35 Burst results for "Jpmorgan"
The Charlie Kirk Show
The Joy of Entrepreneurship With Venture Capitalist Vic Keller
"We live in a great country and in this country, we have amazing stories of success, one of the pieces of feedback I receive from young people, so how can I be successful? All I hear is this negativity on campus. Well, we want to introduce you to one of the most successful entrepreneurs in the country, Vic Keller Vic, welcome to the program. Thank you, Charlie. Glad to be here. You have several businesses and the success could go on and on and on. Tell us your story. Man, my story is one of coming from humble roots. I just remember being 14 years old and trying to convince McDonald's. I was 15 years old, so I could get a job and from there I just had a bunch of jobs and then by the time I was, I think 23, 24 years old, I really understood that I wanted to be an entrepreneur. I was working at JPMorgan and was learning some great stuff, but I realized I was on the wrong side of the table for really how I was wired. I wanted to be that entrepreneur that was controlling those commercial banking accounts and building enterprise and being capitalistic. We live in the greatest country in the world. We're losing part of it, but boy, there's so many great stories that come out of a free market. The free market enterprise we have here is unbelievable. So just really at 23 24 years old, sort of thinking about it at 25, pull the trigger, started my first business. And you know, it sounds complex and daunting when you think about starting a business, but it wasn't. I talked a couple of my best Friends and to join to me and went online, formed an LLC and got a website that I was in business. What were you selling? You know, my first business was in the automotive industry and I was selling products and services in the automotive industry and it was a absolutely fast paced, high energy lot of hustle. A lot of awesome, but high margin. High margin, a lot of room for air. I learned when I was young. I like high margin businesses. And they really provide a lot of opportunity for fun expansion growth. High margin high volume. If you find those two things. The best. It's the best. You just need good people as well.
The Breakdown
First Republic Bank Shares Sink to Another Record Low
"All right, Friends, another day, another set of serious updates around the global banking crisis. We start with first republic, which had another shocking day on Monday with the stock price plummeting 47% to an all time low. The stock was halted 9 times during its freefall and has now lost 90% of its equity value since the beginning of March. First Republicans experienced a massive $70 billion in deposit outflows over the month, as customers grow concerned about the safety of the bank afflicted with the same duration mismatch impairment that took down Silicon Valley bank alongside signature. Now on Friday, a consortium of major banks led by JPMorgan Chase, agreed to offer first republic 30 billion in deposits, consisting of the deposits which would float out of the troubled community bank. Ratings agency S&P said this package may not be enough to solve the quote substantial challenges facing the bank even if it does ease short term pressures on liquidity. On Monday, JPMorgan CEO Jamie Dimon was back in talks to discuss converting the $30 billion in deposits into a capital infusion in an attempt to calm the panic around the already shaky bank. JPMorgan investment bankers have also been hired by first republic to explore options with a sale also being in the cards. Unfortunately, right now it's not clear how likely that is. Now that said, first republic doesn't necessarily represent the entire banking industry, with some time having passed since the collapse of Silicon Valley bank and the introduction of the fed's emergency liquidity program, the bank term funding program or BTF, regional banks actually saw a broad rally on Monday. This was led by New York community Bancorp, which we'll discuss in just a moment with a record 30% daily gain. Zero X makes he says, if you're in crypto and not following what's happening on community bank Twitter right now, you should be. Regardless of intent, the effect of both choke .2 and our two tier deposit insurance double standard is the same. To centralized resource allocation decisions in D.C. and New York.
The Breakdown
Bitcoin Was Created for Times Like These...
"All right, well, when the storybooks are written, I think it's pretty clear that these last few weeks will have been a seminal moment in our discourse about banks and Bitcoin. And so today for long read Sunday, I'm going to read three different pieces that all have a little part of that story. And we're going to start with one that comes directly on the nose of it. Should I keep my money in Bitcoin or a bank? It's by coindesk writer Daniel Kuhn. Daniel writes three banks have failed in less than a week. U.S. government officials have stepped up to backstop losses in a bid to prevent further panic. There are genuine concerns about whether that was the right move, effectively bailing out two poorly run institutions facing highly irregular problems and letting the third collapse, as well as the risk that more banks will fail. So should you take your money out of your bank and keep it safe under the mattress or in Bitcoin? The answer is, if you're anything like me, whatever money you have in a checking account is insured by the federal deposit insurance corporation, up to 250,000. So no, it's improbable that JPMorgan Chase will rug you. Still, many are moving their money into crypto like Tatiana Kaufman, who described this move Monday in coin desk as an act of protest. Putting aside stablecoins, crypto is volatile, making these assets less than ideal currencies. If you want to preserve your wealth. But they offer quote unquote root ownership, meaning no one can make a run for your deposits.
CoinDesk Podcast Network
11 Big Banks Create $30 Billion Rescue Package for First Republic
"11 big banks, including JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, and more announced last night that they would take these somewhat theatrical step of depositing $30 billion worth of uninsured deposits into the troubled first republic bank. But even that move, along with the introduction of the fed's latest bailout window, it might still not be enough to quiet concerns about just how stable and safe the U.S. banking system really is, just this morning as we go to air, even with yesterday's rescue still in the headlines, we're seeing first republic stock trading down nearly 25%. Zach, we've had a backstop, a lending facility that lets banks basically exchange their get their cash back for bad investments made and essentially the best terms. And now the big banks are throwing cash at the problem also. What do you think it will take for the regulators to restore confidence in the banking system or is that something that we're not even really expecting at this point? Well, you know at first republic bank doesn't have the taint of crypto attached to it. That's the thing that stands out to me as it relates to its ability to survive while we see signature be wound down. Obviously this crisis is one of confidence. If you look at people who are researching this issue, pretty much all midsize banks are having this issue, right? They bought bonds that are now worth far less than what they were marked as on their books, right? So clearly, I think people are worried that this could spread to other banks across the country, not just those in California who service, tech firms, but again, those who have customers who are looking to find yields and who are realizing that in this interest rate environment, they can go elsewhere to get yield and they can take that money out of a bank quickly in the palm of their hand and deposit it in a money market account, but they can deposit it with treasuries at their own will, right? So I think clearly what we're seeing is a response to sort of this systemic reality in which we now find ourselves in where money is moving as fast as it ever has. Faster than ever indeed. And all of a sudden, billions and billions of dollars are being drawn out of these banks in hours time. It's quite remarkable and I think that's why we're seeing these remarkable steps.
The Breakdown
Apparently, U.S. Regulated Banks Are Riskier Than Stablecoins
"All right Friends, well, today we are going to discuss the delicious irony of why, despite all the teeth gnashing of politicians, it wasn't stablecoins that disrupted the regulated financial system, but the regulated financial system that disrupted a stablecoin. First though, I want to do a few follow-ups from things we've discussed over the last few days. Yesterday we talked about Credit Suisse. You'll remember that markets were freaking out about it and pricing in a huge chance of default. After their biggest investor said absolutely not to further investment. As we discussed, despite the fact that its problems were quite different than Silicon Valley banks, having another bank in peril so close to last week's dramatic events inherently connected the two. Well, today, Credit Suisse has posted a record surge of as much as 40% and has seen major drops in their default swaps. The big update is that they were able to open up a CHF 50 billion credit line with the Swiss national bank, which is about $54 billion U.S.. They also announced plans to purchase some senior debt to the tune of about CHF 3 billion. So seems like the European banking crisis is over, right? Well, enough so that the ECB hiked rates by 50 basis points today, and I guess we'll have to see how that plays out over the next few days. Meanwhile, back in the U.S., all eyes have been on first republic. Indeed, before the New York department of financial services decided to off signature bank over the weekend, most believe that first republic was the most likely next U.S. domino. Well, on Sunday, first republic reported that it had more than 70 billion in unused liquidity from agreements with the fed and JPMorgan Chase, but its stock still cratered this week. Given that, word is that they're exploring a sale. Unlike SVB, silver gator signature, no one industry makes up more than 9% of first republics depositor base, and their emphasis on private banking and wealth management seemingly make them a juicy target. JPM is one that many have mentioned in conjunction with the sale, but it seems like others, including Bank of America subsidiary Merrill Lynch, and Morgan Stanley might also be interested.
