Market is assigning Credit biz close to 0 (or -ve value. Main equity guzzler)
Wealth / AMC / ARC businesses are solid business with leadership positions in 2 of them
They need to make substantial improvements in 3 things for markets to reward higher value
- Corp Governance
- Stop allocating more money to Also ran biz (GI / LI)
- Improve ROE
Having said that their 3 non-credit biz should be valued more than the current mkt cap. Unless they keep screwing it up in leveraged biz.
Disc: Invested at current prices
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