The Institutional Risk Analyst

Is AFRM maturing from a hot new fintech entrant to a familiar face headed for a bank license?? Yikes.

This morning, banks are buying funding from the BTFP below 4.85% and selling Fed funds at 5.5%. 

Citigroup picked up almost 10 points of book value since the end of Q3 2023.

Many participants in the equity markets are chewing on ski tips this holiday season after boldly predicting lower interest rates in 2024

The key term for risk managers and investors in 2024 remains unchanged from this year: Volatility.

Simply stated, with T-bills trading significantly above the yield on RRPs, there is no reason for MMFs to leave cash at the Fed

COIN has been helped by a groundswell of positive comment about crypto in 2023...

We think that doing nothing is a fool’s trade, to be blunt, because the next Treasury refunding could pull market yields sharply higher.

If you conduct a fire sale analysis of BAC's balance sheet as of Q3 2023, the result more than wipes out the bank's tangible equity

Was the breakdown of the normally stable and, indeed, routine workings of the Clearinghouse the result of bad actors?

Rising interest rates are not good for bank earnings or bank equity valuations.

Bank earnings can be best described as cautiously mediocre, but as usual the Street proclaimed that three banks "beat the estimates"

The Powell Fed needs to drop short-term interest rates back down to 4% and leave them there indefinitely.

The legal dispute between Ginnie Mae and Texas Capital Bank makes additional defaults by HECM lenders more likely...

UBS ultimately seems intent upon running off the remaining US mortgage assets, including a few billion in Ginnie Mae MSR financings

The public behavior and decision-making processes of SoftBank suggest that the organization is in trouble.

GS has the weakest position in terms of funding of the top-ten banks and no real narrative for the business post-Marcus.

The Q2 2023 disclosure for PACW suggests an institution that is bleeding cash and operating in extremis...

The US banking industry has seen now two consecutive down quarters for net income caused by the Fed’s massive open market operations

When you are in a big crowd, nothing else matters.