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Wells Fargo Shares Dip As Bank Fires 4 FX Traders Following Investigations

Wells Fargo CEO Tim Sloan received the patented Elizabeth Warren treatment during testimony before the Senate Banking Committee last month when the Massachusetts Senator accused him of sharing in the blame for the bank’s fraudulent sales practices and opined that he ‘should be fired’, echoing comments she made about his predecessor, John Stumpf, a year […]


Morgan Stanley: “Client Cash Is At Its Lowest Level” As Institutions Dump Stocks To Retail

The “cash on the sidelines” myth is officially dead. Recall that at the end of July, we reported that in its Q2 earnings results, Schwab announced that after years of avoiding equities, clients of the retail brokerage opened the highest number of brokerage accounts in the first half of 2017 since 2000. This is what […]


Dow Hits 23,000 – There’s Just One Thing

Just four weeks since The Dow crossed 22,000…but thanks to Goldman, Boeing, Caterpillar, 3M, and JPMorgan (accounting for over 500 Dow points), the mainstream media's favorite index just topped 23,000 for the first time ever…   With the Top 6 names driving 50% of the index's move…   However, it seems options traders ain't buying […]


Goldman Beats Despite 26% Drop In Fixed Income As Prop Trading Jumps; Avg Comp Slides To $339,190

Following strong earnings from Morgan Stanley earlier this morning, which without a balance sheet (with rising credit loss provisions) to drag it down, reported solid, and better than expected trading and wealth management revenues, all eyes were on Goldman. And after last quarter’s abysmal report, which saw FICC revenue tumble 40% in Q2, Goldman Sachs […]


BofA Beats Despite 22% Plunge in FICC Revenue, Credit Loss Provision Jumps 15%

Mirroring the pattern set by JPM and Citi yesterday, Bank of America reported revenue and earnings that modestly beat expectations, with Q3 revenue of $21.8BN and $22.1BN on an adjusted, FTE basis, just above the $21.9BN consensus estimate, generating net income of $5.6 billion (up 13% Y/Y), and EPS of $0.48, above the $0.46 estimate, […]


JPMorgan, Citi Just Boosted Their Loan Loss Reserves By The Most In 4 Years

Four months ago, when looking at the latest S&P/Bankcard data, we first reported that credit card defaults had surged the most since June 2013, a troubling development which ran fully counter to the narrative that the economy was recovering and the US consumer’s balance sheet was improving.   The troubling deterioration prompted Moody’s to pen […]


Would You Pay $2,500 For One Hour With An Equity Analyst? This I-Bank Seems To Think So…

Wall Street equity analysts are paid ‘yuge’ salaries to employee the finance skills they picked up from their business school professors to value various corporate securities and asset-backed securitization structures, among other things.  And while their valuations of those securities have served as a frequent source of comic relief for many of us over the […]


The U.S. Justice System Must Focus On Elite Criminality

Authored by Mike Krieger via Liberty Blitzkrieg blog, Two very important articles published in recent days serve to once again highlight America’s metastasizing elite criminality problem. A problem which our justice system simply refuses to address. This corrupt two-tier justice system is something I’ve been focused on from the very beginning of my writings, and […]


Macquarie Identifies The Winners And Losers Of MiFID II

Macquarie’s equity research team has just offered up a valuable economics lesson which seems to perfectly, if inconveniently, explain why their business model is doomed by the upcoming implementation of MiFID II.  So what happens when you compete in a ‘slightly’ fragmented market (see below) to sell a highly commoditized product to a customer that […]


Chris Whalen On The CDO-Redux & Inevitable “Catastrophic Systemic Risk Event”

Authored by Chris Whalen via The Institutional Risk Analyst, “The great wheel of circulation is altogether different from the goods which are circulated by means of it. The revenue of the society consists altogether in those goods, and not in the wheel which circulates them”   Adam Smith, 1811 This week in The Institutional Risk […]


Deutsche Bank Downgraded, Fitch “No Longer Expects Franchise To Recover This Year”

Fitch has downgraded Deutsche Bank to BBB+ from A- due to continued pressure on earnings, combined with concerns over the prolonged implementation of its recovery strategy. Moody's and S&P remain at A3 and A- respectively (on a like for like rating basis), and while DB bond yields had fallen to the lowest levels since March […]


Equifax CEO’s Parting Gift: An $18 Million Bonus

With Equifax shares having plunged by a third since the company announced a historic corporate cyber-breach, which released the personal records of over 143 million Americans to still unknown hackers, losing some $5 billion in market cap, today the company’s CEO was the latest rat to leave the sinking ship, a move which failed to […]


Dear Jamie Dimon – Is The Swiss National Bank A Fraud?

The price of shares in The Swiss National Bank is up 11 days in a row, soaring 150% in the last two months.   That sounds like a 'tulip' bubble-like 'fraud'…     The SNB is up over 120% in Q3 so far – more than double 'bubble' Bitcoin…   Let's check with the markets […]


Former Citi CEO Vikram Pandit: “AI Could Kill 30% Of Back-Office Banking Jobs By 2023”

Just as the development of electronic trading led to mass downsizing on sales desks across Wall Street, advances in artificial intelligence could decimate the ranks of banks’ back-office staff, according to former Citigroup CEO Vikram Pandit. And given the rapid pace of technological advance, jobs in operations and retail banking could begin disappearing in as […]


Mike Krieger Asks Which Is ‘Fraudulent’: Bitcoin Or JP Morgan?

Authored by Mike Krieger via Liberty Blitzkrieg blog, I’m really grateful JP Morgan CEO Jamie Dimon decided to once again lash out in anger at Bitcoin, as it provides us with ample opportunity to highlight a practice very near and dear to how the bank operates. Fraud. The way the news cycle works, any topic […]