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Analyst
Erika Najarian
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 182on tracked calls
- Challenge rate
- 16%30 of 182 questions
- Companies
- 18questioned 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 182 of 182 questions from 18 companies
BACBank of America15 questions · 8 reporting periods · 2 of 15 challenging
Calendar 2026 Q3
I would essentially assume that core NII would be up around 10% year-over-year in 2027
Show response
Would not split the guide but said directionally the core banking book should grow faster than the all-in 8%.
how would you instill confidence in investors that you could do the high end of 300 basis points
Show response
Said consent order staffing and technology are in the run rate but gave no 2027 commitment beyond the medium-term range.
is it business as usual and buybacks over the near term, close to that $6 billion number?
Show response
Business as usual except for waiting on final capital rules; no buyback guide given.
Calendar 2026 Q2
The investor feedback so far, is that they feel that the net interest income guide is conservative.
Show response
Alastair pushed back that the deceleration is purely tougher second-half comps, reaffirming ~8% full-year NII; directly answered.
Calendar 2026 Q1
How should we think about how BofA is going to handle deposit costs in that scenario
Show response
Alastair flagged minimal incentive to move deposit rates in a flat-rate environment. Interest-bearing vs noninterest-bearing mix shift will drive variance; both are growing modestly. The shift from 2 cuts to 0 has only a slight positive impact because the old forecast already had cuts concentrated in the back half.
is that something you would address because obviously, there's 90 days
Show response
Alastair and Brian emphasized that the inflation-indexing concept in the proposed G-SIB rule was the critical structural win; the industry got what it needed even if not the longer-term framework it wanted. Expect to be a net beneficiary given BofA's organic growth profile.
Calendar 2025 Q4
what should we take away in terms of the expense messaging
Show response
Brian emphasized focus on operating leverage delivery over nominal expense debate. Efficiency ratio improved ~200bps in 2025 despite less efficient wealth and capital markets revenue mix growing fastest. Goal is to drive extra NII to bottom line. 5 quarters of operating leverage delivered.
Calendar 2025 Q3
should we presume that this is something that you could sustain over the near term and perhaps continue to work upwards
Show response
Brian confirmed ROTCE trajectory will continue higher, citing NII compounding, organic growth, fixed rate asset repricing boost, and fee growth. Detailed walk-through planned for November Investor Day.
do you sort of plan to move away from the 1 to 2% expense growth
Show response
Brian framed expense strategy as operating leverage rather than absolute growth rate. AI enables managing expense base differently. Efficiency ratio varies by business mix, wealth at 74%, consumer below 50%, banking below 50%.
Calendar 2025 Q2
when is the appropriate time to address that 130 basis point buffer
Show response
Brian confirmed 50bps target buffer, down from current 130bps. CET1 moved from 12% to 11.5% as businesses absorb capital. G-SIB calibration critical for further progress, advocating indexing to nominal GDP.
are there businesses that you're prioritizing in terms of redeploying that capital to
Show response
Brian confirmed $5.3B buyback pace as indicative of appetite. Global Markets received explicit capital allocation to grow. Noted markets business has lowest ROAC so returns must improve, while wealth and consumer have very high returns.
Calendar 2025 Q1
if your plans are to, reduce this exposure or the message is look, you know, our ROTC is 13.9% and improving
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Brian confirmed they will grow through higher GSIB scores if markets business earns sufficient returns, and advocated for GSIB score indexing to nominal GDP growth.
Are those points still you know, still valid in terms of what's underneath the the surface of that four q twenty-five exit NII
Show response
Alastair confirmed prior balance sheet and NIM exit rate guidance components remain valid.
Calendar 2024 Q4
can BMA get there more quickly, particularly given the deposit dynamics that you mentioned, Brian?
Show response
Brian confirmed that a higher-for-longer rate environment accelerates the path to normalized NIM, with excess liquidity runoff also contributing.
could you talk about the repricing or down deposit beta dynamics that you would assume to get to that net interest margin?
Show response
Alastair explained deposit repricing dynamics: commercial deposits follow Fed cuts, while rotation from non-interest-bearing to interest-bearing has slowed significantly.
JPMJPMorgan Chase & Co.15 questions · 8 reporting periods · 4 of 15 challenging
Calendar 2026 Q3
in terms of the $1 billion buyback versus the normal cadence of around $7 billion
Show response
Dimon said roughly $30 billion of excess capital will go to organic redeployment at better returns than buybacks, citing the security resiliency initiative.
that the bond market route around the world, it has a chilling effect on activity levels
Show response
Dimon called the pipeline fine and Europe healthy, including IPOs; Barnum said the rate sell-off caused a pause in the second half of September.
Calendar 2026 Q2
What characteristics are you and the board looking for in terms of the new leader of JPMorgan?
Show response
Dimon listed leadership qualities (management, EQ, culture-carrier, grit) and reiterated the CEO timetable is essentially unchanged and up to the board.
Calendar 2026 Q1
What are sort of the offsets to higher rates and the asset sensitivity if we don't have cuts for the rest of the year?
Show response
Barnum explained the unchanged NII guidance as a function of small full-year impact from rate moves (only ~20bps on annual average) plus minor offsetting items.
if we do have a recession and higher defaults and higher severity and cumulative losses in leveraged lending, what is the ultimate loss back to the banks?
Show response
Dimon was emphatic that private credit isn't systemic given its size ($1.7T) relative to other markets. Acknowledged cycle will produce worse-than-expected losses but not systemic risk.
Calendar 2025 Q4
how you're seeing the macro backdrop unveil in 2026 for the banking industry
Show response
Dimon said short-term outlook positive with consumer money, jobs, stimulus from one big beautiful bill, and deregulation benefits. But geopolitical risk enormous and deficits will bite eventually. Rising tide lifting all boats.
Could you give us a sense of what kind of balance sheet growth you think, is underpinning that
Show response
Barnum detailed card loan growth of 6-7%, more modest wholesale deposit growth after strong 2025, and lower consumer deposit growth than Investor Day scenarios. Dimon added Fed QE-like $40B/month T-bill purchases creating system-wide deposit tailwind.
