23 Burst results for "Brian Moynihan"
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Monitor Show 12:00 10-22-2023 12:00
"Interactive brokers' clients earn up to 4 .83 % on their uninvested, instantly available USD cash balances. Rates subject to change. Visit ibkr .com slash interest rates to learn more. Sit down but you've got to be careful you don't overshoot. That's Bank of America Chair and CEO Brian Moynihan. That's it for this special edition of Bloomberg Best. I'm David Westin. Stay with us. Top stories and global news headlines are coming up right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is a Bloomberg Money Minute. What to do with that used coffee cup? Why not eat it? An Australian start -up called Good Eaty has come up with an edible to -go cup. Bloomberg reporter Aaron Clark says it's already in limited production in Australia. They're making about 500 cups a day which they ship to coffee shops, roasteries and concert venues. Clark says it took lots of tinkering with ingredients and baking techniques to make the cups. At the end of the day they came out with something that's made from local ingredients that they say will hold a hot cup of coffee for about 40 minutes. So what's it made from? It's made from a blend of rye flour, wheat bran, oat bran, sugar, salt, coconut oil and water. As for the taste, Clark says the jury's still out. I had a colleague who was able to try one. She said it tasted a little bit like an unsweetened biscuit or even like a piece of cardboard. Good Eaty is working to improve the taste and also hopes to expand sales internationally this year. Laurie Kofsky, Bloomberg Radio. It's time for today's STEM Tip. Okay, you know recycling is important. No one wants plastic in the ocean. Here's a cool way to repurpose a plastic bottle. Build an awesome terrarium. Cut a large plastic bottle in half and fill the base with sand, pebbles, potting soil and your favorite plant. I chose an...
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"Billion CEO Brian Moynihan told Bloomberg he sees the Fed achieving its goal of slowing consumer spending frankly the Fed has won the battle of American consumer and they're slowing down and the question is what happens next I can't predict but this this is a four trillion dollar base three to four hundred billion dollars a month so think about it it's hard to move around a lot so once it slows this level it's probably not kick going to right back up Moynihan added that more affluent customers are now shifting excess savings to products with higher yields Bank of America joins JP Morgan and Citi in reporting record beats while warning tough times to come now in the markets this morning European stocks currently are down by three -tenths of one percent for the US stock 600 FTSE 100 also down two -tenths of one percent US stock futures in the red for the S &P 500 E -mini futures down close to two -tenths of one and percent 10 -year US Treasury yields trade up one -and -a -half basis points at 4 .85 % those are the markets now returning to our top story this morning an explosion at a Gaza hospital that has has left hundreds dead means President Biden's visit to the Middle East is unraveling before he even touches down the leaders of Jordan Egypt and the Palestinian Authority canceled a summit with Biden have been scheduled for Wednesday in Amman it really is a horrific story to wake up to Caroline the images out of Gaza are just absolutely tragic. They are and we've had a number of reactions already form of the UN the Secretary General Antonio Guterres saying that he for is calling immediate humanitarian ceasefire and immediate humanitarian ceasefire in the Middle East to ease the quote epic human suffering too many lives and the fate of the entire region States. in the balance of that form the UN there is a fish that the hospital blast has exacerbated exposes is obviously clear but the action by and protest that we've seen in a lot of cities in neighboring Arab states in protest that the the number of lives lost and what has happened at that hospital in Gaza and yet what does that mean for President Biden he is was expected definitely in Israel it was always a high stakes visit you know to visit Israel at I'm of war of conflict but now the cancellation of his meeting with others his summit with other Arab leaders means that he's only going to be meeting with Israeli officials and that is potentially very difficult position for for the US to be in we've also had responses also from Turkey from Jordan and others yes Israel very much focusing on US messages of support but of course the picture getting more and more complicated for the US the US still has two and a half thousand troops in Iraq if the calculation continues it raises the risk of a miscalculation but you talk about that response we've heard also from Emmanuel Macron the president of France he says nothing can justify striking a hospital nothing can justify targeting civilians he condemns that attack but then also so Ursula von der Leyen saying I'm saddened by the strike against the hospital the huge death toll there's no excuse for hitting a hospital but as you say Caroline the difficulty here there is is this blame game for who exactly has caused the hospital attack and we can join we're joined now by Bloomberg opinions mark champion for more analysis mark thank you for being with us look this hospital bombing obviously a terrible tragic loss of life what do we know about who caused the blast we don't know a great deal obviously you know each side is going to blame the other and you know there have been intensive aerial bombings by the Israeli Air Force over the past week and so they will you know the the finger will naturally be pointed towards Israel in the Arab world but the honest truth is at this point we don't know what does this mean for President Biden for US support we're anticipating Biden landing in Israel very soon yes I mean it's going to be a tough trip the aim was to you know go to Israel will show you know clear absolutely solid US support but at the same time to try and persuade the Israelis not to conduct an invasion of Gaza in such a way that you end up with this kind of tragedy again we don't know you know who you know who was responsible but this is exactly the kind of thing that the US is trying to avoid and you know Anthony Blinken's been trying to know you conduct shuttle diplomacy to get humanitarian corridors open into Gaza in order to serve the civilians there but it's going to be a very very tough call I mean the question remains how can Israel destroy Hamas when there are two million civilians in Gaza the borders closed so nowhere to go no electricity or supplies I guess apart from a ceasefire what can Joe Biden possibly ask for? well that's what he can do is to press further to get you know more civilians out of the north to get supplies to them water supplies to them to get you know camps and so on organized so that you know people have a way a way to live but you know there are really no easy solutions to this Israel is absolutely determined to destroy Hamas much of Hamas not all by any means is in Gaza Hamas clearly you know conducted its terrorist attack a week ago against Israel with the knowledge and no doubt intent that the Israelis would then try and launch a ground invasion or at least conduct the kinds of punitive bombings that are going on now in terms of what that means for for Gaza already we see we this morning that the Israeli military are calling for Gazans to move south again what are what are the latest details in terms of civilians there as you know that there is a growing concern about the different fronts that may open up potentially that the kind of proxy war the
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"And Moam. Brian Moynihan of Bank of America. Sam Zell, Chairman and Founder of Equity Group Investments. Bloomberg Wall Street with David Weston from Bloomberg Radio. Drones hit Moscow, lower numbers hit China and Washington works hard not to hit the debt ceiling. This is Bloomberg Wall Street Week. I'm David Weston. This week's special interview with Larry Summers of Harvard on the stubbornly strong labor market and what it means for inflation. There's something about the underlying strength of the economy that they're missing. And former IBM CEO Sam Palmisano on just how big generative AI could get and what could stop it. You need some kind of cognition Go Global Wall Street started the week watching drone hits in Moscow. Perhaps as a precursor to a counter offensive in Ukraine. We're able to reach you right in the heart of Russia and these attacks are really about sort of like sending that message. So it's quite embarrassing for Russia that this is happening. We spent another week on the debt ceiling in Washington, but this time it wasn't about getting a deal, but about getting it all behind us, at least for a couple of years. We're going to deal with the debt ceiling. I think things are going as planned. Tonight we all made history because this is the biggest cut and savings this Congress has ever voted for. And as expected, not everyone was happy. Not one Republican should vote for this deal. Not one. China got some bad economic raising news more questions about the speed of its recovery. China's manufacturing activity contracted for a second straight month in May. It's more evidence that the post COVID recovery has slowed in the world's second But economy. here in the United States, the jobs scene, well, it just kept adding going 339 ,000 new jobs in the month of May. That was way more than the 195 thousand that was estimated, while unemployment actually rose up from 3 .4 % to 3 %, which set the markets off to the races. With the S &P 500 up 1 .83 % for the week, all almost of it on Friday alone. The Nasdaq was up a bit more, adding 2 .04 % for the week, while the bond markets almost did a round trip, starting the week just under 3 .8 % on 10 the year yield, dipping well below 3 .6 % at one point, and then coming back to just under
