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Analyst
Betsy Graseck
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters).
- Questions
- 98on tracked calls
- Challenge rate
- 6%6 of 98 questions
- Companies
- 12questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 98 of 98 questions from 12 companies
GSThe Goldman Sachs Group, Inc.10 questions · 5 reporting periods · 1 of 10 challenging
Calendar 2025 Q4
how much of the issuance that's going on is those two line items as well
Show response
Coleman said primary market activity enhances secondary market making as investors rebalance portfolios. Expects continued increase in capital markets activity.
Maybe we could just ask you to unpack a little bit. There's a lot of different backlogs
Show response
Coleman explained backlog comprises advisory, debt and equity underwriting. Seventh consecutive quarter growth to one of highest levels ever, driven by advisory.
Calendar 2025 Q3
should we expect these kind of bite sized overtime building up over time or are there opportunities
Show response
Solomon said focused on ultra-high-net-worth plus manufacturing capability. Bar very high for large acquisitions but would consider if it accelerated AWM.
should we still be anticipating an exit from the Apple Card at some point in the near or medium term
Show response
Solomon confirmed credit cards not a go-forward focus and noted GM card fully exited. No new information on Apple Card timeline.
Calendar 2025 Q2
how do you think about the sizing of the dividend? Very impressive increase for sure
Show response
Solomon said 33% increase reflects step change in earnings capacity and revenue durability. Committed to steady growth but not at this rate annually.
How should we think about how much efficiency this can unlock over time?
Show response
Solomon said detailed internal plans exist but no public numbers yet. Both cost savings and revenue growth via accelerated software development capacity.
Calendar 2025 Q1
how we should be thinking about VaR efficiency, which clearly went up dramatically
Show response
Coleman explained VaR decline reflected reduced exposures partially offset by higher volatility. Persistent volatility could push VaR up.
Is that something that would be a noticeable benefit for you? Is that something that you think you could lean into relatively quickly?
Show response
Solomon said GS is CET1 not SLR constrained but SLR reform good for system. Sees material tailwinds across capital, supervision and GSIB reform.
Calendar 2024 Q4
how does this management structuring change the revenue growth outlook that you're looking for?
Show response
Solomon explained the reorganization centralizes financing, sponsor coverage and alt coverage to capture growth at public-private intersection.
what's happening in '25 and '26 that will drive the reduction of the drag in this year and next
Show response
Solomon confirmed Apple Card improving toward profitability but declined to specify timeline beyond noting it won't be long-term.
WFCWells Fargo10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2025 Q4
Can you talk to us about how you're thinking about the impact on ROTCE?
Show response
Mike said returns on financing trades are fine and not dilutive to segment or company returns. Charlie added they won't grow trading in an outsized way that impacts return targets. Starting from a low base so growth looks significant but isn't material to overall returns.
what kind of kind of loan growth firm credit quality should we be anticipating
Show response
Charlie described unchanged wholesale risk appetite focused on market share gains. Consumer auto is the main full-spectrum lending opportunity, returning to historical approach rather than materially changing risk profile. Very focused on returns, not growth that creates tail risk.
Calendar 2025 Q3
do you feel trading is maxed out relative to your risk profile
Show response
Mike said still significant opportunity in both financing trades and trading inventory, all within existing risk appetite. Q3 growth was primarily financing trades with customers plus some trading inventory growth.
has all of that come out? Are you now back to what you would argue is normalized level
Show response
Mike confirmed compliance cost is still in run rate, spending more than pre-Scharf. Only project spend and third-party consultants have been reduced. Plans built 5+ years ago have optimization opportunity through technology and process redesign but takes time. Charlie framed it as future efficiency opportunity.
Calendar 2025 Q2
I know you said that you would address the Roth's target when you hit the fifteen percent
Show response
Charlie pushed back that the 15% ROTCE this quarter included the merchant services gain, so not declaring victory yet. Will talk more about timing toward end of year.
are there efficiencies that can be generated from investments you had to make that were unique to the asset cap period?
Show response
Charlie noted the underlying consent order is still in place so no asset-cap-related expense cuts assumed. Efficiency opportunities remain substantial across the company. AI impact is very early but pilots in branches, ops, and call centers are showing initial efficiency benefits.
