Company Reports

Citi's outgoing CFO noted the great strides accomplished over his tenure in his fairwell financial presentation tour. The franchise is back and returning capital to shareholders while protecting creditors. Remain a Buy on Stock & Bonds. CITI CITI CITI CITI CITI CITI CITI CITI CITI

BAC focused on its wealth mgt business and how it can grab millennial mind & money share better than peers. Still wedded to advisor based model in all coverage areas. Continue our Buy on Stock & Bonds. BAC BAC BAC BAC BAC BAC BAC BAC BAC

STI is counting on Lightstream consumer loans to light up its consumer loan margins and growth. Says its well-underwritten, but maybe not quite if economy softens. Still need to monitor. Remain Neutral on Stcck & Bonds. STI STI STI STI STI STI STI STI STI

CIBC did have strong earnings, but we remain wary of rapid growth in Canada with unsecured personal lending and credit cards. Remain Sell on Stock and Bonds. Barely Low systemic risk, Medium counterparty risk. CIBC CIBC CIBC CIBC CIBC CIBC CIBC CIBC

BNS revvs the revenue engines in Canada and S. America, but is it acquiring too quickly as the International region weakens. Sell on Stock and Bonds. BNS BNS BNS BNS BNS BNS BNS BNS

RY had a good quarter with US-based strength more in wealth management and capital markets. Remain Buy on stock, Sell on 3Y bond. Systemic risks Very Low and counterparty risk low.  RY RY RY RY RY RY RY RY

TD should change its name to American Dominion as the US powers its growth from acquisitions and loan and retail brokerage client trading activity. Credit costs creeping up, but contained in light of revenues growth. Go Buy on Stock and Bonds. Counterparty & Systemic risk levels Low to Very Low. TD TD TD TD TD TD TD TD

BMO showed rocket better results in its US unit as lending was strong and US tax reform helped. Capital markets was strong as well. Canada holding up nicely, though home mortgage slowing. Sell on Stock & Bonds. Counterparty and Systemic risks improve. BMO BMO BMO BMO BMO BMO BMO BMO

SocGen continues to show good growth on the international finance side as French retail sluggish and Global Markets flatter due to equity volatility changes. Still Sell on Stock/Bonds. High regulatory risk, Medium counterparty risk. SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN

BNP shows PTI growth in the International Finance division as the Domestic Markets are flat. There is Turkey exposures. Rows through the equity volatility waves of the 1H18 with equity derivatives revs rising. We discuss this conundrum. Sell on Stock and Bonds. BNP BNP BNP BNP BNP BNP BNAP BNP BNP