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Update: Has Jane Fraser Redeemed Citigroup? Nope.

R. Christopher Whalen

5 days ago7 min read

Update: Has Jane Fraser Redeemed Citigroup? Nope.

Citi seems to be tracking the group now, whereas pre-COVID the stock significantly underperformed in terms of market beta. But performance?

348 views

WGA Bank Top 10 Index | Time to Short Financials?

R. Christopher Whalen

Dec 99 min read

WGA Bank Top 10 Index | Time to Short Financials?

When SCHW surpassed U.S. Bancorp in size in 2021, you knew that SCHW’s leadership had gotten lost.

458 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.

415 views

The Top Seven Banks: JPM, BAC, C, WFC, USB, PNC & TFC

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.

691 views

USSC Kills Chevron | Zombie Banks Pass Stress Tests?

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

Q2 2024 Earnings Setup: JPM, BAC, WFC, C, USB, PNC, TFC

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.

1,432 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

Update: Bank of America & Charles Schwab

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

641 views

A Rising Floor on Interest Rates? | Update: Bank OZK

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

Vanguard & Black Rock Control JP Morgan? | PNC & United Wholesale Mortgage

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...

921 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

Does Kathy Hochul Have a New York Community Bank Endgame?

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...

2,015 views1 comment

Assume Loss Given Default > 100% | PennyMac & Western Alliance Bank

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.

2,611 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.

619 views

Update: Citigroup Fights for Credibility

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

What Does PNC Financial Say About Commercial Real Estate?

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?

1,013 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?

1,193 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.

1,578 views