Calendar 2025 Q1
What underlies that statement especially given you still do have the asset cap on
Show response
Charlie detailed strategic investments in card, wealth, CIB fee businesses regardless of asset cap, and cited trading, loan, and deposit growth opportunities post-cap.
how does that impact you? Does that give you more management time?
Show response
Charlie confirmed closed orders free up management time and resources, with opportunity to run the control environment more efficiently going forward.
Calendar 2024 Q4
the announcement during the quarter, I believe, that Ray Fischer is stepping down
Show response
Charlie confirmed Ray Fisher's retirement was planned succession, with Ed Olebe recruited from outside. Strategy remains unchanged.
are you thinking about that last mile as being driven by revenue growth happening faster
Show response
Mike identified card maturation and home lending profitability improvement as two drivers that alone could largely close the gap to 15% ROTCE.
JPMJPMorgan Chase & Co.9 questions · 5 reporting periods · 1 of 9 challenging
Calendar 2025 Q4
Is this primarily a function of the technology that Apple Card was built on
Show response
Dimon confirmed sole reason is technology: Apple built a purpose-built iOS-integrated tech stack that must be rebuilt inside JPM systems. Standards are good and some customer service innovations can be applied elsewhere.
does it impact how you're thinking about the co-brand cards you have, the rewards card
Show response
Dimon said impact varies by co-brand depending on subprime mix. Would be dramatic if implemented as described as a simple cap. Modified versions would be less severe.
Calendar 2025 Q3
maybe you could speak a little bit to that incremental $500 billion is it that you are talking about supporting growth of over the next ten years
Show response
Barnum said it's all of the above: arrested excess growth, grew RWA, CET1 ratio actually declining. $10B direct equity investments plus additional lending aspirations. Not happening instantaneously.
Could you give us a sense as to how you are thinking about the reserve that you have against the commercial book, especially given what you just mentioned
Show response
Barnum explained direct lending deals come with significant day-one reserve balances. Wholesale reserve methodology is highly granular and situation-specific. Mix shift means slightly higher reserve intensity.
Calendar 2025 Q2
how JPM is thinking about utilizing, leveraging, competing with stablecoin, and how the JPMD deposit token feeds into all of this
Show response
Dimon said JPM will be involved in both deposit tokens and stablecoins. Questioned why stablecoin over regular payment but acknowledged fintech competitors are smart and JPM must be cognizant.
Could you speak to the drivers of those drivers? In other words, is it private credit? Is it M&A financing? Is it inventory
Show response
Barnum described broad-based lending growth across all categories with significant late-quarter activity.
Calendar 2025 Q1
I noticed your average loan growth, I think it was running at about 2% year-on-year, and then end-of-period loans was up 5% and wholesale loans was up 7%
Show response
Barnum said wholesale clients discussing liquidity but no meaningful line draws observed yet. Growth driven more by Markets loans than traditional C&I. Front-end money market functioning smoothly.
is there anything that you've seen in the past that looks like this or that you would suggest if any slowdown coming forward, is it more likely to be similar to what kind of prior cycle you've seen
Show response
Dimon said this cycle is different because it's about the global economic order. Declined to predict specific parallels. Said results in next four months will provide more clarity.
Calendar 2024 Q4
As we think about the NII outlook and you highlighted the NIM pressure, but loans, but basically balance is increasing here
Show response
Barnum identified acquisition finance as potential inflection area. Noted card revolve normalization tailwind is decelerating but still above-trend growth.
NTRSNorthern Trust9 questions · 5 reporting periods · 0 of 9 challenging
Calendar 2025 Q4
I just anticipate that the q q increase that we got there around $7 billion comes out over the course of the quarter
Show response
Fox clarified the $3B NIB increase included both shutdown-related cash hoarding and normal new business growth, so the full $7B total deposit increase should not all be reversed.
what's the governor on the buyback? Which capital ratios are you thinking about with regard to how high and how long you let that over a 100% ride?
Show response
Fox listed regulatory capital, earnings power, ROE, loan growth, dividends, M&A, and share price as variables. Expects similar capital return capacity in 2026 as 2025, with reinvestment in business growth also compelling.
Calendar 2025 Q3
Could you give us an update on how you're thinking about the outlook for how you would utilize a stablecoin?
Show response
O'Grady identified four drivers: innovation, regulation (Genius Act), client demand, and interoperability. Not planning to issue stablecoin but focused on tokenization, starting with tokenized money market funds as an issuer.
