morgan. obviously you're telling a story about roosevelt but a large amount of the book is about j.p. morgan. for a lot of americans he's one of those, i don't mean this in a demeaning way but he's out of an empty household name area will know his name from public institutions, obviously from the banking legacy. they don't know a lot about him. can you tell us about him and why, what you found so compelling about him as an agent, an actor within this story, this landscape that your drawing. >> so when i first started looking into this time period , i think i knew a lot more about roosevelt than i did about morgan. as is probably true of most people . and what i realized is i began researching that this was really morgan's world, that roosevelt very kind of quickly and abruptly and unwelcome in terms of wall street's point of view , stirred the pot so by the time roosevelt became president, morgan was at the peak of his power. he was the king of wall street, literally called jupiter and zeus .

a large book is about to seek morgan. a lot of american people in kind of the enemy this in a demeaning way to be sort of an empty household name. people know his name from public institutions, obviously from the banking legacy. there's not a lot about him. can you tell us about him and what you found so compelling about him as an agent and an actor within this story, this landscape that you are drawing. it. >> when i first started looking into this time. , i know a lot more about roosevelt did about morgan. as is probably true of most people. when i realized as i began researching is that this was really morgan's world that roosevelt very kind of quickly and abruptly and welcomed in terms of wall street's point of view, treated. by the time roosevelt became president. morgan was at the peak of his power and if he was the king of wall street's literally called zeus. on the eve of the inauguration. roosevelt vice president morgan had created the first billion-dollar company in the world. still with us today. as a company t

morgan, they are winning with digital banking. you are seeing disproportionate share by the largest players. they are also winning when it comes to marketing and the national scope. even in areas like cybersecurity, they have been able to invest more. i know that we were talking about my big teacup. me andies to teacups for also banks that we think will benefit the most in this environment. i guess you like big banks. mike mayo, thank you. gorman, chairman and ceo, coming up at 8:30 london time. sanctions on 18 iranian financial institutions. 18 financial institutions in iran, doing business with iran, sanctioned by the trump administration. it will further choke off the iranian economy. themove aimed at hindering return to the 2015 nuclear deal. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. in the last hour, house speaker nancy pelosi joined us to give us an update on stimulus talks. she says there could be no action on a stand-alone bill to aid airlines without a broader agreement. pelosi: we want t

jp morgan beat expectations. so did a host of other banks, yet their shares have still gotten beaten up. why? lisa: i think -- gabriela: i think that is an interesting point about the uniqueness of this cycle versus other previous cycles. we have fresh in our minds the last cycle, the financial sector was at the center of the existential threat, and that is not the case this time. so it is not an existential threat for the financial sector. we are missing is really a catalyst to get stock prices off of their still bear market territory. we were thinking that the decrease in loan loss provision could be that catalyst because it signals the potential for a bottoming and earnings for the big banks. i think the trouble is around the messaging of that being a bit uncertain, and the pass of the virus and more fiscal support. we should have a recovery in the path of financial stocks. jonathan: we've got to leave it there. looking forward to seeing you in london soon. gabriela: looking forward to it. thank you. jonathan:

morgan's record spoofing fine deterrence questions remain they don't think jamie dimon and chief morgan are going to stop that a fine is going to stop them from committing crimes and they go to better markets and industry watchdog recently published its own analysis on j.p. morgan's wrongdoing which covers a 20 year period until 2019 quote j.p. morgan chase has a 20 year long rap sheet that includes at least 80 major legal actions that have resulted in over $39000000000.00 in fines and settlements any other business in america with that recidivist record would have almost certainly been shut down by prosecutors long ago it said however the large banks are effectively shielded against executive prosecution and jail time and that's an injustice and that injustice is felt ripples through the economy and how white people are by their social unrest it starts at the top if there is a if there is an untouchable class it only circles down eventually it might take 20 years in this case but it's working right now but is that in that jamie diamond steals a right that's not in question that what we

jd morgan still firmer in the premarket, up by around 1% -- jp morgan still firmer in the premarket, up by about 1%. citi reporting in 12 minutes. that will be the story for banks at the top of the hour. tom:tom: i really want to emphasize each bank is different. i thing it is going to be on at jping to see dim morgan and corbat, his legacy at citigroup, the difference there. it will be a completely different tone. jonathan: you know the story on jp morgan. if jamie dimon is asked, five more years is often the answer, for the last 10 years. tom: at least, i would say. right now let's go to the presidential election. kevin cirilli joins us, our chief washington correspondent. i don't want to get into polls and all of that. i know you are exhausted from the day today. who is the silent majority now? you don't remember spiro agnew. i do. there is a silent vote out there somewhere. identify that silent vote right now, kevin cirilli. kevin: go to center puts a when you and on the outskirts of central pennsylvania -- two pennsylvania and on the outskirts of central pennsylvania. those indi

in joe morgan's passing. an amazing star athlete out of deep east oakland, proud graduate of castle mod high school, golden knights, who made us all proud. not just as an athlete but as a humanitarian, as someone who always gave back to his community and never forgot where he was from. >> he played oakland city college i believe, as well. only 5'7", he would remind baseball fans the player, small since stature on the field could be the most impactful. he certainly was. joe morgan, 77 years old.

