the predecessor bank agreed to a 10,000-dollar mortgage to the u.s. secretary of state john forsythe with 40 enslaved people as collateral. j.p. morgan chase assets of approximately $3.38 trillion. predecessor banks accepted 14,000 enslaved people as collateral for loans came into the possession of 1,250 enslaved people from defaults on loans. in the case of j.p. morgan chase there's been an apology publicly made and announcement of $5 million scholarship which amounts to about $384.61. i have a question for you, each of you. the question is this. if you believe your bank has done enough to atone for your involvement with slavery, kindly raise your hand into the air. let the record reflect no hand has been raised. next question will you publicly publish a plan on or before your next appearance before the committee? and atonement plan but you've not done enough will you publish and atonement plan before your next visit, if so raise your hand. let the record reflect not one bank proposed and atonement plan. let's move to another area quickly. i do not p

u.s. bank corp, assets of approximately 582 billion dollars. a predecessor institution made a loan secured by enslaved people. wells fargo, as its of approximately one point 71 trillion dollars. predecessor bank accepted enslaved people as collateral in at least 24 transactions, took temporary possession of enslaved people from defaults on loans. conducted business with the confederacy. city corp, as of approximately one point 72 trillion dollars. provided a chart of mergers pursuant to a request we made and acquisitions over a course of 210 years, that is lengthy and complex, but didn't give us a detailed report. staff has asked for more information, hasn't received it to the state. more to be said on that at a later time. bank of america, assets of approximately 244 trillion dollars. predecessor bank secured a mortgage with real and personal property. the bore was property included 13 enslaved people. a predecessor bank agreed to a 10,000 dollar mortgage to u.s. secretary of state john forsyth, with 40 enslaved people as collateral. jpmorgan

predecessor bank agreed to a $10,000 mortgage to u.s. secretary of state john forsythe with 40 enslaved people as collateral. jp morgan chase, assets of approximately $3.38 trillion, predecessor bank accepted 13,000 enslaved people as collateral for loans, came into possession of 1,250 enslaved people from defaults on loans. in the case of jp morgan chase there last been an apology, publicly made and an announcement of $5 million scholarship which amounts to about $384.61 per enslaved person. these scholarships went to persons in louisiana. i have a question for you, each of you. the question is this, if you believe your bank has done enough to atone for your involvement with slavery, kindly raise a hand into the air. let the record reflect that no hand has been raised. next question, will you publicly, will you publicly publish an atonement plan on or before your next appearance before the committee. an atonement plan you've indicated you've not done enough. will you publish an atonement plan on or before your next visit. if so, raise y

that's what u.s. bank is for. we'll get there together. (woman vo) sailing a great river past extraordinary landscapes into the heart of iconic cities is a journey for the curious traveler, one that many have yet to discover. exploring with viking brings you closer to the world, to the history, the culture, the flavors, a serene river voyage on an elegant viking longship. learn more at viking.com welcome back, caught speculation are growing louder and more urgent, as it battles through florida. category three storm just battled into cuba, have the destruction on the western side of the island but also causing a neutral -- more than 1 million people right now in the dark until morning. officials hope that electricity will be restored in the day ahead. it is expected to make landfall in florida, in port charlotte, and sarasota. category three, possibly four, hurricane. forecasters are warning that this hurricane is potentially like no other. residents there have ever seen. >> there as it goes inside, it continues to grow in size, this is goi

that's what u.s. bank is for. we'll get there together. >>> the martha's vineyard community coming together to help 50 migrants unexpectedly transported there by florida governor ron desantis. along with raising money some like my next guest are setting up and offering their legal services. joining me now is the litigation director of lawyers for civil rights. thank you. how are you doing? >> i'm well. how are you? >> i'm great. thank you for joining us. so, listen, you are organizing this attorneys locally to help these migrants. we're learning stories about how they were misled about where they were going and the help they would get if they got on these planes and buses. so tell us about what you're hearing. >> well, we at lawyers for civil rights began hearing about the situation within hours of when the planes touched down in martha's vineyard. people recognized that in addition to other needs that these newly arrived immigrants would have there were significant legal issues that were presented. so our team of