Calendar 2025 Q3
what would be what would be the questions you think investors should ask when assessing NDFI exposure as it relates to future credit risk
Show response
Barnum said SSFA concern is minor since it actually reduces punitive RWA for mitigated risk. Dimon expected higher-than-normal credit losses in NBFI sector in a downturn. Offered to provide more detailed NBFI category breakdown.
You mentioned that $100 billion could be a little low and that you are in the middle of the planning cycle. That would imply 4% growth year over year
Show response
Barnum confirmed 3-4% labor cost inflation is new normal vs near-zero mid-2010s. Plus revenue-related variable costs, performance pay, and investment spending. AI productivity is real but hard to measure. Dimon added medical costs up 10% and competitive pay pressure from hedge funds and law firms.
Calendar 2025 Q2
has some of the issues that prevented activity levels, or really stunted it in April and early May, have those fully been taken out of your clients thinking
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Barnum acknowledged pipeline cautiousness losing credibility given strong performance. Dimon said tax bill extension and tariff framework progress reduce risk but not resolved. Hopes for frameworks before August 1.
if we do get a more simplified regulatory construct that addresses both the capital and liquidity constraints, does that move up JPMorgan's natural ROTCE
Show response
Dimon said freed capital would be competed away, citing Bezos: 'your margin is my opportunity.' Barnum noted deploying capital at 14% returns is accretive to shareholders even if it dilutes ROTCE.
Calendar 2025 Q1
How should we think about any incremental builds from here? And what you're going -- obviously, deterioration in outlook, but what more do you need to see in terms of how you make decisions about f...
Show response
Barnum declined to give reserve outlook, explained they increased downside scenario probability weightings because forecasts were lagging known uncertainty. Emphasized unemployment as by far most important variable.
can you double-click on how you think this is going to impact the economy going forward? And maybe double-click on Jeremy's statement that banking -- the banking system should be a source of strength
Show response
Barnum clarified source of strength refers to balance sheet capacity not equity performance. Dimon cited 50-50 recession odds from JPM economist Feroli, referenced COVID reserve build of $15B as sizing benchmark.
Calendar 2024 Q4
I wanted to follow up on the questions on capital and maybe ask about some of Jeremy, the cross currents in terms of the denominator
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Barnum addressed G-SIB print, CCAR lawsuit, and stress capital buffer. Walked through scenario analysis for various numerator outcomes.
trying to arrest the growth of CET1, for now, should we just assume that anything that you don't need for organic growth
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Barnum confirmed the logic. Dimon added they will never telegraph specific buyback plans to the market.
CCitigroup14 questions · 8 reporting periods · 1 of 14 challenging
Calendar 2026 Q3
just wanted to confirm that you can continue this pace of buyback at around these levels, even with higher rates.
Show response
Fraser and Luchetti cited $13.3 billion of buybacks year to date but gave no forward pace, saying the full rule impact may only be known next year.
Is that conservatism, in terms of the typical seasonality, or is that more of a comment on mix
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Luchetti said the comment reflects only the normal seasonality between a strong third quarter and a typical fourth quarter.
Calendar 2026 Q2
if sort of pulling forward the investment agenda Will that enable you to not just hit those return targets
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Fraser framed outperformance as optionality to invest for higher sustainable returns, declining to bracket the range.
Calendar 2026 Q1
I am wondering about that green bar on slide nine that represents your 110 basis point management buffer
Show response
Fraser clearly stated 100-110bp management buffer is appropriate and she has no plans to change it in the immediate future. No ambiguity.
Calendar 2025 Q4
as you hit your end state, your target end state expenses come off. As we think about the entirety of the Consent Order listing, is it a gradual, you know, savings or is there sort of a giant chunk
Show response
Fraser confirmed gradual expense reduction as each transformation body of work completes, creating investment capacity and driving returns. Not a cliff at consent order end. Mason guided markets NII likely up within flat total market revenues due to financing/securitization growth.
BILT just unveiled credit cards cap at 10%, and will maintain those rates for a year
Show response
Fraser outlined impact: $6T annual card spend, $1.2T outstanding balances, $4T+ untapped capacity at risk. Cited Carter-era credit controls rescinded within two months. Impact would drastically reduce spending, restrict credit access, force consumers to predatory alternatives.
Calendar 2025 Q3
what is the allocated TCE to Banamex
Show response
Mason confirmed CTA is capital neutral at deconsolidation. Cumulative capital benefit at full exit equals RWA release (~$37B at 13.2% = ~$4.9B) plus cumulative gains/losses on sale.
is May the right time to address maybe more end-state capital targets
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Fraser confirmed May Investor Day will lay out longer-term return path. Mason noted two consecutive years of SCB decline, with GSIB and Basel III clarity expected to inform future capital targets and potential buffer reduction.
Calendar 2025 Q2
is 13.1% still the right level in terms of the year-end target as we think about you know, regulatory reform
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Mason noted uncertainty on SCB averaging implementation and timing but confirmed commitment to pulling forward buybacks.
is there a way to size you know, when if the consent when the consent order is lifted
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Mason expected transformation spend to start declining in 2026 with benefits from AI tools, but did not size the specific consent order savings.
Calendar 2025 Q1
How should we think about how you're thinking of global rates
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Mason cited IRE analysis showing $1B impact from 100bp move across all non-USD currencies, noting static balance sheet assumption.
your inability to dividend from the bank sub to the holding company in order to increase your buybacks
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Mason explicitly denied restrictions, noting $0-5B quarterly dividend range from bank sub and multiple funding sources available.
Calendar 2024 Q4
what are the specific mile markers that Citi needs to see in order to increase that piecing from that $1.5 billion
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Mason clarified consent orders are not constraining buybacks; trajectory depends on CCAR stress test results and managing down to 13.1% CET1.
should we just really think of this as look, like it takes a while to turn around a money center bank
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Fraser confirmed the path to returns above the medium-term target and stressed responsible investment decisions over short-term expediency.
