Chris Whalen, chairman of Whalen Global Advisors, dives deep into the current state of the U.S. banking industry. He argues that while American financial institutions have largely recovered from the financial crisis, returns on bank stocks still haven’t recovered to pre-crisis levels. Yet in Whalen's view, banks will soon face increasing margin pressure as well as, eventually, deteriorating credit conditions. Filmed on August 2, 2019 in New York.