u.s. bank is based in minneapolis, minnesota holds that banking charters in the united states. where spent nearly 160 years serving individuals, families, businesses and communities in striving to be a responsible and innovative leader in the financial services industry. at u.s. bank straightforward company consumer and business banking corporate and commercial banking, payment services and wealth management and investment services. we have earned a reputation for being well-managed, financially sound, and responsible in our approaches to underwriting risk. this is reflected in her high debt ratings. these achievements are possible only because of her 70000 exceptional team members. work hard to take care of their needs and invest in their career growth and development. this commitment has been further reflected our newly expanded benefits and recently announced increase in entry-level pay. thanks to our incredible team we provide exceptional banking experience or customers. we told banking services are better but when, where and how or customers referred by that virtually or i

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. bank help us there? we can serve loans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones ♪♪ energy demands are rising. and the effects are being felt everywhere. that's why at chevron, we're increasing production in the permian basin by 15%. and we're projected to reach 1 million barrels of oil per day by 2025. all while staying on track to reduce our carbon emissions intensity in the area. because it's only human to tackle the challenges of today to help ensure a brighter tomorrow. >>> we've got a news alert on uber surrounding that hack we told you about on friday >> that's right. uber is out with a new statement this afternoon providing a little more detail on that disrupti

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. bank help us there? we can serve loans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. >> welcome back to fast money. a read on auto sales came out today. let's get the very latest numbers. phil? >> melissa, these were not good numbers, and nobody expected them to be good. remember, if you don't have the supply, you can do the sales, and that's what we are seeing with the automakers. we really only get the foreign automakers on a monthly basis. for the automakers who reported they, we are talking about toyota, honda, and honda, keep in mind, these are in comparison to last year. so the numbers are very lumpy. it was at the beginning of what we saw the price of getting in. in some cases, for toyota and honda, these were not easy comparison. for hyundai, a little bit easier comparison. in terms of what the market expect overall, you've got demand outpac

an part of this night dad was on a bank port of a predecessor bank it's a u.s. bank. he was operating in an mou during those years when the fed took the interest rate up dramatically back in the 80s and early 90s.ar and so, mr. diamond if you get your worst-case scenario you kind of outline, is j.p. morgan capitalized to take such an economy? absolutely per. >> everyone else feel your well-capitalized? >> yes. >> wells fargo? truths? >> yes. even ifca mr. diamond's worst predictions he did not make a prediction he was saying it's a possibility. >> yes, sir. >> think our stress test are beyond mr. diamond's predictions were correct bank of america? >> yes. you do not have the take a word for us to look at a stress test bed for ten years and read them and stress testing under scenarios that have the worst indicator of every element that has occurred. highest potential real estate look at the results for. >> think you have to yelled back. >> thank you. mr. williams is now recognized for five minutes per. >> thank you madam chair. thank all of you for being here today. i

u.s. bank corp assets of approximately $582 billion. predecessor institution made a loan secured by enslaved people. the predecessor bank had enslaved peoplebank had default on loans.ed conducted businesses with the confederate. city corp, assets of approximately $1.72 trillion. provided a chart of mergers pursuant to request we made in aquisition over the course of 210 years that's lengthy and complex. didn't give us a detailed report. staff has asked for more information.co as they received it the board will set that date at a later time. bank of america $244 trillion. securedbe a mortgage with real d personal property. the barrowers property included 13 enslaved people. they they promised a mortgage to john forsyth. j.p. morgan chase, assets of $8.48 trillion. there was a 1,250 enslaved people. in the case of j.p. morgan there has been an apology made and announcement of $5 million scholarship that amounts to $384.51 per enslaved persons. they went to those in louisiana. i have a question for you, each of you. the question is this, i

that there are some seven billion u.s. households that don't have bank accounts. they gave three primary reasons, anyone know with those three are? let me share it with you. people believe that they don't have enough money. people believe that the fees are to excessive or complicated or they don't know how to access it. but number three is trust, lack of trust. oftentimes, that is because people don't to see people who look like them or their communities. so, that supports what i believe in. let me tell you some good news. every one of you sitting here has met with me. on june 16th, i had the opportunity to spend more than an hour with every one of you. in addition to that, many of you, as we said that yesterday, brought staff, walk me through your changes. so i'm going to apply to you for that. let me tell you why. but for this chairwoman pushing the envelope, maybe having subpoena power, but making sure that she was consistent. if we're going to talk about justice, if we're going to talk about democracy and fairness, then we can't get to all the other things. wh