Could you give us a sense as to where, you see AI helping the you know?
Show response
O'Grady detailed AI across operations (private capital processing automation), technology (~20% engineering gains), asset management (muni bond transcript analysis), wealth management (prospecting, adviser knowledge access), and risk (AML/KYC/fraud detection).
Calendar 2025 Q2
I wanted to just dig in a little bit on the decision to tighten up the range for ROE. I think it's from 10% to 15% to 13% to 15%
Show response
O'Grady explained sustained upper-half ROE performance plus a more constructive capital framework gives comfort. Expense-to-trust-fee ratio target remains 105-110%, currently at 115% and grinding lower.
Calendar 2025 Q1
can you talk a little bit about your plans for this new, what should we call it? Sleeve offering segment
Show response
O'Grady explained the offering combines GFO capabilities with UHNW service model, including outsourced bill payment, OCIO investment services, and robust reporting.
you mentioned that you had some capital markets activity. There was pretty hot towards the end of the quarter
Show response
O'Grady specified FX and brokerage as key drivers, with integrated trading services benefiting from portfolio repositioning. Momentum confirmed into April.
Calendar 2024 Q4
how have you been able to reduce headcount and keep that service quality high? In the past, it's been this friction point
Show response
O'Grady explained the COO role creation under Pete Cherwich enabled centralization, standardization, and automation while improving service quality.
How do you see the forward-look here? How many more years of this do you feel that you have to be able to leverage this new structure?
Show response
O'Grady outlined a two to three year timeline for greatest benefits, with sustainable ongoing gains thereafter.
TFCTruist Financial9 questions · 5 reporting periods · 1 of 9 challenging
Calendar 2025 Q4
trying to understand how the efficiency ratio trajects as you manage through this process. Of driving up Rozzi
Show response
Maguire expects efficiency ratio improving to mid-50s area. Revenue growth more capital-efficient, driving ROA above 1%. Severance related to Q4 actions. FTE noise from contractor-to-FTE conversions, headcount may rise but cost per FTE falls. Will provide more detail through the year.
Calendar 2025 Q3
I just want to make sure I understand what we just said, which is that First Brands' estimated credit impact is in the forward guide, meaning it's not embedded in this quarter that just reported
Show response
Bender clarified First Brands accounted for in Q3 non-performing loans AND in forward NCO guidance. Early in the process but fully reflected.
How do you balance optimizing efficiency with potentially being more aggressive at taking advantage of some of the consequences and fallout from the deal making in your footprint
Show response
Rogers confirmed no underwriting changes. Consumer adjustments in prior 18 months shifted unsecured to superprime. Wholesale emphasis on portfolio diversity, Truist indexes low on every concentration measure. Diversity both mitigates risk and creates growth opportunity.
Calendar 2025 Q2
is that corporate treasurers can now process activity via their cell phones twenty four seven
Show response
Rogers clarified the innovation enables disbursements to aliases (cell phones, email), speeding cash flow for businesses and improving consumer experience, a two-sided value proposition.
wanted to understand how much of that is severance. And is that severance related to the merger from years ago or something else
Show response
Maguire confirmed nearly all restructuring was severance, not merger-related, business repositioning. Rogers affirmed 1% expense growth sustainable through continued efficiency discipline.
Calendar 2025 Q1
As you think through the puts and takes here on the outlook, are you changing your lending standards
Show response
Rogers emphatically confirmed no changes to lending standards. Growth is driven by new client acquisition, existing client deepening, and geographic expansion within consistent risk framework.
Could you just tell us what the yield pickup is that you expect on this $42 billion
Show response
Maguire quantified repricing pickup now at ~50-70bps (down from 90-100bps), with benefit declining later in year as two-year rates fall on implied forwards.
Calendar 2024 Q4
help us understand what's the driver behind the expense declines in the first quarter, Q-Q, down 3%
Show response
Maguire attributed Q1 decline to Q4 elevated professional fees and ops losses normalizing; variable comp in IB/Wealth flexes with revenue.
if there's much in the way of recouping prior investment spend with tech getting turned off
Show response
Rogers explained merger-era investments in products, platforms, and capabilities are now being leveraged for organic growth with high ROA and good operating leverage.
