Company Reports

RY 4Q19: Canada Powers Through Slower US


Royal Bank of Canada has a flat quarter with Canadian banking strong and US banking and capital markets lower. Repositioning its insurance and wealth management showed good performance. Move to Sell on Stock, benchmark Bonds. Counterparty/regulatory risk Low on strong economic earnings. 

GS Update: 1MDB Settlement Countdown, Strategic Makeover, M&A Play


As we approach the Turkey Fest weekend, we give our latest thoughts on Goldman Sachs strategic direction. There are many balls in the air as 1MDB litigation should get settled by year end. Investor Day approaches at the end of January with a view on the future. And business media speculates on possible M&A with GS looking at E*TRADE and US Bancorp.

BAC Update: ALM & Leaning on Loans


BAC provides the most detail on its interest rate hedging with derivatives. Combined with is asset sensitive position we examine how it is using loan growth to reduce the net interest income pain. Compare it to the other big banks JPM WFC and Citi. 

Citi Update: Cashing In with Google Cache?


Citi may be taking it up to warp speed as it seeks to hyper-jump up in the digital/mobile banking big leagues. Google Cache could be the key to better US banking reach and mobile banking  supremacy.

JPM Update: Consumer is King as per King Jamie


JPM CEO Jamie Dimon was the featured interview on 60 Minutes and discussed the virtues of the consumer. VRA shows the importance of consumer activities to JPM and some of the possible inflection points. 

SocGen 3Q19: Wrestling with Slow European Region


SocGen continues to underwhelm in capital markets and French retail banking. Drives its growth in Russia and Eastern Europe that is always riskier. Sell on stock and benchmark bond. Very High counterparty/regulatory risk. 

DB 3Q19: Tangible Turnaround? No Where Close


DB wants to be a normal bank, but abnormal transformation charges, no real growth thrusters, and a slow slog through its CRU asset disposals makes it an underperformer. Still a Sell across the Capital Stack and Counterparty/Regulatory risk remains Very High.  DB DB DB DB DB DB DB DB DB DB DB DB

MS 3Q19 Recap: Wealth Management Steamrolls


MS lays down the gauntlet as the wealth management champ seeking to differentiate from its rival GS. Revenue growth opps as it attempts to grab more AUMs from the high net worth fee pool and Asis clients. Buy Stock, Buy benchmark bonds. Medium counterpary/regulatory risk. MS MS MS MS MS MS MS MS MS MS MS MS 

Barclays 3Q19: Euro IB/Trading Champ? For How Long?


Barclays had a good quarter as Brexit quagmire swirls in the UK. Capital markets punch, but some one-offs. Still, the strategy is taking hold with better performance. Buy Stock, Buy benchmark Bonds. Counterparty and Regulatory risks still too high. Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays

WFC 3Q19: New CEO Head, How Does It Get Ahead?


WFC gets a new CEO in a week so the strategic vision is still to be determined. Still, the bond market has tightened spreads and the equity is still where it was. We believe that there are still hard years ahead and the bond markets are ahead of themselves. Sell benchmark bonds, Sell Stock. Medium counterparty risk.  WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC

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