can we make any inference from this purchase by morgan stanley in terms of which asset classes morgan stanley sees as the most lucrative to manage going forward? sonali: it is funny you mention that because morgan stanley, for a couple of years now, had made significant investments in their fixed income business. anon vance is definitely extension of a lot of the stuff they have already done. fixed income they like. they are in private markets. we know they like funds. they like having stock pickers. so it is definitely something that we have already known, as we have said before, this is a huge bet. top is a $7 billion bet on of the deal they just made and just closed a little over a week ago for e*trade. so how big does this make them now? it makes them 4.4 trillion dollars in assets overall, in wealth and investment management. ,hose wealth management funds those thousands of advisors across the country will also be able to work with this platform. jonathan: the participants might be a little bit nervous remembering the last deal was february 20. i am sure some people recognize tha

the customers more likely to buy more from morgan stanley then he is to go to jp morgan or wells fargo. tom: stop it. will james morgan -- will james gorman have them sell mutual funds in sears store. erik: i did not think we are going back to white sox and white shoes. tom: erik schatzker, thank you so much on short notice. this is really something. for anyone involved in the mutual fund business, whether it was pioneer taken out by an italian shop, eaton vance is literally a rollup as well. a rollup of what we have seen from scott or and other firms. your thought on the active management debacle of the last 10 years. lisa: i'm trying to envision the future for asset management as five to 10 massive firms. we are already seeing that. the blackrock, the vanguard, what does that mean in terms of shareholder votes? what does that mean in terms of balance of power additional public offerings in new debt offerings? some of these questions become that much more preeminent as you get these behemoths that increasingly control assets and do not necessarily themselves have an obvious state in t

morgan. settled with the department of justice and paid a $120000000.00 fine so we don't know who the victims were of the of the precious metals fraud who is on the other side of those trades that lost you know money to the trading desk at j.p. morgan but whatever those victims the victimization of those people apparently is worth it if there's some minority hiring at j.p. morgan well i'm one of the victims right because i'm a big buyer of precious metals name and i didn't get that price discovery and you know i'm a victim and i should have as much say as a victim as anyone else on the society who's paying themselves as a victim who gets a nice film made about j.p. morgan why can't jamie diamond make a film about maximizers victimhood why can i come out there and say all precious metal buyers matter because it's just as important as any other aspect of our society is price. transparency and price discovery that's probably the single greatest most important aspect to any functioning society is

morgan's record spoofing fine deterrence questions remain they don't think jamie dimon and chief morgan are going to stop that a fine is going to stop them from committing crimes and they go to better markets and industry watchdog recently published its own analysis on j.p. morgan's wrongdoing which covers a 20 year period until 2019 quote j.p. morgan chase has a 20 year long rap sheet that includes at least 80 major legal actions that have resulted in over $39000000000.00 in fines and settlements any other business in america with that recidivist record would have almost certainly been shut down by prosecutors long ago it said however the large banks are effectively shielded against executive prosecution and jail time and that's an injustice and that injustice is felt ripples through the economy and how white people are by their social unrest it starts at the top if there is a if there is an untouchable class it only struck down eventually it might take 20 years in this case but it's working right now but he's doubting that jamie diamond steals a right that's not in question that what

citi down 4% jp morgan down 1.5% or so. what struck me about the conference call is that analyst after analyst were trying to get citi to pinpoint the approximate cost of fixing the regulatory issues after question after question after question nobody got an answer and that seemed to be the problem. >> no. you know that was the problem, clearly. somebody -- i think one of the analysts -- i am paraphrasing. forgive me they said in terms of regulatory issues what's the difference between you -- are you this year's wells fargo, which is somewhat damning in terms of just the question. to your point, nobody seem to have an answer i think that's problematic in this environment we can talk about tangible book value and what i think about jp morgan i'm sure karen has some opinions there. i think karen made the point yesterday, the run-up in some of these banks, understanding it wasn't all that significant but you had a number of these banks run up specifically jp morgan from i think 92 to 102 maybe this was the reason sort of buy t

morgan's record spoofing fine deterrence questions remain they don't think jamie dimon and morgan are going to stop that a fine is going to stop them from committing crimes and they go to better markets and industry watchdog recently published its own analysis on j.p. morgan's wrongdoing which covers a 20 year period until 2019 quote j.p. morgan chase has a 20 year long rap sheet that includes at least 80 major legal actions that have resulted in over $39000000000.00 in fines and settlements any other business in america with that recidivist record would have almost certainly been shut down by prosecutors long ago it said however 'd the large banks are effectively shielded against executive prosecution and jail time and that's an injustice and that injustice is felt ripples through the economy and how white people are by their social unrest it starts at the top if there is a if there's an untouchable class it always chuckles down eventually it might take 20 years in this case but it's working right now but he's doubting that jamie diamond steals a right that's not in question that wel

