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
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The Institutional Risk Analyst
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Banks | Markets | Finance
R. Christopher Whalen
Jun 2, 20227 min read
Update: Upstart Holdings & Cross River Bank
If investors and partner banks don’t want to buy UPST loans at current market rates, then the game is over in an originate to sell model
776 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 20, 20225 min read
Ukraine & the Return of Credit Risk
Just imagine how global markets will react when Putin deploys tactical nuclear weapons in Eastern Ukraine to avoid a military defeat
547 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
Mar 1, 20223 min read
When "Force Majeure" Isn't Quite
The imposition of sanctions on Russia is not as comprehensive as some press reports suggest.
366 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
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
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
Apr 22, 20216 min read
Citigroup: Breaking Up is Hard to Do
Citi has drifted through years of government ownership and weak leadership by the board of directors
335 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
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
R. Christopher Whalen
Jan 19, 20216 min read
A Tale of Two Frauds: Bitcoin & GSE Shares
Bitcoin and Tether are technologically enabled forms of financial fraud
1,558 views
R. Christopher Whalen
Jan 17, 20215 min read
Q4 Earnings Update: JPM, Citi & WFC
Unless the FOMC relents and eases up on its massive purchases of Treasury securities and MBS, bank earnings are likely to decline further
301 views
R. Christopher Whalen
Jan 10, 20218 min read
Update: Square as a Bank
The evolution of fintech companies into regulated banks has implications for public market valuations...
430 views
R. Christopher Whalen
Jan 4, 202110 min read
Profile: Bank of America
We think that a strong case can be made that to enhance shareholder value, Moynihan and the BAC board ought to spin-off Merrill Lynch...
500 views
R. Christopher Whalen
Nov 2, 20209 min read
Bank Profiles: Morgan Stanley vs Goldman Sachs
Not all AUM is created equal. Even though GS claims to have twice the AUM of MS, it makes less than half the revenue....
333 views
Christopher Whalen
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