Reinforcing priors since at least 1996. @Breakingviews ex @ft @nytimes @cbsnews @bloomberg @fortunemagazine @time. On Signal. DM for contact info.
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Stephen Gandel's coverage mainly focuses on finance and economy, particularly in the context of Wall Street, banking, financial services, bank profits, and regulations. He often includes investment analysis as well as government announcements.
If you are considering reaching out to Stephen with a pitch or source offer, it would be beneficial to provide insights into the latest developments within these areas. Expert commentary from individuals deeply entrenched in the world of finance and economics could capture his attention. Additionally, if there are specific datasets that can illuminate trends or changes within the sector he covers extensively might also pique his interest.
As for geographical focus, while not explicitly mentioned for Stephen Gandel’s articles; given his topics primarily revolve around Wall Street and US banks' activities suggest a strong emphasis on American financial markets may be most relevant when pitching ideas or sources.
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Two years after a failed listing effort and four since folding a SPAC, the Pershing Square boss is seeking up to $10 bln for his fund. A bonus stake in the parent firm aims to narrow the typical NAV discount. The valuation doesn't stack up, even before factoring in complexity.
The CEO of the largest US bank is fond of dark warnings about the dangers lurking in credit markets. As it turns out, JPMorgan began cutting its loans to private lenders, which stand at $27 bln, as early as September. Though ahead of peers, it indicates conditions are tightening.
A proposed regulatory revamp, including implementation of the international Basel Accords, would leave the six biggest US lenders with over $200 bln of excess capital. Wall Street will have freer rein. History shows, though, that it probably won’t produce a flood of new lending.
Like peers, the manager has restricted redemptions from its $42 bln lending fund. What differentiates it is that its 4,000 holdings, including positions in other vehicles, resemble an index, but for tough-to-price illiquid assets. It risks amplifying the industry’s weaknesses.
Though it denies any interest, the Wall Street giant would benefit from a major tie-up. Extra scale should help slash the high cost of its deposits, while regulators are as amenable as they’ve been since 2008. Combining with regional lender Truist could generate $40 bln in value.
The CEO of $800 bln JPMorgan already runs a bank that is too important to fail. After largely winning a massive regulatory battle, he insists remaining rules are “un-American.” Unfettered scale has benefits, but his vision is one of unassailable advantage for Wall Street titans.
First-quarter revenue of $17 bln brings the Wall Street giant within 3% of an all-time high set five years ago. Back then, an ill-advised retail banking foray and IPO slowdown led to a quick descent. This time, rising risk in trading and lending point to new potential missteps.
Equity Residential’s $52 bln merger with AvalonBay creates a 180,000-unit landlord as high rates persist and Washington pushes supply. The lack of premium and meager cost savings suggest the deal is more about seeking shelter than rising opportunity for multifamily operators.
The JPMorgan boss says he could spend up to $20 bln on an acquisition. Options range from global banking peers to tech upstarts. Apply the tests of size, fit and opportunism, though, and one option stands out: shadow lender Blue Owl. Breakingviews imagines the M&A pitch.
Wall Street seems a mere passenger on the rocket-maker’s flight to a $75 bln debut. Fixing the offer early at $135 a share skips price discovery. Index buying and Elon Musk’s aura serve as propulsion. The risk is that others copy the launch sequence but lack the hype to lift off.