The Dan Bongino Show
Charlie Gasparino: The Actual Meaning of Dodd-Frank
"And I know that the Democrats keep saying they loosened Dodd Frank and that caused the banks that had less than 200 billion were no longer regulated by the fed which is wrong by the way Here's what they did with Dodd Frank What was they did was said if you are under $200 billion in assets you are no longer a systemically important bank You're not JPMorgan You're not going to blow up the whole system Those systemically important banks get double the regulatory oversight than you You still get regulatory oversight You just don't get the additional proctology exam You still get you still get exam A lot Right Now here's the thing In the middle of this exam how come these guys the Federal Reserve And it will be the San Francisco fed They didn't know that these guys had the most leveraged business model to one community that's highly interest rate dependent I just don't understand it It's mind boggling And this is not about deregulation This is about that I mean this is really a story that regulation never catches this stuff
The Trish Regan Show
Banking Bloodbath: Contagion Fears Mount
"I predicted we would have some challenging times ahead. What we saw at Silicon Valley bank is just the beginning. We get a lot of challenges here and while the feds did step in to handle this situation. How many more times can they do it? And you have to ask yourself, is this sort of the bear Stearns moment before Lehman? Could we actually see the entire system come down? I certainly hope not. And Biden certainly hopes not, but this has happened under his watch. He tried to come things down, take a listen. I want to briefly speak about what's happening to Silicon Valley bank and signature bank. Today, thanks for the quick action of my administration over the past few days. America's going to have confidence that the banking system is safe. Your deposits will be there when you need them. Small businesses across the country, the deposit accounts that these banks can breathe easier, knowing they'll be able to pay their workers and pay their bills. Okay, so that's the good news. Yes, everybody's deposits at all the banks thanks to this window that the fed opened up on Sunday Night where banks could borrow money from the government if needed, well, everybody's deposits are going to be safe. But that doesn't change the reality that all of these regional banks any bank with less than $250 billion in deposits is not subject to the same kind of regulatory environment as the big guy. You know, the JPMorgan Chase is Wells Fargo's bank of Americas of the world. And as such, anyone who has money and then the one of these smaller banks may be looking to diversify the heck out of there.
The Dan Bongino Show
Stephanie Ruhle Admits the Value of Banking Deregulation
"Yet Stephanie ruhle at MSNBC on her Twitter feed important reminder Republicans rolled to rollback bank risk oversight rules In other words trying to blame it on Trump and the Republicans which was weird Jim because Jim found this crazy this is Stephanie ruhle right Jim has so nuts I wake up this morning dance like Jim's like Dan is this Stephanie rule You just sent me this tweet because this is Stephanie ruhle Wendy bank measure in the Trump administration was passed with Republican and Democrat support This is Stephanie ruhle saying hey man that rule is really great because it prevents midsize banks from being wrapped by big banks that would scoop them up through to regulatory capture It's so weird It's almost like Stephanie rule is lying Here check this out So what is the new legislation do It raises the threshold from 50 billion to $250 billion in which banks are deemed too big to fail These banks will not have to undergo stress tests to prove they can survive in other economic freefall And it leaves fewer than ten big banks in the U.S. subject to stricter federal oversight Joining me now CNBC editor at large John harwood John I'm just going to start with I think this is a really good idea In 2008 2009 I worked in investment banking I was in the gnarliest part of the business in structured credit derivatives and banks took way too much risk and we didn't have enough cash in reserves But when Dodd Frank was put into place it brushed every bank in the same way and we were subject to regulatory capture So those massive JPMorgan's of the world they can afford to hold more capital They can hire a thousand more compliance officers but if you ran a smaller midsize bank that predominantly did loans in the Midwest you couldn't possibly afford that And they were the institutions that got strangled
Bloomberg Radio New York
"jpmorgan" Discussed on Bloomberg Radio New York
"Tenths of 1% just a couple of minutes away from that conversation with JPMorgan's Jamie Dimon. And that is a Bloomberg business flash. All right, Charlie hello. Thank you so much. We appreciate that. Jamie Dimon. CEO chairman JPMorgan Chase, the Big Bang. I want to hear his call is now in the economy because he was, you know, he's been saying for the last 6 months watch out. There's going to be a tsunami. There's going to be a I think he downgraded it, right? Did he downgrade it to a tropical storm? Exactly. Okay. I mean, quite literally, I think he used that kind of terminology. Like first it was going to be get ready for a hurricane and then it was, okay, maybe like cat four. You know, a lot of times we talked to on surveillance and on a markets, some of these folks at JPMorgan Chase and you just know that they're talking to every type of business out there, you know, the big global conglomerates all the way down to the small businesses. You see the chase branches and every town USA. So there are bankers. I think have a great feel for kind of like where the economy is going, where are the consumers going? So I always love getting some insight from them. So we'll see what Jamie has to say today here. He's also kind of the boss of Wall Street bosses, right? She is. I mean, he's the one who survived the great financial crisis. Are there any other of the big? I don't think so. Well, Gorman, I don't know if he was there then, but from Morgan Stanley, but he's another long serving kind of CEO. So, but you're right, Jamie Dimon has become the face of a global Wall Street. Certainly the financial folks here in New York and in the U.S.. So look at that a couple of minutes. So we'll see what's going on there. Look at the markets, kind of feel okay today. A lot of economic data coming this week. We're pretty much through the earnings season. So now it kind of goes back to some of the macro type of issues out there and most notably what this Federal Reserve is going to do, how far do they have to go. The guests we just had on was talking about a terminal rate north. Of 6%. And that was crazy 6 months ago in Anna Wong of Bloomberg economics came out with a 5% number. That was heresy for being on the very high end and now mister neuron is suggesting perhaps north of 6%. Yeah, but I think you're hearing more and more people on the street say that. And as we had said, you know, pricing has already gone above the dot plot, the famed fed sort of forecast, even though it's not a forecast, but each individual member puts a dot where they think terminal rate is going to go. And in fact, they're going to change that at the next fed meeting. Some meetings you don't get a new dot plot and this next meeting, which isn't about three weeks time, I think, is when you are going to get a dot plot. And is it dots go? Actually, yeah, march 22nd. That's when yeah, dots go exactly is what will tell you. So if you look at work, wi RP, the world in straight probability screen, you can see that the highest forecast from the market or the market is pricing, I guess, is a better way to say it. 5.465%. And keep in mind, the market is pricing what they expect to be the effective rate, right? The fed, the headline number that we get is the upper bound. So all right, good stuff. All right, right now, let's bring you our interview with JPMorgan CEO, Jamie Dimon. He sits down with Bloomberg's Ed Hammond. Let's go to that conversation right now. Jamie Dimon, Ed Hammond. Right now. Thank
MetaNews
JPMorgan Restricts Employees from Using ChatGPT
"5 p.m. Friday February 24th, 2023. JPMorgan restricts employees from using chat GPT. Financial giant JPMorgan has reportedly restricted its employees from using the popular AI chat bot, chat GPT. Since its November launch, Chad GPT, the post JPMorgan restricts employees from using chat GPT first appeared on meta news.
America First with Sebastian Gorka Podcast
Sebastian Talks to Michael Green About the Truth Behind Crypto
"Let's break this down. Bitcoin is just the way you pay these people who have to run these big servers that are using blockchain to create the next block train to verify a series of transactions. And the jump of logic or the leap of faith is that the so called currency you're using to pay these people to do the back room data crunching for these transactions in and of itself becomes the sexy thing, and people outside the system say, oh my gosh, I can get rich quick. This is like a lottery ticket and there's no, it is a sure way. As I listened to what I was hearing, it was like almost a cult like phenomena. It felt like a cult being run by Britney Spears. The cool kids, the millennials, think it's a get rich, quick thing, but there's actually the utility of the whole system. Let's focus down on one thing. The blockchain technology you said in that interview is much slower and not as useful as people. People are saying, it's going to change everything now. And that's not exactly the case. Is it Michael? It's not exactly the case. And so just very quickly to understand what blockchain's key innovation was is, again, using the accounting analogy. When a corporation or you hire your tax accountant basically only two people are there to verify the records. You and your accountant, your bank may play a role, your doctor may play a role in certain records, et cetera, right? But there isn't the ability for me to verify what everybody else is seeing at the same time. I don't have direct access to the accounts of Coca-Cola or JPMorgan or anyone else for that matter, right? What blockchains innovation is is that it's distributed those databases broadly. That allows lots of people to check and verify and see what's going on. But the process of distributing it broadly also slows the system down. Now
Bitcoin News
JPMorgan 72 of Institutional Traders Surveyed Have No Plans to Trade Crypto
"11 p.m. Sunday, February 5th, 2023. JPMorgan 72 of institutional traders surveyed have no plans to trade crypto. A new survey by JPMorgan Chase shows that 72 of institutional traders X two O one chave no plans to trade two O one D while 14 plan to trade cryptocurrencies within 5 years. Institutional traders also expect X two O one precession risks two O one D to have the biggest impact on markets in 2023. JPMorgan's 2019 es institutional trader surveyed global investment bank JPMorgan Chase published the results of
ZyCrypto
How High Is The Crypto Fear New Survey Shows That 72 Of Institutional Traders Are Skeptical Of Digital Assets In 2023
"8 p.m. Sunday February 5th, 2023. How high is the crypto fear new survey shows that 72 of institutional traders are skeptical of digital assets in 2023. A new survey carried out by JPMorgan reveals that nearly three quarters of institutional traders will not mingle with digital assets this year.
