Company Reports

Citi 4Q18: Growth Thrusters Depleted, Need a GS Bear Hug?


Citi's systemic risk rocketed higher with the market volatility. Still we see value in its capital stack. Is a GS bearhug merger in sights? We explore. CITI CITI CITI CITI CITI CITI CITI CITI CITI CITI

GS 4Q18: Solomonís Golden Touch, will it Allay the Malay?


GS posted a big beat as FICC sagged and the high margin business thrived. New CEO made his Gettysburg-like address to revamp and revive more sustainable growth. Buy on capital structure. Counterparty/Reg risk is Medium. GS GS GS GS GS GS GS GS GS GS

JPM 4Q18: Record Economic Earnings, Just a FICC Scratch


JPM had a record 2018, but still there were doubters. Economic earnings were still the dominating factor for the year and quarter and a slight market vol event does not change the fundamental strength leadership. Buy on Capital Stack. Counterparty/Reg risk low. JPM JPM JPM JPM JPM JPM JPM JPM JPM JPM

WFC 4Q18: SOS at Top, Economic Earnings Stalled


WFC continues to wrestle with the sales-practices ghosts trying to restore respectability. Still a ways to go. Yet, we are a Buy on the Capital Structure. Counterparty/Regulatory risk Low. WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC 

BK @ GS: Organic Widget Growth Strategy, With Digital Twist


BK presented at the Goldman Sachs Financials Conference as the CEO & CFO spoke to the need for more organic unit growth and digitalization to drive future profitability and fend off old and new competitors. We are Neutral on the Stock and find benchmark Bonds fairly priced. Regulatory/Counterparty risks low.  BK BK BK BK BK BK BK BK BK 

DB 3Q18: Cleaner, but No Oomph


DB had another DB quarter with no revenue momentum, but cleaner with no real one-off items. Still a Sell on the cap structure. Very High counterparty and regulatory risk.. DB DB DB DB DB DB DB DB DB DB 

RF 3Q18: Jacked Up on Deposits and FinTech Channel


RF is focused on its deposit strategy with low betas to augment its NIMs. And its working. Also, making a play in digital channels to boost loan yields with unsecured consumer loans. Hold on Stock and Buy on Bonds. RF RF RF RF RF RF RF RF RF

KEY 3Q18: Strong C&I, Debt Placement, Unwinding ALM


KEY chugs forward as it has real strong C&I growth in the old FNG footprint. ALM unwind helps asset sensitivity. Buy on Stock and Bonds. Low counterparty & regulatory risk. KEY KEY KEY KEY KEY KEY KEY KEY KEY

PNC 3Q18: Ramping Digital to Get More Stable Deposits Funding


With more regional banks out this week, we compare PNC to USB, KEY and others. PNC looking to expand retail deposits to keep funding costs down. We discuss new high yield savings account in that effort. Remain Buy on Stock, benchmark Bond fairly valued. Low counterparty and regulatory risk. PNC PNC PNC PNC PNC PNC PNC PN PNC

USB 3Q18: Returns at Highs, Economic Earnings Falling, Why?


USB had high returns, but we investigate why its economic earnings are falling. Accumulated OCI and other tax adj. are the key factors. Still Buy on Stock, Bonds trade at fair value. Low counterparty & regulatory risk. USB USB USB USB USB USB USB USB USB

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