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Analyst
Ebrahim Poonawala
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 200on tracked calls
- Challenge rate
- 16%31 of 200 questions
- Companies
- 17questioned at least once
- Reporting periods
- 8with 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 200 of 200 questions from 17 companies
GSThe Goldman Sachs Group, Inc.16 questions · 8 reporting periods · 3 of 16 challenging
Calendar 2026 Q3
how should we think about equity financing actually making these earnings more durable versus adding to the cyclicality?
Show response
Solomon conceded prime balances are cyclical but argued the business grows with GDP and market cap over 3 to 5 years.
do you share that concern that the real choke point for AI CapEx will be financing, especially given rates moving higher
Show response
Solomon said no one knows, stressed underwriting discipline and expected more build-out and financing before an eventual reset.
Calendar 2026 Q2
Talk to us about the durability of the AI CapEx cycle.
Show response
Solomon said the AI build-out is in early innings over a three-to-five year horizon and will not move in a straight line, with recalibrations likely, but sees significant, highly correlated opportunities to deploy capital financing the infrastructure build-out at disciplined returns.
how you're thinking about capital allocation across your markets business in Asia versus Europe versus the United States
Show response
Solomon prioritized deploying capital into the client franchise at accretive returns, citing the Asia equities opportunity, and said excess capital is returned nimbly to shareholders, noting the quarter both built more buffer and increased client deployment.
Calendar 2026 Q1
give us a sense of how you see this potentially impacting sponsor activity when it comes to M&A IPO
Show response
Solomon gave an extensive, data-rich response distinguishing direct lending ($1.6-1.7T) from broader private credit ($3.5T), noting GS platform is 80%+ institutional with strong inflows and improving spreads.
is this something extremely different than what banks have had to deal with over the last decade
Show response
Solomon emphasized this is not new, GS has invested significantly in cyber defense, is working with Anthropic and security vendors on frontier AI capabilities, and accelerating investment.
Calendar 2025 Q4
is it fair for a shareholder to assume that absent, like, big peaks in falls, that the business is rebasing to maybe something better than mid-teens
Show response
Solomon reaffirmed mid-teens target, noted potential to exceed near-term, but won't reset targets until firm has further elevated. AWM 30% margin target is key uplift.
do you see this as the right time or if the right opportunity presents itself to do something that would shift the mix
Show response
Solomon said very few great businesses available for sale. Cultural integration concerns maintain high bar. Will continue bite-sized acquisitions that accelerate AWM.
Calendar 2025 Q3
is the competitive positioning of Goldman Sachs getting better where you're not being buried with incrementally new regulations?
Show response
Solomon expects real progress this fall through H1 2026 on SLR, CCAR transparency, G-SIB recalibration, and Basel III. Clear picture by next summer.
how should shareholders think about the risk that at the back end you could suffer losses because of the lending to NDFIs?
Show response
Solomon emphasized strong risk culture and diversified book. Coleman confirmed no direct exposure to recently troubled names. Selectivity maintained.
Calendar 2025 Q2
where does, if at all, inorganic acquisitions rank when you think about use of capital?
Show response
Solomon said capital flexibility enables more serious consideration of AWM acquisitions but bar remains very high and opportunities are scarce.
is there a CET1 ratio you're targeting against as we think about go forward basis
Show response
Coleman said 50-100bps buffer above regulatory minimum to maintain flexibility for unexpected client activity and regulatory changes.
Calendar 2025 Q1
if you can contextualize just how negative the last 10 days have been following a very strong 1Q
Show response
Solomon acknowledged April 2nd shifted perspectives but said growth was already slowing earlier. Emphasized clients remain very active.
what we are doing on the expense side as we think about the 60% efficiency target
Show response
Coleman confirmed commitment to three-year efficiency program and flagged approximately $150 million Q2 severance charge for performance management.
Calendar 2024 Q4
how quickly could we see a more significant ramp up around deals, IPOs? Is it a second half event?
Show response
Solomon confirmed meaningful pickup in large-cap M&A dialogue and sponsor inquiry with strong positive backlog trends.
how do you think that plays out? And in particular, in terms of the operating backdrop for your capital markets business
Show response
Solomon gave thorough overview of three regulatory avenues (CCAR, Basel III, G-SIB) but acknowledged uncertainty about outcomes.
CCitigroup15 questions · 8 reporting periods · 4 of 15 challenging
Calendar 2026 Q3
I am just trying to understand what brings that business from close to 30% to the mid twenties target
Show response
Fraser called the mid-twenties figure a through-the-cycle target and described Services growth pillars without explaining the implied decline.
Is the point there that if the Fed finalizes rules before the end of the year, then you have better flexibility
Show response
Luchetti said the glide path anchors to current rules and full clarity on new rules is unlikely before around the middle of next year.
Calendar 2026 Q2
if the revenue backdrop is strong, we could still maybe replicate the strength more or less that we have seen in the first half
Show response
Luchetti said momentum should continue in a constructive environment but flagged seasonality and uncertainty.
Calendar 2026 Q1
I have a hard time thinking why it should go down to the 10% to 11% range, even adjusting for some of that seasonality
Show response
Fraser emphasized Q1 seasonal strength, macro uncertainty, and continued investment spending. Maintained 10-11% ROTCE target while signaling confidence in delivery.
do you think we stay in a holding pattern in terms of the CET1 ratio where it ended this quarter?
Show response
Luchetti walked through capital deployment: Russia exit freed $4B, supported Markets and record $6.3B buybacks. More detail at Investor Day.
Calendar 2025 Q4
Where would you respond to that there is a gap between Citi and best-in-class peers
Show response
Fraser outlined competitive position by business: services #1, markets filling gaps in prime/FX/equities, banking gaining share (sponsors +180bps, leveraged finance +100bps, M&A +90bps), wealth retooling with open architecture, cards innovating with new products. Goal is top 1-3 in all businesses.
how we should think about fee revenue growth embedded in your expectations around that 60% efficiency ratio
Show response
Mason expects constructive 2026 banking wallet with continued share gains, wealth investment revenue momentum, strong services KPIs. Markets total revenues approximately flat but loan growth mid-single digits in cards/wealth and deposit growth mid-single digits in services/wealth.
Calendar 2025 Q3
when we think about the consumer cards book, expectations, any kind of red or yellow flag that you're seeing there
Show response
Mason attributed NAL increase to two idiosyncratic downgrades with adequate reserve coverage at over 2x. Consumer delinquency trends normal with no early stress signals. Operations running in recession-ready mode. Fraser cited 85% prime consumer base.
we could get a mark to market on the wealth business, Jane
Show response
Fraser outlined ongoing strategy: becoming lead investment advisor, open architecture (BlackRock $80B partnership), CIO research strengthening, AI tools (Ask Wealth, advisor insights with 75% usage), $5T off-platform opportunity, scaling runway still substantial.
Calendar 2025 Q2
when we think about the binding constraint from standardized to advanced, how we should think about it
Show response
Mason confirmed standardized is binding and the firm optimizes both metrics while watching regulatory evolution around Basel III advanced retirement.
how you're already using these internally. And do you view disruption risk to services revenues
Show response
Fraser outlined four areas: reserve management, on/off ramps, Citi stablecoin issuance, tokenized deposits, and crypto custody.
Calendar 2025 Q1
how what's baking in around the unemployment rate? What would cause you to ratchet up provisioning in the near term
Show response
Mason detailed CECL framework with meaningful skew to downside, $23B total reserves at 2.7% reserve-to-loan ratio.
the RWA sort of dragged the thirty-two basis points. Is that normal as we think about what the RWA consumption should look like
Show response
Mason confirmed RWA growth tied to client demand across businesses, with SCB clarity expected in summer to inform buyback trajectory.