PNCPNC Financial Services13 questions · 6 reporting periods · 1 of 13 challenging
Calendar 2026 Q2
what a debit card network or how a debit card network could be beneficial to PNC
Show response
Demchak declined to comment on the reported network interest; Reilly noted only that a conversion would be material work.
The street currently has an exit rate of 3.08% for fourth quarter 26.
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Demchak pushed back on NIM focus, reaffirming above-3% by year-end but declining to pin the exit rate.
is that NII dollar growth replicable? For a sustainable period of time
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Reilly pointed to fixed-rate asset repricing into 2027 and reaffirmed the 18% Q4 exit ROTCE, tracking at 17.9%.
Calendar 2026 Q1
Do you think that you could hold the line on deposit costs if the Fed does not cut?
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Rob confirmed deposit costs largely stable with no cuts. Minor 1-2bp upward drift from back-book repricing, not competition. All in guidance, not material. Still expects to hit 3% NIM.
Are you observing similar spread expansion in certain NDFI-type credits?
Show response
Bill acknowledged AAA CLO and BDC facilities likely widening on fear factor. But PNC's BDC exposure is under $500M. The vast bulk of their NDFI is trade receivables flow business where spread dynamics are different.
Calendar 2025 Q4
is 18 plus sort of above through the cycle or is that sort of closer to like a through the cycle you know, range
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Bill walked through ROTCE math: NIM has mild upside/downside, credit costs below through-cycle (doubling would hurt). Scale efficiencies and client growth offset normalization. Could mechanically cross 20% but credit normalization would prevent it. Won't set artificial target.
How much do you think potential Fed cuts the leverage lending limits going away, and the certainty or better certainty in the macro is that going to spur more direct lending opportunities
Show response
Bill framed leverage lending guidance removal as enabling smart loans previously mis-categorized as leveraged, particularly in secured/first-out specialties. Not an invitation to take more risk. Harris Williams backlog at all-time high. Cap markets more heavily weighted to advisory than giant banks.
Calendar 2025 Q3
you expect 26% NII growth to be better than that 6.5% excluding FirstBank?
Show response
Rob and Bill emphatically confirmed 2026 standalone NII growth comfortably above 6.5% and above $1B. Bill stressed nothing changed on NII trajectory, only timing of Fed cuts shifted Q4 vs Q1 allocation. NIM decline was deposit mix, not fundamental deterioration.
What questions should investors be asking in order to be comfortable with the NDFI risk on bank balance sheets?
Show response
Bill argued NDFI is a misleading category, PNC's is primarily bankruptcy-remote investment-grade securitizations with extremely low loss given default, plus capital commitment lines to diversified pension funds with zero historical losses. Recent auto securitization issue was a wild anomaly unrelated to PNC's book.
Calendar 2025 Q1
what is the unemployment rate that your reserve is implying in terms of what it's built on?
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Rob confirmed 5% unemployment embedded in CECL scenarios, with additional qualitative reserves layered on top for tariff risk.
how much time are you going to give PNC in your current role do you think
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Erika directly asked about succession. Bill confirmed he's 62 and plans to remain for an extended period. Wiedman hire not a near-term succession signal.
Calendar 2024 Q4
how do you expect that in terms of impacting whether or not companies seek out to finance their projects through lines of credit versus going to the capital markets
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Bill noted higher rates reduce total line utilization due to higher carrying costs. Nuance of bank vs capital market choice is a price function.
based on the mechanics, you can approach that 3% as an exit rate for the year?
Show response
Rob confirmed approaching 3% by end of 2025 and that one vs two rate cuts does not materially change NII outlook. Rate neutral positioning.
USBU.S. Bancorp13 questions · 7 reporting periods · 2 of 13 challenging
Calendar 2026 Q2
I'm wondering if you could unpack maybe the path from 4% to 6%, to 5% to 7%
Show response
Stern walked through the raise and reaffirmed NII north of 5% for the full year with NIM expected to grow over the year.
Calendar 2026 Q1
If the Fed doesn't cut, John, do you think U.S. Bank can hold the line on deposit costs?
Show response
John confirmed deposit cost stability; reducing CDs and higher-cost institutional deposits; bias to high end on fees given visible pipelines; NII at mid-single digits reflecting rate uncertainty and tighter spreads.
If you do elect to the ERBA or enhanced risk-based approach, is your understanding that is the 5-year phase-in going to be the overarching sort of guide?
Show response
John noted unique timing collision between Cat II, ERBA effective date, and potential tailoring changes; technically prepared for both standardized and ERBA; Gunjan said 5-year AOCI phase-in expected but awaiting clarification; timing change is 1-2 quarters at most.
Calendar 2025 Q4
is there just enough productivity savings that you can identify where you can continue to invest for the future
Show response
Gunjan said AI and stablecoin investments are capital-light with significant partner support; real investments are in fee business growth and payments transformation; productivity runway from $5-6B digital spend over prior six years.
how do the tailoring for proposals or the removal of tailoring proposals in you know, Washington, how would that positively impact that $700 billion crossing
Show response
John said running business without regard to Category II threshold; full LCR already incorporated into NIM guidance; regulatory tailoring changes will be taken in stride.
Calendar 2025 Q3
I just wanted to clarify if that embedded lift is a per quarter statement
Show response
Confirmed 2-3bp is quarterly embedded lift from mix and repricing; tethered more to belly of curve (5-year treasury); credit and mortgage spreads also matter.
how are you balancing some of the embedded momentum that you have been talking about
Show response
Gunjan confirmed organic growth focus; expenses funded investment, now fee growth showing; payments strategies will show with a lag. Explicitly confirmed no bank M&A focus.
Calendar 2025 Q2
it struck me that -- you mentioned in your prepared remarks, expense management is #1 and organic growth is #2
Show response
Gunjan clarified expense focus is short-term fuel for investment; pointed to 13% EPS growth, 59.2% efficiency, 18% ROTCE, strengthening fee mix as evidence of momentum.
