Chris McGratty

Directly confirmed no change to the target, said it could be higher, and deferred formal 2027 guidance to Q4.

Borthwick cited flexibility at 10.9% CET1 vs a 10% minimum and restated the priority order: client growth, minimum and dividend, then buybacks.

Alastair attributed outperformance to favorable non-interest-bearing deposit mix and relationship value; directly addressed.

Alastair framed S&T durability as a function of diversification, equities, commodities, international all contributed in Q1, driving 12% S&T growth and 15% ROAC. Continued resource allocation to the business paired with robust client activity supports durability.

Brian indicated adviser recruiting doubled vs prior-year Q1 with attrition at low levels. GWIM operating margin improving year-over-year. Long-term M&A and net new money targets not updated quarterly; broader update reserved for general company updates.

Alastair confirmed pushing for growth everywhere. Consumer pickup in home equity, mortgage originations, and card. Brian addressed proposed 10% card rate cap, warning of unintended credit restriction consequences. Cited Balance Assist product and no-frills card as affordability commitments.

Alastair estimated $50-100B in remaining wholesale funding (repo, CP, short-term, institutional CDs) that can be paid down as deposits grow, benefiting NIM without NII cost.

Alastair reported no change in risk appetite or areas of avoidance. Consumer and commercial charge-offs both declined. Brian noted credit results compare favorably to 2019 which was a 50-year best for the company.

Brian noted all consumer lending categories grew but cautioned about pushing too hard given unemployment expected to rise. Being careful with consumer credit volatility.

Brian noted deposit-side acquisitions are unavailable (30-year prohibition). Small technology acquisitions possible (e.g., medical payments). Organic expansion is the primary growth avenue with branch expansion in new markets.

Bible tied higher spend to technology, cyber, mortgage sub-servicing, treasury management and the new CRE Warehouse platform.

Bible said competition unchanged. Customer deposits outpacing loan growth by $1B+. Business banking at 3x deposits-to-loans ratio with 80% operating accounts, performing as well as he's ever seen.

Bible said spreads net about the same, Iran conflict may have widened slightly but competitive pressure offsets. MTB focused on getting paid for risk taken.

Bible most bullish on fee income given momentum. NII expected to do well. Expenses well-controlled with disciplined culture. Feels more positive entering 2026 than any point since joining MTB. Strongest management team under Renee Jones's tenure.

Bible couldn't provide specific checking account numbers, promised to include in Q1 investor deck. Business banking has 3x more deposits than loans. Investing heavily in treasury management.

Bible said fee momentum (trust, mortgage, commercial), NIM expansion to 3.70s, and all loan portfolios growing should drive good operating leverage in 2026. Revenue growing faster than expenses.

Bible said criticized improvement driven by broad CRE decline across all property types, especially multifamily and healthcare. May remove criticized slide soon as credit normalizes. M&A geography only expands if target is HQ'd in one of 12 states but has some out-of-state exposure.

Bible said CRE concentration is not a deal-breaker for M&A, can sell credits post-close, do risk transfer trades. Culture and credit fit are primary criteria.

Bible said expense guide improvement was driven by leadership bending the cost curve to maintain positive operating leverage given softer loan growth, not GL completion.

Barnum said consumers are healthy on a strong labor market, but an aggressive extended hiking cycle would raise unemployment and weaken consumer credit.

Dimon declined specifics but said JPMorgan is tightening credit because some terms have loosened, citing weak covenants.

Barnum said consumer deposit growth is tracking low-single-digit expectations with strong net new checking, and the 15% share is a long-term outcome of strategy.

Barnum said lower policy rate should incrementally decrease yield-seeking flow pressure and translate directly into lower CD rates. No notable change in competitive dynamics.

Barnum highlighted product innovation driving AUM growth, aggressive advisor/banker hiring in private bank, exceptional flows. AWM remains one of strongest areas of optimism for the future.

Barnum said no pricing change needed. Conscious share loss in aggregate from disciplined pricing but actually gaining share in highest-priority expansion markets. Strategy is about expansion, deepening, and core value proposition.

Barnum detailed capital hierarchy and said everything is on the table including inorganic. Dimon emphasized nothing has actually changed yet in regulation despite rhetoric. Both called for holistic review.