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"Spending they stop doing the things that's been human needs to do to keep the economy going. That doesn't seem to be the case here. The consumer has done pretty well for uncertainty through COVID through the war through everything else. So I wonder when we get to this point of the wallet being hit and the consumer's saying, we're going to stop spending. Is it just reality catching up with them? Is there some kind of threat to point or is it just that they run out of money? I really destroyed by COVID, including quote uncertainty. So obviously correct. Consumer confidence is dropping. But I think they're pocketbook Trump's confidence. They have a lot of money. They tend to spend it. And you see here, like, look at the travel in Miami and the building and the optimism around if you ask me how to do it, it's very good. And then they are not talking about the economy. So jobs are plentiful. Wages are going up. I mean, that's what's really affecting them. The only wake up, the more they feel pretty good about that. And then they read the paper, and of course you can get a little depressed. That's Jamie diamond, CEO at JPMorgan Chase with Bloomberg's Ed Hammond in Miami at the JPMorgan global high yield and leveraged finance conference. Coming up, we stay on Wall Street and hear from the Bank of America chairman and CEO, Brian moynihan. Plus, a look ahead to the 2024 election. How will candidates secure the Latino vote? That's up next on Bloomberg best. If you have a Bloomberg terminal, you can see all the Bloomberg best stories at best go. I'm Ed Baxter and you're listening to Bloomberg best. Bloomberg radio is where you are if live business news and market headlines from anywhere. 24 hours a day. Via your mobile device. Listen to the iHeartRadio app. Tune in. The Bloomberg business app and Bloomberg dot com. This is a Bloomberg money minute. Electronics and tech sales are slumping over the holidays, both the national retail federation and customer growth partners say retail sales at electronics stores were down in the neighborhood of 5 and a half percent, and inflation isn't necessarily the reason. The cost issue is not a huge one right now in consumer electronics. It's very competitive. There's a lot of discounting because the product was moving. Customer growth partners Craig Johnson says the drop in sales comes in large part because most people have what they need. People already have in their house four or 5 TVs. Why do you need a 5th or a 6th? The same applies to computers, too, but when it comes to smartphones, he says that may have something to do with price, or maybe value for price. Not everybody needs to have a $1500 iPhone 14. Johnson says cell phone makers will have to reinvent the genre if they want to boost sales. Right now it's getting a little bit stale. Joan doniger Bloomberg radio. And I'm Susanna Palmer in the Bloomberg newsroom. The fallout from the collapse of Silicon Valley bank is starting to spread around the world. SVB is UK unit, is set to be declared insolvent, has already ceased trading at is no longer taking new customers, startup founders are panicking about accessing money and paying employees. Today, the leaders of roughly 180 tech companies sent a letter calling on UK Chancellor Jeremy hunt to intervene. Here in the U.S., the bank was a favorite of tech workers and companies such as Seattle based shelf engine, CEO Stefan kub, said the company will have to take on debt to operate without access to its accounts. We can't pay our vendors today. What happens when tens of thousands of companies can't pay their vendors anymore because they don't have cash in the bank. Treasury secretary Janet Yellen said she had full confidence in banking regulators to take appropriate actions in response to the collapse of SVB financial. Meantime, Silicon Valley bank chief executive officer Greg Becker sold $3.6 million worth of company stock under a trading plan less than two weeks before the firm disclosed extensive losses that led to its failure. The sale of over 12,000 shares back on February 27th was the first time in more than a year that Becker had sold shares in parent company SVB financial group, according to regulatory filings. He filed the plan that allowed him to sell the shares on January 26th. After yesterday's jobs report showed inflation may be cooling some investors were hoping the Federal Reserve can soon moderate the pace of interest rate increases to stem horizon the rate of inflation, most economists are looking for either a quarter percentage point or a half percentage point hike at the next meeting. Muhammad Ali is the president of queens college Cambridge, a former CEO of pimco, and a Bloomberg opinion columnist. Parts of this employment report suggest 25 parts are just 50 and when you've got that balance, you then look for a tiebreaker and the immediate drive breaker is what's happening in selected banks. Corporate borrowers are getting squeezed by rising rates, details from Bloomberg's Amy Morris. Companies that piled on debt throughout the pandemic and the economic recovery could be in for a tough road ahead as those bills come due. Corporate borrowers will have to pay more of that debt back as refinancing grows more difficult with rising interest rates. Economists and analysts expect some kind of recession to hit the U.S. economy this year, and the severity of it could weigh heavily on both large and small companies as they repay that debt. Amy Morris Bloomberg radio, global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. I'm Susanna
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"And we're just past 9 29 a.m. in Hong Kong. I'm Michelle Jeremy Scott. And I'm Brian Curtis here in Hong Kong. I'm Shelley just wanted to mention it was good to see Paul Ryan back in the spotlight in public. He's had a quite low profile. The only thing was he never let friends see him finish a question. He was so eager to talk he jumped in on every single question that she asked. Hey, I wanted to mention before we get to some of the news flow that we've been talking about whether or not growth was sputtering in China. We put out our early indicators of story just a short while ago and consumer spending in China is really picking up rapidly, particularly on eating out and on traveling. And that this is giving a boost to the economic recovery. We don't have time now to go into some of these high frequency indicators. But it's an interesting story and it may change your view about what's actually happening with consumption in China. But before we get to that, let's take a look at some of the other top stories of the hour Michelle. I guess enough Chinese tourists are getting their passports then, hopefully, as eugenia mentioned earlier, let's get to it. Bank of America has begun moving investment bankers into busier areas. This comes as the banking industry deals with a slowdown in deal making and capital markets. Here's B of a CEO, Brian moynihan. Or redeploy people across the franchise, including investment bankers to other parts of the franchise to help to help us in the middle market investment banking. So you can move it. Our headcount peaked in January, it's down a few thousand. It can move, but you had to stop hiring and that's what we had to do last fall. Bank of America is one of the few major Wall Street banks that has avoided mass job cuts in recent months, but moynahan said B of a is managing headcount and it stopped hiring new workers late last year. He also said the bank has been staffing levels drop the staffing levels have dropped by a few thousand in recent months. The U.S. and India will sign an agreement to coordinate plans to offer incentives to the chip industry more from Bloomberg's David inglis. U.S. commerce secretary Gina raimondo says the agreement focuses on information sharing and policy dialog. The two nations are working to align export controls and are launching a new trade dialog on the issue. This comes as the U.S. tries to contain China's development of the industry. For India, it's a chance to embrace opportunities to close the tech gap with China. It's offering $10 billion in incentives to win manufacturing projects from foreign chip firms. But it has only attracted some minor players so far. Meanwhile, the U.S. is leading the way, pouring $52 billion into the industry. That's where the aim of furthering chip development and production at home in the United States. In Hong Kong, I'm David ingles, neighbor of Asia. All right, let's get straight to global news. Part
