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Wells Fargo

Wells Fargo ranks as the U.S.'s third largest bank by market capitalization ($282 bn as of September 4, 2018) and 4th largest by total assets ($1.88 tn at 2Q18). Wells Fargo ranks 3rd in terms of U.S. deposits with approximately $1.3 tn in deposits as of 2Q18 and 5,836 branches across the U.S as of 2017. By state, Wells Fargo's national deposit presence includes California, Florida, Texas, North Carolina, Virginia, and Pennsylvania. Wells Fargo's major business lines include U.S. retail banking, mortgage banking, consumer finance, corporate lending, and wealth & investment 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.
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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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Wells Fargo: Senior Executives Placed on Leave

Worth Watching: 25 Oct 2018, 10:18 PM ET - Wells Fargo (A2/A-) announced that Chief Administrative Officer Hope Hardison and Chief Auditor David Julian have been placed on leave as part of the bank's ongoing review of its retail banking sales practices. The responsibilities of these exe ..
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Wells Fargo 3Q18: Miss Streak Continues

Earnings Note: 14 Oct 2018, 8:52 PM ET - Wells Fargo's 3Q18 results came in short of consensus estimates. While earnings increased in all business segments, buoyed by lower operating losses and tax reform. Our main concern is the ongoing DOJ investigation & US midterm election.

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.
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Wells Fargo: First SOFR-linked Issuance by US Bank

IG Note: 24 Sep 2018, 4:54 AM ET - Wells Fargo recently issued the first SOFR-referenced corporate bond by a US bank. SOFR is the Fed’s replacement rate for Libor, which is to be phased-out in 2021. Wells’ note priced at SOFR + 48 bp and we see value even at SOFR+40 bp.

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.
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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.

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.
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Wells Fargo: Issuing Bank-Level 5-Year Senior

IG Note: 07 Aug 2018, 11:12 AM ET - Wells Fargo is in the market with a 5-year senior note from its OpCo. Although we have a Market Perform recommendation on Wells, we would be buyers of today's OpCo deal slightly through the HoldCo's 2022 senior (74 bp).

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. 
Focused

Wells Fargo: Settles RMBS Claims w/ DOJ for $2 bn

Worth Watching: 01 Aug 2018, 9:56 PM ET - Wells Fargo (A2/A-) reached a $2.1 bn settlement with the U.S. Department of Justice to resolve claims that it  allegedly misled investors with regards to residential mortgage-backed securities from 2005 to 2007 in the lead up to the financial cri ..

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.
Focused

Wells Fargo: Redeeming Series J Preferreds

Worth Watching: 24 Jul 2018, 11:22 PM ET - Wells Fargo (A2/A-) filed a redemption notice to redeem all $2.15 bn of its outstanding fixed-for-life 8% series J preferred stock at par, as expected (please see: WFC Sanctions & Stock: Implications for Prefs.). These securities, which are carrie ..

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