Company Reports

BAC 10K Takes: ALM Drives Margin Protection, Loans/Assets Too


Interest rate risk is the most prominent headwind facing most banks. BAC presents the most details on its derivative strategies to preserve net interest margins. And better organic growth is helping as well. We explore these dynamics from the 10K.

JPM Investor Day: Volume Generation Drives Earnings Sustainability


JPMorgan's Investor Days have been so succesful that they may not have them every year. Wow! We explore the bank's huge volume generation capability that stabilizes and allows growth in earnings. 

RF 10K Takes: Organic Growth Challenged, Swaps Saviors


RF continues to be loan challenged and margin squeezed. Fed rates reversal sends it to the swaps sanitorium to preserve margin sanity. Sustainability of loan growth credit quality is questionable. 

MTB 10K Takes: CRE & RV Driven, Rate Swaps to NII Rescue


M&T Bank's 2019 10K shows the power of its CRE franchise that continues to grow. Recreational finance and autos are fast growing consumer lending sectors as well. We explore the concentration risks and hedging/derivative strategies to lock in loan yields and preserve margins. 

MS: Acquires E*TRADE, GS Left Out


MS fills in the online trading and deposits gaps with its acquisition of E*TRADE. Kind of pricey, but fits well into their strategic goals. Still a Buy on Stock and benchmark bonds. Counterparty risk stays at Medium level. 

AmEx 10K Takes: Adapting to Millennials/Digital Playing Field


AmEx adapting well to the digital playing field and millennial generation preferences in co-branding rewards. Still it remains quite competitive and the cost to play is high. We are a Buy on Stock, Sell on benchmark Bonds. Counterparty/Regulatory Risk is Low to Very Low.

CS 4Q19: Strategic Progress, Management Setbacks


Just when you thought CS was stabilizing, another CEO change occurred. But more abruptly than the last couple of rounds. Still, there is positive strategic and balance sheet improvement that the next CEO can leverage. Buy Bonds, Sell Stock, Improved Regulatory/Counterparty risk to High from Very High.

Barclays 4Q19: Cost Cutting Kicks In, But Still Rough Revenues Sledding


Barclays showed more resilience in capital markets and parts of card banking. Cost cutting still the key. And, it is resetting its targets to build in more revenues growth in payments, transaction banking and investment & advice. All crowded fields that have other banks looking to do same. Still a Buy on Stock, benchmark Bonds. Counterparty risk still High due to Very High systemic risk. 

SocGen 4Q19: Better Revs in Retail, Global Markets; Higher Risk in Intl Finance


SocGen benefited from higher loan growth across its domestic and European segments. And rebounding capital markets helped too. Still there was a pickup in the net cost of risk in its higher octane international finance segment. Still high systemic risk.

BNP 4Q19: Moving Past Eq. Derivs, Focusing on the Basics


BNP had some good operating performance as loan and product volumes increased despite negative rates environment in Europe. Still, the systemics are high and further progress could reduce our concerns. Still Sell on Stock and benchmark bonds. 

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