Barclays on U.S. Banks: Initial Look at 2012 CCAR - Positive to In-line for Many, Disappointing for Some

Barclays on U.S. Banks: Initial Look at 2012 CCAR - Positive to In-line for Many, Disappointing for Some

Analyst, Jason M. Goldberg, said, "Bottom line: For those that announced dividend increases or share repurchase plans, results were in line to better than expected. Still, some couldn't return capital and several questions remain."

"Generally speaking we categorize the results as follows:

JPMorgan (NYSE: JPM), KeyCorp (NYSE: KEY), U.S. Bancorp (NYSE: USB) and Wells Fargo (NYSE: WFC) were better than we expected (both dividend and share
repurchase).

BB&T (NYSE: BBT) (dividend increase) and Bank of NY Mellon (NYSE: BK) (share repurchase) were in line with expectations.

Similar to last year, PNC Financial (NYSE: PNC) was vague, so it is hard to assess its plan at this time.

Disappointingly, Citi (NYSE: C) and SunTrust (NYSE: STI) both came in below the Fed's 5% Tier 1 common minimum under a stress scenario assuming capital redeployment, which puts their plans for increased capital redeployment on hold for the time being.

Fifth Third (Nasdaq: FITB) also failed to get its plan approved due to elements not based on its financial condition. Still, we expect it to resubmit its plan once the issues are remediated.

Bank of America (NYSE: BAC) and Capital One (NYSE: COF) did not publish press releases, although we did not expect anything as we were not forecasting any capital redeployment near term.

State Street (NYSE: STT) was also silent. We hope it doesn't have issues similar issues to FITB."

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