BAC did a nice job displaying its "responsible growth" mantra highlighted in lower consumer loan risk and balance sheet integrity. NII growth has always been its strong point and should bridge it through the oncoming recession, even if credit losses rise off of historical lows. We continue to be a Buy on the stock. Sell on bonds with further credit spread widening. And our view of Low regulatory risk and counterparty risk.

GS more on its back legs as markets & credit costs gravity brings formerly explosive results down to sea-level. Still it has a plan to diversify business lines to ultimately bring durability to the boom & bust revenues. Remain a Buy on stock, Sell on bonds with more credit spread widening ahead. Regulatory risk Medium. Move to Medium on counterparty risk. 

Citi wowed the investor community as it scored a healthy EPS beat. Service sector results, more succinctly known as treasury and securities processing/services activities faced off well against scaled down investment banking. Move to Buy on Stock, Sell on benchmark bonds. Systemic risk High though we could move to Medium. Counterparty risk Medium.