Tag Archives: BAC

QUICK BLURBS [ADS, AXP, BAC, IBKR, KMX, SVU]

(4,146 words) [IBKR] Partly due to an exceptionally low volatility trading environment, which has made it difficult to earn profits and which Petterfy says may continue “indefinitely,” the company is winding down its options market making operations. While the company will use the excess capital from market making to further support its brokerage operations, the latter […]
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[BAC, JPM, PNC, WFC] COMMENTS ON RATE SENSITIVITY, SMALL BIZ LENDING, AUTO, CARDS

(965 words) Renewed vigor coming out of middle market and small business banking after 2-3 years of tepid borrowing activity.  Borrowing over the last few years has been dominated by large corporates raising funds for M&A and share repurchases, and while large corporate lending continues, middle market balances “finally” turned positive for PNC, which saw […]
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QUICK BLURBS [MCO, BAC, BX, OAK, WFC]

(2,481 words) 12/6/2016-12/7/2016: GS US Financial Services Conference BX Stephen Schwarzman – “we’re in the product invention business.  We’re not like Magellan fund where you just keep making something bigger and bigger until performance dies and then it gets smaller and smaller.”  The changes in the business sector from the election will be significant, w/ […]
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QUICK BLURBS [AXP, BAC, C, JPM, MCO, WFC]

(4,009 words) 10/20/2016: MCO (Earnings Call) Opportunistic issuance on historically low rates drives massive USD issuance/refinancing during the q across investment grade (+20% y/y for the q; +10% for the full year), high yield (+35%; -5%), and leverage loans (+50% on refi and growing CLO activity; +10%), though some of this was pulled forward from […]
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QUICK BLURBS [BAC, BX, JPM, OAK, WFC]

(2,377 words) 9/13/2016: BX – Private Equity (Barclays Financial Services Conference) BX says peers are paying 25x cash flow for GDP-growth assets, reflecting an environment where people think, given low rates, you can buy any high quality asset at any multiple and generate sufficient returns (which BX doesn’t subscribe to, a new “core” vehicle launch […]
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QUICK BLURBS [BAC, JPM, PYPL, SQ]

[SQ: 8/3/16] Continues to see net new customer growth and positive dollar based retention rate….so, by cohort, the revenue and gross profit dollars are showing growth, including the earliest 2010 cohort.  Contactless + chip card reader seeing good momentum among small and large sellers – it works over Bluetooth.  Co. is in the process of transitioning […]
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