The State of Banking
Where are we and where have we been? Trends are telling. In 2013, there were 6,812 FDIC-insured financial institutions. At September 30, 2017 there were 5,737, a 16% decline. There […]
Are Banks Overvalued?
The S&P 500 Bank Index is up 41% in one year. US Regional Banks’ price-earnings multiple was 16.6x and price to tangible book value was over 2x (see chart). So […]
Too Small to Succeed in Banking
Conventional wisdom: The onslaught of new banking laws, regulations, and regulatory activism requires scale to absorb costs. Or, the rapid pace of technological change and the sophistication of hackers requires […]