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.
1,012 views
R. Christopher Whalen
Oct 237 min read
Powell Overshoots the Runway; Update: American Express & Charles Schwab
Last year, when a lot of people were predicting the demise of SCHW, we told our readers to calm down.
697 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
Oct 166 min read
Should TD Bank Rethink US Retail?
WFC is not even out of dodge yet, but TD has cut off the fingers of one hand in yakuza style and is now headed for years of misery
583 views
R. Christopher Whalen
Oct 145 min read
Will Rohit Chopra Kill Basel III? Shrinking NIM at JPM and WFC
In opposing Basel III, Chopra is doing the bidding of Senator Elizabeth Warren (D-MA) but big banks are very happy to have no rule at all.
639 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.
408 views
R. Christopher Whalen
Oct 16 min read
The Bull Case for Large Banks
If you believe that there is no recession coming in 2025, what is the logical response from an informed investment professional?
602 views
R. Christopher Whalen
Sep 228 min read
GSE Release Under Trump? Post-Rate Cut Margin Calls??
Why should a private Fannie Mae be a 20% risk weight under Basel III, but PFSI or Mr. Cooper (COOP) are 100%?
470 views
R. Christopher Whalen
Sep 162 min read
IRA Bank Book Q3 2024 Industry Survey
The Q3 interest rate rally still leaves the industry with a negative
capital position since the average securities yield is only 3%
367 views
R. Christopher Whalen
Sep 115 min read
WGA Bank Top 100+ | Large Banks Retreat, Small Banks Rise
The big story nobody is discussing is the fact that large banks led by JPM, BAC and TFC continue to sell off briskly
420 views
R. Christopher Whalen
Sep 45 min read
Banks: Passive Strategies Lag Active Management
In the third quarter of publishing the Indices, so far picking quality banks seems to matter more than following the passive ETF herd
463 views
R. Christopher Whalen
Aug 257 min read
Universal Banks: Should TD Buy Schwab & Sell Its US Operation?
SCHW needs to take advantage of their strong operating leverage and repair some needless damage done during COVID by inept bank management.
719 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.
689 views
R. Christopher Whalen
Aug 136 min read
Bank of Nova Scotia + KeyCorp = ??
If you were really, REALLY going to do mortgage warehouse lending in today's market, KEY would be the better platform, not BNS.
547 views
R. Christopher Whalen
Aug 86 min read
Market Volatility and Loan Defaults
The market tantrum which began on Friday was largely over by the market close on the following Tuesday.
1,177 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
3,019 views
R. Christopher Whalen
Jul 37 min read
Who Leads the Asset Gatherers? | SCHW, MS, GS, AMP, RJF & SF
The larger banks led the way in January and February, but today the top 25 names in terms of total return include many smaller banks.
594 views
Christopher Whalen
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