS is Steve you Caroline burns has a look at that and let's hope you pack your patience today because we had an earlier accident on east bound twenty four right there by highway thirteen and that's still affecting traffic even though it's been cleared eastbound twenty four backed up all the way from five eighty and the all the way through the Cali got tunnel as well once you get to a render those still bogged down even more all the way out to highway six eighty then back to highway seventeen Santa Cruz mountains we mention sama police activity backing you up north down before the summit all clear it's all gone along no problems ahead enter next updated five twenty eight on the traffic leader PCS and KCBS bay area weather forecast next it's the mainstream the sleep world six they outlook man city sleep will invite you to rest easy during their sixty five percent.
Russia, Europe And Telecoms discussed on Financial Issues
"We've gotten to the end of the week Russia thirty minutes since the equity market open off to a wild week the stock six hundred is up six tenths of a percent off the two days of declines looking at industry groups what you're seeing is one of them actually in the green utilities tech and telecoms and healthcare leading the gains that's interesting that defensive sectors I seem to be out performing some of them at least on Europe's equity benchmark I we've had a notification from the and I see that as a delay it to the opening of foot see one hundred and two fifty seems to be due to some technical issues so we don't have forty one hundred trading at the moment CAC forty up seven tenths of percent know the tax also in the green up eight tenths of a cent on the ibex on foot see may also trading higher worlds of seeing a some green on the screen it with the U. S. futures S. and P. five hundred even ease up seven tenths of a cent nasdaq futures high by almost nine tenths of percent in Dow futures up six tenths of percent wild swings as what we saw on the S. and P. five hundred yesterday but we did manage to eek out a gain of a quarter of a percentage point in the end off to plunging three percent the day before of course that came off that historic in version of the two's tends yields because for the first time since two thousand and seven if we look at the two stands right now we're at three basis points were back in positive territory the question becomes do we we invite and if we do do we stay there for how long it is it really the re steepening off to that that you truly need to fear the ten year drop below one point five percent for the first time since twenty sixteen yesterday we back up three basis points I'm on a one fifty six handle but we have talked about twenty basis points will not ten year yield this week and the thirty eight year old has dropped below two percent for the first time since twenty sixteen were up four basis points now on a two a one handle we've seen to the ten year JGB yields hit negative twenty five in this session we close at negative twenty three though ten year bund yield at negative seventy but we are seeing some back up in yields across Europe generally in terms of other safe havens bank America has said that we've seen a huge inflow to safe havens vertically this week Dalian flat now though one of six sport twenty and will bear out she heading for a weekly game demi Saiyan brands both of more than one percent step which I fifty five spot nineteen printed fifty eight to spot ninety
"bank america" Discussed on PhotoBiz Xposed
"You know, accounts from my Bank America or American Express just a lot of small little items that, you know, take a little bit of time, and then just kind of make me more efficient. Unlike that, so you deal with okay relaxed, but you actually have a particular VI this base in the Philippines. Saw you communicating with her one to one. I am just communicate through their portal. And then so you can try and huts each a do all the different things that she can handle. And then it leaves you with those things off feel play. Yeah, I've created a bunch of systems, basically. So, you know, that's one of the key things that, you know, as people start to grow under businesses figuring out how to do everything and then outsource in the stuff that you don't need to do you know it might take, for example, the download my Bank of America into excel and get it sorted. So I can get that sent to the bookkeeper you know, let takes probably five ten plus steps. So what I do is I create a video like a screen shot video of that in how to do that in the night, type that up and not have that. I provide that to my BA so you know, they can get that done. I have two beautiful thing. So they I ever does change. I've it to a different VA. Oh, you lose hood. Then you've got those training videos. They're ready to go as well. Exactly hundred percent. Yeah my next step. I'd like to kind of get a fulltime VA. To do that. Because right now, it's basically a part time so I'm working on trading all the systems for the business. And you know, to make sure that I can outsource all that information say, usually the business I was gonna say DC growing oversee do because you doing these other things. How do you see the business growing and expanding? So. Yeah, they're businesses growing on. I'm actually traveling right now in Florida. And right now several events are being covered. So I have associated photographers that are capturing events for me back in San Francisco. So that's sort of the natural way that the business is growing where I will photograph, the large very important, he events for JP Morgan, Forbes or NASDAQ. And then I can send, you know, some associated photographers for some of the smaller less important events like an alumni event or a small, you know, get together for a law firm..