BACBank of America8 questions · 5 reporting periods · 1 of 8 challenging
Calendar 2025 Q4
are you going to be adjusting that expense ratio guide given the accounting changes that you have made in this quarter
Show response
Alastair confirmed the 55-59% efficiency target stands on recast basis. Prior periods were restated for comparability. As they improve into the range, they will reassess and consider lowering further.
Calendar 2025 Q3
you indicated 5 to 7% up NII 26 over 25, is that right
Show response
Alastair confirmed 2026 NII growth of 5-7%, composed of 4-5% core organic growth plus fixed rate asset repricing boost minus some rate cut headwind. Will provide multi-year outlook at November Investor Day.
what's your what's your expectation for capital markets and other compensatory revenues
Show response
Alastair guided Q4 expenses flattish with Q3 on flat headcount. NII at $15.6B+ (higher end of range). IB pipeline looks good, S&T environment constructive with normal Q4 seasonality.
Calendar 2025 Q2
how you are approaching your wind and solar investments with the tax plan that is going through
Show response
Alastair outlined wind/solar activity continuing through 2027 with construction deadlines, then installed production tax credits burning down over 8 years through 2033. Low income housing credits unaffected.
I thought in the past, there had been kind of ceiling on that, that now has gone
Show response
Alastair confirmed no RWA ceiling for Global Markets. Brian noted balance sheet grew from $600-700B to over $1T, with G-SIB score moving from 2.50 to 3. Returns must justify impact to whole company.
Calendar 2025 Q1
Do you step it up? Do you pull it back? Is it an opportunity? Is it a threat or risk?
Show response
Brian emphasized continued international investment with deeply embedded teams in major markets, helping clients navigate supply chain realignment.
How are they thinking about investing in this environment with the tariff overhang
Show response
Brian described small businesses as sanguine on current conditions but worried about how tariffs affect their supply chains and investment decisions.
Calendar 2024 Q4
I'm kind of wondering how that feeds into C&I demand. And I'm wondering what your conversations with not only small business, mid-business, corporates
Show response
Brian noted small business line utilization remains below pre-pandemic levels but optimism has shifted on expectations of reduced regulatory burden.
Show 6 more companies
CCitigroup8 questions · 5 reporting periods · 1 of 8 challenging
Calendar 2025 Q4
you actually increase the NII outlook to 5% to 6%. I know you mentioned also that you took some actions to reduce asset sensitivity. So, we could wrap this all up into what drove that better NII ou...
Show response
Mason cited higher loan volumes (cards, wealth SBL), deposit growth (TTS operating deposits, retail), ~30% of investment portfolio maturing into higher yields, and disciplined deposit pricing. Better 2025 results inform the upgraded 2026 outlook.
on the actions to reduce that, so sensitivity, does that play into this at all
Show response
Mason confirmed active portfolio management including exiting certain securities to reduce asset sensitivity. U.S. Dollar sensitivity reduced to $300M per 100bps (from $400M in Q3). Most sensitivity in non-U.S. Dollar across 65+ currencies.
Calendar 2025 Q3
the nine to twelve months approval timing, when does that commence
Show response
Fraser confirmed Fernando's regulatory filing already submitted to Mexican authorities, starting the 9-12 month approval clock.
I did just want to understand how you're thinking about the Banamex transaction
Show response
Fraser emphasized the transaction plus subsequent IPO maximizes shareholder value with high certainty. Fernando Chico Pardo brings 50-year track record and credibility attractive to other investors. Mexican government publicly supportive.
Calendar 2025 Q2
maybe we could get an update as to where things stand there
Show response
Fraser noted audit financial statements being finalized, consumer businesses growing double digits, but timing could extend into 2026.
Calendar 2025 Q1
does that mean at $1.75 billion, or does that mean keep pace with the increased q on q
Show response
Mason confirmed similar buyback level with SCB clarity expected in summer to inform further acceleration.
how far along do you feel you are in the modernizing your infrastructure
Show response
Fraser noted many risk and compliance programs at or close to target states, with ongoing data program improvements and control automation.
Calendar 2024 Q4
buying back stock has got to be the most accretive use of capital today. And why wait on the buyback when you can lean into it
Show response
Fraser affirmed commitment but cited regulatory uncertainty on capital requirements and attractive growth investment opportunities as balancing factors.