Calendar 2024 Q4
talk to us a little bit about the franchise positioning competitively both in the U.S. and abroad
Show response
Fraser outlined $5.3 trillion opportunity from existing clients, talent acquisitions, and Asia/U.S./Middle East growth focus.
could we see a similar trajectory in that business over the next 12 months and where the opportunities are
Show response
Fraser highlighted IB share gains across products and geographies, and new leadership driving disciplined capital allocation.
JPMJPMorgan Chase & Co.15 questions · 8 reporting periods · 2 of 15 challenging
Calendar 2026 Q3
when we think about the disruption risk to agentic AI, I know you have talked about in the past
Show response
Barnum framed personal agents as the intersection of yield-seeking flows and fintech competition, nothing new; Dimon said outside agents will not be let inside.
how you assess the resiliency of the economy to handle maybe 6% rate on 10-year and just the Fed hiking a few times
Show response
Dimon said the firm prepares for such scenarios without predicting them, noting he has long seen a higher chance of that outcome than others do.
Calendar 2026 Q2
Are you seeing any broadening in CapEx beyond AI, or is it very AI-centric
Show response
Barnum said consumer spend is robust across income segments, delinquencies are better than expected, and some CapEx/loan growth appears non-AI though hard to untangle.
Calendar 2026 Q1
does it create new business opportunities where maybe it's extending the perimeter of JPMorgan's business into new things
Show response
Dimon pushed back on efficiency ratio improvement thesis, benefits will be competed away. But emphasized AI creates real adjacencies: Connected Commerce, fraud reduction, better prospecting, AI services to clients.
is this a different level of risk? And how would you characterize the preparedness of the banking system to handle this
Show response
Dimon said cyber is JPM's largest risk and AI has made it worse. Barnum noted this is a continuum they've been engaged with; latest models increase attention but not fundamentally new threat category.
Calendar 2025 Q4
do you think two, 300 basis points of excess capital wherever the regulatory minimum shakes out is the right place to be
Show response
Barnum steered away from implicit 300bps management buffer narrative. Said direction of travel from agencies is correct. Dimon emphasized $30-40B+ excess, no scenario where capital is the issue, and focus should be on making system safer not just more capitalized.
Is it fair for us to conclude there's been no communication from the administration to the banks or the industry on how they plan to implement this
Show response
Barnum said situation evolving too quickly from unconventional social media post origin to have useful information. Declined to speculate on timeline or details.
Calendar 2025 Q3
are things getting better as we look into 2026? Does it feel like we are at a tipping point where we could see a slump in unemployment
Show response
Barnum cited JPM economist describing 'low hiring, low firing' labor market suggesting employer uncertainty. Consumer spending strong and delinquencies below expectations, but easy to imagine labor market deteriorating.
How should bank shareholders think about AI-led productivity gains in terms of making a dent on the expense growth either next year or for the next few years
Show response
Barnum said forcing AI savings measurement is counterproductive. Instead using old-fashioned expense discipline and constraining headcount growth. Has strong bias against reflexive response of hiring more people.
Calendar 2025 Q2
what's the state of play there? When we think about interest rates, tariffs, consumer spending slowing, should we be concerned in terms of credit quality outlook looking out 6, 9, 12 months
Show response
Dimon highlighted middle market growth including Innovation Economy (500 bankers). Said they'll grow regardless of 6-9 month environment. Provides lending, payments, custody, asset management, FX.
any areas of stress from a credit quality perspective that you're beginning to get more concerned today versus 3 or 6 months ago
Show response
Barnum said consumer fundamentally healthy at 4.1% unemployment. Lower income slightly weaker but always true and not out of line. Delinquencies and NCOs in line. Real spending slightly softer but still positive.
Calendar 2025 Q1
your comfort level in terms of the functioning of the treasury market? Do you see the Fed stepping in, pausing QT, maybe even initiating some treasury purchases
Show response
Dimon said the Fed will step in when treasury kerfuffle happens as it always does. Noted this time is fundamentally different with risk-off trade not flowing to 10-year. Said tariffs inflationary by ~0.5%.
what is it you think we need to see before this uncertainty abates
Show response
Dimon said best path is quick trade agreements in principle. Noted tariff effects will happen regardless but resolution speed matters.
Calendar 2024 Q4
as far as QT is concerned, when you talk to experts, like no one knows where the right level for the Fed to end is
Show response
Barnum cited market consensus for QT ending mid-year. Said flow-of-funds analysis supports their NII outlook for stabilizing deposits in second half.
In terms of areas of vulnerability, so I heard you, Jeremy, on the lending side, but lots of cross currents
Show response
Dimon identified unemployment as the primary credit risk driver and stagflation as the worst-case scenario. Barnum declined to detail specific sector exposures.
BNYBNY Mellon14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
in terms of how we should think about it with regards to moving the needle on the bottom line
Show response
Robin reframed digital assets within a broader shift to an always on operating model, positioning BNY as a bridge between traditional and digital finance rather than a disintermediation risk.
we should expect a pickup in organic growth as you capture more of that white space beyond any market driven growth?
Show response
Dermot confirmed an ambition for higher organic growth driven by the commercial and platform models but declined to commit to timing.
Calendar 2026 Q1
Is there a risk that you are underinvesting
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CEO emphasized doing both, investing in growth AND driving operating leverage. $4B tech spend provides scale. Three-year AI investment foundation with 218 solutions in production, up 4x YoY. Would invest more if needed.
On fees, the guidance implies like 2% to 3% growth for the rest of the year. Is that right
Show response
CFO noted organic growth grinding higher from 3% in 2025, pointing to record sales quarters as proof. Not changing fee outlook yet after just one quarter, acknowledging uncertainty with three quarters to go.
Calendar 2025 Q4
just annualizing our fourth quarter NII gets you to about 9% growth on the NII side. So if you don't mind unpacking that a little bit
Show response
CFO explained new approach of guiding total top-line growth (~5%) rather than by component. NII slightly above 5%, fees slightly below 5%. December was a particularly strong month for NII.
how would you want the seat to think about -- I guess, the medium-term earnings growth potential for BNY
Show response
CEO emphasized increased conviction in ability to win and grow, with expense agility built over three years. Deliberately diversified revenue engines across equity/fixed income markets, transaction volumes, GDP growth, payments and software to reduce macro sensitivity.
Calendar 2025 Q3
how you're thinking about share buybacks
Show response
CFO confirmed 90-100% total payout ratio for full year, running conservative at 92% YTD due to market turbulence. CEO emphasized the runway ahead means stock doesn't feel overpriced, no pressure to reduce buybacks.
if the move towards on-chain tokenization picks up is it disruptive from revenue margins for The Bank of New York Mellon Corporation
Show response
CEO acknowledged both opportunity and disruption risk. Sees digital assets creating efficiency in clunky markets like loans and enabling 24/7 liquidity. Hired new Chief Product and Innovation Officer with deep digital asset expertise.
Calendar 2025 Q2
how you're thinking about capital deployment relative to where the stock's trading at today
Show response
CEO emphasized organic growth as primary focus, citing Archer as example of disciplined M&A. Very high bar for larger transactions requiring strategic alignment, cultural fit, and compelling financials.
is it safe for investors, shareholders, the street to assume that this is becoming a high twenties
Show response
CEO stated no ceiling on ROTCE, noting 75% of revenue comes from capital-light fee businesses. Medium-term targets viewed as milestones on a longer journey, not endpoints.
Calendar 2025 Q1
What all of that means in terms of your ability to play in digital assets
Show response
CEO described digital assets as a long-term play, not a near-term revenue driver, noting BNY provides traditional infrastructure to digital asset firms and sees stablecoins as essential for efficient on-chain settlement.
There's obviously concerns around the treasury market, what's happening, whether the Fed needs to intervene
Show response
CEO separated market structure (working well) from liquidity depth (reduced bid-offer, thinner order book), concluding markets are not dysfunctional, the threshold for Fed intervention has not been reached.
