Bank of America (BAC) and Morgan Stanley (MS) were the latest Big Bank stocks to report first-quarter earnings on Tuesday. Both topped earnings and revenue estimates, a trend consistent for major financial players who have reported earnings so far.
Hennessy Funds Portfolio Manager David Ellison joins Market Domination to discuss the biggest boons and challenges for the banking sector.
"I think the boogeyman or the real new issue is what’s going to happen to the deposit side," Ellison explains. "Since the Silicon Valley-First Republic issues of a year or so ago, the deposit side has really been exposed as a risk factor for the industry that we’ve never had. So you see most of these large banks losing non-interest bearing deposits to the market…"
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