Nomura Securities on U.S. Banks: Q2 10-Q Filing Review (JPM, C, BAC, BK, STT, GS, MS)
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Rating Summary:
13 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Nomura Securities on U.S. Banks: Q2 10-Q Filing Review
Analyst, Glenn Schorr, comments on seven companies:
JP Morgan (NYSE: JPM): JPM now hopes to resume share repurchases in 1Q13 (previously targeted 4Q12). Raised the range for possible litigation losses to $0 to $5.3 billion from $0 to $4.2 billion in 1Q12.
Citi (NYSE: C): Added extended discussion on redenomination risks from the potential partial or completed breakup of the EMU. Citi said that its risk of loss as a result of a redenomination and devaluation event would not be material.
Bank of America (NYSE: BAC): Expects NII to improve (assuming rates remain flat) and anticipates an $800 million UK tax-related charge in 3Q12. BAC still unable to reasonably estimate potential losses given the continued differences with FNMA. Trust Banks:
Bank of NY (NYSE: BK): Raised its estimate for the reserve for uncertain tax positions to $930 million (vs $850 million in 1Q12), but lowered the aggregate range of possible litigation losses to $520 million (vs. $900 million in 1Q12—we think decline is due to the $350 million pre-tax Sigma settlement during 2Q12).
State Street (NYSE: STT): GIIPS exposure $0.9 billion, no direct sovereign exposure. NTRS: GIIPS exposure $0.9 billion, no direct sovereign exposure.
Goldman Sachs (NYSE: GS): Raised estimate for possible legal losses by $700 million to $3.4 billion due to new RBMS-related lawsuits.
Morgan Stanley (NYSE: MS): Commodity revenue decreased 38% y/y in 2Q12 vs. 30% y/y increase in 1Q12, due to lack of structured transactions and difficult markets.
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Analyst, Glenn Schorr, comments on seven companies:
JP Morgan (NYSE: JPM): JPM now hopes to resume share repurchases in 1Q13 (previously targeted 4Q12). Raised the range for possible litigation losses to $0 to $5.3 billion from $0 to $4.2 billion in 1Q12.
Citi (NYSE: C): Added extended discussion on redenomination risks from the potential partial or completed breakup of the EMU. Citi said that its risk of loss as a result of a redenomination and devaluation event would not be material.
Bank of America (NYSE: BAC): Expects NII to improve (assuming rates remain flat) and anticipates an $800 million UK tax-related charge in 3Q12. BAC still unable to reasonably estimate potential losses given the continued differences with FNMA. Trust Banks:
Bank of NY (NYSE: BK): Raised its estimate for the reserve for uncertain tax positions to $930 million (vs $850 million in 1Q12), but lowered the aggregate range of possible litigation losses to $520 million (vs. $900 million in 1Q12—we think decline is due to the $350 million pre-tax Sigma settlement during 2Q12).
State Street (NYSE: STT): GIIPS exposure $0.9 billion, no direct sovereign exposure. NTRS: GIIPS exposure $0.9 billion, no direct sovereign exposure.
Goldman Sachs (NYSE: GS): Raised estimate for possible legal losses by $700 million to $3.4 billion due to new RBMS-related lawsuits.
Morgan Stanley (NYSE: MS): Commodity revenue decreased 38% y/y in 2Q12 vs. 30% y/y increase in 1Q12, due to lack of structured transactions and difficult markets.
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JPMorgan, Citi, Morgan Stanley, Bank of America, Nomura
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