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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.

415 views

Universal Banks: Should TD Buy Schwab & Sell Its US Operation?

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 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

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

3,054 views

Who Leads the Asset Gatherers? | SCHW, MS, GS, AMP, RJF & SF

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

R. Christopher Whalen

Oct 30, 20234 min read

Rate Peak Emerges, Deflation Looms

One of the effects of QE has been making many banks and real estate investors insolvent, a precursor to debt defaults.

1,507 views

Are Bank Stocks Undervalued? Which Ones & Why

R. Christopher Whalen

Oct 19, 20236 min read

Are Bank Stocks Undervalued? Which Ones & Why

Large universal banks that ply the capital markets and use essentially infinite leverage in the derivatives markets face challenges

1,030 views

Bank Earnings Takeaways -- JPM, WFC and Citi

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

SoftBank as Systemic Event; Update: Charles Schwab & Co

R. Christopher Whalen

Sep 27, 20239 min read

SoftBank as Systemic Event; Update: Charles Schwab & Co

The public behavior and decision-making processes of SoftBank suggest that the organization is in trouble.

1,281 views

FSOC Frets About Nonbank Risk; Goldman Sachs Stepping Back?

R. Christopher Whalen

Sep 21, 20236 min read

FSOC Frets About Nonbank Risk; Goldman Sachs Stepping Back?

GS has the weakest position in terms of funding of the top-ten banks and no real narrative for the business post-Marcus.

617 views

R. Christopher Whalen

Sep 11, 20233 min read

Bank Industry Review & Survey Q3 2023

The US banking industry has seen now two consecutive down quarters for net income caused by the Fed’s massive open market operations

865 views

R. Christopher Whalen

Jul 20, 20235 min read

Update: U.S. Bancorp & Goldman Sachs

We expect to see USB trading at a discount to JPM and Peer Group 1 until the bank improves its operating leverage to pre-COVID levels.

537 views

R. Christopher Whalen

Jun 21, 20235 min read

Update: GS, MS, SCHW, RJF & SF

If you agree with our view that the short-selling of the stock was mistaken, then the discount for SCHW is unwarranted.

887 views

R. Christopher Whalen

Apr 19, 20237 min read

The Bank Deposit Run Is Not Over

The funding crisis affecting US banks is not over and very definitely not limited to smaller banks.

4,569 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

Universal Banks | Morgan Stanley, Goldman Sachs, Charles Schwab, Raymond James & Stifel

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.

543 views

R. Christopher Whalen

Apr 17, 20226 min read

Profile: Morgan Stanley vs Goldman Sachs

Simply stated, Morgan Stanley has a much more diverse and sustainable business model than Goldman Sachs...

442 views

R. Christopher Whalen

Nov 18, 20214 min read

Profile: Raymond James Financial

RJF is one of those quiet high-performer banks in the investment world that few understand but many own in LT portfolio

331 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