ken leon, what does zelle mean for brian moynihan, jamie dimon, and the rest? ken: you definitely want to be a player and take advantage of how society is changing behavior, how they shop and how they spend. but do not get distracted. i don't think brian moynihan and management at bank of america that a fiscal presence will help them. for the delayed rebound of the consumer for banking and small business, small business loans, they come to a local branch or to a financial center. we are also seeing market share gains of the large banks and even the top 100 metropolitan markets in the u.s.. it is kind of a boring strategy, but incrementally that is going to help them especially when we see a pickup in loan activity. unfortunately, that is with confidence in 2022, not for q3 of this year and maybe we get a glimpse of that later this year. jonathan: that comes down to what is happened on the fiscal side to get a decent read on what is happening with loan growth? ken: so much of the catalyst for loan growth is really the consumer. it is not commercial or corporate.

i always love to hear jamie dimon talk any way >> i think a lot of folks like to hear jamie dimon talk guy, i turn to you here because the set up is something that a lot of traders are watching now. it's also about whether or not this kind of financial momentum can continue the it's probably the second best performing sector in the s&p 500. second only to energy and we know where energy came from about a year or so ago do the big banks deserve the kind of momentum we have seen trainers put in over the last six to nine months >> i believe they do by the way, when karen talks about, you should listen the karen all the time when she talks about banks. she stepped in and said it doesn't make sense you can see what the move has been listen when she says she is cautious going in. i understand that cautious i will say i still think there's tail ends for the banks. i understand jpmorgan. i'm not as enthusiastic as listening to jamie dimon as karen is every time citibank gets down to about 85% of tangible when it traded at 66, that's been a bottom i think it trades there. blackstone which dan w

jamie dimon is receiving a vote of confidence. he he's led jpmorgan to being the largest u.s. bank. meanwhile, chipotle shares are leading to another all-time high today. worries about profit margins not a problem. ceo brian niccol saying the company has such good pricing power, they can keep raising prices to offset costs without worrying about loyalty netflix is potentially at a cr crossroads they're now adding gaming to the platform in an attempt to diversify their offerings to an ever more segmented and younger audience so three companies and three different industries who rely on strong leadership and vision let's break it all down now with rbc's gerard cassidy on the banks, kate rogers and alex sherman. so, everybody, let's begin with jamie dimon and jpmorgan's plan to keep him ceo for as long as possible what does this tell you? >> well, i think it's an award that really looks at what he has done for the jpmorgan shareholder, their employees and the communities in which they serve. as you may know, there's over 250,000 employees at jpmorgan that jamie dimon leads you look at

and so the financial services firms that you heard jamie dimon speak and others about the opportunity, they want to see this market evolve and they want to compete, i just think you know, the regulators will be pushed off for a while as they try and chart this deal. they chart the course a little bit. >> let me challenge you a bit on that innovators dilemma thesis it seems to wear off after a while in tech. look at walmart, and e-commerce. microsoft in cloud, disney in media. after a while, it seems like smart incumbents do manage too to react more quickly. why in the case of the banks are they not in position with the huge customer bases that they already have they don't have to pay to acquire them in quite the same way. why are they not in a better position to react more quickly than some others have in previous ways of innovation. >> i think that you can pick the counterexamples, but the general trend in the industry is that the retailers have fallen apart. and they haven't been able to compete effectively. they had huge digital efforts, they spent an incredible amount of money try

let's listen to what jamie dimon said. that is inflation is here to stay. he says it is not transitory as the fed believes and that adds more complication. bank released 3 billion in long loss reserves. double what was respected. underwriting served 25%, boosting net income to $11.9 billion. expenses were up 4%. loan growth was flat. goldman had an 83% gain. it helped its investment bank boost its numbers by 36% for the quarter. that is the good news. david: bank of america, citi, wells fargo --we will be looking at the same issues. su: it is a hard act to follow. two big banks that blew it out of the water and their stocks were lower. what investors are really looking for here is the driver. a lot of the big boosts to goldman and jp morgan chase was a one-off event, the return of loan-loss reserves. we know wells fargo is returning about almost half a billion from loan-loss reserves that it turned out were not needed. that was the big fear during the pandemic. what will drive growth going forward? wells fargo has a question about load demand. what is going

