Company Reports

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

10K Takes SunTrust: In Takeover Target-Sights Again?


We know, that STI has been bandied about as a Takeover target for the last 30 years and avoided it. But now that Florida is the 3rd largest state in the USA, it could be a sitting duck for a big bank like JPMorgan. Buy stock, sell debt stack, Risk-reg is contained. STI STI STI SunTrust SunTrust SunTrust

10K Takes USB: Triple Threat of Credit, Costs, Payouts


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

10K Takes KeyCorp: Keen on Bank Deals as Key


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

10K Takes Fifth Third: Going from 5th to 3rd Overdrive, Not Enough


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

10K Takes PNC Financial: Planning on Not destroying Capital


​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

10K Takes MS: Mor Ga(i)ns to Come in Cap Structure


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

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