Barnum said not capital constrained so any good franchise business clearing cost of equity gets done. Dimon noted organic growth in every business without stretching is the bigger positive.

Gave the fully phased in capital estimate and acknowledged the rating agency discussion is unresolved.

Unambiguous no on depository M&A with the conversion project cited as the priority.

John Turner outlined loan system delivery end of May, small business digital platform in summer, deposit system pilot in Q3. Said they will stay focused on organic plan execution. Did not directly address whether technology project completion would open the door to M&A flexibility.

Anil Chadda said capital proposal benefits are a tailwind to returns if fully implemented. Goal is top quartile returns, not necessarily #1. Will reassess targets as peers also benefit from proposals. Committed to investing capital at good returns. 16-18% range reflects growth investment flexibility.

Anil Chadda confirmed 10-12% is a new permanent level, up from historical 9-11%. Company has been running at the upper end (~11%) so the shift is modest.

John Turner reported nice growth in consumer checking with increased digital originations from improved mobile platform. New direct deposit switching capability driving additional uptake. Focus on core checking customers with direct deposit and active debit card usage.

David Turner explained guidance based on 35% beta with current cumulative at 32-33%. Big Q4 CD maturity quarter gives confidence in reaching 35%. Expects to eventually reach 43% (matching up-cycle beta) but not committing to timeline. Acknowledged chance to outperform.

John Turner gave a measured non-committal response. M&A not in strategic plan today but will always act in shareholders' best interest. Did not directly address how or whether they would signal a change.

Spence ranked consumer deposits first but flagged real estate capital markets and the HomeStreet DUS platform as the next capital markets investment.

Bryan confirmed 53% full-year 2027 target with Q4 typically 1-2 points below full-year average, implying Q4 2026 efficiency in the low 51% range.

Tim attributed Midwest competition to two factors: more fragmented market with more regional bank HQs (3 in Ohio alone) producing less consolidation, and credit unions optimizing for liquidity rather than profit. Southeast benefits: small existing share means low cannibalization cost, and marginal dollar cheaper to raise than in Midwest.

Tim said tech spend growing 7-10% annually and will continue. About half funded through automation savings. Total headcount flat YoY but engineering/tech resources up 2% while staff/operations roles down 3%. Referenced a fellow Category III bank's comment: 'you're either on offense or defense', Fifth Third on offense for foreseeable future.

Tim unequivocal that further M&A is not on the agenda. Focus is entirely on converting Comerica customers, making company feel like one from employee perspective, and getting expanded capabilities to market.

Bryan reported stable credit spreads with occasional defensive pricing on house accounts but no irrational behavior.

Greg noted NPA inflows dropped 77% from prior quarter while commercial NPAs declined 18%. On track for 40% NPA resolution target over next few quarters.

Management said, assuming a constructive macro, expenses can be managed effectively while investing ~$1B in tech/ops, supporting continued operating leverage; expense growth still slightly above the long-term target but gliding down.

Chris stack ranked: oil/gas producers (~$2B, hedging dependent), transportation ($2.5B, escalator risk), consumer discretionary (potential if inflation persists). Positives: healthcare firming, materials/construction improving. Leverage book stable at ~$2B. Private credit not a concern. Clark confirmed NPL uptick not private-credit related.

Clark confirmed improved margin guidance of ~3.05% exit incorporates no-cut scenario. Would feel stress from hikes, upside from cuts especially with steepening curve. Very good about managing to guidance under variety of circumstances.

Clark quantified: 10.3% to 10% = ~$500M consumed. Plus $700M+ distributed (dividends + buybacks). Will pay above 70-80% target payout ratio in 2026. Components: loan growth priority, macro/credit reserve, rating agency considerations. Chris noted capital rules finalization expected.

Chris noted path to 15% is half mechanical, beyond requires more business-generated returns and maintaining credit quality. Clark identified two key opportunities: getting to efficient balance sheet (3.25%+ NIM) then growing it sustainably, and growing fees at/above expense rate while managing capital to right level.

Chris identified energy (data centers, renewables) and healthcare as primary growth verticals. Financial services is expanding opportunity. Strategy is to go deeper in existing sectors and continue investing in financial services.

Chris noted Key preemptively adopted all regulatory proposals, so plumbing investment already complete. Can lean into frontline hiring and technology regardless of regulatory outcome.