Citigroup + (Cenlar - Black Knight) = ?
The Citi decision to exit mortgage servicing perhaps made sense in 2017, but today not so much.
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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
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.
690 views
R. Christopher Whalen
Jul 18 min read
USSC Kills Chevron | Zombie Banks Pass Stress Tests?
The Fed bank stress tests are another sign of magical thinking in Washington.
904 views
R. Christopher Whalen
Jun 239 min read
Q2 2024 Earnings Setup: JPM, BAC, WFC, C, USB, PNC, TFC
Citigroup leads the pack with a net loss rate of 133 basis points (bp) that is almost five times the average for Peer Group 1 at 27 bp.
1,431 views
R. Christopher Whalen
May 157 min read
The Bull Case for Large Banks
Big banks have big CRE exposures, too. So what drives this marvelous progression up the wall of worry?
563 views
R. Christopher Whalen
Apr 176 min read
Update: Bank of America & Charles Schwab
BAC is in big trouble, not due to credit but because of sub-par asset returns. BAC’s return on assets has fallen to just 0.8% in Q1 2024
640 views
R. Christopher Whalen
Apr 77 min read
A Rising Floor on Interest Rates? | Update: Bank OZK
Only in the strange confines of Washington do you still find people who think that the federal budget deficit is not a problem.
1,049 views
R. Christopher Whalen
Apr 47 min read
Vanguard & Black Rock Control JP Morgan? | PNC & United Wholesale Mortgage
BK and Vanguard are above the 4.9% legal limit on ownership of voting shares of a bank. This fact gives the FDIC et al the power...
912 views
R. Christopher Whalen
Mar 197 min read
Top-Five Banks: Q1 '24 Earnings Setup
We see higher credit costs, narrowing NIM and still rising funding costs squeezing the banking industry in Q1 2024...
586 views
R. Christopher Whalen
Mar 67 min read
Does Kathy Hochul Have a New York Community Bank Endgame?
FDIC Chairman Gruenberg ought to tell New York State to take over the rent controlled loans from Signature, NYCB and other lenders...
2,012 views1 comment
R. Christopher Whalen
Feb 410 min read
Assume Loss Given Default > 100% | PennyMac & Western Alliance Bank
Q: What do Silicon Valley Bank, First Republic Bank, Signature Bank and New York Community Bank have in common? Auditor, KPMG.
2,610 views
R. Christopher Whalen
Jan 225 min read
Update: U.S. Bancorp
Net interest income at USB was down again for the fourth consecutive quarter, confirming a trend across the banking industry
546 views
R. Christopher Whalen
Jan 115 min read
Bank Earnings Setup Q4 2023
Look for falling rates sooner rather than later as the Fed and other agencies prepare to resolve more bank failures in 2024.
618 views
R. Christopher Whalen
Dec 21, 20237 min read
Update: Citigroup Fights for Credibility
Citigroup picked up almost 10 points of book value since the end of Q3 2023.
612 views
R. Christopher Whalen
Dec 12, 20236 min read
What Does PNC Financial Say About Commercial Real Estate?
What does PNC tell us now about commercial loan exposures in 2024?
1,011 views
R. Christopher Whalen
Nov 8, 20235 min read
Update: Bank of America
If you conduct a fire sale analysis of BAC's balance sheet as of Q3 2023, the result more than wipes out the bank's tangible equity
1,099 views
R. Christopher Whalen
Nov 6, 20234 min read
ACH: The Bank Deposit Ain't in the Mail
Was the breakdown of the normally stable and, indeed, routine workings of the Clearinghouse the result of bad actors?
1,192 views
R. Christopher Whalen
Oct 17, 20234 min read
Charles Schwab Unwinds the QE Trade
Rising interest rates are not good for bank earnings or bank equity valuations.
1,572 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
Jul 15, 20235 min read
Bank Earnings: JPM, WFC & Citi
JPM has an impressive lead in earnings and growth over WFC and C, neither one of which is positioned to catch up with Jamie Dimon in 2023.
500 views
Christopher Whalen
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