Decrypt
Institutional Traders Shifting Attention from Blockchain to AI JP Morgan
"12 a.m. Monday, February 6th, 2023 institutional traders shifting attention from blockchain to AI JPMorgan. Nearly three out of four institutional traders have no plans to trade crypto.
Bloomberg Radio New York
"jpmorgan" Discussed on Bloomberg Radio New York
"JPMorgan asset management with parchment from queens college. At Cambridge, the guy holding court at queens college right now, Michael bell was Muhammad Ali and he would talk about the game theory that T decisions of the moment. What is your key decision for JPMorgan asset management with the flow of news we have in the next ten days? I think ultimately we're going to be focused most carefully on employment numbers coming out of the U.S., particularly looking at whether we get weakness in construction employment, because we've seen severe weakness in home sales, particularly existing home sales down pretty close to the O 8 lows now. Historically, with a bit of a lag, you would expect that to feed through into weaker home starts, which is happening, and then with that, some construction job losses, which then tends to spill into a broader decline in overall employment. So it's those construction employment numbers that I'm watching most carefully. Mike, when we get to march and the Federal Reserve meeting, Tom said, I think it was on March 22nd. 22 or 22nd. My when we get to March 22nd, where do you imagine the data is going to be and would you see sufficient reason for this fed to say? That's enough. I think that is a good chance that they stop in March. There's a question mark as to whether unemployment has actually gone up by then, but I do think my base case is that we are going to see it's probably around the sort of middle of the year unemployment rising in the U.S. and that's going to then give the market confidence that the fed can deliver the cuts that are being priced at the moment. Given the fact that we just keep bringing our hands and talking about how certain everything is and we can't really forecast or see very far out. How do you hedge? How do you attentively position at a time when potentially there are still big gains to be made? And yet there is so much uncertainty. Well, I actually think the biggest risk to markets is that we don't get a recession in 2023. The wage growth stays high and the fed, having maybe paused for a bit in March, then in the second half of the year, they actually end up putting rates up by more than its forecast and aren't able to deliver the rate cuts that the market is expecting for 2024. So in that world, unfortunately, you're back into a world where both bonds and stocks would go down together. So I think you need to hedge you saying options rather than you kind of traditional diversification play. Do you think that that's a likely outcome? Do you think that's the base case is that you're going to get a recession in 2023? That will allow wage pressures to moderate. And then the fed can actually cut rates in 2024. My best guess is the fed are going to bring rates down for about two and a half percent by the end of 2024, which of course is broadly in line with what the market is pricing now, give or take. So Mike, that's the U.S., so I could just jump in and we just quickly squeeze in Europe and China as well, Mike. Where are you on international equities after ten years of going around saying finally going to see some international outperformance? I say ten years, I exaggerate, but you know where I'm going with this, Mike. When do you think we finally start to see international outperformance? And what do you see on the table right now that tells you some of these moves are durable? So I'm pretty bullish on China. I ultimately think that yes, it's rallied a fair way off the lows, but let's not forget it had gone down more than 60% from the peak and we're still down about 40% from the peak. So I think that we're going to see a pretty V shaped economic recovery in China in the way that we did in the west when economies we opened there. And I think that that's been partly priced but not fully priced yet. I went around the country and Q four of last year and the amount of pessimism that I experienced from investors on China was really quite unprecedented. And so I think there's a lot of people who probably haven't closed those underweight positions yet and as they capitulate as China data continues to just be supportive. I think you'll see Chinese stocks move higher throughout this year, although it's not in a straight line, of course. Europe, I think, is interesting because there have been two fundamental improvements. Obviously, we've seen the reopening of China, which helps the Europe story, but also the massive decline in gas prices down sort of 60% since September. But the problem is the markets reacted a lot to that already. So you were talking in the intro there about the sharp rally we've seen in European banks. I mean, both European and U.S. banks were down 35% in October. The U.S. banks are still down 25, but the European banks have rallied a long way. So I'd have a preference for things like U.S. banks over Europe at the moment given how far Europe's rallied. My bell, Mike, great to squeeze that in, fantastic to have you might bounce there of JPMorgan asset management on the banking system in the United States and Europe. SX 7 a to get the European banks up. The banks in the Eurozone. That's the index. The low was in July, and since July, Tom, were up 51.3% on the banks in the Eurozone. That's a rally. Well, some of it's beat down, but the rally also is a broad sense of stocks in, again, I would say just as a general statement, there's a real belief that there was a lot of gloom in shorting and, you know, just gloom, forget about the shorting. And we've made that up. And the whole now what is to me just critical and you see that in chart after chart, where we're up against, you know, and typically moving up, we're up against some significant resistance. How do we break through that? What's the metric that signals a breakout? Yeah, the IMF getting us all excited with 0.7% GDP growth for 2023 in the other zone. The good news is it's not zero and it doesn't have a negative before it. But ultimately, it's the same old conversation after a rally, isn't it? Well, is it? And especially with the European banks, which are up more than 15%, I was looking at the annualized equivalent, which would be more than 400%. We're not accounting on that. It's not a straight line. But I am curious about how much of the bad news it was baked in for so long was because of negative yields. Negative rates. And how much they actually stand to benefit from true yield true income, true investment opportunities that can actually give them some revenue stream. You would hope because they've been complaining about that for a long, long time. Was it Mike Schumacher said of wows he said it's been like 20 years and there's been no growth in Italy, where would that change? Well, and then people have been complaining about higher rates and then that's because I think he continued that forward. He said in Italy there's been no growth in no World Cup team. Yes, I know. Okay. I think I'm surprised you haven't taken dicks at me about A.C.
CNBC's Fast Money
"jpmorgan" Discussed on CNBC's Fast Money
"So for me, this is kind of a proverbial sigh of relief. We were extremely concerned around Azure growth. That came in roughly in line with expectations slightly above expectations. It wasn't a complete collapse. We had already expected weakness in PC demand. That was in line. I'm still curious to see what they're going to say about SMBs. And stickiness around that customer base. But if you take a look at the price action today and compare it to what we've seen from other tech names, to me, this is really just people saying, okay, perhaps we got a bit too negative on the name, but I wouldn't read as much into the positive one day price action as a one day move might suggest. Yeah, just taking it like some of the other cloud names, Amazon is up a little bit more than 3%. I mean, is this going to be enough to sort of give tech the halo give tech a little bit of that sigh of relief that everybody is looking for, yearning for? Well, big tech has had that halo for a couple weeks now. I mean, the big tech is out for the S&P by about 5% since that December 28th rally that this current move. And this we've been waiting for big cap tech. Some of this is the fact that interest rates have moved decidedly lower. There's seemingly this perception of safety there. Some of this is everything that came out today. Their business isn't falling apart. The one thing I'll say is that as your growth and if you read a handful of the analysts, I look forward to the one we're about to talk to. I was reading the UBS report. They've got Azure growth by the end of 23, the debt quarter in 23 down to 24%. So let's see where we go. I still get back to pricing power at some point in a very competitive at some point commoditized space doesn't hold up. Yeah, I'll just say this. I mean, God just mentioned Satya out of the gate saying it's going to be a very difficult couple of years, you know. And so I would be really surprised to see guidance that gets too far ahead of that for the full year. I think that we're going to see death by a thousand cuts with a lot of these things. We're seeing companies do things on the cost side. We're seeing them come in and meet lowered guidance. So for me, I think that they probably notch guidance down just a little bit. They're not going to kitchen sink anything. And I think that a lot of these guys are probably cautiously optimistic that that pull forward that they saw in 2020 and 2021, the deceleration that we're just starting to kind of realize right now. It's not going to be that deep in that long and therefore you don't have to guide for too much longer than the current period. And then come in and the guidance is going to get beaten as the analysts come in line a little bit. So to me, I just don't think we're going to see a huge downgrade as we did. I think you'd see tech across the board get lights out. I mean, that would be it for the next couple of quarters. We have experienced a situation where companies came out. They gave their guidance, and then a couple of weeks later, when things changed quickly, they issued revisions to their guidance. Pretty in short order, a few weeks a month. Without question, we've seen that. Microsoft was Microsoft. That's why we've seen it. And again, the conference call is going to matter. It typically does with Microsoft. Again, I've said this. I think it's one of the three or four most important companies in the world. It was a fine quarter. You are seeing deceleration across a number of businesses. People looking at cloud, which I think is 40% of revenue or so and say, you know what, if the growth is there, that's good enough for us by first ask questions later. But you are seeing a slowdown. It's most of the business, if not all of their other businesses. Well, that's been where all the growth has come from. So it's 42% of the business. It's a 100% of the year over year growth. I think that's, but let's be clear. I mean, mega cap check, and this is we're going to have a really great Marco conversation a little bit Marco kalona from JPMorgan. What big cap check is doing here if you're a market bowl is very interesting because you can't rally from here without big cap tech and that's what we've had. So then what's the read through in your eyes bottling from these Microsoft results so far? I mean, granted, we don't have guidance yet. I'm with guy and this is one of the most important companies. And we talk about margin of safety again. We're talking about Azure and we're looking at that for growth, but there is a pocket of investors that are looking at Microsoft because of the perceived margin of safety. So cash on hand and free cash flow is still there. I mean, the read through is really going to be what multiple were willing to pay for the company. Where is growth coming? And if that disappoints, then you might see this thing trade down from I believe it's around 26 and a half, two perhaps 24, 25. That's still a premium to the market, and there's a debate to be had, whether or not it should continue to trade at such a rich premium, particularly if you look at a lot of the re rating that's happened in technology, it hasn't yet happened because earnings have fallen out of bed. And it's happened purely because price to earnings ratios have come in and ratchet it down. And so that's the read through that I'm looking for Microsoft. All right, conference call gets underway in 20 minutes, we'll have much more in Microsoft. Then meantime, an apparent technical issue at the New York Stock Exchange created massive volatility in some widely held names this morning stocks, like AT&T, Uber, Verizon, Eli Lilly and McDonald's, all seeing wild swings early in the session prompting the exchange to halt trading in those names. 251 tickers in all were affected. The United States issuing a statement saying that due to a system issue, the nicey did not conduct opening auctions in a subset of its listed securities, resulting in the stock's opening at very different prices. The exchange is investigating what caused the glitch. They set a small number of trades were canceled. Others were marked as aberrant, meaning they will be left standing, but will not be used to determine the days highs and lows.
