Company Reports

Citi 2Q18: Hammering Expenses as Wobbly Revs Rankeled By Trade Wars?

07/13/2018

Citi is on a expense initiative crusade seeking a slimmer physique, but possibly preparing for international revenues volatility as trade war talk hits franchise harder.  Still Buy on Stock and 10Y benchmark bond. CITI CITI CITI CITI CITI CITI CITI CITI 


WFC 2Q18: Re-establishing Credibility, Work-in-Process

07/13/2018

Wells Fargo is still in the re-establishment mode​ as its core metrics disappoint. Takes the high road in credit underwriting as it rebuilds its compliance and operational systems.  Still Buy Stock & Bonds on lower valuations. WFC WFC WFC WFC WFC WFC WFC WFC


Deutsche Bank: Death March Continues, Does Any Stakeholder Care?

06/06/2018

DB continues to negatively surprise the market as new CEO trys to calm down troops & markets. The bank can't make money and that is the problem as hidden risks keep erupting. Maintain 2Y Sell on Stock/Bonds. Counterparty/Regulatory Risk Very High. DB DB DB DB DB DB DB DB DB


Barclays 1Q18: Trudging Along the Retail/Card/Bond Route

05/18/2018

BARC getting its strategic, litigation, ring-fencing, CEO noise behind it as it builds on its digital retail/card banking and capital markets focus. Yielding better results compared to other weak Euro trading banks. BARC BARC BARC BARC BARC BARC BARC BARC 


CS 1Q18: Transformation on Target, Profits Next?

05/15/2018

CS looking better in LTM as its strategic repositioning yields some early gains. Still, earnings are about equal to three years ago, though quality better. Still Stock Sell, Buy 10Y & AT1 Bonds. CS CS CS CS CS CS CS CS


DB 1Q18: New CEO: Sewing Patches or Pipe-Dreams?

05/07/2018

DB goes into the desert once again to find its strategic mojo. New CEO Sewing needs to think out-of-the-box to restore a normal operating profits model. Still Sell on Stock & Bonds. Risk-Reg Very High.  DB DB DB DB DB DB DB DB


AXP 10Q-Tips: Matching Millennials Expectations…Costly

04/30/2018

AmEx continues to evolve as the landscape gets trickier in the hotest area of lending, the credit card arena. 10Q makes more transparent the cost of competition for the hearts of millennials spending. AXP AXP AXP AXP AXP AXP AXP AXP


BAC 1Q18: Consumer Loan, Brokerage Margin & ALM Turnaround

04/16/2018

BAC had an attractive quarter from the loan growth, margins and operating leverage sides. Becoming more of a competitor to JPM and more diversified than Citi. Buy Stock and select benchmark Bonds. BAC BAC BAC BAC BAC BAC BAC BAC


C 1Q18: Come-back Kid of Card Lending!

04/15/2018

Citi is looking more like the "Comeback Kid" of banking as its loan growth and credit quality have normalized. We still want to monitor credit performance a bit longer, but it was an impressive quarter. Buy Stock and intermediate-term Bonds. Citi Citi Citi Citi Citi Citi Citi Citi


WFC 1Q18: Cross-Sell Crumbles, Stealthy Swaps Slugger

04/14/2018

WFC is far from the bank pack leader that it used to be for most of the post-crisis years since the sales practice scandal unfolded. Top mgt. still in denial as economic earnings stats erode. We explain the swaps strategy to hide the weakness. Still, Buy Stock & Bonds on lower valuations. WFC WFC WFC WFC WFC WFC WFC WFC


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