Not only is a special edition of Market Makers but today i am stephanies sociology experiment. For one special day he gets to be the token male. We are going to focus women across all attacks takes, sports, and so much more. It. Tick around for all of were going to begin with the news. These are the top business stories from around the world. Let us start with jobs stay. Encouraging news from the labor department. They added more from last month. Wouldnt it subdivide that was in. Bouncinghe economy is back. Januarys job gains will provide up wher more. The Unemployment Rate rose. We will show you right now how markets have responded. The s p 500 ready much unchanged. It has been. Perhaps youll see another record day for u. S. Stocks. Yield picking up. The tenure note was yielding 2. 82 . The highest since the third week in january. A 64yearold physicist is denying a report that t is the father of it going. Have unmasked him. When asked, he told the reporter i am no longer involved in that. It has been turned over to other people. Misunderstood. He never even heard of bitcoin until last month. Lets get right to our first guest. One of the most powerful women in finance. Marion lake. Welcome. We are having a big job. Day job is full. You are also involved in jpmorgan woman on the move tour. You are talking to women at all levels inside the bank about their job. What is the Business Case for that. There is loads of research that show that the Companies Generally fall back up. Even if they do not, when i am on the road, i am seeing investors and clients and our employees. To spend some time having a jerk dialogue is a valuable use of my time. We have been year with 4000 women. Change. Aking positive youre one of the most important people at the biggest bank in america. How do you decide how to balance your time. How much should you invest in initiatives. It is all part of my job. I have to balance her every day. Managing our people is a critical part of managing this in the long run. I want to dedicate time to it. How is a. P. Morgan leading to said thes pure wool jpmorgan said jamie dimon, employees do not seem to be walking out of the door. Your stocks are doing so well. How are you making that happen . If you ask customers about the industry, i understand that. Itll catch up with reality. They like as. They would recommend us. Clients andng our our Community Transaction by transaction everyday. Getho is responsible to america to start liking thanks again . We do it is grassroots. It is at the Customer Engagement level. We have a role in politics and in reform. Has that required a deliberate effort to avoid a bunker mentality . We know a lots of bankers. They will tell us, and they do, that the negative press can really get to you. There is obviously an impact. And see thee paper news. We lead by example. Weve always had a culture at jpmorgan of focusing on the negatives and fixing them and resolving them. That ourh all of business is performing exceptionally well. Our clients are very happy. If you look at fixed income is that part of it . It is part of it. If you look at january, youre expected to be strong. We do not see it that your. It was equities. It was a cross. There is not one reason for it. We have no reason to believe we are not going to down back here it you said theres reason to be hopeful and the second quarter. A market seems to think this is a temporary disruption. We will see. I was to ask you about your job. You have been chief Financial Officer for a little more than a year. How is the job at jpmorgan and perhaps at other large banks, and maybe others, what was it like before the crisis and what is it like now . In many ways it is the same. Talk about jpmorgan, we look at the cfo role cfo role as running the business and driving change. If you think about today with capital in regulation and control being so front and center, navigating the complexities has thrown the organization to be a bit of a nerve center. Regulations are front and center, what is the messes to the rest of the bank . Why do i want to work at a firm like jpmorgan. The grass is truly greener on the other side. Invest in continue to our businesses. We have the best hand. We will win. At the end of the day, the power of our platform has power. We have had strong results. We will emerge very strong. Keep being aggressive. When you say we will win what do you mean . There is unprecedented levels of change. Everyone is working through them. Believeevery reason to we will emerge after this in the same position we came in. Makemie dimon continues to the argument that clients want one bank. Is that really true . Dont clients want best execution across every single rod at . The best way to measure it is client vote with their business. We are getting this across. Clients are telling us we like our models. It is delivering this. We show this for two years running. Ofare generating 15 billion incremental expense energy because of the platform we have. Bank would not be the way it was without the record. 80 of the customers use treasury services. This is managing 19 billion. It is pervasive across the organization. It sounds like they seem to be leaning out. Youre not necessarily getting bigger. Are you influenced by what theyre doing . At the end of the day, our global reach is a competitive advantage. We believe in this. Same investor day you made reference to, jpmorgan forecasted that it could be baking 27 billion in earnings a year in four or five years. Some wonder why it is not higher. What is constraining that . How much of a permanent cost has the post crisis environment place upon jpmorgan be on the onetime legal settlements . To clarify. That is not a forecast. It was a simulation. It was dictated on those things we are certain of. Imagine this. Do not read into that. This is significant. If you look at that chart, we showed 2. 