Outliers: CapitalOne, Goldman Sachs & Citigroup
Like most nonbanks (and Goldman Sachs is predominantly a nonbank), volumes are falling and funding costs are rising.
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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
Dec 9, 20225 min read
Blockchain, Crypto & Falling Liquidity
Whether we are talking about corporate credit exposures or housing, the short trade may be the place to be over the next year.
497 views
R. Christopher Whalen
Dec 6, 20221 min read
Bank M2M Losses Surge in Q3 to $347 Billion
Rapidly rising interest rates in Q3 2022 pushed down the tangible capital for the US banking industry to negative $1.9 trillion
519 views
R. Christopher Whalen
Nov 28, 20226 min read
Is JPMorgan Chase Insolvent?
The US banking industry has been rendered insolvent by the Federal Open Market Committee
8,015 views
R. Christopher Whalen
Nov 17, 20227 min read
Extension Risk Threatens US Banks
There are literally dozens of banks in the US made insolvent by the policy moves of the FOMC over the past year.
1,213 views
R. Christopher Whalen
Oct 24, 20223 min read
AOCI: The Winter of Quantitative Easing
Little attention is being paid to the collateral damage being done by the FOMC to the debt capital markets
778 views
R. Christopher Whalen
Oct 17, 20227 min read
Will the FOMC Break the Financials?
Will the market risk created by quantitative tightening (QT) tip over a large bank or nonbank financial firm?
801 views
R. Christopher Whalen
Oct 2, 202210 min read
Large Banks: QT Winners & Losers
A number of readers have asked us to talk about the winners and losers among large banks in the current interest rate environment.
808 views
R. Christopher Whalen
Sep 22, 20228 min read
The Bear Case for Ginnie Mae Issuers
The nightmare scenario in the government loan market is that FHA loan delinquency rises to the point where issuers become insolvent
729 views
R. Christopher Whalen
Sep 14, 20222 min read
IRA Bank Book Q3 2022
We expect to see reasonably strong earnings for commercial lenders in Q3 2022 as loan yields slowly rise...
294 views
R. Christopher Whalen
Sep 8, 20225 min read
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...
526 views
R. Christopher Whalen
Aug 24, 20226 min read
Interview: Scott Olson of Community Home Lenders of America
The banks have left the government market. Now Ginnie Mae seems bound and determined to drive the IMBs out of government lending as well
700 views
R. Christopher Whalen
Aug 21, 20227 min read
Interest Rates, FinTechs & MSRs
Interest rates are starting to be very positive, and bank deposit rates are barely moving, so pretense of fintech as bank killer is over
567 views
R. Christopher Whalen
Aug 17, 20226 min read
No End to Conservatorship for Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac will likely sit in conservatorship indefinitely unless and until Congress acts first.
1,322 views
R. Christopher Whalen
Aug 15, 20229 min read
Universal Banks | Morgan Stanley, Goldman Sachs, Charles Schwab, Raymond James & Stifel
Total noncore funding at GS was over $700 billion at the end of Q1 2022 vs $321 billion for MS.
541 views
R. Christopher Whalen
Aug 10, 20225 min read
The FOMC Embraces Debt Deflation
The deflation of 2023 is about marking down all types of real assets to the price level that equates with a non-QE world.
672 views
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 27, 20223 min read
Bank Liquidity & Quantitative Tightening (QT)
A "normal" level for US bank deposits would be closer to $15 trillion than $19.9 trillion today.
931 views
Christopher Whalen
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