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JPMorgan Chase

JPMorgan ranks as the largest US bank by market capitalization ($385 bn as of September 4, 2018) and by total assets ($2.6 tn at 2Q18). JPMorgan ranks 1st in terms of U.S. total deposits with approximately $1.45 tn in deposits as of 2Q18 at 5,136 branches (2017). JPMorgan's footprint includes New York (#1), Texas (#1), California (#3), Illinois (#1), Michigan (#1), Arizona (#1), Ohio (#5), and Florida (#4), among others. JPMorgan's major business lines include investment banking, retail banking, card services, treasury & securities services, commercial banking, and asset & wealth management. (11 Oct 2018)

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US Banks: Libor Risk in Preferred Stock

Sector Analysis: 13 Dec 2018, 6:02 AM ET - The scheduled decommissioning of Libor would impact $108 bn of variable-rate preferred stock in our US bank coverage. The most common impact would be to convert floaters into fixed-rate prefs, but our main concern is Citi prefs.

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.
Focused

JPMorgan & State Street: Finally Come to Market

IG Note: 28 Nov 2018, 12:11 PM ET - JPMorgan and State Street are both in the market with HoldCo senior unsecured debt offerings. Given the lack of supply, we expect both deals to be heavily oversubscribed and would be buyers to capture any new issue concessions on offer.  

US Banks: A Glance at Impact of Mid-term Elections

Sector Analysis: 15 Nov 2018, 5:14 AM ET - We explore the impact of mid-term elections in the US on banks. The rollback from legislation is likely to end (ex-bipartisan initiatives). Regulators still have leeway to alter requirements/details, and we see more hearings on the horizon.

U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..
Focused

US Banks Conf. Notes: Big Data + Digital Divide

Sector Analysis: 13 Nov 2018, 4:14 AM ET - We attended BancAnalysts Association of Boston (BAAB) conference in Boston, where 10 banks in our coverage presented. One of the main takeaways was the capabilities that the big money centers have built around data analytics.

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.
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JPMorgan: Gets Upgrade from Moody's. BAC & C?

Worth Watching: 25 Oct 2018, 10:41 PM ET - JPMorgan (A2/A-), the parent company and its key OpCos had their ratings upgraded one notch by Moody's Investor Services. Moody's action brings the HoldCo senior unsecured debt rating up to A2 from A3, with a stable outlook. As a result, JPMorg ..
Focused

Citigroup & JPM: 3Q18 Beat With Different Drivers

Earnings Note: 12 Oct 2018, 3:33 PM ET - Citi & JPMorgan reported solid 3Q results that increased YoY and beat estimates. JPMorgan's record 3Q results largely reflected improved net interest income. Citi benefited from higher FICC revenues and more moderate NII growth. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.

US IG Chart of the Day: Largest Issuer Curves

Strategy Analysis: 03 Oct 2018, 10:33 AM ET - Comcast's mega-deal this week prompted us to take a look at the spread curve for the largest issuers in the IG Index. T, GM, and Pemex have the steepest curves, while the A-rated names have much flatter structures. 
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JPMorgan: Partial Call of 7.9 Pref. The Rest Soon?

Worth Watching: 01 Oct 2018, 6:10 AM ET - JPMorgan (A3/A-) is redeeming $1.7 bn of its $6 bn outstanding of $1,000 par Series I preferred stock, which switched from a fixed-rate of 7.9% to a floating rate of Libor + 347 bp on its first call date of April 30, 2018. The company recently ..
Focused

JPMorgan: Pass on New Preferred

IG Note: 17 Sep 2018, 11:08 AM ET - JPMorgan is in the market with $500 mn of fixed-rate $25 par perpetual preferred stock with IPT at 5.875%.  In our view, it is hard to get excited about a sub-6% fixed-rate perpetual capital security with discretionary dividend payments.

US Banks: Emerging Markets Exposure

Sector Analysis: 11 Sep 2018, 5:55 AM ET - We review the exposure of US banks to emerging economies as they experience a number of challenges ranging from geopolitical issues to trade-related concerns to rising current account deficits.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

US Financials: Turkish Delights (Exposures)

Sector Analysis: 13 Aug 2018, 4:14 AM ET - Given ongoing turmoil associated with Turkey, we outline exposure to that country for US financials. In short, direct exposure tends to be immaterial. Turkey is not a major market for US banks, while insurers have modest exposure, if any.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

HK/SG Conference 2018: US Banks

Transcript: 06 Aug 2018, 9:39 AM ET - We recently presented on US Banks as part of the Hong  Kong and Singapore conference series. 

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