Decrypt
Shanghai Update Could Brighten Outlook for Coinbase JP Morgan
"11 p.m. Sunday, January 22nd, 2023. Shanghai update could brighten outlook for coinbase JPMorgan. The investment bank says the Ethereum network upgrade may cause coinbase revenue from staking to surge
America First with Sebastian Gorka Podcast
Is Bitcoin a Hyped-Up Fraud? Economist Dave Brat Weighs In
"Dimon JPMorgan just said something on live television that look, I'm not an economist, you're The Economist, but I've been saying this for three or four years now. Bitcoin is a con. If you thought Fiat currency was bad, Bitcoin is Fiat currency on steroids and listen to what Jamie Dimon said cut to. He mentioned Bitcoin, you said you didn't know what we were talking about. We pretty much always have some crypto conversation with you. I'm just curious because I don't think we've talked to you since I think all that's been a waste of time and why you guys waste any breath and it's totally beyond me. Because you just think the whole thing is going to zero. Going to zero is fake. Bitcoin itself is a hyped up fraud. It's a pet rock. Back to that. Really? Of course. Bitcoin is a hyped up fraud. It's like a pet rock. Wow, isn't that going to affect the market, Dave? Yeah, no, I don't put any bets down or give financial advice. Blockchain is here to stay. Blockchain as a technology, right? Yeah. Right. Yeah, right. Right. The general right in the idea that it's unhackable or very hard to hack. And then that DeFi decentralized finance is great. Every conservative libertarian minded loves all of the logic there. And Jamie, you know, he's just overstating. Different bets on different firms is a different matter. Now, I'm not going to get in the weeds on that. But one of these is going to come out okay. And the reason they'll come out okay is because it's built on the same foundation that the dollar is. And that's faith that it will work. And if enough people have faith that it will hold value and that they'd rather have that hold their value than the U.S. dollar hold their value over time and maybe appreciate a little bit. Hey, that sounds interesting to me, but it's an if. Right. And in my name toward any of it. Right, but it's an if. It's an if. If people have faith in it, if the market wants it. If the market doesn't have faith, if there's another FTX, then who knows, then who
AP News Radio
Wall Street ends higher as company earnings season kicks off
"Stocks ended the week higher at the start of company earnings season. JPMorgan Chase and Bank of America both reported better than expected results in the final three months of last year, several big banks say recession is likely on the horizon, but it will probably be mild and consumers remain healthy, still high inflation is dragging down profits for some companies. But investors are optimistic, inflation appears to be easing, and the Federal Reserve may ease up on interest rate hikes. One big worry on Wall Street is companies on the S&P 500 Index may report a drop in profits. It would be the first decline since the pandemic was crushing the economy. The big fear is it could be just the beginning. I'm Ed Donahue
The Breakdown
Will Negative Inflation Prompt a Shift in Fed Policy?
"All right Friends, we are in the macro side of the house today because today is inflation day. The first Thursday in a new month is when we get the official inflation data from the month previously, and this one has definitely felt a little more significant than some in the past. We've had relatively good inflation prints for the last couple of months, and traders seem to think that coming into this one, the stakes were a little bit higher, like this one might have more of an impact in showing the fed that they're actually was a trend than those previous reports. The basic narrative before this print was that everyone was expecting CPI to come in cold with a fair chance that it would show month over month deflation. Because of that, it had been a partial driver of the current rally. Now the concern, of course, would be that markets were getting ahead of themselves and that the print would end up coming in hot. Estimates overall were for a 6.5 headline inflation and 5.7% core inflation. For some context, remember in November had 7.1% headline inflation and 6% core. Joe wiesenthal from Bloomberg said happy CPI date to all who observe. Economists looking for a 0.3% month over month core reading. That's an acceleration from last month's 0.2% number. On a year over year basis, headline CPI is expected to fall from 7.1 to 6.5%. Cold blooded schiller writes honestly, I kind of like JPMorgan's overview of CPI tomorrow. Quote, investors are largely defensively positioned any evidence that the Federal Reserve's inflation fighting campaign is working will spark a rush to unwind bearish positions. This could aid the nascent bear rally, but we remain cautious as long as the fed remains active with its tightening cycle. Our scenario analysis is skewed bullishly based upon positioning that could cause an overreaction via short covering on a dovish print. Schiller follows up and says, I think the bullish reaction tomorrow on a positive print could really be huge for equities in this rally and a real ignition point for the next week into earnings.
ZyCrypto
JPMorgan Why Institutional Investors Dont Want Crypto
"7 p.m. Sunday, January 1st, 2023 JPMorgan Y institutional investors don't want crypto. JPMorgan senior investment strategist said that large individual and institutional investors are not interested in cryptos due to the volatility seen in 2022 Jared gross told Bloomberg in a podcast that the class of investors was happy that they did not put money in crypto this year, and may not do so soon. As in
Thinking Crypto News & Interviews
"jpmorgan" Discussed on Thinking Crypto News & Interviews
"As you can see here, we got the facts, right? They've been investing in building for years while Jamie Dimon calls a crap, but look at what they're doing, my Friends. Right? It's like FTX is collapsing while JPMorgan is getting approved on their trademark and patents for cryptocurrency wallets. Amazing. Amazing what is happening here? And I am glad I'm on the right side here in recognizing what is happening because as a lot of people going about their day, they don't care, they haven't taken the time to research it. They just read headlines. They're not digging deeper into not what people are saying, but what are they doing? And they listen to what Jamie Dimon is saying, but they're not paying attention to what JPMorgan is doing, right? And that's key, not what they say, what are they doing? Now let's move ahead, guys. We got news that FTX founder, sandbag me and freed is going to testify in front of the U.S. Senate in December. Now, funny enough, I interviewed Ron Hammond of the blockchain association today and we were talking about that like there's people who want sandbagging for you to go to jail and you should go to jail, a man committed fraud and did all kinds of financial crimes, right? Nothing didn't necessarily do with crypto. The commingling of funds is not a crypto specific thing. And not to mention the other stuff that's going on. But this man needs to go to jail, but we'll see. I think the Congress they're probably going to bring him to the states. He'll probably testify and then, I don't know, he's, I hope he doesn't get off because that's going to be a very bad look for crypto, as well as well, not necessarily crypto. But the U.S. government and showing that just because maybe he donated a ton of money to both Democrats and Republicans said that he's going to get off. Let's hope not. Now, Susan Friedman from ripple, she's had a policy public policy. She tweeted out regarding a whole hearing that is coming up on FTX on December 1st. It says here to Senate AG committee will hold an FTX hearing December 1st with testimony from the CFTC chair. So you're going to have a lot of hearings coming up on FTX. Susan said, hoping this serves as the catalyst for substantive. Substantive. My goodness. Movement on the crypto policy front indie 118th Congress. Stronger regulatory frameworks enacted globally could have prevented the FTX situation from occurring in the first place. Now, on that note, we have here from JW verret who have interviewed maybe about three times and he's someone who served as an adviser to the SEC. He's a lawyer. He helps fight the SEC and CFTC and represent crypto companies. He did kind of an op-ed here in coin telegraph. And the title is my story of telling the SEC I told you so on FTX. He said, I asked the SEC to take public comments on issues related to cryptocurrency custodians and intermediary conflicts. The SEC declined to take my advice and FTX fell apart soon after. But we've seen Gary gensler met with Sam ackman freed in the FTX. He's allowed FTX to collapse. He's allowed Celsius, Luna, Voyager, three AC, and so forth, but you know, his his claim to victory, that he's doing a good job.
