joshua younger, j.p. morgan. thank you. you can hear josh next week. ♪ ♪ romaine: the talk of this this week, and we did not talk about crypto. morgan stanley, at least its rich clients, with bitcoin. what about the poor clients? joe: finally the rich clients can get access to bitcoin. and that has been the story for a while, people talking about the diversification. even saying, this is the new 60/40. romaine: who said that? joe: i literally made that up when i saw the chart. i want to bring in coin shares team strategy officer, milton. is this the new thing, just add 1% of your portfolio to bitcoin and everything suddenly takes care of itself? >> j.p. morgan says wind and we did some research where we saw you are better off with four, so i'm going to be aggressive and safe for, which is four times one, believe it or not. romaine: this is interesting move here, we have already seen this sort of move already with folks adding this to their portfolio and has a legit asset and as -- if you have a big portfolio and also tr

t time's up, markers down, hold up your white board three j.p. morgan very interesting. according to the survey 48% say j.p. morgan. so you nailed it, guys zero percent said square, guy. you're alone out there >> great job, guy. >> generally speaking. >> clear your boards let's move on to a reopening play over the next 12 months would you rather buy hilton, air bnb or livenation. okay write, write, write. ♪ okay hold up your boards, please. hold up your boards. and we have, well, obviously karen is livenation. so two livenations here, 50% of our panel. survey says hilton had half the votes. only tim here had hilton only 19% had livenation. good job with the white boards coming up, big win for microsoft today. shares zooming higher. much more on that straight ahead. plus company run by hollywood broker making another attempt to go public with a brand new director on its board we'll tell you who it is when "fast money" returns cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan. visit le

su: j.p. morgan chase summer interns will be getting a taste of office life this year. different from last year, when most of the major wall street banks either delayed, shortened or made virtual they're paid summer intern programs due to the pandemic. that is not happening this time around. j.p. morgan space -- stating that the banker trainees will be coming into the london and new york offices. goldman sachs's ceo said in a virtual conference that remote working was an aberration, that, quote, we are going to correct as quickly as possible. all of this, a growing sign wall street is ready to bring to an end to work from home era. a public -- apollo global management will test giving employees a hybrid situation where they work remotely two days a week and the rest of the week, in the office until the end of the year. they pointed out that they have had highly productive teams in remote settings and they want to keep that going. back to you. haslinda: su keenan in new york. let's do a check of the latest business flash headlines. uber will reclassify all 70,000 u.k. dr

morgan is doing and how he is responding to increase competition. >> j.p. morgan is doing great, we are doing fine. but you have fintech, big tech, you saw walmart recently. we have to be prepared for intensified competition and we are ready for expect to win. >> the growth of some of these fintech companies, strike, for example, so exponential. i look at what some of your competitors have done, morgan stanley with e*trade deal. do you think there is a case that j.p. morgan should go out and buy one of these giant in tech companies and plug it in and you are good to go? -- fintech companies and plug it in and you're good to go? >> we look at everything. some of these people do a good job. it is usually not better or cheaper but ease-of-use. i assume they are comping. i have built competition my whole life. we are open minded to acquisition and open minded to building in ourselves. we tell people in this very room we should do what we need to do to win, in technology, people, systems, marketing, ai. obviously doing a lot of ai and cloud work. >> another thin

jamie dimon went from bank one out of the midwest to commanding fortress dimon at j.p. morgan. here he is on covid. >> we are still in it, the god knows what it looks like at the end of the tunnel by the end of the summer or something like that. it is not a binary subject. democrats and republicans are like ships passing in the night. there is legitimate complains about stuff and this bill that have nothing to do with covid. there are a lot of people who need legitimate help. both of those are true. the unemployed definitely need help. small business is definitely need help. women who had to go take care, they definitely need help. i don't know if you know this, but half the states' revenues went up, not down. do they need help? there should be questions about overdoing it. yet us through the problem, get the country going, but try not to overdo it too much. >> but isn't the risk that if you have places and states, people that don't need help getting the help, you create this huge risk of inflation? >> and the system already has a little of that. the system looks to us like $1

