Company Reports

Recap SocGen 2Q18: Slower Structured Products, Equity Deriv Drag?


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

Recap BNP 2Q18: Derivatives Mystique, Banking Better


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

Recap Barclays 2Q18: Building Buoyancy


Barclays showing more poise in its operating income development as it maintains cost control and takes advantage of equities surges and credit card strength in US. Move to Buy on Stock and maintain Buy on Bonds. BARC BARC BARC BARC BARC BARC BARC BARC BARC 

CS 2Q18: Hitting on More Banking Cylinders as Wealth Mgt Builds


CS showed improvement on the i-banking front as advisory revenues kicked in. Trading lower as fixed income waned. Still, not a focus as global asset/weatlh mgt. and high margin capital markets the sweet spots. Move our equity view to Buy from Sell on better economic earnings.  CS CS CS CS CS CS CS CS CS CS

10Q-Tips: AXP 2Q18: New Format, Volume Focused


AXP underwhelmed Street analysts, but Viola Risk thinks growth was good in light of the stiff competition for card users. Focuses on receivables growth to offset rising interest rate pressures. Still a Buy on Stock, Bonds too tight. Low counterparty/regulatory risk. AXP AXP AXP AXP AXP AXP AXP AXP AXP

DB 2Q18: Rebound-able to Resurrection?


Deutsche Bank's new CEO is pitching the "reshaping the franchise" proposition as it still struggles with sluggish to falling business unit revenues. Still a huge economic earnings uphill battle. Continue Sell on Stock and key Bonds. Still Very High counterparty/systemic risk indicators.  DB DB DB DB DB DB DB DB DB DB

MS 2Q18: Riding High on its Transformation


MS showed strong results as the transformation hits high gear. Prepared for new digital banking/advisory initiatives, though nothing specific. New leaders emerging to figure that out.  Buy on Stock and Intermediate Bonds. MS MS MS MS MS MS MS MS MS 

GS 2Q18: Blankfein’s Farewell Quarters, Back on Track?


GS hands the official baton to new CEO Solomon in October as it shows more stability in the closing Blankfein quarters. Marcus and middle market i-banking making advances to diversify firm and prepare it for FinTech times. Buy Stock and most Bonds. Risk/regulatory medium. GS GS GS GS GS GS GS GS GS

BAC 2Q18: Credit Quality Hibernation, or Eye of Hurricane?


BAC had strong consumer results as its loan origination capability kicks in on both the physical and digital fronts. ALM dynamics better than Citi's but not as good as JPM's. Buy on Stock & 10Y debt. Low risk/reg indicators. BAC BAC BAC BAC BAC BAC BAC BAC BAC 

JPM 2Q18: Whacks Cover Off Ball, Tariffs Be Damned


JPM had a terrific quarter despite trade war actions, as buoyant US economy steam-rolls credit costs and drives loan growth. We explain why a tariff tamp-down can be handled by the bank juggernaut. Buy stock & bonds. Counterparty/Regulatory Risk low. JPM JPM JPM JPM JPM JPM JPM JPM JPM

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