Big Banks Bonanza, Fink Bets Big on ESG’s and the ‘Fundamental Reshaping of Finance’, Tesla’s Surge

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 14 January 2020

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber breakdown the big banks, as JP Morgan, Citi and Wells Fargo report results. Plus, Larry Fink’s big bet on ESG’s. The CEO of the world’s largest money manager believes the intensifying climate crisis will bring about a fundamental reshaping of finance. Delta beats the street on both the top and bottom line. CEO Ed Bastian told CNBC that the airline had a very strong holiday season and that Delta has had good success in de-commoditizing its business. And another day, another record all-time high for Tesla. “The Squawk on the Street” gang discusses how far the stock could go from here.

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of C.NBC squawk on the street.
0:04.7	Don't miss a minute of the action.
0:11.7	Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kington, with David Faber at the New York Stock Exchange.
0:16.7	Kramer is at one market in San Francisco as he covers the J.P. Morgan Healthcare Summit. Future's
0:21.8	steady here as earning season kicks off. J.P. Morgan, City, Wells, and Delta. Plenty to watch as
0:26.8	we're coming off record closes for the S&P and NASDAQ. CPI of 23 year-on-year is the highest since
0:32.6	late 18. Our roadmap this morning begins with the big banks kicking off earnings season. J.P. Morgan crushes estimates. City and wells are mixed ahead of the open.
0:41.3	Plus, sustainability is becoming the new standard BlackRock CEO, sounding the alarm saying the climate crisis is about to trigger, quote, a fundamental reshaping of finance.
0:51.1	And the Tesla rally rolls on. Shares now up more than 100% in the past three months alone.
0:59.0	We'll start with bank earnings at JPM's Chase, JPMCity, each posting better than expected
1:05.0	results.
1:06.0	Wells Fargo, though, was the outlier.
1:07.0	Shares moving lower on this miss.
1:09.0	New CEO Charlie Sharf saying, quote, our cost structure is too high, and I believe there are many areas where we will be able to increase our rate of growth.
1:18.6	Efficiency, really the story on Wells, Jim.
1:22.0	Well, I mean, I've got to tell you, I'm a total believer in Charlie Sharp and what he did at Visa.
1:25.9	I think he is, without a doubt, the most technologically inclined CEO in the bank group.
1:31.8	I do find that one to be the one that maybe has the most opportunity here after this washout.
1:37.4	It is a washout.
1:38.8	I do not think Charlie's going to waste any more time.
1:41.4	I think he has to address these things urgently, and he will.
1:44.5	In the meantime, Jamie Diamond, what can I say about JP Morgan? It's thick. It's that incredible
	...

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