Company Reports

DB 2Q18: Rebound-able to Resurrection?


Deutsche Bank's new CEO is pitching the "reshaping the franchise" proposition as it still struggles with sluggish to falling business unit revenues. Still a huge economic earnings uphill battle. Continue Sell on Stock and key Bonds. Still Very High counterparty/systemic risk indicators.  DB DB DB DB DB DB DB DB DB DB

MS 2Q18: Riding High on its Transformation


MS showed strong results as the transformation hits high gear. Prepared for new digital banking/advisory initiatives, though nothing specific. New leaders emerging to figure that out.  Buy on Stock and Intermediate Bonds. MS MS MS MS MS MS MS MS MS 

GS 2Q18: Blankfein’s Farewell Quarters, Back on Track?


GS hands the official baton to new CEO Solomon in October as it shows more stability in the closing Blankfein quarters. Marcus and middle market i-banking making advances to diversify firm and prepare it for FinTech times. Buy Stock and most Bonds. Risk/regulatory medium. GS GS GS GS GS GS GS GS GS

BAC 2Q18: Credit Quality Hibernation, or Eye of Hurricane?


BAC had strong consumer results as its loan origination capability kicks in on both the physical and digital fronts. ALM dynamics better than Citi's but not as good as JPM's. Buy on Stock & 10Y debt. Low risk/reg indicators. BAC BAC BAC BAC BAC BAC BAC BAC BAC 

JPM 2Q18: Whacks Cover Off Ball, Tariffs Be Damned


JPM had a terrific quarter despite trade war actions, as buoyant US economy steam-rolls credit costs and drives loan growth. We explain why a tariff tamp-down can be handled by the bank juggernaut. Buy stock & bonds. Counterparty/Regulatory Risk low. JPM JPM JPM JPM JPM JPM JPM JPM JPM

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


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


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?


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


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?


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

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