Company Reports

10K Takes JPMorgan: Frank Sinatra of Banking

03/07/2017

JPM has mastered the "art of banking" and now will take a more aggressive acquisition stance. CEO Dimon is the King of Swing in the banking sector as he holds the banking world by a string. Buy Stock, select debt. Risk-reg contained. JPM JPM JPM JPMorgan JPMorgan JPMorgan


10K Takes Ally: Gone Digital, Ditching Drivers?

03/06/2017

Ally recognizing multiple threats from FinTech, e-commerce, brokered deposits and deposit sensitivities to higher rates. Driving franchise into subprime as it trys to survive. Buy Bonds, Sell Stock as fixed income priced for risks and stock not. Risk-reg manageable. Ally Ally Ally


Deutsche Bk: Biba Dushi of Banking, Nicht!

03/05/2017

Just when you thought DB was quieting down, as per CEO guidance, it announces a huge rights offering and asset disposal to raise emergency capital for the bank. VRA thinks it is still way too short capital for comfort. Sell capital stack incl. debt & equity. Avoid counterparty risk exposures & huge systemic risks persists.DB DB DB Deutsche Deutsche Deutsche db db db deutsche deutsche


10K Takes GS: Underbelly of the Golden Beast

03/02/2017

GS stock has been on a tear up +32% total return, #2 to BAC. We look at the Level 3 dynamics as we roll through the rising risk appetite. GS has prepositioned for DFA/Volcker Rule rollback. Still Buy across cap.stack. Risk-reg inbounds. GS GS GS Goldman Sachs Goldman Sachs Goldman Sachs


CS 4Q16: Clipper Ship Makes Employees Walk the Plank

02/27/2017

Credit Suisse is like an aging capital markets rock star. Once famous, now not too pretty to look at and tough to listen to. Fall-off in debt capital markets is a serious investment banking problem as it becomes less relevant for higher margin M&A and corporate finance. Big in equity derivatives, but no color. Thiam turnaround in rocky patch. Sell cap.structure and high counterparty and systemic risk. CS CS CS


10K Takes Huntington: Blows FCF Brains Out, a de-Merit

02/27/2017

Huntington Bancshares was in the growth desert and drank the wrong M&A fountain of youth flask with Merit deal. Big shareholder value destruction hole to dig out of. So, sell across capital stack, although fair value in Series C Pfd. HBAN HBAN HBAN Huntington Huntington Huntington


10K Takes Citigroup: Hacksaw Ridge Survivor, Now What?

02/27/2017

Citi needs to breakup the bank to get to attractive ROICs. It will try to skate by with bigger shareholder payouts, but risks getting mauled by legacy players and new entrants. Still Buy some of cap structure; risk-regulatory contained. c c c citigroup citigroup citigroup citi citi citi


10K Takes Bank of America: ROIC Escape Velocity?

02/27/2017

BAC has done a good full body makeover, but still needs to amp up its escape velocity if it wants to generate attractive ROICs. Big swaps book and little consumer volumes growth shows that big deposits not being invested well. Buy Cap Stack, risk-regulatory contained. BAC BAC BAC Bank of America Bank of America Bank of America


10K Takes Comerica: Full Value, Cyclically Driven

02/24/2017

​Comerica is a cyclical commercial loan company. But energy recovering, auto/technology still strong. Sell capital stack except for sub.debt. Risk-reg fine


10K Takes Discover Fin: “Trump” Card in Generational Race

02/23/2017

Discover not worried as much about FinTech as it never mentions it. Still, we believe DFS' fat margins are sustainable leading to our Buy on the capital stack and comfort level on the risk-regulatory stack. DFS DFS DFS Discover Discover Discover


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