Credit Suisse\UBS to Apollo: Bye, Bye
UBS ultimately seems intent upon running off the remaining US mortgage assets, including a few billion in Ginnie Mae MSR financings
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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
- 7 days ago
- 9 min
SoftBank as Systemic Event; Update: Charles Schwab & Co
The public behavior and decision-making processes of SoftBank suggest that the organization is in trouble.
1,095 views
R. Christopher Whalen
- Sep 21
- 6 min
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.
531 views
R. Christopher Whalen
- Sep 18
- 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...
568 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
778 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.
598 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....
1,006 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
620 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.
747 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.
412 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
732 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.
527 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.
915 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
R. Christopher Whalen
- Jul 11
- 4 min
Michael Barr's Capital Proposal Deliberately Misses the Point
The sad fact is that even with another 2% capital, most US banks are arguably insolvent thanks to the Fed “going big.”
1,148 views
R. Christopher Whalen
- Jul 8
- 7 min
Mortgage Lenders Face Return of a Purchase Market
The “winners” in the mortgage sector will be those larger players with equally large servicing books that can access bank funding
890 views
R. Christopher Whalen
- Jul 3
- 7 min
Top Five Banks: JPMorgan Leads the Pack
JPM is really a large mutual fund with a bank attached, as shown in the table below.
797 views
R. Christopher Whalen
- Jun 28
- 7 min
Profile: Comerica Inc.
If the FOMC raises the target rate for fed funds further, then banks like CMA are likely to come under renewed selling pressure.
1,350 views
R. Christopher Whalen
- Jun 21
- 5 min
Update: GS, MS, SCHW, RJF & SF
If you agree with our view that the short-selling of the stock was mistaken, then the discount for SCHW is unwarranted.
849 views
R. Christopher Whalen
- Jun 19
- 8 min
Powell Ought to Pivot to Bond Sales
If the FOMC raises fed funds further, bank failures and perhaps even a market access crisis for the Treasury are next.
1,641 views
Christopher Whalen
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