Company Reports

BAC 2Q18: Credit Quality Hibernation, or Eye of Hurricane?

07/16/2018

BAC had strong consumer results as its loan origination capability kicks in on both the physical and digital fronts. ALM dynamics better than Citi's but not as good as JPM's. Buy on Stock & 10Y debt. Low risk/reg indicators. BAC BAC BAC BAC BAC BAC BAC BAC BAC 


JPM 2Q18: Whacks Cover Off Ball, Tariffs Be Damned

07/13/2018

JPM had a terrific quarter despite trade war actions, as buoyant US economy steam-rolls credit costs and drives loan growth. We explain why a tariff tamp-down can be handled by the bank juggernaut. Buy stock & bonds. Counterparty/Regulatory Risk low. JPM JPM JPM JPM JPM JPM JPM JPM JPM


Citi 2Q18: Hammering Expenses as Wobbly Revs Rankeled By Trade Wars?

07/13/2018

Citi is on a expense initiative crusade seeking a slimmer physique, but possibly preparing for international revenues volatility as trade war talk hits franchise harder.  Still Buy on Stock and 10Y benchmark bond. CITI CITI CITI CITI CITI CITI CITI CITI 


WFC 2Q18: Re-establishing Credibility, Work-in-Process

07/13/2018

Wells Fargo is still in the re-establishment mode​ as its core metrics disappoint. Takes the high road in credit underwriting as it rebuilds its compliance and operational systems.  Still Buy Stock & Bonds on lower valuations. WFC WFC WFC WFC WFC WFC WFC WFC


Deutsche Bank: Death March Continues, Does Any Stakeholder Care?

06/06/2018

DB continues to negatively surprise the market as new CEO trys to calm down troops & markets. The bank can't make money and that is the problem as hidden risks keep erupting. Maintain 2Y Sell on Stock/Bonds. Counterparty/Regulatory Risk Very High. DB DB DB DB DB DB DB DB DB


Barclays 1Q18: Trudging Along the Retail/Card/Bond Route

05/18/2018

BARC getting its strategic, litigation, ring-fencing, CEO noise behind it as it builds on its digital retail/card banking and capital markets focus. Yielding better results compared to other weak Euro trading banks. BARC BARC BARC BARC BARC BARC BARC BARC 


CS 1Q18: Transformation on Target, Profits Next?

05/15/2018

CS looking better in LTM as its strategic repositioning yields some early gains. Still, earnings are about equal to three years ago, though quality better. Still Stock Sell, Buy 10Y & AT1 Bonds. CS CS CS CS CS CS CS CS


DB 1Q18: New CEO: Sewing Patches or Pipe-Dreams?

05/07/2018

DB goes into the desert once again to find its strategic mojo. New CEO Sewing needs to think out-of-the-box to restore a normal operating profits model. Still Sell on Stock & Bonds. Risk-Reg Very High.  DB DB DB DB DB DB DB DB


AXP 10Q-Tips: Matching Millennials Expectations…Costly

04/30/2018

AmEx continues to evolve as the landscape gets trickier in the hotest area of lending, the credit card arena. 10Q makes more transparent the cost of competition for the hearts of millennials spending. AXP AXP AXP AXP AXP AXP AXP AXP


BAC 1Q18: Consumer Loan, Brokerage Margin & ALM Turnaround

04/16/2018

BAC had an attractive quarter from the loan growth, margins and operating leverage sides. Becoming more of a competitor to JPM and more diversified than Citi. Buy Stock and select benchmark Bonds. BAC BAC BAC BAC BAC BAC BAC BAC


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