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The Institutional Risk Analyst
© 2003-2025 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance


Bank Earnings: JPM, BAC, AX, GS & SCHW
GS saw loss provisions fall slightly in Q2 2024 to $282 million but the number was still $600 million in the first half of the year...

R. Christopher Whalen
Jul 17, 20245 min read
479 views


Goldman Sachs Fails Fed Stress Test
Notice that the Fed stress test is silent on trillions of dollars in mark-to-market losses facing US banks from COVID-era securities

R. Christopher Whalen
Jul 7, 202410 min read
3,217 views


Who Leads the Asset Gatherers? | SCHW, MS, GS, AMP, RJF & SF
The larger banks led the way in January and February, but today the top 25 names in terms of total return include many smaller banks.

R. Christopher Whalen
Jul 3, 20247 min read
605 views


USSC Kills Chevron | Zombie Banks Pass Stress Tests?
The Fed bank stress tests are another sign of magical thinking in Washington.

R. Christopher Whalen
Jul 1, 20248 min read
915 views


Q2 2024 Earnings Setup: JPM, BAC, WFC, C, USB, PNC, TFC
Citigroup leads the pack with a net loss rate of 133 basis points (bp) that is almost five times the average for Peer Group 1 at 27 bp.

R. Christopher Whalen
Jun 23, 20249 min read
1,446 views


Interview: Robert Brusca on the Federal Open Market Committee
Powell won’t hit the two percent target, but he won’t change the target either.

R. Christopher Whalen
Jun 10, 20249 min read
693 views


Inside the Private Credit Trade
Direct lenders are the pawnbrokers of the 21st Century for subprime commercial borrowers, usually firms financed via leveraged buyouts.

R. Christopher Whalen
Jun 4, 20246 min read
1,404 views


Interest Rates, Deficits & Inflation
We think it is reasonable to push expectations of a cut in the target for Fed funds into Q1 2025.Â

R. Christopher Whalen
May 24, 20246 min read
817 views


Joe Biden Goes Subprime; Should Citi Buy NYCB/Flagstar?
Citi is a subprime lender. They should be directly involved in government lending.

R. Christopher Whalen
May 20, 20246 min read
990 views


The Bull Case for Large Banks
Big banks have big CRE exposures, too. So what drives this marvelous progression up the wall of worry?

R. Christopher Whalen
May 15, 20247 min read
570 views


WGA Bank Top 100 Index | Q2 2024
Our Bank Top 10 and Top 25 indices continue to outperform the industry benchmarks, but the broader samples show growing financial stress

R. Christopher Whalen
Apr 29, 20243 min read
582 views


The Death of Leverage; What's the WAC of Bank America?
The yield on BAC's $320 billion commercial and industrial (C&I) book was just 5.4% or more than 150bp below peer at year-end 2023.

R. Christopher Whalen
Apr 24, 20247 min read
936 views


TCBI v Ginnie Mae Goes to Trial | Outlook for Commercial & Residential Mortgage Finance
McCargo's actions and the fact that the case has not been dismissed in its entirety is very unhelpful given current market conditions.

R. Christopher Whalen
Apr 21, 20247 min read
1,283 views


Update: Bank of America & Charles Schwab
BAC is in big trouble, not due to credit but because of sub-par asset returns. BAC’s return on assets has fallen to just 0.8% in Q1 2024

R. Christopher Whalen
Apr 17, 20246 min read
641 views


Zombie Banks & Budget Deficits
The fixation with the idea of resolving large zombie banks without public expense is evidence of our collective delusion.Â

R. Christopher Whalen
Apr 15, 20249 min read
844 views


GSE Release? Really? Update: Ally Financial
You take the GSEs out of conservatorship, the big banks led by JPMorgan and U.S. Bancorp will own the conventional loan market

R. Christopher Whalen
Apr 11, 202410 min read
2,031 views


A Rising Floor on Interest Rates? | Update: Bank OZK
Only in the strange confines of Washington do you still find people who think that the federal budget deficit is not a problem.

R. Christopher Whalen
Apr 7, 20247 min read
1,051 views


Vanguard & Black Rock Control JP Morgan? | PNC & United Wholesale Mortgage
BK and Vanguard are above the 4.9% legal limit on ownership of voting shares of a bank. This fact gives the FDIC et al the power...

R. Christopher Whalen
Apr 4, 20247 min read
938 views


Top-Five Banks: Q1 '24 Earnings Setup
We see higher credit costs, narrowing NIM and still rising funding costs squeezing the banking industry in Q1 2024...

R. Christopher Whalen
Mar 19, 20247 min read
586 views


Mnuchin Brings More Questions Than Answers at NYCB
If Mr. Otting et al do try to execute a community bank redux in the New York market, then we'd be inclined to exit the stock.

R. Christopher Whalen
Mar 18, 20247 min read
1,262 views
Christopher Whalen
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