Company Reports

Truist: Mega-Regional Scale, Big Bank Achilles Heel?

12/10/2019

Truist (TFC), the combined BB&T and SunTrust, made its conference presentation debut at the GS US Financial Svcs Conference.  Scale matters and TFC may find a way to thrive against the Big Banks and Techs.


TD 4Q19: Stronger US, Schwab Deal Improves Brokerage Stake

12/09/2019

TD gets lift from US retail banking, auto lending, and Schwab's acquisition of TD Ameritrade. Some credit cost migration higher, but explained. Buy on Stock, Sell on richer bonds.Counterparty/Regulatory risk Low. 


BMO 4Q19: Stronger Results, But Higher Systemic Risk

12/04/2019

BMO shows good momentum in traditional banking in Canada and the US. Wealth mgt performs well too as capital markets hampered by higher PCL. Still a Sell on benchmark bond and stock. Counterparty and regulatory risk rises with higher systemic shortfalls. 


RY 4Q19: Canada Powers Through Slower US

12/04/2019

Royal Bank of Canada has a flat quarter with Canadian banking strong and US banking and capital markets lower. Repositioning its insurance and wealth management showed good performance. Move to Sell on Stock, benchmark Bonds. Counterparty/regulatory risk Low on strong economic earnings. 


GS Update: 1MDB Settlement Countdown, Strategic Makeover, M&A Play

11/27/2019

As we approach the Turkey Fest weekend, we give our latest thoughts on Goldman Sachs strategic direction. There are many balls in the air as 1MDB litigation should get settled by year end. Investor Day approaches at the end of January with a view on the future. And business media speculates on possible M&A with GS looking at E*TRADE and US Bancorp.


BAC Update: ALM & Leaning on Loans

11/18/2019

BAC provides the most detail on its interest rate hedging with derivatives. Combined with is asset sensitive position we examine how it is using loan growth to reduce the net interest income pain. Compare it to the other big banks JPM WFC and Citi. 


Citi Update: Cashing In with Google Cache?

11/14/2019

Citi may be taking it up to warp speed as it seeks to hyper-jump up in the digital/mobile banking big leagues. Google Cache could be the key to better US banking reach and mobile banking  supremacy.


JPM Update: Consumer is King as per King Jamie

11/13/2019

JPM CEO Jamie Dimon was the featured interview on 60 Minutes and discussed the virtues of the consumer. VRA shows the importance of consumer activities to JPM and some of the possible inflection points. 


SocGen 3Q19: Wrestling with Slow European Region

11/06/2019

SocGen continues to underwhelm in capital markets and French retail banking. Drives its growth in Russia and Eastern Europe that is always riskier. Sell on stock and benchmark bond. Very High counterparty/regulatory risk. 


DB 3Q19: Tangible Turnaround? No Where Close

10/31/2019

DB wants to be a normal bank, but abnormal transformation charges, no real growth thrusters, and a slow slog through its CRU asset disposals makes it an underperformer. Still a Sell across the Capital Stack and Counterparty/Regulatory risk remains Very High.  DB DB DB DB DB DB DB DB DB DB DB DB


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