PNCPNC Financial Services8 questions · 5 reporting periods · 1 of 8 challenging
Calendar 2025 Q4
Could you give us a sense as to how far along in this investment trajectory you are
Show response
Bill detailed tech spend at $3.5B growing 10%+ with AI at 20% of increase. Investments span branch builds, payments platform rebuild, data center modernization, cloud-native migration, and expansion market people. AI identified 171 opportunities across $1.4B addressable spend targeting 40 points of operating leverage by 2030.
Calendar 2025 Q3
what should we be anticipating as we move forward here in this timeframe where we have opportunities to maybe move the needle more than we have in the past
Show response
Bill pointed to organic growth success in new markets. FirstBank was opportunistic retail deposit gather in Colorado. Won't chase deal frenzy. Will be selective as always.
just want to understand how much of that is NDFI versus non?
Show response
Rob confirmed zero C&I growth from NDFI, all organic. NDFI is primarily bankruptcy-remote investment-grade securitizations and capital commitment lines. CRE balance declines expected to inflect into growth at beginning of 2026.
Calendar 2025 Q2
How does AI impact the degree to which you can get even more efficient from here?
Show response
Bill described AI savings today in fraud prevention, document processing, data lakes, and cloud-based modeling. Longer-term efficiency gains will be continuation of 10-year automation trend. More transformative opportunity is how AI changes delivery of financial services to clients.
Calendar 2025 Q1
I'm also wondering about the opportunities for doing more with private credit
Show response
Bill firmly rejected the premise that the hire signals a pivot to asset management, private credit, or private equity. No change in strategy.
how you anticipate he will be growing the business as president
Show response
Bill described Wiedman as a well-rounded talent with crisis management, balance sheet, and tech-forward experience from BlackRock. Serendipitous timing. No strategy change, additive to existing team.
Calendar 2024 Q4
are we leaving some money on the table by keeping all that there?
Show response
Bill acknowledged fair point, cash at Fed reflects optimism about loan growth. If no growth materializes, higher-yielding deployment possible.
I wonder how much of the C&I weakness is a function of pay downs, right? Because companies can go term out, pay down their C&I loan
Show response
Bill rejected the premise, curve shape is irrelevant since companies can swap. Issue is raw demand. Originations are high but utilization is low.
RFRegions Financial Corporation8 questions · 5 reporting periods · 0 of 8 challenging
Calendar 2025 Q4
is that expected to be managed in a way that the tech investment spend and the headcount offset each other in each quarter
Show response
John Turner said no big one-time initiatives planned. Headcount reallocation will happen gradually as technology opportunities develop. David Turner explicitly stated the tech spend comment was not a backhanded signal of quarterly expense volatility.
coming in in 1Q similar to where we are today and then dipping down a bit and then you know, ending the year
Show response
David Turner explained Q4 NIM of 3.7% included ~4bp nonrecurring items. Adjusted starting point of 3.66%. Q1 expected at 3.70% (day count benefit), then inching up to low-to-mid 370s by year-end. Assumes mid-30s deposit beta, low single-digit loan growth, and stable 10-year rates.
Calendar 2025 Q3
Can you give us a sense as to the NIM impact there or basis point impact in deposits
Show response
David Turner identified $5.5B in CD maturities as a big driver of Q4 NIM improvement to mid-360s along with front book back book repricing. Did not quantify exact basis point impact but framed these as the two primary margin expansion drivers.
how should we think about the NIM NII outlook in an environment where the Fed is cutting slowly 25 bps a meeting, versus more rapidly
Show response
David Turner explained rapid cuts hurt NIM short-term due to repricing lag but catch up later. Slow pace allows real-time repricing for more stable margin. Hedge portfolio negative carry dissipates as rates fall, supporting NII in any scenario.
Calendar 2025 Q2
Is this run rate of 150 to 250, something that you think that you should be able to continue to deliver over time
Show response
John Turner committed to positive operating leverage over time but declined to specify 2026 levels. David Turner explained 3-year strategic plan requires all businesses to build in positive leverage while managing investment timing.
Calendar 2025 Q1
you write it off and the reserve goes down. Right? You release the reserve against it. So that is why I was wondering would that be a neutral impact on provision
Show response
David Turner explained that reserve releases from resolved credits were offset by qualitative increases for economic uncertainty. Net provision roughly equaled charge-offs at $124 million.
