Company Reports

FITB: Earning Assets Challenged, Slower Start on Hedging Strategies?

09/12/2019

FITB tried to convince the Barclays conference audience that it has control over its NIMs. We beg to differ and look for more slippage in 2020. Sell Stock and benchmark Bonds, Low counterparty risk. FITB FITB  FITB FITB FITB FITB FITB  FITB FITB FITB 


WFC @ Barclays: Rate Risk Pressures, Still No CEO Answers

09/09/2019

WFC made another limp presentation as investors in the audience get frustrated with the lack of a CEO and more credible strategic plan. Rate risk is putting addtional pressure on revenues with no real offsets except expense savings. Still a Sell on Stock & benchmark bonds. Counterparty risk managers should continue to reduce exposures. WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC


MTB Launch: CRE & Rates Strategy

09/09/2019

MTB has been a bank with steady and superior results over the years. We launch coverage and look at its hedging strategies as interest rates decline putting pressure on is floating rate CRE loan book yields. Initiate with a Buy on its Stock, a hold on its benchmark 4 year bonds. Counterparty/regulatory risk is Very Low. MTB MTB MTB MTB MTB


KEY @ Barclays: Swaps/Floors Up, Sentiment Strong, Laurel Road Online to Nationwide?

09/09/2019

KEY has come a long way over the last few years as its economic earnings metrics are near the top of the regional bank pack. Its better expense management and use of rate swaps/floors to preserve the net interest margin have been key to its progress. We maintain a Buy on its Stock & benchmark Bonds. Counterparty/regulatory risk is Low. KEY KEY KEY KEY KEY KEY KEY KEY KEY KEY KEY KEY 


Barclays 2Q19: No-to-Low Growth in Sustainables

08/01/2019

Barclays is ready to chug out revenues. But Brexit effects on the UK economic climate, spending/lending plus a global capital markets lull has delayed those ambitions. Back to cost cutting as a major business line. BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS


CS 2Q19: Two Steps Forward, when is Backward?

07/31/2019

Credit Suisse had a good quarter with solid net new assets growth in Asia-Pacific and the rest of the world. Fixed income trading in global markets lifted results while equities were sluggish.  Lower cost base helps deal with market volatilities. CS CS CS CS CS CS CS CS CS CS CS CS CS CS CS CS


BNP 2Q19: Level 3s Remix in Equity Derivatives

07/31/2019

BNP had a good quarter on loan growth and better capital markets trading activity in Europe. Still, equity derivatives lurk and there has been a build in the riskiest Level 3s, With the biggest systemic capital shortfall in Europe and flattening economic earnings, we are still a Sell on Stock and Bonds. ​ BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP


DB 2Q19: Game/Set/Match Over at US Open of Banking

07/24/2019

DB went through the radical transformation drill now softened up to strategic transformation. But in tennis parlence the banking Match is over as DB can never catch up to global competitors. Even if AT1 jr. debt holders are given a Let this time. DB DB DB DB DB DB DB DB DB DB DB DB DB DB


USB 2Q19: Stunned by Loan Growth, Updraft in Economic Earnings

07/23/2019

USB saw surprisingly strong loan growth after years of mild results. Helps ALM, but with lower rates hurt it on loan yields side. We explore. USB USB USB USB USB USB USB USB USB USB USB USB


WFC 2Q19: Headless Horseman of Bkg, Lvgd Lns Unleashed

07/19/2019

WFC can't seem to find a legit CEO and no one is really asking why? We think embedded & high credit risk in its Investor Loans and related off-balance sheet is the culprit. Too much shadow banking/leveraged lending exposure that could rock earnings downward. WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC 


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