Calendar 2024 Q4
I'm trying to get a sense of the resiliency of these numbers as we think about
Show response
CFO affirmed confidence in medium-term targets being sustainable, pointing to eight quarters of strong execution as evidence of a reliable track record.
does that result in a lot more resilience to your fee revenue growth relative to whatever may happen to markets
Show response
CEO strongly endorsed the platform model as a driver of both incremental and more durable topline growth, citing improved client solutions delivery.
PNCPNC Financial Services14 questions · 7 reporting periods · 2 of 14 challenging
Calendar 2026 Q2
is there something different about the quality or the type of borrower or the type of borrowing that is happening?
Show response
Reilly said the mix skews higher-credit-quality but is not off the charts versus normal run rate.
are you picking up some of that business tied to data center lending, etcetera?
Show response
Demchak said growth is too broad-based across sectors and geographies to attribute to AI CapEx alone.
Calendar 2026 Q1
Just give us a sense of the algorithm to grow core deposits in this environment
Show response
Bill framed deposit growth as a function of retail client acquisition (shots on goal) rather than rate competition. Opening 55+ branches in 2026. Digital acquisition strong. Rob confirmed deposit growth expectations for the year with some incremental growth anticipated.
Did we see some decline in sentiment over the course of the last month
Show response
Bill noted spending has accelerated despite weak headline confidence surveys. Activity levels, loan growth, and savings all strong. Rob added concern levels are higher but activity unchanged.
Calendar 2025 Q4
whether or not you think there is a risk to industry deposits
Show response
Bill framed the stablecoin interest debate clearly: if stablecoins pay interest, they're effectively money market funds and should be regulated as such. Crypto industry has lobbying power to push for both payment and investment vehicle status. Banks pushing back on unfair regulatory arbitrage.
should BNC be adding a lot more in terms of capital markets capabilities? And on the wealth management front
Show response
Bill described focus on better coverage of private capital entities (lending, ABL, Harris Williams, Solbury, capcom lines). Investing in fixed income expansion. Not entering equities, scale-driven, automation-heavy, low-margin. Cap markets total ~$2B+ annual revenue. No acquisitions needed.
Calendar 2025 Q3
do you think is 9.5% to 10 is the right place? Is it 9%?
Show response
Rob confirmed operating at high end of 10-10.5% guideline. Moody's upgrade removes previous binding constraint. Could work to lower end or below pending Basel III endgame outcome on risk-weighted assets. Bill noted RWAs could drop substantially under new rules.
between loan demand picking up or credit worsening, like what do you see as the more likely outcome?
Show response
Rob emphasized credit metrics all trending positively and loan growth possibilities strengthening. Bill cited Bloomberg/PNC CFO survey showing majority bullish on economy. Consumer spending resilient, deposits growing.
Calendar 2025 Q2
as we think about the right target CET1 capital for PNC, a world with banks triple your size are seeing requirements coming lower
Show response
Rob confirmed CET1 10.5% (9.4% incl AOCI) vs 7% requirement feels right pending rule finalization. Buybacks raised and dividend increased. Bill added that rating agency constraints, not regulatory minimums, are the binding constraint across the industry.
is there upside to growth outlook for the back half into 2026?
Show response
Bill cautioned that the industry has been terrible at predicting loan growth. Momentum is good but can be disrupted by politics/tariffs. PNC's expansion market position gives them an edge if industry growth materializes.
Calendar 2025 Q1
talk to us around the fragility across the customer base, be it consumer or commercial
Show response
Bill noted nothing has fundamentally changed, uncertainty is slowing activity while clients figure out tariff impacts, but no credit deterioration yet. Only a steep recession would trigger a standard credit cycle.
how are you thinking about, like, from a cash or the bond book Are are things that you're doing as you think about just the forward outlook beyond twenty five?
Show response
Rob confirmed 2025 NII is largely locked in. Focus has shifted to securing 2026+ through continued fixed rate asset repricing and forward-starting swaps.
Calendar 2024 Q4
if we don't get any Fed rate cuts, employment holds up okay, is it your sense that credit quality is generally okay?
Show response
Bill expects no solvency concerns even without rate cuts. Economy is strong. Debt coverage ratios may decline over time as low rates roll off but not loss content.
How does that inform your view in terms of the window of opportunity from a regulatory political backdrop to do a transformational M&A?
Show response
Bill noted deal approvals easier but nobody is selling. Strong bank earnings create no urgency. Won't force an outcome.
USBU.S. Bancorp14 questions · 7 reporting periods · 3 of 14 challenging
Calendar 2026 Q2
if we can pick on the return on assets at 1.26%, the higher end of the guidance, 1.35%, how do you think about it?
Show response
Management said the goal is to keep improving metrics and move toward the right side of the medium-term target ranges, now focused on NII expansion.
Calendar 2026 Q1
If Category II moves to, I don't know, $900 billion, $1 trillion in assets, what does that mean for you strategically capital allocation-wise?
Show response
Gunjan said timing of rule changes is the big variable; prepared for Cat II with full AOCI; Basel III proposals both better than current Cat II regime; capital distribution timing may shift 1-2 quarters depending on regulatory clarity.
I'm just trying to right-size the idiosyncratic growth opportunity for USB.
Show response
John quantified Amazon: ~$1.6B loans, 70K clients, $75-85M/quarter mostly NII; Gunjan described digital co-brand platform built with State Farm, improved with Edward Jones, now expanded to small business via Amazon; 700K new small business relationships.
Calendar 2025 Q4
I think last quarter you all established a digital assets organization. Just talk to us.
Show response
Gunjan described two distinct areas: capital markets custody (crypto and stablecoin ETFs generating real revenue) and payments rail (more speculative, revenue model still unclear); piloting stablecoin transactions.
just spend some time talking about drivers of deposit growth. You're having the mix towards consumer deposits. What's driving that net net?
Show response
John cited BankSmartly savings product success, pricing capability tools, and reduced CDs ($6B reduction, lowest in 10 quarters); Gunjan added consumer deposits drive payments, card, and merchant fee revenue.
Calendar 2025 Q3
is there a point where there's a pretty material inflection outside of like the back book repricing
Show response
Fed cutting cycle and steeper curve would accelerate NIM; asset side repricing is mechanical and embedded; SOFR vs 5-year treasury still inverted.
it's just very hard to figure out whether these are sticky deposits, lower-cost deposits
Show response
Consumer deposits sticky with favorable pricing; BankSmartly drives 3x multiservice attachment; treasury management and corporate trust growing operational deposits.
Calendar 2025 Q2
talk to us your degree of confidence that as we -- kind of what you've laid out in terms of NII should grow from here
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Both Gunjan and John expressed strong confidence; 42% fee mix provides earnings stability; strategic balance sheet actions position for faster NII trajectory.
adjusted CET1 hitting 8.9%, I'm assuming crosses 9% next quarter. Does that mean anything in terms of should we see
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John said short-term preference is deploying capital into loan growth given improved pipeline; committed to 75% payout over time.
There was a lot of excitement around commercial products revenue. We saw sort of a pretty decent momentum. That's flatlined over the last 4 to 5 quarters
Show response
Last 2 quarters muted due to lower investment-grade and high-yield underwriting; ABS, commodities, derivatives strong; viewed as temporary with strong long-term trajectory.
Calendar 2025 Q1
Is it fair to assume that we could see multiple quarters of flat to lower expenses
Show response
Gunjan redirected: managing to positive operating leverage, not a fixed expense target; flex is how much savings get reinvested in growth.
did you bless that you believe that absent any macro shocks, the margin should be three percent average for 2027?
Show response
John clarified 3% NIM is an achievement target for 2026 or 2027, not an average; speed depends on curve shape, deposit environment, and loan growth.