"bank america" Discussed on News Radio 920 AM
"Think the world just got wait who negative and look I've been living and breathing this because I'm long both of these name. I've been long Bank America really for year. And just watch it kept going down my subscribers add to it. Same story with golden. I said, you know, the headlines are terrible around this whole Malaysia thing and embezzlement. Federal, but you know, golden got down to time. Earning. And I know it's very easy to just say, oh, they're bad guy. You know? Goldman fact, the vampires at six times earning you buy those bad guys because they also have the very Mark guy. And you know, I think we're finally getting some redemption and realizing there's not a recession around the quarter. The average American consumer doing pretty well the economy is doing really well, there may be a slowdown. But you know, banks are levered to the economy more. So than almost any other factor in the economy, and I think this is just proof positive that concept, and it gives us a little comfort to not only bailing. But even you know at some of the long as we get into twenty nine hundred I wanna talk to you a little bit about the the ongoing shutdown. I suspect this is an area where we may have some differences in that, you know, what we're starting to see is not just for the federal employees that aren't being paid. But contractors that do business with different agencies are able to be paid simply because those agencies are shut down. And so we're starting to see the spilling into the private sector a little bit as well. Now, I'm curious your thoughts as to how this is impacting the overall economy at this point. My guess is that what's ultimately going to happen is some sort of resolution the government will reopen and all the back pay. The people are do will ultimately find it way into people's account. Now, unfortunately, that's going to create a little hiccup between now. And then we don't even know when that it, but the president did signing order thing that everyone will get eight eventually what probably happens that some of the kind of discretionary purchases get postponed. Okay. If you don't have the money coming in. You're probably not going out to dinner. Right. So.
"bank america" Discussed on Masters in Business
"On Bloomberg radio. Welcome to the podcast. Lynn, thank you so much for doing this. I am a housing. Geek, I'm really fascinated by this topic. I brought a book for you that was the manifestation of of that geek DM cold bailout nation, but one of the things that I think listeners should be aware of relative to the conservative ship of Fannie Mae. And Freddie, MAC was when the feds rescued the two GS's they put a whole bunch of conditions on them. They're not allowed to lobby congress. There's just a whole run of things they couldn't do for some reason they couldn't remember congress never got around to putting the same sort of restrictive conditions on Bank America, or Goldman Sachs or any of the other big entities that were lobbying every bit as aggressively as the GS's. Essy's were pre crisis. So they kind of imposed one set of rules for the GS's and ignored the banks roles in lobbying congress for some really. Let's just call a generous regulatory oversight that that contributed in some way to the to the financial crisis. So a lot of questions that people who know who I am and what I've written about right around. Now, they're probably thinking how come results is asking him any of these questions? It's because you're not allowed by congressional mandate to discuss that m I over stating that or aside from the fact, you weren't there during the crisis. But there are restrictions as to what you can publicly state. Are you allowed to answer that or you restricted on that I can answer that Barry, I mean, one of the things I try to do. And I think is important is not, you know, over specify what my expertise is. So I'm focused on the housing and mortgage market, the economy the economics of that the policy stuff, that's really other groups if need an economist talk about what might be the policy economic implications. I might do analysis, but but a lot of that is sort of not my area. And so I try to. Stay in my lane and focus on the economy. What the mortgage market is doing totally fair. We understand that. So let's let's stay in your lane. And stick to it the one question, I don't know if you can't ask. But I think it it's really intriguing. For a long time. Homeownership was the cornerstone of the American economy speaking generally within your lane. What are your thoughts about this is is the housing safter still a key part of the economy is going to continue to be for the foreseeable future. How do you how do you fit this into the overall? Economic growth that we're seeing. Yeah. You know, a couple of years ago, HUD, housing urban development. They put together a publication invited some researchers to write on the provocative title could the homeownership rate in the United States fall below fifty percent so Brown. What does it currently run sixty four percent? And that was peaked almost like sixty nine nine. Yeah. It right in the middle of six seven something like that. Yeah. Yeah. Actually peaked in. Oh four and then in no six again, it sort of hit around that sixty nine eight double top. Okay. But they were they were really focused on this analysis. Say no could the homeownership rate drop to levels that we haven't seen since the nineteen fifties. And so we took that up and did some analysis to try and see and look at that and say that doesn't seem the case. I mean, it may it's unlikely that the United States is going to see a homeownership rate of back around sixty nine percent, given sorta demographics and other forces. But I think there's some upward momentum because we've got an aging population that tends to have home ownership and the. Populations..