vincent juvyns, j.p. morgan global strategist still with us. jamie dimon was in those clips of people talking about what is going on in u.s. treasuries, just to flag that to you. we also heard goldman sachs making the point the level, the speed are all very important when it comes to moves in bond markets and it was the speed of the moves that seemed to catch the eye of lael brainard. do you think she was trying to communicate anything new from the fed when she made those remarks? vincent: no, for me, the important communication through the fed is the vigilance toward the level of real interest rates so we know we have a backstop at the fed level that is very important. i believe she is not going to contradict jamie that interest rates creep higher in the u.s. we have an economy which is turbocharged with a lot of stimulus at the moment. rates are rising for good reasons so -- and indeed, the level, the speed, all important. we are not at the level of reference, the taper tantrum in 2013, but we start from a very low level so the bank is more a

yeah this is a very cool experiment as j.p. morgan test of blocking payments between satellites orbiting earth and basically this test ultimately show that blocking technology could power payments between everyday objects autonomy so i can have this experiment in space a valet the approach towards a decentralized network where communication with the earth is not even necessary so like a network created between 2 satellites and token transfer of this was done without any sort of communication with the earth which is basically the clue what we've been saying of doing a peer to peer transaction on our earth of what we do with block with the network without the use of any form of payment form or middleman like a.o.l. or bet and so the idea is now to explore io t. payments and a marketplace where satellites would send each other data in exchange for payments as more private companies launch their own devices into space and we often hear the word io t. a lot where physical devices are connected to one another and that it was sensors

morgan upgrading d.r. horton to overweight analysts say they like the stock's valuation despite above-average order growth ask margins. that stock hitting a fresh all-time high up 2% and exxonmobil has reiterated a top pick at morgan stanley the target here goes from $60 to $71 a share. scott, analysts say that exxon's pro active cost and cutting coupled with rebounding margin improve cash flow and dividend in 2021. that stock's up 70% in the last six months and it's half a percent up >> a good-looking chart. rahel solomon. rob sechan had mentioned that. you talked about chevron and there is your exxon as you mentioned it as a breakout and the other thing that i want to talk to you guys is d. cd.r. ho. and everyone has the same one. we'll get to you, doc, dhi >> love it, scott. toll raised the dividend thi week you have horton, pulte and so many of these -- lennar, just doing fabulous, scott. demand is there. interest rates will be low and i can hardly imagine a better environment for the homebuilders righ

j.p. morgan chase's analyst team estimating that credit suisse appears to have the biggest loss. they are estimating it may be as large as 4 billion. what bloomberg has learned, according to people close to the matter, is the bank spent monday informing a shellshocked staff about the losses. they come on the heels of the green loss, the loss of that capital firm earlier in the month, and there was a hedge fund down in the fourth quarter. so credit suisse stocks and bonds taking a big hit. if you go into the bloomberg, you can see, called hedge funds and hubris, the sizable drop in nine different positions that archegos capital had, all of this pours -- this part of the forced liquidation that began on friday and continued through early this week. analysts are saying that investors should be watching out for credit statements in the future, and that poor risk management could be an emerging theme for credit suisse, if not other banks as well. back to you. juliette: su keenan in new york. getting some lines from the malaysian central bank, saying their 2021 monetary policy will rem

yeah this is a very cool experiment as j.p. morgan test of blocking payments between satellites orbiting earth and basically this test ultimately show that blocking technology could power payments between everyday objects autonomy so i can have this experiment in space a valet the approach towards a decentralized network where communication with the earth is not even necessary so like a network created between 2 satellites and token transfer of this was done without any sort of communication with the earth which is basically the quote of what we've been saying and doing a peer to peer transaction on our earth of what we do with with the network without the use of any form of payment form or middleman like a.o.l. or bet and so the idea is now to explore io t. payments and a marketplace where satellites what send each other data in exchange for payments as more private companies launch their own devices into space and we often hear the word io t. a lot more physical devices are connected to one another and that it was sensors or

yeah this is a very cool experiment as j.p. morgan test of blocking payments between satellites orbiting earth and basically this test ultimately show that blocking technology could power payments between everyday objects autonomy so i can have this experiment in space a valet the approach towards a decentralized network where communication with the earth is not even necessary so like a network created between 2 satellites and token transfer of this was done without any sort of communication with the earth which is basically the clue what we've been saying and doing a peer to peer transaction on our earth of what we do with block with the network without the use of any form of payment form or middleman like a.o.l. or bet and so the idea is now to explore i.o.p. payments in a marketplace where satellites would send each other data in exchange for payments as more private companies launch their own devices into space and we often hear the word io t. a lot where physical devices are connected to one another that it was sensors or

