Chillin' out till it needs to be funded
Unfortunately we will bid adieu (only to Morgan Stanley) here at advantages.us as of Q3 2012. A little unfortunate also because right now we do not really have a list of reasons why we would not like to follow thenm in the “Big 4” e follow in Banmking thru Results Season. And yes, direct tense might even make it soundas if we were “like we had no business to” But e do not mind tht. A firm with revenues one -s ixth that of its own Institutional Securities business of just two years ago in this quarter with just $1.3 B after $2.3 B in DVA , makes us rethink our priorities. The Bank did well in Wealth Management putting together $3.3 B in Topline and adding another $631 M from Asset Management which is more Wealth Management while $2.5 B in Trading revenues were almost completely wiped out by DVA of the portfolio alone.
Ofcourse gorman’s troops chose to report a $0.28 cent profit taking the leeway available in not adding their DVA woes to the financial reporting but we think its time to ish them good luck ont heir own and concentrate on more sizable banks, even add a regional operation like US Bancorp that is more germaine and relevant to US investors right now.