5 billion and net income. It is the Derivatives Market reform. This is an awful lot. It is somewhat permanent. It provides the advantages. In your words, what is the art of the possible . Orwe did not imagine forecast what market revenues would be doing in four or five years time. We expect them to be growing and us to be growing. This was not embedded in the forecast. Were makingts normalization of rates and costs and not about the core organic business growth. If that was the low end, what with the high end be . Some ways compared to others, regulation is your friend. Massiveafford a compliance. You can afford to think of all these changes were other banks kent. Werelation a benefit other banks cannot. Is regulation a benefit . Lets face it. We need healthy, functioning competition in the local community. We are not wanting to hold them at the same standards. We want them to do it. A banklso may be need ceo as a woman. Thank you very much for joining us. Of j. P. Lake is the ceo morgan. The gilthe ceo of group. We will talk to one of the editors up next on Market Makers. To our veryack special edition of Market Makers. Putting you the shopping memories behind you. They are offering designer does it you can purchase on the cheap from all the comfort of your own home. I got to speak with the ceo recently and asked her if glossing up a sample cell was really necessary. We translate their story in an elevated way. When people come they have a sense of style. Our goal is to push them an injured deuce them into newsham. Making sure it is beautifully shot and styled nicely. In order to have partnerships with brands, do you have to offer them more than just a sales outlet . That is one of the magical parts. It is a brand elevating experience. They say you shouldnt better than we do. We take a lot of pride in that. That areeople passionate about innovating and telling a story. There in the sleek creative. It helps our customers find what they want and the rand to reach this young, affluent audience. Where is the Business Case to do that . It is such an extent to have and expense to have photographers. We are blessed prophet ability. We did a beautiful job. We also make sure we are running the train on schedule. What about the Consumer Experience . Chanel. Oing to what about the consumer that does not get to have that experience in a store, they lose that . The young,graphic is affluent audience. They did not have time to be in Traditional Department stores. They are not there on the weekends anymore. When designers say they want to do this themselves . It is competitive for sure. A brand. Ndle this for there are so many brands i talked to that it is not their primary job to think about Digital Marketing and Search Marketing and email and social investment. That is not what they do. They turned to gilt to be a provider and introducing them to new customers at a great value in the digital world. Do to send out the fact you have more competition than when you began . You are the only show in town. A lot of competitors entered. We see now that some of the competitors have folded. It is nice to be the biggest player. The flipside as we can never be complete. Search,i was doing the openings was for an ios engineer. What is going on . Is the heart of fashion meet technology. We have a big, incredibly brilliant engineering team. They are created. Day, the a sale every teams are working together. Theyre working with the Merchandise Team on how should this change or theres new capabilities that the mobile engineers are thinking about. Do you think they will have it online . There are things we are starting to do that is pacific lee for gi specifically for gilt. We know the trends of that are really important for customers. Were just letting to think about that. Everyone is talking ipos this year. Of buzz a huge amount on the street that this is the year we could see the ipo. They areked michelle just focusing on the business at hand right now, selling lots of products. I was in that massive warehouse last week. They have a lot of work to do. Is this ipo coming . Is it coming soon . My guess is yes. The window is wide open. You have a business ready to go public. Now is the time. When we come back, another great woman. A woman that keeps nascar on track. We will keep the International Speedway ceo. That is coming up right here on Market Makers. Likes it is time for bloomberg to go on the market. Taking a look at u. S. Stocks, two big scenes in the markets. There is a jobs report for the month of february that showed an increase in jobs for the month. It positive revision for january. He focuses on the gain an hourly earnings, suggest inc. That this is back in can perhaps help the economy move along. You do have concerns over what is developing in ukraine. The plansment saying for a referendum on march 16th on crimea becoming part of russia will not stand. Does. L see how that the s p 500 is at a record high. At anday this was alltime high as well. About five years ago today, they began the bull market run. It has been a ride. In terms of the nasdaq, it is under a bit of a pressure. We are also seeing some selling of the safe havens this morning after the jobs report your he has seen the yen weakened to almost 104. Report. We have seen the yen weaken to almost 104. He will continue to fall to 1335. Risky asset and a sellout from the safe havens. When you look at copper prices, theyre not participating in the rally you might expect here at copper is falling after a Corporate Bond defaults adjusting the Chinese Government is willing to let companies theyll and not necessarily bail them out to help them meet their chinations, even though has set a 7. 