I'm wondering why -- was there any sort of liquidity optimization reason behind paying up for those deposits
Show response
John firmly denied any liquidity motivation; deposit actions driven by business and strategic objectives for NII positioning.
Calendar 2025 Q1
What is our marker? Is our marker now the ten percent you know, CET1, including AOCI
Show response
Multiple factors: CET1 including AOCI progress toward 10%, loan growth, macro environment, share price. Gunjan affirmed commitment to long-term distribution targets.
beyond rates, what is the balance sheet optimization plan to get you from the two seventies to three percent?
Show response
John detailed mechanical repricing: $5-7B loans and $3B investment portfolio quarterly at 150-200bp improvement; hedges are NII-neutral; deposit/funding optimization market-dependent.
Calendar 2024 Q4
In terms of the pacing of the buybacks, you did $100 million this quarter. I guess, I heard you guys loud and clear
Show response
John Stern emphasized balance between Cat II capital build (targeting ~10% CET1) and buyback deployment; pace will be modest and dictated by loan growth.
it's a message here that there's -- you're now to a point where there's enough flex where regardless of the revenue environment
Show response
Andy confirmed 200bp+ regardless of revenue with expense flexibility; John detailed levers: real estate optimization, procurement, automation, digital investment inflection.
HBANHuntington Bancshares12 questions · 6 reporting periods · 2 of 12 challenging
Calendar 2026 Q2
you mentioned higher PPNR at 4Q26 on slide 21. The Street on an operating basis is at $1.34 billion
Show response
Zach declined to validate the specific consensus figure but walked through 2027 building blocks and low-teens Q4 YoY growth.
your net interest income outlook, you said, Zach, that it was going to be at the low end or below
Show response
Zach addressed the NII trim against fee upside directly, framing net revenue growth as still tracking toward ~37%.
Calendar 2026 Q1
maybe if you could just further unpack the incremental cost actions. I heard you loud and clear that you're -- you would always modulate the expense outlook
Show response
Zach disclosed $50M in expense tuning via accelerated AI efficiency programs and rephased investments. Brant confirmed retention is very strong with leadership successfully retained.
could you give us more detail on what the potential RWA deflation is going to be under the revised standardized approach for Basel III Endgame?
Show response
Zach disclosed 7.7% RWA reduction representing ~80bps CET1 benefit. Expressed frustration that strong fundamentals not reflected in valuation, pointed to Q4 run rate as catalyst.
Calendar 2025 Q4
I thought it was notable that when you talk about Veritex and Cadence, you say the word partnership very intentionally
Show response
Brant explained partnership approach enables faster talent decisioning, organizational certainty, and line of sight to cost synergies. Steve emphasized both banks are well-run, not turnarounds, bringing capabilities to terrific teams with continued investment.
First question is just a clarifying question on the expense trajectory, both the baseline and the Cadence addition and how we layer on the cost savings
Show response
Zach broke down expense guidance: mid-single digit underlying Huntington growth, plus ~1pp from Veritex and two new capital markets businesses, totaling 10-11% growth with 150-200bp operating leverage. Continued 20% investment growth embedded.
Calendar 2025 Q2
it was notable that deposit costs -- interest-bearing deposit costs went down 2 basis points
Show response
Zach noted deposit costs stable to declining with continued growth, not seeing major competitive changes. Rate cuts would create further opportunity.
I'm wondering sort of what the feedback was from the lenders
Show response
Brant reported Veritex colleagues excited about expanded capabilities. Customer outreach receiving positive response. Steve confirmed combined team will have hundreds of Texas bankers.
Calendar 2025 Q1
Should we think about flat net interest margin trends relative to the 3.10 or should we take out the interest recoveries?
Show response
Zach set run rate NIM at 3.07 basis, flat within a few bps under most scenarios for remainder of year, with deposit beta outperformance being the primary driver of Q1 beat.
is that just really a message of you know, if tariff uncertainty continues to hit the banking sector, you wanted flexibility to support your stock
Show response
Steve reiterated consistent capital allocation priorities: growth first, dividend second, buybacks third. Expects modest buybacks in 2025 with multiyear opportunity ahead.
Calendar 2024 Q4
do you feel like the opportunities are still there and that you're going to be at a heavier lift from an investment standpoint
Show response
Steve confirmed ongoing organic growth investment with momentum, stating it would be a mistake to pull back prematurely and expecting more opportunity in 2025.
I know it's an off-cycle year for category for banks on the stress test. I'm wondering, how you feel about participating this year
Show response
Zach confirmed SCB at 2.5% floor, no plans to participate in off-cycle year. Internal stress tests run rigorously every year.
Show 12 more companies
GSThe Goldman Sachs Group, Inc.11 questions · 7 reporting periods · 0 of 11 challenging
Calendar 2026 Q3
If we think about the capital consumption in the fourth quarter, clearly, capital came in 50 basis points lighter.
Show response
Solomon said the firm sits at the top of its 50 to 100 basis point buffer and has capital to deploy in an active Q4.
the bond market rout globally was going to have a chilling effect on activity levels
Show response
Solomon said abrupt moves, not rate levels, create headwinds and called the current backdrop a top quartile environment.
Calendar 2026 Q2
how much is the Asia hyperscale trade driving the equities revenues at Goldman?
Show response
Coleman said equities strength was broad-based across cash and derivatives intermediation and financing, driven by high single-name dispersion in a rising market, and confirmed the firm sees opportunities for pricing leverage in prime as some participants stay disciplined.
Calendar 2026 Q1
that the ultimate loss to Goldman will be de minimis but the opportunity in terms of spreads and market share could be notable. Is that the correct conclusion
Show response
Solomon confirmed institutions rely on GS for judgment across credit cycles, and noted a lot of alpha in credit comes from managing restructurings when spreads widen.
if you could just unpack a little bit your outlook on the pipeline. I know back in February, we talked about the sponsor community and your thoughts on valuation versus timing
Show response
Solomon noted robust M&A driven by CEO focus on scale and consolidation, pipeline fullness despite geopolitical uncertainty, and IPO activity expected to rebound once conditions stabilize.