Calendar 2024 Q4
talk about, I think you addressed a little bit around the payments business. As we think about the fee revenue sort of categories across payments
Show response
Mid-single-digit retail card growth, merchant improving but below high-single-digit aspiration, CPS best year with high-single-digit expected.
what's underpinning that from a loan growth perspective, like, one, so yeah, what's the assumption of loan and deposit growth?
Show response
John Stern said forecasts assume modest growth; positive sentiment in pipelines hasn't translated to elevated loan growth yet, back half may improve.
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FITBFifth Third Bancorp13 questions · 7 reporting periods · 5 of 13 challenging
Calendar 2026 Q2
As we think about what's next tied to the deal and the opportunities it has created for the bank
Show response
Spence confirmed running ahead of the $850 million synergy target and laid out plans to redeploy the excess into revenue growth.
Just talk to us on the deposit side, given the campaigns y'all are running, in terms of just what are you observing
Show response
Preston acknowledged rising deposit competition but pointed to roughly $100 billion of high beta balances available to recycle.
Calendar 2026 Q1
How we -- how are you converting clients acquired through promotions into core checking accounts. Is that happening?
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Tim explained household growth metrics are primary checking accounts (not savings promos or loan products). Southeast growing 3-4x market rate. On branches: described them as attributes boosting direct marketing response rates, with nonlinear decay function by drive time. Southwest branches opening next year, not in 3-5 years. 81-82 properties locked up.
why is it attractive for so many of your peers and not so much when you assess that for Fifth Third
Show response
Tim questioned private credit's return math: banks run 8-10x leverage for 15% returns with diversified revenue; private credit promising 8-9% at 2-3x leverage with loan-only revenue is unrealistic. Couldn't determine total leverage across portfolio companies, back leverage, NAV lending layers. Also strategically: lending to private credit won't build competitive barriers and will gravitate to cost of capital, distracting from 19%+ return relationship lending.
Calendar 2025 Q4
when we stack rank, being able to do more with Comerica clients, the Texas expansion, and then leaning into their tech and life science practice. Just give us a sense of where the biggest opportuni...
Show response
Tim laid out three time horizons: near-term is leaning into Comerica client base plus deposit marketing (dropping 1M+ pieces of mail in first two weeks, 13-14M over the year, first consumer deposit campaign in Comerica branches in over a decade); medium-term is Texas retail branch build-out (40+ of 150 locations already secured via Southeast development partners); long-term is innovation banking combining Comerica's tech/life sciences with Newline platform.
Calendar 2025 Q3
are your customers feeling the pain on the commercial side from tariffs and slowing activity? Or are we on the other side actually where things are picking up
Show response
Tim visited three dozen clients during the quarter. Tariff cost shared roughly one-third each between supplier, intermediary, and customer. Suppliers intend to restore prior margins via continued price increases. Bright spots: Fed rate cuts generating optimism, shift from renting to owning equipment, logistics clients report activity stabilizing on upswing, AI-driven demand very strong.
Just the optionality that Comerica provides. So you've talked about opening the branches in Texas. But Comerica also had a big technology life science practice
Show response
Tim excited about tech and life sciences potential with early OCC signals supportive. Michigan about fortress Midwest position, Texas about investment in middle market and branches, California about business-focused strategy leveraging Newline. Comerica runs 3-4:1 deposit-to-loan ratio in California, opportunity to drive more deposits via Newline.
Calendar 2025 Q2
how you're thinking about deployment of capital. Clearly, we saw one of your competitors announced a bank deal earlier this week
Show response
Tim emphasized organic growth over M&A, using military metaphor about density vs breadth. Focused on 350 branches in one region vs 3-4 in 100 cities.
how you are handicapping any potential risk tied to your exposure and the business strategy from here going forward at Dividend?
Show response
Bryan detailed no impact on existing portfolio, solar charge-offs expected to decrease 15-20% in Q3 and again in 2026. 2026 originations down 70-80% but new home equity product launching Q1 2026.
Calendar 2025 Q1
if you can provide some more details on those ABL loans that drove NPLs higher and even if we remain in a slower growth environment
Show response
Greg explained well-secured ABL portfolio with 6bps average annual loss rate over six years. About 40% of NPAs have resolution visibility over next few quarters.
just also address the solar panel lending business, where things stand there, any policy that's that you see
Show response
Tim clarified policy risk is on originations not existing credit. Greg noted NPAs decreased $34M in quarter with charge-off curve expected to bend in H2 2025.
Calendar 2024 Q4
remind us around the pay-off that you had from branches opened two, three, four years ago
Show response
Bryan noted branches still in early ramp with plans for 50 more in 2025. Tim detailed expansion plans for Florida coast, South Carolina, and Birmingham.
how dependent is that revenue growth on actually balance sheeting loan growth or loans?
Show response
Tim broke down each business: Wealth not dependent, Payments half-half with 40% credit-free, Capital Markets more dependent on cross-selling commercial clients.
KEYKeyCorp13 questions · 7 reporting periods · 1 of 13 challenging
Calendar 2026 Q2
my read is there is pressure on incrementally pressure on the NIM
Show response
Gorman argued the 15%+ ROTCE-by-2027 target is not in conflict with growth, noting ~58% of C&I is investment grade and that new relationships deepen into fee business over 12-18 months.
Calendar 2026 Q1
is there risk tied to this data center spending that is being put on bank balance sheets
Show response
Chris noted Key has been in power business a long time, understands nuances (cost overruns, contractual rights). Clark added Key's data center exposure is fairly de minimis, AI-adjacent exposure reviewed with board, not chasing larger projects or hyperscalers.
are you actually seeing some element of manufacturing reshoring showing up in your footprint
Show response
Chris gave specific examples: expanding existing domestic facilities instead of overseas contract manufacturers, relocating from Far East to Mexico to shorten supply lines. Still very early days, not biggest driver of loan growth yet.
Calendar 2025 Q4
what are the strategic priorities as we think about where you are spending your time
Show response
Chris outlined four focus areas: 1) organic growth in middle market/payments, IB, wealth/mass affluent; 2) return on capital path to 15% then 16-19%; 3) return of capital; 4) positioning for next growth leg with AI/technology investments (tech ops spending up from $800M to $1B). AI call center example: $0.25 vs $9 per call.
why investment banking in that in the low 200s or the low to 200 or mid-200 range per quarter is not a reasonable sort of run rate going forward
Show response
Clark explained IB banker hires closer to 5% (vs 9% overall), being selective on fit. Middle market M&A just starting to show up after being muted. Guide reflects only one quarter of M&A visibility. Also noted bonus depreciation CapEx upside not included.
Calendar 2025 Q3
I would love for you to frame for us how you're thinking about bank M&A from a financial metrics perspective
Show response
Chris walked through capital priorities: support clients (backlog 2x YoY), tuck-in fee-based acquisitions, dividend, buybacks, balance sheet optimization. Bank M&A has tight screen: on strategy, cultural fit, financial metrics including TBV dilution. Referenced First Niagara integration experience.
talk to us in terms of how you view the risk on your balance sheet
Show response
Chris cited 20-year SFL business with no charge-offs. NDFI is broad undefined category including REITs where Key has deep expertise. CRO Mohit Ramani confirmed review of files and structures, strong portfolio management limits, no esoteric exposures.
Calendar 2025 Q2
do you think we can get to 3% by next year? And in that world, I know you talked about the loan-to-deposit ratio, like is the balance sheet larger or smaller before you get to the 3% NIM?
Show response
Clark noted 4-5 bps NIM drag from excess cash. Can grow NII and improve NIM without significantly larger balance sheet via resi runoff (~$600M/quarter) reinvested into C&I. Could reduce cash and/or securities book.