morgan's wrongdoing which covers a 20 year period until 2019 quote j.p. morgan chase has a 20 year long rap sheet that includes at least 80 major legal actions that have resulted in over $39000000000.00 in fines and settlements any other business in america with that reset a vest record would have almost certainly been shut down by prosecutors long ago it said however 'd the largest banks are effectively shielded against executive prosecution and jail time and that's an injustice and that injustice is felt ripples through the economy and how white people are by their social unrest it starts at the top if there is if there is an untouchable class it only struck down eventually it might take 20 years in this case but it's working right now but he's doubting that jamie diamond steals a right that's not in question that what we're saying here is that the government and the law makers have decided when jamie diamond steals is good for society if some a looter out of san francisco steals somehow that's bad for society but of course they're equally bad i would p

morgan's record spoofing fine deterrence questions remain they don't think jamie dimon and chief morgan are going to stop that a fine is going to stop them from committing crimes and they go to better markets an industry watchdog recently published its own analysis on j.p. morgan's wrongdoing which covers a 20 year period until 2019 quote j.p. morgan chase has a 20 year long rap sheet that includes at least 80 major legal actions that have resulted in over $39000000000.00 in fines and settlements any other business in america with that recidivist record would have almost certainly been shut down by prosecutors long ago it said however the largest banks are effectively shielded against executive prosecution and jail time and that's an injustice and that injustice is felt ripples through the economy and how white people are by their social unrest it starts at the top if there is a if there is an untouchable class it only struck down eventually it might take 20 years in this case but it's working right now but he's doubting that jamie diamond steals right that. it's not in question that wh

morgan's record spoofing fine deterrence questions remain they don't think jamie dimon and chief morgan are going to stop that a fine is going to stop them from committing crimes and they go to better markets an industry watchdog recently published its own analysis on j.p. morgan's wrongdoing which covers a 20 year period until 2019 quote j.p. morgan chase has a 20 year long rap sheet that includes at least 80 major legal actions that have resulted in over $39000000000.00 in fines and settlements any other business in america with that recidivist record would have almost certainly been shut down by prosecutors long ago it said however the large banks are effectively shielded against executive prosecution and jail time and that's an injustice and that injustice is felt ripples through the economy and how white people are by their social unrest it starts at the top if there is if there is an untouchable class it only struggles down eventually it might take 20 years in this case but it's working right now what is doubting that jamie diamond steals a right that's not in question that what w

morgan's call is just that. a delay on the ford f-150 day is a speed bump but not the end of the road more people are getting excited on the ev strategy i think ford had lagged behind ford the stock, ford the chart, very interesting if you look at both of the autos, and we have talked some of the secular dynamics in the auto industry and where the growth has gone in the last couple quarters. staying in this trade, the long-term ev story is probably not why you are buying it. >> coming up, the next wave of ipos are getting ready to hit the market rentals are said to be red-hot in this market (vo) i'm a verizon engineer and today, we're turning on 5g across the country. with the coverage of 5g nationwide. and, in more and more cities, the unprecedented performance of ultra wideband. the fastest 5g in the world. it will change your phone and how businesses do everything. i'm proud, because we didn't build it the easy way, we built it right. this is the 5g america's been waiting for. only from verizon. high protein.

morgan chase c.e.o. denounces bitcoin as terrible predicts its downfall and the article he says is a terrible store of value it could be replicated over and over it doesn't have the standing of a government that wasn't $750.00 big queen was in the news so he was saying it's a terrible store of value. 12000 dollars liter like he's now his bank is pushing and we'll get into that headline right well he's not alone in being 100 percent wrong about declining there is no area roubini paul krugman peter schiff and a whole list stiglitz another no bo wening in correct call on bitcoin and there's still a huge and long list because for the reasons that we said it was going to take over the global economy those reasons now been accepted more and more by the global population and jamie dimon is a guy who he is defending the status quo she is part of that front line to keep. real price discovery and real money out of the system he prays to protect or of the out money and all the fake price discovery that goes with it

morgan chase c.e.o. denounces big queen as terrible predicts its downfall in the article he says is a terrible store of value it could be replicated over and over it doesn't have the standing of a government that wasn't $750.00 big queen was in the news so he was saying it's a terrible store of value. 12000 dollars liter like he's now his bank is pushing and we'll get into that headline right well he's not alone in being 100 percent wrong about declining there is no real roubini paul krugman peter schiff and just on the whole list stiglitz another no bo wening incorrect call on bitcoin and there's still a huge and long list because for the reasons that we said it was going to take over the global economy those reasons of now been accepted more and more by the global population and jamie dimon is a guy who he is defending the status quo she is part of that front line to keep real price discovery and real money out of the system he's a protect or of the out money and all the fake price discovery that goes

