Company Reports

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

GS 3Q18: New CEO, New Approach


GS smashed EPS estimates as investment banking on underwriting side and equities trading were the hallmarks. NII growth in the debt/loan book also helped. Preliminary talk on new CEO and new approaches. Buy on Stock & Bonds. GS GS GS GS GS GS GS GS GS

MS 3Q18: Resilience Through Cycles


MS posts good quarter in its traditional equity and M&A strengths. Seeing good growth in bank lending and deposits that helps keep slow quarter resilient. Buy on Stock & Bonds. MS MS MS MS MS MS MS MS MS

BAC 3Q18: Operating Lvg & Core Loans Lift, Some Fees Down


BAC had strong core results with some quarterly lags on the fee revenues side. Consumer bank is the major engine that absorbs this noise. Still Buy on Stock & Bonds. Low counterparty and regulatory risks. BAC BAC BAC BAC BAC BAC BAC BAC BAC

WFC 3Q18: Shrink Wrap with Some Sparks


WFC continues to underwhelm although there are some sparks of loan life. NIM still bogged down and fee revs stalled too. Go to Sell on Bonds on tightening, Buy on Stock on valuation. WFC WFC WFC WFC WFC WFC WFC WFC WFC

JPM 3Q18: Mighty Margins Deposits & Cards


JPMorgan continues to impress even with flat trading as the consumer and commercial businesses ramped ahead. Still Buy on Stock & Bonds despite rate rise. Very low counterparty and regulatory risks. JPM JPM JPM JPM JPM JPM JPM JPM JPM

Citi 3Q18: C-ing is Believing, Need More Growth


Citi needs to show more net interest margin improvement and card growth to get it out of the slow recovery lanes. Fixed income trading wasn't bad, but equity fizzled. Still Buy on Stock & Bonds. Medium counterparty and regualtory risk.  CITI CITI CIT CITI CITI CITI CITI CITI CITI

RF @ Barclays: Deposits Key to Digital


RF is all about low cost deposits and trying to attach that to digital banking to get some asset growth. Still, an upward battle as big brand banks infiltrate with their FinTech offerings. Sell on Stock, Buy on benchmark Bonds. RF RF RF RF RF RF RF RF RF

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