Just remind us the -- I'm not sure if you spelled out the number of bankers you plan to hire and are these within your existing verticals
Show response
Chris detailed hiring: IB within verticals, middle market RMs in geographies pointing to verticals, wealth managers focused on mass affluent (only 10% penetrated of 1M eligible clients), payment advisers who are software implementation specialists.
Calendar 2025 Q1
Do you think when you talk to these customers who want to make CapEx decisions, like what's your sense of the amount of clarity they need
Show response
Chris distinguished existing projects (full speed ahead) from new launches (paused until clarity). Pipeline of committed projects provides near-term visibility.
Remind us what you're targeting on the CET1. How much of a ramp-up should we expect
Show response
Chris outlined capital deployment priorities: support clients first, invest in business, then buybacks/portfolio optimization. Awaiting clarity on economy and Basel III endgame before commencing.
Calendar 2024 Q4
can M&A pick up without a pickup in lending demand, customers taking on more leverage
Show response
Chris confirmed M&A activity creates lending demand, especially from private equity with $1 trillion on sidelines. Less leverage but still leverage needed.
Give us a sense of what you're doing on the funding side on deposits?
Show response
Clark confirmed continued remixing out of brokered deposits and average earning assets expected relatively flat throughout the year.
WFCWells Fargo13 questions · 7 reporting periods · 2 of 13 challenging
Calendar 2026 Q2
do you think the net interest margin given your balance sheet and the business strategy on the going forward, is at a point where the margin should begin to stabilize
Show response
Mike said NIM should stabilize after the third quarter with room to expand, and detailed rising per-client financing and trading revenue.
Calendar 2026 Q1
Give us a mark-to-market on how you are thinking about deals.
Show response
Scharf was emphatic that WFC is focused on organic growth, not M&A. Said the company has a differentiated opportunity from its constrained past.
how realistic it is that over the next, let us say, a year or two, Wells can be a 17% to 18% ROTCE company, that feels a bit tough.
Show response
Santomassimo laid out multiple growth drivers across consumer, wealth, commercial, and CIB. Scharf added strong endorsement saying nothing has changed in their confidence.
Calendar 2025 Q4
double-clicking on some of the expense and the efficiency initiatives you laid out on Slide 18
Show response
Charlie emphasized the formula is unchanged: cut $15B in expenses, reinvest in growth, reduce expense base while growing revenues. AI provides more efficiency tools than ever. Mike cited 2025 proof points: card accounts +20%, auto balances +19%, commercial loans +12%, IB fees +12%, saying they're just getting started.
just remind us when you think about M&A, either Wealth Management or bank M&A
Show response
Charlie said the bar would be high for any M&A, must be financially compelling and materially more attractive for investors. The franchise feels complete with strong organic opportunities. Spend almost all time on organic growth.
Calendar 2025 Q3
could Wells do an M&A on wealth or global investment banking
Show response
Charlie acknowledged capacity for inorganic considerations within existing strategy but emphasized almost all time is spent on organic opportunities given years of constraints. Any M&A would strengthen existing businesses, not diversify into something different.
just remind us where the opportunities are either on headcount rightsizing of technology, automation of processes
Show response
Mike cited continuing headcount reduction aided by AI, third-party spend, technology optimization, and real estate costs. Beyond efficiency, growth from investments in IB, cards, mortgage rightsizing, and WIM plus capital optimization provide multiple paths to higher returns.
Calendar 2025 Q2
the concern from an investor standpoint is a lot of this growth may come from a cost of ROTCEA
Show response
Charlie firmly rejected any implication of sacrificing returns for growth. Efficiency gains continue to fund investments, consistent with track record. Noted Q2 15% ROTCE included merchant services gain and is not yet representative of sustainable run-rate.
how should we think about what three or four rate cuts would do to the balance sheet
Show response
Mike confirmed rate cuts are embedded in the NII outlook via forwards. Positive offsets include commercial deposit repricing, fixed asset repricing, and loan growth. All constructive looking forward despite potential rate reductions.
Calendar 2025 Q1
how much of that improvement in the consumer business on ROE is removal of the asset cap
Show response
Charlie detailed consumer lending businesses earning below target ROTCEs: card in growth phase, auto on a journey with VW/Audi deal, home lending still transitioning. Each has clear path to improvement.
is there an internal philosophy around where you think the right CET1 is for Wells Fargo
Show response
Charlie expressed frustration with SCB increase, noting the company is less risky with higher returns. Waiting for regulatory transparency before setting specific capital targets.
Calendar 2024 Q4
give some tangible examples of things that you've been able to do post the lifting of the consent order
Show response
Mike explained reinstated incentive plans with pilot results showing better checking and card growth. Charlie added context on comprehensive control environment.
are we getting to a point where some of the low-hanging fruit is done and expenses generally move higher
Show response
Mike confirmed continued efficiency opportunity across the company using the onion-peeling analogy, with better technology and automation driving both cost savings and client experience improvements.
MSMorgan Stanley12 questions · 6 reporting periods · 2 of 12 challenging
Calendar 2026 Q2
are we at peak flows as far as the workplace channel is concerned when we look at the NNA growth
Show response
Sharon reframed the funnel, citing 70% of the top 100 unicorns in the workplace pipeline, but gave no explicit peak-flow answer.
this pre-tax margin is probably drifting into the low 30s or even the mid-30s over the medium term
Show response
Ted declined to lift targets mid-year, calling 30% a benchmark hit several times but not a number the firm is solving for.
Calendar 2026 Q1
help us understand the reorg that was approved by the Fed for the German bank into the U.S. entity, like what does that mean in terms of adding liquidity
Show response
Sharon explained the bank reorg moved over $100B of assets, enabling better funding competitive with peers, with about 30% already benefiting from improved funding costs.
your perspective on what is going on with the private credit market, how does that change or inform your view on how you deal with the business
Show response
Ted Pick gave a thorough answer framing private credit as an 'adolescent moment,' noting alts are only 5% of FA pile and private credit is 1%, and that net buying occurred during the quarter.
Calendar 2025 Q3
I had a question on the pretax margin hitting 30% I know you kind of removed all the pluses and the signs when you took over as CEO
Show response
Ted emphasized 30.3% margin is an output of investment strategy, not a target input. Continued investment in E-Trade, digital assets, workplace, and financial advisers. Operating leverage may drive higher over time but will not commit to specific target.
There's so much discussions around whether there's an AI bubble. We are in the late nineties in terms of where we are in the cycle
Show response
Sharon pivoted to discussing MS internal AI use cases (DevGen, LeadIQ, Parable) rather than directly addressing the AI bubble question. Emphasized multiple applications across efficiency and revenue lines. Did not directly address late-cycle positioning.
Calendar 2025 Q2
Do you think this is different than what we saw in March and April where there's a huge hit to corporate sentiment around deal activity
Show response
Ted said if tariff cadence stays within expected parameters, it catalyzes clearing of uncertainty. Strong sponsors are aggressive on acquisitions. IPO market working. Expects strong H2.
how should we think about the incremental return on the capital? Could this be an even more profitable bank than what we have seen so far?
Show response
Ted laid out organic deployment priorities: IB lending expansion, WM bank build-out, and inorganic evaluation. Highlighted $1 dividend, $4B annual buyback pace, and 200bp+ CET1 buffer.
Calendar 2025 Q1
Just remind us how impactful could that be for how you manage the balance sheet and just how you manage the business
Show response
Sharon explained SLR has been the binding constraint. Reform would shift to CET1 world with additional capital deployment opportunities. Called for holistic reform of GSIB/SLR/CET1.
you sound fairly constructive given what we've come through over the last month, your comments on both on the trading side
Show response
Ted confirmed banking pipeline unchanged. Cited active sponsor deals. Not risk-off yet, clients pausing, not deleting. Markets functioning, engagement orderly.