u.s. bank corp, assets of approximately 582 billion dollars. a predecessor institution made a loan secured by enslaved people. wells fargo, as its of approximately one point 71 trillion dollars. predecessor bank accepted enslaved people as collateral in at least 24 transactions, took temporary possession of enslaved people from defaults on loans. conducted business with the confederacy. city corp, as of approximately one point 72 trillion dollars. provided a chart of mergers pursuant to a request we made and acquisitions over a course of 210 years, that is lengthy and complex, but didn't give us a detailed report. staff has asked for more information, hasn't received it to the state. more to be said on that at a later time. bank of america, assets of approximately 244 trillion dollars. predecessor bank secured a mortgage with real and personal property. the bore was property included 13 enslaved people. a predecessor bank agreed to a 10,000 dollar mortgage to u.s. secretary of state john forsyth, with 40 enslaved people as collateral. jpmorgan

a predecessor bank agreed to a $10,000 mortgage to u.s. secretary of state john forsythe with 40 enslaved people as collateral. j.p. morgan chase, assets of approximately $3.38 trillion. predecessor bank accepted 13,000 enslaved people as collateral for loans. came into possession of 1250 enslaved people from defaults on loans. in the case of j.p. morgan chase there has been an apology publicly made in announcing a scholarship which amounts to about 384,000 $.61 per enslaved -- i have a question for you, each of you. the question is this. if you believe your bank has done enough to atone for your involvement with slavery, kindly raise a hand into the air. let the record reflect that no hand has been raised. will you publicly, will you publicly publish an atonement plan on or before your next appearance before this committee? an atonement plan has indicated you've not done enough, will you publish an atonement plan on or before your next visit? if so, raise your hand. let the record reflect that not one bank has proposed an atonement plan.

u.s. bank. we'll get there together. >>> even if the nice bounce last week continued today, this is a pretty down beat market as i said at the top, it feels like people are looking for any reason to be negative. okay it's hard to blame them. the federal reserve still in the war bath, an awful month in vast swaths of the market are in tough shape but one other thing we heard constant warnings about. the first two weeks of this month are conference season and a wide spread fear many companies would use the conferences to -- that's right, cut the forecast but it didn't happen though, at least not to a meaningful extent. conference season got rolling with the barclay's consumer's staple and that turned out to be an exciting event, not a catastrophe where we got hit with mass guidance cuts. then the tech companies sounded off at the co-conference last week and i thought they were upbeat however, look, it's not been perfect. there were two high profile companies that did cut numbers and we'll talk abo

that would free up the balance sheet capacity among u.s. banks. right now, that is a huge issue and probably driving some liquidity issues, higher yields, and stronger dollar that we are seeing. i still think that is also a bit of a distant prospect at the moment, but that could offer some relief from these currencies. but without the fed, i don't see much happening in terms of this trend reversing. kriti: something we will keep our eye on. and it does reverse now, six month, we will have erik nelson back on. thank you, as always good coming up, we discussed more on -- that conversation next. this is bloomberg. ♪ kriti: this is a bloomberg markets. u.s. stocks are dropping and remaining on edge. actually near session lows, with a cautious rebound. joining us now, kimberly forrest of bokeh capital partners. we think you as always for joining us. we want to start off with a currency ticker. how much of the show would be paying attention to when it comes to american stocks, as opposed to perhaps something isolated to europe? >> unless elon musk get

it was also executives from a lot of u.s. banks. to put this in the context, a lot of these banks have reduced their footprints for many years in the u.k. in the wake of braggs it so they have already started to step back. right now you have those u.s. bank executives stepping in for a meeting like this at a time when a lot of their clients we've been reporting all morning are facing collateral calls and potential for selling. one recommendation here with more communication earlier on about the plan. guy: did the chancellor have any requests for those he was meeting with? sonali: we have been asking about this. one thing that was reported by sky news is something the banks can really do. they are intermediaries so they were told to not short the pound that some of the banks are doing anything -- anyway if the clients would make decisions. so the chancellor would have to meet with a different set of advisors i thing that's the key question but is there anything market wise and really stopping folks. >> some executive markets have bee

