Company Reports

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


C 1Q18: Come-back Kid of Card Lending!

04/15/2018

Citi is looking more like the "Comeback Kid" of banking as its loan growth and credit quality have normalized. We still want to monitor credit performance a bit longer, but it was an impressive quarter. Buy Stock and intermediate-term Bonds. Citi Citi Citi Citi Citi Citi Citi Citi


WFC 1Q18: Cross-Sell Crumbles, Stealthy Swaps Slugger

04/14/2018

WFC is far from the bank pack leader that it used to be for most of the post-crisis years since the sales practice scandal unfolded. Top mgt. still in denial as economic earnings stats erode. We explain the swaps strategy to hide the weakness. Still, Buy Stock & Bonds on lower valuations. WFC WFC WFC WFC WFC WFC WFC WFC


JPM 1Q18: ALM Hero, Card Cruiser, Digital & Millennials Job #1

04/13/2018

JPMorgan posted another good quarter of growth across the franchise. ALM seems superior to the other big banks and credit costs subdued, but we track some lagged softness. Buy Stock and most benchmark Bonds.JPM JPM JPM JPM JPM JPM JPM JPM


JPM Investor ½ Day: New Rules: Digitalization & Millennials’ Rule

02/27/2018

JPM mentioned Jeff Bezos & Amazon numerous times aligning  with the e-supermarket behemoth. Digital and Millennials are Everything & Everywhere and JPM seeks its out-sized share of the profits. We review. JPM JPM JPM JPM JPM JPM JPM


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