Company Reports

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

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 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

BNP's Equity Derivatives/Structured Notes nightmares just beginning as Trumpian Tweets will rock the geopolitics and VIX volatility for the foreseeable future. Even if they close up structuring shop, where do they get those juicy earnings? Big equity problem that will continue to hit debt. Counterparty & Regulatory Risk is High and near Very High. BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP

We present our first co-authored Green Bond article on Citi's inaugural issuance last week. Looks like a Buy in Eurodollar land. We discuss the emergence of the market and Citi's participation.

MS received a major torpedo revenues hit, as millennial traders learn there is risk with returns. Still all is good with the franchise and it should reboot to compete well in global financial sweepstakes. Buy on capital structure, Counterparty/Reg risk Medium. MS MS MS MS MS MS MS MS MS MS 

BAC showed a strong rebound in 2018 across consumer, wealth mgt, and commercial lending. Capital markets looking to rebound with more risk-on profile. We are a Buy on Capital Structure. Counterparty/Regulatory risk Low. BAC BAC BAC BAC BAC BAC BAC BAC BAC BAC

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 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 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