5 gdp target for 2014. There are concerns it will from the state and corporate sector. You see copper following today. Is creating at a 15 week low. We will continue to monitor all of these moves. This is something that will continue to play out, especially with the ukraine development. We will be act with more Market Makers shortly. Thank you so much. I cannot wait to come back after the commercial break here it is she went from magazines to global meetings. He will be speaking to tina brown. Thing about this. New yorker. Newsweek. Vanity fair. Knows and hasuly led the media business. She is going all in on the business of women. We are really going to dig into it. I am looking forward to it. We are going to beast eking with lisa about how nascar attracts women. We are streaming on your smart phone, your tablet and find us andon Apple Television shaming live and ondemand. Live from bloomberg headquarters in new york, this is Market Makers, with Erik Schatzker and stephanie ruhle. You are watching bloomberg television. I am Erik Schatzker. She made her name as one of the most successful magazine editors in the english language. , vanity fair, now she has a new business. She is with me and stephanie right here. There is no better way to begin a conversation with you and was something that happens to be in the news. , returning toek the new stands for first time in more than a year with a print edition and some controversy around bitcoin. They claim to have unmasked the father of bitcoin. Satoshi nakamoto. Ings. Ys he denies the t what happens if you got it wrong. Been a printhave component to the digital newsweek. It is very hard. The ship sailed. It is a hard thing to bring it back. I do wish them well. I want every magazine to survive. The ship has sailed for print media in general . With newsweek having gone digital and come out of it and i think it is hard to relaunch it. Categories are very challenged. We dont want to believe youre these questions about journalism, but it brings to mind a very relevant economic question for journalism of all sorts. Particularly, news journalism. How to get people to pay for news . They want to charge eight dollars an issue. Had he get someone to part with eight bucks at a kiosk. It is very difficult. Challengeronting that in the 1990s. By monday, if you are publishing your magazine and coming out, the internet journalists, they all bought they all got the news early. Newsweeks whole dna was about driving the weekly headlines. The headlines are old by the time they come out. You have to be one of the biggest fans of quality journalism. Who is doing the best job . The daily beast. We have incredible writers. We had Simon Rushdie writing about 9 11. I think we were doing a great job at the beast. There are others doing a great job. You took a turn and decided to go all in in the business of women. Wheres the Business Case . Just a few years ago, womens seemed like a charitable cause. Now it is big business. Why . Women in the world we launched it five years ago. These women are rock stars. Why are they not being heard more. Theyre doing under unbelievable things. Was going to start the summit. 300 women, right away, the great women got on board. , meryl streep. They have allstate involves. A rocket. F like last year, we had 44 million trigger twitter impressions. Engaged people are very with this business of getting to who haveho are never been heard of before. How you measure success . What your social media imprint is, who covers a, who arrives . The bottom line is extremely healthy. We refine it. Sponsors are very enthusiastic about it. We have a fantastic partnership with toyota. Created mothers of invention. We find these young girls who are doing incredible things with tech and their minds and their creativity. They give them an award and they promote these women as young innovators. That is very successful. Toyota loves it. Our business sponsors, bank of america, at t, mark, they are , they are very supportive. We started a foundation and decided the best way to administer it was to bring it make it a part of vital voices. We could not administer that in the way vital voices could. Conference business is forprofit and vital voices gets a part of the ticket costs. Whether it is women in the workplace or the world, these are important issues. We should acknowledge that. Because of the importance the need to elevate these issues. It is important to bring as many people as you can into this whole concept of a global womans movement. It is such a catalyst. They meet donors, funders, ngo people. These women are working so hard. It does not matter what the cause is. These women are capitalized by the combination between i would ask the same question. Would you run a diabetes conference for profit . Most able would say no. I am just raising the question. What about bloombergs conferences . Forprofit. But it is not with a seemingly noble aim, which is to draw attention to the issues that need to be brought to the brought to the center of the table. We are about women leaders. Not talkinglso about celebrating and telling the story of underprivileged women. It is a chance to celebrate professional women, women who are aspiring to be great leaders. When stephanie said i was going to be her sociology experiment, she was not getting. Do you feel like the conference business is getting crowded . That moreperceive is people are addicted to their screens. More they are, the more they want to get away from them. Our lifestream audience is very large. Theres something about being in that room with other women who are experiencing the same thing in real time that is very energizing. That is one of the reason people to live events. They are all looking for an age, they are looking to get through the noise. The way to get through the noise is to make an emotional connection to people who have moved or inspire intellect. Whether it is bloomberg worthy wall street journal, the list goes on and on, ignoring that niche for a moment, what is the secret to building a Good Conference business . Passion. It wasnt about lets do a conference so we can make a business. It came out of a passion to make people heard. It was not a business with founding dna to it. It has ignited a business. Vein. Have tapped a the world is becoming a much bigger platform. Smaller women in the world events. We did one in d. C. Last week. We have done one in chicago. Where wei summits bring two or three of our global women in and expose their voices to women that have never heard of them. It is so energizing. We had a huge crowd in washington. Madeline albright talking about ukraine. Ctivistso amazing a