Company Reports

Upcoming new CEO signals a strategic shift away from high-capital intensive trading towards high intellectual-capital investment banking & wealth management 

In its 1Q15 fixed income investor call, Citi provided a more thorough review of its capital structure and potential actions to increase its total loss absorbing capacity (TLAC), as well as solid information regarding its liquidity profile than was provided in the prior week’s 1Q15 earnings call...

Reported 1Q15 EPS of $0.67, blasting pass street consensus of $0.60.  Profitability was not enhanced by any 1x items, although above-trend strong earnings from FX trading due to high levels of FX volatility contributed to the beat. 

Reported 1Q15 EPS of $0.16, missing the Street consensus of $0.18.  The difference was related to an extinguishment of higher cost debt charge - redemption of $250 million ($43 million or $0.03) and a charge for office space optimization ($9 million or $0.01).

Reported 1Q15 EPS of $0.78, beating street consensus of $0.72.  Net income growth coming from greater operational efficiency and credit cost savings as loan portfolio continued to improve.

Reported 1Q15 EPS of $0.44, but $0.37 on an adjusted basis which was a penny short of street consensus of $0.38. Fifth Third fully disclosed the significant pre-tax items that led to the $0.07 difference including: 1) a positive valuation adjustment on Vantiv warrants ($70 million),...

Reported 1Q15 EPS of $1.18, but $1.14 excluding DVA. Backing out the non-recurring net discrete tax benefit of  $0.29, adjusted EPS was 0.85 that beat street consensus of $0.77, by eight cents.

Reported 1Q15 EPS of $5.94 versus Street consensus of $4.19 for a gargantuan beat of $1.75.  While we know that macro market factors contributed to this beat and that Goldman Sachs also concurs to an extent...

Reported 1Q15 EPS of $1.51, which significantly surpassed the street consensus of $1.39, as net income jumped 21% primarily from lower legal and repositioning costs.  

We launch on US Bancorp with a Buy on its debt, but Hold on its stock Risk & Regulatory Stack has low risk.

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