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On the whole, large banks appear to have primed their books for a rebound in rates: levels of short-term assets relative to short-term liabilities are now higher than they have been during roughly the past decade. The postures of individual institutions vary widely, however.
Despite richer returns available further out on the yield curve, large banks have generally not shifted toward long-dated securities, according to regulatory data.
Growth was particularly brisk at institutions with less than $20 billion of assets, where CEO compensation measured 2% of total payroll expenses, a far higher level than at larger banks.
Annual meetings held by Citi and Bank of New York Mellon have been shaken by investor dissent over executive pay, and observers anticipate more rebukes in the coming month.
One of the gross oversimplifications of the mortgage boom and bust is that banks were more inclined to make risky loans because they were able to get them off their books through securitization.
In 1974, fresh out of law school, Edward Pinto joined a Michigan affordable housing agency. By 1989 he was a top executive at Fannie Mae. Today Pinto is the go-to housing finance pundit — from the pro-privatization set.
Enormous pools of home equity loans that in fact have little or no home equity standing behind them continue to inspire doubts about the nation's banking giants.
Mountains of bad assets have already been charged off, but mountains of underwater loans remain. However the meltdown plays out, most of the action is on bank balance sheets.
A primary benefit of government participation in the mortgage market has always been to ensure that all creditworthy homebuyers can obtain mortgage financing.
As the industry evolves, American Banker keeps pace. Going beyond breaking news and headline events, American Banker's editorial staff digs deeper than the mainstream business press to identify and analyze trends.