. >>> and jamie dimon looking to get the crew back in the office. and tampa bay takes home the stanley cup for the second year in a row. >>> you are watching "worldwide exchange" here on cnbc >>> good morning, good afternoon, or good evening welcome from wherever in the world you are watching i'm brian sullivan it is a busy thursday morning with the stock futures making a sharp move lower this is just one day after the s&p 500 hit another all-time high dow futures off 346. nasdaq futures off 147 there is no screaming reason why this is happening. there's not some big, bold red headline that says this is happening. stock futures are down maybeulmination of a lot of things we'll talk about in that a few minutes. check out the action in dow in the last 12 hours. you see when we started that move lower around 2:00 a.m. eastern time they started to sell off significantly. as stocks have sunk, bonds bought when bonds go up, yields go down the 10-year in the past several hours stands at the lowest level since february 18th at 1.26% the 10-year yield down 1

jpmorgan made it very, very lucrative for ceo jamie dimon to stay on the job. it is wednesday, july 21st, 2021, you're watching "worldwide exchange" right here on cnbc >>> welcome back i'm frank holland in for big papa, brian sullivan let's take a look at the markets. futures in the green across the board. the dow up 200 points. the blue chip and s&p up about a percent or so higher looking like it's going to -- excuse me, half a percent higher this morning the nasdaq just slightly higher. >>> now to two big stories out of asia this morning another headline for china cyber regulators cracking down on crime. our eunice yoon joins us live from beijing good morning, eunice >> reporter: good morning, frank. well, china's cyber regulators, as you mentioned, have ordered alibaba, tencent, waybo to clean up their information they want a clean summer vacation for tech and that means rectifying any videos, gifs or other meadia that could harm children not providing rigorous enough controls for parents now alibaba, tencent and waybo have been hit with unspecified fines. >

jamie dimon said, do not expect another release. are they the warning shot that holds us back? >> absolutely, and that is why you saw the stock selloff. the trading revenue being down was baked in, investors were expecting that. they were hoping for better news on the loan growth front. they jp morgan cfo thinks it will improve in the next couple of quarters, but that remains to be seen. america has come out of the pandemic in good shape, but people are reluctant to spend. spending has been off the stimulus payments. it will be interesting to see when people are happy to get back into the debt buckets. manus: thank you so much. our finance reporter put in context around wall street's reports. we are going to speak to bank of america ceo, brian moynihan. wells fargo cfo will join the team later on. karim aita, investment advisor, bank of singapore is still with us. bumper bonuses on the way one can only assume. when you look at banks, they are bigger payers than the rest of the s&p 500. does that draw you to banks? do you have major exposure there? what are you saying to your cl

jamie dimon is very keen to make acquisitions at the moment. he wants to reach into those kinds of spaces you're are talking about. how does he ensure that those businesses are better off inside jp morgan than they are outside jp morgan. bob: two pieces to that question. let me take the first piece. it is interesting that jp morgan has made three acquisitions recently, i robo advisor in the u.k., a neo-bank in brazil, and something similar in the asset management space on the west coast. our recent merger with circle is all about the advantages of technology in terms of competing with the large legacy banks. blockchain has had a big impact. a lot of people don't really understand why we are talking about blockchain so much, but if you are think about a large transaction from one's institution to another, a large sum of cash, typically that has required a middleman, a credit card company, visa or mastercard , or a bank like jp morgan or b of a. with blockchain, and with the speed of the internet, what we are seeing is that these transactions can

jamie dimon has been granted a payout to persuade him to stay for a significant number of years. the stock appreciation was an estimated $50 million according to one estimate. jamie dimon, who has been the ceo since 2005 would need to stay for another five years in order to capture a profit. bird learned the u.s. and germany are close to a deal on the gas pipeline. under the draft agreement, germany would take unspecified acts russia if it tries to use energy as a weapon against ukraine. it confirms the decision marks a concession from chancellor angela merkel. the exodus of senior bankers from credit suisse continuing with more than ready now having left the bank. another four executives are said to be leaving as the lender reels from the aftermath of scandals. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani: annabelle droulers, thank you so much. just crossing the wire, we have some timely headlines coming out. they are cutting their full-year mercedes-benz car

what are you seeing that jamie dimon is now? >> i guess the best way to answer that question is to point out the following -- you mentioned the .9% increase in the cpi in june, yes, a very strong pop and something that we're watching very carefully. as americans definitely are dealing with higher prices. something we're very sympathetic to. but if you take out the pandemic effected sectors, autos, hotels, airfares, that .9 falls to .2 which is a tick down from what it was in april and may. so clearly as fed chair jay powell said yesterday, this is being driven by supply chain mismatches caused by strong economic demand, again flowing from the rescue plan, and a supply chain that is recovering from the pandemic shutdown. that doesn't happen with the snap of a finger and that is why we think these mismatches will be worked out. but -- >> but do you have a measure when you are start to be worried this is more than temporary. how high the consumer prices could have to go? >> i think the answer to that has to do with people's inflati

