WGA Bank Top 100 Index | Q2 2024
Our Bank Top 10 and Top 25 indices continue to outperform the industry benchmarks, but the broader samples show growing financial stress
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The Institutional Risk Analyst
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Banks | Markets | Finance
R. Christopher Whalen
Apr 247 min read
The Death of Leverage; What's the WAC of Bank America?
The yield on BAC's $320 billion commercial and industrial (C&I) book was just 5.4% or more than 150bp below peer at year-end 2023.
933 views
R. Christopher Whalen
Apr 217 min read
TCBI v Ginnie Mae Goes to Trial | Outlook for Commercial & Residential Mortgage Finance
McCargo's actions and the fact that the case has not been dismissed in its entirety is very unhelpful given current market conditions.
1,181 views
R. Christopher Whalen
Apr 176 min read
Update: Bank of America & Charles Schwab
BAC is in big trouble, not due to credit but because of sub-par asset returns. BAC’s return on assets has fallen to just 0.8% in Q1 2024
637 views
R. Christopher Whalen
Apr 159 min read
Zombie Banks & Budget Deficits
The fixation with the idea of resolving large zombie banks without public expense is evidence of our collective delusion.
841 views
R. Christopher Whalen
Apr 1110 min read
GSE Release? Really? Update: Ally Financial
You take the GSEs out of conservatorship, the big banks led by JPMorgan and U.S. Bancorp will own the conventional loan market
1,935 views
R. Christopher Whalen
Apr 77 min read
A Rising Floor on Interest Rates? | Update: Bank OZK
Only in the strange confines of Washington do you still find people who think that the federal budget deficit is not a problem.
1,049 views
R. Christopher Whalen
Apr 47 min read
Vanguard & Black Rock Control JP Morgan? | PNC & United Wholesale Mortgage
BK and Vanguard are above the 4.9% legal limit on ownership of voting shares of a bank. This fact gives the FDIC et al the power...
910 views
R. Christopher Whalen
Apr 14 min read
Big Banks Good, Small Banks Bad
Based upon the three-month returns through the end of Q1 2024, NYCB ranked at the bottom of the 108 public banks in Peer Group 1.
770 views
R. Christopher Whalen
Mar 285 min read
Inflation & the Passion of Jerome Powell
Perhaps Chairman Powell will be kind enough to fall on his sword on way out the door to make things easier for a future Chairman Waller...
1,073 views
R. Christopher Whalen
Mar 257 min read
Small Banks Have Big CRE Risk? Really? | Bank of America Update
The net losses disclosed by BAC and the other large banks at the end of Q4 2023 are significantly understated...
1,600 views
R. Christopher Whalen
Mar 197 min read
Top-Five Banks: Q1 '24 Earnings Setup
We see higher credit costs, narrowing NIM and still rising funding costs squeezing the banking industry in Q1 2024...
586 views
R. Christopher Whalen
Mar 187 min read
Mnuchin Brings More Questions Than Answers at NYCB
If Mr. Otting et al do try to execute a community bank redux in the New York market, then we'd be inclined to exit the stock.
1,252 views
R. Christopher Whalen
Mar 137 min read
Inside the WGA Bank Top 10 Index
So what makes the WGA Bank Top 10 unique? Below we provide some quantitative and qualitative comments on each of the ten best US banks
620 views
R. Christopher Whalen
Mar 104 min read
Bank Book Q1 2024 Released; Biden Penalizes Consumers Who Refinance
Despite what Joe Biden says about helping Americans with the soaring cost of housing, he really protects Black Rock (BK), Pimco et al
1,312 views
R. Christopher Whalen
Mar 67 min read
Does Kathy Hochul Have a New York Community Bank Endgame?
FDIC Chairman Gruenberg ought to tell New York State to take over the rent controlled loans from Signature, NYCB and other lenders...
2,011 views1 comment
R. Christopher Whalen
Mar 46 min read
Should FOMC Members Avoid the Media? The WGA Top 100 Banks
More often than not, Fed Governors use media appearances to enhance their personal celebrity rather than doing their jobs.
592 views
R. Christopher Whalen
Feb 297 min read
Update: UWMC & Rocket; Rate Cut Dreams Fade
Industry leaders believe that the FHFA wants the GSEs to offer issuers "repurchase insurance" to the tune of 25bps per loan.
579 views
R. Christopher Whalen
Feb 255 min read
WGA Releases Top 50 Bank Index | What's in Your ETF?
Not all banks or companies are the same and not all follow the herd.
1,128 views
R. Christopher Whalen
Feb 214 min read
Does CapitalOne + Discover Financial = Shareholder Value?
Elizabeth Warren and progressives in Congress should support COF's purchase of Discover as a way to compete with monopoly JPMorgan
489 views
Christopher Whalen
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