you have charlie scharf, a former did you morgan the same -- former jp morgan same, and that change is slow. investors seem to be try to giving wells fargo time. there are the bukks and the -- the bulls and the bears for the wells fargo story. jonathan: what is the theme so far? sonali: i would say costs because if you think about it, they have all been helped -- and charlie scharf even said so in the press release -- we have been helped by monetary and fiscal stimulus. how long does that last for? costs are bloated, and bank of america, morgan stanley have committed to keeping people on through the end of the year. , wheree do they reduce did they add changes to expenses, and where does that go into next year? are we going to see a massive pain in terms of headcount reductions next year? lisa: read, layoffs. that is what headcount reductions will translate into. there's also a question about whether some of the banks will increase lending, given the fact that there is so much support on the fiscal side. we know they have been tightening standards, reducing credit available to some sma

morgan chase c.e.o. denounces big queen as terrible predicts its downfall in the article he says is a terrible store of value it could be replicated over and over it doesn't have the standing of a government that wasn't $750.00 big queen was in the news so he was saying it's a terrible store of value. 12000 dollars liter like he's now his bank is pushing and we'll get into that headline right well he's not alone in being 100 percent wrong about declining there is no area roubini paul krugman peter schiff and a whole list stiglitz another no bo winning in correct call on bitcoin and there's still a huge and long list because for the reasons that we said it was going to take over the global economy those reasons of now been accepted more and more by the global population jamie dimon is a guy who he is defending the status quo is part of that front line to keep. real price discovery and real money out of the system he prays to protect or of the out money and all the fake price discovery that goes with it an

>> we do own both wells fargo and morgan stanley we think it's a great use of morgan stanley's excess capital, increases their return on equity again, diversifies the revenue stream, so i think it deserves a higher multiple. wells fargo is a self-help story. we just believe two things will happen over time one, they will get out from underneath the fed they have been working for years to get underneath that asset cap and earnings will go up substantially when they can grow their balance sheet. two, they publicly talked about a very large amount of cost cuts i mean, as much as $10 billion that's not in anybody's earning estimate i think that kind of a self-help story is kind of appealing >> anton, i read one analyst's take this morning that said morgan stanley can basically buy them for free because they have excess capital i don't know if you want to dig into that but we have earning season coming next week. what are your expectations and why do you think they have been up recently? is it rates? rates are a knee-jerk. but i think a lot of the heavy lifting is behind the banks. they di

morgan chase c.e.o. denounces bitcoin as terrible predicts its downfall in the article he says is a terrible store of value it could be replicated over and over it doesn't have the standing of a government that wasn't $750.00 big queen was in the news so he was saying it's a terrible store of value. 12000 dollars liter like he's now his bank is pushing and we'll get into that headline right well he's not alone in being 100 percent wrong about declining there is no area roubini paul krugman peter schiff and a whole list stiglitz another no bo winning in correct call on bitcoin and there's still a huge and long list because for the reasons that we said it was going to take over the global economy those reasons now been accepted more and more by the global population and jamie dimon is a guy who he is defending the status quo he is part of that front line to keep. real price discovery and real money out of the system he preached to protect or of the out money and all the fake price discovery that goes with

morgan chase c.e.o. denounces bitcoin as terrible predicts its downfall in the article he says is a terrible store of value it could be replicated over and over it doesn't have the standing of a government that wasn't $750.00 between was in the news so he was saying it's a terrible store of value for 12000 dollars later like he's now his bank is pushing and we'll get into that headline right well he's not alone in being 100 percent wrong about declining there is no area roubini paul krugman peter schiff. of the whole list stiglitz another no bo wening in correct call on bitcoin and there's still a huge and long list because for the reasons that we said it was going to take over the global economy those reasons of now been accepted more and more by the global population and jamie dimon is a guy who he is defending the status quo is part of that front line to keep the. real price discovery and real money out of the system he preached to protect or of the out money and all the fake price discovery that goes