Calendar 2024 Q4
where we stand in terms of the integration of the bank. And as we think about -- with some of your peers where the bank
Show response
Sharon was candid that bank integration is incomplete, noting over 70% of deposits come from WM clients with more to do on checking accounts and ISG asset migration.
as we think about just investments in systems as it pertains to AML, BSA on the wealth management side
Show response
Sharon addressed infrastructure investment broadly but did not give specific AML/BSA milestones or timelines for international wealth expansion.
NTRSNorthern Trust12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q1
As we think about the sustainability of the ROE or the pretax margin, just maybe frame for us where you think there might be a little bit of cyclical tailwinds that's leading to over-earning on the...
Show response
O'Grady acknowledged the strong macro backdrop lifted performance, equity levels high, volatility good for capital markets, liquidity supporting deposits and money market funds. But emphasized self-help execution regardless of environment, noting medium-term targets were largely hit but in a strong environment, so continued driving toward them.
Maybe talk to us around the win rate and the competitive landscape there and just the evolution of that client once they are on board, how do you think about just the growth runway and the opportun...
Show response
O'Grady highlighted GFO organic growth above average, with international at less than 15% of revenues but growing faster. Relationships often start with custody and reporting, then expand into investment management. Family Office Solutions leverages GFO capabilities for families that don't want their own office.
Calendar 2025 Q4
are there opportunities in asset management to bolster that business inorganically? Via tuck-in deals or something larger?
Show response
O'Grady confirmed openness to acquisitions in alternatives capabilities and distribution expansion, while emphasizing organic growth focus. Currently NTAM distribution is predominantly through wealth and asset servicing channels.
what does that imply for fee growth this year? And then you and just talk to us in terms of, like, one or two areas you think drives trends
Show response
Fox guided mid-single-digit revenue growth for 2026 under steady-state macro. Key drivers: GFO momentum (Q3 wins flowing through on lag, $5B Q4 inflows), Family Office Solutions traction, and asset servicing upmarket wins being onboarded.
Calendar 2025 Q3
you talked about some of the challenges at the investment product level. I was wondering if you could just kind of elaborate on what the issues were
Show response
O'Grady identified two headwinds: index product fee pressure driving flows to lower-fee products, and narrow market dynamics causing outflows from their value-leaning multi-manager platform. Responded with ETF, SMA, and alternatives expansion.
on the deposit trends, it felt like this the runoff was more than we expected. Are you seeing in terms of growth outlook and the mix shift in deposits going forward?
Show response
Fox pushed back that deposit decline was expected, noted Q4 pickup already visible, and provided 2026 NII outlook of flat to up 1-2% with mitigating factors including securities reinvestment, deposit pricing, and only two US rate cuts assumed.
Calendar 2025 Q2
remind us how you think about pace of buybacks relative to just given means the stocks obviously done well year-to-date
Show response
Fox explained buybacks consider regulatory capital, earnings power, ROE, loan growth and client flexibility, not just stock price. Current pace likely to exceed last year's total even excluding Visa.
is there any scenario in which you think M&A would make sense from a shareholder return perspective?
Show response
O'Grady firmly stated independence produces best shareholder returns, citing differentiated value proposition across families through large institutions, while remaining open to bolt-on acquisitions to bolster capabilities.
Calendar 2025 Q1
give us a sense of any proof points on what you achieved or seen so far. I know it's early days
Show response
O'Grady detailed workforce optimization, early-stage AI deployment including GitHub for software development, and COO-led capability-driven operating model transformation.
remind us in terms of sensitivity to rate cuts, how we should think about that going forward
Show response
Fox quantified minimal rate sensitivity at less than $1M/month per 25bp cut, noting NIM compression only begins at much lower rate levels.
Calendar 2024 Q4
talk to us, it was a priority in 2024, I'm assuming remains a big area of focus. When we think about the revenue growth
Show response
Fox confirmed GFO had its strongest organic growth year ever and that the pipeline looks more robust entering 2025.
How should we think about the gearing of the balance sheet? One, do you think that we are at a point where if the Fed were not to do anything
Show response
Fox explained multiple NII drivers including global rate cuts, loan activity pickup, and multi-currency deposit base complexity.
MTBM&T Bank10 questions · 6 reporting periods · 3 of 10 challenging
Calendar 2026 Q2
when a bank makes a C&I loan, it does create deposits, and that's a better negotiated rate on those deposits
Show response
Bible affirmed C&I relationships still bring deposits and treasury management fees, though more flows into sweeps (fee income) than DDA at higher rates.
when we think about MSR assets, just talk to us in terms of how you all are thinking about it in terms of adding more
Show response
Bible clarified sub-servicing is fee-for-service with no balance-sheet MSR asset to hedge, distinct from originated MSRs.
Calendar 2026 Q1
how do you think about deploying that if your CET1 target remains the same?
Show response
Bible said too early to commit on capital deployment from proposals. MTB well positioned due to conservative LTVs, favorable fee business treatment for Wilmington Trust. Directionally right but needs final rules.
Give us a sense of tech spend and what projects are upcoming over the next year or two
Show response
Bible confirmed GL went live successfully. Spend gets reallocated to new priorities: teaming for growth and operational excellence (simplify, automate, AI). Multiyear effort. Balances investor returns with getting work done across the company.
Calendar 2025 Q4
would you say that's dilutive to the net interest margin where it is today around 3.70? And what is there a ton of upside? Like, is there an upside scenario where this margin could be closer to 3.80?
Show response
Bible said new customer relationships evaluated on total return, not just NIM. NIM may come down slightly to be competitive but still generating good returns on capital. Guide of low 3.70s is their expectation for 2026. First or second in peer group on NIM.
Calendar 2025 Q2
What brings it? What could take it above three seventy versus below three sixty, I guess? X rate changes.
Show response
Bible listed fixed asset repricing, auto/RV/resi yields repricing higher, investment portfolio +150bps roll, and swap book positive repricing for next four quarters as tailwinds. Loan growth is key variable.
remind us when we think about the opportunity within sort of the people's market in Long Island, etcetera, just how big is that pipeline?
Show response
Bible highlighted Eastern Mass as fastest-growing region, Connecticut also strong. Peoples-acquired specialty businesses (fund banking, mortgage warehouse, corporate institutional) scaling well and driving second-half growth.
Calendar 2025 Q1
how price sensitive you are? I mean I think the stock's come down a fair bit relative to where you repurchased during the first quarter
Show response
Bible confirmed buybacks resume immediately post-blackout, but will pause if recession signs emerge. AOCI is positive 6bps, real capital.
talk to us about any anecdotal sort of feedback from your customers over the last week or two around tariffs? Are you seeing CapEx decisions being pulled back?
Show response
Bible confirmed business sentiment is weak, customers pausing on investments until DC rules settle. Consumer debit card spending still intact; indirect auto/marine/RV volume strong.
Calendar 2024 Q4
if we don't see any move from the Fed and if we remove loan growth, like how do you think the trajectory of the NIM plays itself out from here?
Show response
Bible detailed multiple NIM tailwinds: swap portfolio +50bps locked in, investment portfolio +20-30bps, consumer/resi +10-20bps, deposit betas reaching 50%.
RFRegions Financial Corporation10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q1
does that create a risk of payoffs? And I'm just wondering if some of the macro subsides markets are less volatile, do you see customers paying off
Show response
John Turner acknowledged payoff risk among larger corporate customers but expects middle market borrowing to continue. New originations should overcome corporate paydowns. Real estate capital markets can still have a good year without rate cuts but gets materially better with rate improvement due to significant portfolio maturities in back half.
how sensitive are you to managing to a certain level of tangible common equity ratio
Show response
Anil Chadda said they are not managing to a TCE ratio. Will continue managing to CET1 within 9.25-9.75% range. Need to consider not just regulatory implications but rating agency views on unrisk-weighted capital measures before acting on RWA benefits.