Thinking Crypto News & Interviews
"jpmorgan" Discussed on Thinking Crypto News & Interviews
"Continues to advance in the cryptocurrency sector. With the lender showing its intent in exploring different products through trademark filings. In this line, the institution has registered a trademark with the United States patent and trademark office called world four, the JPMorgan wallet, seeking to offer a crypto wallet for digital currency exchange and transfer. The trademark was granted by the USPTO on November 15th. The development was confirmed by non fungible tokens and metaverse licensed trademark attorney. Michael can do this. I'm saying that right in a tweet on November 21st. It is worth noting that the bank has in the past continue to explore blockchain technology and how to incorporate it into their services recently the lender alongside two other banks planned to participate in a project with the monetary authority of Singapore seeking to pilot use cases of digital assets and decentralized finance. At the same time, JPMorgan has increasingly focused on monitoring developments in the metaverse space as the bank seeks to upgrade and modernize its business operation. Part of the development has seen the bank acquire California payments startup firm renovate or renovate technologies aiming to hasten the delivery of its cloud payment offerings. Overall, the number of traditional financial firms warming up to the crypto space has increased in recent months despite the prevailing bear market. And we've covered it on this channel, my Friends, we've talked about BlackRock, the NY Mellon, Google, mass the card, NASDAQ, and many more jumping into the crypto market. And JPMorgan is on that list now. And look, they've been on the list for a while because once again, despite what Jamie Dimon has been hooting, hollering, and talking about on TV and let me show you the headlines here for those of you who don't know. Here's one from just September 2022. JPMorgan CEO Jamie Dimon slam crypto as dangerous and called Bitcoin a Ponzi scheme. Let's look at one from December 2019. Jamie Dimon's infamous 2017 Bitcoin takedown still serves as a warning as the decade winds down. This goes back to 2017 where he was calling it a scam. Don't talk to me about it. I don't care about Bitcoin. You're going to lose your money.
Bloomberg Radio New York
"jpmorgan" Discussed on Bloomberg Radio New York
"A winter power emergency. I'm Gina survey and for kc and San Francisco, I'm talking about gap, having a pretty good quarter and getting a handle on its merchandise build up. I'm Jeff Bellinger and on WTB and in Columbus I'm reporting on the enhanced employee benefits at JPMorgan Chase. I'm Stephen Carol on Bloomberg DAB digital radio in London we've been reporting on reaction to the bleak new reality of recession and higher taxes for the UK after the Chancellor's autumn statement. And those are some of the stories are 2700 Bloomberg journalists and analysts are working on this morning around the world. It's 5 39 on Wall Street. The following is an editorial from Bloomberg opinion. This editorial was written by the Bloomberg editorial board. In one sense, investors and regulators should be grateful to Sam bankman freed. The erstwhile head of the FTX cryptocurrency exchange. The spectacular flame out of his virtual empire has become a masterclass on everything that's wrong with crypto markets. Several lessons stand out that crypto denominated assets warrants skepticism, for example, that market capitalization isn't the same as value, and that accounting and consumer protections really do matter. Whatever the potential benefits of crypto, the surrounding speculative friendly has little to do with them. On the contrary, it is mostly served to separate people from their money as FTX has shown. Lawmakers and regulators should act to keep crypto from threatening to broader financial system. And in the meantime, the message for investors and traditional finance remains simple. Stay away. This editorial was written
Bloomberg Radio New York
"jpmorgan" Discussed on Bloomberg Radio New York
"To JPMorgan in just a moment. Bramo retail sales coming up a little bit later. And we've still got a process the price action of yesterday. Especially given the strength that we're seeing in certain components of the population amid the weakness that you're seeing in others just because of inflation, a messy, messy. I mean, it's the word of the year. I was looking through some of the CPI components. You know what the biggest one was? Shelter? Nope. Shelters, the biggest one, but outside of shelter, it was child care costs. And those rows the most going back to 1982 talk about specific corners of pain as people try to figure out how to live in an inflationary regime. A services versus goods. One's fighting and the other one is getting really sticky. And it doesn't seem to be slowing down the sticky aspects of this inflation. Persistent, which raises a question, okay, well, how do we think about what happens next year? And we heard from the banks that it's going to get really ugly. And they're doing just fine right now. And squaring that message is going to be increasingly difficult at a time when they're making incredible profits. And they are not passing along those interest costs to the savers. Can I do where do the weekend, what are the year and apply it to the UK? Please. What a mess. So you're going to hear from the prime minister a little bit later this afternoon. 2 p.m. local time. So 9 a.m. here in New York City. There are rumors reports, the time suggesting the Chancellor is about to get sacked. We've been reporting for the last 12 hours. We're going to get some form of U turn. I'm trying to work out what kind of view term we're going to get. The Bank of England, governor Bailey, was the villain a couple of days ago. He said you've got three days and now he's some kind of hero. You still got this all to play out. You've still got a Bank of England rate decision at the start of November. And you've got QT set to kick in at the end of this month. You're the expert in UK politics. And I am very much not. But as I hear all of this, can they do anything other than to announce today a full rollback of everything proposed and say, we are going to spend more time to unleash something that is cohesive, well thought out, comprehensive until then we're not going to make major changes. Can they do anything except for that without having to walk it back yet again a week later? The drama sets a plant in the UK will bring you some of that drama a little bit later. Right now, no drama in this equity market futures up four tenths of 1% on a S&P 500 tons of drama in the bond market in the last 24 hours. At the moment yields in the UK aggressively lower down by 25 basis points. Yesterday in the U.S., aggressively higher, the two year briefly through three 50 on a two year four 50 rather, right now on a ten year about three 89 12 on a ten year yield to lower by about 5 basis points. JPMorgan behind us, more banks still to count. Yeah, and JPMorgan shares flying up now nearly two and a half percent in pre market trading after reporting better than expected earnings on those interest margins that really compensate for a lot of the losses in other places. They did also beat and fixed income. We also heard from Wells Fargo those shares up more than 2% in pre market trading Morgan Stanley up in about a half an hour. And then in about an hour's time, Citigroup, how do they parse out the fear of what's to come with what is going on right now, which is profits. And that is going to be a political discussion, as well as one that perhaps can give some guidance as to where we are in this economic cycle. At 8 30 a.m., we get retail sales, interesting to see how that breaks down, considering some of the weakness that we've seen in certain areas, but the resilience in that the CPI people are still willing to spend. And then the University of Michigan, October sentiment index at 10 a.m., I can feel John sighing, being like, I hate looking at this thing. But I am curious if we start to see, I know you're absolutely out of the building at 9 59. A.m., but I am curious about whether we do get some sort of deterioration here, simply because gasoline prices are starting to rise again in addition to all of the gloom and doom that you hear from everyone and I know I could be a part of the problem there. Also, we get a slew of fed speak today and John, I hear that you're actually interested in it today, which is, I guess, a new one, considering how much such a commentary. So we get Kansas City fed president Esther George fed governor Lisa cook and fed governor Chris Waller. How do they spin this at a time when people are ratcheting up their expectations for what the fed has to do with rate hikes, given that the terminal right now priced into the market is 4.9% of March of next year. Getting closer to 5%. We were told a hurricane was coming. It's not even raining on JPMorgan this morning. The stock is up by 2.4%. We're going to catch up with Schneider through the average nano. I just wanted to cross over to just briefly. The takeaway from these numbers from JPMorgan, what's the number one talking point for you and the team right now? He just raised his net interest in expectations by $3.5 billion. Where is the regulatory concern there? Is what I want to know, deposits of slowed to only 3%. And so is there more wiggle room here to them lending at a greater rate in the face of worst economic environment? And the buybacks are set to come back, potentially set to resume early next year. We'll be back to China later on. What's left this hour? How many more bankers have we got? Well, I mean, it depends if you include 8 a.m.
