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.
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The Institutional Risk Analyst
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Banks | Markets | Finance
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
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.
1,280 views
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.
615 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
Dec 16, 20226 min read
The Year That Was: 2022
Many in the Buy Side chorus are looking forward to lower interest rates, but we are concerned that next year could really be about solvency
627 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
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
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 15, 20225 min read
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
410 views
R. Christopher Whalen
May 23, 20227 min read
Equity Market Valuations & Quantitative Tightening
The reduction in the Fed's balance sheet is the largest ever margin call on equity exposures of all descriptions.
1,004 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...
440 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
Christopher Whalen
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