"bank america" Discussed on Bloomberg Radio New York
"You so much. Greg Jarrett is gray was talking about. We do have a rally underway. Joining us to talk about it is Dave Wilson, Bloomberg stocks editor columnist and blogger mlive go on the Bloomberg joins us here in our Bloomberg interactive brokers studios in New York, David sort of interesting, how we are getting this broad based rally, and yet we're getting downgrades to expectations from another a slew of companies and thinking of in particular constellation which came out today as well as Lanar, how do you square these two realities? Well, I mean one way to do. Just to look at one or shares are up. I know one percent. I don't totally understand that it may just be that people were expecting worse in the case of Lenore. Also, you know, you had kidney w come out raises rating on DR Horton, one of Lindores competitors. And talk about how they expect sentiment in the industry to become more favorable. So that may be playing out in Linares cases. Well, and the idea that, you know, the results aren't necessarily as bad as people were looking for that not only maybe what's happening with the art. But also with skyward solutions to chipmaker one of apple suppliers for the iphone. They came out reduce their earnings and sales estimates for the current quarter in Bloomberg intelligence the analyst over there. Woo Jin hotel about how people were expecting a lot worse. So you got the stock higher even in the face of lower estimates. I mean, it was sort of a given I suppose with. Apple's challenges of selling the iphone that numbers for its suppliers. We're going to come down. And you know, what you guys situation where it's not as bad as people were looking for. And you got a whole lot of technology stocks doing relatively well. In today's trading and sky works is one of them. They tell us about the Bank stocks because I know that you've been looking at those this morning, right? I mean, you're you're seeing a bit of a turn at least for today in terms of what analysts are having to say about the banks lately. It's been cuts to ratings cuts. The earnings estimates cuts to share price projections. Bank of America. You had UBS raise its rating to buy from neutral. You had with Morgan Stanley. They were lifted the buy from hold at CitiGroup, and stocks are up, you know, on a day when you know, if you look back to yesterday, financials were sort of the weak sister of the gains that we saw van today. It's a different story financials of holding up their end Bank. America's up half a percent, Morgan Stanley's up nine tenths of a percent not much in the way, gays. It's just that they're moving more in line with the market, you know, after the series of not so great calls for man was weighing on the earlier in the week. So here's what I'm trying to understand right now. We're seeing a sort of more bullish line from Wall Street analysts straight out about risk assets. Is this a tactical recommendation or is this a longer term recommendation? In other words, is it by the dip temporarily? If you're just basically trading the market, or is this a, you know, this is a good entry point the US economy is still very strong over the next year. At least so go forth and prosper possibly more tactical than anything else. And I say that because actually our reporting on Citigroup's call him Morgan Stanley talked about how the Keith or what's wrote that it's a tactical time to buy the stock. So so that only they said it was tactical. Absolutely. So they go. And look there are a whole lot of concerns. You know, if you think about things going forward, you know, what is going to look like. And of course, those first quarter report start hitting next week. And really in the next few weeks. What will leave their Mark on companies results? What are the earnings? Look like was he look like how does the trade situation play out there? So many questions that you would think that any call you were going to make at this point would have to have a certain tactical element to it in a sense of being shorter term rather than longer term because there are so many unresolved issues at this point, you talk about unresolved issues the trade negotiations between the United States and China. They continue is Wall Street just looking for a positive outcome, or at least a not negative outcome. Just as you describe with certain earnings estimates they reduce them, but not as much as people had feared. And as a result. They bid the price of a specific stock up. Can you make that case for the whole market that everyone's just? Waiting for a US China trade something hoping it's not bad, and that's going to unleash more money. That may well the feel it's hard to get a read on exactly what the broad consensus is nonetheless. And then we have seen you issues. Pop up with a number of companies higher raw material costs is an issue, for example, because of the tariffs that have been put on things like stealing aluminum. So you know, to that extent, it may just be that some kind of relief his people looking for more than anything else. I thought it was really telling there was a story on the Bloomberg looking at how President Trump wants a trade deal with China in order to boost US equities, basically, he views the US equity market is a gauge of how well his government is doing. And I'm trying to understand the implications of borrowing costs for the United States as a result because we have seen an inverse relationship between stocks and bonds stocks rally to bonds. Typically sell off meaning higher borrowing costs. I just wonder at what point will that lead to a sort of a break in his talk rally at what point does this become a feedback loop? Yeah. And that much harder to get a handle on because you know, when you think about where does the loop kind of come into play think about things like capital spending and aimed to what extent companies are gonna be willing to do that. You look at the company like say, Chesapeake energy, and they're actually cutting back their capital spending and people like the shares are higher in response to that. And then there's the issue of stock buybacks. I mean, how often we talked about the last couple of years the extent to which companies have been able to borrow and then turn around and use the money to repurchase their shares. So share buybacks of linked to trying to get the stock price of a specific company higher. And we know that chief executives and other executives of those companies they get compensated based on what the stock price. Does. It doesn't matter. Whether they're fewer shares they get based on the actual performance of the stock. Sure, they have an incentive to do it. No question. But at the same time you have to weigh that incentive against the cost of carrying out the program. And to the extent that you're relying on borrowed money to do it higher interest costs get in the way are just saying that it's not their money. It's not the executives money. It's the company's money. Well, it's the shareholders look at it that way. That's that's certainly true. All right. Thanks very much. Dave Wilson, Bloomberg stocks commerce blogger mlive go on the Bloomberg. Remember to send Dave an Email at dwilson at Bloomberg dot net and sign up for his daily free Email newsletter. Now, let's go to our ninety one studios.
