Company Reports

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.

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)

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