Company Reports

WFC 4Q18: SOS at Top, Economic Earnings Stalled


WFC continues to wrestle with the sales-practices ghosts trying to restore respectability. Still a ways to go. Yet, we are a Buy on the Capital Structure. Counterparty/Regulatory risk Low. WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC 

BK @ GS: Organic Widget Growth Strategy, With Digital Twist


BK presented at the Goldman Sachs Financials Conference as the CEO & CFO spoke to the need for more organic unit growth and digitalization to drive future profitability and fend off old and new competitors. We are Neutral on the Stock and find benchmark Bonds fairly priced. Regulatory/Counterparty risks low.  BK BK BK BK BK BK BK BK BK 

DB 3Q18: Cleaner, but No Oomph


DB had another DB quarter with no revenue momentum, but cleaner with no real one-off items. Still a Sell on the cap structure. Very High counterparty and regulatory risk.. DB DB DB DB DB DB DB DB DB DB 

RF 3Q18: Jacked Up on Deposits and FinTech Channel


RF is focused on its deposit strategy with low betas to augment its NIMs. And its working. Also, making a play in digital channels to boost loan yields with unsecured consumer loans. Hold on Stock and Buy on Bonds. RF RF RF RF RF RF RF RF RF

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

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