"bank america" Discussed on KSFO-AM
"Nine th day of November and taking a look at the stocks this morning. I shares were higher mostly across the globe. Following Wall Street's moves yesterday. Stocks rocketed to their biggest gains in eight months Wednesday following comments from the fed reserve chair Jerome Powell the Dow surging six hundred seventeen the S P advanced two point three percent. And the NASDAQ rose two point nine percent. The Russell two thousand up two and a half percent. So what did the fed reserve chair say to make everybody skipper? Let's bring in our regular guest. Crisper safe with tomato research, also the author of cocktail investing as well as the co host of the cocktail investing podcast. Good morning. Chris. Good morning. I'm well. Thanks for joining us. As always we appreciate it. Let's talk about jerem Powell's comments yesterday. Struck a positive tone on the economy. Of course, we know those those rate hikes are cooked in to rise again next month. But. Who knows about next year? Chris what did what did you hear from the F that cut your ear? Yeah. I I think you're right. The the December rate hikes, you know, pretty much fake take the question is what about before that are specified for next year. And it's fascinating to me. Because if we take Powell's comments just compared to two months ago where rates were nowhere near neutral. Now they're much much closer to neutral. You have to ask yourself. Eight weeks we saw that we've seen the stock market. If back all of his games, we've got a number of data points that suggest the global economy as well as the domestic economy are slowing considerably. And I think what your listeners need to. Remember is that monetary policy is not fixed. It's rather flexible bydesign react to what's going on. And I think the notion behind Powell comment is just that the economy has slowed in the need to get rates where they were. Hi. In order to keep the economy, kind of even keel, remember too. We've seen this sharp plummet in oil prices. That's obviously going to be. And I think it gives Powell in the fed a lot more room to breathe and potentially run. Well, you mentioned oil drop below fifty bucks a barrel in New York for the first time in more than a year. What's going on there? We know Saudi Arabia, but but what's happening with OPEC. Well, I think it's a couple of things Matt I mean one you have to remember that you know, it's a commodity was subject to laws of supply and demand. So let's let's look at vote on the demand side, take the commerce. I just made it right? Whether the global economy is slowing so Nathan crude is softening then there's the supply side, and as you just pointed out, it looks as if you know, some of the production cuts that were had been expected earlier may not be there. And I would argue that as foil balls further. Odds are that we will not be any production cups because these these nation states will to get as much money inside to them as possible. So it's a very interesting next couple of weeks on the oil. Brought my my prediction is that. We'll probably see oil that allow all somewhere between forty five fifty per period of time. I like it. Let's see here. Chris. We've got some breaking news this morning. Chris. Deutsche Bank offices have been raided one hundred seventy criminal police officers. Prosecutors and tax inspectors searched six offices in and around Frankfurt on money laundering allegations. How is this significant if at all to the US? Well, you know, the Bank has a presence in the US both, you know on on investment banking commercial banking tied. So it's really going to be a question of, you know, which companies were banking with them. What Specter's does this raise? It also is another question of overall credibility or. Industry, I'm afraid. So so I think that there will be companies that are beyond reproach JP Morgan Bank America city, but it is gonna raise in flag. Remember too that in some respects investors are just getting over the news with Wells Fargo. Yeah. It's another tinge of uncertainty. Yeah. That's a good point tobacco company. Altria is reportedly in talks to take a minority stake at twenty to forty percent in e cigarette maker jewel labs. This is a significant jump here. Chris not only to go into the e cigarette market, but you wondered on this show. I'm sure elsewhere as well why a lot of the tobacco companies haven't made the move to the marijuana market. The medical recreational marijuana market this way for that. Oh, go ahead. If ads. So the whole thing is kind of interesting because the FDA investigating Joel and its ability to use their words book younger Americans, but it's understandable that you know, with tobacco under fire. These guys are looking for other growth opportunities, and I agree with you. But at some point, I think they will Wade into the marijuana market. But let's remember that marijuana is not big on all fifty states, and it's not legal at the federal level. Right. So if you can't you're not legal at the federal level. How can they duck business? You know with me on this. Sell product monetize it and collect you know, the revenue stream and deposited into a Bank. You can't do that. The the huge headwind. I think you know, look based on what's happening in Canada. Do our prospects for legalisation the US better than they've ever been. Yeah. I think they are. It's just going to take some time. I think I think the response again circle back fuel is I think all trade is trying to figure out. Okay. What can I do in the near term something that hasn't been reported much? Chris under reported Senate majority leader Mitch McConnell is backing the legalization of ham. Of course, he's done. So since two thousand thirteen but he's trying to squeeze it into the year end spending Bill and that could that could. I mean, you're talking CBD oil everything else that goes along with that. So that could. That that could bring to the forefront. They're all right. The juniper juniper lot out it's drawing mixed reviews. I know I know you had one yesterday I had one a couple of days ago. Starbucks new holiday, drink your thoughts on it. It's not quite a milkshake. It's not a Frappuccino. So I like that. Yeah. I mean, it's. It was fine. It wasn't anything. Is it the? I remember like the pumpkin spice latte or some of the other what I called liquid cracks drinks. It's not quite that caliber. But is it a little different? Yeah. Is it worth the premium price? Maybe not. Well, I I compared mine too little too close to Jenin Todd. I I like my gin and tonic. My sapphire and tonic to be separate from my. Here's the thing. You know, you're out on out in California where it's still probably. Fifty degrees. I'm staring outside of the window with huge wind, and it's probably thirty to thirty does not work. Know, it's I think it's about forty nine here right now. Blustery and raining. But yeah, I feel you now if they can come up with a drink tastes like bullet bourbon that might be interesting this time of year. There you go Irish coffees the answer, Chris Irish coffee all the time here in the winter. I drink them every day during the show, Chris we appreciate your time. As always, my friend. Thank you. All right. Have a good week off. That's Christopher says he joins us each Monday and.
