Company Reports

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

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

Fifth Third is having a hard time reinventing its growth rates and has to rely on cost cutting and remodeling its value proposition. Sell Stock, some bonds. Risk-reg is at low levels. FITB FITB FITB Fifth Third Fifth Third Fifth Third

​PNC is good at not doing big bad bank deals and moving the revenues sustainability and mix along. Will work on shareholder payout increases to drive stock. Buy on Stock, Sell on pricey debt. Risk-reg low. PNC PNC PNC PNC PNC

Morgan Stanley has built up balance sheet protections for capital & liquidity above the big bank pack. Its transition to wealth mgt progressing well as it reduces trading vol. Positive view on stock & bonds. Risk-reg moving lower. MS MS MS Morgan Stanley Morgan Stanley Morgan Stanleyms ms ms

​Is BK becoming the M of the processing/servicing world as Blockchain technology revolutionizes the ledger businesses in AUA & ACA. We explore that anchor store/servicer obsolescence predicament. Sell cap stack. Risk-reg on observation. BK BK BK Bank of New York Mellon Bank of New York Mellon Bank of New York Mellon

Wells Fargo had two-wheels shot off from its stage coach as it tries to re-balance as a chariot driven company. Needs to win back customers and regulators before it can rollforward big profits. Still, buy stock some LT bonds. Risk-reg contained. WFC WFC WFC Wells Fargo Wells Fargo Wells Fargo

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

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

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