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The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
Past performance and current analysis do not guarantee future results.
*Share price returns
As of March 31, 2024
Source: Bloomberg and AllianceBernstein (AB)
Past performance and current analysis do not guarantee future results.
*Common Equity Tier 1 (CET1) capital is the highest quality of regulatory capital, as it absorbs losses immediately when they occur. Chart shows aggregate CET1 capital for 12 of the largest US banks: Bank of America, Citigroup, J.P. Morgan, Goldman Sachs, PNC Financial Services, Regions Financial, Truist Financial, U.S. Bancorp, Wells Fargo, BNY Mellon, Northern Trust and State Street
As of December 31, 2023
Source: Morgan Stanley
Past performance and current analysis do not guarantee future results.
Price/earnings discount calculated by dividing the P/E ratio of the financials/banking index by the P/E ratio of the S&P 500. P/E ratios are based on current earnings.
The S&P 500 Financials Index is a cap-weighted index of large-cap stocks representing industries within the financials sector, including banks, insurers, investment banks and asset-management firms. The KBW Bank Index is a cap-weighted index of 24 banking stocks representing large US national money centers, regional banks and thrift institutions.
As of March 31, 2024
Source: Bloomberg and AB
The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
References to specific securities discussed are for illustrative purposes only and are not to be considered recommendations by AllianceBernstein L.P.
Kurt Feuerman is Chief Investment Officer of Select US Equity Portfolios, focusing primarily on equity securities traded on US exchanges. Prior to joining the firm in June 2011, he was a senior managing director and senior trader with Caxton Associates for more than 12 years, and a managing director for nine years with Morgan Stanley, where his responsibilities included managing part of the firm’s US equity business. Earlier, Feuerman was a managing director with Drexel Burnham Lambert for six years, specializing as a sell-side securities analyst. He began his career in 1982 at the Bank of New York. Feuerman holds a BA in philosophy from McGill University, an MA in philosophy from Syracuse University and an MBA in finance from Columbia University. Location: New York
Anthony Nappo is Co-Chief Investment Officer for the Select US Equity Portfolios. Before joining the firm in 2011, he was a portfolio manager at Surveyor Capital, a group within Citadel LLC, where he managed a long/short healthcare portfolio and an analyst team. Prior to that, Nappo was a portfolio manager with Caxton Associates for eight years, in charge of healthcare and energy for both long/short and long-only strategies. He started his career in finance as an equity research analyst at J.P. Morgan Securities. Nappo graduated first in his class with a BS in management from Binghamton University and holds an MBA in finance from the Wharton School at the University of Pennsylvania. He is a CFA charterholder and member of the CFA Institute and the CFA Society New York. Location: New York
This is a marketing communication. This information is provided by AllianceBernstein (Luxembourg) S.à r.l. Société à responsabilité limitée, R.C.S. Luxembourg B 34 305, 2-4, rue Eugène Ruppert, L-2453 Luxembourg. Authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). It is provided for informational purposes only and does not constitute investment advice or an invitation to purchase any security or other investment. The views and opinions expressed are based on our internal forecasts and should not be relied upon as an indication of future market performance. The value of investments in any of the Funds can go down as well as up and investors may not get back the full amount invested. Past performance does not guarantee future results.
This information is directed at Professional Clients only and is not intended for public use.