Calendar 2025 Q4
How do we think about how that buyback fits in?
Show response
Coleman said GS has reduced share count significantly over time. Mindful of stock price but taking strategic long-term approach to capital return.
In terms of the capital market cycle ahead, what quote inning are we in?
Show response
Solomon said base case advisory volumes approach 2021 levels, bull case exceeds. Not yet mid-cycle for M&A and sponsors. IPO market still well below 2021 peak.
Calendar 2025 Q3
what are those opportunities for growth that you think maybe are missing or not scaled in the business right now
Show response
Solomon said GBM is mid-teens through cycle, AWM returns still have room to improve. T. Rowe and Industry Ventures show strategic acceleration approach.
Calendar 2025 Q2
what do you need to see either from a regulatory construct or anything else in order to work down that buffer
Show response
Coleman said combination of accelerated client deployment and share buybacks will reduce buffer. Solomon expects more clarity on ESLR, GSIB, and SCB within 6-12 months.
Calendar 2025 Q1
whether or not what the US is doing could impact some of that sourcing
Show response
Solomon acknowledged clients globally dislike uncertainty but said no decline in client engagement anywhere. Too early to declare impact.
how are you going to allocate that freed-up capital? How does your -- where do your priorities go?
Show response
Solomon said capital waterfall: deploy in banking/markets franchise first, support dividend growth, return excess. Some used for alt fund startups.
WFCWells Fargo11 questions · 8 reporting periods · 2 of 11 challenging
Calendar 2026 Q3
how investors should think about the buyback as a priority and absolute buyback levels relative to your CET1 today
Show response
Mike said she was overreading Moody's comment; buybacks remain the residual lever within the 10% to 10.5% range, and Scharf said the view does not limit plans.
Is that 4% to 5% the right sort of ballpark as we think about 2027?
Show response
Mike deferred 2027 NII guidance to January; on betas he said each deposit component should behave as last cycle, with a higher blended beta as commercial grows.
Calendar 2026 Q2
what are you expecting for deposit costs in the second half of the year? Is there a rate hike priced in?
Show response
Mike expected deposit costs to inch up as interest-bearing deposits grow faster, framing it as positive for profitability.
Calendar 2026 Q1
If we think about year-over-year net interest income growth as balance sheet-driven at the same pace, say 4% year over year, with maybe a little bit of stability in the NIM in the second half
Show response
Santomassimo detailed the NII build: continued loan growth, deposit growth, potential securities deployment, and rate tailwind if higher for longer.
Contemplating all of that, would you run this company at lower than 10% CET1?
Show response
Scharf acknowledged the trajectory is favorable but declined to set a new target before rules are finalized. Santomassimo confirmed no floor at 10%.
Calendar 2025 Q4
is the expense number of 55.7 contemplating a pretty robust capital markets environment
Show response
Mike clarified the $800M is exclusively WIM and driven by equity market levels, assuming market up modestly from current. Broader performance-based compensation for markets activity is included separately in the other expense category.
Calendar 2025 Q3
What should investors be asking banks in terms of assessing NDFI exposure and risk
Show response
Mike broke down NDFI exposure: largest component is fund finance to big established PE firms, then middle-market loan lending with individual underwriting of 2,500-3,000 loans, then diversified consumer receivables and vendor finance. Emphasized cross-collateralization and bottom-up underwriting approach.
I'm wondering as we think about WIM, and sort of a sub-twenty pretax margin
Show response
Mike identified three WIM margin drivers: deeper banking and lending penetration (well below peers), making advisors more productive through alternatives and tools, and continuing to recruit. Professional services spend has efficiency opportunity but some is volume-driven. Hundreds of efficiency projects ongoing.
Calendar 2025 Q2
is a hundred forty basis points still an appropriate buffer
Show response
Charlie detailed the 90bps SCB increase then 120bps decrease over 13 months. Waiting for Fed transparency on CCAR before setting definitive capital targets. Direction is lower but doesn't want a moving target every quarter. Expressed excitement about excess capital and growth opportunities.
Calendar 2025 Q1
I'm wondering, number one, if that's still your expectation and perhaps help us frame maybe the impact
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Mike confirmed flattish H1 with more loan growth in H2. Declined to provide trading NII detail given rate volatility, but noted it's largely revenue-neutral with fee offset.
Calendar 2024 Q4
what is the true natural return of this business?
Show response
Charlie acknowledged peer comparisons but declined to provide targets beyond 15%, emphasizing need to achieve that first before reassessing.
FITBFifth Third Bancorp10 questions · 6 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
I'm wondering if you could share with us any updated thoughts on Basel III endgame and electing either
Show response
Preston gave capital detail but said LCR relief benefit is tough to quantify until minimum portfolio floors are known.
As we progress through the year, what should we expect for deposit costs assuming no Fed hike?
Show response
Preston gave a clear directional answer and explained the asset-repricing offset if a hike materializes.
Calendar 2026 Q1
could Fifth Third maintain deposit costs even if there are no cuts
Show response
Bryan confirmed ability to hold deposit costs flat without cuts. Wild card is loan growth, more aggressive lending environment would put pressure on deposit costs, but in normalized growth, significant optionality exists. Tim's competitiveness noted even by money center peers.
Calendar 2025 Q4
how we should think about average deposits that's underpinning your net interest income outlook for the year. And how we should think about, you know, given Tim's comments about targeted rate offer...
Show response
Bryan said 2026 is a remixing year, targeted DDA and consumer IBT growth from legacy Fifth Third while optimizing Comerica's funding costs (cleaning up post-March 2023 liquidity-stress actions). Legacy Fifth Third betas look lower due to balance-growth focus, but overall combined funding costs come down. NIM pickup of ~2bps from funding synergies plus balance sheet mix changes.
Calendar 2025 Q3
should we should we now think, okay, the priority has to be you know, retaining the the funding and that's more priority growth in deposits and retention of deposits. It's a bigger priority over ov...
