Company Reports

Societe Generale 2Q15 Recap: Strong Profitability Boosts Capital


Societe Generale posted strong results across its franchise as if the global slowdown was of little concern.  We believe it needs to downsize its franchise in Russia, and worry about credit costs escalating from a global slowdown. 

BNP 2Q15 Recap: Good Results Despite Slow Europe, Sustainable?


BNP posted good results across its franchise as if the European slowdown was of little concern. We still believe it needs to downsize its franchise and worry about credit costs escalating if Europe does not pick up more.

Launch Zions: Adios CDOs; ĦAy, Caramba! Energy


Jettisoned CDO book torpedoed earnings.  Soft commercial and CRE lending offset by strong residential and home equity lending.  Rising energy classified loans bear monitoring.

Launch HSBC: Asia Initiative, More Than Big Yuan?


Similar to other global banks, HSBC plans to ‘prioritize’ and invest heavily in Asia in insurance and asset management.  It has plans to beef up in Pearl River Delta and ASEAN with business innovations, but will yuan devaluation resulting from a slowing China economy help or hinder.  HSBC HSBC HSBC HSBC

Launch HBAN:  Hunting For Growth


Results driven by newly acquired Macquarie Equipment Finance, organic C&I, auto, and residential mortgage.  Consumer lending to be future growth driver as it pulls back from competitive & higher risk C&I lending. HBAN Huntington

Barclays 2Q15 Recap:  Jenkins Gone, Results Up?


Fresh off its dismissal of former CEO Jenkins, Barclays presented a more upbeat view and posted positive results across most business units. We wonder if more financial statement shoes are to drop when a new CEO is announced.

Launch Ally:  Auto & Deposits Traction, Re-Treading Cost of Funds


Ally has accomplished a great deal since it left GM’s orbit during the credit crisis.  Capital is very strong and credit quality is very good.  It has done an enviable job establishing its non-branch and online deposit base. 

GS FI Call: Opportunistic & Cautious, Still Level 3s


Goldman provided more details on its funding, liquidity and capital metrics. It views the CCAR stress test as binding constraint and therefore stockpiles capital in excess of buffer. Level III assets still much of a mystery. GS GS GS

UBS 2Q15: Wealth Mgt. Roaring, Capital Soaring


UBS’ franchise led by wealth management with its recurring earnings power; though still in restructuring mode for other key business units. ubs ubs ubs

Deutsche Bank 2Q15: Cryan Out Loud on Better Risk Adj. Returns


With its change in leadership, DB’s new CEO seems to have the right idea on more proactively increasing leverage capital, reducing the balance sheet & operating costs and establishing more of a sharper strategic focus. More details to come in October. DB DB DB deutsche deutsche deutsche

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