The Institutional Risk Analyst

GS is a securities dealer first and foremost and has no comparative advantage as a bank.

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

CEO Patrick Collison is guiding investors and the media to a $200 million profit in 2023. Selective disclosure??

The risk-adjusted return on capital for BK is negative and probably lower than Goldman, the highest risk large US bank

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

The Fed’s de facto embrace of inflation encourages misallocation of economic resources on a grand scale....

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

Whether we are talking about corporate credit exposures or housing, the short trade may be the place to be over the next year.

A number of readers have asked us to talk about the winners and losers among large banks in the current interest rate environment.

Total noncore funding at GS was over $700 billion at the end of Q1 2022 vs $321 billion for MS.

Simply stated, Morgan Stanley has a much more diverse and sustainable business model than Goldman Sachs...

Why does this bank exist? What market does it serve and how will it grow in the future?

As we move into Q4 2021 earnings, keep your eyes peeled for news of restructuring of urban commercial commercial and multifamily properties

Which US financial will best weather the coming equity market correction?

We expect to see a lot more M&A activity over the next 12 – 18 months, as that’s the only way for some players to grow share.

Cheap liquidity c/o the FOMC does little for bank earnings when asset returns are also falling

Simply stated, US banks are twice as expensive as they were a year ago looking at earnings and assets....

We think that a strong case can be made that to enhance shareholder value, Moynihan and the BAC board ought to spin-off Merrill Lynch...

Not all AUM is created equal. Even though GS claims to have twice the AUM of MS, it makes less than half the revenue....