JPMorgan $ounded alarm in November

JPMorgan warned in November that Silicon Valley Bank’s “$16 billion unrealized losses” could pose a serious risk, according to an analyst report reviewed by The Post on Sunday.

SVB — which collapsed Friday — was the subject of a Nov. 15 report issued by the JPMorgan North America Equity Research Team for customers paying for the research.

JPM released its now-troubling research after holding a “deep dive webinar with SVB CFO Dan Beck,” the report said.

“Should the balance of deposit outflows and inflows persist for longer than expected, another key topic we discussed . . . is the risk that SVB will need to sell underwater HTM [held to maturity] securities and realize losses,” it said.

“The focus of investors rapidly shifted to the company’s $16 billion unrealized losses in its HTM securities portfolio with investors expressing that should deposit outflows persist for longer than expected, the company may need to sell underwater HTM securities to meet cash needs.”

Still, JPM’s analysts were largely optimistic about the California-based bank and even gave it an “overweight rating” — meaning the stock’s value would increase.

But insiders say that’s just part of the internal corporate kissing-up that goes on between analysts and businesses.

“Sell-side analysts always put a positive spin on things to remain in the company’s good graces,” a banking source told The Post. “But to a sophisticated Wall Street investor, that note says it all.

“That note laid out all the risk concerns on the front page,’’ the source said.

“SVB and people covering it knew they had serious riskmanagement issues.”

JPMorgan declined to comment to The Post on Sunday.

To be sure, many on Wall Street were blindly optimistic.

CNBC analyst Jim Cramer has been under fire on social media over a clip recommending viewers buy shares of SVB’s parent company in February.