Update: The Bull Case for US Financials
Investors who were buying large caps at 2x book value a year ago are now running away from bank stocks just as fundamentals improve...
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The Institutional Risk Analyst
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Banks | Markets | Finance
R. Christopher Whalen
Jul 19, 20226 min read
Interest Rates & Bank Earnings
The good news for BAC and other banks is that there is a discernable lift underway on the yield of bank balance sheets
353 views
R. Christopher Whalen
Jul 7, 20225 min read
Top Five US Banks by Market Performance
In times of market volatility and suddenly ended delusions of easy money, the prudent path is to fly to quality.
473 views
R. Christopher Whalen
Jun 29, 20228 min read
Bank Earnings Setup: JPM, USB, WFC, BAC & Citi
Most of the banks in our surveillance group are down between 10% and 30% so far this year, but none of these are particularly cheap as yet
575 views
R. Christopher Whalen
Jun 15, 20225 min read
Update: US Banks Post-QE
Even as the FOMC raises interest rates, we caution our readers to be prepared for disappointment from banks near term
410 views
R. Christopher Whalen
May 29, 20222 min read
The IRA Bank Book | Outlook Q2 2022
The sharp rise in bank stocks in 2021 coincided with a surge in operating income due to COVID. Now we reverse that trend in 2022...
402 views
R. Christopher Whalen
Apr 11, 20225 min read
Weak Bank Earnings & Surging Interest Rates = Lower Valuations
Will Fed Chairman Jay Powell fold in terms of further rate hikes if the S&P 500 falls 1,000 points in a day?
493 views
R. Christopher Whalen
Mar 28, 20226 min read
Top Five US Banks: USB, JPM, WFC, C & BAC
Valuations for the top five US banks are up slightly as Q1 2022 comes to an end
397 views
R. Christopher Whalen
Jan 27, 20226 min read
Profile: Citigroup (C)
Why does this bank exist? What market does it serve and how will it grow in the future?
276 views
R. Christopher Whalen
Jan 12, 20228 min read
Q4 Earnings | Big Banks & QE
In the short-run rising interest rates and spreads will help bank earnings. But where is the next credit hot spot?
668 views
R. Christopher Whalen
Jan 4, 20226 min read
Mortgage Crises Yesterday and Today
As we move into Q4 2021 earnings, keep your eyes peeled for news of restructuring of urban commercial commercial and multifamily properties
787 views
R. Christopher Whalen
Oct 15, 20217 min read
Zombie Banks, Crypto & MSRs
Fact is, we are all staring at computers or handsets, all of which are connected to the internet.
684 views
R. Christopher Whalen
Oct 12, 20216 min read
Bank Earnings Setup: Rebound to 2020
Many of the better managed financials that we track have become sellers of assets rather than buyers in the past several months.
319 views
R. Christopher Whalen
Sep 20, 202111 min read
The IRA Bank Book | Q3 2021
In the Q3 2021 edition of The IRA Bank Book, we document the slow destruction of US bank asset and equity returns by the FOMC.
365 views
R. Christopher Whalen
Aug 27, 20219 min read
Profile: PNC v U.S. Bancorp v Truist Financial
U.S. Bancorp, PNC and Truist Financial hold great value creation potential. But which is likely to realize this potential?
409 views
R. Christopher Whalen
Aug 16, 20215 min read
Update: Rocket Companies and United Wholesale Mortgage
Growing numbers of investors are burned by mortgage stocks. Big question: Will the industry snap back due to now falling interest rates?
402 views
R. Christopher Whalen
Jul 23, 20215 min read
Profile: Bank of America (BAC)
BAC is the worst performing bank in the top-five US commercial banks and often underperforms the average for Peer Group 1.
317 views
R. Christopher Whalen
Mar 25, 20217 min read
Update: Q1 2021 Bank Earnings
US banks are running at income levels that are less than half of a year ago...
316 views
R. Christopher Whalen
Mar 12, 20218 min read
The Bank Book Q1 2021: Loss Reserve Releases to Boost Earnings
We anticipate significant loan loss reserve releases back into income in Q1 2021 and thereafter as banks adjust their loan loss provisions
442 views
R. Christopher Whalen
Feb 22, 20215 min read
Western Alliance + AmeriHome = Big Possibilities
We have long advocated the idea of an independent mortgage bank (IMB) combining with a strong regional lender
615 views
Christopher Whalen
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