"bank america" Discussed on Mason & Ireland
"Have you been to the new Bank, America, whatever that thing is stay I've been a lot. I've been allowed to stay. For game. I gotta go for a game like so fun and to to help us talk about that. And what's going on with L AFC is our buddy Max Brito smacks has worked at ESPN for a lot of years. And then the L AFC talked him into coming out here and be in the voice of their team. But still does a lot of stuff for us at ESPN. And and we got max online. Now max, how are you man? I'm doing great. Yeah. They talked me into it. I talk to my auntie come over here. This is the Cush job though, was going to say you get to living game. You get to live in Connecticut or you get to live in L A. I think you've got the the good end of that lollipop. All right. So explain what's happening tonight. Is it unusual that a first year team makes it to the playoffs max? Or is this one of those leagues where most teams make it or explain what's happening tonight with the postseason. Most teams do not make the postseason, but there has been a revitalization with these new owners and new team, and they really wanna hit the ground running. And they wanna put a great product. And they put money behind it with the stadium with players. So. The original team that did it. And like, you know, they've been it Major League Soccer tonight six thousand six and then there's been a lot of expansion teams. That haven't done that like Minnesota was an expansion team that came in and didn't do much, but Atlanta came in and they had that sort of blueprint. They made the playoffs. I hear so Elliott's compared to the Atlanta which is owned by Arthur blank ones, the falcons, and they do an incredible job and their spent a lot of money on players Elliot c comes with a clean slate and can build the team around division all leadership which at Bob Reilly and John Thornton, and well, it's hard. If you're an expansion team doors some advantages to doing it because that clean played I believe, but it's still pretty unique, you know, the experience, and it's the Bank of California stadium. I was just I have trouble keeping the sponsor names. Yeah. I said Bank of America Bank account for that. But it is. It's an experience that surprised me. I mean like the rooting sections. I guess the the Cuervo quavos in the district nine ultras and the black army eighteen fifty you've got crazy crazy fans, and it makes it really fun to be at the game. I don't know what I don't know what John is waiting for. But we'll get him next time. I know maximal absolutely get there. What happens is once? The Lakers season starts I become like this chicken with my head cut off. But I think there's two of you. There's two new because. Your your your radio show a day after being in Minnesota. What have you? That's pretty remarkable. Yeah, bookie. So, but but I didn't why hijacked your answer about about the Bank of California stadium. And some of these Mason pointed out, we're actually I want to give Tom Penner, buddy. Who runs the team over there a little credit here? They actually went found who their fans are going to be people are buying season tickets and max, you can talk about this better night, can but didn't they they paid for him to go to a game like in England or overseas. So you can see what fan is like. And they've basically transformed that into your stadium. Right. Max. Correct. They've looked at Germany particular to see what that famed culture would like they've also gone to areas. I know Tom, did you Major League Soccer that have a very established the fifth decayed fan culture, which be specifically the Portland timbers who all that. He saw that. And you see what works, and what doesn't and I think what's really cool from the fans that you're coming in on the. Ground level. And you're supporting this team from the beginning, and you invest now, and then you reap the benefits that I think one though fan I talked to about any hit thirty to fifty two which is north end where the for the fans are, you know, getting off of fine..