Bloomberg Radio New York
"jpmorgan" Discussed on Bloomberg Radio New York
"The trading week. The S&P and Dow both snapping four day losing streaks yesterday, still August and September are traditionally tough months for investors. Mere a panda is global market strategist with JPMorgan asset management. We need to be really careful about how we're looking at stocks and very much looking at a bottoms up basis. Being selective about earnings being selective about valuations. There are still areas of froth in the market that we need to to see come down, but a lot of that has taken place already. So I do think we don't want to be overly defensive or overly cautious. JPMorgan's mere panda says investors should be focusing on high quality companies. Meantime, global bonds have slumped into their first bear market in a generation. The Bloomberg global aggregate total return index of government and investment grade corporate bonds has fallen more than 20% from its 2021 peak. While the direction of today's bond and equity session Amy may be determined by the August jobs report, we get that reading at 8 30 Wall Street time, Neil Richardson is ADP's chief economist. I'm looking at 290,000 jobs. But key numbers to watch within that report is the wage gains because that's what's important to the fed. And whether or not the tightness of the labor market is actually leading to a wage price spiral that the fed has to take control. Richardson says she still expects a stronger report, please stick with Bloomberg radio and television all morning for full coverage of the August jobs report and join us at 9 45 Wall Street time when we speak live with labor secretary Marty Walsh. Let's turn to politics in a prime time TV address last night, President Biden urged Americans to reject candidates backed by Donald Trump and so called maga Republicans in the November midterms and those who deny the 2020 election results. They're working right now. As I speak and state after state to give power to decide elections in America to partisans in cronies, empowering election deniers to undermine democracy itself. President Biden said that the majority of Republicans are not so called extreme maga Republicans. And that's the 5 things you need to know to start your day brought to you by interactive broker straight ahead your latest local headlines plus a check of sports and this is Bloomberg
Bloomberg Radio New York
"jpmorgan" Discussed on Bloomberg Radio New York
"Of the JPMorgan Chase precious metals business and his top goal trader will convicted in Chicago on charges of fraud, spoofing and market manipulation and face decades in prison. It's a victory for the government in its long crackdown on spoofing in the precious metals market, even though a third defendant, a salesman was acquitted. Joining me is James park, a professor at UCLA law school. His latest book is called the valuation treadmill how securities fraud threatens the integrity of public companies. Two of the defendants were convicted, including the man who was once the most powerful figure in the gold market, but one was acquitted. So is this a victory for federal prosecutors in their crackdown? It is a victory in my view. The person who is acquitted was not directly involved in the trade. And so he was a salesperson. So he may have had a stronger defense and so I think the two convictions, though, are very significant. They send a signal not just with respect to gold markets, but also other markets. And it culminates extensive effort to crack down on this sort of spoofing and manipulative market activity. And it also shows that prosecutors can bring these cases before a jury. They'll understand it. And they're willing to convict in some cases. The jury was out for 8 hours. That seems like a lot for this kind of case with the amount of evidence that the prosecution put in. It may be, it really depends on
Bloomberg Radio New York
"jpmorgan" Discussed on Bloomberg Radio New York
"There was a big objection from the shareholders to Jamie Dimon's compensation It was a $50 million bonus that they were going to pay him They really objected to What did you think of that Look I think taxes ought to be more progressive And so Jamie diamond Jamie diamond and everyone else who makes a lot of money ought to be paying more in taxes There ought to be much harder for them to pass large fortunes to their kids But God if you look at what Jamie Dimon has contributed to the market value of the share owners of JPMorgan I don't think there's anything unreasonable about his being paid and making as much money in a year as a really great pro golfer And so I was surprised at those objections I think the way to get at issues of inequity is to have more progressive taxation more burdensome taxation on a state get rid of a whole set of loopholes but driving people out of leading public companies into the private sphere away from public companies I don't think that's smart strategy for our country Okay thank you so much Always great to have you with us That's Larry summers of Harvard our very special contributor here on Wall Street week Finally one more thought The unknown unknown That's what Donald rumsfeld warned about when he was defense secretary There are things we know things we know are issues but don't know the answer to And then there are the things we don't even know we don't know Right now investors face their fair share of known unknowns like where inflation is heading You know it's not going to be good for a while Whether we're facing a recession next year Every single American worker is going backwards right this minute Whether China's problems with COVID will continue our supply chain problems Clearly China's industrial might was slowed by the lockdowns What the endgame is for Russia's war with Ukraine I think the off ramps have gotten slightly narrower And of course whether we're facing another wave of COVID Cases are rising hospitalizations arising But those are the known unknowns Congress has now added an unknown unknown to the list we need to be worried.
Bloomberg Radio New York
"jpmorgan" Discussed on Bloomberg Radio New York
"Us now is William Hobbs chief investment officer at Barclays wealth and investments We also great to have you on I do wonder though in terms of inflation showing up Okay so perhaps the economy it's just going to be softer But how much of the pain shows up in margin pressure in the corporate world Do we really have a grasp on what this is going to do to earnings season Or as JPMorgan has put it we're overestimating the impact to market margins That is not actually going to be as bad Yeah I mean I think the difficulty with the pricing power story in a way because lots of people when you look at an inflation contact people automatically go right let's go buy stocks with pricing power That's into the logical thing to do The problem here is the overlap with some parts of the market that might be vulnerable in valuation terms to the real rate story Now we know that real rates that starting at the tenure level to get into nudge into positive territory so you guys talking about this that this week That's point you've got to be quite sort of humble about which force is going to dominate Is it going to be the earnings season pricing power story or the fact that real rates really have to go into positive territory in order to bring that to choke that economy a little bit and bring inflation to heal It's a hugely complicated investing backdrop Here more conversations like this one on Bloomberg television streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings Markets headlines and breaking news 24 hours a day As Bloomberg dot com the Bloomberg business app and at Bloomberg quick tape This is a Bloomberg business flash.
Bloomberg Radio New York
"jpmorgan" Discussed on Bloomberg Radio New York
"Financial space obviously we got JPMorgan reporting results in just a few minutes here but we've already heard this morning from BlackRock We have the world's largest money manager BlackRock reporting a first quarter AUM of 9.57 trillion U.S. dollars Now slightly below the estimates at 9.62 trillion but I have seen some analysis that actually that is pretty much in line Adjusted EPS $9 52 cents above forecast revenue was a slight miss but what is interesting this quarter is that they conducted $500 million of share repurchases and they've seen strong demand continuing for alternatives volume still a little too low to look at pre market for BlackRock but when it opens at the bell one to watch Yeah and obviously JPMorgan is going to be a stock to watch as well when those earnings come out Are we seeing any movement in either JPMorgan or any of the big 6 ahead of the results Yeah JPMorgan right now down four tenths of a percent in free market trading And the primary concern for analysts is what volatility from the war in Ukraine means for the U.S. bellwether bank investment banking will be in focus trading will be in focus how the trading business in particular was able to deal with some of the wild market swings we've seen at the start of this year I saw one analyst from Credit Suisse writing that he is cautiously optimistic so make of that what you will All right Bloomberg right with us this morning taking a look at the pre market action as we await those earnings from JPMorgan Chase they're expected sometime around a 7 a.m. Wall Street time will be bringing you those headlines as they cross the Bloomberg terminal should also mention we've gotten earnings from Delta Air Lines coming in with revenue that just about when in line with analyst estimates and we're seeing movement to the upside for Delta right now trading higher by nearly 4% in the pre market As for stocks as a whole they're moving higher on this Wednesday morning S&P futures are up 21 points Dow futures up a 148 NASDAQ futures higher by 87 points The ten year treasury down one 32nd now the yield 2.72% yield on the two year 2.39 Seeing a surge in crude at the moment nymex screwed up 1.7% to a $102 31 cents a barrel You're.
