2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、EquityResearch14September2018CEBarclaysCapitalInc.oneofitsaffiliatesdoesseekstodobusinesswithcompaniescoveredinitsresearchrepts.Asaresultinvestsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectiv

2、ityofthisrept.Investsshouldconsiderthisreptasonlyasinglefactinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)IMPTANTDISCLOSURESBEGINNINGONPAGE38.U.S.LargeCapBanksConferenceRecapVersion2.0Yesterdaywecomplet

3、edDay2ofour16thAnnualGlobalFinancialServicesConference.DespiteunderperfmingheadingintotheConference(Barclays’LargeCapBankIndex1%YTDvs.SBBT(raisedearlierinthequarter)CCFGCMA(despiteseasonalweaknessin3Q18)RFexpectationssou

4、ndedunchangedSTIMTBKEYlookedtobemecautiousonneartermresults.OutsideofSTIBKNTRSmostotherbanks’interestincomeNIMfecastswereconstructive.Depositbetacommentaryremainedinlinewithexpectations.Feeincometrendsapproximatedexpecta

5、tions.JPMseesIBfeesupyoybuttradinglowerwhileCexpectstradingrevenuestobeupyoybutfecastsIBfeestodecline.Costsappearcontrolled.Cuppedits2020expensesavingstargetwhilemostotherreiteratedguidancetalkedtoexpectationsofcontinued

6、positiveoperatingleverage.NoonehighlightedthepotentialbenefitoftheDIFexpensegoingawaylaterthisyear.Assetqualityremainsanonevent.Notonebankappearedconcernedhere.Capitalratiosstillhaveroomtomovelower.Despiteanelevatedlevel

7、ofcapitalreturnwithCCAR2018weexpectCCAR2019toalsoremainoutsized.ROTCEshouldcontinuetoimprove.WhilesomewereconcernedtheindustrymightnotcoveritscostofcapitalpostcrisismanybanksnowseetohighteensROTCE.Technologyshouldtransfm

8、theindustrywhilecostsappearbalanced.Mostbankshighlightedtechnologyinvestmentsaimedatdeepeningclientrelationshipsdrivingtoplinegrowthloweringitscosttoserve.Theregulatytonehasimprovednewrulesarebeginning.Whenitcomestothere

9、gulatybackwhilebanksgenerallydontexpectsignificantfurtherlegislativechangesbeyondtheEconomicGrowthRegulatyReliefSTIMTBKEYlookedtobemecautiousonneartermresults.FITBsaiditisseeingverygooddlemarketcommercialactivitywithstro

10、ngpipelinesresultinginhealthyloangrowthf3Q18.PNCalsonotedstrengthinC&Ihighlightingdlemarketcpateassetbasedfinanceassetbasedlending.JPMstillexpectsceloangrowth(ex.CIB)tobeinthe67%rangef2018thoughaddeditistrendingtowardthe

11、higherendofthisrange.USBexpectsloangrowthin3Q184Q18toimprovefrom2Q18’s0.3%increase.Ithighlightedcpatecapexincreasingdepositdeployment.EarlierinthequarterBBTincreasedits3Q18loangrowthguidanceto46%annualizedgrowthupfrompri

12、expectationsof24%.Itsslidedeckyesterdayreiteratedthatupdatedview.Csaiditexpectsitslevelofloangrowthtostayfairlyconstant.RFreiterateditexpectslowsingledigitaverageloangrowththisyear.CMAhighlightedaseasonaldeclineinNationa

13、lDealer(customersreduceinventyinanticipationofdeliveryof2019models)thoughitalsosawseasonaldeclinesindlemarket(summerslowdown)privatebanking(largepayoffsin2Q18)largecpate(remainive).Stillmtgagewarehousecouldseeaseasonalin

14、crease.CMAshowedaverageloansaredown1.2%inJulyAugvs.2Q18.QTDaverageH.8loansare0.5%(lastyearatourConferenceitused0.2%vs.H.80.7%).Stillitsguidanceofmoderateloangrowthin2H18wasunchangedasitbelievesloangrowthshouldincreaseint

15、otheendoftheyear.Itnotedcommitmentsincreased$1.6bnin2Q18haveincreasedafurther$450mnsofarthisquarter.CFGstofreiterateditsexpectationsof1.25%loangrowthin3Q18.STIsaidin2Q18itsawgrowthinitsC&ICREconsumerptfolios.Whilethosetr

16、endsarecontinuingin3Q18itnotedthepacehasslowed.MTBsaiditexpectsaverageloangrowthtobeapproximatelyflatin2018downfrompriexpectationsofupslightly.Itseeslowsingledigitgrowthincommercialconsumerloansoffsetbycontinuedresidenti

17、almtgagerunoff.LikeCMAitalsoexpectsusualseasonalpressuresonfloplanbalancesin3Q18.KEYnotedattheendof2Q18itscommercialloanbalancesweredowndrivenbyutilizationratesbeinglowerassomeofthetaxrefmbenefitswasusedtopaydowndebt.Thi

18、slowerlevelofutilizationrateshascontinuedinto3Q18.Whileitdidn’tchangeitfullyearloanguidanceitdoesexpectittobeatthelowerendoftherange.StillbothPNCMTB(twobanksthatsignificantlyoutperfmedpeersduringthepastrecession)cautione

19、dloangrowthisn’talwaysthebestmeasuretolookatgiventhatlossescouldshowupatafuturepointintime.NIMguidancebySTIspookedinvests.Stillmostotherswereconstructive.WhileSTIguideditsinterestmarginlowereversoslightlymostothersreiter

20、atedpricomments.STIsaiditexpectsitsinterestmargintobeflattodown1bpfrom2Q18to3Q18comparedtopriexpectationsofstabletoup2bps.ItcitedalowerthanexpectedLibrateinthefaceofaFedhikenextweekaswellascontinuedpressureonfundingcosts

21、risingdepositcosts.Wenoteifwechangedour3Q18interestmarginassumptionfromup1bptodown0.5bpsitlowers3Q18EPSby$0.02($9mn)allelseequal.Stillitlostafull$2.9bnofmarketcapoverthepast2tradingdays.JPMsaiditexpectsinterestincometobe

22、closerto$55.5bnin2018(8%yoy)upfrominitialexpectationof$54$55bngivenlowerthanexpecteddepositbetas.RFsees2018interestincomeof56%fmalizingitspriguidanceofupperendof46%range.USBreiterateditexpectsinterestincometoincreaseinth

23、elowsingledigitsyoyin3Q18(implies3%linkedquartergrowth).Itsinterestmarginshouldincreasein3Q18into2019.BBTcontinuestoexpectslightinterestmargin(GAAP&ce)expansionfrom2Q18to3Q18.PNCexpectsitsinterestmargintocontinuetoincrea

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