Show response
Tim confirmed priority is replacing Comerica's higher-cost funding via retail deposit growth, targeting 60/40 retail/wholesale mix. Retail deposit engine described as best in sector. Bryan added two horizons: pre-close liquidity positioning for unexpected outflows (shared commercial customers may consolidate), and longer-term combined funding cost better than either standalone. Combined IBD cost 50-60bps better than Comerica standalone.
We have seen in the past some of the larger deals that have been announced previously been hampered by sort of poor back-end execution, right, in terms of how they approached the tech integration
Show response
Tim emphasized this is a conversion-only exercise, not systems integration plus conversion. All Comerica platforms move to Fifth Third (except National Dealer Services where Comerica has the platform). No Comerica platform they haven't converted before, and in many cases same platforms. Key risks: biometrics/password issues, mobile phone updates, data mapping, all require detailed pre-conversion work and adequate staffing in branches and call centers.
Calendar 2025 Q2
how are you balancing optimizing your mix versus gathering more deposits for funding? Or do you have enough cash
Show response
Bryan said moving to balanced deposit growth mode with cost stabilization, possibly 1-2bps higher, dependent on balance sheet needs.
should we expect that mix of growth to change? Or is there a dynamic where you can continue to see strong consumer growth in the back half
Show response
Bryan expects balanced C&I and consumer growth in H2. Commercial pipelines up 50% and now in line with year-ago levels that supported strong year-end growth.
Calendar 2024 Q4
could you share with us how you expect the net interest margin to traject from that 2.97%?
Show response
Bryan said getting back into the 320s is achievable in this rate environment, with NIM and NII improving each quarter through 2025.
if you think it's worth it to participate off cycle to revisit that stress capital buffer?
Show response
Tim said the 3.2% SCB is not binding so off-cycle participation isn't worthwhile. Expressed optimism about more stress test transparency.
KEYKeyCorp10 questions · 6 reporting periods · 3 of 10 challenging
Calendar 2026 Q2
how safe is consensus EPS for 2027 relative to the NIM outlook?
Show response
Clark downplayed the exit-NIM change, citing ~$30B of fixed-rate asset repricing through 2027, operating deposit growth, and confidence the 3.25% structural path and Q4-27 return target remain intact.
Calendar 2026 Q1
maybe talk a little bit about client sentiment and how they are balancing sort of the geopolitical volatility
Show response
Chris detailed consumer strength (mid-single digit spending growth, wealth effect with mass affluent universe up 15% to 1.15M). Commercial: utilization up for first time, CapEx starting from big beautiful bill, but M&A deals being slow-played amid day-to-day volatility. On private credit: spreads firming as some private credit players pulling back due to redemptions, creating bank reintermediation opportunity.
Calendar 2025 Q4
it feels like you know, I guess that's a good conclusion to have that there's some conservatism or in the guide
Show response
Clark noted 2025 strength makes YoY comparison harder but absolute dollars better than expected. Demonstrated ability to outperform guide in 2025 by seizing opportunities. Confident in guide with ability to update as visibility improves.
Calendar 2025 Q3
Does that have any impact in terms of how free you feel about making decisions on capital distribution
Show response
Chris noted Fitch upgrade enables bidding on conduit deals bringing significant escrow balances. Clark emphasized they would engage rating agencies before major capital actions to protect the upgrade.
what conditions would you be looking for in terms of the rate backdrop or if any other preconditions
Show response
Clark acknowledged capital likely exceeds organic deployment needs. Will study scenarios for buybacks or balance sheet restructuring (CMOs, mortgage loans). Requires constructive macro environment. Would consult rating agencies given Fitch upgrade importance.
How sensitive are you to book dilution? And maybe walk us through very plainly the opportunity to buy your bank at 1.37 times tangible book versus using that as currency
Show response
Chris emphasized focus is driving ROTCE to 15%+ then beyond, which will create currency for future optionality. Buying $100M of own stock now. Referenced personal experience leading First Niagara integration and understanding investor TBV sensitivity.
Calendar 2025 Q2
Ending loans up 2%. You're already there for the first half of the year. Is that dynamic that you're expecting for the second half
Show response
Clark explained 2-3% quarterly organic growth needed to hit midpoint. Loan growth offset by CRE paydowns and resi runoff (~$600-700M/quarter). Capital markets strength could shift production off-balance sheet. Bonus depreciation upside not in guide.
how you're thinking about running down that excess liquidity or not? And how we should think about deposit growth from here
Show response
Clark indicated more balanced approach between rate and dollars in second half vs first half rate focus. Expects deposit book to grow with seasonal tailwinds. Excess cash could come down if environment remains constructive.
Calendar 2024 Q4
What, Clark, deposit beta are you assuming in that up 20% NII guide?
Show response
Clark detailed beta trajectory from 40% in Q4 to approaching 50% through the year.
if there's an appetite to be more aggressive at adding commercial bankers and using this capital
Show response
Chris confirmed continued investment in wealth advisors, IB platform (10% growth), bolt-on acquisitions, and technology. Invested throughout the turbulence of 2022-2023.
MTBM&T Bank10 questions · 6 reporting periods · 4 of 10 challenging
Calendar 2026 Q2
if the Fed keeps rates where they are, do you expect deposit costs to drift higher given what you just said?
Show response
Bible acknowledged modest NIM pressure from deposit mix but called trading a few basis points for NII growth a fair trade, and said the balance sheet is neutral to a 25bp move.
how should we think about the mix of your liability growth from here?
Show response
Bible said all business lines are focused on core deposit growth, with securitizations, debt and FHLB advances available as backup funding levers.
Calendar 2025 Q4
what is more important to this management team and board? Optimizing ROTCE or optimizing growth?
Show response
Bible said it's a combination, disciplined returns on lending plus significant capital return. Probably only large bank that retired 9% of shares. New priorities (teaming for growth, operational excellence) designed to improve both.
How much is the shape of the curve important versus the gross trends?
