Company Reports

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


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


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


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!


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 ½ 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

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