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
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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.
1,021 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?
444 views
R. Christopher Whalen
Oct 97 min read
Citigroup + (Cenlar - Black Knight) = ?
The Citi decision to exit mortgage servicing perhaps made sense in 2017, but today not so much.
410 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 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
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.
771 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 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...
2,012 views1 comment
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 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.
1,896 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.
1,412 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
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.
612 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
R. Christopher Whalen
Nov 29, 20236 min read
Update: Flying Fintechs & Zombie Banks
COIN has been helped by a groundswell of positive comment about crypto in 2023...
660 views
R. Christopher Whalen
Nov 8, 20235 min read
Update: Bank of America
If you conduct a fire sale analysis of BAC's balance sheet as of Q3 2023, the result more than wipes out the bank's tangible equity
1,099 views
R. Christopher Whalen
Oct 15, 20237 min read
Bank Earnings Takeaways -- JPM, WFC and Citi
Bank earnings can be best described as cautiously mediocre, but as usual the Street proclaimed that three banks "beat the estimates"
728 views
Christopher Whalen
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