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1、COREEquityResearch
2、BankBrief8April2019JasonM.Goldberg,CFA+12125268580jason.goldberg@barclays.comBCI,USCompleted:08-Apr-19,17:46GMTReleased:08-Apr-19,17:46GMTBARCLAYSCLASSIFICATION:Restricted-ExternalBankBriefBonusLarge-CapBankAnnualReportHighlightsOverviewOnFriday,MSandSTTpublishedtheir2
3、018AnnualLetters,roundingoutourcoverage.Asusual,BKwillkickofftheannualmeetingcircuitforourcoveragetomorrow.Below,weprovidethedate,timeandlocationofeachcompany’sannualmeetingandasummaryofeachCEO’sannualletter(completecalendartowardtheendofthise-mail).Recall,wepreviouslyprovidedconcisesumm
4、ariesforeachcompany’sForm10-K(see:2018Form10-KCompanySummaries,3/4/19).Commonthemesinthisyear’sannuallettersinclude:theneedforcontinuedadaptiontothechangingtechnologybackdrop,thedesiretocontrolcostsandachievepositiveoperatingleverage,activecapitalmanagement,andpristineassetquality.Still,
5、severallettersweremoregearedforanenvironmentwhereinterestratesareontherise.Wewerepleasedtoseemanyletterslistseveralopportunitiesfororganicgrowth,albeittovaryingdegrees,withanemphasisonfeeincome.Theregionalbanksalsohighlightedreducedregulatoryburdens.AllyFinancial(ALLY)signedbyJeffreyJ.Br
6、own,CEOAnnualmeeting:May7at9:00aminDetroit,MILookingahead:ALLY’sbusinessreflectsthefutureofbanking.Overhalfofitsnewdepositcustomersin2018weremillennials,adigitally-savvydemographicsegmentthatisexpectedtobenefitfromanintergenerationalwealthtransferof$30trn,drivingfinancialservicesfordecad
7、es.Itviewsthemultitudeoffinancialinstitutions,bothnewandold,thathaveemulateditsdigitalandcustomer-centricapproachtobankingastheultimatecompliment,andaffirmationofwhatithasknownforalongtime.2018financialresults:ALLYpostedthebestresultssincebecomingapubliccompanyacrossmultiplefinancialando
8、perationalmetrics.Itsautobusinessposted$35.4bnofconsumeroriginationsandgrowingpre-taxincomeby12%relativeto2017.ALLYhasbeensuccessfulinexecutingaverydeliberatestrategytodiversifythecompositionandsourcingofautooriginationswhileoptimizingrisk-adjustedreturns.Alongthoselines,