iain: iain stealey, j.p. morgan asset management -- j.p. morgan asset management cio for fixed-income. the effort to unblock this was canal could take more than a week. we will get the latest shortly. this is bloomberg. ♪ ♪ anna: welcome back to the european equity market open. you see european equity markets opening very much to the upside, up more than 1%. let's hear from -- who speaks exclusively to bloomberg's erik schatzker about why she thinks it's an important time for crypto. ♪ >> you think the whole infrastructure around crypto is really interesting and we've been making some investments into that infrastructure. and we think that is at an inflection point. i would say it's everything from kind of exchange, asset managers, custodians to the monday like tax reporting -- mundane like tax reporting on your crypto gains and everything in between. when it comes to crypto generally, i think it there -- we are at a really important moment in time in that something like a bitcoin might have stayed a fringe asset but for the fact that

su: a team of analysts at j.p. morgan has put out the most compelling numbers. they are saying bank losses for all of those financial firms exposed to archegos could be between $5 billion and $10 billion. we saw shares of some of the banks impacted actually rebound in the latest trading session, goldman sachs and morgan stanley notably. goldman sachs says it believes any loss from archegos would be material. we don't know about morgan stanley or deutsche bank, appearing unaffected, but by all accounts, credit suisse appears to be the most heavily impacted, with the j.p. morgan chase analyst estimating it could be as much as $4 billion. bloomberg learned credit suisse spent much of monday trying to calm shellshocked staff, after it exposure to the collapse of green flow capital earlier this month. one analyst says the hits keep on coming for credit suisse. both its stocks and its bonds have been hit because of its exposure to archegos, again, a family office run by a former hedge fund are, resulting in an epic margin call the began last friday, continued this wee

shery: so what are banking giants like j.p. morgan and goldman sachs doing? su: jp morgan chase said summer interns will be getting at taste of office life. they made virtual they're paid summer programs last year but that is not the case this year. j.p. morgan chase wants its young hiking trainees in the offices in their london and new york space. goldman sachs also recently said at a virtual conference last month that remote working was an aberration and they are now going to try to correct it as quickly as possible. on a final note, people close to apollo global management are going to test out a hybrid form of employees working a couple of days a week remotely at the end of the year and the rest of the week in the office. starting the program will depend on when mac -- vaccines are widely available. but it was found that work teams were highly productive and they want to keep that mojo going. so it does appear that a lot of banks are now bringing an end to the work from home era. back to you. shery: let's get to the first word news with vonnie quinn. >> n

j.p. morgan said no to these guys there are twob components. one they have better risk controls two they had judgment. i think everyone trying to figure --. my hat goes off to them. i think they really demonstrated that you don't have to be as dpreeddy as the firms that are in that chart. they had the same information everybody else had and they chose not play >> although the point was made earlier this morning, jim, very well by houston who works for us covering banks and that was some of the smaller guys like cs and omira have to be aggressive on risk and lead on price the number 1, 2, and 3 players can afford to be a little more picky. >> well i think that we're sitting here talking about those two firms as being firms that we don't necessarily trust as much as we did. if they can't make enough money in the market they have a lot of ore markets they should be in and decide you know maybe america is too competitive because they are doing terribly. if i were trying to figure who i was going to bank with today, i would say, you know, i think i'

we sat down with j.p. morgan ceo, jamie dimon. >> jp morgan itself is doing great. we are doing quite fine. you have fintech and big tech. we said we were prepared for intensified competition. >> the growth of some of these fintech companies. do you not think that j.p. morgan should go out and buy one of these giant fintech companies? >> some of these people have done a great job. i assume -- i have dealt with competition michael life. we tell the people here that what -- that we should do what we need to do to win. we do a lot of ai and cloud work >>. another thing fintech has done is this democratization of investing, the rise of the retail trader, it is creating a narrative of david v goliath. do the david's have a point -- do the davids have a point? >> this is not a new phenomena. people should be able to invest their money but they have to do their homework. to the extent that people are learning and getting involved, that is a good thing. >> the one thing that has been savaged is shortselling hedge funds. is that industry in crisis? >> absolutely not. the ret