. >> i did want to come to a non-stock story, but it does involve jamie dimon getting a surprise retention bonus from his board of directors mr. dimon obviously one of the most revered ceos. >> does he have enough money to go into space? >> i'm not sure if he has enough money to go into space >> then he's a nobody. >> clearly the board is like stay as long as you want >> steve burke is our former boss, is i think lead director he's also on the board of berkshire. >> can i just say if jamie dimon were to retire, that stock's down immediately 5, maybe 8% >> okay. so i want him. >> do you think by being in the job, even if you are one of the greats that there are things that generationally or somehow that you are not doing that somebody else might do who's younger -- >> you are so right. he did not understand -- no. his team didn't get fintech. >> right center now squares every day -- >> they're intermediated on that on nonpayments by the way, on certain areas of lending too. i come back to the stamps.com financing because it was just interesting all these credit funds that are now providing

dimon you're in china, you all want to be in china and it's the first thing the united states could do is get our own house in order and stop funding the rise of our adversary in the conversion of china's economic power in the military power that was a key point in the speech, the real problem in america america's talking out of two sides of his mouth on one hand we have policy in d.c. from both the administrations that have tried to form a new strategy towards china and on the other hand look at the economic form it will host communist party officials and promote u.s. investment into china and vice versa. we are not really playing a coherent game and were not coherent on china as a country even if we are bipartisan in washington that is our biggest problem in as soon as you stop that and as we get wall street to reinvest and we stop investing in china then we can think about winning this game, until then we are not there. maria: it is about money, it is just about money for those bankers. are they not recognizing the national security risks? >> i was a wall street has very detrimen

morgan chase's ceo, jamie dimon, says inflation is here to stay. he does not believe it is transitory. and there are a lot of questions from investors about costs and lending, and that is what has stocks down. let's talk about the good stuff. the mergers for jp m saw a 29% boost in net income. the bank released $3 billion in loan loss reserves. there were not needed. that was actually double what was expected from analysts. compensation is one of the reasons noninterest costs were up from 4%. it concerned analysts. dimon saying "we will be competitive and pay what we need to pay to our people." notably, goldman sachs also saw big gains from mergers and acquisitions. 83% gain from m&a advisories. it led to a 36% increase in investment banking. haidi: bank of america, citi, and wells fargo still to come. what are we looking for? >> we are looking for them to do a bit better than goldman and jp morgan in convincing investors there are drivers ahead. bank of america and wells fargo report before the open. wells fargo will be in focus. they are putting

let's get updates on the first word news. >> jamie dimon got a payout to stay at j.p. morgan for another significant number of years. it was an estimated $15 million according to one estimate. he has been with the bank since 2005. he would need to stay on for another five years. the u.s. and germany are close to a deal on a pipeline. germany would take unspecified action against russia if it takes action against the ukraine. angela merkel had curiously balked at an independent move against moscow. a former top aide to donald has been arrested on a foreign government. tom barrack will remain in jail until a hearing next week. he said that he made himself voluntarily available to investigators from the outset and will not be pleading guilty. >> from my simple beginning to where i came from having the gift and the opportunity to be next to a president of the united states, to have the honor of running an inauguration, to be up close and personal on some issues that affect world order, i paid a personal price for it. the adversarialness of america and squaring off on both

. >> let's talk a little bit about one of the titans of the banking industry, jamie dimon. anytime you ask jamie dimon when he will be retiring, he keeps saying five years no matter when you ask him. he may be lured into staying a little bit longer because we are hearing he has been awarded $1.5 million stock appreciation. he can capture the prophet in the space for five more years. >> there is a huge amount of speculation for a long time now. he was sidelined for a month last year, undergoing emergency heart surgery. this is fresh out of the biggest leadership shakeup. at the front of the race to take over the top jobs. they may be waiting a limit longer. these women that are in line to eventually replace him but the board saying the special award affects the board desire to continue leading the firm for a significant number of years. we might be asking and getting told five more years for five more years from now. >> how can you be enticed with millions of dollars when you already have a fortune of $2.1 million? it is so astronomical. a few million does not make a big dif