"bank america" Discussed on Bloomberg Radio New York
"J P Morgan. Chase Bank America Wells Fargo and much further down. It goes down to, you know, US Bank and. PNC and fifth third and other banks you might think of as regional, but really have you know? Subside run grown into integrate size right because J P Morgan. Chase is at its balance sheet is trillions of dollars Wells Fargo's above trillion dollars. So we're taking down on some order of magnitude smaller than that. But are still very very large banks, and they control about thirteen trillion dollars. Right. Thirteen of the sixteen trillion dollars and these deposits, that's an extraordinary concentration, especially given that the number of institutions we're talking about a couple dozen, right? This changes as banks balance sheets change in size at the margin. But we are seeing financial services dominated by a handful of institutions, and we have not seen that really ever before in our history, including the great merger era late nineteenth century where you saw trusts around sugar oil. Corn harvesting machines right and fill in the blank there. These this is the great trust era. Great consolidation era. But interestingly enough because of the structure of the US political economy banks were extremely decentralized by law each Bank for a very very long time, a Bank couldn't have more than one branch. And even after that was changed in the late nineteen twenties. They couldn't have branching across states, and that wasn't finally abolished where you would have a Bank doing business as its own institution across state lines until after nineteen eighty what about the repeal of Steagall, what did that contribute towards thanks bulking up. I'd say contributed a lot. So this is this is a point of some debate among economic historians. It's correlated right with banks bulking up in in in pretty breathtaking fashion. What some economic historians late. Well, that's correlated, but wasn't caused by this last egos, essentially unrelated to this size now, that's hard. Swallow, at least in the short run after around glass, Glass-Steagall final legislative demise. Because of course, city group become CitiGroup after acquisition city. It'd be the first mega back. And so, but then again, you know, a few years after that that was a pretty disastrous merger. They sold most of their insurance business because the synergies weren't present. And then what becomes really the shining example megabank J P Morgan Chase. And if we were list, all of the names of the banks acquired along the way. Hanover chemical. Absolutely. You know, the Bank for what was Daime diamonds Bank in Chicago. I nationals called and he I believe he was at Smith Barney before that he was a city. He was sandy Weill right hand man in designing the strategy mega-banking strategy. He loses in a power struggle goes to manage his Bank in Chicago comes back in JP, Morgan Chase's acquisition, which was essentially an employment contract acquisition. Jamie Namen become CEO and J P Morgan Chase with help from the federal government embarks on this strategy or just becoming as big as it can be. And so we are truly in an unprecedented era in terms of of banking consolidation. The United States so everybody used to talk about too big to fail. I liked to raise the question have these banks become too big to succeed are they even manageable? When you're running trillions of dollars in deposits can these things be managed and that'll segue, right? Into our discussion of Wells Fargo. Such a great question too big to manage too big to jail too. Succeed. And that the way that you phrased it to succeed is so fascinating because it calls into question the time horizon and the short and medium-term say that we're on on leading into a medium-term from the financial crisis management been good to be Jamie Dimon, right. That is that balance sheet is been mixed. Extremely right fortress diamond is just it's it's unknown assailants. They were very fortunate your financial historian. You'll appreciate this. Most people realize J P Morgan Chase had their own derivatives crisis. But they were let's call it lucky enough or smart enough to have it years before everybody else. So they cleaned up the balance sheet while there was still a bid to hit. When did everybody else? They had nowhere to go. Now. This is another occasion in financial history. That a lot of people don't recognize, and I think this is Tim Geithner's signal contribution to to finance in his career happened before he was secretary of the treasury, and that was in two thousand five thousand seven noting on a spectacular back office problem. Andrew trading. Right. So these are all bespoke derivatives rate, even even if they're not very fancy these pretty plain vanilla. But they all are bespoke because there's no there's no marketplace for them to train on its no exchange for them. And so you would think sophisticated folks in two thousand five we're not talking about one thousand nine hundred five range. So the IT revolution has already taken pretty sure route you'd have some sort of oracle based software system where traders with two headsets on, you know, talking to people released punching them into a computer that would clear it, and we'll be universally access, and you'd think that and you'd be wrong, right? What they were doing. Instead is on scraps of paper with a little golf pencils. Writing down the nature of the trade is. Oh, they were signing a doctor's a prescription handing it back to a runner who would take that piece of paper and put her in the stack. Right. And what Tim Geithner realized even though he had had no supervisory authority over these broker dealers. It's very important point realized that the back office back long was about nine months. Wow. Amazing..
