Scale in banking is mostly a funding advantage
It traded at 334.88, -0.41% today. The largest banks are not better lenders. They borrow more cheaply, and that is enough.
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JPMBAC
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JPM
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4Regional banks: the deposit question nobody wants to reopen
Regionals traded at 75.26, +0.98% on the session. Funding costs are the whole story and they are the part least discussed.
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KREJPM
Fee income is the part of a bank the rate cycle cannot reach
When rates fall, lending margins compress. The fee businesses of a large bank move on different drivers entirely.
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The best bank in the room can still be the most expensive
What the premium multiple assumes about credit, and where I think it is stretched.
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