Citi’s M&A Fee Haul, Trump Reasserts Greenland Claim, More
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What is the main topic discussed in this episode?
Bloomberg Daybreak is your best way to get informed first thing in the morning, right in your podcast feed. Hi, I'm Karen Moskow.
And I'm Nathan Hager. Each morning, we're up early putting together the latest episode of Bloomberg Daybreak U.S. Edition. It's your daily 15-minute podcast on the latest in global news, politics, and international relations.
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News when you want it with Bloomberg News Now. I'm Karen Moscow and we have more bank earnings crossing the Bloomberg. We heard from Citigroup and we get details with Bloomberg's Danny Berger.
The fourth quarter fixed sales and trading revenue is a beat that comes in at $3.46 billion. The estimate was for $3. point two nine billion dollars to the equity sales and trading that does come in light equity sales and trading revenue at just over one billion dollars. The estimate was for one point one billion dollars. We did have a warning from the CFO only a few months ago that the market's revenue would be in the low to mid single digits growth year over year. So maybe not a surprise that you do have a little bit of weakness there.
And that's Bloomberg's Danny Berger. Chief Executive Jane Frazier's bank posted an 84 percent surge in financial advisory fees in the fourth quarter, capping a year in which the firm's revenue from handling mergers rose by more than half to an all-time record. And Citigroup shares have been moving between gains and losses this morning. They're now higher. Bank of America's traders posted a strong fourth quarter as the company reaped the benefits of volatile markets and net interest income topped analysts' estimates. And Wells Fargo missed analysts' profit estimates as severance costs drove up expenses. The company has been shrinking headcount for years in a bid to increase efficiency. Now to our other top stories and President Trump, who is not letting up on his attacks on Federal Reserve Chairman Jerome Powell.
This is despite pushback from Republicans, Democrats, business leaders and central bankers around the world. We get more from Bloomberg's John Tucker. John.
Good morning, Karen. As he left the White House yesterday, the president said Powell is either incompetent or crooked. During an auto plant in Detroit, he blamed Powell for high prices.
If I had the help of the Fed, it would be easier. But that jerk will be gone soon.
Anybody pushing back on the probe of the Fed is also the target of the president, including J.P. Morgan CEO Jamie Dimon.
How did Citigroup's Q4 sales and trading results compare to estimates?
Yeah, I think it's fine what I'm doing. We have a bad Fed person. He was extended by Biden and Yeah, I think he's wrong. I think it's wrong. He's done a bad job. We should have lower rates. Jamie Dimon probably wants higher rates. Maybe he makes more money that way.
As for Republican Senator Tom Tillis, who vowed to oppose any Trump nominees to the Fed during this probe, the president said, quote, he's not going to be senator any longer because of views like that. But despite the backlash, Trump said he would announce his nomination to replace Federal Reserve Chair Powell within the next few weeks. In New York, I'm John Tucker, Bloomberg Radio.
All right, John, thank you. While President Trump is urging Iranians to keep protesting as the death toll rises from weeks of demonstrations, the U.S.-based human rights activist news agency now estimates more than 2,500 people have been killed. CBS Evening News anchor Tony DiCoppo asked the president about his endgame in Iran.
The end game is to win. I like winning. How do you define that in Iran? Well, let's define it in Venezuela. Let's define it with al-Baghdadi. He was wiped out. Let's define it with Soleimani. And let's define it in Iran, where he wiped out their Iran nuclear threat in a period of about...
And President Trump spoke to CBS in Detroit. Later, he told reporters he'll act accordingly once he gets a better sense of how many demonstrators have been killed.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–2:34
2
How did Citigroup's Q4 sales and trading results compare to estimates?
2:34–5:05
3
Why did Citigroup's financial advisory fees surge in the fourth quarter?
5:05–6:20
4
What were the contrasting earnings highlights from Bank of America and Wells Fargo?
6:20–8:02
5
Why is President Trump attacking Fed Chair Jerome Powell and what are the reactions?
8:02–8:41
Speakers
9 identifiedMore from Bloomberg News Now
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