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《巴克莱-美股-银行业-美国大型银行会议要点总结2.0版-2017.9.13-barclays-u.s. large-cap banks conference recap version 2.0》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、EquityResearch13September2017U.S.Large-CapBanksINDUSTRYUPDATEConferenceRecapVersion2.0U.S.Large-CapBanksYesterdaywehostedDay2ofour15thAnnualGlobalFinancialsConferencewhichPOSITIVEUnchangedincludedpresentationsfrom10U.S.Large-CapBanks(had4onMon,6moretoday).Attendancean
2、dinterestisup,butthestocksappearunderowned.AttendanceisupU.S.Large-CapBanks5%from2016’srobustlevelcomparedtodeclinesatlastweek’sEnergy(-13%)andJasonM.Goldberg,CFAConsumer(-6%)conferences.Still,60%ofparticipantsareunderinvested.RF,KEY,+12125268580CFGandBBTwerethemostun
3、der-owned;BAC,WFC,JPM,STIandSTTmostowned.jason.goldberg@barclays.comBCI,USAsexpected,loangrowthappearssoft,thoughNII/NIMarestillexpectedtogrowinInnaBlyakher3Q.RFandBBTlowered3Qloangrowthexpectationscitingelevatedpay-offs/downs.+12125263904Still,mostbanks,includingthos
4、e,expectNIIandNIMtoincreasein3Q17.inna.blyakher@barclays.comBCI,USFeeincomemixed.RF(leaseimpairment)andBBT(insuranceprofitcontingencies)lowered3Qfeeincomeguidancethoughmoresoduetocompanyspecificissues.WFCMatthewKesselhautsaiditexpects3Q17mortgageoriginationsandmargins
5、tobelargelyinlinewith2Q17.+12125260181matthew.kesselhaut@barclays.comCapitalmarketsseasonallysoft.BACandCsaidtheyexpected3Q17tradingrevenuesBCI,US(FICCplusequities)todecline15%y-o-y,whileJPMiscallingfora20%fall(JPMhadaEugeneKoysmanrelativelybetter3Q16).Atthetrustbanks
6、,whileFXandseclendingrevenueswilllikely+12125260971declinefrom2Q17,weexpectgrowthinassetmanagement/servicingfees.Eugene.Koysman@barclays.comBCI,USExpensesremaininfocus.Positiveoperatingleveragecontinuedtobehighlightedinmostpresentations.Mostforeseecontinuedefficiencyr
7、atioimprovement.BrianMorton,CFA+12125262163Assetqualityappearsgenerallybenign.Mostarenotconcernedaroundassetquality,brian.morton@barclays.comthoughcreditcardreservesareontheriseowningtoseasoning/increasedconsumerBCI,USindebtednessandrecenthurricanescouldhaveamodestadv
8、erseimpacton3Qresults.Sharerepurchaseremainsactive.Banksaremoreactivebuyingbacktheirsharesin3Q17than2Q17andexpecttocontinuet
