Company Reports

Citi 3Q21: Incremental Progress, Still Waiting for Bliss

10/18/2021

Citi remains a work-in-progress waiting to regain the bliss of the Sandy Weill years. Still, CEO Fraser is attempting to rewire a company without credit, risk management, operational management discipline for the last 23 years. Ever since former CEO John Reed had to untangle that era's mess. Neutral on Stock, Sell on Bonds, Regulatory & Counterparty risks at Medium levels.


MS 2Q21: Durability Trounces Windfall Every Time

07/15/2021

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.


BAC 2Q21: Loan Growth & NIM Pressure Pounds Results

07/14/2021

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. 


Citi 2Q21: Big Miss, Still Much Wood to Chop

07/14/2021

Citi continues to underwhelm even though the financial media cheerleads it. Most all product lines fell and there was no real silver linings except for low credit costs that all the banks have noted due to stimulous checks carpeting unemployed America. Still Neutral on Stock, Sell on benchmark bonds, Regulatory and Counterparty risk levels are Medium.


WFC 2Q21: Hack & Hoover, No Real Core Revenue Progress

07/14/2021

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. 


JPM 2Q21: Provision Manna, Loan Desert

07/13/2021

JPM EPS missed on a reserve release adjusted basis. Loan growth still missing and trading fell dramatically on YoY basis. Asset mgt. saved the day and I-banking and equities. Buy Stock, move to Buy on benchmark Bonds. Systemic and Counterparty risk is Low. 


GS 2Q21: Big Dividend Raise, Great Houdini of I-Banking/PE & Asset Mgt.

07/13/2021

GS did it again as the 'Great Houdini" of i-banking and asset mgt. FICC trading off in-line with less volatile markets. Equity, M&A did well too though not so in cash equities and derivatives. Stay a Buy on Stock, Sell on benchmark Bonds. Regulatory risk Low and Counterparty Risk Low. 

 


RF Recap: Best Margin Resiliency on Hedges

05/03/2021

Regions continues to use its hedges as a crutch as it waits for loan growth. Still a weaker core franchise than the bigger regional banks. Pressure on Stakeholder Stack over the long term. 


GS 1Q21: Records, Records, Records, Can the Music Stop for DJ Solomon?

04/20/2021

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. 


BAC 1Q21: Capital Markets & Reserve Release Offsets Weaker Consumer

04/19/2021

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. 


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