Calendar 2025 Q4
I'm not sure if you've mentioned when this will all be completed. And in the meantime, does it restrict your ability to do something
Show response
John Turner confirmed completion expected late 2027. Technically does not prevent M&A but practically would be very challenging. This is a factor in M&A positioning.
do you think that may materially change sort of sentiment among your customers when they think about borrowing
Show response
John Turner said customers have enough clarity to move forward. Not hearing significant customer focus on tariff issues.
Calendar 2025 Q3
to what level do you think you could see, like, investment spend pick up be it branches
Show response
David Turner explained technology investment is in the run rate with no material change expected. Banker investments continuing in eight priority markets. Balancing growth investment against maintaining strong ROTCE. Small business relationship growth expected to drive deposits.
anything in particular that would help you in terms of how you are running the business or the balance sheet
Show response
David Turner identified potential long-term debt requirement removal and Basel III gold-plating reduction as positives. AOCI inclusion for category 4 banks uncertain. CET1 inclusive of AOCI at 9.5% already at target. Not counting on incremental benefit but positioned to take advantage.
Calendar 2025 Q2
how should we think about the inorganic growth how you would think about and assess bank deals
Show response
John Turner firmly stated no interest in bank M&A. Focus on organic plan, technology modernization, and potential non-bank acquisitions. Consistent with prior messaging.
what implication does that have? And maybe tie in like the customer sentiment
Show response
John Turner reported improving but cautious sentiment. Bonus depreciation driving uptick in equipment inquiries. Consumers spending more carefully on luxury items but overall healthy.
Calendar 2025 Q1
is there more juice to go there in terms of restructuring more bonds and, like, how are you thinking about that today versus buybacks
Show response
David Turner said limited repositioning opportunities remain with <3-year payback target. Will evaluate repositioning vs buyback calculus if conditions warrant.
is it realistic that 30, 60, 90 days from now growth could be much better than expected? Or is this going to take a lot longer
Show response
John Turner estimated 90 days to six months of stability needed for customers to resume activity. No significant tariff or immigration impact seen yet.
TFCTruist Financial10 questions · 7 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
As shareholders, we all think about is Mike going to be a change agent, do things differently?
Show response
Explicitly deferred the substance to the incoming CEO, reiterating only the board mandate to run a high-performing company.
Calendar 2026 Q1
is that the algo? Or do you think this bank should be doing much better than 4% in nominal GDP world
Show response
Rogers said revenue growth continues to increase as more cylinders hit. Rate outlook impacted NII specifically but momentum in new clients, fee businesses, and operating leverage continues to build. Purpose of long-term target was to show continued trajectory improvement.
Calendar 2025 Q4
remind us where you think the sweet spot for Truist is on the wholesale slash capital market side
Show response
Rogers positioned Truist as premier middle market investment bank with specialization-driven right to win. Core middle market leveraging franchise, plus specialty businesses competitive against anyone. Leveraged lending a long-standing core competency, OCC guidance changes not materially altering approach.
what does that mean for deposits? And deposit growth as we look forward, both in terms of the mix
Show response
Rogers drew parallel to loan growth momentum built in 2024, now doing same for deposits. Leading indicators: wholesale deposits grew 400bps faster in H2 2025 vs 2024, 62% of new clients brought deposits, end-of-period client deposits up ~$7.5B, TM fees up 13%, net new consumer clients with higher deposit quality, Premier production up significantly.
Calendar 2025 Q3
We'd love to get sort of your views on, from a credit quality perspective, where things stand
Show response
Rogers said credit quality strong, market events idiosyncratic and uncorrelated. NDFI largest exposure is REITs and asset securitization (~50%), everything else single-digit. Bender added majority of subprime only in auto; rest of consumer is superprime. De-risked lower consumer spectrum in 2023-2024 intentionally.
Calendar 2025 Q2
about the positive operating leverage kicking in, is it back half loaded
Show response
Maguire cited product deepening, wealth and IB investments, fixed-rate repricing, and deposit-funded growth as continuous ROTCE improvement drivers. Not overnight but steady progress.
is there a case to be made where you could see a much increased wallet share on the commercial clients
Show response
Rogers framed RTP as one innovation among many driving TM fees up 14% YoY, deeper wholesale penetration, and leading-indicator deposits from new treasury relationships.
Calendar 2025 Q1
how much more aggressive can you be on the pace of buybacks? And is there a CET1 target that we should keep in mind
Show response
Maguire framed $250M as opportunistic and not necessarily repeatable, reaffirmed ~10% CET1 operating target pending Basel finalization, $500M/quarter as sustainable baseline.
Calendar 2024 Q4
Just give us your sense of confidence level around that these two franchises have been meshed, you feel good about defending market share
Show response
Rogers acknowledged some team losses but emphasized net additions, strong talent attraction, and offensive positioning in legacy markets with improving results.
Just talk to us in terms of the growth opportunity set you see there. Should we expect new branch openings, hiring of teams
Show response
Rogers described organic investment with 25 new bankers added, 5,000 net new clients in Texas, $3.5B loan production in Philadelphia/Texas, with more expansion to come.
HBANHuntington Bancshares8 questions · 4 reporting periods · 1 of 8 challenging
Calendar 2025 Q3
as we think about the balance sheet growth outlook from here, incrementally, that accretive to where the net interest margin is today or dilutive
Show response
Zach confirmed incremental balance sheet growth is NIM-accretive. Actively modulating asset production to optimize yields while driving down deposit costs. Competitive environment unchanged, competitive but manageable with sophisticated granular approach. Expects to match-fund loan growth with core deposits in 2026.
has the tax bill related sort of stimulus flowing through where clients are now beginning to make those investments and is that driving increased lending demand
Show response
Steve confirmed Q4 asset finance activity firming up in line with expectations but not a record year. Tariff impact on imported components and earlier ordering delays preventing some Q4 deliveries. Sets up 2026 to be a very good year.
Calendar 2025 Q2
from an inorganic standpoint, would it make more sense to do additional deals in Texas versus Carolinas
Show response
Steve emphasized organic growth as priority across both markets, with many investments not yet at mature performance levels.
could spend some time on just give us a mark-to-market on Carolinas in terms of the build-out
Show response
Brant confirmed continued Carolinas investment with 2 branches open, several more by year-end, and 20+ planned for next year. Texas and Carolinas outpacing national job and population growth by 2x.
Calendar 2025 Q1
is there an amount of growth that's coming from the bankers that you've hired bringing on their books of business, which should happen no matter what?
Show response
Steve confirmed new hires (averaging 20-year tenure) are an important growth driver with years of runway. Core business also performing very well. CRE stabilizing with potential for modest growth.
did things start off extremely strong and then March and maybe even the last couple of weeks Have you seen that weakness
Show response
Steve confirmed strong performance across all months with no material tail-off. Q2 pipeline nearly as strong as Q1. Some modest equipment finance deferrals from tariff concerns.
Calendar 2024 Q4
just talk about your expectations around the incremental margin and what's the incremental cost of deposits
Show response
Zach highlighted 79% LDR provides runway to grow loans faster than deposits while driving down deposit costs and maintaining NIM.
How much of the fee growth is tied to lending or I'm just trying to think through if lending or loan growth are slower
Show response
Zach described fee growth as broadly correlated with lending but also independent via penetration strategies, expecting sustained high-single to low-double-digit growth.
STTState Street Corporation6 questions · 4 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
how much of AI driven gains are in these targets as opposed to you could be an even more profitable bank
Show response
Woods split AI benefits into operating-model agentic teams, software-developer productivity (+30-40%), and firm-wide copilot tools.