when you compare u.s. banks to the rest ofly the world the largest banks are chinese and they ares. working around the globe to expand their strength and influence. what are some of the most significant challenges that u.s. banks face when tryingng to compete with banks around the globe and this is to the whole panel. >> mr. larson argue addressing that to any one of our witnesses? >> it's to the whole panel. >> as we said earlier the near-term competitiveness of the chinese banking system is an issue but the longer-term isar e real issue. they decide the economic issues of the country and they have made large amounts of money and they are developing the technique to compete on a worldwide basis with the l multinational client base with the world. outside the country. it's something to be concerned about and frankly they can operate in the u.s. and the current rule set without much problem in terms of financial resources. >> if anyone else would like to comment on that before go to another question? go ahead. >> thank you very much for the question. i would add many of us support th

that the u.s. banking system could take a long and deep recession that's not what i expect i expect a recession, but i don't think it will be long and deep i think the u.s. banking system is in very good shape. >> any concerns at all that others have raised about the treasury market itself and perhaps the lack of liquidity there? >> i think the issue in the treasury mark, if for whatever reason, people need to sell treasuries, i think the federal reserve has a standing repo facility i think they can make that open to a broader set of parties and allow the fed's balance sheet to come to the aid if there were future turmoil in the treasury market i think treasury market reform is important what we saw in march of 2020 when everyone was trying to turn their treasury into cash disrupted the treasury market. i think we do need to take some steps to address that. >> just looking the world over, bill, it's not just the fed in this tightening cycle. we saw sweden's central bank just yesterday surprise with

bank chief investment officer eric friedman here with his take you are watching "mornings with maria" live on fox business. . ♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my hearing loss and helped me find the right device calibrated to my unique hearing needs. now i enjoy every moment. the quiet ones and the loud ones. make a sound decision. call 1-800 miracle now, and book your free hearing evaluation. maria: welcome back futures turning higher here after the federal reserve raised rates another 75 basis points yesterday. the efforts to fight inflation have caused markets to sell off, the yield curve is widest in 22 years two year 10-year with two year 4.075% this morning up 1/2 basis points, ten year 3.544% up 1 1/2 basis points off highs joining me u.s. bank asset management group chief investment officer eric freedman thanks very much what did you take from powell's commentings in the press conference yesterday. >> great to

haidi: the u.s. trading day, we have the latest central-bank action and the markets continue to percolate through all of that. our global macro strategist and policy editor are here with us. when it comes to the overnight session, is there a sense -- or is the market still yearning to see the upside? quarks the fed still wants to see the upside. there's a new phrase going around the street it's called hawkish this. traders believe that we have reached the pinnacle of the fed's hawkish event and while jay powell will continue to push the hawkish mantra, the data will continue to suggest that they have reached the pinnacle and it's time to turn if not pause in the coming months. demand commodities housing, everything look at is starting to come down. i would also argue that the 2% number is something that he just invented and 3.5% inflation is not a terrible thing. haidi: we have a few of the other 20 central banks making their decisions this week. >> what was interesting today was the bank of england.

this is bloomberg. >> coming up, u.s. bank ceos art sounding alarms on rising rates and prices. their testimony on capitol hill next. this is bloomberg. ♪ >> while the worst of covid may be behind us, the economic changes we are facing are daunting. >> the country may be facing uncertain economic times for years to come. >> the current inflationary environment has added stress. >> we are very concerned about the high prices that consumers are facing. >> rates will have to go up that will reduce demand. spending less money reduces demand. >> and i haven't impact of slowing demand and increasing the cost of debt. >> interest rates remained i -- hi in order to tame inflation. >> there's a small chance of a soft landing. there's a chance of a milder recession, a harder recession. >> we expect to be in for tougher times ahead. >> there's a chance it could be worse. >> bank ceo speaking during testimony in front of congress. all part of a two day growing by lawmakers. su keenan joins us to talk about this. they weighed in on everything from the economy to crypto to concerns about ch

