Fed Duration Trap Threatens Banks, SOMA
It’s time for the Fed to get smart on duration risk before circumstances create another money market crisis.
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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
Oct 166 min read
Should TD Bank Rethink US Retail?
WFC is not even out of dodge yet, but TD has cut off the fingers of one hand in yakuza style and is now headed for years of misery
583 views
R. Christopher Whalen
Oct 145 min read
Will Rohit Chopra Kill Basel III? Shrinking NIM at JPM and WFC
In opposing Basel III, Chopra is doing the bidding of Senator Elizabeth Warren (D-MA) but big banks are very happy to have no rule at all.
639 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.
408 views
R. Christopher Whalen
Aug 217 min read
New & Old Names in Nonbank Finance
In dollar terms, the moves in 2023 were tiny vs the post March rally in 2020.
476 views
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.
689 views
R. Christopher Whalen
Jul 278 min read
Update: New York Community Bank & Mr. Cooper
Joe Otting does not seem to understand the value of the Flagstar correspondent lending and mortgage servicing business...
628 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
Jun 176 min read
Update: BMO + Bank of the West = ?
BMO arguably has the weakest reserve position among the large Canadian banks....
984 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?
562 views
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 187 min read
Banks Slow Walk Commercial Real Estate Losses
As reflected in the valuations for JPM, WFC and BXMT, institutional investors are still not that concerned about commercial real est losses
762 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 31, 20237 min read
End of Fintech? Biden GSE Release?
Is AFRM maturing from a hot new fintech entrant to a familiar face headed for a bank license?? Yikes.
1,516 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
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
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
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
Christopher Whalen
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