Company Reports

Citi 4Q21: Another Reshuffling the Biz Deck, A Refresh or Another Fizzle?


Citi always keeps us on our toes as it continues to blow away its own toes. Add Mexico retail to the trash bin of businesses jettisoned as the it desparately looks for focus and capital fodder for its yet again rejuvanation. Netural on stock, Sell on benchmark bonds. Systemic risk high and counterparty Medium-to-High. 

JPM 4Q21: Getting the Banking Job Done in All Environments


JPM produced another solid quarter although revenues were flattish with slowing fixed income and cards still in revolver hibernation. Still, the bank looks for turnarounds in card/commercial lending with more economic rebound. Higher rates should help loan margins. Still a Buy on Stock, Sell on benchmark Bonds. Systemic and counterparty risk are Very Low and Low, respectively. 

WFC 4Q21: Goes to the Well, Mostly Comes Up Dry


Wells Fargo experienced some incremental progress, but it was still an expense cutting and reserve release exercise quarter. No real special 2022 outlook except thoughtful execution of hereditary deficiencies. Still Sell on stock and Sell on benchmark bonds. Both systemic and counterparty risks are Medium. 

Recap Key @ GS: Digital D-expansion D-extension


KeyCorp keeps making demonstrative strides in digital banking, analytics and date collection via acquisition and follow-through performance. We see further growth from these intiatives and have a Buy on the Stock given strong economic earnings. Though a Sell on the Bonds with limited supply leading to less attractive relative value. 

BAC @ BAC: Lots of Consumer $$$ to Spend


BAC's CEO outlines the growth drivers for 2022. Still, we have heard this before in the pandemic period and BAC lags more succesful big banks/brokers. Contine to be a Buy on Stock given long term outlook. Sell on benchmark Bonds. Regulatory risk is Very Low, And Counterparty risk Low. 

Recap WFC 3Q21: Should Ticker Change from WFC to WTF?!?


WFC tries to portay normalcy, but continues to be an abnormal bank with no revenues momentum in key business lines. And political and regulatory disgust at the lack of tangible progress further stymies core stock and bond performace. So go to Sell on stock, Bonds too tight. Regulatory/systemic risk and counterparty risks are Medium to High.

JPM 3Q21: GOTs Fight-to-Finish w/ Big & FinTech


JPM is in a fight-to-the-finish for general banking dominance with the Big Tech whales and the FinTech piranhas. Still, JPM should hold its ground despite its sluggishness compared to the swift & nimble Techs. Buy Stock, Sell benchmark Bonds. Regulatory/Systemic risk Very Low. Counterparty risk Low. 

MS 3Q21: M&A, Equities, New Biz - SpaceX’s Performance


MS shows the power of wealth widget wonderful growth versus Grand Slam ball from the more volatile GS. Still, MS relies on the biggest bull market of all time for AUM growth and market gains. Should be able to balance out ebbs & flows. Buy Stock, Sell on benchmark Bonds. Regulatory/systemic & Counterparty risks Low.

GS 3Q21: Another Blowout Quarter, Is it on Steroids or HGH?


GS did it again as it retains its HR derby results in the big/bank sector. Economic earnings exceed Citigroup's and breathing down BAC's back. But how sustainable are these grand-slam quarters. We investigate and judge the "Aaron Judge" performer of the big bank pack. 

BAC 3Q21: Sees Gains, Loan Growth Still Pains


BAC got its M&A mojo back, but so did the rest of the big bank rat pack. And Merrill is producing in mutual funds/ETFs/SMAs as the baby boomer generation grasps for returns to fund their overly luxurious lifestyles. Also, securities-based lending is filling in the early-bird special gaps.  Still, BAC has not gotten its loan growth mojo back, similar to the other national players. And this is the rub for all the big banks going forward. We explore. Buy Stock, Sell Bonds. Regulatory risk is Very Low. Counterparty risk is Low. 

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