The Breakdown with NLW
"jpmorgan" Discussed on The Breakdown with NLW
"Aegean NFT is a T-shirt and decentral land, but a sword in a fantasy game. Hat tipped to coin artists for pioneering. Future workforce, more 3D designers and architects, community endowment managers, metaverse experience experts who specialize in tokenomics and engagement, more storytellers. Social infrastructure clarity and paved way on regulation tax accounting treatment navigation of local jurisdictional rules and community based governance setup. Interoperability, what is the TV remote of the metaverse? How do we toggle between specialized virtual worlds, both web two and web three seamlessly? I want to hang with my yoga friends in the morning on one virtual world, but to play eSports in the afternoon somewhere else. So it's very clear. And this is the point that I want to make is that they are not taking this lightly. They are not thinking about this on its surface level. They are digging all the way in. Nexo is a trusted and easy to use crypto platform. Where you can buy cryptocurrencies at the touch of a button and start earning up to 18% annual interest that is paid out daily. They support all of the major assets on the market, and even allow you to swap one asset for another, or borrow cash against your crypto without selling it. Nearly 3 million people in over 200 countries trust nexo with their digital assets. So whether you're just getting started or you're a seasoned pro, get the most of your crypto today. With nexo, at any exo. Meet arculus, the next generation cold storage wallet. Oculus secures your crypto using three factor authentication, providing a simpler, safer and smarter way to store, buy, swap, send and receive crypto, arculus is offline cold storage. Your private keys are encrypted on the Oculus keycard and are never online. Stay safe from hackers with no cords, no charging, no Bluetooth. Just crypto security made simple. By now at get arculus dot com. That's GET. ARC UL U.S. dot com. The breakdown is sponsored by FTX U.S. FTX U.S. is the safe regulated way to buy and sell Bitcoin and other digital assets. With up to 85% lower fees than competitors. There are no fixed minimum fees, no ACH transaction fees, and no withdrawal fees. One of the largest exchanges in the U.S. FTX U.S. is also the only leading exchange that supports both Ethereum and Solana NFTs. When you trade NFTs on FTX, you pay no gas fees. Download the FTX app today and use referral code breakdown to support the show. Outside of just the cynical crypto Twitter takes, which you have to expect. If you're an investment bank, getting into the metaverse. I think there's two very different angles that I want to flag. The first is positive. Metaverse and web three have clearly had an easier time making sense to people than crypto things. In the same way that NFTs are easier for normies to grok and get into than DeFi is. It could be because it's spiritually similar to the gaming experience that brands have spent the last decade coming to appreciate the importance of, or it could be something else, but whatever the reason is, it's clear that there is way more brand attention on metaverse opportunities than there has been for anything else nominally related to crypto. Just this week, Victoria's Secret and McDonald's filed for trademarks in the metaverse and Disney has appointed head of metaverse as well. Technically a senior vice president of next generation storytelling and consumer experiences. The CEO of Disney wrote in an email to staff for nearly 100 years our company has defined and redefined entertainment by leveraging technology to bring stories to life in deeper, more impactful ways. Today we have an opportunity to connect those universes and create an entirely new paradigm for how audiences experience and engage with our stories. So that's the first angle. There is clearly a lot of attention and ability to this. The second is more cautionary and that is that metaverse doesn't mean the same thing to everyone. The crypto version that so many in the web three space are invested in is in many ways at odds with the corporate owned version that someone like Facebook is going for. Facebook remember wants to be the metaverse platform literally own the platform. There is an inherent tension there with an open permissionless flexible network. Brands like JPMorgan are playing in the crypto version now because comparatively, that's where more people are hanging out, but they are also potentially opportunistic in looking for business opportunities. I think it's safe to say that most brands will go wherever has network scale. And so if you believe in an open permissionless metaverse, investing in those spaces being the network effect winners right now feels very, very important. As an aside, Zuckerberg is now apparently calling Facebook employees meta mates and the Internet is collectively gagging. Speaking of institutions and web three apparently the New York Stock Exchange has filed a trademark application around a potential online marketplace for NFTs and virtual goods. Now NYSE has dabbled in NFTs releasing their first last year, but this is being treated by the press so far as potentially more defensive than proactive. Bloomberg says in a statement the NYSE said it has no immediate plans to launch cryptocurrency or NFT trading, but quote regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly. So those are the two institutional updates, but let's talk now about the regulatory updates. Two bills worth tracking, and the first comes from Warren Davidson, a longtime ally of this space. Yesterday he tweeted our office will be introducing legislation in the U.S. House of Representatives shortly to protect Americans from this version of overt theft. And then he played the video of the Canada finance minister announcing the crackdown that we talked about on yesterday's show. He continues a number of people will undoubtedly recognize that Bitcoin fixes this. That's only true with self custody. Account based crypto has similar vulnerabilities. We also have a bill protecting self custody, the keep your coins act. So to keep your coins act, which was introduced yesterday, Ames, quote, to prohibit federal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person's own use and for other purposes. Specifically, it would make it impossible for agency heads to restrict the ability to quote use virtual currencies or its equivalent for such users own purposes, such as to purchase real or virtual goods and services for the user's own use or conduct transactions through a self hosted wallet. And of course, this self hosted wallet or as various enemies of the self hosted wallet have often called it an un hosted wallet is something that's going to be a pretty big fight it seems. Peter van wattenberg, the director of research at coin center says thank you Warren Davidson for standing up for our rights to use censorship resistant money like Bitcoin. Simple Bill, agencies can't make rules prohibiting transactions and use of self hosted wallets. I also love this flag from TJ height who writes, has Twitter found the humor in the fact that it's the KYC act yet, of course, referring not only to the keep your coins act, but to the KYC identity verification process that is the argument for why un hosted or self hosted wallets shouldn't be allowed to exist in the way that they do. Also, yesterday representative Josh gottheimer, who is notably a Democrat, introduced his own act and tweeted this. For cryptocurrency to thrive here in the U.S. instead of overseas, we must provide more certainty to help boost innovation and protect consumers. That's why I'm releasing the stablecoin innovation and protection act to define qualified stablecoins. So basically the idea here is that certain digital currencies can be designated as qualified stablecoins if they can be redeemed on a one for one basis for U.S. dollars. These could with this legislation be issued either by a federally backed bank or a non bank that agrees to maintain at least 100% reserves consisting of U.S. dollars U.S. debt or any other assets the office of the comptroller of the currency deems akin to cash. He said in an interview, I don't think we should stifle innovation in the cryptocurrency market and also noted that they've been very engaged with the Treasury Department. The blockchain association says this bill represents the most well thought out stablecoin legislation we've seen. The blockchain association looks forward to working with representative gottheimer on these issues moving forward. Sam bankman freed said excited to see moves by representative Josh gottheimer and others to regulate and license stablecoins by ensuring they are backed one to one. Stablecoins hold huge promise for payments and finance and regulatory oversight and clarity can give them the trust and safety they need. The most important aspects of this are one audit reserves to make sure that you don't need to be a bank to be minting them. The reserves are probably out of bank, or we might get stuck with no one actually able and willing to issue them. Jeremy alaris has the bill strikes a strong balance between risk oversight and enabling competition and innovation. Big step forward. So clearly the important thing here is the attempt to move past the notion that only banks basically can issue them while still having strong consumer protections. This is important as there was another hearing this week on stablecoins in the Senate banking committee and the block summed it up like this. Nelly Lang was back in Congress today, this time speaking before the Senate banking committee. Lang was careful both to express optimism around the future of stablecoins and downplay the restrictiveness of the US Treasury central proposal for stablecoin regulation. In its push for greater stablecoin oversight, the US Treasury Department is trying to soften its central proposed regime. Basically, the treasury had said that it was only FDIC backed institutions that should be able to issue stablecoins and that of course had the industry and anyone who really thinks about innovation kind of non plus. So the fact that they're moving away from that and that other members of Congress are stepping in with proposals that would actually address the same concerns, but do so in a way that kept competition is a big move forward. Now, one final narrative note, the idea of stablecoins is potentially key to the next generation of dollar hegemony is finally starting to click. In her hearing Lang said that sable coin technology quote would go far in preserving the dollar as the global currency. So there you have it guys a quintessentially 2022 breakdown, I think big institutions entering the metaverse, regulatory discussions around stablecoins heating up. This is the world that we live in. The world that we're excited to be a part of. For now I want to say thanks again to my sponsors, nexo IO, arculus and FTX, and thanks to you guys for listening. Until tomorrow be safe and take care of each other. Peace.
The Breakdown with NLW
"jpmorgan" Discussed on The Breakdown with NLW
"Welcome back to the breakdown with me and I'll W it's a daily podcast on macro Bitcoin and the big picture power shifts remaking our world..
