# Tombo Journal

> Tombo Journal is an independent publication covering Investment banks, deals & M&A. Focus: Bulge-bracket bank disclosures and deal league notes. Published by Independent Journal; sponsored by Adamson Brothers Corp. (see the About page). Articles are drafted from primary sources with AI assistance and reviewed under our editorial policy. Not investment advice.

## Usage
- AI crawlers and assistants may read and index this site.
- Quotation and citation are welcome with attribution to the publication and a link to the article URL.
- News articles are time-sensitive; check the publication date. Guides are evergreen and updated over time.

## Sections
- [Latest news](https://tombojournal.com/): newest articles first
- [Guides](https://tombojournal.com/guides/): evergreen explainers
- [Topics](https://tombojournal.com/topics/): topic index
- [Writers](https://tombojournal.com/authors/): bylines and beats
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- [Sitemap](https://tombojournal.com/sitemap-index.xml)

## Guides
- [Fairness Opinions Explained: What They Say and Don't Say](https://tombojournal.com/fairness-opinions-explained/): Fairness opinions explained: what an investment bank concludes, how the analysis is built, the conflicts FINRA Rule 5150 requires it to disclose, and limits.
- [Investment Bank League Tables Explained: How Rankings Work](https://tombojournal.com/investment-bank-league-tables-explained/): Investment bank league tables explained: what they rank, how credit is split among banks, why providers differ, and the limits of using a deal league table.
- [How Underwriting Works: IPOs, Follow-Ons and Bond Deals](https://tombojournal.com/how-underwriting-works-ipos-bonds/): How underwriting works: the roles of underwriters, firm commitment and best efforts deals, bookbuilding, fees, stabilization, and the rules behind each step.
- [What Investment Banks Do: Advisory, Underwriting and Trading](https://tombojournal.com/what-investment-banks-do/): What investment banks do: advising on mergers, underwriting securities, running trading and research, and the SEC, FINRA and Fed rules that frame the work.

## Recent articles
- [Investment Bank News: Ensorcia Lithium Deal, Citi, JPMorgan 8-Ks](https://tombojournal.com/investment-bank-news-ensorcia-argentina-wildcats/) (2026-10-14): Ensorcia agrees to acquire Argentina Wildcats to expand its lithium holdings, while Citigroup and JPMorgan file 8-Ks. What the filings and the deal signal.
- [Investment Bank News: Wells Fargo Names Powell Chief Risk Officer](https://tombojournal.com/wells-fargo-chief-risk-officer-8-k-powell/) (2026-09-23): Wells Fargo's 8-K says COO Scott Powell becomes chief risk officer on January 15, 2027, as Derek Flowers retires; a successor as operating chief is pending.
- [Wells Fargo Raises $1.75B in 6.55% Series HH Preferred Stock](https://tombojournal.com/wells-fargo-series-hh-preferred-stock-offering/) (2026-08-19): Wells Fargo sold 1.75 million depositary shares of 6.55% Series HH preferred at $1,000 each, with Wells Fargo Securities as representative and a reset in 2031.
- [Goldman Sachs 8-K: Series U Preferred Redeemed, Terms Eliminated](https://tombojournal.com/goldman-sachs-8-k-series-u-preferred-redemption/) (2026-08-11): Goldman Sachs filed an 8-K showing all 3.65% Series U preferred shares were redeemed on August 10 and the series eliminated from its charter on August 11.
- [Goldman Sachs 8-K: 6.500% Series AA Preferred Stock Terms](https://tombojournal.com/goldman-sachs-8-k-series-aa-preferred-stock/) (2026-07-27): Goldman Sachs filed an 8-K creating 6.500% Series AA preferred stock: 2.5 million depositary shares at $1,000 each, a 2031 rate reset and redemption from 2031.
- [Morgan Stanley News: Client Assets Reach $10 Trillion in Q2](https://tombojournal.com/morgan-stanley-news-q2-2026-client-assets/) (2026-07-15): Morgan Stanley news from July 15, 2026: record Q2 net revenues of $21.3 billion, EPS of $3.46 and total client assets of $10 trillion. What the filing showed.
- [Investment Bank News: BofA Q2 Banking Fees Jump 50% to $2.1B](https://tombojournal.com/bank-of-america-investment-bank-news-q2-2026/) (2026-07-14): Bank of America reported Q2 net income of $9.1 billion, with investment banking fees up 50% to $2.1 billion and sales and trading revenue of $7.1 billion.
- [Goldman Sachs 8-K Details Record Equities Quarter, Higher Dividend](https://tombojournal.com/goldman-sachs-8-k-q2-2026-earnings/) (2026-07-14): Goldman Sachs' July 14, 2026 8-K showed Q2 EPS of $20.98, net revenues of $20.34 billion, equities revenue up 72% and a dividend raised to $5.00 per share.
- [JPMorgan News: Q2 Profit of $21.2 Billion Includes Visa Share Gain](https://tombojournal.com/jpmorgan-news-q2-2026-visa-gain/) (2026-07-14): JPMorgan news from July 14, 2026: Q2 net income of $21.2 billion, or $16.9 billion excluding a Visa share gain, with equities trading revenue up 86% a year on.
- [Investment Bank News: Wells Fargo Q2 Markets Revenue Up 24%](https://tombojournal.com/wells-fargo-investment-bank-news-q2-2026/) (2026-07-14): Wells Fargo reported Q2 net income of $6.4 billion; corporate and investment banking revenue rose 16% and investment banking revenue gained 36% year on year.
- [Investment Bank News: Fed Stress Test Clears Way for Payout Increases](https://tombojournal.com/investment-bank-news-fed-stress-test-2026/) (2026-06-24): Investment bank news from June 24, 2026: all 32 banks passed the Fed stress test, and JPMorgan and Morgan Stanley raised dividends and set new buyback plans.
- [Investment Bank News: Morgan Stanley Posts Record First Quarter](https://tombojournal.com/investment-bank-news-morgan-stanley-q1-record/) (2026-04-15): Morgan Stanley reported record Q1 2026 net revenues of $20.6 billion and EPS of $3.43 on April 15, 2026, with investment banking up 34%. What the filing shows.

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- [About and ownership](https://tombojournal.com/about/)
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## Contact
- Corrections and tips: editor@tombojournal.com