Q: Is JPMorgan Overinflated?
The banking industry has segmented into a handful of above-average performers and JPM is the largest leader of these "winners"
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The Institutional Risk Analyst
© 2003-2024 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance
R. Christopher Whalen
Nov 18 min read
Fed Duration Trap Threatens Banks, SOMA
It’s time for the Fed to get smart on duration risk before circumstances create another money market crisis.
1,018 views
R. Christopher Whalen
Oct 187 min read
Update: Citigroup, Bank America and Goldman Sachs
How is Goldman going to extricate itself from this profoundly unattractive business with AAPL without destroying Apple Card?
443 views
R. Christopher Whalen
Sep 212 min read
Recession? Consumer Lenders: AX, AXP, ALLY, Barclays, COF, SOFI, SYF
Axos continues to rebound after the bear raid by Hindenburg Research. AX ranked 18th in the WGA Bank Top Index in Q3 2024 vs 98th for SOFI
718 views
R. Christopher Whalen
Aug 189 min read
The Top Seven Banks: JPM, BAC, C, WFC, USB, PNC & TFC
Banks lose money every single day by holding onto a below market security from the 2019-2021 period.
690 views
R. Christopher Whalen
Jul 186 min read
Update: Pinnacle Financial & Synthetic Credit Risk Transfer
We hear in the channel that banks with festering multifamily exposures are paying north of 10% for similar CRT transactions.
784 views
R. Christopher Whalen
Jul 175 min read
Bank Earnings: JPM, BAC, AX, GS & SCHW
GS saw loss provisions fall slightly in Q2 2024 to $282 million but the number was still $600 million in the first half of the year...
478 views
R. Christopher Whalen
Jul 710 min read
Goldman Sachs Fails Fed Stress Test
Notice that the Fed stress test is silent on trillions of dollars in mark-to-market losses facing US banks from COVID-era securities
3,020 views
R. Christopher Whalen
Jul 18 min read
USSC Kills Chevron | Zombie Banks Pass Stress Tests?
The Fed bank stress tests are another sign of magical thinking in Washington.
904 views
R. Christopher Whalen
Jun 239 min read
Q2 2024 Earnings Setup: JPM, BAC, WFC, C, USB, PNC, TFC
Citigroup leads the pack with a net loss rate of 133 basis points (bp) that is almost five times the average for Peer Group 1 at 27 bp.
1,431 views
R. Christopher Whalen
Jun 176 min read
Update: BMO + Bank of the West = ?
BMO arguably has the weakest reserve position among the large Canadian banks....
984 views
R. Christopher Whalen
Apr 293 min read
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
577 views
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 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
640 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...
1,602 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
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.
1,130 views
R. Christopher Whalen
Feb 87 min read
Fear & Loathing in Credit; Update: PayPal Holdings
We think that the whole banking industry could be driven into multiple periods of loss as they divert income to loss provisions.
910 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
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.
618 views
Christopher Whalen
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