Company Reports

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

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

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