The Institutional Risk Analyst

When you see a bank with more than 10% of total assets in MBS, that's a big red flag in our book.

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

Like 2023 and 2024, the year 2025 may end up being relatively stable, yet investors remain worried about stealth externalities.

And just why do financial firms like HOOD, SoFi Technologies (SOFI) and Block (XYZ) talk about EBITDA in their investor materials?

Folks in the financial sector are beginning to wonder if certain parts of the government apparatus will continue to function.

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.

When President Donald Trump says that interest rates are too high, he may not fully understand just how right he is about the cost of credit

The SVB duration management from 2020 onward was recklessly negligent by any reasonable standard

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

Private equity portfolio companies are about 10 times as likely to go bankrupt as non-PE-owned companies.

Yes, net loss rates in percentage terms post default are back up to 2010 levels, but the dollar volume of net charge-offs remains very low.

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

What does the upsurge in repo rates at the end of September suggest? None of the media who supposedly cover the Fed seem able to ask.

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

WGA notes that bank stock prices have soared in the second half of 2024, with the WGA Bank Top 10 Index up 40% year-to-date in 2024.

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.