Contents
Executive summary ............................................................................ 3
Initiating sector coverage - Underweight........................................... 4
The root of all evil - Excessive risk ..................................................... 8
Sins reflect areas of greater risk-taking ........................................... 12
Loan losses....................................................................................... 27
Company profiles
Bank of America.......................41
BB&T Corp...............................47
Citigroup .................................51
Comerica Inc ...........................59
Fifth Third Bancorp ...................65
JPMorgan Chase.......................71
KeyCorp................................79
PNC Financial.........................87
SunTrust Banks......................93
US Bancorp ...........................99
Wells Fargo .........................105