su keenan joins us with statements we have had from j.p. morgan chase and bank of america. su: they were the first banks that came out with strong stands on this. j.p. morgan chase and bank of america issuing memos to staff that state they will not tolerate racism in this follows the shootings at the asian massage parlors in atlanta that have left eight people dead. the statement from jamie dimon said that on streets, online and in many asian small businesses were seeing physical assault, verbal harassment and refusal of services. he went on to write these acts cannot and will not be tolerated. bank of america had a similar statement saying they will not tolerate racism in any form and they will remain committed to a more equitable future by taking action to address critical issues. these were memos to staff that bloomberg has had access to. at least eight people have been injured in atlanta. six of them asian women. this is part of a growing sequence of violent events that have taken place in the u.s. that have concerned many groups including stop aap i hate, a group that

guy: j.p. morgan chase chairman and ceo jamie dimon talking to bloomberg's ed hammond. lots going on this afternoon. sonali basak back with us. we have to do with gary gensler. worth talking about jamie dimon, and now we have the departure at goldman sachs. sonali basak is well-paid to talk about all of these. what was your impression of jamie dimon in terms of the way he will approach his business going forward? he seems to be a solid spot? the bigger banks have gotten better, stronger, more adept at dealing with the post-covid world because they have helped shape it. in terms of what he sees going forward in terms of the way j.p. morgan will be different, what did you pick up on? sonali: one thing is the amount of technology companies he mentioned. why is that significant? morgan stanley and goldman sachs have been known to be the silicon valley players and jamie dimon once it bad enough he goes there himself. he starts when they are small, he will be with them when when they grow up. that is for better or worse. he held onto wework for a long time and networking with

so you have particularly ones that are capital markets business like a j.p. morgan, for example. the ipo, the sac market, the financing market, it's red hot there's other revenue streams. also, we might see a release of some of those gigantic reserves that they took if credit quality holds up there's a lot to like, as well as we look for stocks with cheap gpes this is the place to go, relative to the high flyers where the gpes are levitating at ridiculously high numbers. >> grasso, you've been the skeptic when it comes to the tech trade and how long that can last here we are. is the no-brainer rotation into financials or where else >> yeah. it's a whole value play. you don't want to open growth with a rising rate environment to karen's point, so you have the yield curve as a tail wind you have the reopening as a tail wind to financials you have multiple vaccines as a tail can wind. you see the xsf. it's all acts value. you only want to own value the only thing on my screen that was green were all my value holdings, getting beaten are my spacs, growth. only thing that you could bu

j.p. morgan head of strategy is with us. how much do you think about the turmoil we've seen in bonds market? hough do you link that $1.9 -- how do you link that $1.9 million? grace: the notion here is that the economic recovery is happening much faster than expected. and a large part of that is down to u.s. fiscal spending that we saw attend of last year as well as this $1.9 trillion package that's about to be signed into law. what this does is take u.s. fiscal spending from an anti-depenn prest -- anti-depressant. you're seeing upwards direction of travel. we've got a target of 1.75 to 2% until the end of this year. and it is feeding into the market's concerns around inflation expectation. now, we think that when -- we're not overtly concerned when it comes to inflation expectation over the next 12 or 24 months. and that's because when you look back historically at key drivers of inflation, there are key factor that are really are critical. and that's the labor market. and secondly, that's the housing market. and not the ho

that stock, however, down about 45% from its highs in early february j.p. morgan is downgrading prudential to neutral from overweight so the target is $91 a share it reflects the firm's concerns about a mixed business outlook and also prudential's m and a strategy it does, however, scott believe that the company's above-average dividend is more than a safe bet. the stock is up about 1.25% and take a look at shares of alcoa goldman upgrading alcoa to buy from sell and those shares are on a tear up more than 10% target goes to $32 a share to 19 analysts see the higher aluminum prices leading to improved free cash flow. this is a stock the analyst community really likes no sell ratings here and the stock hitting a fresh, 52-week high as again, it is up almost 11%, scott. >> rahel, thank you. pete, let's talk to you because you're all over this alcoa calls. you have those >> i do, scott i had two sets of different calls, but i sold one out and i still continue to own the other and we had monstrous buying in there as well as unusual i'll tell you what, it all ma