>>the a's pay tribute to joe morgan tweeting we're beyond saddened by the passing of joe morgan a trailblazer on and off the field. his impact on our sport and community will be felt for generations to come in oakland. we send our condolences to his loved ones and the baseball family. giants president ceo larry baer release a statement saying joe had a long and distinguished career on the field in the broadcast booth and in the community and his passing leaves a hole in the unique fabric of our great game. our condolences go out to the morgan family for their tremendous loss and we extend our thoughts to joe's teammates his friends and all those touched by his passing. morgan played for the giants from 81 to 82 and was the giants broadcaster from 1986 to 1993. >>we're learning more about how a san francisco firefighter died last week during a training exercise according to a preliminary investigation, 42 year-old jason cortez was knocked over a 3rd floor railing by a water blast from a valve he had inadvertently opened during the training. the report also says the training exercise was short-

jon ferro, jp morgan doing better than good. citigroupi am getting , on first blush giving us the same enthusiasm we heard from jp morgan. jonathan: jamie dimon's jp morgan delivering the beat, and it looks like city group is repeating the action. figurepoint out, the eps third quarter, $1.40. a little bit of an upside surprise here. i believe we have sonali basak with us. what are we seeing. sonali: we are seeing a beat on revenue, on fixed income. we are seeing loan-loss provisioning higher than what jp morgan put in, but lower than what analysts expected. perhaps wall street has just gotten it wrong compared with the banks are expecting in terms of loan losses. they are higher than jp morgan, so we are going to want to understand why the divergence, but overall, pretty clean numbers here. tom: as we see the numbers come out, we are getting this now in real-time. every bank brings them out , i amently, and jp morgan going to be blunt, i just now got the research done from citigroup. we will see what that looks like. bank, orr.

just 5'7", morgan made his way on to baseball's biggest stage. he didn't just make it to the show, he left his indelible hall of fame stamp on it. oakland's nate oliver knew morgan well and played against him in the 1960s and '70s. >> me was a very exciting individual. he had all these skills, he could run, he could field, he could hit, he could throw, he could hit with power. he was a lot like willie mays in that they were just a half a step ahead of everybody else. >> reporter: morgan's best remembered for his time with the cincinnati reds, but he also played for both the giants and the a's who named a street near the coliseum in his honor. the giants posted this video on facebook of morgan hitting a crucial home run against the dodgers in 1982. morgan taenlded castlemont high school here in oakland where he excelled in three sports, including baseball, but he was not highly recruited. >> coaches and managers don't want to take a chance. >> reporter: longtime bay area sports writer art spanneder says morgan overcame his short stature with his i

>>plus remembering bay area, baseball legend and hall of famer, joe morgan will hear about his legacy off the baseball >>welcome back everyone the time is 4.45 good morning to you if you're just now joining us is perfect timing because we need to get an update on the forecast sun. we have a special is for that. meteorologist certified its john tribal hey there. josh, hey robin it is a good morning out there so far. >>later today is when things start to get a little bit noticeably hotter and even yesterday was but i think a lot of us still enjoyed yesterday. we certainly enjoyed that sunshine that as you can see across the bay area won't take long to get to today. we are free of any fog and not even all that hazy either is good air quality remains across the bay area there's a pocket of unhealthy conditions right east of lake and us counties near some of those areas that are little bit more stagnant into the central valley, high pressure ridge building back in and this is resulting in that cooler weather the cloudier whether being sent well to our north and now we're just in the midst

just 5'7", morgan made his way on to baseball's biggest stage. he didn't just make it to the show, he left his indelible hall of fame stamp on it. oakland's nate oliver knew morgan well and played against him in the 19760s and '70s. >> he was an exciting individual. he had all skills. he could run, field, hit, he could hit with power. he was a lot like willie mays in that they were just half a step ahead of everybody else. >> reporter: morgan's best remembered to his time with the cincinnati reds, but he also played for both the giants and the a's who named a street near the coliseum in his honor. and the giants posted this video on facebook of morgan hitting a crucial home run against the dodgers in 1982. morgan attended castlemont high school here in oakland where he excelled at three sports, including baseball, but he was not highly recruited. >> coaches and managers don't want to take a chance. >> reporter: this longtime sports writer said morgan overcame his short stature with his incredible skill set and commitment to maximize every play ev

morgan asset management. thanks for joining us. i just wonder what exactly it ofns to align your holdings, , for example, big oil holdings with the paris climate agreement. does that mean you will be selling your big oil shares? >> thank you for having me. first and foremost, yes, j.p. morgan chase this week announced its ambition to align to the paris agreement targets. the means that across financing portfolios j.p. morgan chase has, it will set targets for the identified sectors and financingphase out of to these heavily carbon intensive sectors and companies. anna: good morning. you are recommending to your clients that investors should move early to take advantage. what framework should they base those moves around? >> yes, it's pretty clear that not only you have companies looking to better align their own businesses with the transition to a net zero framework, but also, you have policy in many different markets whereby all of these policies are going to create what we call winners and losers as it relates to impact on financ

well remember joe morgan's life and legacy. >>from the bay area's local news station we begin now with breaking news. >>breaking news at 3 we have a major traffic alert for you this is a live shot of the bay bridge metering lights looking on to the bay bridge. according highway patrol a black car spun out and hit 4 other cars on the bay bridge. preliminary reports are that driver may have been travelig at a high rate of speed at least for the 5 lanes on the bay bridge are being blocks right now we'll be monitoring this accident throughout the hour and let you know of any changes and you remember you can always keep track of traffic alerts with our kron 4 mobile app thank you for joining us here at 3 i'm sanaz we're following several bay area stories from dangerous accidents involving car crashes into crowds, dining outdoors to homicides and election safety. but we begin with concerns a fire dangers of this week that has pga new warning of another possible power shut off. high temperatures mixed with high winds is causing major

