Company Reports

Citigroup 2Q15:  Getting to Normal?


Citi showed its cleanest quarter in several years, and some metric progression. Still mostly a cost cutting story with some revenues lift.

BB&T 2Q15: Acquisition Driven Growth Strategy


BBT had strong profitability after cutting through the noisy 1x items.  Expect short-term rise in expenses with merger integrations to continue through rest of year.

KeyCorp 2Q15: Investment Banking Is The Way?


Key led this quarter with strong investment banking and C&I loan growth. We question its sustainability as it deals with the low rates environment.

Bank of America 2Q15; Better Metrics In Formation


BAC had one of its cleanest quarters in a while with operating expenses the lowest since 2008. There seems to be some positive metric moves in credit card and mortgage originations, but we need more linked quarters before it appears sustainable.

U.S. Bancorp 2Q15: Commercial Up, Capital Mkts Help


USB is well capitalized with all capital ratios exceeding the well-capitalized Basel III ratios. Results were fairly clean with no one-offs or above-trend items.

PNC 2Q15: Fee Focused, Middle Market Absent


PNC is battling the margin pressure blues similar to other regional banks. Some growth in specialized finance, but continues to invest for growth.

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.

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