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"Bloomberg radio. Still to come this hour, my conversation with Bank of America CEO Brian moynihan after the bank reported third quarter results that beat expectations. I get his thoughts on the strength of the consumer and the economy. Plus, his outlook for long-term growth and whether he expects changes in headcount, going forward. But first, here in the northern hemisphere, we are headed back into another winter, and we'll have to deal with COVID again, as much as we had hoped otherwise, and also, of course, the flu season to bring us up to speed on whether we are prepared and what we need to do, I talked to the Surgeon General of the United States, doctor Vivek, Murthy. As we look forward to the winner, what we have to look at is where we've been the last couple of years with COVID, which is that each year we have seen an increase in COVID cases in wintertime, and we should be prepared for that happening this winter as well. Typically in the winter, we also see flu cases rise, and in some parts of the country, we're already starting to see that increase in flu cases. This is why it's so important that everyone take the precautions that they can to protect themselves against the worst outcomes of both COVID and flu. And in this case, that's getting vaccinated for both. The good news is we have updated COVID vaccines that people can take now that are targeted in particular for the BA 5 variant of COVID. That's the dominant strain right now circulating the U.S. and if you're at least two months out from your last shot, you're eligible to take those as long as you're 5 years of age and up. So I would encourage folks to do that and to also you get your flu shot. You can get them both at the same time. That's in fact what I did. And that will give you your best protection against hospitalization and death from this virus during this winter. Doctor, do you have up to date numbers and the extent to which people are getting that is the bivalent version, right? That address BA 5, that newest version of the booster. What kind of take up are you getting on that? Well, we've actually been seeing the uptake increase in millions of people have already gotten the vaccine. We anticipate more will. Especially over the next few weeks, as winter gets closer, we want everyone to get vaccinated as quickly as they can, especially because if we can predict with great precision the exact date, you know, that somebody may get ill. The best thing that we can do is to prepare because you know there's still virus circulating. And I will say this also that we've learned a lot in the last couple of years about COVID-19 and come a long way. We've actually been able to save hundreds of thousands of lives because people have gotten vaccinated and they've got protection on board. But even though we've made tremendous progress and we've been able to get back so much of our lives, it's important that we maintain this protection that many of us have. And that's where the vaccines come in. What we've seen, especially in folks who are older David, is that if you are vaccinated, your chances of actually ending up in the hospital are dying from COVID-19 are dramatically lower. And finally, just keep this in mind too. Even if you do get vaccinated whether you do or not, there are treatments available for COVID-19 that we want people to know about. And if you are in a high risk group, if you're older or if you've got multiple medical conditions that put you at higher risk, I know that there is our medications available like paxil, which you can reach for and which also dramatically reduce the chances that you will end up in the hospital or get sick if you have an infection. Doctor Morrissey, let's turn to something that is, to some extent, a separate issue, and I know our priorities, but also is linked, I believe, to some extent. And then it's our mental health. I know that's something you've really wanted to make a priority of yours, and there are reports now that the mental health in general across the country is suffering a bit in part because of the pandemic. Where are we on mental health in this country? Well, I'm glad that you asked David because a lot of people are really struggling right now when it comes to their mental health and well-being. COVID certainly has been a factor there. It's taken a toll. We've seen rates of anxiety and depression increase across the population, particularly among young people. But the truth is even before the pandemic, we were struggling as a country, especially with kids. Keep this number in mind. We had a 57% increase in the suicide rate among young people in the decade prior to the pandemic. And this is one of the reasons why I've made mental health and well-being. My priority is Surgeon General because this is really the foundation of society. Our mental health impacts how we show up in the workplace, how we show up at school, how we show up for our families and our communities. And that's one of the reasons why I released a framework on workplace mental health and well-being. It's the first time this has ever been released from the office of the Surgeon General, but I did so because we've realized that workplaces actually have a powerful impact on mental health and we are now seeing that 81% of workers are saying that they want to work in a place that supports mental health and well-being. When you actually make that investment in mental health and we lay out 5 key essentials through which you can do so by investing in protecting workers from harm and building social connection and commuting the workplace, helping support work life harmony, supporting opportunities for growth and helping people understand the value of a work and that they value are valued at work. If you do this, you build a foundation for mental health
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"Still to come this hour, my conversation with Bank of America CEO Brian moynihan after the bank reported third quarter results that beat expectations. I get his thoughts on the strength of the consumer and the economy. Plus, his outlook for long-term growth and whether he expects changes in headcount, going forward. But first, here in the northern hemisphere, we are headed back into another winter and we'll have to deal with COVID again as much as we had hoped otherwise, and also of course the flu season to bring us up to speed on whether we are prepared and what we need to do, I talked to the Surgeon General of the United States, doctor Vivek, Murthy. As we look forward to the winner, what we have to look at is where we've been the last couple of years with COVID, which is that each year we have seen an increase in COVID cases in winter time. And we should be prepared for that happening this winter as well. Typically the winner we also see flu cases rise, and in some parts of the country, we're already starting to see that increase in flu cases. This is why it's so important that everyone take the precautions that they can to protect themselves against the worse outcomes of both COVID and flu. And in this case, that's getting vaccinated for both. The good news is we have updated COVID vaccines that people can take now that are targeted in particular for the BA 5 variant of COVID. That's the dominant strain right now circulating the U.S. and if you're at least two months out from your last shot, you're eligible to take those as long as you're 5 years of age and up. So I would encourage folks to do that. And to also you get through your flu shot, you can get them both at the same time. That's in fact what I did. And that'll give you your best protection against hospitalization and death from this virus during this winter. Doctor, do you have up to date numbers on the extent to which people are getting that is the bivalent version, right? That address BA 5, that newest version of the booster. What kind of take up are you getting on that? Well, we've actually been seeing the uptake increase in millions of people have already gotten the vaccine. We anticipate more will. Especially over the next few weeks, as winter gets closer, we want everyone to get vaccinated as quickly as they can, especially because we can predict with great precision the exact day that somebody may get ill. The best thing that we can do is to prepare because there's still virus circulating. And I will say this also that we've learned a lot in the last couple of years about COVID-19 and come a long way. We've actually been able to save hundreds of thousands of lives because people have gotten vaccinated and they've got protection on board. But even though we made tremendous progress and we've been able to get back so much of our lives, it's important that we maintain this protection that many of us have. And that's where the vaccines come in. What we've seen, especially in folks who are older, David, is that if you are vaccinated, you're the chances of actually ending up in the hospital or dying from COVID-19 are dramatically lower. And finally, just keep this in mind too. Even if you do get vaccinated whether you are not, there are treatments available for COVID-19 that we want people to know about. And if you are in a high risk group, if you're older or if you've got multiple medical conditions that put you at higher risk, I know that there's our medications available like paxil, which you can reach for and which also dramatically reduce the chances that you will end up in the hospital or get sick if you have an infection. Doctor Morsi, let's turn to something that is, to some extent, a separate issue, and I know our priorities, but also is linked, I believe, to some extent. And then it's our mental health. I know that's something you've really wanted to make a priority of yours, and there are reports now that the mental health in general across the country is suffering a bit in part because of the pandemic. Where are we on mental health in this country? Well, I'm glad that you asked David because a lot of people are really struggling right now when it comes to their mental health and well-being. COVID certainly has been a factor there. It's taken a toll. We've seen rates of anxiety and depression increase across the population, particularly among young people, but the truth is even before the pandemic, we were struggling as a country, especially with kids. Keep this number in mind. We had a 57% increase in the suicide rate among young people in the decade prior to the pandemic. And this is one of the reasons why I've made mental health and well-being. My priority is Surgeon General because this is really the foundation of society. Our mental health impacts how we show up in the workplace, how we show up at school, how we show up for our families and our communities. And that's one of the reasons why I released a framework on workplace mental health and well-being. It's the first time this has ever been released from the office of the Surgeon General, but I did so because we've realized that workplaces actually have a powerful impact on mental health and we are now seeing that 81% of workers are saying that they want to work in a place that supports a mental health and well-being. When you actually make that investment in mental health and we lay out 5 key essentials through which you can do so by investing in a protecting workers from harm and building social connection and commuting the workplace, helping support work life
