Company Reports

Recap WFC 1Q22: Some Core Metric Progress, Much More To Go


Wells Fargo saw better results in card/auto/personal banking. But still overwhelmed by lower mortgage originations and industry-hammered investment banking and much of capital markets activities. Still a Sell on stock and benchmark bonds. Regulatory and counterparty risks are Medium level. 

Recap MS 1Q22: Rafting the Revenue Rapids, Wealth Mgt Ballasts


MS had stable wealth management results, but choppy capital markets that seized the peer group. More M&A deals closed than the competitors, but that is sort of backward looking metric.. Still a Buy on Stock, Sell on benchmark bonds. Regulatory risk Very Low. Counterparty risk Low. 

GS 1Q22: Beats, But Misses on Marquee Investment Banking & PE/VC Investing


Goldman pulls lever in trading to soften the slide in I-banking, but still it shows its dependence on less durable revenue streams. Wealth management powered through lower equity performance and consumer banking making gains. Still Buy on stock, Sell on benchmark bonds. Systemic risk rises to Medium. Counterparty risk Low-to-Medium.

JPM 1Q22: Tougher Environment, Tougher Questions


JPM got a markets wake-up call as many of its strengths ended up as weaknesses in the quarter. Still, we are confident that the franchise will bob and weave through the market volatility as core unit growth in loans, deposits and AUM inflows continue to be strong. Buy Stock, Sell benchmark bonds, Low systemic risk and Low counterparty risk. 

BAC 1Q22: NII & Loans Kick-in, Softens Economic Concerns


BAC showed continued organic progress in revenues, loans, deposits and earnings. CEO believes that rising NII and loan drivers can power through a potential economic slowdown driven by Fed rate hikes. Buy on stock. Sell on benchmark bonds. Regulatory and counterparty risks in Low territory. 

Citigroup Investor Day: Smells the Coffee, Seeing is Believing


Citi's CEO Fraser held her first investor day and it was well orchestrated and believable. But we have heard these corporate platitudes before from previous management teams. While this team will likely succeed in the continuing Citi turnaround, it will take 3-5 years. Stay tuned to KPIs to track performance and hopefully lift stock. 

GS: Strategic Update: Durability of mRNA Boosted Revenues?


GS gave a strategic update about 2 years since its pre-Covid presentation. Ups targets and focuses on "revenues durability" as the way forward to improve its shareholder value and balance sheet strength. Looks doable but still fierce competition from leading financial peers, Big Tech and FinTech. Buy on Stock, Sell on Bonds. Counterparty and regulatory risks Low-to-Medium.

BAC 4Q21: Back in Business Deposits Valuable Again


After several years of stock disappointment both pre- and post-pandemic, BAC seems to have regained its mojo in major growth areas. Consumer is growing again and it has big expectations for its massive deposit base kicking in NII. And wealth management still on tear given good market conditions. Continue Buy on stock, Sell on bonds. Regulatory risk is Very Low as counterparty risk is Low. 

MS 4Q21: Raises Near/Long Term Outlooks: Duracell Bunny of Brokerage


MS outclassed GS as it posted stronger results showcasing its duel-D strategy in Diversification leading to Durable revenues. Still a Buy on stock and Sell on bonds. Systemic risk Very Low and counterparty risk is Low. 

GS 4Q21: Windfalls Leading to Firm Investments - Internal & External


GS had an impressive record year, but a thud of a quarter. Mostly in less stable windfall businesses in equity & debt investments. Still, it has the most volatile revenues of the group, which it is seeking to lessen with various infrastructure and external investments. Continue Buy on stock and benchmark bonds. Systemic and counterparty risks remains Low.

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