Stephen Gandel
Washington Post
United States
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Recent articles by Stephen:
Wells Fargo May Not Be Done Paying for Its Misdeeds: Gadfly
Wells Fargo & Co.’s $1 billion settlement with regulators already has some saying that this marks the end of a troubled period for the scandal-plagued bank. That might be wishful thinking. → Read More
Bank Rule Changes Chip Away at Those Pesky Stress Tests
The annual exams lose their effectiveness as they become more opaque. → Read More
Morgan Stanley's Trading Rivalry Tests Its Business Model
Investors can assess the firm's direction now that it has stopped beating Goldman. → Read More
Goldman's Good Trading Quarter Complicates Its Future
The resurgence of FICC makes a shift back to investment banking more difficult. → Read More
Goldman’s Good Trading Quarter Complicates Its Future: Gadfly
Goldman Sachs Group Inc. is back, and that’s a problem. → Read More
Bank of America May Have Become Too Cautious
A retreat from riskier lending areas could be a strategic blunder. → Read More
Banks Delivered on Earnings. So What Gives, Investors?
The promise of higher interest rates hasn't played out. → Read More
Wells Fargo Still Hasn't Dealt With Its Scandal Problem
It takes money to restore confidence and operational integrity. → Read More
Banks Delivered on Earnings. So What Gives, Investors?: Gadfly
You could excuse bank executives for being a little perplexed by their investors. JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. all reported earnings on Friday morning that largely beat expectations. But shares of all three slumped soon after the market opened. → Read More
BlackRock Sells the Market, Now the Market Owns It
The giant asset manager could become a victim of its own success. → Read More
Circling Deficit Hawks Shouldn't Spook the Market
There's no correlation between government debt and investor returns. → Read More
Stock Market Scavenger Hunters Should Think Again
An earnings gauge is flashing the cheap signal, but it's misleading. → Read More
Tax Cuts Make Wall Street's First Quarter Look Better Than It Is
Look beneath the tax-cut benefit for the true state of corporate America. → Read More
The Terrific (But Not as Good as It Looks) First Quarter: Gadfly
Wall Street’s best quarter in years will come with a large asterisk. How big may determine where stocks are headed next. → Read More
Tax Cut's Warts Show Up in Short-Term Lending
Cash repatriation jumbles a global financing mechanism. → Read More
Flattening Yield Curve Doesn’t Hurt Wall Street’s Verve: Gadfly
Usually when the bond market and the stock market disagree, the smart money sides with bonds. This time investors seem eager to take the other side of that trade, but that optimism could soon be misplaced. → Read More
Leverage Boost for BDCs Adds to Trump Era Goody Jar: Gadfly
The Wall Street giveaways continue in the Trump era. The question is when the weight of all those gifts will threaten the stability of the financial system. → Read More
A Little Tariff Talk Goes a Long Way in Spooking the Market
Investors don't respond well to threats -- real or imagined -- to big companies. → Read More
A Little Tariff Talk Goes a Long Way in Spooking the Market
The economy continues to chug along with no recession in sight. Globally, growth seems to be in the beginning stages of a resurgence. U.S. corporations, in part because they are holding onto much of their tax cut gains for now, are expected to have their best earnings growth -- nearly 20 percent -- in years in the first quarter. → Read More
Powell Revs a Little But Needs to Watch His Speed
The Fed chairman signals a steeper rate path, but he should be careful not to get too far ahead of expectations. → Read More