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"Harmony, supporting opportunities for growth and helping people understand the value of a work and that they value are valued at work. If you do this, you build a foundation for mental health. It not only helps workers, but it turns out the data is increasingly showing us that helps the bottom line of businesses increases productivity as well as retention, which we know is an important cost center for places. Okay, let me ask the toughest question I think, doctor. It may be an unfair question. We have in this country a substantial and growing problem with people experiencing homelessness. And what I've read is there is a fairly high coincidence between mental health issues, substance abuse and many of the people experiencing homelessness. What should we be doing? As a society to address those that really need health, help who are out on the street. Well, it's a critical question. David and these go together. You know, it's a doctor I've cared for many patients who are homeless over the years, and I've seen that many of them have struggled with mental health concerns. And these two can often go together. You know, sometimes people who are struggling with severe mental illness are a greater risk of being left out in a sense and falling through the cracks and homelessness is one end result of that. But we also know the experience of homelessness itself is incredibly stressful. And if you're somebody who's had depression before, if you're prone to anxiety, then that stressful experience can really push you over. So what we need to do is several things. One, we've got to make mental healthcare more accessible to people. And there's sepsis we've already taken over the last year and a half. I think the American rescue plan and specific measures to expand access to certified community behavioral health centers that will help in that regard. And technology is an important part of it. Technology helps us make mental healthcare available to people, even if they're not around a provider. But we've also got to address homelessness itself. And that means making sure people have places where they can actually live, have a roof over their heads to be protected from the elements and making sure those places connect them to care. That's also going to be an essential part of the solution. Thanks to U.S. Surgeon General, doctor Vivek Murthy. Coming up, my conversation with Bank of America CEO Brian moynihan after the bank reported third quarter results that beat expectations. I get his thoughts on the strength of the consumer and the economy. Plus, his outlook for long-term growth and whether
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"Of the best possible vantage points on the economy overall. And on the U.S. consumer in particular. So we took the question of how to reconcile all the conflicting data points to the man at the top. Chair and CEO, Brian moynihan, starting with what he sees in the state of the consumer. I just saw the data for the first few weeks of July. And the end of day for the first couple of weeks of July, the consumers and the aggregate spent across debit cards, credit cards, checks written zell, money out of the cash out of the ATMs, cash it from tellers all the different ways to spend it. They spent about 9 or 9% plus more than they spent in the first two weeks of July of 21. The transaction volume grew at 6 or 7%, 6% plus. That means people are doing more things. And so the consumer spending is strong. The second thing is the customers have in their accounts more money mid month of July than they did in June. And so they continue to build their account balances, especially in the lower wage earnings populations we have in our customer base. We serve all these customers. So to give you a sense, customer that pre-pandemic would have had one to 2000 average balances in their accounts had an average of 14. It now has 7000 plus in that account. That same customer two and a half years later. The customer between two and 5 averaged 3500 come forward to a half years later. They have 13,000. So there's money and accounts. And by the way, they're not going down. They went up a little round tax refunds. They came down when they spent some tax refunds. And that was April May and then you saw them start to grow in June and you're seeing a continuing in July. So they have money on accounts. The third thing is, are they borrowing? And the answer is we're seeing some growth in our credit cards. Some go through our home equity balances. Stabilization or mortgage balances. But at the end of the day, they have plenty capacity and home equity to borrow. They were 30 billion pre-pandemic, the loans are now in the low 20s. So there's that capacity, credit cards are 95 billion pre-pandemic. They're now 80 mid 80s moving up. There's that capacity plus there's other lines. So there's capacity bar, the home values are still strong. So that's good. So as you look across all that data, you say the consumer is strong. Now, when you do a survey of what consumers feel like, they say consumer sentiments down. And that's because they read about inflation. They hear about inflation. So the answer is what they're saying they see versus what they're doing is kind of interesting and then you look at the unemployment levels and wage growth and it's strong. So that's the conundrum that's the fed's toughest challenge. You have a strong consumer, and they need to slow down the economy. And that's a lot of work. And so we see everything constructive on a consumer side in our database. And by the way, the wealthy customers, the same thing, except for frankly, they had to pay more taxes in the second quarter, 50% more by estimates than last year. So therefore, the balances went down and now the recovery. So Brian, I think you just put your finger on one of the questions, certainly that's perplexing to me that a lot of the data indicate the consumer is really strong, but the consumer sentiment is really, really weak. How could it be that good who we feel that bad about it? And I guess the follow on question that is, can we talk ourselves into a downturn? How much of this is sentiment and how much this is behavior? Well, a couple of things. So my experience with consumers across the years, especially around the investment side, which I ran for the company before I see a bunch of years. It could see the stock market trading volume of retail customers correlate with sentiment. So when people don't feel good, they don't put as much money in the equity market and you're seeing a kickback in a little bit now, but that went down a lot. And so these things do play off each other. So the sentiment out there plays off of stock market levels. House price belief, whether the debate about whether I'm going to have a job, all those things play off. But the actual behavior plays off of really one straightforward thing. Do I have a job in am I getting paid? That was Brian moynihan chair and CEO of
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"And back to you All right great stuff Great stuff Brian moynihan CEO of Bank of America I'm going to throw in Bank of America Merrill Lynch just because I'm a Merrill Lynch alum Lisa brahmins and Tom Keene there My takeaway there Matt from mister moynihan is the consumers and good shape Yeah that I think is the most important thing we heard from him He told Tom and Lisa those stemis that Americans got back at the beginning of the pandemic You know the narrative is that Americans immediately either invested those in GameStop or crypto or kind of slowly lost or spent that money And of course if we look at savings rates we're back down to below pre-pandemic levels We're back down to below historical averages but moynihan says Americans have not spent those stemis They've still the consumer is still doing quite well And he has the credit card data to back it which is why he's just an important person to listen to I will also point out that he has done very well leading Bank of America right If I put bank America up since he started in 2014 I'm using the comp screen to do this which is a great screen I put up BAC against Wells Fargo JPMorgan Goldman Sachs city He's outperformed almost every single one of them since he took over the annual return of about 12% Only beaten slightly by Jamie Dimon at JPMorgan with an annual turn of 13% Good stuff All right right now let's get a quick business flash with Greg Jared get a reset here Great Yeah I was just thinking about a cocktail named stemi I'll take a double stemi straight.
