Company Reports

Bank of America:  Consumer Vision, Delivery TBD


Recently, we listened to Bank of America speak at Deutsche Bank’s Global Financial Service Investor Conference where the big bank focused on its consumer banking strategy. The consumer bank has received renewed strategic focus as BAC gets past its mortgage putbacks & settlement woes. BAC sees more growth on the mass affluent side as the mass consumer sector continues to pull in its spending horns and save, while the former group continues to spend. BAC

JP Morgan 2Q15:  Metrics Maven, Cautious on Rates


JP Morgan’s strong mix of products and businesses provide the company with many levers to move earnings.  Still, operating expense savings more than offset lower interest income from margin compression and lower fee income.

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


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


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?


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?


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?


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?


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


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


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. 

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