Why the FT is Wrong About Ally Financial
Ally is still more finance company than bank and really has no core deposit base worthy of the name.
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
R. Christopher Whalen
- Jan 23
- 6 min
Update: Bank of America
We hear in the channel that regulators are making their views of future loss probabilities very clear in guidance to the top banks
325 views
R. Christopher Whalen
- Jan 4
- 7 min
Update: Truist, Charles Schwab, U.S. Bancorp & PNC Financial
The largest banks continue to serve as a haven for refugees from crypto fraud schemes and the fintech swoon, but are not cheap
441 views
R. Christopher Whalen
- Dec 20, 2022
- 5 min
Outliers: CapitalOne, Goldman Sachs & Citigroup
Like most nonbanks (and Goldman Sachs is predominantly a nonbank), volumes are falling and funding costs are rising.
522 views
R. Christopher Whalen
- Oct 12, 2022
- 7 min
Update: U.S. Bank vs. Bank OZK; Q3 2022 Earnings Setup
How will this above-peer performer from Little Rock do in a Fed-induced recession that rivals 2008 in terms of market losses?
567 views
R. Christopher Whalen
- Oct 2, 2022
- 10 min
Large Banks: QT Winners & Losers
A number of readers have asked us to talk about the winners and losers among large banks in the current interest rate environment.
730 views
R. Christopher Whalen
- Sep 8, 2022
- 5 min
Update: The Bull Case for US Financials
Investors who were buying large caps at 2x book value a year ago are now running away from bank stocks just as fundamentals improve...
486 views
R. Christopher Whalen
- Aug 15, 2022
- 9 min
Universal Banks | Morgan Stanley, Goldman Sachs, Charles Schwab, Raymond James & Stifel
Total noncore funding at GS was over $700 billion at the end of Q1 2022 vs $321 billion for MS.
387 views
R. Christopher Whalen
- Jul 13, 2022
- 4 min
Update: Ally Financial (ALLY)
The 5-year CDS spreads for ALLY were trading 280bp over the swaps curve compared with 120bp for Citigroup (C) & 150bp for CapitalOne
323 views
R. Christopher Whalen
- Jun 15, 2022
- 5 min
Update: US Banks Post-QE
Even as the FOMC raises interest rates, we caution our readers to be prepared for disappointment from banks near term
401 views
R. Christopher Whalen
- Jun 2, 2022
- 7 min
Update: Upstart Holdings & Cross River Bank
If investors and partner banks don’t want to buy UPST loans at current market rates, then the game is over in an originate to sell model
531 views
R. Christopher Whalen
- May 29, 2022
- 2 min
The IRA Bank Book | Outlook Q2 2022
The sharp rise in bank stocks in 2021 coincided with a surge in operating income due to COVID. Now we reverse that trend in 2022...
397 views
R. Christopher Whalen
- Apr 20, 2022
- 5 min
Ukraine & the Return of Credit Risk
Just imagine how global markets will react when Putin deploys tactical nuclear weapons in Eastern Ukraine to avoid a military defeat
532 views
R. Christopher Whalen
- Apr 11, 2022
- 5 min
Weak Bank Earnings & Surging Interest Rates = Lower Valuations
Will Fed Chairman Jay Powell fold in terms of further rate hikes if the S&P 500 falls 1,000 points in a day?
488 views
R. Christopher Whalen
- Mar 28, 2022
- 6 min
Top Five US Banks: USB, JPM, WFC, C & BAC
Valuations for the top five US banks are up slightly as Q1 2022 comes to an end
336 views
R. Christopher Whalen
- Mar 1, 2022
- 3 min
When "Force Majeure" Isn't Quite
The imposition of sanctions on Russia is not as comprehensive as some press reports suggest.
323 views
R. Christopher Whalen
- Jan 27, 2022
- 6 min
Profile: Citigroup (C)
Why does this bank exist? What market does it serve and how will it grow in the future?
263 views
R. Christopher Whalen
- Jan 12, 2022
- 8 min
Q4 Earnings | Big Banks & QE
In the short-run rising interest rates and spreads will help bank earnings. But where is the next credit hot spot?
641 views
R. Christopher Whalen
- Sep 20, 2021
- 11 min
The IRA Bank Book | Q3 2021
In the Q3 2021 edition of The IRA Bank Book, we document the slow destruction of US bank asset and equity returns by the FOMC.
354 views
R. Christopher Whalen
- Aug 27, 2021
- 9 min
Profile: PNC v U.S. Bancorp v Truist Financial
U.S. Bancorp, PNC and Truist Financial hold great value creation potential. But which is likely to realize this potential?
331 views
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