Hints and tips:
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...Among large banks, only Wells Fargo has grown assets as fast over the past two decades, and its growing pains are well known. Some regionals have grown faster, but off much smaller bases....
...More seriously, Goetzman et al argue that art price changes are largely a function of wealth concentration....
...The riskiest, most beat-up members of the group (KeyCorp, Comerica, Zions, Western Alliance et al) rose the most....
...If you owned rate-sensitive, high-risk stocks yesterday you have Unhedged’s permission to sell and take the rest of the year off (Carvana, Zillow, SoFi, et al rose 10 per cent or more)....
...strikes, car and credit card loan delinquencies, et al)....
...Here are the 30-day card delinquency rates for Bank of America, JPMorgan and Wells Fargo (Citi has an annoying comparability issue with its historical data so we left it out) the past five first quarters...
...Fargo Q3 World events Finally, here is a rundown of other events and milestones this week....
...Shares in other banks considered to have some degree of asset-liability mismatch (Western Alliance, Zions et al) only saw their shares wobble a little bit yesterday....
...To put it more simply: Jiang et al argue there are $2.2tn in mark-to-market losses out there, and there is only $2.2tn in equity in the US banking system....
...But as Steven Kelly of the Yale Program on Financial Stability pointed out to me, Yellen et al will need the goodwill of the big banks should some other bank or banks get into trouble....
...The addition of the “+” countries (Russia, Kazakhstan, Mexico et al) to the cartel have increased its market share....
...If we are right that consumer spending, despite some recent softening on the margin, is still at or above trend, that is another thing for Powell et al to fret over....
...Plus if you really miss Brian Cox et al, you can slowly flick through the archive photographs while humming a haunting piano theme....
...Prosecute fraud, maybe regulate crypto exchanges like casinos, and keep the SEC et al out of it. This is a disagreement about how to cordon off crypto so that when crypto burns, it is controlled....
...A true crisis could develop if Binance et al have significant hidden exposure to declining prices, perhaps through DeFi investments....
...All that sounds pretty good for banks. But, while bank stocks had a pretty good day on Thursday, they have not done so well in recent months....
...Yes, very big banks can screw up catastrophically at their core jobs of managing risk and serving customers and still remain very big banks (see Credit Suisse and Wells Fargo, for example)....
...Capital One, Citigroup, Wells Fargo, Synchrony Financial and Santander You’ve built out a system to manage fraud risk, do you want to do credit risk as well?...
...The same, of course, applies to Le Pen et al in Europe. I don’t know Israel nearly well enough to prescribe a solution to the deep-seated Palestinian-Israeli crisis....
...“I would say that, as a team, we've pretty well discounted a uniform V-shaped recovery. The question is, is it U-shaped, is it W-shaped or parts of it L-shaped?”...
...Or look at the action of banks. This week JPMorgan Chase, Wells Fargo and Citi set aside a record $28bn for bad loans, more than expected....
...Across their overall books senior executives at Bank of America, Wells Fargo and US Bank have publicly said that between 25 per cent and 40 per cent of those who were granted forbearance continued making...
...(Reuters, FT) JPMorgan and Wells Fargo earnings Earnings season kicks off on Tuesday with two of the biggest US banks giving investors the best impression yet of how the pandemic is weighing on the financial...
...Zion Armstrong, a New Zealander, has been president of Adidas North America since 2018....
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