Company Reports

JPMorgan 2Q17: New Earnings Format & Tearsheet


New JPMorgan earnings note and tearsheet format for the entire Stakeholder Stack. JPM posted record results as it deals well with DC grid-lock on regulatory reform, and low volatility in capital markets. Auto loans and credit card charge-offs still contained. Buy on Stock, Sell on 10Y benchmark debt. JPM JPM JPM JPM JPM JPM JPM

WFC 2Q17: New Earnings Format & Tearsheet


WFC still operationally reacting to sales practice scandal as it announces an expense intitiative that will save $2 billion per year by 2018. Auto loans tightened credit standards, but growth slowed in 2Q. Still a Strong Buy on debt & equity stack given strong valuaiton signals. WFC WFC WFC WFC WFC

Card Player Banks 1Q17: AmEx, Capital One, Discover, Synchrony


​The card player banks/fincos are starting to feel the credit costs again in their big card books. Still, some have weathered well in other cycles, while others are more newly minted. Buy Stock in AmEx, COF, Discover; Sell Synchrony. Mixed bag on bonds and risk-reg relatively tame. COF COF COF DFS DFS DFS AXP AXP AXP SYF SYF SYF DFS

CS 1Q17: Credit Schizoid? Need a New C-Suite & Board, And Now!


​Credit Suisse needs alot of therapy and maybe a board-level/ C-suite lobotomy to bilge-pump out its misguided strategies and corporate culture. Sell across the capital stack even with rights offering that is not enough. Risk-reg among most dangerous in the world. CS CS CS CS

US Big Regionals 1Q17: BB&T, SunTrust Banks, Regions Financial


​The big southern regional banks saw modest to little loan growth though margins and NII improved with higher rates & steeper yield curves. STI has weakest CET1, but has most takeover appeal with its huge Florida deposits base. BBT BBT BBT STI STI STI Suntrust Suntrust Suntrust Regions Regions Regions RF RF RF

US Big Regionals 1Q17: KeyCorp, Citizens Fin. Fin., Comerica


​Key, Citizens Fin. & Comerica round out the big regional bank group that posted with these banks in various stages of recovery from acquisitions, spin-outs, and energy loans. Stock Buys on Key, Citizens. Bond Buy on Comerica. Not much risk-reg concerns.

US Big Regionals 1Q17: US Bancorp & PNC Financial


​USB & PNC lead the big US regional pack. Both get by on fee revs and some loan growth. Buys on both Stocks, mixed bond views, risk-reg is low. USB USB USB PNC PNC PNC us bancorp us bancorp us bancorp PNC PNC USB USB

MS 1Q17: Crackin’ Lobs - Eating Filets! GS Eats Oats!


​MS finally saw the promised land, and entered it with the firm out-besting the GS monster in trading and banking. Still good value in stock and most bonds. Risk-reg still the gamiest of the big banks/brokers, but rising economic earnings could largely help. MS MS MS MSMmorgan stanley morgan stanley morgan stanley ms ms ms ms ms ms ms stanley stanley

BAC 1Q17: Deposits Oligopolist? And Derivatives Demons


BAC is trending better on key metrics, but still not optimized in cards, resi-mortgage and home-eq. Derivatives continue to be a huge outlier and cornering the retail deposit mkt could raise regulatory ire. Buy stock, most Bonds. Risk-reg most tenuous of big US banks. BAC BAC BAC

GS 1Q17: What is GS? A Banker, A Baker, A Candlestick Maker?


GS hit a big trading pothole, as the rest of the franchise was not enough to backfill. Still, we believe GS ripped some gains out to make it less awful. Stock takes a beating today, but we are a Stock/Bond buy on pullback. Risk-reg at medium levels of concern. GS GS GS GS GS

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