jamie dimon is saying, no, in his opinion, the consumer will come back and start to borrow again and will again start to get into a stage where they don't pay off their credit cards as quickly as they are now doing. manus: the leverage forever. i can't wait to take out the next loan. i want to get a job at blackrock, by the way. pay rises for everybody. on a slightly more serious note, that is a big line from larry fink of isn't it? a percent pay rise for everybody from director and below. that is either a raise for talent, a recognition of hard work, or that corporations need to share more of their profits. nabila: if you guys worked at blackrock, i am sure you would deserve more than an 8% raise. [laughter] larry fink thinks that inflation is here to stay. when you have that view, it is no wonder you are lifting by 8%. he is saying that other employees around the debtor other employers around the country -- he is saying that other employers around the country will have to follow suit. he is saying there will be an epic change in the economy from this persistently high inflation. da

that has a lot to do with the fact that the ceo, jamie dimon, back in june, really talking about how you should manage expectations and trading revenue. not going to be quite as fast and furious as we saw in the earlier quarters last year. we heard from other banks. sort of tempering expectations, managing expectations down. analysts say the big question is a lot of the good news is already priced in and we will know j.p. morgan is the first to report but analysts have been expecting a weaker showing for the combined revenue of the six biggest banks, down 5%. apart from the trading revenue vocus, there are a lot of other areas that investors want to know about including lending, net interest income. dealmaking, which by the way, has been on the rise in the major banks while we have seen the trading frenzy ease up a bit and there's also big questions about return to work. we heard a lot of the announcements and the restoration of evidence and buybacks with the exception of citigroup. each of the other five banks have announced that they will be hiking their quarterly dividend after pa

that is when jamie dimon put out a warning to investors, shorter to manage down expectations, saying the trading revenue for the second quarter would be less than expected and significantly lower than the first quarter of last year. we had other banks come out and similarly manage expectations. citi and morgan stanley among them, trying to tamp down expectations. analysts are telling us the six biggest banks combined will have revenue that is about 5% below the year ago. now, other than the trading revenue, a lot of focus will be on fixed income, lending, and some of the deals that the banks are involved in. we should point out this is starting to be a banner year for m&a, and dealmaking activity has clearly be on the rise as the trading frenzy that was kicked off by the pandemic last year has come down a notch. notably, return to work plans will be gone over in detail. we already know j.p. morgan chase is one of the banks that really wants their workers back this summer and vaccinated. most banks looking for workers to come back by the end of the summer or labor day. we're also expe

jamie dimon is 65, but it does not look like retirement is in the picture for him. the billionaire was given a gift or persuade him to leave. dimon was awarded 1.5 million stock appreciation rights, which will allow him a profit if the price does rise. global news 24 hours a day on-air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. jonathan: live from new york city. alongside tom keene, i am jonathan ferro together with taylor riggs. lisa back monday. equity markets. the s&p advancing 15 points euro -- points. the yield down. 1.2433. 25 hours out from an ecb decision and conference with christine lagarde. tom: it is going to be interesting to see on the ecb, what is your initial thoughts? jonathan: euro-dollar. have we seen the highs already? have we seen peak euro strength? dukes is out suggesting maybe we have, may be the strength is behind us and not in front. they were looking for 1.30. tom: you frame out, how do you go down to 1.15. instead of the geography that you are an expert at, in e

>> wants them back jamie dimon want them back. >> hybrid model is better. >> goldman itself. a note out about productivity in large part because of travel and entertainment going away. >> yes. >> the -- efficiency of remote work adds to productivity for years. >> really going to have to be -- they're going to have to re-rethink coming back have two tracks. if you've made it, okay. you don't have to come back. >> you don't have to make partner a remote license jrchtslicense? >> like in a law firm. work lie the dog as a partner. >> you need the people you're apprenticing to if you're going to learn anything. >> what the hell are you talking about? >> you know. they all like to talk about it. >> yourself even talked about your indoctrination of a firm -- >> and i got a lot of blowback on that. got a lot of blowback. >> what you learn from, was it -- >> no. dave tepper stood on a desk and said i was -- well, we have similar -- i don't know about -- >> the guys you learned from. >> they were guys who made a fool of me, stood on desks commented i was an idiot, a buffoon, and that's

