Company Reports

WFC 1Q20: Woe is Wells, Esp. CRE/CLO


We provide an in-depth report outlining Wells Fargo's serious exposures to commercial real estate, other at-risk sectors like oil & gas, and CLOs. We first were highly concerned about CLOs last July. Rating agency downgrades will worsen these valuations. Sell on Stock, benchmark Bonds. Regulatory & Counterparty risk rise to High from Low to Medium. 

Citi 1Q20: Reserves Up, Lagged Charge-offs More So


Viola Risk presents a comprehesive review of Citigroup and utilizes economic earnings and systemic capital shortfall analysis to show its higher risk levels vs. the other Big 4 banks.  Sell Stock, be choosy on Buys on Bonds. Regulatory risk High, Counterparty Medium-to-High.

JPM 1Q20: From Cards to COVID: Balance Sheet Strength


JPMorgan was the first big bank to show the higher reserve action impacts from the COVID-19 pandemic. While there are still many questions as to length and severity, JPM has the economic earnings strength, reserves and capital to weather the difficult environment. Sell on Bonds, Buy Stock, Counterparty & Regulatory risk is Low-to-Medium. 

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.

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