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"This is a Bloomberg money minute We're facing the worst inflation we've seen in some 40 years and while companies such as Coca-Cola and Procter & Gamble worry will reach a point where we turn away from Coke tide and other products because they cost too much It hasn't happened yet Bank of America CEO Brian moynihan says people may be worried about inflation but on a given day they're spending money and engaging in economy Part of the reason may be found in bank balances And consumer with one to $2000 before the pandemic average in their account now has $7000 A lot of people were able to bank government aid money and then there were pay raises moynihan says that's part of why people haven't stopped spending With more wages people can pay the prices and do their things But a Census Bureau survey finds millions more Americans borrowing money from family and friends than a year ago Moynihan says spending from Bank of America accounts and cards is up 18% over last April He says that squares with pent up demand What they're spending on travel entertainment restaurants They're moving around again Joan doniger Bloomberg radio Wake up and text text and eat Text and catch the bus Text and miss your stop Text and be late to work Sorry Text and work Text and pretend to work Text and act surprised when someone calls you out for not working Who me Text and meet up with a friend you haven't seen in forever Hi Oh hey Text and complain that they're on their phone the whole time Text and listen to them complain that you're on your phone the whole time Ugh Text in whatever But when you get.
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"That beat analyst expectations pretty much across the board helped in part by higher net interest income Bank of America chairman and CEO Brian moynihan joined me for an extended conversation on the state of consumer spending amid rising inflation His outlook for the economy and the banks recent loan growth But first I got his reaction to earnings So we announced our earnings $32 billion in record earnings in 2000 21 for the company the team did a great job delivering for their clients and shareholders and communities and each other last year So I want to thank them publicly But in terms of loan growth we had $50 billion of loan growth in the quarter In a year in the quarter about 15 billion of that or so was in the markets business which can ebb and flow depend on scar conversations and things like that But 35 was core in the wealth management business and the commercial banking business the consumer businesses And so that we see you should expect us to grow faster in the economy It probably upper single digits this year And what's good about that is two things One is there's tremendous capacity to borrow still in our customers whether it's credit cards still 20 billion off the peak or whether it's line usage by our commercial clients It was a 35 went to 25 now back up to 30 round numbers to give you a sense So that means clients have an ability to borrow to keep the economy going And then secondly if the good of Bank of America's shareholders loan growth actually is the way we extract the value of this huge deposit franchise and that's good for their earnings So Brian I've talked to some people in the industry maybe not who run banks but some people are interested who say they think the opportunity in future loan growth may well be in the middle market So the smaller and mid sized businesses the big companies that borrow what they need to borrow and consumers right now don't need it Does that sound right to you Well David yeah our level commercial banking business run by one you Stewart And then we have two businesses which go to quote the middle market It fell in Raoul and I runs business banking which is up to 50 million in revenue and Wendy runs up to two and a half billion Those businesses Wendy's team I think at 8% loan growth for the quarter Those are major corporate middle market America And so there's two aspects that we're seeing more demand for loans there We're doing more clients We're actually deployed hundreds of relationship managers over the last few years investing in the future and they're now having success But importantly the second part of that is people use those lines That means economic activity is going forward So they are the window into America's economic soul and in terms of mid sized companies and small businesses By the way in the all important small business segment with Sharon Miller runs for us we actually have seen a 125 a 150% of monthly production quarterly production compared to where it was before the pandemic So not only have we gotten it all the way back we're actually growing and creating more loans per quarter which again is good for the economy and that shows you the economic activity continues to pick up Brian one of the drivers for your earnings he announced this week actually we're investment banking fees up something like 26% Investment banking mergers acquisitions has been very very hot in recent months Do you see it continuing in 2022 or do you see a trailing off Matthew coders who runs our large corporate investment banking business for not only loans and the cash management fees and everything had a great year in investment banking all four cores above 2 billion record numbers for us The pipeline is still full And some of that was always market dependent It was deals equity offerings and stuff where they get pulled or not if the market's bouncing around But the pipeline is more than full and they had a great quarter a great year and the team has continued to drive good market share gains year over year And we couldn't be prouder of them But the rowdy is that revenue can come and go based on market activity The good news we get a lot from financing activity which tends to be steadier but the advisory business which is strong right now will really be dependent upon companies make a decisions to buy and sell and things like that which right now is full in a pipeline and hopefully it continues Brian you know better than anyone It's not just the top line It's also the bottom line You've got a lot of credit for controlling expenses in the earnings view announced On the other hand there's a lot of competition for talent when it comes to banking right now You said that you will step up to the plate You won't lose people you need to lose Can you manage expenses effectively and still pay the top dollar that's really coming in for bankers now Yeah I think if you think about the broad expense base the team has done a great job over the last 12 years They've been together doing it to bring the expenses in the company down in line to get the efficiency down And then if then frankly the expenses rose during COVID for a whole host of reasons including the success of the more market related business revenue whether it's a financial adviser to.
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"Loan balances and lower costs I spoke about it with Bank of America chair and CEO Brian moynihan I also got his thoughts about how the bank will deal with expected interest rate hikes but first I asked him where he sees loan growth going this year We had $50 billion of loan growth in the quarter In a year in the quarter About 15 billion of that or so was in the markets business which can ebb and flow depend on securitizations and things like that But 35 score in the wealth management business in a commercial banking business consumer businesses And so that we see you should expect us to grow faster in the economy It probably upper single digits this year What's good about that is two things One is there's tremendous capacity to borrow stone our customers whether it's credit cards still 20 billion off the peak or whether it's line usage by a commercial clients that was at 35 one to 25 now back up to 30 round numbers to give you a sense So that means clients have an ability to borrow to keep the economy going And then secondly if the Bank of America shareholders loan growth actually is the way we extract the value of this huge deposit franchise and that's good for their earnings So Brian I've talked to some people in the industry maybe not who run banks but some people are interested to say they think the opportunity in future loan growth may well be in the middle market the smaller and mid sized businesses The big companies are bar what they need to borrow and consumers right now don't need it Does that sound right to you Global commercial banking business run by one you store it We have two businesses which go to quote the middle market Raoul and I run business banking which is up to 50 million in revenue and Wendy runs up to two and a half billion Those businesses Wendy's team I think had 8% loan growth for the quarter Those are major corporate middle market America And so there's two aspects We're seeing more demand for loans there We're doing more with more clients We're actually deployed hundreds of relationship managers over the last few years investing in the future and they're now having success But importantly the second part of that is as people use those lines That means economic activities going forward So they are the window into America's economic soul in terms of midsize companies and small businesses By the way in all important small business segment we share Miller runs for us We actually have seen one in a 125 a 150% of monthly production quarterly production compared to where it was before the pandemic So not only have we gotten it all the way back we're actually growing and creating more loans per quarter which again is good for the economy And that shows you the economic activity continues to pick up Right one of the drivers for your earnings announced this week actually we're investment banking fees up something like 26% Investment banking mergers and acquisitions has been very very hot in recent months Do you see it continuing in 2022 or do you see a trailing off Matthew coder who runs our large corporate investment banking business for us not only loans and cash management fees and everything had a great year in investment banking all four cores above 2 billion record numbers for us The pipeline is still full And some of that was always going to be always market dependent It was deals equity offerings and stuff where they get pulled or not if the market's bouncing around but the pipeline is more than full and they had a great quarter a great year and the team has continued to drive good market share gains year over year And we couldn't be prouder of them But the route is that revenue can come and go based on market activity The good news we get a lot from financing activities tends to be steadier but the advisory business which is strong right now will really be dependent upon companies making decisions to buy and sell and things like that which right now is falling apart pipeline and hopefully it continues Brian you know better than anyone It's not just the top line It's also the bottom line You got a lot of credit for controlling expenses in the earnings you announced On the other hand there's a lot of competition for talent when it comes to banking right now You said that you will step up to the plate You won't lose people you need to lose Can you manage expenses effectively and still pay the top dollar that's really coming in for bankers now If you think about the broad expense base the team has done a great job over the last 12 years They've been together doing it to bring the expenses in the company down in line to get the efficiency down And then frankly the expenses rose during COVID for a whole host of reasons including the success of the more markets related to business revenue It's a financial advisory in Merrill Lynch the private bankers and the investment bankers in the traders under Jimmy to Mars leadership So yes those compensation levels have risen But importantly David remember we've also in the last two years gone from first of all accelerate our move to $20 an hour to start our wages to 21 We've increased the compensation the company dramatically across the years But how do you make that all work Well you keep engineering the company keep working on processes to take out cost and reinvest it in people You have left our headcount last year went down by about 2% And that was just through the operational excellence we have and we continue to do it So we have a company that's a lot bigger now When I became CEO we had 300,000 people to peak in my first year of being CEO We now have 208,000 people The company's bigger has more activity And that's just by the operational excellence which everybody in a company drives 2000 ideas last year alone to make our company can run only.