"bank america" Discussed on Bloomberg Radio New York
"Your your students grad students or undergraduate both everything and executives and students at so we really teach them all. So so much has been going on in the world of banks since the financial crisis. I have to ask you about Dodd Frank and the changes to that. But before we get there. We now live in an era of megabanks all the banks are really relatively giant compared to before the financial crisis, a number of pretty substantial banks were either acquired or or moved over you have Washington mutual, and we'll covy, and, you know, look at all these different Bank, America and Merrill, Lynch. All these giant conglomerations? How is the modern era of banking different than the way it existed prior to the financial crisis? No. We've seen after the financial crisis, essentially, an unrivalled concentration in the financial system financial services. The looking at commercial deposits, for example, which include personal and commercial deposits, but seventeen trillion dollars right in the American. That's just checking and savings and checking and savings accounts for individuals and businesses organizations mega banks, which will call above two hundred and fifty billion dollars, right? So that's things like J P Morgan. Chase Bank America Wells Fargo and much further down. It goes down to, you know, US Bank and. PNC and fifth third and other banks that you might think of as regional. But really have you know? Grown into integrate size right because P Morgan Chase is its balance sheet is trillions of dollars Wells Fargo's above trillion dollars. So we're taking down on some order of magnitude smaller than that. But still very very large banks, and they control about thirteen trillion dollars. Right. Thirteen of the sixteen trillion dollars and these deposits, that's an extraordinary concentration, especially given that the number of institutions we're talking about a couple of dozen, right? This changes as banks balance sheets in size at the margin. But we are seeing financial services dominated by a handful of institutions, and we have not seen that really ever before in our history, including the great merger era late nineteenth century, or you saw trusts around sugar oil. Corn harvesting machines right and fill in the blank there. These this is the great trust era, great consolidation era. But interestingly enough because of the structure of the US political economy banks were extremely decentralized by law. Each Bank for a very very long time. A Bank couldn't have more than one branch. And even after that was changed in the late nineteen twenties. They couldn't have branching across states, and that wasn't finally abolished where you would have a Bank doing business as its own institution across state lines until after nineteen eighty what about the repeal of glass steagle wooded that contribute towards thanks bulking up. I'd say contributed a lot. So I mean, this is this is a point of some debate among historians. It's correlated right with banks a bulking up in in in pretty breathtaking fashion. What some economic historians say, well that's correlated, but wasn't caused by this last eagle was essentially unrelated to this is now that's hard to swallow at least in the short run after around Glass-Steagall final legislative demise. Because of course city grew to become group after city. If you can't comes the first mega back, and so, but then again, you know, a few years after that that was a pretty disastrous merger. They sold most of their insurance business because the synergies weren't present. And then what becomes really the shining example megabank J P Morgan Chase. And if we were list, all of the names of the banks acquired along the way. Over chemical. Absolutely. You know, the Bank for what was Daime diamonds Bank in Chicago. I nationals called any. I believe he was at Smith Barney before that he was a city. He was sandy Weill right hand man in designing the strategy mega banking strategy. He loses in a power struggle goes to manage his Bank in Chicago comes back in JP, Morgan Chase's acquisition, which was essentially an employment contract acquisition. Jamie Dimon become CEO and J P Morgan Chase with help from the federal government embarks on this strategy of just becoming as big as it can be. And so we are truly in an unprecedented era in terms of of banking consolidation. The United States so everybody used to talk about too big to fail. I liked to raise the question have these banks become too big to succeed are they even manageable? When you're running trillions of dollars in deposits can these things be managed, and that will segue right into our discussion of Wells Fargo. Such a great question too big to manage too big to jail too. Succeed. And that the way that you phrased that too big to succeed is a fascinating because it calls into question the time horizon and the short and medium-term say that we're on on leading into a medium-term from the financial crisis management been good to be Jamie diamond. Right. That is a balance sheet. Is venom extremely right fortress diamond is just it's it's unassailable. They were very fortunate your financial historian. You'll appreciate this. Most people don't realize J P Morgan Chase had their own derivatives crisis. But they were let's call it lucky enough or smart enough to have it years before everybody else. So they cleaned up the balance sheet while there was still a bid to hit. When did everybody else? They had nowhere to go. Now. This is another occasion in financial history. That a lot of people don't recognize this is Tim Geithner's signal contribution to to finance in his career to happen before he was secretary of the treasury, and that was in two thousand five thousand seven noting on a spectacular back office problem, Andrew trading. So these are all bespoke derivatives, right? Even even though they're not very fancy pretty plain vanilla. But they all are bespoke because there's no there's no marketplace for them to train on its no exchange for them. And so you would think sophisticated folks in two thousand five we're not talking about one thousand nine hundred five range. So the IT revolution has already taken pretty sure route you'd have some sort of oracle based software system where traders with two headsets on, you know, talking to different people released punching him into computer that would clear it, and we'll be universally access. And you'd think that you'd be around. All right. What they were doing. Instead is on scraps of paper with a little golf pencils. Writing down the nature of the trade is though. Oh, they were signing their sending a prescription handing it back to a runner. We'll take that piece of paper and put it in a stack. Right. And what Tim Geithner realize even though he the New York had had no supervisory authority over these broker dealers. Went to very important point realized that the back office back long was about nine months, while amazing absolutely.
