Company Reports

BAC 2Q16: Same Old Swaps Story, Desperate For HY Assets


Bank of America is hitting the profits wall yet again and resorting to its Swaps schemes to jumpstart sagging earning asset yields. Still, it was not willing to reveal the extent of that strategy. Negative EVA continues to rot its shareholder values. BAC BAC

GS 2Q16: Grasping for Golden Touch, Slumminí w/ Consumer Finance Types


Goldman Sachs posted mediocre results as the financial markets crapped out on them. Looking for revs stability in consumer finance. What? 

PNC 2Q16: Low Systemics/EVAs, Buy LT Bonds/Stock


PNC has done a good job as a big regional bank building its EVA and reducing systemic risk. Find value in bonds given low yield environment. Stock has legs too. PNC PNC

WFC 2Q16: EVA Titan, Not Systemic, But Lots of Energy


Wells Fargo has the strongest EVA & Systemic buffers of any bank in the U.S. & the world. We believe this supports a stock Buy and a Buy on its credit spectrum across debt/counterparty/regulatory. WFC WFC Wells Fargo Wells Fargo

C 2Q16: Detox & Botox @ EVA Spa


Citi keeps honking its horn that it has turned the corner, but still it has glitches in Costco integration. EVA improving, but still digging out of a deep shareholder value ditch. Buy Stock for LT breakup value, select bonds.

JPM 2Q16: BREXIT & Counterparty Contagion


CEO Dimon/CFO Lake reviewed adverse BREXIT impacts esp. knock-ons to the UK & EU economies. Viola Risk wants to know what the mounting probability of a failing European banking system will do to JPM’s counterparty risk exposures & the company’s actions to defend against negative effects. Importantly, what are the impacts to JPM’s stock price, funding spreads and regulatory systemic risk. We briefly review these factors. 

Toronto Dominion 4Q15: Business Growth and Restructuring


Solid quarter with all businesses contributing to earnings growth.  TD completed its operational review and posted a $349 million charge to pay for process redesign and business restructuring that should result in $600 million in annual cost savings starting 2017.

CIBC 4Q15: Taking on FinTech


CIBC has reconfigured its corporate structure to be more responsive to retail and business banking clients.  It hopes to boost its performance measures and respond to on-line lending opportunities presented by emerging “FinTech” players. 

Bank of Montreal 4Q15: Well Rounded Record Results


Bank of Montreal reported record net income for the quarter and year, with strong performance from residential mortgage, commercial lending, wealth management, and capital markets.  Acquisition of GE Capital Transportation Finance to provide further boost in 2016.

Scotiabank 4Q15: Canadian & International Banking Lead Growth


Solid loan growth in Canada and South America, but softer Asian business as Scotiabank changes customer strategy.  Operating efficiency improvements helping profitability improvements.

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