jamie dimon is 65 years old but it does not look like retirement is in the picture for the j.p. morgan ceo. the billionaire was granted a special gift -- the biggest u.s. bank another significant number of years. he was awarded $1.5 million from depreciation rights which will let him capture a process if the stock does rise. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am leigh-ann gerrans. this is bloomberg. ♪ tom: good morning. bloomberg surveillance from new york. taylor riggs and tom keene. lisa abramowicz is on vacation, jonathan ferro off to excellence at 9:00 a.m. a recovery off of a two day growth there. this is a joy because he has done public service for america across so many areas, including ambassador to japan and now senator from his tennessee. they cap -- bill hagerty joins us, the republican from tennessee. i have to go to the stunning washington post analysis this morning of the unvaccinated. you are a leading spokesman on this. how are you going to convince t

on inflation, jamie dimon said he thinks it will be worse than what the fed thinks. he also said i don't think it's all going to be temporary but that doesn't matter if we have very strong growth of course we'll get to discuss that and so much more with david solomon in just about an hour's time the inflation print, his view on whether these capital markets' activity can continue, his view on junior banker pay and overall market levels. i'm really interested to get to him on that because they sold down their investment portfolios during the quarter and a big question is why. does he think that market valuationis are too rich at the moment that and much more to come in just under an hour's time. >> wilfred frost reporting and he'll have the big interview with mr. solomon in an hour's time. >>> the food giants conagra and pepsi. conagra zippsinking and pepsi mg higher as soda sales at theaters, arenas, restaurants are expected to rebound. it is a narrative playing out around the market. surging consumer demand and spending colliding with rising inflation and rising inp

i want you to link charles schumer, jamie dimon, and mr. schumer's need to win the pennsylvania 17th this of conor lamb, a contested district outside of pittsburgh. link their world and all of these enormous numbers we are talking about in the gazillions for houses in the hamptons, link that into conor lamb and the democratic party's reality. jack: you picked a good district because conor lamb is exactly the kind of member democrats are worried about losing in those moderate suburban areas in pennsylvania and elsewhere in 2022. the house margin is practically as slim as the senate margin, so that kind of thing is critical for democrats in congress. as it pertains to banking in particular, the banking regulations that the democrats want to do has not quite been as high a priority to get to the floor as the fiscal focus. in washington, the focus has been on the recovering economy and what washington can do in a fiscal sense in that regard, but really, conor lamb and other moderates are who you watch for when you see democrats raining in some

tom: i would suggest jamie dimon wants higher rates. also brian moynihan and others. jonathan: are you suggesting that might be why the bankers always want higher interest rates and with that relate to a comment you made earlier in the show? tom keene, lisa abramowicz jonathan ferro up later, krishna memani. from new york city, this is bloomberg. ritika: with the first word news, i'm ritika gupta. little more than a week before the summer olympics begin in tokyo the host city recorded a six month high in coronavirus cases. people in their 20's and 30's accounted for most of the new infections ahead of the international olympics. the head of the international olympics says measures are in place and are working. -- european governments are growing increasingly frustrating. they cite an outdated strategy for fighting the coronavirus. the travel ban is likely to come up today when the president meets with angela merkel. south korea seeks to move up its spot in the global space race. the countries science minister says this means launching satellites on homegrown rockets a

>> i guess you could say it's old but important, what jamie dimon has been putting in. fintech is on the rise we could see that coming through in the survey. a couple key things, number one, let's just look at investing the number of interns actively investing is up three times from the 2019 survey. interestingly a third of them are investing in crypto and another third are interested in exploring that potential when we look at payments, look, one of the things that's been the case, my colleague covers paypal, square, paypal is the leader in the digital wal et and venmo, paypal is the leader. look, that is the same as last year but the expansion versus peers is widening. i think what you're hearing from paypal, they have an aspiration of expanding that lead into other products and services, to leverage what they've created with consumers >> so, betsy, we're looking at a chart showing venmo is the most popular peer-to-peer app venmo and cash app are similar zell is different and is privately owned by a number of big banks. what does the popularity of zell say about big b

dimon's quote informs our experience quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy growth and sustainability let's welcome the founder and ceo of the long-term stock exchange, also known as ltse thank you for joining us today >> thanks for having me. >> you have two companies listed so far software company twilio and asana, the cloud-based company what does it mean to be listed on your exchange how will people notice the difference they are listed there and not elsewhere? >> so these companies are dual listing, accessing liquidity as before, but they are committing to listing standards that we have at ltse around, as you mentioned, investments in the long term, sustainability, diversity, et cetera it's like being held to a higher standard, showing these are companies at that care a lot about the impact they have on the world, all of their stakeholders, employees, communities, vendors and so on >> and, in fact, yes, they are both listed at the new york stock exchange they both still have to submit quarterly repo