that's what u.s. bank is for. we'll get there together. >>> the market here and some of the laggards on the ndx. we'll talk about the turbulence in tech, as adobe is down 25% on the week we're back in just a moment. "tech check" starts at the top of the hour. ♪ ♪ i was having relationship issues with my old bank. it was just take, take, take. so i moved to sofi checking and savings. get 2.00% interest, and earn up to $300 when you set up direct deposit. sofi. get your money right. to adapt in a fast changing world, you set up direct deposit. you could hire a professional pit crew. go, go, go. sorry. nope. okay. fresh donuts - hot coffee! they deliver real time data and business forecasts when you need it. i think it was fine how it was. (air tool sound) to help you stay ahead of the curve... or you could use workday. the finance, hr and planning system that helps cfos make better decisions faster. on the other hand, we had a great fourth quarter. for a accelerate your decision-making world. workday. for a chan

at 9:30, past executives from the u.s. banking industry testify for the second today and tomorrow before the senate about their business practices and regulations. at 10:00 a.m., a senate committee holds a hearing on scams that target the elderly. that is streaming on the c-span video app which is free to download on your mobile device. >> we are funded by these television companies and more, including buckeye broadband. ♪ >> buckeye broadband supports c-span as a public service, along with these other television providers, giving you a front row seat democracy. announcer: federal reserve chairman jerome powell announced another increase to interest rates by three quarters of a percentage point in response to record high inflation. it is the third consecutive time rates have increased at that level. this news conference is about 45 minutes. chair powell: good afternoon. my

. >>> you probably know by now the ceos of major u.s. banks are testifying in washington, d.c. before the house financial services committee today our leslie picker joins us now with the highlights we might have missed over the last 35 minutes or so. any fireworks? >> no fireworks although the hearing reconvened after a brief recess lawmakers pressed on russia and whether they would stall doing business with china. the ceo deferred today the government for guidance in an event something like that occurred, noting it's hypethetic at this point in time. they were also asked if the banks were well capitalize said which they said they were as evidence by these stress tests earlier jamie diamond was asked about post-financial capital requirements and what that meant for lending. >> it's not just capital international requirements do restrict lending, raise the cost of lending, damage markets a little bit and reduce for our banks. we want good regulations we need to spend more time recalibrating these regulation across the whole financial system >> so the question there was essential

senator cynthia loomis saying she is worried that the u.s. is taking their number one status as the world leader in financial services, for granted and diamond says that she is right. speak of lazy part of policies things we got wrong, will be could have done better, immigration taxation, health care, litigation, all these things, i think it is loaded down america. i think we shall be focusing more on how we can grow more and create more wealthier, afford more military, et cetera, et cetera. >> diamond also says that china is on her heels but also says that america has a locked that china does not have. >> china is a serious competitive issue we all have to deal with so i totally agree with that. i do not think that americans should be embarrassed. we stilled the most prosperous nation on planet, they have autocracy come in on the food coming of energy, they need 15 million air barrels of oil a day and they get four from themselves and their neighbors, we are in very good shape. >> and, gillian, yesterday the bank ceo said that, collaborating

everybody from big ones, bank of america, morgan stanley, key bank, u.s. city and u.s. bank corp. and the regionals aren't doing well and we'll talk with a regional ceo coming up. why isn't that a trader right now? >> it is a trader and jp morgan and it's been beat up and in the spotlight for quite some time here. you'll see that support that builds into it and from a conceptual point of view, investors aren't confident enough to get back into it and we'll see the hard landing and we'll start rebounding from this albeit at the end of last year or beginning of next year. when that does occur, that whole sector arrives straight up with it. liz: hugh, i don't know how you feel about crypto, that's one area that's actually moving higher. we do have bitcoin popping a bit of a percentage here and not to mention, xrp so bitcoin right now is up about 5.5% and ethereum 6% and in fact charlie gasparino is coming up in a few minutes with the ceo of ripple that speaks for xrp, their native coin and brad garlinghouse next on .s dave, you following crypto? >> yeah, and i think everyone kind of

at 9:30, top executives from the u.s. banking industry testify for the second day in a row.

