Earlier in the quarter the bank announced that the SEC had closed its investigation concerning the bank’s historical disclosure of information – without imposing a fine. While it is not out of the woods yet, as we expect the (potential) bulk of any fines to come from the DOJ, it is nonetheless positive in our view. With the bank trading at P/B 1.45x and P/E '26e 11.3x there isn’t too much of a discount attached anymore though, so a potential relief rally would likely be moderate. Underlying oper ....
