Company Reports

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.

Launch Report: Bank of America – To Be or Not To Be a Regional?


With most mortgage settlements behind them, what is BAC’s core profitability picture going forward? BAC

JP Morgan: B+ Grade: Back to Mojo Form, or Still Finding its Figure?

  • Reported 4Q14 EPS of $1.19, but $1.33 on an adjusted basis which beat street consensus of $1.31. Adjustments included the firm wide legal expense ($0.26) and other notable items that are a net add-back of ($0.12)

Bank of America: Regional Bank Engine Still Not Humming


Reported 4Q14 EPS of $0.25, but $0.32 on an adjusted basis which just beat street consensus of $0.31. Negative charges to revenue ($0.07) included the market-related net interest income adjustment, adoption of funding valuation adjustments and net debit valuation adjustments. We estimate that BAC’s interest rate profile added about 3-4 cents per share or comprised about 13% of EPS.

Launch: Citigroup - P90X, Will It Work Out?


Citi continues to restructure, but how long before we see strong/sustainable core results? C

Launch Report:  JPMorgan – Trying to Regain its Big Bank Mojo 

  • Good manager of credit and market risk, improving on enterprise/operational fronts
  • Strong business segments, but are franchises worth more together or apart?

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