rishaad: a dozen u.s. banks have agreed to pay fines for a combined $2 billion for failing to monitor employees communications on unauthorized messaging apps. lenders say the penalty includes bank of america, citigroup and goldman sachs. the exchange commission saying they failed to maintain trust by requiring them to use official communication channels and maintaining and preserving that institute. that is a look at the first word headlines. yvonne: still ahead on bluebird markets asia, hong kong lawmaker robert lee joins us and has insights on the financial sector. next, dramatic escalations and moscow's energy war with europe and a winter without russian gas looming. this is bluebird. -- this is bloomberg. ♪ at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. yvonne: some of our big stories here this morning as we

edward lawrence at the u.s. central bank in washington with more. edward? reporter: liz, the market initially did not like the data from the federal reserve falling immediately after that announced came back when the federal reserve chairman jerome powell says they would moderate the pace of increases based on the data in the future. then fell again when i asked how long americans would feel economic pain. basically two years. trying to get to a federal funds rate of 4.6%. that means two more large hikes this year and one smaller hike in january upon of next year. >> we have always understood restoring price stability while achieving relatively modest decline, increase in unemployment and soft landing would be very challenging and we don't know, no one knows whether this process will lead to recession, if so how significant that recession would be. reporter: but the federal reserve projections show gdp growth will end this year at .2% and stay under 2% growth for the next foreseeable future until the end of 2025, liz? elizabeth: always terrific journalism,

a bank holiday in the u.s. the bulk of reaction is witnessed across the european forces as we have talked about this, when european economists put together the forecast, the worst case scenario is a full cutoff from russian gas this is it this is the situation that europe finds itself in today the reaction, of course, as you imagine, has been negative across the board starting with germany in the eye of the storm the dax is down 3.1% today more and more companies in germany say because of rising energy costs, they have to cut production this is going to have huge ramifications on an economy that is reliant on manufacturing and industry dax is suffering the most because of the link to russian gas and nord stream 1. the major utility we have been talking about and received a bailout from the german government is down 85% for the year just to give you kcontext of how utilities are suffering. another country in the eye of the storm which is reliant on gas as an energy source and steve has talked about, we have the

this past summer we became one of the largest u.s. banks to completely eliminate overdraft fees and return for our customers. we have been a leading proponent of pay equity. earlier this year we launched the first of its kind diverse financial institutions group, lead our engagement with minority institutions and asset managers. this group is focused on helping these diverse institutions expand into new markets. within md eyes. the bottom line, city colleagues and i understand and embrace responsibilities in advancing economic empowerment and mobility. i hope my pride has come through but i also want to be clear about recognizing the need to continue improving as we try and build an even safer and sound bank for the future. thank you for your opportunity to speak with you about the work we are doing. to support american consumers and businesses. thank you very much. >> next we will go to mr. mannheim. you're recognized for five minutes to present your oral testimony. >> thank you chairwoman waters, ranking member mchenry and members o

liz: u.s. bank management sign yoarm strategist rob howard. right now, you heard charlie gasparino. tell me how you position and prepare for something like that. even if it doesn't come to pass, you want to be ready. >> the challenge is it coming at a time when the market slowing down. we are positioning defensively, that takes us to the underweight equities and look at a shorter maturity higher quality end of the spectrum given some of the risks we don't know how that is going to play out. and the fed goes through its own quantitative titlenning measures -- tightening measures. liz: charlie said there are some market dislocations. do you see market dislocations right now? >> we have seen much volatility. we are not seeing anything being disruptive just yet. liz: there is another question i have. what do you like here? >> it's tough to like a lot. we are focusing more on infrastructure and utilities thinking getting some current cash flow in this environment as we watch the market re-price earnings estimates means you are better off getting paid sooner. on the fixed income side it's

as your bank seen an escalation in financial attacks on the cyber sector? start with u.s. banker. >> we have not seen any indication of an attack. >> dnc? >> same. >> jp morgan? >> i think of the united states government credit for working closely with the banks. we expected a lob we've not seen a lot, very little bit but that doesn't mean it's over. >> city group? >> we have not seen that in the united states. >> bank of america? >> we haven't seen a major increase, but the question is what happens next. >> truist? >> we have not seen a major increase specifically related to that. >> wells fargo? >> same answer as my colleagues. >> i'm just curious, what's the size of your budget for cybersecurity in each of your bank's? pnc? >> i don't know if the top of my head, i would assume it's close to the sides of u.s. banks. >> jp morgan? >> $700 million directly, a lot more indirectly. >> citigroup? >> same, almost $800 million. >> bank of america? >> roughly one billion dollars and a lot indirectly with our partners. >> truist? >> several hundred million dollars, directly ended

