SERIOUS QUESTION FOR ANYBODY WHO THINK THEY KNOW THIS BANK / STOCK
Last Monday an $8.5bb settlement was announced. In it STI was mentioned. ALL the other banks either filed and SEC form or issued a corp PR (or both) as to their share down to the million, i.e., C = $305mm, JPM = $753mm, WFC = $766mm etc.
Given the total cash part of the settlement was $3.3bb and reducing this amount by known statements from other banks, STI's cash portion is $293mm. That's HUGE for a bank the size of STI.
Question...why do they feel a $293mm cash hit to Q4 earnings in NOT material? Why don't the rules matter to them? Is it ignorance, arrogance, or is something much bigger than the $293mm coming...i.e., a kitchen sink legal dump at the earnings call that involves much more than $293mm for which they want to keep control information as best as possible.