Company Reports

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

Deutsche Bank: Delusional Visions of Sugar Plum Fairies


Deutsche Bank released its radical transformation plan as it seeks operational stability. Still, we and the markets are not convinced. A radical out-of-market merger with a stronger US bank makes more sense and would help systemic stability. Sell Stock and Bonds, Reduce counterparty exposures. 

Deutsche Bank: Dubious Assets & Plans as It Struggles to Survive


CEO Sewing tries to patch up the DB mottled ship with a early guidance on a "bad bank" to house illiquid Level 3s and long-dated derivatives. We take our victory lap as one of the only early warning systems on this as junior debt should take the equity contribution punishment. DB DB DB DB DB DB DB DB DB DB DB DB 

Podcast: Dangerous Derivatives Discourse


David Clarke & David Hendler discuss the realities & dangers associated with derivative instruments & technology in this 40 minute podcast. Clarke's UK police enforcement experience related to financial fraud & Hendler's Wall Street experience provide unmatched perspectives on the challenges of montioring and policing financial engineering and leading FinTech technologies. 

JPM 1Q19: Record Economic Earnings, ESG Whale Risk!


JPMorgan had knockout results and new-age economic earnings. But rising ESG Event Risk is lurking in the off-balance sheet as Viola Risk begins to review. Go to Sell on Bonds on technicals, still a Buy on Stock. Counterparty/Enterprise Risk Low, Systemic Risk Very Low. JPM JPM JPM JPM JPM JPM JPM JPM JPM JPM JPM JPM

10K Takes: Why BB&T Passed on RF & Took STI to the Merger Prom


RF's 10K highlights the difficulties of being a US regional bank in a fast-changing FinTech world. We show why BBT bear-hugged STI instead of RF as FCF rules the roost. RF RF RF RF RF RF RF RF RF RF RF STI STI STI STI STI STI STI STI STI STI BBT BBT BBT BBT BBT BBT BBT BBT BBT BBT

SocGen 4Q18: Punching Above Its Weight Class, Will It Get KOd?


SocGen disappointed more than BNP as it showed its high risk appetite to short volatility across equity, fx and credit derivatives. With a price/book close to 30%, can anyone find management creditable? Not much business diversity and stuck in slow growth France. Sell Capital Structure, Very High Counterparty & Regulatory Risk. SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN

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