Company Reports

BAC 2Q21: Loan Growth & NIM Pressure Pounds Results


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


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.

JPM 2Q21: Provision Manna, Loan Desert


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.


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


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?


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


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


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


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


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. 

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