morgan. only bank of america failed to post double-digit percentage growth in trading, mainly because it did not take on as much risk as its peers. these trading gains hope to offset the negative impact from provisioning for bad loans, as well as low interest rates. the same three berms, morgan stanley, goldman sachs, and jp morgan, posted positive third-quarter growth. morgan stanley can also count on revenue from its wealth management group. we talk a lot about how there is this case shaped recovery death shapedsh -- this k recovery. the same as playing out in the banking sector. according to ken leon, morgan stanley, goldman, and to some extent of jp morgan are on the right side of the world, they benefit from wealth creation. banks more dependent on commercial and consumer lending face low rates, new steepness in the yield curve, and challenges with loan losses. what these guys need, what citibank, wells fargo, bank of america need is volume. that is driven by loan activity and that is ha

obviously it is, but it is the morgan stanley play. i guess i asked the question because he clearly has been a machine on wall street. how much longer do you think he is going to be in the business, and what is his legacy at the business? is it this m&a drive he spearheaded? sonali: james gorman is dropping the mic here. they are the two biggest banking deals we have seen since the financial crisis. it will change morgan stanley. it does shine a light on his deputies. does this mean james gorman has to stay around longer to help with these integrations, or does it mean it is going to elevate very quickly people like who run thatquities business, or run a business twice the size as they were running before? the i will be on these deputies, including andy saperstein and shelley o'connor, and it will be a race. guy: certainly, thing up that race right now. thank, indeed, devin ryan of jmp securities, and bloomberg's sonali basak, our wall street reporter, for updating us on this. later today, james gorman, morgan stanley chairman and ceo,

home run joe morgan. >> that was the final day of the 1982 season. his shot knocked the dodgers out of the playoff race. morgan was already a hall of famer before his two years in san francisco. he won a pair of world series with the big red machine in 1975 and '76. his former partner at espn, john miller, says morgan cherished his time in orange and black. >> joe was a huge giants fan and he idolized willy mays. so for him it was an ultimate dream to play for the giants and it just looked like it was never going to happen, but the opportunity finally did come and he kind of seized the moment. >>> astros skipper dusty baker was long time friends with morgan. game two alcs in san diego all about the three-run shot to center field, 3-0 rays. top of the second houston with two on, george springer with one down the right field line. it's margo again, this time with the glove, flipped over the wall, hangs onto the baseball, ends the threat and the rays win 4-2 and take a 2-0 series lead. >>> the very first baseball crowd of 2020, about 11,000 at globe lif

citi and jp morgan out with results. u.s. lenders have risen over 10%, a rare break from the deep underperformance during the pandemic. joining us to discuss is dani burger. are earnings figures likely to help build on market momentum or can they help undo it? >> we are expecting big banks to report a rise in profits. if banks can meet it come a they can indeed continue some of this momentum we have seen. these banks have set aside a huge arsenal of loan-loss provisions. so far, these sour loans we have loans we have seen have been outstripped. banks are likely to have more provisions, but executives we have heard from have made it sound like it will not be as much as we thought -- saw in the first half. is that overly cautious or are loans actually getting worse? assuming it is just caution, this allows investors to dream of a time when they can start releasing some of these reserves. that will help underlying profit as well. annmarie: what sort of commentary are we expecting from citigroup and jp morgan executives today? >>

study morgan stanley. >> strong quarter at morgan stanley, we'll get to also 50% of return on tangible common equity. >> wells fargo and citi were not good. >> no, jpmorgan was fine all the banks go down. >> yes it doesn't matter. goldman sachs, you know, you speak to steve scherer, the cfo, it is a rather remarkable quarter. one thing people have to recognize is the amount of -- the amount of business that is being done with zoom is incredible no face to face. just zoom to zoom. and it is working. it is not supposed to. the expense structure is better, simply because people don't go anywhere >> i do want to get to that bernstein call on zoom later, jim. they go to 611 on their target way below where it is now. but zoom minutes year on year, shouldn't be surprising, but it is still astounding, up 30x, that's a reflection of our daily lives, of course, what happened over the last eight months >> look, zoom is a remarkable company. there was competition. webex, cisco, competition. they didn't work because zoom is business to business, and business to consumer that's highly unusual. he is

