Bloomberg Surveillance Bloomberg Surveillance TV: January 15, 2025
Jan 15, 2025
Ken Leon, Director of Equity Research at CFRA Research, analyzes big bank earnings and market trends amidst a positive investor outlook. David Kelly, Chief Global Strategist at JPMorgan Asset Management, shares insights on inflation and the labor market, revealing workers' reluctance to seek raises despite economic growth. They discuss the interplay between productivity and fiscal stimulus, the banking sector's robust performance, and how current policy uncertainties shape the economic landscape.
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Goldman Sachs' Pivot
- Goldman Sachs is pivoting towards durable recurring fee revenue businesses.
- This includes asset and wealth management, and potentially more principal investments as regulations ease.
Goldman Sachs in Private Credit
- Goldman Sachs is positioned to compete in private credit, unlike traditional banks that rely on partnerships.
- This marks a shift, with larger deals moving from traditional loans to private equity firms.
Citigroup's Performance
- Citigroup is improving, with a focus on cost reduction and the sale of Banamex in Mexico.
- Their services business provides stability, and they trade below net tangible book value.