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"The bigger companies have learned to work around it You've read the articles or seen the data about that I'm sure some people have been on the show here talking about They've learned to get control of their import stream for lack of a better term But it's something that's got to be reckoned with and done and yet you're seeing it slightly better Bank of America chairman and CEO Brian moynihan Now we wait tonight to see how the lira will open with a three interventions so far to stop the drop in the lira to the dollar This is the trajectory over the years You can see we are moving towards 14 Will we get there Well that's for the foreign exchange market to debate S&P have lowered the outlook on turkey to negative They talk about a weakness in the lyric inflation and external leverage The amlo block talked about the third intervention in selling foreign currencies and buying lira as throwing FX reserves into a bottomless pit So keep an eye on the lira as the volatility will issue Let me show you the other main headline that we have for our region which is Lebanon and this has been announced is that the dollar deposits can be withdrawn at 8000 pines to the dollar So this is the Central Bank increasing the foreign rate in which the dollar deposits can be withdrawn raising it to 8000 from 3000 according to this statement to control inflation and the monetary supply they've set a limit of $3000 a month for each account What is a week old for you apart from 20 central banks making decisions about their rates It's a fairly intense week all the way around But in terms of.
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"And people can't forget their shortages and labor now too So it's not only goods to manufacture it's also the people to make them And so when you talk to our clients they all get it's messed up It's getting a little bit better It's easy for it's been a problem for many months now And the belief that it is totally related to the virus is true but there's also a tremendous amount of demand in our economy right now Consumers are spending a lot buying a lot of things and we can talk about that separately So businesses are able to increase prices because there's only so much goods are sold And that leads to inflation But more importantly they are starting to see a little bit of help and are starting to use their lines but the reality is it's a real concern One of the risks because we need people in goods to manufacture for 2022 and those things got a straight out relatively soon And that's why you're seeing the administration bring other people into help and getting to people together and figuring it out But it's been going on for ten months now So I want to come back to the consumer question you suggest Before that you say there's a little bit of improvement As you talk to your customers how fast is this supply chain problem improving And do you have any sense of when we may be getting back to something approaching normal I think it's a slower fix but each day it's better If you're a ten you went down to two when you go to three you have a 50% increase So the questions people forget your people don't care what happened to yours Do I have the stuff today And can I get it tomorrow So that's what started to get better And the bigger companies have learned to work around it You've read the articles or seen the data about that I'm sure some people have been on the show here talking about They've learned to get control of their import stream for lack of a better term But it's something that's got to be reckoned with and done and yet you're seeing it slightly better That was Bank of America CEO Brian moynihan speaking exclusively with Bloomberg's David western really interesting conversation there about post COVID tightness in labor markets but also the strength of the U.S. economy right now Let us get to global news lines.
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"Together We welcome in full all of our Bloomberg audiences across TV radio and YouTube and Carol I'm gonna pose a question to you that I just posed to Taylor Is this a sell off today I'm a little bit more of a holding pattern I feel like it's a holding pattern I think everybody wants to know What's going to go Taylor But I think we all want to know what's going to happen with the inflation report tomorrow I love what Brian moynihan and Bank of America just said listen we know there's inflation So we're not going to be surprised that it's going to be a report that shows there's inflation but we need to see how widespread it is And we also need to see about whether or not it continues But right now I think a lot of concerns are in the markets are just about waiting for that report Also waiting for the fed next week guys Yeah a week or open on the S&P 500 We started in the red we've stayed in the red If you're looking for a bright spot finale I guess maybe you can find it in some of the healthcare names Yeah you can find it in some of the healthcare names really we have a lot of sectors still in the red today We are allowed lower today romaine by consumer discretionary lower by energy real estate information technology stacks that we have a little bit in the green as you said healthcare consumer Staples giving us a little bit of a bit today remains And we are in the bread but I'm gonna start with the bright spots of my board as well Apple of course the Mac daddy of the S&P 500 is doing its best to try to keep things afloat here CVS Health also hire here actually going to boost the dividend for the first time since 2017 and institute a new stock buyback for the first time since 2017 for a .6% here on the CVS Health on the day Hormel Foods also hire as well This is pretty much where you're getting any real juice to the upside here Most of everything is lower including some of the other big tech names including Tesla Tesla down 5% on the day right now And I love that we have a lot of tech in there because I wanted to talk about some of the value and the growth names because we're coming off and Carol really a lot of interesting conversations with Kathy wood right And some of these tech conversations and then Brian moynihan talking about value in the financials I mean tweet this out for the radio audience but basically you were looking at a ten year guild that has been trying to creep a little bit higher And then I'm looking at value divided by growth So value on a relative basis to growth And it has been down down down as growth really has been maybe a little bit of an outperformer as of late It is just shocking about the divergence that we're seeing relative to ten year yields It's not a typical relationship Carol that we've typically seen Well and it's an important relationship though to keep an eye on because we were all wondering what happens with those big technology names right Depending on what we're thinking when it comes to inflation certainly determines that trade on the equity front We mentioned David Weston a Bloomberg radio on Bloomberg TV catching up in an exclusive interview with the head of Bank of America We're talking about Brian moynihan and they definitely talked about inflation Check it out We have inflation That's not that's actually not the debate Another question is how do you bring it back in And so if you think about a con to go into 5 and a half to 6% this year 4% next year low fours next year and 2% in 23 The goal is to glide into that trend growth rate without causing a recession and that's the hard work of the transition monetary policy has to go on now Brian moynihan of course the CEO of Bank of America catching up with our David Weston It wasn't exclusive It's the hard work And this is something Tim we know that the fed when the economy is gangbusters we understand what it means when in terms of fed policy And when the economy is falling apart we can get it But right now it's a little muddy and that's why it's difficult Yeah I might get a little un muddy tomorrow when we do get those inflation numbers although we know it's not the preferred measure of inflation that the fed likes to use but still it will provide us with some guidance I did find it interesting guys that Bank of America chairman and CEO Brian moynihan talked specifically about wage growth and the stickiness of wage growth when it came to inflation because he says hey when you look at the persistence of inflation that's really where you have to look The ones you give me might raise you can't take it away That's what they're saying Unless you get fired then it gets taken away Yeah exactly Not gonna say anything And then you still have all course a lot of the supply side issues which pal is finally sort of come out of the Woods and acknowledged himself And I think when you start to talk about the sort of one two punch of some of what you're seeing on the producer side and some of what you're seeing with regards to labor and wages you have to wonder here how fast the fed needs to move Do you stick to that timeline for