romaine: j.p. morgan, bank of america, a lot of those health care stocks as well. joe: for more, let's welcome katie, what is it about yesterday, we had this little pause and we have gone right back to old ways with the selling and the tech? katie: it was pretty dramatic, as someone said on twitter, it's think again thursday. romaine: are we quoting people on twitter? katie: i'm always quoting people on twitter. joe: i'm going to tweet something right now. katie: it's pretty fun. it feels like the mood music changed overnight. some news from the bank of japan and they're 10-year trading ban. this boils down to people rethinking what we actually got from the fed yesterday. i'm going to venture there were two wild cards, we had the dot plot and two more officials versus december roll forward the rate hike expectations to 2023. there is a concern that that view could catch on and we'll see more start to move, but there was also this idea of prints versus forecast, the fed is going, the way to actually see the data get to their certain targets to move versus their own

reporter: goldman sachs and j.p. morgan have been selected as the joint global coordinators. deliveroo plans to offer riders rewards aced on the number of orders delivered. the company has revealed that in 2020, he recorded a loss of nearly 261 euros, substantially less than 2019, with a loss of 370 million. it is backed by a number of investors, including amazon. on 2020, deliveroo warned it was on the verge of collapse. an investigation was launched into amazon's winery investment, stake without deliveroo said it would go under. it was provisionally cleared by authorities in april 2020. thanks to lockdown measures that drove demand for takeouts of -- take out, deliveroo's demand increase. millions of consumers across 12 countries make 6 million orders reportedly every month. >> that was mary a reporting. anchor: thank you, great to see you. time for focus. allegations of rape and sexual harassment and higher education in france. one place in particular caught headlines because it is one of the country's most elite schools. female students have been flooding social media wit

morgan joyce chang, congratulations, thank you for coming on the show even as barron's recognizing the increasing women in your industry you're about to release a port on the polar covid-19 has taken on female workers around the globe, can you share some of findings for us. >> this is historic in nature the toll that covid has taken on women's employment that's because so many worked in that service sector and bear the responsibility for child care. we have seen female labor force participation fall to a 33 year low. we have seen 2.3 million women have left the labor force compared to about 1.8 million men. it is historic in nature after gains that have been occurring before the pandemic. jack: that is a staggering set of statistics one thing that caught my eye we've seen a decline in u.s., and europe the labor force participation for women is rising, what is going on there? >> europe did not get hit with a unemployment rate that the u.s. was hit with at the start of the pandemic that's because there's so many subsidies that are in place and they also have much more flexibility in the

the j.p. morgan chase bank may take a $2 million hit from the vaccine rollouts. investors are eyeing stimulus. the coronavirus origin report said they adequately analyze the possibility. china finalized plans to control the outcome of the home selection. this is the picture on wall street, banks bouncing back from the fallout, but 10 year yields leading a 14 month high. we are now seeing u.s. futures unchanged at the open market range. the upcoming announcement by biden for more spending on his infrastructure program. wti, open class panel talking about the oil surplus will be mostly gone in the four-plus meeting on thursday. it is the last rainy day of the quarter for asia as well. >> were set to rev up the last trading day of the month in china with a mixed session. the video shows three manufacturers confidence jumping to a mandated high. it allows an effect for students to see 50% of the earnings put into a dividend. the story is footing the yen at the bottom of the g10 heap. you could be able to play it by the end of the year depending on the pace of the glo

it's like with investment banks, where one-day goldman sachs and j.p. morgan may be competing and another instance where they are cooperating. we need to set up a framework that can accommodate those different kinds of relationships. steve: randy, we have had four years of the trump administration, you served, now we are at an inflection point. when it comes to these strategic questions, is the continuity between trump and biden? what is going to continue, what needs to be changed? >> i do think you'll see a lot more continuity than people might otherwise expect. one of the reasons is, i think the trump administration was actually representing continuity in a lot of ways, particular in my portfolio on the military and security side. president trump was certainly different, unorthodox, unconventional, whatever your term of art. and anyways, the free and open indo pacific policy at the department of defense was set on its course and trajectory in the obama administration, with the pivot of rebound to asia. i think our policies are being driven by china's

