Company Reports

MS 3Q19 Recap: Wealth Management Steamrolls

10/29/2019

MS lays down the gauntlet as the wealth management champ seeking to differentiate from its rival GS. Revenue growth opps as it attempts to grab more AUMs from the high net worth fee pool and Asis clients. Buy Stock, Buy benchmark bonds. Medium counterpary/regulatory risk. MS MS MS MS MS MS MS MS MS MS MS MS 


Barclays 3Q19: Euro IB/Trading Champ? For How Long?

10/28/2019

Barclays had a good quarter as Brexit quagmire swirls in the UK. Capital markets punch, but some one-offs. Still, the strategy is taking hold with better performance. Buy Stock, Buy benchmark Bonds. Counterparty and Regulatory risks still too high. Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays


WFC 3Q19: New CEO Head, How Does It Get Ahead?

10/15/2019

WFC gets a new CEO in a week so the strategic vision is still to be determined. Still, the bond market has tightened spreads and the equity is still where it was. We believe that there are still hard years ahead and the bond markets are ahead of themselves. Sell benchmark bonds, Sell Stock. Medium counterparty risk.  WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC


Regions: Simplify & Swaps, Still Slow-to-No Organic Growth

09/23/2019

RF shows good rates hedging instincts which it uses to preserve its cheap core deposit value. Still, it needs to pick up economic earning yields which is difficult in its slow growth natural franchise. Still a Sell on Stock, Bonds fair value, Counterparty Risk is Medium. RF RF RF RF RF RF RF RF RF RF 


CFG Launch: Needs More Organic Growth, More Margin Pressured?

09/19/2019

CFG has some good geography, but has lots of tough competitors. Its a patchwork of acquisitions and newer product sets. Margins may be more pressured with less oportunisitc hedging. And economic earnings are a laggard for last 5Y trend with little improvement in sight with rates falling. Sell the Stock, Bonds attractive, Medium counterparty risk.  


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


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