The Institutional Risk Analyst

Some of the smaller holders of MSRs may ask themselves if selling right now is not the best strategy over a 36-48 month horizon. 

Some of the largest banks by assets have dropped from the top quartile into the bottom half of the distribution for the top 100 banks

COOP and RKT, plus RDFN, creates an integrated business of realty, lending, servicing and asset management that is impressive

Many voices in the media and elsewhere have been predicting an economic slump since 2023. Didn’t happen, but 2025 is very different.

If we consider the larger picture, we already have years of pent-up credit expenses awaiting realization, but add to the sauce Donald Trump.

There is an old rule on Wall Street that industry sectors like airlines and auto manufacturers are trades rather than investments...

President Trump is using the threat of tariffs to change the behavior of some of our trading partners, particularly Canada and Mexico. 

Industry results in 2024 were reasonably good, but the banking industry is still 200 bp below 2019 levels of asset and equity returns

Kevin Hasset is now effectively Powell’s boss on everything other than monetary policy.

A look at the bottom quarter of WGA Bank Top 100 Index. We view TCBI as a work in progress. But kudos to KEY...

We think it is notable that AMP has underperformed the other members of the group other than SCHW over the past year.

GS had not appeared in the top 25 since we began the indices a year ago, while MS had made it three times.

Without profits from commissions and capital markets, BAC would have reported a down quarter due to higher funding and operating expenses.

Cute reference to "average cost," but total return to date would be of greater interest.

As and when GS can exit the loss leading credit card relationship with AAPL, the performance of the business should improve significantly.

Citi seems to be tracking the group now, whereas pre-COVID the stock significantly underperformed in terms of market beta. But performance?

Selling the Treasury's control position in the GSEs while dragging the furious shareholders along behind is not an attractive opportunity

Yes, that's right, we are going to downgrade $8 trillion in GSE MBS and hundreds of billions in corporate debt.

When SCHW surpassed U.S. Bancorp in size in 2021, you knew that SCHW’s leadership had gotten lost. 

The banking industry has segmented into a handful of above-average performers and JPM is the largest leader of these "winners"