multiples actually being extraordinary low so this firms like morgan stanley and goldman sachs and j.p. morgan whose p. e. ratios are some about $10.13 which is a fraction of what we see for some of the tech stocks and bear in mind if you look at what's happening with interest rates that is actually quite been. fishel the banks so what we've seen is the long term interest rates creaking upwards and the short term interest remaining very low and you can think of the banking business in very simplified terms as being borrowing short term lending out long term so the difference between long term and short term interest rates is actually very very good for banks and it's not increases so if we continue to see sort of the long term interest rates the 10 year the 20 the service year go up while short term interest rates remain very low we will see the net interest margin of these banks increase quite significantly so i think that's a sector to look at and look at carefully is have a look at that it's always funny that the warren buffett talking about bargain hunting that's for sure now it lo

morgan and goldman sachs millions in assets and thousands in stock but who knows what the future will bring in terms of those people being repatriated because a few things number one any sort of regulator any sort of agreement and regulation like this is obviously positive i would actually quote mr rogers he's the current strategist at norm or international as he said this is positive for sure the pound is op it's up point 6 percent to $138.00 and i would say that regulation like this or at least a memorandum of understanding there's going to be something is positive what do they actually hope to accomplish with this memorandum of understanding i mean you kind of said that maybe it doesn't open the door for those london based financial firms to actually go back to business as usual with the e.u. correct we are totally correct i don't think i'll ever be business as it was before meaning the previous usual a few things on vova that is a financial services consultancy firm back in january only 2 months ago released a report that stated that over a 1000 banks insurers and asset managers w

multiples actually being extraordinary low so this firms like morgan stanley and goldman sachs and j.p. morgan whose p. e. ratios are some about $10.13 which is a fraction of what we see for some of the tech stocks and bear in mind if you look at what's happening with interest rates that is actually quite been. official the banks so what we've seen is the long term interest rates creaking upwards and the short term interest remaining very low and you can think of the banking business in very simplified terms as being borrowing short term lending out long term so the difference between long term and short term interest rates is actually very very good for banks and it's not increases so if we continue to see sort of the long term interest rates the 10 year the 20 the service year go up while short term interest rates remain very low we will see the net interest margin of these banks increase quite significantly so i think that's a sector to look at and look at carefully is have a look at that it's always funny that the warren buffett talking about bargain hunting that's for sure now it

morgan whose p. e. ratios are some about $10.13 which is a fraction of what we see for some of the tech stocks and bear in mind if you look at what's happening with interest rates that is actually quite beneficial for banks so what we've seen is the longer term interest rates creaking upwards and the short term interest remaining very low and you can think of the banking business in very simplified terms as being borrowing short term lending out long term so the difference between long term and short term interest rates is actually very very good for banks if that increases so if we continue to see sort of the long term interest rates the 10 year the 20 of the service year go up while short term interest rates remain very low we will see the net interest margin of these banks increase quite significantly so i think that's a sector to look at and look at carefully is have a look at that it's always going to feel warren buffett talking about bargain hunting that's for sure now it looks like airlines are s

morgan and goldman sachs millions in assets and thousands and stuff but who knows what the future will bring in terms of those people being repatriated because a few things number one any sort of regulator any sort of agreement and regulation like this is obviously positive i would actually quote mr rogers he's the current strategist at norm aura international and as he said this is positive for sure the pound is op it's up 26 percent to one $38.00 and i would say that regulation like this or at least a memorandum of understanding there's going to be something is positive what do they actually hope to accomplish with this memorandum of understanding i mean you kind of said that maybe it doesn't open the door for those london based financial firms to actually go back to business as usual with the e.u. correct we are totally correct i don't think i'll ever be business as it was before meaning the previous usual a few things on vova will that is a financial services consultant back in january only 2 months ago released a report that stated that over a 1000 banks insurers and asset manager