Show response
Bible said curve shape matters for NII range, still benefiting from fixed rate roll-on/roll-off. Nearly neutral on short end but naturally asset sensitive without hedges. Earning assets growing ~3% point-to-point.
Calendar 2025 Q3
walk us through what the NDFI exposure is for M&T Bank Corporation
Show response
Bible detailed NDFI at 7-8% of total loans, focused on conservative segments: fund banking (capital call lines, no NAV lending), institutional CRE/REITs, resi mortgage warehouse (operational risk not credit risk). Only public BDCs. SSFA structures are procyclical, RWA increases in stress when capital is most needed. Small current exposure, taking conservative approach.
is the fourth quarter still a good inflection point for when CRE balances would bottom? You know, when can we start seeing, you know, period-end balances start to tick upward in a more consistent way?
Show response
Bible said CRE probably bottoming in Q1 2026, possibly Q4 2025. 2026 maturities much lower than 2025, so fewer payoffs. Production growing, expects CRE to become a positive earnings asset again.
Calendar 2025 Q2
In terms of core deposit competition, how is that faring underneath the surface?
Show response
Bible emphasized operating accounts as core strategy across all six businesses. Once operating account is established, opens cross-sell for deposits, loans, and services. Called core deposit franchise MTB's biggest value.
how much are the ratings agents versus the regulators playing a part in how regional banks like M&T Bank Corporation are setting their targets?
Show response
Bible acknowledged rating agencies, regulators, and other constituencies all influence capital targets. Stressed that SCB improvement and criticized reduction are being noticed by rating agencies.
Calendar 2025 Q1
It does feel like the NII trajectory should be upward from here, if we just sort of dissect your guide
Show response
Bible acknowledged 3.70s NIM is possible but not in base forecast. Confirmed NII trajectory is upward and stress test opt-in for 2025; unemployment assumption in CECL model ~5%.
Calendar 2024 Q4
Are you planning to maybe address that stress capital buffer this year by opting to participate?
Show response
Bible confirmed opt-in to 2025 stress test. Expects improvement given CRE reduction, lower criticized/NCOs. SCB still seen as too high.
TFCTruist Financial10 questions · 5 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
What have the conversations been like sort of underneath the surface in terms of top producers
Show response
Answered philosophically about re-recruiting rather than providing specific retention data or attrition metrics.
What other characteristics did you particularly, you and the board, like about Mike in terms of taking this company
Show response
Rogers detailed the year-long succession process and the payments and technology profile the board screened for.
Calendar 2026 Q1
I guess I'm wondering why unveil today a new long-term ROTCE target
Show response
Rogers said analysts had been asking whether 15% was endpoint or waypoint. Basel III is a component, beneficial to balance sheet and capital deployment. Maguire added they didn't have a long-term target before; confidence in business momentum and evolving capital framework contributed.
There was a Bloomberg article essentially speculating that you could potentially be attractive to another partner
Show response
Rogers dismissed the article, said it was refuted by the named party. Emphasized Truist's plan delivers mid-teens EPS growth under strong risk posture, providing advantaged return to shareholders. That's 100% focus of Board, management, and team.
Calendar 2025 Q3
what do you think is the, you know, appropriate efficiency ratio underneath the surface
Show response
Rogers said efficiency ratio improvement marginal, not the biggest ROTCE driver, growth and operating leverage are primary. Won't guide to or manage to efficiency ratio because investment opportunities are significant.
How should we think about the trajectory of the net interest margin in that context relative to the cuts in the curve
Show response
Milsaps said NIM progress in Q4 from Oct/Dec cuts, continued progress in 2026 toward low 3-teens, expects to be there in 2027. Driven by fixed-rate repricing, profitable loan/deposit growth, banker hiring. Clarified 2026 revenue growth >2x means ~4%+ off ~2% base.
Calendar 2025 Q1
did you give the baseline unemployment rate for your reserve, Mike? And what the weighted average is that's embedded
Show response
Bender disclosed 5.1% baseline unemployment in model with pool-level adjustments, mid-to-high single digits when factoring stress scenarios and qualitative overlays.
If you could remind us what was the -- is that unchanged or revised from the original January outlook
Show response
Maguire estimated implied NII was ~high 3s to 4% in January, now 3%, approximately 75bps impact almost entirely from two-year curve shift reducing fixed-rate repricing benefit.
Calendar 2024 Q4
how does that progress quarterly through from 12/31/24 to 12/31/25
Show response
Maguire outlined approximately straight-line progression from $46B to $63B received fixed swaps, $30B payers throughout, net impact on NII relatively stable through 2025.
could you talk to us about how some of the growth might be impacted by some of the changes that you've made to leadership
Show response
Rogers addressed leadership changes as normal succession with great talent attraction. Maguire added post-TIH capital position enables pro-growth agenda with active banker hiring.
COFCapital One8 questions · 5 reporting periods · 2 of 8 challenging
Calendar 2026 Q2
you can get to a mid twenties ROTCE pro forma. What is wrong with that line of logic?
Show response
Andrew corrected the EPS-accretion baseline and explained the 12.5% denominator is for comparability, but never confirmed or denied the ROTCE level.
Calendar 2026 Q1
You mentioned you were talking about ROTCE at a constant level of capital and the capital level
Show response
Rich corrected to 12.5% and confirmed guidance holds at somewhat higher capital levels. Would not quantify exact breakpoint. Clarified the normalization exercise clearly.
I'm wondering if you could give us your preview of how Basel III end game could play out for you
Show response
Andrew gave detailed breakdown: RWA 8-9% decrease (140bps tailwind) vs AOCI phase-in (120bps headwind) = net +20bps. Category 2 threshold ($700B) likely delayed by trailing average and possible indexing. Won't elect IRBA. Very transparent and quantitative.
Calendar 2025 Q4
maybe help us think through what you think the consequences could be of passing CCCA. And also, maybe the broader question is, as we think about the strategic imperatives over the next year or two,...