"bank america" Discussed on Bloomberg Radio New York
"Jp morgan bank america wells and today all four banks has been the payoff of the technology investment that they've been making and i think that's true across their businesses i would not have expected in the stress tests of well fargo to come out looking so good is that just in stress tests or does it go forward from here wells fargo in my opinion is clearly the big winner and the stress tests both from qualitative and quantitative perspective so going into the test they clearly had the most capacity to return capital to shareholders and their ability to make those patents especially with constrained balance sheet growth i think is really key to them improving their return on equity which is a key metric that investors focus on on the qualitative side of things it sort of refreshing to get some some good news on the regulatory front related to laos fargo as you know they've been under scrutiny sort of intensifying ever since september two thousand sixteen when they first announced a fine for sales misconduct that's made me wonder do they have to worry more than any of the other institutions about litigation and regulatory costs well the key risk for wells fargo versus it's us peers related to regulation and let a gatien really relates to the department of justice residential mortgage backed securities issues so all of the other five big us peers have settled these issues and wells fargo is really the one remaining we have seen them take charges related to this issue late last year some of the recent settlements that have come in from the european peer sort of under this new administration have been less than feared and so perhaps that bodes well for wells fargo but i think to the extent that they can get that behind them that will be an important step let me take a step back in s you a broader question as it relates to the banks that are really concerned about trading results what's the impact of the yield curve going forward the yield curve impacts the banks i guess in a few different ways that the trading results i think that is sort of where the yield curve most immediately feeds into some of the results and say you do see some of the more immediate impact at companies like jp morgan bank of america and citigroup that have relatively larger trading operations from the core net interest margin standpoint the flatter yield curve does take a little bit of time to to work its way through the portfolio and in this period when we've been coming out of a period of extended very low rates it's really been the level of short term rates that is more important to the banks in terms of their overall profitability so the lift that we've gone from your rate has more important than any flattening that we've gotten from the yield curve however going forward i think that that will increasingly become a focus the other part of the equation four net interest income growth is loan growth and so i think some of the concerns around the yield curve have been muted by the fact that you know some of these banks might get better loan growth than the mix of their portfolio will improve which can help support the margin loan growth the outlook was very optimistic coming into this quarter it sort of has petered out a little bit in some areas and so i think that is something that again investors are going to be focusing on what are the opportunities there and could there be an interactive risks to the us economy from some of the global macro eventually leading into risks to the yield curve via pressing down on that long term side of things and any impacts along growth when you look overall at the banking industry the fundamentals are still improving all the time the fundamentals are solid economy is good for banks and strong banks are good for the economy allison williams thank you very much for.
"bank america" Discussed on Joblogues
"A premium price i could give you a couple more personalized options i know a girl actually who um she does leg tour guides who just travelled a lot travelled a time and so cuba especially in our area how is how do we go to cuba like everyone has a question about cuba she's just started putting guides together and charging for them and rana's those simple anc hazard flake if it the times as well because he ran away wants a full blown like travel agent right right and get on the flights but like just tailoring its like how much involvement people want yet yeah it's also a you guys have done i wanna hear whether whether your community or on your own yeah we'll tell you can the choline i feel like 2018 is also adding it in addition to being a great year it's an intentional year and just be really specific about like what we use our money toward when we empower with it and cana continuing that legacy i'm here for well thank you guys for tuning an gilo while gone mlk day yes we hope you are as inspired as we are to go forth angeles create for yourself and for your community ccri 8 of don't forget if you have career alive questions or just you know no a pick our brain weeds we will do that for free air coin liar has hit us up job locks dot com slash ask job logs and of course many many thanks to our sponsor when united bank america's largest blackowned bank yes they live this everything we talked about some day economic empowerment and supporting our communities 247 said check them out at one united dot com or at one united around the web and of course we want to hear from you again tell us your ideas for creative ways for financial empowerment were at job loss all around the web and oil.
"bank america" Discussed on Joblogues
"This episode is brought to you by one united bank america's largest blackowned bank mi black internet as you get ready to do your gift shop in this holiday season we want to encourage you to consider ways to buy black and support your community when you nine it believes that money is power and we can use to build wealth in the black community not only for today but for the future as well this is more than a moment at some movement with the right mind sudden actions we can be financially woke when we unite the power of our dollars is no limit to what we can do move your money and bank black with one united bank today visit when united dot com to learn more hey hey guys courtney joy murray happy holiday is happy holidays from job lot movement we are back your group chat girlfriend's career confidants when new episodes on the first in the fifteen blow wave way holed up food relief gonna take a break from the holidays so there will be no new episodes andrzej reversal will see you on january fifteen yes common up the rant as too damn high alert as home ownership worth it for a generational is going to be diving it's all that and more yeah we have an amazing woman who works for massachusetts affordable housing alliance is she's going to share her journey to home ownership in some tips to help us get there as well europe's essay tune but as you guys know we like to start every episode with the clock in check and see how we're doing personally and professionally definitely recommend doing it with your circle as well learning how are you i am in finals.