Company Reports

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. 


MS 1Q21: Diversification Pays as Archegos Pains

04/16/2021

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. 


Citi 1Q21: Strategy Refresh, Paints Over ole CEO Sandy Weill’s Vision

04/15/2021

Citi comes up with another strategic refresh plan. But new CEO Fraser seems more convincing as she focuses on Citi's competitive advantages. Move to Neutral on stock and benchmark bonds. Regulatory and counterparty risk at Medium levels. 


JPM 1Q21: Pandemic Basically Over as Related Reserves Brought Down

04/14/2021

JPM shakes off pandemic funk with investment banking, capital markets and trading responding to strong market conditions. Still loan growth is lagging and should respond better as economy further rebounds with vaccine penetration increasing to herd immunity levels. Buy on Stock, Sell on benchmark bonds. Systemic risk Very Low, and counterparty risk Low. 


WFC 1Q21: Chipping Away at Business Sludge, Still Much To Do

04/14/2021

WFC does not have the core drivers gas to justify its stock surge. EPS beat was on reserve releases and restructuring needs to continue. Still some small progress on business/asset sales. Move to Neutral on stock, Sell on benchmark bonds. Regulatory and counterparty risk remains High. 


WFC 10K Take: CLOs Still a Concern

03/10/2021

Wells Fargo's 10K shows the most securities shrinkage of the big banks as it had the asset cap and less lending opportunities in the Covid environment. CLOs still high relative to pack and indicative of its higher risk appetite. 


MTB & PBCT: Physical Density Matters & Better Economic Earnings

02/22/2021

Merger Monday strikes again as M&T follows through on its intentions and agrees to acquire Peoples Bank of CT. More community banking with scale in the Northeastern states from Boston to Buffalo to NYC metro to Baltimore region. CRE concentrations fall a bit, and M&T's higer FCF helps both. Sell on M&T benchmark bonds, Hold on Stock. Regulatory and counterparty risk Very Low and Low, respectively.


MTB 4Q20: CRE Holding Up Well, Hedges Rolling Off

02/03/2021

MTB holding up well in CRE as government stimulus helps out for it and the banking industry. Hedges rolling off and no clear message on stock buybacks. Turn to Buy on Stock and maintain Sell on benchmark bonds. Systemic and counterparty risk at Very Low and Low, respectively. 


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