The Institutional Risk Analyst

SOFI is up almost 300% while the Bitcoin futures traded on the Chicago Mercantile Exchange are up less than 100%.  Below we provide some thoughts on the banking group as we head into September. 

The proliferation of low- or no-cost coin systems is ultimately negative for established players in nonbank finance and payments, including the major card issuers, as we discuss below.  Still worried about interchange fees?

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

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

If a bank has 6% debt to assets, what is the equity of the parent BHC worth?

Given that IMBs now service two-thirds of all 1-4 family residential mortgage loans, the risk to the nonbanks from COVID is growing...