the pullback began early in june, that was when jamie dimon and mark mason signaled insults will not be as strong as expected. let's get to octavia founder and ceo. jp morgan and goldman sachs will raise the curtain. what will be the drive, the reserve release, or the drop in trading? which will be more important to the equity valuation? good morning. in u.s. bank stocks? >> in u.s. bank stocks, it is up to the bank how much they want to release the reserves they put away. they have a broad latitude in terms of doing that, is not like trading revenues where you make money or lose it. the load reserves has a fair degree of latitude the banks can employ. they might release a lot and they might release very little. some banks have been more aggressive like jp morgan, and then wells fargo has been more cautious. i think they are trying to catch up this quarter. it is hard to say. bear in mind, the trading revenues are very good. this time last year in q2 of 2020, we saw equities and fixed income trading go through the roof. now they will be down about 30% compared to that quarter but we

but as jamie dimon has said, if you want to hustle, do you want to be at home or in the office? i think that is something, the way different personalities deal with it. taylor: the pressure for face time with your boss. i love the face time that i get with you all week. in the markets, you are talking about a nasdaq which is just trying to hang up in the green, trying to hold on to record highs despite big hooves in the bond market. you are down seven basis points. guy: huge moves in the bond market. chris meacham is going to be joining us next. we want to talk about some of the u.k. stocks as well. our go on the move here in the u.k. -- cargo on the move here in the u.k. >> the countdown is on in europe. this is "bloomberg markets: european close," with guy johnson and alix steel. ♪ guy: 30 minutes to the close, what do you need to know out of europe this hour? travel restrictions between germany, the u.k., and portugal being eased. england easing isolation rules for the fully vaccinated. however, cases and hospitalizations continue to climb sharply. the bond market starting

jamie dimon is 65, but it doesn't look like retirement is in the picture. he was granted a special gift to persuade him for another significant number of years. he was awarded 1.5 million stocks, which will let him capture profit if the stock price rises. will it ever be the same at the u.k. bank natwest? the bank chairman says what he excites from workers returning to the office will be a bit different that's what he expects from workers returning to the office will be a bit different -- what he expects from workers returning to the office will be a bit different. >> i think those days are gone. we are looking at having a minimum expectation of a few days a month that people will definitely have to be in the office, and then it will vary by teams, but i suspect there won't be that many people who are doing five long days in the office, aside from some of the trading areas where you pretty much have to. alix: and if you do, offices might have to pay up. office workers in london apparently want a big pay hike to return to the office. according to a survey by

the bridge to possible. >>> jpmorgan chase is granting jamie dimon a special award of 1.5 million shares it reflected their desire to keep him for a significant number of years. it's not a typical restricted stock award. he'll only realize the value above today's share price. he gets access to them in five years and must hold them a further five years and they can be called back at any time based on conversations with sources at jpmorgan, this would have been done about 12 to 18 months ago if not for the pandemic people should read this as being a signal that the board wanted to send back thens too who they wanted to be in charge for the next five years or so. they want dimon as long as he's keen and able and in a good place with other key deputies all committed for long periods of time at this stage. dimon was not present in any of the board discussions on this. final point for me on this i think there's an aspect of, let's just put to bed that debate of how many more years is it one, two, three, four, five and with it internally and people like you and i, will be it marianne lake, jenn

jamie dimon among others have been commenting on these type of developments. consumers may be raring to go right now but the problem for a lot of businesses trying to hire in the face of that consumer avalanche of buying, they don't have the workers. so we'll keep an eye on that. we're keeping an eye on students suing indiana university over its demand that they be vaccinated. it is an important legal case that could play out across the country. after this. uys! they have customized solutions to help our family's special needs... giving us confidence in our future... ...and in kevin's. voya. well planned. well invested. well protected. that building you're trying to buy, you should ten-x it. ten-x is the world's largest online commercial real estate exchange. and it's fast. if i could, i'd ten-x everything. like our lunch. (laughs) amazing! see it. want it. ten-x it. it's a wishlist on wheels. a choice that requires no explanation. it's where safe and daring seamlessly intersect. it's understated, yet over-delivers. it is truly the mercedes-benz of sports seda

