FSOC Frets About Nonbank Risk; Goldman Sachs Stepping Back?
GS has the weakest position in terms of funding of the top-ten banks and no real narrative for the business post-Marcus.
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The Institutional Risk Analyst
© 2003-2023 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Fintech
R. Christopher Whalen
- 5 days ago
- 7 min
Does PacWest + Banc of California + Warburg Pincus = Value?
The Q2 2023 disclosure for PACW suggests an institution that is bleeding cash and operating in extremis...
526 views
R. Christopher Whalen
- Sep 11
- 3 min
Bank Industry Review & Survey Q3 2023
The US banking industry has seen now two consecutive down quarters for net income caused by the Fed’s massive open market operations
715 views
R. Christopher Whalen
- Sep 7
- 5 min
Markets Affirm the Unbearable Lightness of Fintech
When you are in a big crowd, nothing else matters.
588 views
R. Christopher Whalen
- Sep 5
- 6 min
Consumer Credit Collapsing? Not Yet...
Sadly for the bears in the audience, nothing would make the banks happier than if consumers would use more credit....
990 views
R. Christopher Whalen
- Sep 1
- 6 min
Winter is Coming in Bank Credit
If a bank has 6% debt to assets, what is the equity of the parent BHC worth?
1,086 views
R. Christopher Whalen
- Aug 27
- 7 min
Jackson Hole and the Volatility of Credit
Central bankers cannot quantify any of the key benchmarks of current monetary policy beyond metaphors about stars and clouds
1,420 views
R. Christopher Whalen
- Aug 23
- 6 min
Update: Goldman Sachs + Citigroup; Interest Rates Higher Longer?
We continue to believe that combining Citi and GS may make sense in terms of consolidating two capital markets businesses
611 views
R. Christopher Whalen
- Aug 22
- 8 min
China's Debt Crisis Accelerates
Our view is that China has been caught in a debt deflation for the past five years.
1,313 views
R. Christopher Whalen
- Aug 14
- 10 min
Reverse Mortgage Bankruptcy Festers; IRA Housing Outlook
The Biden Administration has no real strategy for addressing the growing stress in the market for government insured mortgages
2,877 views
R. Christopher Whalen
- Aug 9
- 5 min
Update: Western Alliance Bancorp
With industry losses on every loan closed well north of 200 bp, you might ask yourself why WAL would still be buying conventional loans.
745 views
R. Christopher Whalen
- Aug 7
- 6 min
Biden Administration Staggers Toward a Debt Default
Whether we have Donald Trump or Joe Biden in the White House next Christmas, the US seems to be on a trajectory to a financial crisis...
1,881 views
R. Christopher Whalen
- Aug 4
- 6 min
RITM Goes Multi Asset; TCBI Shrinks Assets, Grows Returns
TCBI needs to keep efficiency in the 50s if they want to survive the coming drought in mortgage lending.
410 views
R. Christopher Whalen
- Aug 2
- 5 min
Fitch Downgrades US to AA+; Fintech Stocks Soar on Powell Inflation
S&P was the first to call out the growing lack of fiscal discipline in Washington, downgrading Uncle Sam in 2011
686 views
R. Christopher Whalen
- Jul 28
- 5 min
Washington Trip Notes; Mr. Cooper & PennyMac Financial
The last Treasury Secretary that tried to extend the maturities of US government debt was Jack Lew (2013-2017). Yellen missed an opportunity
638 views
R. Christopher Whalen
- Jul 25
- 5 min
Losses Mount Due to FOMC Policy "Tax"
Inflation is called a “hidden tax,” but lately the tax is not even barely concealed.
1,258 views
R. Christopher Whalen
- Jul 24
- 7 min
Why is JPMorgan So Big? Double Leverage
So when we ask why large banks are so big, the answer is that the Federal Reserve Board allows large BHCs to use more leverage
724 views
R. Christopher Whalen
- Jul 20
- 5 min
Update: U.S. Bancorp & Goldman Sachs
We expect to see USB trading at a discount to JPM and Peer Group 1 until the bank improves its operating leverage to pre-COVID levels.
520 views
R. Christopher Whalen
- Jul 16
- 6 min
What Does Washington Federal Say About Bank Earnings?
We all dodged a bullet in Q2 2023 because the repricing of assets and deposits slowed from the crazy levels seen at the end of March.
912 views
R. Christopher Whalen
- Jul 15
- 5 min
Bank Earnings: JPM, WFC & Citi
JPM has an impressive lead in earnings and growth over WFC and C, neither one of which is positioned to catch up with Jamie Dimon in 2023.
478 views
Christopher Whalen
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