Company Reports

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

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


​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


​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?


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


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?


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


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


​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

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