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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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.