Company Reports

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


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


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

JPM 1Q18: ALM Hero, Card Cruiser, Digital & Millennials Job #1


JPMorgan posted another good quarter of growth across the franchise. ALM seems superior to the other big banks and credit costs subdued, but we track some lagged softness. Buy Stock and most benchmark Bonds.JPM JPM JPM JPM JPM JPM JPM JPM

JPM Investor ˝ Day: New Rules: Digitalization & Millennials’ Rule


JPM mentioned Jeff Bezos & Amazon numerous times aligning  with the e-supermarket behemoth. Digital and Millennials are Everything & Everywhere and JPM seeks its out-sized share of the profits. We review. JPM JPM JPM JPM JPM JPM JPM

10K Takes: AmEx: Payments Noose, Rewards Rot?


AmEx has a new CEO, but faces old risks as the high end credit card spender is the most sought after by big bank & technology mobile wallet competitors. Sell across capital structure with stock overvalued & bond spreads tight. Counterparty & regulatory risks are low.  AXP AXP AXP AXP AXP AXP AXP

10K Takes: CMA: Old School Lender, Rocks on Rates


Comerica illustrates the power of Fed rate hikes to its Net Interest Income growth as loan volumes were still tepid. Move to Buy on Stock & Buy on Bonds. Risk-reg is low. CMA CMA CMA CMA CMA CMA CMA

BNP 4Q17: Recent Equity Vol Backs Up Spreads


BNP showed more revenues progress in 2017, but hampered by low rates in Europe. Recent equity volatility has backed up some spreads leading to a Buy on 3Y debt. Stock still a Sell. BNP BNP BNP BNP BNP BNP BNP

DB 4Q17: Nothing to Write Home About, Vol Next Quarter?


DB continues to underwhelm and more pressures on CEO to get it done or move on. In-country consolidation merger with Commerzbank best course to create growth drivers. Sell on most of capital structure. DB DB DB DB DB DB DB

US Big Regionals 4Q17: Key, FITB, Comerica


Big northern regional banks also enjoyed NIM expansion like their southern regional peers. More loan growth in commercial lease and commercial real estate. We review KEY, FITB, CMA.

US Big Regionals 4Q17: BB&T, SunTrust, Regions – Margins Matter


Big southern regional banks benefited from net interest margin expansion while loan growth was largely disappointing. More Fed rate hikes should continue that earnings/EPS progress. We review BB&T, Regions & SunTrust. 

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