Calendar 2024 Q4
How does this number, 140, compare to prior years? I'm trying to get a sense of what kind of ramp you are driving in the business
Show response
David Turner clarified 140 bankers is a 2-3 year ramp, not one year. Hiring feathered in to maintain positive operating leverage. John Turner added it represents 10-20% headcount increase by business.
will there be expense roll-off as it relates to system unwinds? Or is that more of a '26
Show response
David Turner said no meaningful expense savings from loan system go-live. The new cloud-based system is about serving clients better, not cost savings.
USBU.S. Bancorp8 questions · 5 reporting periods · 0 of 8 challenging
Calendar 2025 Q4
how much of a capital call do you think this piece of the business will be?
Show response
John noted BTIG has minimal balance sheet; potential loan synergies not yet in forecast; synergies expected across fund services, capital markets, and institutional client group; self-funded with no pull from other business lines.
Calendar 2025 Q3
as you do lean into it, it should have some impacts on tax. Could you help us understand how much
Show response
Approximately 3% tax rate benefit from Impact Finance expected to remain stable; growth is in fee revenue from transferability and syndications, not incremental tax benefit.
Calendar 2025 Q2
how many more quarters or years you're planning on doing this balance sheet restructuring
Show response
John said no specific plan for more actions but will be opportunistic; Gunjan confirmed commitment to resi mortgage business but was opportunistically oversized.
can you give us some color on the driver of that acceleration in growth? And where we stand now with line utilizations
Show response
Growth broad-based: utilization up 30-40bp, ABS lending, small business healthcare, SBA, expansion market middle market; new structured credit capabilities contributing.
Calendar 2025 Q1
what market we're talking about. When I speak with investors on this topic, I hear many different thoughts on what the market is
Show response
Gunjan defined market as US-focused, mid-to-high credit segment with profitable margins; excludes super-prime and large-box e-commerce from merchant growth benchmarks.
I noticed your C&I lending was quite strong this quarter. Anything in payments there?
Show response
John cited three drivers: ABS lending growth, utilization up 50bp across the board approaching long-term normals, and middle market growth in expansion markets.
Calendar 2024 Q4
I just want to make sure I understand what forward curve your NII guide is based on?
Show response
John Stern confirmed two rate cuts assumed, neutral positioning means NII relatively insensitive to Fed moves but benefits from steeper curve.
can you just give us a sense as to that fixed asset repricing? Is it coming through kind of quarterly cadence the same
Show response
Repricing is consistent at $5-7B per quarter with no acceleration or deceleration, plus $3B quarterly investment portfolio runoff.
BNYBNY Mellon7 questions · 5 reporting periods · 0 of 7 challenging
Calendar 2026 Q1
Is the rationale for keeping the medium-term targets at 38% plus/minus that there may be some of these economics you have to share with your customers
Show response
CFO noted it's too early to adjust targets one quarter in, at high end of expense guide, and will invest more if opportunities arise. CEO described three strategic advantages: culture as AI enabler, platforms model as groundwork, and scale to avoid AI vendor lock-in.
it would seem to me that The Bank of New York Mellon Corporation would benefit on the GSIB surcharge side
Show response
CFO said recent rule is broadly favorable for BNY, with impact revised from up 5-7% to flat to modest reduction, reinforcing the strength and low-risk nature of BNY's balance sheet.
Calendar 2025 Q3
Do you plan on issuing a The Bank of New York Mellon Corporation stablecoin
Show response
CEO declined to confirm or deny a BNY stablecoin, instead emphasizing the strategy of enabling the stablecoin ecosystem by providing infrastructure, rails, and services for other issuers. Will remain agile on the question.
how many more years of positive operating leverage do you anticipate you're going to be to deliver here
Show response
CEO distinguished between 'forever' and 'for a long time,' citing platform benefits not fully realized until 2028, investment management margin opportunity, and platform businesses now 10% more of pretax income. Decade view, only year three.
Calendar 2025 Q2
I wanted to dig in a little bit on the AI commentary that you had, Robin
Show response
CEO described AI as both revenue and expense story, with AI creating capacity for people to do higher-value work. Net investment now but expects acceleration in 2026-2029. Digital employees being introduced.
Calendar 2025 Q1
just on the Treasury Direct Express program that's moving over to your platform
Show response
CFO said Direct Express will ramp up in the latter part of 2025 with full-year revenue contribution in 2026, and emphasized NII resilience under a wide range of rate scenarios.