Bloomberg Radio New York
"jpmorgan" Discussed on Bloomberg Radio New York
"All right Tom we had some the big banks starting to report numbers JPMorgan BlackRock The JPMorgan numbers seem pretty good to me I know the stock's kind of unsettled here but let's bring in our expert Alison Williams She covers all the banks for Bloomberg intelligence She's been covering banks for boy north of 20 years She was on the buy side of Morgan Stanley investment management so she's owned these things as an investor And now she brings her talents to Bloomberg intelligence where she's been covering the banks since day one of Bloomberg intelligence JPMorgan I thought Jamie Dimon delivered some good numbers Alison What do you think They did and I think you especially think so from your old banking dish So you're looking at those equity fees those M and a fees And wow what upside there I mean advisory triple the year ago granted that was a weak quarter But equity underwriting and equity trading very strong compared to a strong year ago So that's the great news the investment bank continues to deliver Net interest income that's the area where everyone's focusing primarily we're focusing on that to see what the outlook is for next year Came inline neutral and I think there's the definition of neutral right There's something for the bulls and the bears on the bullish side of things You know if you strip out things like PPP and some technical things there's signs of loan growth There's green shoots as Jamie Dimon said related to commercial real estate Wells Fargo has used that term Bank of America may use that term tomorrow So we are seeing signs of tick up and improvement The question is is it enough And initially I think everyone was excited They reiterated their net interest income guidance which implied a pretty big step up in the fourth quarter which would set a good run rate for next year But the CFO came out and also clarified to investors and analysts keep in mind that the fourth quarter benefits from some seasonal things So when we're thinking about the pace of next year not really getting a big a big bullish push yet So green shoots but we need those to blossom a lot And they really some reserves here Talk to us about that because I know when the pandemic first hit Boy these banks they took some monster reserves rightfully so thinking the worst But now they're releasing some of those talk to us about that Exactly And the big bold buildup so I'll say two industry things and a third related to JPMorgan right So unprecedented Something the banks have never dealt with Secondly an accounting change which sort of exacerbated the big buildup And third for JPMorgan there are big card lender and that's the area where you expect to see the most stress and that's been a huge surprise this quarter So the same thing that sort of damping loan growth the healthy consumer healthy card is allowing some of those reserve releases and so that was the one I guess big change in guidance that we got you know credit card charge off Even though loan growth has been disappointing there's an offsetting benefit to credit and charge offs now they're expecting to be even lower than they had before So the consumers in great shape they're just not they're just not borrowing and banks are not making money from lending We get time for one more question because Michael Barr has to give his Dodgers talk here after the news Allison and Nepal as well Are we researching the banks through the prism of old banking ratios in old banking analysis that doesn't capture the technology revolution Technology revolution I guess is captured in the ratios It's just a very long term trend right So you're not going to see it like a 30% upside to trading But if you think about the long-term story for JPMorgan right If you look to globally they have gained the most share across the global investment banks in businesses like trading and that is due to their technology investment Same thing on the consumer side We're seeing it across the banks that are spending more and granted spending does not necessarily equal to the benefit but it certainly helps that you have that And so when we look at the old time banking ratios return on tangible equity things like cost ratio and even increasingly I think revenue growth those are the metrics and those are increasingly going to be buoyed by these these long-term investments You're not going to see it quarter to quarter but you're seeing it over the long term All right so we get those numbers will have numbers tomorrow from some of your other big banks Actually all this week So I'm sure we're going to be talking to you more Alison Williams she covers all the banks all the financials here for Bloomberg intelligence senior analyst Thank you so much Allison Right now with.
Bloomberg Radio New York
"jpmorgan" Discussed on Bloomberg Radio New York
"Oh Bloomberg world headquarters I'm Charlie Pelé choppy session We've got the dalvi S&P nez stack all on the minus side investors are awaiting the start of earnings season JPMorgan Chase bright and early tomorrow morning JPM down now by 7 tenths of 1% investors though also weighing the risk of inflation against the prospects for an economic rebound So here's where we stand S&P down 5 right now little change down about one tenth to 1% that I'll down 51 also down one tenth of 1% NASDAQ down 8 a drop there of one tenth 1% Ten years up 9 30 seconds ten year yield 1.57% spot gold up three tenths of 1% 1759 ounce Bitcoin down 2.4% 55,959 on Bitcoin spot gold of three tenths as we mentioned 1759 crude holding above $80 a barrel West Texas intermediate crude up two tenths of 1% 80 68 barrel of Brent 83 49 right now down two tenths of 1% Wells Fargo's CEO Charlie scharf says inflation has arrived and pieces of it are here to stay He made the comment virtually to the institute of international finance Shares of Wells Fargo today they are trading lower by 1.4% The last for the economic backdrop and the incoming data Laura raim is chief economist at FH investments The consumer you know continues to be the focus given their enormous output supports with growth And I layer on that we've seen a lot of durable goods And a lot of good consumption.
The CMO Podcast
"jpmorgan" Discussed on The CMO Podcast
"I worked with the lloyd as the exclusive sponsor of this show. Because they're always working to elevate the cmo as part of their twenty twenty one global marketing trends report. They surveyed executives during the height of the pandemic and noticed something i thought was fascinating. Confidence across the c. suite dropped significantly for. Cmo's were the least confident of them. All only three percent of cmo's surveyed considered themselves high-performers. But here's the good news. It doesn't have to be this way this crisis of confidence. It's our perception. Not our reality. Marketings profile was elevated across the c. Suite during the pandemic and the study showed that c. suite executives see marketing and sales as critical functions in navigating the current environment. The eyes of the organization are on marketing and as leaders. There's never been a better time to confidently take our place at the strategic table to drive real growth to learn more about how you can elevate your role. Read the full twenty twenty one global marketing trends report at cmo dot deloitte dot com. What's the brand you remember. As a young girl growing up in india that had was the first brand that made an impact on you. Wow there's you know there's so many l. l. i'll give you a little anecdote To give you a sense of Advertising in india in in the eighty s and ninety s it was. It was the golden age of jingles to the extent that my dad had recorded a video said remember those back in the day off forty five minutes of ads that he would just play for my brother and i the one that is a market or now i even appreciate even more is nestle has launched an instant noodles brand called maggie. Which as a kid. I remember was like the thing you know. When we'd going grocery store. I'd be asking my mom to buy maggie and what they've done. Beautifully was to hook both the kids on the parents so there was a reason to believe in value. Prop the kids about how cool and fun and delicious. It was and for the parents. It was all about two minutes. The entire tagline was filter on all. It takes two minutes to cook so. Can you remember the maggie. Jingle in singapore's monitors thing it feel for short customers if you want people to come back and listen to your podcast you do not want me to say hi. I'm jim single. And i helped major brands find their purpose and activated and the prophets follow for seven years. I was the global marketing officer for proctor and gamble where oversaw the marketing of hundreds of brands. You may not know it. But the cmo's chief marketing officers of all of your favorite brands are trying to connect you with your favorite products and services through purpose and on this show i delve into how they do it. My guest today and the cmo podcast is dippy. Cauti- rue the chief marketing officer of us wealth management at j. p. morgan chase company. J. p. morgan chase is a very large and very storied financial institution. Its roots date back to seventeen ninety nine and the founders of its earliest predecessor company include alexander hamilton and aaron burr. Today its market. Cap is roughly five hundred billion dollars with about two hundred fifty thousand employees. My cmo guest dipped has been steeped in the financial services marketing since two thousand eight when she joined oppenheimer funds before moving j. p. morgan chase in two thousand eleven gifty was born and raised in india. Living various military bases as her father was a fighter pilot in the air force. She graduated from lady shriram. College for women in new delhi and later moved to the new york city area. Dip the is married with two children and she loves advertising jingles. This is my conversation with fifty. Welcome dip t to the cmo podcast. You know you are the second j. P. morgan chase leader on our podcast and i feel very kind of poignant about that because kristen limb cow who was corporate. Cmo at the time was my very first guest for my very first podcast almost two years to the day. And she's now your boss. She says no firstly. Thank you so much for having me it is. It is really a a privilege and honor Especially given set of the the legacy you have the podcast has been kristin who is not just a boss but someone. I've deeply admired over the years as a marketer at a leader so what's it like working for a former. Cmo you know. There's a. I tell my team this very often. It's there's good and bad right What's great about it she gets. She gets what marketing can do for her often. Her first line of defense. Which i feel really really good about the hard part is she. She does in an ad and she wants to done faster. So we've got a high bar set for us which which is quite it pushes us. Every single day makes us better. So what kinds of topics do you talk about. Visa be marketing but brings you together. What kind of topics you know. We spend a lot of time talking about how to make the brand relevant for the segments. Were trying to serve as you can imagine a me. Jp morgan tonight. Conic brand recognition is not a problem. the mission were on to the wealth business. The opportunity for us to really reframe brand means to segments beyond just the wealthy right everyday. Investors been starting their journey looking for advice. They don't think of us on top of mind to spend a lot of time talking about. How do you stay true to our dna and stay set. Dick who j. p. morgan is strict. Feel more relevant in what that means. Masjid we also spend a lot of time on just she. She's a prolific writer. You might now. It's so we spent a lot of time just looking at content sometimes So what was her advice to you when you came over and took this role which is not that long ago. It wasn't i think Her advice and this has been consistent. Advice have had the benefit of working with her on for her over the last six years. Now which was not to get limited by sort of these. Artificial lines of marketing is marketing. Isn't i think just watching her career. Guidance that she's always given her team is again to end. Keep the advise the client keep the line to the center And really sort of drive action beyond just what you think. Marketing can do whether it's product to sign for them. It's quite an experience design and it's much growth. Does she like new campaign she does she does. I hope she zing thing. It's a good thing and listening because it wasn't an easy campaign for us to build For all the reasons was just talking about right. Wealth management is highly cluttered space the work in the market. If i'd say honestly is not particularly inspiring. It's hard now. I know why because it's hard to make inspiring messages. Come to life in a very natural way for something that is a little abstract in how you sell it so It was a journey. But we feel pretty good about where we've landed. We're starting to see some some some good data points coming through this reassuring. We're probably going to talk about that campaign a bit later in the podcast. But i wanna now sort of jumped backwards and talk about your career and how you got to where you are today and we'll talk about your current job as well. You grew up in a military family. I understand i did. And you jumped around a lot to various military bases. So i'd love to talk a little bit about that early experience. How that shaped you as a kid. How shaped you as the leader you are today so reflect on that a bit for us if you.