morgan and goldman sachs millions in assets and thousands and stuff but who knows what the future will bring in terms of those people being repatriated because a few things number one any sort of regulator any sort of agreement and regulation like this is obviously positive i would actually quote mr rochester he's the current strategist at norm aura international and as he said this is positive for sure the pound is op it's up 26 percent to 138 and i would say that regulation like this or at least a memorandum of understanding there's going to be something is positive what do they actually hope to accomplish with this memorandum of understanding i mean you kind of said that maybe it doesn't open the door for those london based financial firms to actually go back to business as usual with the e.u. correct we're totally correct i don't think they'll ever be business as it was before meaning the previous usual a few things on vova that is a financial services consultant back in january only 2 months ago released a report that stated that over a 1000 banks insurers and asset managers were

the j.p. morgan chase bank may take a $2 million hit from the vaccine rollouts.

multiples actually being extraordinary low so this firms like morgan stanley and goldman sachs and j.p. morgan whose p. e. ratios are some about $10.13 which is a fraction of what we see for some of the tech stocks and bear in mind if you look at what's happening with interest rates that is actually quite. official the banks so what we've seen is the long term interest rates creaking upwards and the short term interest remaining very low and you can think of the banking business in very simplified terms as being borrowing short term lending out long term so the difference between long term and short term interest rates is actually very very good for banks and it's not increases so if we continue to see sort of the long term interest rates the 10 year the 20 the service year go up while short term interest rates remain very low we will see the net interest margin of these banks increase quite significantly so i think that's a sector to look at and look at carefully is have a look at that it's always funny that the warren buffett talking about bargain hunting that's for sure now it looks

morgan and goldman sachs millions in assets and thousands in stock but who knows what the future will bring in terms of those people being repatriated because a few things number one any sort of regulator any sort of agreement and regulation like this is all obviously positive i would actually quote mr rochester he's the current strategist at norm ora international and as he said this is positive for sure the pound is op it's up 26 percent to 38 and i would say that regulation like this or at least a memorandum of understanding there's going to be something is positive what do they actually hope to accomplish with this memorandum of understanding i mean you kind of said that maybe it doesn't open the door for those london based financial firms to actually go back to business as usual with the e.u. correct we're totally correct i don't think they'll ever be business as it was before meaning the previous usual a few things on vova that is a financial services consultant back in january only 2 months ago released a report that stated that over a 1000 banks insurers and asset managers wer

morgan to defend against the russians, the chinese. if they cannot do it, how do you expect a small or medium-size company or an individual at kathy to do it? i worked for chairman mike rogers, we created a lot of permitted sharing of intelligence under the collaboration of the government. we need to incentivize companies and the government to do that. we need to give more authority to the government to do its job and deter the russians, the chinese front engaging in this behavior. host: in florida, this is frank. caller: hi, my name is frank. i am a democrat. it depends on who you have allegiance to. i went to west point. i understand that it depends on how big you are. this is -- this intellectual property theft has been going on many ways in many countries by many people. russia has many groups, so does america. so does iran. sardis china. -- so does china. the others get stuck in the middle. there is a power struggle with the democratic party as well as the republican party. it will continue to happen. it is not two-sided, it is mu

morgan and goldman sachs know millions in assets and thousands in stock but who knows what the future will bring in terms of those people being repatriated because a few things number one any sort of regulator any sort of agreement and regulation like this is obviously positive i would actually quote mr rochester he's the current strategist at norm aura international and as he said this is positive for the pound as optics up point 6 percent to 38 and i would say that regulation like this only. the memorandum of understanding there is going to be something is positive what do they actually hope to accomplish with this memorandum of understanding i mean you kind of said that maybe it doesn't open the door for those london based financial firms to actually go back to business as usual with the e.u. correct we are totally correct i don't think i'll ever be business as it was before meaning the previous usual a few things on vova that is a financial services consultancy firm back in january only 2 months ago released a report that stated that over a 1000 banks insurers and asset managers w

