J.P. 摩根--美股-银行业-信托银行：一季度后非国际公司的存款水平下降到2011-13年的水平.pdfVIP

North America Equity Research 07 May 2019 Trust Banks: Post 1Q Non-Int Bear Deposits Down to 2011-13 Levels; Deposits/AUC to 2009; Equity vs F/X Mkts Near Term Looking post 1Q, key takeaways: 1) near term, trust banks are likely to see mixed Banks — Large-Cap trends in two key risks, cyclical and market risk – likely continued pressure on AC deposits and hence net interest margins (NIM), but mixed market trends – good benefit Vivek Juneja to revenues from recent strong market appreciation but lower F/X trading revenues if (1-212) 622-6465 trends persist; 2) medium term, net interest income growth will be driven by vivek.juneja@ stabilization and growth of core deposits, although some trust banks are trying to grow Bloomberg JPMA JUNEJA GO higher cost wholesale deposits; and 3) secular pressures continue in servicing and asset Jonathan Summitt management, but more intensely in certain client segments, hence pressure varies by (1-212) 622-6341 trust bank. All the trust banks continue to cut costs and do large buybacks – these are jonathan.summitt@ the two key positive drivers. They have embarked on strategies for front office that are Andrew J Dietrich divergent but also similar in some aspects. Trust banks lagged traditional banks very (1-212) 622-4244 sharply in 1Q19 on all metrics: core revenues, PPP, and EPS due to impact of markets aj.dietrich@ and