Company Reports

JPM 1Q17: Best Bank in the World, What Can Go Wrong?

04/14/2017

​JPM EPS beat consensus as its economic earnings juggernaut chugs through rising US rates, FinTech competition, and a regulatory rollback pause. Buy Stock, Buy sub versus sr. debt, sell preferreds. Risk-reg tame.  jpm jpm jpm jpmorgan jpmorgan jpmorgan


WFC 1Q17: United Airlines of Banking: Dragged Cross-Buying Customers Down Aisle

04/14/2017

​WFC has been dragged through the regulatory & litigation mud as it mistreated retail customers in a UAL way. Still strong economic earning drivers, but there was drop-off in trends. Buy Stock, Sub Debt in favor of Sr. Debt, and Pfd. Risk-reg tame. wells fargo welss fargo welss fargo wfc wfc wfc


C 1Q17: Can It Grow, Or Just Shrink?

04/14/2017

Citigroup is turning around, but is it even fast enough to grow earnings from here as its growth drivers are limited to capital markets trading and related banking. ALM levers are so far awful with limited ability to build growth drivers. Buy Stock, and most debt. Risk-reg at medium level. ​C C C citi citi citi


10K Takes Zions: By the Waters of Babylon, We Laid Down & Wept

04/10/2017

Zions has rifled through the booms-and-busts of the Rocky Mountain region for the last 35 years. A spurt of SBA lending and ABS could be next black-eye. Sell Stock, Buy Bonds, risk-reg. Medium for a regional bank.


Launch & 10K Takes Citizens Financial: Taco Bell Banking?

04/03/2017

Citizens Financial is forging its identity as it enters the teenage years of its independent phase as a large regional bank. Taco Bell & McDonalds seems to be the answer as it works late into the night and binge-feeds along the way. Buy Stock, some Bonds, risk-reg stable.


10K Takes NTRS: aka Southern Trust

03/27/2017

Northern Trust has transformed itself into a southern, western customer base configuration as it keeps up with Illinois' "Great Wealth Out-Migration". Sell on most of debt stack, but Buy on Stock with some takeover appeal. Risk-reg stable.


Deutsche Bank: Cryan’s Lyin’ Eyes & Level 3 Cataracts

03/21/2017

​Deutsche Bank's 2016 annual report is not a source of comfort. Viola Risk believes the entire equity rights raise will be wiped out by the toxic Level 3 derivatives exposures. Remain Sell on debt/equity stack. Extreme High Risk to counterparties and systemic regulatory authorities. DB DB DB Deutsche Deutsche Deutsche deutsc db db dbhe deutsche


10K Takes SunTrust: In Takeover Target-Sights Again?

03/20/2017

We know, that STI has been bandied about as a Takeover target for the last 30 years and avoided it. But now that Florida is the 3rd largest state in the USA, it could be a sitting duck for a big bank like JPMorgan. Buy stock, sell debt stack, Risk-reg is contained. STI STI STI SunTrust SunTrust SunTrust


10K Takes USB: Triple Threat of Credit, Costs, Payouts

03/15/2017

US Bancorp is a patient lender & acquirer waiting for the right environment to transact. Still it has driven its cap.stack support with conservative credit standards, cost cutting, and shareholder payouts. USB USB USB US Bancorp US Bancorp US Bancorp


10K Takes KeyCorp: Keen on Bank Deals as Key

03/14/2017

KeyCorp has been on acquisition steroids for 30+ years and suger coats it with CRE and swaps. Does not convince and we are a Sell on cap.stack. Risk-reg levels low. KEY KEY KEY Keycorp Keycorp Keycorp


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