the j.p. morgan chase chairman and ceo joins us for an exclusive conversation from j.p. morgan's 2021 global high yield and leverage finance conference. that is monday afternoon in new york, and if you are in the asia pac region, it is tuesday. plus, we have a lineup of special interviews from the bloomberg's citylab global city summit, including u.s. vice president kamala harris, mary daly, covid response task force -- and lori lightfoot. plenty ahead. rishaad: right. the hang seng on a tear. this is bloomberg. ♪ ♪ hanslinda: it is almost 11:00 a.m. in singapore and shanghai. i'm haslinda amin. rishaad: i'm rishaad salamat in hong kong. china's recovery slowing as businesses closed for lou e year and virus curbs hit, a survey confirming the figures. hanslinda: global bonds rebound. a sign banks will do more to keep banks and check -- yields and check. aussie tenure sovereigns jumping more for the first time in a year. rishaad: dozens of activists fate core -- based court on charges of subversion. united states says it stands with the people and freedom of speech is

morgan might be competing in another instance they might be cooperating on a project so we need to set up a framework that can accommodate those different kinds of relationships randy you know we've had 4 years of the trumpet ministration you served in the trumpet ministration now we're in the inflection point politically but when it comes to these strategic questions is there continuity between trump and biden what what is going to continue what needs to be changed as you see it i do think we'll see a lot more continuity than people might otherwise expect and one of the reasons is because i i think the top administration actually was representing continuity in a lot of ways particularly my portfolio on the military and security side president trump was certainly different than orthodox on conventional whatever your term of art is but in many ways the free and open and opus of it policy at the department of finance was really set on its course and trajectory in the obama administration with the pivot rebalance to asia so i think our policies are being driven by by china's growth its be

morgan might be competing in another instance they might be cooperating on a project so we need to set up a framework that can accommodate those different kinds of relationships randy you know we've had 4 years of the trumpet ministration you served in the trumpet administration now we're going inflection point politically but when it comes to these strategic questions is there continuity between trump and biden what what is going to continue what needs to be changed as you see it i do think we'll see a lot more continuity than people might otherwise expect and one of the reasons is because i i think the trumpet ministration actually was representing continuity in a lot of ways particularly my portfolio on the military and security side president trump was certainly different unorthodox unconventional whatever your term of art is but in many ways the free and open and opus of it policy at the department of finance was really set on its course and trajectory in the obama administration with the pivot rebalance to asia so i think our policies are being driven by by china's growth its beh

morgan might be competing in another instance they might be cooperating on a project so we need to set up a framework that can accommodate those different kinds of relationships randy you know we've had 4 years of the trumpet ministration you served in the trumpet ministration now we're in the inflection point politically but when it comes to these strategic questions is there continuity between trump and biden what what is going to continue what needs to be changed as you see it i do think we'll see a lot more continuity than people might otherwise expect and one of the reasons is because i i think the top administration actually was representing continuity in a lot of ways particularly my portfolio on the military and security side president trump was certainly different unorthodox unconventional whatever your term of art is but in many ways the free and open and opus of policy at the department of finance was really set on its course and trajectory in the obama administration with the pivot rebalance to asia so i think our policies are being driven by by china's growth its behavior

morgan might be competing in another instance they might be cooperating on a project so we need to set up a framework that can accommodate those different kinds of relationships randy you know we've had 4 years of the trumpet ministration you served in the trumpet ministration now we're in the inflection point politically but when it comes to these strategic questions is there continuity between trump and by what what is going to continue what needs to be changed as you see it i do think we'll see a lot more continuity than people might otherwise expect and one of the reasons is because i i think the top administration actually was representing continuity in a lot of ways particularly my portfolio on the military and security side president trump was certainly different an orthodox unconventional whatever your term of art is but in many ways the free and open and opus of it policy at the department of finance was really set on its course and trajectory in the obama administration with the pivot rebalance to asia so i think our policies are being driven by by china's growth its behavior

morgan might be competing in another instance they might be cooperating on a project so we need to set up a framework that can accommodate those different kinds of relationships randy you know we've had 4 years of the trumpet ministration you served in the trumpet ministration now we're going inflection point politically but when it comes to these strategic questions is there continuity between trump and biden what what is going to continue what needs to be changed as you see it i do think we'll see a lot more continuity than people might otherwise expect and one of the reasons is because i i think the top administration actually was representing continuity in a lot of ways particularly my portfolio on the military and security side president trump was certainly different unorthodox unconventional whatever your term of art is but in many ways the free and open and opus of policy at the department of finance was really set on its course and trajectory in the obama administration with the pivot rebalance to asia so i think our policies are being driven by by china's growth its behavior t