Company Reports

Citi 4Q19: Are Cards & Google the Key to Growth?

01/14/2020

Citi has trudged a long way towards respectability as a normal bank. Google JV can transform it into a powerhouse consumer lender and retail banker in US and importantly in its International presence.  Buy Stock, Sell rich Bonds, Counterparty Risk improves to Medium. 


PNC: One Byte & Branch Expansion v. Merger Strategics?

12/12/2019

PNC reviewed its consumer and middle market banking initiatives. Trying to build out its digital and physical platforms. We explore the M&A buy case given the industry merger dynamics and competitive threats from Big Bank, FinTech and Big Tech. 


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. 


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