Company Reports

GS 2Q15: The High/Low Capital Revenues Balancing Act

07/15/2015

Goldman Sachs enjoyed revenue strength from its high intellectual, low capital intensive businesses that overrided capital intensive FICC.  Core net income jumped 23% across M&A, Equity, Asset Mgt. GS GS GS


WFC 2Q15 In-line: Positive Spin, Earnings Flattish

07/14/2015

Wells Fargo showed good loan and unit growth, but earnings growth did not follow through as provisions increased and expenses up slightly too. We discuss our views on its loan growth, purchase accounting and higher rates and influence on deposit costs.


Launch American Express: Continuing Its High Class Cache?

07/05/2015

For decades, AmEx marketed itself as an upscale/luxury brand card offering pioneering gold/platinum/black card categories. But over the last 15 years of card evolution, other banking players have narrowed the lead that AmEx almost exclusively dominated. Will AmEx adapt well is the question?


Launch Barclays: Scotiabank of Britain?

06/23/2015

Similar to many other Euro Banks, Barclays suffers from European-itis, as its “go-to” business format is still a work-in-process.  Combined with digitalized retail banking in the UK and a focus on UK & US credit card lending, this could lead it to a better operating model glide path. 


Launch BNP Paribas: Diversification, mais Où est le Boef?

06/05/2015

BNP’s revenues were higher with net income rising to EUR 1.6 billion (+ 18% YoY), despite its Single Resolution Fund contribution (EUR 245 million).


Deutsche Bank: Jain’s Vision, Too Much, Too Little, Too Late?

06/03/2015

The takeaway message was that DB is working to deliver better shareholder value, which is great for that stakeholder, but could have various degrees of positive and negative implications for other stakeholders including the bondholder and credit counterparty ones.


Launch Toronto Dominion:  Powder Dry, Retail-Driven

06/02/2015

Reported 2Q15 EPS of $0.97, but $1.14 on an adjusted basis which beat street consensus of $0.91.  All three main segments (Canadian and U.S. Retail and Wholesale Banking) reported good earnings growth. TD TD Toronto Dominion Toronto Dominion


Launch Royal Bank of Canada:  Canadian Strong, Hollywood Bound

06/01/2015

Reported 2Q15 EPS of $1.68, but $1.61 on an adjusted basis which beat street consensus of $1.59.  RBC’s primary earnings drivers were personal and commercial banking, capital markets, and investor and treasury services, partly offset by lower insurance and wealth management. 


Launch Scotiabank 2Q15: The Pan Am Bank

06/01/2015

Reported 2Q15 EPS of $1.42 which beat street consensus of $1.14.  Scotiabank’s major drivers included: Canadian banking’s good loan growth & NIM improvement and strong AUM growth, international banking’s good revenues and loan growth...


Launch Bank of Montreal: Jumpin’ Jack Flash, Oil & Gas

05/29/2015

Reported 2Q15 EPS of $1.49, but $1.71 on an adjusted basis which beat street consensus of $1.36.  Major drivers included solid asset growth in wealth management, strong loan growth in personal and commercial banking operations, plus a small improvement in interest margins.


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