Company Reports

10K Takes State Street: Shackled By Regs, Core Biz Jammed


State Street is at strategic cross-roads as its hallmark businesses are shunted by bigger bank players, pricing pressures from low rates and big customers, shift to low margin funds management and regulatory costs that hurt its income statement more. Sell stock and overpriced bonds. Hold counterparty & regulatory exposures. State Street State Street State Street

SocGen 4Q16: Structured Notes Soaring, Reg Debt Too


SocGen is the #1 Equities Derivatives player, and we diagnose the risk factors that could add to volatility in its systemic bank risk story. Sell across the Stakeholder Stack.

BNP 4Q16: Ou est la croissance?


BNP showed little operating unit growth in retail banking and capital markets. International finance was growth driver. Still no transparency on equity derivatives and contribution to trading. Sell across capital stack as it is the most systemic bank in Europe. bnp bnp bnp bnp bnp bnp

DB 4Q16: Death Valley Days Over? Nicht!


Deutsche Bank wants to turn around, but the busienss units say no-way, and the capital shortfall persists for global bank systemic concerns. Still a Stakeholder Stack Sell across the capital structure and risk-regulatory stacks. DB DB DB Deutsche Deutsche Deutsche

C 4Q16: Breakup Fahrenheit with High FCF?


Citi continues its makeover as Holdings falls by reporting wayside. High free cash flow shows lack of investing opps, which could re-awaken breakup the bank risks.

GS 4Q16: Lock-n-Load for Prop Trading & VC/PE


Goldman Sachs stock rallied the second most since the US presidential election. We hone in on reasons why from prop trading to VC/PE investing. More counterparty risk as it lenghtens derivatives duration. Buy bonds/stock.

MS 4Q16:Tip-Toe Back to Prop, Or Just Be a Bank?


Morgan Stanley keeps chugging along on its reinvention as a global wealth management focused firm with a broker/dealer attached. Should not step back into prop trading in a big way, unlike GS. So less Trump regulatory stack roll-back pickup. MS MS MS Morgan Stanley Morgan Stanley Morgan Stanley

JPM 4Q16: Euro Bank Slayer or Savior?


JPMorgan sets the bar high in overall performance and economic earnings. It should get acquisitive in Europe to drive the stockval. Ok for rest of Stakeholder Stack. JPM JPM JPM JPMorgan JPMorgan JPMorgan

BAC 4Q16: Consumer Engine Still to be Primed, ALM Alarms?


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 3Q16: Singing the Sacré Banking Bleus in Eq.Derivatives


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

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