the taper and what most people presume as a timeline for a midyear rate hike Or do you accelerate that process and communicate that to the market We were speaking earlier with Liz young and you had a really interesting comment at the top of the two that the fed you know really rightly is looking at kicking off what could be maybe $30 billion a month of speeding up that taper process Shelly I think the question that economists and that I definitely still have is all the kiwi that we're doing that fixes the demand problem There isn't a demand problem There's a supply problem So what is all of this doing Yeah it's a really interesting question and another little tidbit from Brian moynihan was the idea of getting into a growth rate with all of these economic hiccups supply chain and labor shortages and whatnot without getting into a recession So even the worst is on the mind still while there's optimism in the voice of business leaders It's about one 40 You've got one 44 on a ten year yield of 30 year yield still below 2% Meanwhile you got the two year yield going up What does that tell you Janae though I think that was such an important point from Brian moynihan of Bank of America How to glided back how the fed glides things back in terms of monetary policy specifically without causing a recession excuse me We've seen this right We've seen the flattening of the yield curve and whether or not it's an indication of a recession or not we've got a long ways to go but you have to keep that in mind If growth starts to slow down next year how difficult that is for the fed and determining policies Well I think one thing markets today thinking about our this is the spread of the amaron variant We are getting more and more data about what actually happens and how quickly it spread One study today telling us it's four times as more transmissible than.
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"To get through vaccinate And if you look at the overall vaccination rate now relative to where we were in delta it's a very different story When it comes to fixed income Brian moynihan we played some of his tape this morning Again I think he's just sort of stating the obvious is that we should we've got a taper some would say already priced into the spread differential perhaps between bonds here and the states But do you think it has any risk the same question Yes indeed think that our rates are differentiated enough relative to treasuries in preparedness for a faster taper and maybe even two to three rate hikes next year Here's what I think if we look at the region here it's not only treasuries that drive the sprites and rights It's also oil prices because of the patriarchal economy So we have to look at two sides to this On the right side we are sitting on the fence of higher rates in 2022 We've been sitting there this year as well And it's been quite a rough road with rights going up and down So I think it's difficult to keep on switching or portfolios over this period in time If we look at if you stick with that coronavirus okay we had a 100% this year but 2022 were slightly more assured these hikes will come They're going to come They're going to come in 20 How many do you reckon I think three Okay super price up for me on three roadhouse because I would say to you that to your paper It's training at the highest level since pre COVID I don't get the sense these bond markets are pricing in three rate hikes In terms of the spreads And so I would agree with you a 100% A 100%.
Bloomberg Radio New York
"brian moynihan" Discussed on Bloomberg Radio New York
"To these Pellegrini Denise a lot of controversy surrounding this year's UN climate change conference And we had a chance to hear about the role of finance in helping improve the environment from Bank of America's CEO Brian moynihan Now Bloomberg's francine loquat caught up with moynahan on the sidelines of cop 26 in Glasgow There's a lot of expectations on finance what finance can do Do you feel a lot of weight on your shoulders for corporations to do more and maybe fill the vacuum left by politicians Well I think this is a transition adjust transition We all have to make as a consumer as a company as a company and everything you do everything goes on around And so there's a lot of pressure on banks because our clients are demanding this Our investors are demanding this The politicians of worlds demanding this And so if you think about it in the context the SDGs in 2015 the United Nations all the countries said we want this to happen Stand up development And now we've got implement But when you look at some of what Wall Street and banks and general can do could you stop lending to businesses at pollute too much Well that's the great debate But to help everybody make a transition all our clients have to make a transition Some of them extract minerals some extract fossil fuels And they're all making those commitments And our job as a financial institution is excess assess them on a risk basis honestly Here's my plan Here's where I'm going to go And it's hard for them I mean it's easy for services for them to say I'm going to be net zero but it's hard for them And we've got to stay with them to help make that transition They need capital to deploy And so their plans their declarations and you're seeing it by many of them now saying we're going to do this by this year Then we can be part of the measurement system because as we underwrite them what the risks were underwriting is do they have a plan that meets the standards that were wants them to have And if they don't they're going to have a problem financially down the road and that's how we do it Do you see real commitment from a lot of your clients to actually also incorporate scopes for you Because this is a big one which is the hardest If you're using steel it's very difficult to make that steel green Yeah It is but everybody's got to remember everybody scopes through somebody else's scope one and two So the analogy is that a car is going to be a net zero car Every part on it has to be net zero And he pushed to his supply chain The commitments by the car manufacturers and other people will allow the steel industry to make the change It is expensive the steel industry to make the change But if you think about the overall context of the cost or something it's not as high if everybody agrees We're going to help make that change And so that's the thing And when we look at from a finance emissions obviously the heaviest debate are the biggest bang for the buck for lack of a better term So that's where you have to concentrate on are they having a plan to follow How many clients are resistant to change You know I really don't think people are People understand it People people are trying to figure out how they take these wonderful companies and move them And so with the SMI work we do with the G fans work we do with the west climate leaders work You just see more and more companies understand we all have to make the change And yes there's leaders and there's some laggards But one of the things about metrics and other things is you can bring everybody to a minimum standard And it does have to be the top just everybody gets a minimum standard move from there But if you look at the amount of and I don't know whether you see more change in the public or private sector but when you look at the amount of ESG products or sustainable financing available that was grown exponentially but you still have missions go up So I'm not sure what needs to change for how you deploy capital to make emissions at least stop at this level Well I think so there's a lot of models and calculations about the one and a half and what's going to happen But I think one of the tricks is not here the experts tell me They've never modeled this much commitment from the private sector which spends all the money So when you think about trying to implement this in the trillions of dollars a year it takes the debate is oh my gosh what government all of our own deficits from the pandemic is going to have money to put on a table And the answer is no The private sector but if you think about us changing how we operate we have a $120 million of energy use this year We've been driving that to all renewable sources You think about that across all the countries world GE that's a lot of money And then you have the offset market that develops from what we can't mitigate and we can use that to move especially in developing countries with a little bit of money has a big impact reforestation and things that can help So it's that net zero commitment by all sectors including the governments is operators They'll do it And then so people should understand that integrated business loop If you're running a midsize company at some point soon you're the first one you sell to and the supply chain is going to turn to you and say you have to be in that zero So our job as a bank is to educate and that's coming out So where's the biggest opportunity for banks Well we did $80 billion of financing last year.
