Company Reports

10K Takes BK Mellon: Anchor Store Risk of Financial Mkts


​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

10K Takes WFC: Ben-Hur of Banking?


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

10K Takes JPMorgan: Frank Sinatra of Banking


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

10K Takes Ally: Gone Digital, Ditching Drivers?


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

Deutsche Bk: Biba Dushi of Banking, Nicht!


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

10K Takes GS: Underbelly of the Golden Beast


GS stock has been on a tear up +32% total return, #2 to BAC. We look at the Level 3 dynamics as we roll through the rising risk appetite. GS has prepositioned for DFA/Volcker Rule rollback. Still Buy across cap.stack. Risk-reg inbounds. GS GS GS Goldman Sachs Goldman Sachs Goldman Sachs

CS 4Q16: Clipper Ship Makes Employees Walk the Plank


Credit Suisse is like an aging capital markets rock star. Once famous, now not too pretty to look at and tough to listen to. Fall-off in debt capital markets is a serious investment banking problem as it becomes less relevant for higher margin M&A and corporate finance. Big in equity derivatives, but no color. Thiam turnaround in rocky patch. Sell cap.structure and high counterparty and systemic risk. CS CS CS

10K Takes Huntington: Blows FCF Brains Out, a de-Merit


Huntington Bancshares was in the growth desert and drank the wrong M&A fountain of youth flask with Merit deal. Big shareholder value destruction hole to dig out of. So, sell across capital stack, although fair value in Series C Pfd. HBAN HBAN HBAN Huntington Huntington Huntington

10K Takes Citigroup: Hacksaw Ridge Survivor, Now What?


Citi needs to breakup the bank to get to attractive ROICs. It will try to skate by with bigger shareholder payouts, but risks getting mauled by legacy players and new entrants. Still Buy some of cap structure; risk-regulatory contained. c c c citigroup citigroup citigroup citi citi citi

10K Takes Bank of America: ROIC Escape Velocity?


BAC has done a good full body makeover, but still needs to amp up its escape velocity if it wants to generate attractive ROICs. Big swaps book and little consumer volumes growth shows that big deposits not being invested well. Buy Cap Stack, risk-regulatory contained. BAC BAC BAC Bank of America Bank of America Bank of America

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