still with us is ellen's at mayor, morgan stanley -- is ellen zentner, morgan stanley chief u.s. economist. curvet what this yield means? ellen: it can be. certainly we have an expectation .hat real yield can go lower some of that are the supply-side constraints as demand is improving around a covid vaccine , but real yields can fall, and that is a factor here, but also steepening of the yield curve on more stimulus is also a way to express the fact that more fiscal stimulus is not going to get the fed moving here. ,nder the fed's new framework they have to see inflation move through 2% and remain there for and the fiscal stimulus is not necessarily going to get you that criteria , where new framework markets would start pulling forward their rate hike expectations in a material way. so if you are going to be punching the economy with more stimulus, but you've got a fed that is not going to move to act against that, then that is a steeper yield curve. be: how brave would people too short the bond market here? the fed has unlimited ammunition in theory. they can buy as many bonds

i salute mark morgan sending that twitter out. i have hope he continues. >> so far, looks like the tweet is still suppressed and censored on twitter. tom homan, another crazy day in journalism. thanks for being on. tom homan there thank you for your service. >> you got it. elizabeth: i'm elizabeth macdonald. you've been watching "the evening edit" on fox business. that does it for us. we have want to thank you for watching. we hope you join us again tomorrow night and we hope you have a good evening ♪ lou: good evening, everybody. theree are only five days remaining in this campaign until election day. president trump today making a campaign stop in yet another major battleground state. the president rallying for an hour and a half in the hot sun. goes from the freezing cold of t michigan and wisconsin then to the blazing sun of florida. not complaining today, certainly. actually, not complaining about the cold in the midwest either. the president rallying in front of tens of thousands of supporters across the country. thousands

and with morgan stanley out this morning, what james gorman has done. ryan, thanks so much for being with us. here is the symbol drill. morgan stanley, coming out of a horrific crisis, we know what the japanese did. up 8% per year. goldman sachs legs up 3% per year. -- lags up 3% per year. our goldman sachs and morgan stanley in a new regime where we can expect much better shareholder return? honestly, great questions, and i think both morgan stanley and goldman sachs companies that are changing faster than the broader financial system, so that puts them into a good place for the future. regulated somewhat slowly, so it will take used to play out, but morgan stanley is further along in the journey. if you look back at the last 10 years, they more recently brought trade, they are really shifting dramatically towards asset and wealth management, steady capital businesses away from the mixed toward the treating and capital markets. goldman is doing the same thing. they are doing it somewhat differently and they are in an earlier stage than that. tom: i saw

we preview morgan stanley's third-quarter results next. this is bloomberg. ♪ annmarie: a very good morning to you. i am annmarie hordern. in the city of london, it has just gone 6:20 a.m. surpriseanley posted a increase in expenses and set aside almost $1 billion for customer mediation, and $718 million in restructuring charges. the chief financial officer, john shrewsbury, spoke to bloomberg. take a listen. john: those no items in particular were higher than estimated. restructuring charges will come when they come, they are harder to forecast but they generally exist because you are taking down expenses on the other side. as we sat on or call earlier today, there is an expectation on the customer mediation front that we are through it and that should not be part of the expense story going forward, but there is this big commitment at wells fargo to bring structural expenses down in the last couple of years through business simplification and product simplification and a range of other things. we should be what to run this company on a l

in joe morgan's passing. an amazing star athlete out of deep east oakland, proud graduate of castle mod high school, golden knights, who made us all proud. not just as an athlete but as a humanitarian, as someone who always gave back to his community and never forgot where he was from. >> he played oakland city college i believe, as well. only 5'7", he would remind baseball fans the player, small since stature on the field could be the most impactful. he certainly was. joe morgan, 77 years old. >>> gov. newsom tattered estates progress against the coronavirus, especially efforts in testing and contact tracing. the state just tried to 3400 new cases, that is slightly higher than the seven day average. our test positivity rate is at 2.6%. in california is averaging over 125,000 test per day. the governor says the quick turnaround for results has been key. >> we are getting the test results back within 24 to 48 hours, in fact 90+ percent of all the tests that are being conducted are getting back within that time

director european equities strategist, jp morgan. i almost forgot the other big news, brexit looks at it could go no deal. to massage hisas previous statements to continue negotiations. with this triumvirate of bad news, doesn't make sense that sellers -- that investors are selling stocks today? grace: our view is that we are in the midst of a recovery. markets will move higher over the next 12 months. we think the u.s. and chinese equities could make new highs over that 12 month period. but we will see periods of volatility and market consolidation through that. this is what you were alluding to, the shape of the covid virus resurgence. we would be using the volatility and consolidation to add cyclical exposures to supplement areas of structural growth. we have been long-term advocates including digital transformation by the technology sector. our conviction has not waned, but as a result of structural changes that are taking place in the post-pandemic world, it is oure news areas we have highest conviction equity ideas. in terms of

