Ted Pick

So but anyway, but hopefully we'll enjoy this good environment for a while.

JP Morgan Chief Executive Jamie Dimon said, "We just don't know when it's going to stop." Uh, the downshift, uh, the downshift in mood sent stocks slipping, continuing months of declines for financial stocks, with Goldman and JP Morgan giving up early gains to end the day lower.

Citigroup fell the most, uh, with a 5.6% decline.

Uh, the KBW-Nasdaq Bank Index dropped 1.4% on the day and has now fallen 6.8% since the start of the third quarter, when the S&P 500 is up 4.1%.

Their combined revenue rose eleven percent to more than a hundred and thirteen billion.

Bank of America was an outlier and reported a lower profit, which was hit by a massive regulatory fine.

Uh, Morgan Stanley Chief Executive, uh, Ted Pick said the AI build-out is a once-in-a-multi-generation change that could require trillions of dollars in investments.

Uh, there is just no question that this is, uh, existentially important that we are viewed as a trusted advisor in the middle of the ecosystem, Pick said Wednesday during a call with analysts.

...

Gorman transformed it, and how Ted Pick is carrying it forward, wealth management is certainly a big piece of that bank, and it's an integrated operation that works very closely with the success of its investment bank.

All right, so that's one side of the economy and what people are seeing.

This week we also got, uh, indication that inflation continues to run pretty hot, meaning it's rising faster than expected, Stacy.

One such peer is Morgan Stanley, which beat on both lines this morning, but not by enough to impress investors.

The key for the sector, though, is the deal pipeline, something Morgan Stanley CEO Ted Pick told us earlier that he continues to be bullish about due to pent-up demand and a reasonable regulatory environment while noting, quote, "That clock may be ticking."

Now, if interest rates were to get away from us, and that was on the back of, uh, a lack of, uh, control over inflationary expectations or real geopolitical, uh, noise, then I would expect volumes to go down.

The IPO windows are market sensitive, so they would, they would be, uh, more closed or more opportunistic.

Meantime, shares of Morgan Stanley down nearly 3%, Bank of America down 5%, Frank.

And that, those comments too from Pick really echoed what David Solomo- Solomon told Kate Rooney earlier today, that's the Goldman Sachs CEO, just about the IPO, uh, window being open, just at the right price essentially.

Leslie, really great interview with Morgan Stanley CEO Ted Pick earlier.

His, really gr- interesting comments and his thoughts about AI and the generational opportunity there.

Plus, Morgan Stanley topping estimates with equities trading revenue beating by more than $900 million.

CEO Ted Pick joins us exclusively to discuss the quarter and his outlook.

And we'll be joined exclusively by Merck's chief, Robert Davis, to talk about the pharma giant's newest R&D facility, its product pipeline, and the role of AI and robotics in drug development.

Not a whole lot working internally this morning.

Thanks for having me, guys.

Good to have you, Gary Cohn.

All right, coming up, Morgan Stanley CEO Ted Pick joins us exclusively after earnings with that stock getting hit this morning despite those solid results.

We'll break down this latest quarter out of ASML.

Stocks falling hard today after quarterly r- earnings were hit by this $1.2 billion fine from Treasury.

Also ahead, Morgan Stanley's Ted Pick will join us after his bank beat estimates on the top and the bottom line.

And we'll talk about the FBI's arrest of this Saudi OpenAI employee who allegedly planted a recording device in an executive conference room.

Let's start though with this morning's CPI number rising to 3.7% year over year.

Stock currently down almost 8%.

As we said, we're session, uh, definitely into l- spring of '25.

Next hour, Morgan Stanley's Ted Pick, fresh off results.

Stay with us.

A financial news organisation has reported that Morgan Stanley is in discussions to take the lead underwriter role on a possible anthropic PBC flotation, with the debut potentially materialising within weeks at a scale that could surpass any prior listing.

Chief Executive Ted Pick told analysts Wednesday that with annual outlays on AI infrastructure reaching roughly $1 trillion, the build-out still has a considerable number of years ahead of it.

He added that the pace of technology adoption and market readiness tend to move in and out of alignment, a dynamic, he said, the firm keeps in view when gauging what clients are prepared to embrace.

Of the five firms tracked, Citigroup Inc. recorded the steepest year-over-year gain, with equity capital markets revenue climbing to $343 million, a 77% increase, partly on the strength of its prominent advisory role in the SK Hynix transaction.

Many of them are stalling right now, the IPOs, on coming public because of market conditions with the higher interest rates.

Morgan Stanley CEO Ted Pick finally said on CNBC this morning that the economy continues to move along at full employment.

So not only do I like what the banks are telling us about what they're doing in the economy, but then they come out and extrapolate bigger picture issues.

Let me give you another example.