Financial Services Ecosystem

Banks, capital markets, payments, insurance, and asset managers — the plumbing of credit, risk transfer, and capital allocation.

12 stocks 5 subsectors

Covered market cap

$3305.1B
From cached fundamentals where available

Ecosystem map

Click a group to open its subsector notes.

Balance Sheet

Money-Center Banks
JPM.US, BAC.US, WFC.US

Markets

Investment Banks & Markets
GS.US, MS.US

Networks

Payments
V.US, MA.US, AXP.US

Risk Transfer

Insurance
PGR.US, MET.US

Fees

Asset & Wealth Management
BLK.US, SCHW.US

Money-Center Banks

Balance Sheet

Deposit franchises with NII, fees, and credit cycles at the core of the P&L.

Drivers

  • Net interest margin and deposit betas
  • Loan growth vs. credit costs
  • Fee businesses (cards, IB, wealth)

Key risks

  • Credit cycle / charge-offs
  • Deposit flight and funding costs
  • Capital and regulatory constraints
Names JPM.USBAC.USWFC.US

Investment Banks & Markets

Markets

Advisory, underwriting, and trading platforms leveraged to capital-markets activity.

Drivers

  • IB wallet (M&A, ECM, DCM)
  • FICC and equities trading volumes
  • Wealth and asset-management inflows

Key risks

  • Deal droughts
  • Trading VaR events
  • Compensation ratio creep
Names GS.USMS.US

Payments

Networks

Network and card issuers taking a small slice of global commerce.

Drivers

  • Payment volumes and cross-border travel
  • Yield / take rate
  • Credit-card spend and revolving balances

Key risks

  • Merchant routing and interchange regulation
  • Fintech and real-time payment bypass
  • Consumer credit losses (issuers)
Names V.USMA.USAXP.US

Insurance

Risk Transfer

P&C and life carriers earning underwriting profit plus float.

Drivers

  • P&C pricing / combined ratio
  • Catastrophe load
  • Investment income on float

Key risks

  • Severe cat years
  • Reserve inadequacy
  • Rate competition after hard markets
Names PGR.USMET.US

Asset & Wealth Management

Fees

Fee-based AUM platforms and retail brokerage.

Drivers

  • Market levels (beta on AUM)
  • Net flows into ETFs and advice
  • NII on customer cash

Key risks

  • Fee compression
  • Risk-off outflows
  • Rate cuts shrinking cash sweep yield
Names BLK.USSCHW.US

Companies

Market cap, P/E, and EV/EBITDA come from cached fundamentals when present. Price is not fetched on this page.

Ticker Name Market cap Price P/E EV/EBITDA
JPM.US JPMorgan Chase & Co 942.9B — 15.2x —
BAC.US Bank of America Corp 438.2B — 14.5x —
WFC.US Wells Fargo & Company 266B — 12.8x —
GS.US Goldman Sachs Group Inc 299.6B — 15.9x —
MS.US Morgan Stanley 338.2B — 17.4x —
V.US — — — — —
MA.US Mastercard Inc 497.1B — 31.3x —
AXP.US American Express Company 220.2B — 19.8x —
PGR.US Progressive Corp 124.9B — 10.8x —
MET.US — — — — —
BLK.US BlackRock Inc 178B — 26.2x —
SCHW.US — — — — —

Valuation framework

Starting methods by business type — refine as you add coverage.

DCF

V.US, MA.US, BLK.US

Stable cash flows and more predictable growth.

EV/EBITDA

PGR.US, SCHW.US

Cyclical or capital-intensive names with varying leverage.

SOTP

JPM.US, GS.US

Distinct units that are better valued separately.

Scenarios

Directional cases for the sector — not stock-level price targets.

Bull

Deal revival plus contained credit losses; payments volumes re-accelerate with travel.

Multiple expansion
Base

Soft landing: NIMs stabilize, credit benign, markets support AUM and IB recovery.

Fair value
Bear

Recession lifts charge-offs, trading and IB stall, and deposit costs stay elevated.

Multiple compression