Company Reports

Morgan Stanley 3Q15: Fixed Income Piņata, Not Much Goodies

10/19/2015

Morgan Stanley has worst performance in fixed income of major players with little relief in other business lines. Advisory strong with some stability from wealth management. Fixed income risk needs to be contained more.


Deutsche Bank 3Q15: Strategy 2020, More Change, More Charges

10/17/2015

New Co-CEO Cryan presented Strategy 2020 aimed at rebooting DB into a better capitalized and risk-adjusted return bank.  Large focus on reducing adjusted costs to rebuild profit and capital metrics without share issuance.  Lots of moving parts and related exe cution risk, but working to satisfy key stakeholders across the credit, regulatory and risk management spectrum.  Common dividend suspended, so more equity payout hoped for in 2017. DB Deutsche Bank


PNC 3Q15: Holding Course With No Tail Wind

10/16/2015

PNC is battling the margin pressure blues similar to other regional banks. Modest loan growth offset by deliberate run-off of non LCR and capital friendly assets amidst liquidity build.  


GS 3Q15: FICC Smack-down, Banking Better

10/16/2015

Recent market downdrafts hounded Goldman Sachs’ FICC and Investment & Lending business more than the peers.  Still GS believes that its FICC business is well configured for secular consolidation of balance sheet liquidity providers and it has the business diversification, balance sheet and capital to absorb volatility.


Citigroup 3Q15: Still Getting to Normal

10/16/2015

Citi is still mostly a cost cutting and stronger capital story.  The operating metric progression is still to be seen and the global markets downdraft has cooled off its capital markets and Asia consumer momentum.


BB&T 3Q15: Organic and Purchased Loan Growth

10/16/2015

Solid organic loan growth coupled with acquisition boosted interest income, but soft insurance revenues, sale of American Coastal in 2Q and merger charges marred otherwise solid quarter.   


U.S. Bancorp 3Q15: Consumer Lift, Cost Control Lid

10/16/2015

USB has a great regional bank franchise that is seeing consumer loan lift in cards and home equity and usual payment services progression.  Still the low rate environment with the Fed on “lift hold” is cramping its margins.  Cost control continues to be a partial remedy.  USB USB


BAC 3Q15: Self-Serve Channels Help Absorb Cap Mkts Vol

10/15/2015

BAC is focused on positive metric moves, especially on self-serve: mobile/online/ATM sides. Continued balance sheet improvement on the capital/liquidity sides, while litigation/legacy assets fading. Moves out of discretionary securities assets more into loans to manage positively its ALM risk. Move to Hold from Sell on Credit/Equity Views.

 

WFC 3Q15: Feasting on GE Divestiture Delicacies

10/15/2015

Wells Fargo is combining good core loan growth with an opportunistic advantage to acquire more GE Finance divestiture delicacies.  This helps in the low rates environment where where traditional C&I loan yields are low whereas finance receivables yields are more attractive 


JP Morgan 3Q15: Capital Markets Weighs, Still Solid Loan Growth

10/14/2015

Solid loan growth and improved NIM was offset by market conditions.  Revenues down across all units, but net income benefited by lower expenses, tax benefits and loss reserve releases.


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