The Institutional Risk Analyst

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

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...

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

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

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

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

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

We continue to believe that combining Citi and GS may make sense in terms of consolidating two capital markets businesses

JPM has an impressive lead in earnings and growth over WFC and C, neither one of which is positioned to catch up with Jamie Dimon in 2023.

JPM is really a large mutual fund with a bank attached, as shown in the table below.

To survive long-term, both WAL and PACW need to get that beta back down below 2 and closer to 1, but the hawks on the FOMC may not cooperate

The issue is not whether your bank is getting smaller, but whether credit expenses are being managed as funding costs inevitably rise.

Given that the US Treasury is paying 4% for 90-day T-bills, you can see how far banks have to go to become competitive on rates

The Fed by definition cannot make a profit and is always an expense to the Treasury, thus operating losses are a expense to the taxpayer

Fact is, Dr. Brainard has primary culpability in the growing economic pain being felt around the country.

Ally is still more finance company than bank and really has no core deposit base worthy of the name.

We hear in the channel that regulators are making their views of future loss probabilities very clear in guidance to the top banks

The largest banks continue to serve as a haven for refugees from crypto fraud schemes and the fintech swoon, but are not cheap

Like most nonbanks (and Goldman Sachs is predominantly a nonbank), volumes are falling and funding costs are rising.