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NYCB Cleans House Badly, NAIC Gives Insurers Pass on Realized Losses

R. Christopher Whalen

Feb 17 min read

NYCB Cleans House Badly, NAIC Gives Insurers Pass on Realized Losses

Sad to say, the business at NYCB is doing better than you'd think reading the bank's absurd disclosure.

1,898 views

R. Christopher Whalen

Jan 306 min read

Good, Bad & Ugly: AXP, SOFI & BAC

AXP is a premium stock that is best acquired when people think, incorrectly, that the world is ending.

855 views

EVs Wane, Fintech Sputters & COF Dumps Commercial Mortgages

R. Christopher Whalen

Jan 298 min read

EVs Wane, Fintech Sputters & COF Dumps Commercial Mortgages

Now let’s take a look at how some members of the banking and fintech sector are doing in the first month of 2024.

806 views

Interview: Bill Kennedy of RiskBridge Advisors

R. Christopher Whalen

Jan 249 min read

Interview: Bill Kennedy of RiskBridge Advisors

Volatility remains perhaps the biggest risk factor today, mostly because of a lack of visibility on unexpected risks.

794 views

R. Christopher Whalen

Jan 225 min read

Update: U.S. Bancorp

Net interest income at USB was down again for the fourth consecutive quarter, confirming a trend across the banking industry

546 views

With Commercial Property, the Equity Goes First

R. Christopher Whalen

Jan 205 min read

With Commercial Property, the Equity Goes First

The key thing to remember with commercial real estate is the change in price volatility and direction that has occurred since COVID.

1,274 views

Banks Slow Walk Commercial Real Estate Losses

R. Christopher Whalen

Jan 187 min read

Banks Slow Walk Commercial Real Estate Losses

As reflected in the valuations for JPM, WFC and BXMT, institutional investors are still not that concerned about commercial real est losses

763 views

R. Christopher Whalen

Jan 157 min read

Citigroup Cannot Cut to Profitability

If Fraser cannot articulate a coherent reason to keep the business together, a breakup may be the most sensible strategy.

1,423 views

R. Christopher Whalen

Jan 115 min read

Bank Earnings Setup Q4 2023

Look for falling rates sooner rather than later as the Fed and other agencies prepare to resolve more bank failures in 2024.

619 views

R. Christopher Whalen

Jan 88 min read

Bank Reserves & Treasury Auctions

As the public debt of the US grows, after all, the implicit claim of the Treasury on all private US assets also grows.

1,214 views

R. Christopher Whalen

Jan 33 min read

Comments on Basel III Endgame

The Basel III proposal reflects a view of financial risks facing US banks that is decades out of date and ignores market risk

750 views

R. Christopher Whalen

Dec 31, 20237 min read

End of Fintech? Biden GSE Release?

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

1,535 views

R. Christopher Whalen

Dec 26, 20235 min read

Higher Home Prices & Inflation in 2024

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

1,576 views

Update: Citigroup Fights for Credibility

R. Christopher Whalen

Dec 21, 20237 min read

Update: Citigroup Fights for Credibility

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

613 views

R. Christopher Whalen

Dec 19, 20236 min read

Another Progressive New Year?

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

724 views

Rates Rally Financials, But Credit Fears Remain

R. Christopher Whalen

Dec 15, 20237 min read

Rates Rally Financials, But Credit Fears Remain

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

483 views

What Does PNC Financial Say About Commercial Real Estate?

R. Christopher Whalen

Dec 12, 20236 min read

What Does PNC Financial Say About Commercial Real Estate?

What does PNC tell us now about commercial loan exposures in 2024?

1,013 views

R. Christopher Whalen

Dec 11, 20236 min read

Is the Fed Insolvent? Does it Matter?

The real question is not whether the FOMC can get inflation down to the 2% target but whether it can keep asset prices rising indefinitely

1,203 views

R. Christopher Whalen

Dec 8, 20234 min read

Stocks, Interest Rates and Reverse RPs

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

707 views

Do Bank Reserves Boost Stocks? | IRA Bank Book for Q4 2023

R. Christopher Whalen

Dec 5, 20238 min read

Do Bank Reserves Boost Stocks? | IRA Bank Book for Q4 2023

In this issue of The Institutional Risk Analyst, we release the latest edition of The IRA Bank Book for Q4 2023

730 views