ceos of the largest u.s. banks are on day two of testifying to congress. senator elizabeth warren is up with a question to jamie dimon. senator warren: and you want to keep that report a secret. mr. dimon: i apologize if we didn't give you the numbers you asked for. i'm sure we responded. talking about authorized transactions that we have an enormous amount of systems to stop in the amount of fraud relatively is very small for this. sen. warren: i appreciate working to get the commercial for it. but if i don't have the numbers i can verify that. mr. dimon: you will get that. sen. warren: do you want to give me a ballpark? mr. dimon: i don't have the numbers in front of me. sen. warren: this is a serious problem that's been going on. mr. dimon: i will get you the number immediately. sen. warren: i don't want to make it up but i don't want you to wait another two and a half months for i get to see the very simple data. we will get it by the end of the day. how about you mr. scharf. do you have numbers. >> i do not, i apologize to you but we will get you them

good news in theory for the u.s. banks, a banks will not be able to take advantage of it. alix: it's knocking to do anything to cap a lid on consumer spending. just saying. it's like a policy versus central bank kind of thing. a great example of how they might not mash up trade -- match up. guy: looking forward to catching up next, this is bloomberg. ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. guy: thursday the 15th of september. european stocks near session lows right now. energy hurting equities. the countdown to the close starts now. >> the countdown is on in europe. this is "bloomberg markets: european close" with guy johnson and alix

banks are profitable and able to expand their margins. what we want to see is a company able to keep their gross margin constant, ideally grow it to keep sg&a costs in line, ideally cut them and keep their ebitda margin in line and grow it. they are not that easy but they do exist. liz: let's get to them. i know our investor audience is very eager to hear some of these. >> so first of all we like shock wave. that is not that well-known but interestingly out of all the u.s. based companies that have market capitalization above 10 billion this is the, this cop is the second highest organic growth after moderna. they have far the top growth in their sector growing by 180% compared to 11% for the average. what they do, they provided a vice that clears plaque from your arteries. this is big addressable market. vascular market and very few direct competitors. we've been long-term holder and will continue to be. liz: their gross margins are really significant, are they not? 85%, do we have that right? >> exactly and they're able to expand them w

joining us now is jeff saut and lisa erickson of u.s. bank wealth management. jeff, all year long we've been hearing the u.s. is the best house in a bad neighborhood, you should stick in the u.s. because we have better growth, higher yields, we don't have an energy crisis to the extent of europe is that still the case though? >> i think that's still the case secular bull markets tend to last 15, 20 years. do you get pullbacks yes. we had at least a dozen pullbacks this year, every time we get one, the bears come out of the woodwork and tell us we're in a bear market it's just not so bull markets tend to extend for 15, 20 years we're in a secular bull market >> we are in a bear market we're 20% off the highs for the s&p. that's technical definition. it felt like that for a lot of investors. >> that still doesn't mean you're not in a secular bull market if you study 100 years of the dow jones industrial average and look at secular bull markets, you'll see 20% and 30% pullbacks and yet you were still in a secular bull market. >> okay. lisa, what's your take >> we'

the u.s. central bank is taking action to fight inflation. kate: it has been taking action for months. this is just the latest in a series of interest rate hikes. the u.s. federal reserve raising those interest rates by .75% for the third time in a row. that takes america' yes borrowing costs to their highest level in 14 years -- that takes america's borrowing costs to their highest level in 14 years. higher interest rates tend to encourage consumers to save rather than spend. inflation in the u.s. has paid back slightly on its recent what-year highs -- recent 40-year highs of 8.3 -- hitting 8.3% last month. .2% gdp growth is forecast for the year. the federal reserve said it is not done yet and expect more rate hikes before the end of the year as it tries to get inflation closer to its 2% target. higher inflation rates affect things like credit card and mortgage payments. fed chairman jerome powell said the fed is now facing a delicate balancing act. >> my colleagues and i are acutely aware that high inflation poses significant hardship as i