coming later, jp morgan head of the fundamental assets. this is bloomberg. ♪ tom: good morning, bloomberg surveillance, tom keene and francine lacqua. andrew is with us from john hopkins university. one of the great virologist in pandemic. and we are considering the world food program with the united nations. this is an extraordinary vehicle that has been profoundly inortant over 50 years stopping starvation. andrew, i never asked this question in the pandemic, but it speaks to india and poorer countries. nutritiontion -- fold into the recovery of a virus-infected patient. we are fat and happy in america has a general statement, fold in the importance of nutrition within the pandemic. andrew: good health is one of the factors that really drives the differences that we have seen in terms of disease for -- disease severity and prevalence. a lot more doctors play into it, if we are going to focus on nutrition, being fat in america is not a good thing when it comes to covid-19 because of the more severe diseases that are there. the converse

still, i think it's a very good purchase for morgan stanley. doing something that no one else is doing, building a wealth management firm with scale, coupled with the biggest brokerage firm in the world, maybe. so that's pretty interesting. they will have to deal with these regulatory issues as it goes forward but this is one of them. back to you. liz: yeah. you know, our "countdown" closer really likes morgan stanley. we are going to explain why and it doesn't have to do with the eaton vance acquisition. charlie -- charlie: i bet it does. liz: maybe. you got to stay tuned. the hitchhiker's guide to banking on dividends in your portfolio. if that didn't give it away. you got to see how much. the closing bell ringing in eight minutes. "the claman countdown" is coming right back. it's almost the end of the trading session on this friday. stick with us. this is decision tech. find a stock based on your interests or what's trending. get real-tim-time insights in your customized view of the market. it's smarter trading technology for smarter trading

our condolences go out to the morgan family for their tremendous loss. our thoughts to joe's teammates his friends and to all those touched by his passing. morgan played for the giants from 1981 to 2.82 and he was a giants broadcaster from 1986 2 1993. >>we've got clear skies out there right now fire danger on the rise, but the temperatures going to be something else this week we'll talk about that coming up next. >>also ahead a kansas city chiefs fan is in some legal trouble after last night's game against the las vegas. raiders also has force 49 ers head coach explains why jimmy garoppolo didn't play the 2nd half of yesterday's play the call it a disastrous loss to the dolphins. >>the coach says it wasn't because of when you take a look at her record, it all begins to un-ravel. ann ravel's no reformer, she's backed by big corporations who've poured hundreds of thousands into her campaign. and she opposes ballot measures to make the economy more fair for working people. only dave cortese is endorsed by the california democratic party. he's helping us ba

morgan stanley's head of fixed income, it is a morgan stanley call that is nuanced and is wrapped around the politics. how do you wrap the politics of the moment around total return or clipping coupons? >> good morning to all of you. the way we think about this is in terms of the scenario analysis. forook at the potential different outcomes in the house and the white house, and increasingly the market seems to be finding a group -- a greater probability for a democratic white house, a greater probably for a democratic sweep, including the senate and the house, andy graber -- and a greater probably for lower of the electoral outcome. put these together, and the likelihood that we will get some form of stimulus, perhaps higher than what we had been discussing , there is a greater probability that we will get some sort of stimulus after the election. that is where the market is really focused on in terms of stimulus after the election. dolonc andus means of the treasury curve would go higher. so 10 years to 30 part of the curve will go higher. but on the other hand, for several risk assets,

is morgan chairman -- morgan stanley chairman and ceo speaking to us. up next, the reserve bank of india makes a decision later today with a new fed of committee members, we will have a preview of what is to expect. this is bloomberg. ♪ india is expected to maintain its benchmark rates as the economy continues to struggle with high inflation amid the pandemic. we are joined by our southeast asian economics editor, it seems -- what are we expecting from today? mentioned, the new npc members that have just been joining the committee will have to grapple with high inflation. 2%-6%ion is sitting at target and that gives the rba very low room to cut interest rates at this point. we are not expecting any change in the benchmark infringed -- which remain at 4%. we are looking for new guidance from the rba it -- rbi especially on inflation and economic growth. this will be the first indicator they give on economic growth for into march 2021. we know the pandemic has had a devastating impact on india's economy and expectations are that the gdp could contract a

morgan stanley was first to the dance. i don't know you buy morgan stanley, but you look at some of these asset managers and you look at who is next. >> and they play it as which one is next. at this point in time would you buy a morgan stanley kind of business or morggoldman sachs kd of business? >> i would go with goldman sachs because of their investment strategy morgan stanley, you have seen a limited assault on some of the fee generation businesses there. so when you look back at bank earnings in the last two quarters and talk about training profitability, i think goldman sachs is better and that would be my preference for a business transitions into retail focus. >> tim >> i think this is a good move you want to own morgan over goldman. it has outperformed goldman sachs 15% on a two-year chart. it takes away regulatory pressure, takes away the balance sheet requirements this is around 4 1/2 trillion dollars of assets. it's massive i think they deserve a premium over others. >> karen, do you think there is another dea