Company Reports

STT 10K Takes: Custodian & Counterparty to the World


The annual GSIB 10Ks season provides a tremendous amount of information that is scattered throughout the banking companies’ massive documents that can range from 250 to 500 pdf pages.  These information nuggets when distilled to their essential oils of action-oriented views are important for ...

JPMorgan Investor Day Part II: Grease Is The Word!


Like the late 1970s movie hit, Grease and its notable song and refrain, Grease is the Word, sung by the incomparable Frankie Valli, for JPMorgan Chase’s strategic vision, “optimization is the word!”

JPM Investor Day 2015: “Operating-Social,” Culture & Capital Matter!


JPMorgan was passionate in rebuilding bridges to the investor and regulatory community as it softened up its message to be more inclusive of the multi-stakeholder views. Viola Risk Advisors appreciated this turning of the page in its tone and approach, and find the company to have many franchise and competitive strengths.

State Street 4Q14: Trian to Keep it Together!


Reported 4Q14 EPS of $1.24, but $1.37 on an adjusted basis which exceeds street consensus of $1.27.  The difference was primarily related to a charge to increase a legal accrual associated with indirect foreign exchange matters ($0.10) and a restructuring charge related to the completion of the Business Operations and Information Technology...

BNY Mellon 4Q14:  Will Pelz Pulverize the Mellon?


Reported 4Q14 EPS of $0.70, but $0.58 on an adjusted basis which fell short of street consensus of $0.59.  The difference was related to a tax benefit, net of litigation and restructuring charges ($0.12).

Goldman Sachs 4Q14: B- Grade, Private Equity Wannabe


Reported 4Q14 EPS of $4.38, versus Street consensus of $4.29, for a beat of almost a dime.  There were several one-off items that could have impacted the beat, including:  (1) equity investment gains (private & public equity) of $982 million, (2) debt & loan gains ($358 million), (3) other net revenues from firm’s consolidated investments ($192 million); partly offset by charges related to...

MS 4Q14: Gorgonzola Gorman-ization


Reported 4Q14 EPS of $0.47 that was below the Street consensus of $0.56.  We believe that the EPS miss was largely due to the drop-off in less emphasized activities related to the implementation of the Dodd Frank Act’s restrictions on private equity and other alternative investments.  We estimate a $0.09 negative impact for the reduction in merchant banking & carried interest, all of which are DFA restricted activities. MS Morgan Stanley

Regions 4Q14: “FaceBook” Recovery & Resolution, Don’t Like It!

  • Reported 4Q14 EPS of $0.14, but $0.21 on an adjusted basis which met street consensus of $0.21.  The difference was related to a contingent legal and regulatory accrual charge ($100mm, $0.07).
  • Income Statement:  QuarterlyNet Negative:  Net revenues down, ex

WFC 4Q14: SLR & ICG – Grand Canyon Better than Rest of GSIBs

  • Reported 4Q14 EPS of $1.02, which met street consensus.  Full year EPS of $4.10 about in-line with Street estimates of $4.09. 
  • Income Statement:  Quarterly:  Net Positive:  Net revenues up, credit costs down, partly offset by higher expenses

Citigroup:  Which is Harder to Watch in NYC, The Knicks or Citi?


Reported 4Q14 EPS of $0.06, which fell short of the street consensus of $0.10.  The quarter registered yet another boatload of large legal and related expenses and repositioning charges totaling $3.5 billion. It seems that the only thing that is recurring at Citi is its large legal/repositioning charges which have muddied up results for the last seven to eight years.

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