BAC is back on the NASCAR circuit as its earning engines are firing better. Still needs to prime them. Could hit trickier ALM interest rate rip tides with its higher agency MBS focus.
BNP Paribas looks like it is turning around, but we wonder what is underground. Equity derivatives & other complex derivatives is their love-affair and it could be what breaks the bank. BNP BNP BNP BNP
JPMorgan's 3Q16 10Q revealed its improved resolution plans and regulatory inquiries regarding sales practices. Improvement on one front, more mystery on another.
Bank of America addresses the "intermediate holding company" requirement in its submitted resolution plan more specifically than JPMorgan's plan. Does not speak to regulatory inquiries of its retail customer sales practices as reported by JPMorgan.
Barclays is improving, but not as much as mgt. touts. High systemic risk combined with Level 3s in need of major writedowns will pound Stakeholder Stack.Barclays Barclays Barclays
Deutsche Bank's earnings were pathetic and on an economic basis even worse than that. There is a confidence booster chant going around in last ditch effort to avoid catastrophe. Stakeholder Stack should take defensive measures & NOW!!
Goldman Sachs surf-boarded the tech industry's huge issuance activity in the 3Q16. Without it and its equities investments, it would be another blah EPS quarter. Will Marcus beat Watson? Read on.
Wells Fargo needs more 'xplaining to do, and the recent earnings call was too coy on the fixes. We are Buy on capital stack: debt & equity on related spread widening and price declines. WFC WFC Wells Fargo Wells Fargo
It's almost over for Deutsche Bank as it frantically scrambles worldwide to cobble together an equity capital injection and attempts to hold its weak lliquidity/funding in-place. Needs Germany to step up and intervene.
Deutsche Bank's problems are not only impacting its Stakeholder Stack, but igniting concerns across Europe. As the Germans holiday today, European risk is rising. We point out the next batch of weakened banks that will shake things up. And of course DB!