MS had a blow out revenues quarter driven by SPAC and equity effervescence. Other areas in M&A and fixed income were very strong too. But it got partially blown up on Archegos mass liquidation vortex. Still Buy on stock, Move to Buy on benchmark bonds, Very Low systemic risk, Low counterparty risk. 

BAC had a weak consumer & card that should rebound as economy further strengthens. Like other capital market players, it had robust investment banking and trading especially in equity underwriting. Buy on stock, Sell on benchmark bonds. Systemic risk Very Low, counterparty risk Low. 

GS posted another knock-out quarterly result as it just about recorded record net revenues across-the-board. We compare its performance to capital market peers where it leads in the lucrative categories. Buy on stock, Sell on benchmark bonds, Systemic and counterparty risk Low despite Archegos liquidation.