Company Reports

C 4Q17: Rocket Retail & Payouts!


Citis back on road to core loan growth, but credit seasoning needs to be monitored. Still has the narrowest platform of big four banks. Buy on Stock, Buy on shorter-dated bonds. Counterparty & regulatory risk at medium levels. Citi Citi Citi Citi Citi Citi Citi

WFC 4Q17: Not as Well-Oiled, Fargo-ing Costs


Wells still not well-loved by analysts as it kitchen sinks litigation charges against tax benefits from new tax law. Core is not cruising so Wells "Fargo-ing" via extreme cost cutting. Still Buy on debt stack and equity. Low counterparty & regulatory risk. wfc wfc wfc wfc wfc wfc wfc wfc 

PNC 4Q17: Strong Core & ALM Positives Help NII


PNC looks strong versus Wells Fargo as core loans rise across commercial & consumer. Its better ALM sensitivity an advantage to NII growth. Buy on Stock, Sell on Bonds. Counterparty & regulatory risk low. PNC PNC PNC PNC PNC PNC PNC

JPM 4Q17: Trumps Tax, Core Cruising


JPMorgan plowed through the tax blizzard and focused on core growth drivers in loans, deposit margins and capital markets top status. See stock growth in 2018 with select bond buys as spreads have tightened. Systemic risk at all-time lows due to equity market rally. JPM JPM JPM JPM JPM JPM JPM JPM JPM

BMO 4Q17: Canada Stronger Than US, Weak Cap Mkts


BMO enjoyed strength in Canada off back of strong commercial lending and good home mortgage growth. US results more moderate as capital markets and wealth mgt. weaker. Sell Stock, Buy bonds. 

TD 4Q17: Specious Strength, US Cards & Autos Weaker


TD looks good on the surface, but are credit concerns mounting in autol loans and cards? As a reference,we review our recent conference comments on rising losses in US auto loans and cards. TD TD TD TD TD TD TD

CIBC 4Q17: Trying to Rebuild Street Cred


CIBC posted a good quarter with loan and AUM fee growth. Still there is the lurking suspicion that mortgages, cards won't hold up with their recent good performance. Remains most systemic Canadian bank. CIBC CIBC CIBC CIBC CIBC CIBC

RY 4Q17: Canada Strong, Capital Markets Dry


RY record annual results shows the strength of the North America strategy and frothy Canadian conditions on the consumer side. Stock Buy, Bonds Sell on tight spreads. RY RY RY RY RY RY RY RBC RBC RBC RBC RBC RBC RBC

BNS 4Q17: Blazing Away in Canada & South of the Border


BNS shows good growth, but we remained concerned about bubbly conditions in housing and rising credit card activity. Latin America acquisitions increase risk exposures south of the border. Sell Stock, Buy Bonds. BNS BNS BNS BNS BNS BNS

HSBC 3Q17: Hulking Euro, With HK Wealth


HSBC continues to mint the money in the China/HK orbit. Allows the repositioning across other regions and retail banking and wealth mgt. Buy Stock, 30Y and AT1s. HSBC HSBC HSBC HSBC HSBC HSBC

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