Calendar 2026 Q1
Should we think about all of this as mostly retaining the customer activity that you already have, just moving from analog to digital
Show response
Ron identified retention (client expectations for best-in-market capabilities) and three new revenue sources: tokenized assets, tokenized money market funds for core revenues, and traditional-to-digital on-ramp/off-ramp infrastructure. Volumes growing fast off small base. Using make, buy, and partner approaches.
Calendar 2025 Q3
does that allow for something more larger as opposed to bolt-on acquisitions that could strategically put the firm on a much better growth trajectory
Show response
Ron acknowledged more benign US regulatory environment but said that doesn't change the discipline. Cited Apex investment as an example of accelerating wealth services strategy. Same high bar applies regardless of deal size, must demonstrate better trade-off for shareholders than alternative uses of capital.
from a capital standpoint, are there opportunities to do things differently when we think about just the balance sheet management
Show response
John described capital waterfall: strong dividend growth, deploying capital for RWA growth and strategic initiatives (bolt-on acquisitions in wealth), then returning approximately 80% to shareholders. No huge pivots expected. Continuing to evaluate opportunities to put capital to work.
Calendar 2025 Q2
what gets them growing again? Is there a trough that we should look at from a cycle standpoint
Show response
Mark noted deposits peaked in April, declined through May/June, approaching high end of $230-240B range by mid-July. NIB expected to continue moderately declining into low 20s. Back-office custody installations are the structural deposit growth driver, with $444B to-be-installed revenue (~60% back office).
what stops you from leaning in and doing more in buybacks than the 80%
Show response
Mark confirmed progressive cadence from $320M in Q1 to $517M in Q2 (82% payout), expects step-ups in Q3 and Q4. Managing toward higher end of 10-11% CET1 given RWA swings of several billion at quarter-end with market volatility.
CFGCitizens Financial Group5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
You talked about looking at New York brand strategy, I guess you plan to open more branches in New York. Just talk to us, is that more private bank related? Or do you see an opportunity to just ope...
Show response
First asked about New York branch expansion strategy and sizing. Follow-up on whether TCE ratio becomes more relevant as RWA density declines under new capital proposals. Strategic and forward-looking.
Calendar 2025 Q4
As we think about the 16% to 18% return, raw C exiting twenty-seven, it implies the margin probably being somewhere between around that three forty to three fifty. Am I thinking about that correctly?
Show response
Three questions: confirmed NIM needs to be 3.40-3.50% for 16-18% ROTCE exit, asked about balance sheet spread on new growth, and why PBO count isn't larger given the opportunity. Probing both financial targets and growth ambitions.
Calendar 2025 Q3
Is there a level that you're watching on the ten year where it really begins to sort of hurt that three twenty-five medium term sort of margin outlook?
Show response
First question probed 10-year rate sensitivity to the 3.25% NIM floor. Follow-up explored Reimagine cost/benefit timing and how it impacts 2026 expense growth. Technical and well-targeted.
Calendar 2025 Q2
In terms of outlook for deposit costs, it feels like CDs still have some room to go. But then we saw the checking account rates move up quarter-over-quarter. So just wondering if we don't get any r...
Show response
Two efficient questions: whether deposit costs continue trending lower without rate cuts given checking account rate uptick, and whether capital call line utilization is picking up on the sponsor side.
Calendar 2025 Q1
When we look at your fee income guidance, you talked about the capital markets pipeline. What are we assuming for capital markets just from a fee revenue standpoint for second quarter and for the f...
Show response
Two targeted questions: what capital markets fee revenue is assumed for Q2 and full year, and what Fed funds rate underpins the NIM outlook, specifically whether 100bp of cuts would create downside. Direct and efficient.
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. | 16 | 19%3 of 16 questions |
| C Citigroup | 15 | 27%4 of 15 questions |
| JPM JPMorgan Chase & Co. | 15 | 13%2 of 15 questions |
| BNY BNY Mellon | 14 | 7%1 of 14 questions |
| PNC PNC Financial Services | 14 | 14%2 of 14 questions |
| USB U.S. Bancorp | 14 | 21%3 of 14 questions |
| FITB Fifth Third Bancorp | 13 | 38%5 of 13 questions |
| KEY KeyCorp | 13 | 8%1 of 13 questions |
| WFC Wells Fargo | 13 | 15%2 of 13 questions |
| MS Morgan Stanley | 12 | 17%2 of 12 questions |
- GSThe Goldman Sachs Group, Inc. · 16 questions19%3 of 16 questions
- CCitigroup · 15 questions27%4 of 15 questions
- JPMJPMorgan Chase & Co. · 15 questions13%2 of 15 questions
- BNYBNY Mellon · 14 questions7%1 of 14 questions
- PNCPNC Financial Services · 14 questions14%2 of 14 questions
- USBU.S. Bancorp · 14 questions21%3 of 14 questions
- FITBFifth Third Bancorp · 13 questions38%5 of 13 questions
- KEYKeyCorp · 13 questions8%1 of 13 questions
- WFCWells Fargo · 13 questions15%2 of 13 questions
- MSMorgan Stanley · 12 questions17%2 of 12 questions
Show all 17 companies
| Company | Questions | Challenge rate |
|---|---|---|
| NTRS Northern Trust | 12 | 0%none of 12 questions |
| MTB M&T Bank | 10 | 30%3 of 10 questions |
| RF Regions Financial Corporation | 10 | 0%none of 10 questions |
| TFC Truist Financial | 10 | 10%1 of 10 questions |
| HBAN Huntington Bancshares | 8 | 13%1 of 8 questions |
| STT State Street Corporation | 6 | 17%1 of 6 questions |
| CFG Citizens Financial Group | 5 | 0%none of 5 questions |
- NTRSNorthern Trust · 12 questions0%none of 12 questions
- MTBM&T Bank · 10 questions30%3 of 10 questions
- RFRegions Financial Corporation · 10 questions0%none of 10 questions
- TFCTruist Financial · 10 questions10%1 of 10 questions
- HBANHuntington Bancshares · 8 questions13%1 of 8 questions
- STTState Street Corporation · 6 questions17%1 of 6 questions
- CFGCitizens Financial Group · 5 questions0%none of 5 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 | 27 | 0%none of 27 questions | 14 |
| 2025 Q1 | 30 | 20%6 of 30 questions | 16 |
| 2025 Q2 | 34 | 18%6 of 34 questions | 17 |
| 2025 Q3 | 30 | 20%6 of 30 questions | 16 |
| 2025 Q4 | 25 | 16%4 of 25 questions | 14 |
| 2026 Q1 | 29 | 28%8 of 29 questions | 16 |
| 2026 Q2 | 19 | 0%none of 19 questions | 13 |
| 2026 Q3 | 6 | 17%1 of 6 questions | 3 |
- 2024 Q427 questions · challenge rate 0% (none of 27 questions) · 14 companies
- 2025 Q130 questions · challenge rate 20% (6 of 30 questions) · 16 companies
- 2025 Q234 questions · challenge rate 18% (6 of 34 questions) · 17 companies
- 2025 Q330 questions · challenge rate 20% (6 of 30 questions) · 16 companies
- 2025 Q425 questions · challenge rate 16% (4 of 25 questions) · 14 companies
- 2026 Q129 questions · challenge rate 28% (8 of 29 questions) · 16 companies
- 2026 Q219 questions · challenge rate 0% (none of 19 questions) · 13 companies
- 2026 Q36 questions · challenge rate 17% (1 of 6 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth45
- Capital Allocation41
- Margin40
- Demand37
- Regulation Policy33
- Competitive Dynamics29
- Credit23
- Macroeconomic23
- M&A18
- Innovation & R&D14
Show all 17 topics
- Capex Investment13
- Geographic Expansion12
- Cost Pressure11
- Cloud & AI10
- Trade Tariffs9
- Guidance Reliability7
- Pricing6