Bloomberg Daybreak Asia
Bank of America Struggles With Tepid Loan Income as Consumers Shun Debt
"As because consumers had plenty of cash from government stimulus programs and avoided taking on new loans, loans and leases in the consumer banking unit fell 12% from last year. Even so, CEO Brian Moynihan told us that he sees organic growth re emerging. While vaccination campaigns are making some progress, the challenges we've been fighting a war on the virus and society, we've we we are winning, but it ebbs and flows and if we can keep the virus under control, I think you're hearing it never raised commentary were set up for a strong growth rate. This year in the aggregate and strong next couple quarters. Economies as big the Fed is in the U. S is very accommodating as central banks around the world and the next year's particularly grow more. Bank of America's trading revenue fell 14% last quarter and in terms of the performance in the markets today B of a was down 2.5%. All right, when we got this slew of economic data from China with GDP, headlining it, and we're likely to see the growth
Squawk Pod
US House Democrats Crafting New $2.2 Trillion COVID-19 Relief Package
"House. Democrats are preparing smaller corona virus for the leaf package. All right. So it's a trillion dollars less than their last proposal, but a trillion dollars more than what Republicans are ready to do. So they split. That More, but roughly, so they split the difference source tells us that the two point four trillion dollar package would include enhanced unemployment insurance stimulus checks, small business loans, and aid to airlines, and it says here you can talk to the right or the price tag is still about a trillion dollars more than the Republicans latest offer. But. But thought the skinny deal was something like seven or eight, hundred, billion dollars trillion dollars. Rounding now I think and I. Know They are in Congress Lana rounding lot around rounding going on. In fact, they probably call this isn't there I mean if you're. Just, a couple of hundred billion. So why not round that around? That's right well like we really have to pay. Right it the idea that it looks like they're getting closer together but not really I, mean, they're still talking about a massive difference between the two sides and I don't think there's much chance Manuchehr yesterday they're ready to restart talks but didn't give a timetable for any of that and I don't see how this happens before the election I just don't. Probably not and. I think both it's weird because I think. I mean you saw Goldman Sachs yesterday for for GDP for not the third quarter but for the fourth quarter from six to three. Based on. You know not having prospects for more stimulus so I can tell you that. The election will be over but I think the administration would like six percent a lot more to be able to brag about that although we're going to get that flash number for third quarter which should be. Twenty plus. like two weeks before a week and a half before the election. So you're going to hear how great debt is biggest-ever I guess twenty, three, twenty, four percents we heard from Brian Moynihan yesterday who said that you should have additional aid, but it should be targeted the Democrats in this latest thing that they've put forth still have payments going directly to people you know payments across the board president trump has mentioned that be something he'd be interested in but I think it. Makes a lot of sense and and this is something you would probably hear from most of the Republicans with the smaller in the Senate with the smaller package that they've signed off on the idea of sending a blank check to ever sending a check to everybody regardless of whether or not you've been impacted on this. We'll probably pass the time of needing to do something like that. You need to get it to the businesses into the people who are suffering the most right now. Yes greed agreed.
Mark Levin
Dow lower, amid rising Middle East tensions
"Investors will spend the weekend with a nervous eye on the Middle East fears of escalating tensions sent stocks sharply lower today the Dow Jones industrial average plunged two hundred thirty for the S. and P. five hundred dropped twenty three the nasdaq composite tumbled seventy one thank of America added jobs in twenty nineteen for the first time in a decade CEO Brian Moynihan says thirty six hundred additions included thousands from low and moderate income areas it also reached a goal of hiring ten thousand veterans over five
Houston's Morning News
Brian Moynihan, Bank Of America And CEO discussed on Houston's Morning News
"Bank of America's net interest income fell short of analysts' expectations that's revenue from customers loan payments minus what the bank pays depositors however CEO Brian Moynihan said the economy appears to be
Bloomberg Daybreak: Europe
U.S. Stocks, Bond Yields Drop Amid Trade Tensions
"Let's get a look at the daybreak newsletter. Maybe for a little bit more guidance on what you should. Would be watching today. The daybreak newsletter is out on customer terminals. You can get it typing. D. A Y, B go, and we go to the editor, Brian Fowler comes to us live from Tokyo. So let's start Brian with talking about treasuries. You know, it's really been the main story in markets lately. You know, the main pure market story, as we're starting to hear how trade tension escalation is weighing on yield. We see a little bit of a turnaround today. Yeah. Well mad. I think we saw a little bit of a respite but there's a lot of general angst and it really does start with with trade tensions between the US and China. We have footsie Russell's Alec young thing that he fees at this point that the likelihood is greater of things escalating before we get any kind of near term fix, and we have strategists from various places. Talk, Jen is saying that protracted negotiations would mean two percent ten year yields would be within the realm of possibility Columbia, Threadneedle strategist. Agrees to percent is viable, especially if, if we can date a spur, even more speculation of fed rate cuts, and just to punctuate all this. We had our daily dose of invective from Beijing where an official said deliberately provoking trade dispute is economic terrorism economic terrorism as well. You know what it sounds harsh, but I can understand the sentiment whether you agree with it or not. It's, it's an understandable sentiment. We've heard from a lot of important voices in the last twenty four hours, I was talking about dally L. We've also heard from pimco from Morgan Stanley from Laszlo Bahraini. We're going to get that Morgan Stanley interview out for listeners and just few minutes. It's an exclusive but what's the general gist? Yeah. Well, there's I mean, there's a diversity of views in the first place. So, for example, pimco came out saying. That credit market risk is at an all time, high from their chief investment officer of US core strategy and time. How time high and he says it's reminiscent of before the crisis. But, but even worse than that. And he says, it's due to everything from size and duration to quality and lack of quitting thinks that underwriting standards have have fallen apart, and we've got real trouble. But, you know, we're going to get to the Morgan Stanley Feo interview James Gorman, and he actually takes a different view. He says he doesn't see the credit markets risk is being that bad. He says, I know systemic risks systemic dangerous and this doesn't seem to be it in his view. All right. But of course he has to talk to some extent, he has to talk his own book, right where whereas pimco needs to make the right calls, CitiGroup joins P Morgan. On flagging downturn in trading revenue, speaking of their books, their literal books. What's the story for Wall Street banks so Bank of America. Well, I the latest is actually Bank of America. Ceo Brian Moynihan warning that that trading revenue in the second quarter is on pace to fall about eight percent from the first quarter that drop is actually a little bit smaller than the usual seasonal decline. You might expect but he he's quick to point out that that's not because things are good. It's really because the first quarter itself is also pretty weak revenue contract to fall about ten percent on year. And yes, we had similar kinds of numbers from both city and J P Morgan. I will say fifty city THEO, Michael Corbett fed that amid all the, the bad news. They do expect to pick up some market share at city. So there are some opportunities amid all that all the in the rubble of the trading. Brian great to get some. Some time with