BAC has been guiding to a better 2H21 for the last two quarters. So "High Noon" for the company top mgt. is coming soon. Still, there was lots of disappointment with a large EPS miss as consumer & investment banking were laggards versus peers. Though equity trading and wealth mgt. was in line with peers on the growth side. Still a Buy on Stock, Sell on benchmark bonds. Regulatory & Counterparty risk Low.
The new WFC is yet a pipe-dream in the imagination of investors. Is it a meme stock in disguise of a major blue chip bank? Probably a bit of both, but the investor base is more worldly and seasoned versus the usual Robinhood-like youngster investor. Neutral on Stock. Sell on benchmark bond. Regulatory & Counterparty risk still High.
MS posted an excellent economic earnings quarter which showcased the diversity and revenues durability of the firm. Big change from 5 years ago & we give credit to CEO Gorman with his vision to transform company and then executing on it. Buy Stock. Sell Bonds. Regulatory & Counterparty risks Low.