the first is the bank's capital and balance sheet. the u.s. banks -- globally systemic banks are in the best shape financially they've been in in decades as a group different business model issues, et cetera. but as a group from a capital liquidity perspective going into a crisis you want your financial system and you want your core banks to be strong, and they are. secondly, consumers, they refinanced a lot of their mortgages, they had the luxury of very low rates, they saved during covid, consumers come in with their personal balance sheet better those two things are very different from some of the other periods we've had over the last 20 years >> what are you looking for to see that perhaps the fed might be done? does unemployment have to go to 5? you tell us about the four four four but when i listened to loretta mester today, very important fed member, i felt that a lot of the work we had done toward the slowing inflation didn't mean much to them that they're not happy at all, wages are too high, homes are too high, they're not happy with

more than 500 u.s. banks collapsed a single month by the end of december 1931. a total. of 2294. american banks had failed during year alone. desperate to stem what he called a degenerating, vicious cycle, hoover reached out to the nation's banking elite. early in october, secretly convened a group of leading new york bankers. he asked them to voluntarily organize as a private banking corporation with a capital of $500 million, a lot of money those days to be supplied. the banking community itself. the corporation use this fund to lend to banks that in hoover's word were under attack by. unreasoning depositors by rescuing these tottering banks from the danger of closure. this new corporation, he hoped would revive confidence in the banking system. the new york bankers reluctantly acquiesced, but only hoover promised them promised them that if necessity requires he ask congress to create a governmental banking entity patterned after the war. finance created in world for one. it soon transpired that the worried bankers had less faith, who very in cooperation than he did, unwilling

energy instead. >> do you believe the u.s. banking regulators have the stat -- >> speaking for myself, there are my jury and my hang man, they can do whatever they want unless constrain by you. >> reporter: republicans offered a warning to bankers. >> you will never win. never. the uber-woke sweepstakes. >> reporter: there was some discussions abouts the economy, jamie diamond said he's apprehensive about inflation. >> chad pilgrim on the hill, thank you. >>> house democrats passing bills. not without a fair amount of internal drama. some progressives including squad members, corey bush and aoc, blocking the package and delaying it for hours, arguing the bill failed to hold police cat accountable. they're hoping to show voters they are actually funding the police less than seven weeks before the midterm election. >>> a north dakota man said he intentionally ran down a teenager with his suv over his conservative politics. he's out of jail tonight, the teenager is dead. >> reporter: the 41-year-old shannon brand called 911 on hi

how three u.s. bank executives are in front of the house financial services committee to testify on their business practices and existing regulations. everything also streams live on c-span now, our free mobile video app. >> c-span is your unfiltered view of government. we are funded by these television companies and more, including charter communications. >> broadband is a force for empowerment. that's my charter has invested billions for infrastructure, upgrading technology, and communities big and small. charter is connecting us. >> charter communications supports c-span as a public service, along with these other providers. giving you a front row seat to democracy. >> up next, a hearing on the impact of sanctions against russia. in reaction to republican governors sending undocumented migrants across state lines. that's followed by the united nations secretary general talking about global challenges. later, the former secretary of state mike pompeo speaks at an event in manchester, new hampshire

i would assume it is close to the size of u.s. banks. >> 700 million directly. bank of america? >> roughly $1 billion and indirectly with our partners. >> several hundred million both directly and indirectly. >> wells fargo? >> seven to 800 million. the last time i had a ceo come afford it didn't go well. you've done a tremendous job and i want to congratulate you. i had a follow-up to a lot of the conversations we had on china earlier today. i will start with you, ms. fraser. the former global head of corporate investment banking praised the chinese communist party is building a road initiative. in fact, he said quote, city strategies directly associated with 32 of the 69 countries which is more than any other global institution or financial institution. the city should play a leading role in disability and road initiative,." it's my belief the chinese communist party uses this initiative to give into the advantages of chinese companies, forced the developing companies into traps with corruption paving the way. i witnessed this on a trip toie the middle east with my grade chair