Calendar 2024 Q4
should we expect that operating leverage will also increase given this large slug of folks coming in '25
Show response
CEO tempered expectations on timing, noting benefits emerge about a year after transition rather than immediately, but confirmed the payoff is real based on pilot data.
STTState Street Corporation4 questions · 3 reporting periods · 0 of 4 challenging
Calendar 2025 Q4
is this just crypto, or is it beyond that?
Show response
Ron clarified relatively little is crypto/Bitcoin. Focus is on tokenizing cash, money market funds, and enabling bridge between traditional and digital finance. Used railroad analogy, STT enables movement between different digital rails. Tokenized money market funds primarily for collateral use. Stablecoin settlement capabilities being developed.
should we expect the financial impact of the digital asset work that you're doing and the services that you will be providing to appear on the P&L in the near term, medium term, long term?
Show response
Ron said traditional finance still dominates volumes. Short-term impact is marginal, but investments position STT for medium-term growth story as digital finance adoption accelerates. John confirmed not visible in 2026 P&L.
Calendar 2025 Q2
I had a question on an announcement that was made on July 1 with University of California on building a super app for individuals
Show response
Ron explained UC as a long-time partner with 350K potential stakeholders (students, faculty, employees, alumni). Consistent with wealth democratization strategy. Wealth now over $1T AUM. Goal is to develop innovative offerings that could extend to other platforms.
Calendar 2025 Q1
what are the scenarios that would drive plus low single digits year on year, and what are the scenarios that drive below
Show response
Mark detailed four NII buckets: deposit levels/mix and rate environment as headwinds, loan growth and portfolio rollovers as tailwinds. Higher rates and favorable deposit mix push to upside.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| GS The Goldman Sachs Group, Inc. | 10 | 10%1 of 10 questions |
| WFC Wells Fargo | 10 | 0%none of 10 questions |
| JPM JPMorgan Chase & Co. | 9 | 11%1 of 9 questions |
| NTRS Northern Trust | 9 | 0%none of 9 questions |
| TFC Truist Financial | 9 | 11%1 of 9 questions |
| BAC Bank of America | 8 | 13%1 of 8 questions |
| C Citigroup | 8 | 13%1 of 8 questions |
| PNC PNC Financial Services | 8 | 13%1 of 8 questions |
| RF Regions Financial Corporation | 8 | 0%none of 8 questions |
| USB U.S. Bancorp | 8 | 0%none of 8 questions |
- GSThe Goldman Sachs Group, Inc. · 10 questions10%1 of 10 questions
- WFCWells Fargo · 10 questions0%none of 10 questions
- JPMJPMorgan Chase & Co. · 9 questions11%1 of 9 questions
- NTRSNorthern Trust · 9 questions0%none of 9 questions
- TFCTruist Financial · 9 questions11%1 of 9 questions
- BACBank of America · 8 questions13%1 of 8 questions
- CCitigroup · 8 questions13%1 of 8 questions
- PNCPNC Financial Services · 8 questions13%1 of 8 questions
- RFRegions Financial Corporation · 8 questions0%none of 8 questions
- USBU.S. Bancorp · 8 questions0%none of 8 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 18 | 11%2 of 18 questions | 11 |
| 2025 Q1 | 21 | 10%2 of 21 questions | 12 |
| 2025 Q2 | 18 | 0%none of 18 questions | 12 |
| 2025 Q3 | 21 | 10%2 of 21 questions | 11 |
| 2025 Q4 | 18 | 0%none of 18 questions | 11 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
- 2024 Q418 questions · challenge rate 11% (2 of 18 questions) · 11 companies
- 2025 Q121 questions · challenge rate 10% (2 of 21 questions) · 12 companies
- 2025 Q218 questions · challenge rate 0% (none of 18 questions) · 12 companies
- 2025 Q321 questions · challenge rate 10% (2 of 21 questions) · 11 companies
- 2025 Q418 questions · challenge rate 0% (none of 18 questions) · 11 companies
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Margin25
- Revenue Growth19
- Capital Allocation17
- Innovation & R&D17
- Demand16
- Competitive Dynamics14
- Cost Pressure12
- Credit11
- Regulation Policy10
- M&A8
Show all 17 topics
- Macroeconomic6
- Capex Investment5
- Product Launch5
- Cloud & AI4
- Trade Tariffs2
- Geographic Expansion1
- Pricing1