dimon thinks there's about to be an explosion of loans. do you know that travel loans are up 8% from 2019. that's a phil lebeau emergency number >> travel loans. i mean travel expenses travel expenses. up 8% from 2019. up 8%. people who have money will travel it's the millennials they feel so confident they've embraced delta and not just the airline. >> no, which we'll get to. and credit quality obviously has improved as you said we've got a lot of reserve releases investors don't really react to that. it helps profitability a great deal you can see what moynihan had to say. consumer spending he says has significantly surpassed pre-pandemic levels. deposit growth as we were just saying is very strong and even loan levels have begun to grow. >> and yet his stock's down. >> they didn't hit some of the estimates i guess. >> missed on net interest. okay, net interest margin. all i can tell you is that interest income did not go down much even though the fed slashed rates. can you imagine what will happen to this thing when the fed starts raisi

you voted jpmorgan jamie dimon must be astounded that his stock has rolled over so big since they reported it. >> we're going to get back to that in just a second. tell people who did the honors here you can see the realtime exchange as we might expect. a lot of red on that board builder's first source it's transferred to the nyc. nasdaq, biopharmaceuticals focusing on rare diseases. jpmorgan reported results almost a week ago and the market did not respond positively. >> no, because the -- >> people just think that with the ten-year where it is it doesn't matter what jamie dimon says or does now it's not like the old days. >> no. >> statistically significant index anyway i do want to see where we are. >> the ten-year is to some people frightening because it's signifying something they don't know >> 1215. >> is it signifying that because we're blocking asmlf from selling big machines to the chinese, machines for semis that therefore they have to take over taiwan semi? do they have to take over taiwan, is that what is being signaled or is it that the variant is crashing through, breaking th

and jp morgan chase granting 1.5 million stock options to ceo jamie dimon. the options cannot be exercised for at least five years and shares from the options must be held until 2031. i'll send it back to you, julia. >>> turning our attention back to netflix, our next guest is lowering his price target for the stock after the quarter. joining us now for a look ahead to the rest of the year for netflix is mark mahaney. so, mark, this third quarter guidance that netflix gave much lower than anticipated they don't give us any insight into what to expect for the fourth quarter do you think things will turn around and growth will start accelerating by q4 >> so, hey, julia. so we think they will. there's two or three things to keep in mind here. first, it just passed the toughest covid comp quarters there's no doubt about it. this was a major covid winner. record number of subads in the first half of '20. i think that caused growth challenges in the first half of this year. second, they had production challenges they weren't able to complete certain titles you see

what is striking to me, i know edward mentioned jamie dimon of j.p. morgan chase talking about inflation it's probably transitory. larry think of black rock is talking about it. the interesting thing about black rock, many of his deputies are in the biden administration. there's a bunch of them. that's fascinating that their hold boss is now talking counter to what their new boss is saying. that should tell them something. the old boss knows the markets. >> neil: you talk about the possibility that powell can raise rates. these a final straw here. he can do other things like the federal reserve has been buying treasuy bonds and corporate bonds, scarfing them up to keep rates as low as he can he can deal that back. >> yeah. there's two ways -- >> neil: how would that go? >> two ways the fed raises rates. they control the short term rates and buys bonds. when you buy or sell a bond, the fed can do that. it will raise and lower interest rates. when you buy a bond, rates go down. when you sell a bond, it goes up. that would be a much more direct intervent

jp morgan's ceo jamie dimon thinks that inflation can be a bit hotter than people expect and he doesn't really know that it's going to be temporary. but you at the end of the day no one can say for sure. there is no play book for what happens to inflation after a once-in-a-century pandemic. >> i have a friend who's in the market for a used car and the premium value was over $5,000 because they had such low inventory on used cars. >> and i talked to a friend who sold a used car for more than he bought it for more than six months ago. >> but how do you explain my fried calamari? we had just taken my son out and this was not a big restaurant night. >> it was the margarita that was added onto the fried calamari that made the bill so expensive. [ laughter ] >> and my husband goes inflation. is that really happening, even restaurants? >> even restaurant prices have gone up. another issue with restaurants is they haven't been able to find enough workers. so there's a shortage of labor and we have seen prices go up. >> we've also seen pay for workers go up. a lot of people said it's about time,

