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 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.
JPM produced another solid quarter although revenues were flattish with slowing fixed income and cards still in revolver hibernation. Still, the bank looks for turnarounds in card/commercial lending with more economic rebound. Higher rates should help loan margins. Still a Buy on Stock, Sell on benchmark Bonds. Systemic and counterparty risk are Very Low and Low, respectively.
Wells Fargo experienced some incremental progress, but it was still an expense cutting and reserve release exercise quarter. No real special 2022 outlook except thoughtful execution of hereditary deficiencies. Still Sell on stock and Sell on benchmark bonds. Both systemic and counterparty risks are Medium.
KeyCorp keeps making demonstrative strides in digital banking, analytics and date collection via acquisition and follow-through performance. We see further growth from these intiatives and have a Buy on the Stock given strong economic earnings. Though a Sell on the Bonds with limited supply leading to less attractive relative value.
BAC's CEO outlines the growth drivers for 2022. Still, we have heard this before in the pandemic period and BAC lags more succesful big banks/brokers. Contine to be a Buy on Stock given long term outlook. Sell on benchmark Bonds. Regulatory risk is Very Low, And Counterparty risk Low.
WFC tries to portay normalcy, but continues to be an abnormal bank with no revenues momentum in key business lines. And political and regulatory disgust at the lack of tangible progress further stymies core stock and bond performace. So go to Sell on stock, Bonds too tight. Regulatory/systemic risk and counterparty risks are Medium to High.
JPM is in a fight-to-the-finish for general banking dominance with the Big Tech whales and the FinTech piranhas. Still, JPM should hold its ground despite its sluggishness compared to the swift & nimble Techs. Buy Stock, Sell benchmark Bonds. Regulatory/Systemic risk Very Low. Counterparty risk Low.
MS shows the power of wealth widget wonderful growth versus Grand Slam ball from the more volatile GS. Still, MS relies on the biggest bull market of all time for AUM growth and market gains. Should be able to balance out ebbs & flows. Buy Stock, Sell on benchmark Bonds. Regulatory/systemic & Counterparty risks Low.
GS did it again as it retains its HR derby results in the big/bank sector. Economic earnings exceed Citigroup's and breathing down BAC's back. But how sustainable are these grand-slam quarters. We investigate and judge the "Aaron Judge" performer of the big bank pack.