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Chris Whalen: Banking System On “Knife’s Edge” As Fed “May Destroy The World”
Chris Whalen of Whalen Global Advisors returns to Forward Guidance to share his views on the recently released third quarter earnings from banks such as Bank of America, Wells Fargo, JPMorgan Chase & Co., Citi, Charles Schwab, and Goldman Sachs. Whalen also discusses with Farley companies about to report such as American Express, PNC Financial, Bank of the Ozarks, and Truist. Filmed the afternoon of October 17, 2023.
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MetaMask Portfolio is your one-stop shop for all things web3. Instead of connecting to multiple exchanges, dapps, and tools, you just need to connect to one simple dapp to track and manage all your assets across different networks and accounts. MetaMask Portfolio provides a secure and convenient way to perform common tasks such as Buy, Sell, Swap, Bridge, and Stake. Try MetaMask Portfolio: https://blckwrks.co/MetaMaskForwardGuidance
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Follow Chris Whalen on Twitter https://twitter.com/rcwhalen
Follow Jack Farley on Twitter https://twitter.com/JackFarley96
Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance
Follow Blockworks on Twitter https://twitter.com/Blockworks_
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Timestamps:
(00:00) Introduction
(00:31) Bank Earnings For Third Quarter So Far Are "Cautiously Mediocre"
(03:07) Commercial Real Estate (CRE)
(10:22) Defaults Remain Within 2019 Levels
(15:17) Chris Is Somewhat Bearish On Most Of U.S. Banking Sector
(19:09) Charles Schwab ($SCHW)
(34:48) Goldman Sachs ($GS)
(42:42) Regional Banks (PNC, U.S. Bank, Truist)
(46:40) Card Issuers Such As American Express, Discover, and Capital One
(48:10) Private Equity & Private Credit
(51:22) CRE Lenders Such As KeyCorp, Western Alliance, and Bank of the Ozarks
(52:28) Risk Of Another Bank Failure
(57:53) Potential Of "TARP 2.0"
(01:01:30) Is Recent Bear Steepening In Bond Market Good For Banks' Earnings Power?
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
View all episodes
By Blockworks
4.5
249249 ratings
Chris Whalen of Whalen Global Advisors returns to Forward Guidance to share his views on the recently released third quarter earnings from banks such as Bank of America, Wells Fargo, JPMorgan Chase & Co., Citi, Charles Schwab, and Goldman Sachs. Whalen also discusses with Farley companies about to report such as American Express, PNC Financial, Bank of the Ozarks, and Truist. Filmed the afternoon of October 17, 2023.
__
MetaMask Portfolio is your one-stop shop for all things web3. Instead of connecting to multiple exchanges, dapps, and tools, you just need to connect to one simple dapp to track and manage all your assets across different networks and accounts. MetaMask Portfolio provides a secure and convenient way to perform common tasks such as Buy, Sell, Swap, Bridge, and Stake. Try MetaMask Portfolio: https://blckwrks.co/MetaMaskForwardGuidance
__
Follow Chris Whalen on Twitter https://twitter.com/rcwhalen
Follow Jack Farley on Twitter https://twitter.com/JackFarley96
Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance
Follow Blockworks on Twitter https://twitter.com/Blockworks_
__
Timestamps:
(00:00) Introduction
(00:31) Bank Earnings For Third Quarter So Far Are "Cautiously Mediocre"
(03:07) Commercial Real Estate (CRE)
(10:22) Defaults Remain Within 2019 Levels
(15:17) Chris Is Somewhat Bearish On Most Of U.S. Banking Sector
(19:09) Charles Schwab ($SCHW)
(34:48) Goldman Sachs ($GS)
(42:42) Regional Banks (PNC, U.S. Bank, Truist)
(46:40) Card Issuers Such As American Express, Discover, and Capital One
(48:10) Private Equity & Private Credit
(51:22) CRE Lenders Such As KeyCorp, Western Alliance, and Bank of the Ozarks
(52:28) Risk Of Another Bank Failure
(57:53) Potential Of "TARP 2.0"
(01:01:30) Is Recent Bear Steepening In Bond Market Good For Banks' Earnings Power?
__
Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
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