. >> it's not a bank, obviously, it falls under the financial umbrella and schwartzman is no jamie dimon, karen, but do you like blackstone? >> i do. i've missed it and kudos, one, multiple kudos who guy who has been under 70 points or so normally companies like this face succession issues and i think they have a very, very great jonathan gray who i think is brilliant and has taken the mantle already and has done an extraordinary job. the correlation between blackstone and the s&p and for a while it was pretty close and not surprisingly and then in the last year it took off and went into the stratosphere. so, i mean, i can't buy it here because i can't buy it at a place that's 70 points higher than where it was, but they've done an extraordinary job, no question it is a machine and it should be priced at a super premium and it is >> could you, dan, buy it here >> i just don't buy things that go straight up like that and everything they had to say about jonathan gray and the aig thing and just from some of the stuff that i have been reading and it does seem that it could be transf transfo

dan joins us now dan, it's a big call and i will note that jamie dimon said a few years ago, he admitted to square envy, say they have abated where they have not, but square has just a fraction of the market in terms of active users. how do they get to the point to be bigger than jpm >> great being on the show look, it ties really well with everything that happened post-post yesterday with a tweet from jack. if you think about the way, if i can put myself in their head, they want to be this new-age next gen ultimate neo bank the work we have done, which was before they announced the tbd announcement, shows you the path to getting there from today to then the two questions here are, what is the average revenue per user that they can get long term, and how many users they can get. today, they have like 36 million users. no woone would have thought tha. the reason we think it's like buying jpmorgan in 1871 is the average revenue per user is much bigger than people are thinking about and they did this step by step analysis of each product that they can come up with and the number of time it'

jamie dimon may have a few more reasons to be scared of scare this morning we'll explain if a moment. first time for a news update. >> here's what's happening at this hour. bonds have given up their gains as stocks extend their rally the yield on ten year treasuries hitting a five month low, below 1.3% now jumped back up to 1.2% housing starts rose far more than expected in june. the 6.3% jump came despite labor shortages and high lumber prices, but housing permits fell 5% shares of hga healthcare shooting up and hitting an all time high. the hospital operator saying that healthcare demand has returned, that's after a sharp dropoff for routine services during the pandemic. hca giving strong guidance for rest of the year and moments ago, house speaker pelosi's office confirming that one of her senior aides tested positive for covid-19 after meeting with texas state legislators last week. a spokesman says that pelosi had no contact with the infect ed aide you're now up to date. back to you. >>> we're closely watching all those covid headlines. we're coming up, an ugly day fo stocks but

morgan, jamie dimon will say let's rethink our reopening plans. that's what i'm hearing. it's not a great work environment if 10,000 people are wearing masks. it defeats the purpose. that's what the they're looking at. not that they want to go that way. back to you. >> neil: day by day. charlie gasparino, thanks very much. this whole idea that things could get pushed back a little bit affects the airlines right now and whether or not you wear masks beyond september. that's looking increasingly likely. you can understand why things are unruly in the skies. they just got more so. wait till you hear the latest data on this. we are freaking out up there. everyone has to take a chill pill. is now a good time for a flare-up? enough, crohn's! for adults with moderate to severe crohn's or ulcerative colitis... stelara® can provide relief and is the only approved medication to reduce inflammation on and below the surface of the intestine in uc. you, getting on that flight? back off, uc! stelara® may increase your risk of infections, some serious, and cancer. before treatment, ge

jamie dimon at the white house, thank you. appreciate it. >>> top general says the u.s. will continue air strikes in support of afghan forces even after troops on the ground. final withdrawal, civilian casualties reached record numbers in may and june, more than 2,400 afghans killed or injured in those months. u.s. central command says the troop withdrawal is more than 95% complete, but there were still two air strikes last week. >> so we will continue to support the afghan forces, even after that 31 august date. it will generally be from over the horizon. and that will be a significant change. and then it will be time for afghan forces to fight and carry on the battle themselves. we spend a lot of time training them. now is their moment. now is the time for that very stern test i noted earlier that they're going to face. >> take a look at this. because what this shows you is the spread of taliban-controlled areas in afghanistan. they are in red. the military says the taliban has failed to capture any of the 34 provincial capitals yet but has surrounded half of them in a

we aren't going there unlike with jamie dimon over jpmorgan is advocating everybody get back now, we're not going to go there and with the opposite of what david solemon is doing at goldman and basically saying listen we think brokers are a large part of our workforce, can work-from-home, so why push you to come into the office and guess what? that's like, you know, it's like extra vacation days or something along those lines it's an incentive. i have not heard of anybody jumping ship other than anybody major teams. that's what you look, major teams that handle a lot of that have a lot of assets under management from rich people, haven't heard of any jumping ship but clearly this is being used as a recruit recruitment tool and liz, again you tell bigger stories through smaller stories and this replicates itself through corporate america i really believe that we're going to see a lot more of this as people look for talent and say hey, we don't care. you could work-from-home every day or maybe four days a week, just show your face once in a while to the boss, because some of these -- liz: