Banks
2/9/24: The Bank Crash Is Near, NYCB Downgraded to Junk; Shocking Charts for Citigroup, Barclays and Deutsche Bank
By SRH, Soon after the three bank failures, Joe Biden said “Americans can have confidence that the banking system is safe” and “your deposits will be there when you need them.” Treasury Secretary Janet Yellen says the U.S. financial sector “remains sound.” Can we trust them? Probably not. Within days after those comments, Credit Suisse,…
2/2/24: Regional Bank Stocks Are Crashing Again…
by Tyler Durden Yesterday it was NYCB that grabbed the headlines and spoiled Powell’s day. As we detailed here (and here), the banking crisis never went away and it now appears the rest of the market realizes that too as Regional Bank shares are extending their losses significantly today… This morning saw the US CRE…
1/31/24: JPMorgan Chase Has Used the Same Auditor for 58 Years, Despite Giant Frauds at the Bank in the Last Nine Years
By Pam Martens and Russ Martens: Jamie Dimon Sits in Front of Trading Monitor in his Office (Source: 60 Minutes Interview, November 10, 2019) While many other countries mandate that publicly-traded companies rotate their audit firms after a maximum number of years, there is no such requirement in the United States at the present time. The 10-K…
1/26/24: The Battle Over Capital at the Mega Banks Must Expand to Breaking Them Up
By Pam Martens and Russ Martens: Last Thursday, 12 Democrats in the U.S. Senate sent a deeply insightful letter on a subject most Americans have never discussed around their kitchen table: adequate capital levels at the Wall Street mega banks that came close to bringing down the U.S. financial system in 2008. Before that financial crisis was…
1/24/24: Naming Names, Professor Exposes the Banking Cartel that Has Hijacked U.S. Democracy
By Pam Martens and Russ Martens: Gerald Epstein is Professor of Economics and a Founding Co-Director of the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst. A book he has spent the past decade researching and writing comes out today from the University of California Press: Busting the Bankers’ Club: Finance for the Rest…
Citigroup Will Shed 20,000 Positions by 2026 Following a $1.8 Billion a Shortfall 1/17/24
2026 job cuts by Citigroup following a $1.8 billion lossOver the next two years, Citigroup anticipates cutting 20,000 positions, or roughly 10% of its staff, the bank, with its headquarters in New York, stated on Friday. The third-largest bank in the country made the announcement after a “very disappointing” fourth quarter, according to CEO Jane…
New York State Has Turned Over a Vast Amount of Its Financial Affairs to 5-Count Felon JPMorgan Chase
By Pam Martens and Russ Martens New York State Comptroller, Thomas DiNapoli There’s only one thing more dangerous than the largest bank in the United States, JPMorgan Chase, being charged with (and admitting to) five criminal felony counts by the U.S. Department of Justice since 2014 and a host of other fraud charges by federal regulators. What…
JPMorgan and Jeffrey Epstein Explained: Twisted Banking Taps into Sex Fiend’s Network
By Pam Martens and Russ Martens: Jamie Dimon, Chairman and CEO of JPMorgan Chase According to the complaint filed by lawyers for Jeffrey Epstein’s victims against the biggest bank in America, JPMorgan Chase, Epstein was running a “sex-themed cult.” According to a deposition of a JPMorgan banker, the only money-generating business that Epstein had was tending to…
Federal Agency Study Contradicts Fed Chair: Finds Banking System Is Ripe for Another Crisis and Remains “Fragile and Uncertain”
By Pam Martens and Russ Martens: Following the second, third and fourth largest bank failures in U.S. history in the spring of last year, Federal Reserve Chair Jerome Powell gave his semiannual monetary policy report to the House Financial Services Committee and the Senate Banking Committee in June. During both appearances, Powell stated the same thing: “The U.S.…
US Banks Suffer Trillion-Dollar Deposit Loss In 2023, Small Bank Capitalization Remains Problematic
by Tyler Durden On a non-seasonally-adjusted basis (why adjust when we are looking at annual changes), US domestic banks saw a stunning $1.17TN in deposit outflows (ex-large time deposits) in 2023 – the largest annual decline ever (and only the 3rd annual decline on record going back to 1985 – 1994, 2022, and 2023)… Source:…