Company Reports

CS 2Q19: Two Steps Forward, when is Backward?


Credit Suisse had a good quarter with solid net new assets growth in Asia-Pacific and the rest of the world. Fixed income trading in global markets lifted results while equities were sluggish.  Lower cost base helps deal with market volatilities. CS CS CS CS CS CS CS CS CS CS CS CS CS CS CS CS

BNP 2Q19: Level 3s Remix in Equity Derivatives


BNP had a good quarter on loan growth and better capital markets trading activity in Europe. Still, equity derivatives lurk and there has been a build in the riskiest Level 3s, With the biggest systemic capital shortfall in Europe and flattening economic earnings, we are still a Sell on Stock and Bonds. ​ BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP

DB 2Q19: Game/Set/Match Over at US Open of Banking


DB went through the radical transformation drill now softened up to strategic transformation. But in tennis parlence the banking Match is over as DB can never catch up to global competitors. Even if AT1 jr. debt holders are given a Let this time. DB DB DB DB DB DB DB DB DB DB DB DB DB DB

USB 2Q19: Stunned by Loan Growth, Updraft in Economic Earnings


USB saw surprisingly strong loan growth after years of mild results. Helps ALM, but with lower rates hurt it on loan yields side. We explore. USB USB USB USB USB USB USB USB USB USB USB USB

WFC 2Q19: Headless Horseman of Bkg, Lvgd Lns Unleashed


WFC can't seem to find a legit CEO and no one is really asking why? We think embedded & high credit risk in its Investor Loans and related off-balance sheet is the culprit. Too much shadow banking/leveraged lending exposure that could rock earnings downward. WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC 

MS 2Q19: Gorman Stands Up to NII/Consumer Bkg Pressures


MS CEO Gorman keeps getting whipped on the company's strategic posture probably from his mgt. consulting past. Still, MS should stick to its knitting and go more global on the wealth mgt front with MUFG help. MS MS MS MS MS MS MS MS MS MS MS MS

BAC 2Q19: Interplay: Millennies/Digital/ALM/Cards


BAC gets worried about lower rates and is hoping millennies bail them out. ALM has always been a big biz line for the bank and we explore the moderating scenarios. BAC BAC BAC BAC BAC BAC BAC BAC BAC BAC BAC BAC

JPM 2Q19: Record Earnings, More on ESG Risk & Card Losses


JPM had another record quarter, but is the growth locomotive starting to slow? We look at ALM and card loss dynamics as the economic cycle is long in the tooth and rates are headed lower. And more details on ESG risk facing JPM and the rest of the big global banks. JPM JPM JPM JPM JPM JPM JPM JPM JPM JPM JPM JPM

GS 2Q19: Strategic Soliloquy: To Be Richer or To Be Even Richer


GS is on  a quest to get even richer than it already is as it needs to do a total body makeover to increase its profiability appeal in future years. We review FCF scenarios on how to fund this transformation and with the eventual impact of 1MDB. GS GS GS GS GS GS GS GS GS GS GS GS GS GS

Citi 2Q19: Friends w/ Benefits: Lower Rates & Card Growth


Citi benfits from lower Fed driven rates, unlike most big and regional banks. And continues to pump out the credit cards. Some rise in card losses, will it inflect? We explore. Citi Citi Citi Citi Citi Citi Citi Citi Citi Citi Citi Citi

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