Show response
Rich argued interchange is part of well-established ecosystem benefiting retailers and consumers. Government intervention risks unintended consequences. On global acceptance: every strategic network opportunity shares the same path, building international acceptance and network brand. Already investing, sloping work toward where Americans travel. Rare in business that every aspiration has the same shared path.
Calendar 2025 Q2
how much time will you give yourself to optimize the capital to where you think the right level is for the company
Show response
Andrew said no precise timeline. Two factors: determining long-term capital need level and current pace of repurchases at any given time. SEC limitations provide upper bound. Will provide update when internal work is complete.
does the run rate of expense growth, that flipped, for lack of a better word, legacy Capital One accelerate
Show response
Rich acknowledged individual line items have moved since announcement but net drift favorable. Investment opportunities have also grown. Net earnings power emerging from integration is similar to deal model estimates. Cleanest articulation of the investment-vs-earnings-power framework.
Calendar 2025 Q1
Is there any way to have a neat answer on what the weighted average unemployment rate would be if we took into account the heavier weighting on the downside scenario
Show response
Andrew explained their allowance process is not a formulaic multi-scenario probability weighting, so no clean weighted-average unemployment number. On forward ACL: continued near-term credit favorability would reduce coverage, but worsening economic outlook or consumer behavior change could push it up. Declined to project.
are you also affirming the purchase accounting assumptions from February of 2024
Show response
Andrew explicitly declined to affirm balance sheet marks, noting rates, credit, and stock price have all moved. Will segment Discover portfolio into PCD and non-PCD at close, with day-2 provision running through P&L. Updates at appropriate time post-close.
CFGCitizens Financial Group7 questions · 6 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
do you expect a PPNR upgrade relative to what you are expecting?
Show response
Van Saun confirmed PPNR could move up and pre-empted the expense concern by tying the increase to revenue-linked incentive comp.
you mentioned that you did take on more FHLB given the gap loan growth and deposit growth
Show response
Answered the FHLB question directly and Banerjee separately covered the asset sensitivity portion of the compound question.
Calendar 2026 Q1
Given everything that you've said about a record first quarter in cap markets and very full pipelines, picking up new mandates while some of these deals were pushed into closing in the second quart...
Show response
First confirmed 6-8% fee guide still holds given record Q1 and strong pipelines. Follow-up probed NIB deposit growth sources in seasonally tough quarter and whether deposit costs can stay stable without rate cuts. Efficient and targeted.
Calendar 2025 Q4
Just wanted to ask about the puts and takes on the loan growth guide. It feels like a bit of a sort of best in class relative to peers. Maybe remind us, Bruce, in terms of where you are in your bal...
Show response
Single focused question noting loan growth guide feels best-in-class vs peers. Asked about BSO journey status and CRE refinancing opportunity as rates decline. Positive framing with detailed industry context.
Calendar 2025 Q2
Given everything that I've heard from Brendan and Don, it sounds like it's going to be a good second half for growth. And I've noticed, John, that you did have great NIB growth in the quarter. tota...
Show response
First question probed H2 deposit strategy and funding mix optimization. Second asked about capital requirements in context of GSIB relief and rating agency constraints on regionals. Deep strategic questions showing confidence in the trajectory.
Calendar 2025 Q1
Unless we think that the balance sheet will shrink, it seems like that up 3% to 5% is still broadly in line, right, in terms of what you're affirming. So, just wanted to confirm that in terms of th...
Show response
First question confirmed NII +3-5% guide still broadly in line given NIM trajectory. Second explored reserve composition in detail: unemployment assumptions, non-core offset dynamics, and mix improvement. Framed positively around management's positioning.
Calendar 2024 Q4
I just wanted to think about some of the dynamics that are more strategic than mechanical on the margin improvement, John. Give us a sense in terms of how you're thinking about deposit growth and t...
Show response
Two-part question exploring deposit growth dynamics and beta trajectory, then pivoted to private bank investment horizon. Framed CFG as setting up for a very strong year, asked whether front-loaded investment spend would continue.
RFRegions Financial Corporation7 questions · 5 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
take us through the trade-off in terms of how you're thinking about maybe using some short-term borrowings
Show response
Named the specific funding tools and pricing and restated the long-term loan-deposit growth strategy.
Calendar 2026 Q1
what are your considerations in terms of RSA, which you showed us versus ERBA
Show response
Anil Chadda explained ERBA benefits from investment-grade credit and retail exposure risk weights are overwhelmed by the operational loss add-on for Regions. Standardized approach preferable currently. Evergreen opt-in option is beneficial. Rating agency views on unrisk-weighted capital are a key consideration.
will you be able to keep deposit costs flat if the Fed isn't cutting this year
Show response
Anil Chadda confirmed deposit costs will continue to decline modestly from the 1.69% exit rate even without Fed cuts. Competitive pressures manageable as banks broadly performing as expected in managing deposit costs.
Calendar 2025 Q4
what would you tell investors your sort of top three priorities are as you take on the role
Show response
Anil Chadda emphasized stability and continuity. Strategic plan execution, maintaining strong financial performance, and leveraging the finance team David Turner built. Job one, two, and three is continuing the established trajectory.
Calendar 2025 Q1
as we think about what the reserve is capturing in terms of unemployment rate, David, could you give us a sense on what the current baseline is
Show response
David Turner explained baseline unemployment of 4.2-4.3% with qualitative overlay pushing weighted average to high 4% range. ACL of 1.81% expected to drift down toward 1.62% day-one CECL level as problem credits resolve.
Calendar 2024 Q4
how should we think about sort of what you've seen in different rate environments with regards to DDA growth
Show response
David Turner emphasized that DDA growth is execution-driven not rate-driven. Doubling down on consumer, branch small business, and operating accounts. Noninterest-bearing above 30% is the goal.
what are your priorities in terms of fee income investments in '25? And how should we think about that trajectory over the medium term
Show response
David Turner highlighted interest in fixed income sales/trading, MSR acquisitions, and wealth RIAs. Willing to invest capital in non-bank acquisitions at appropriate prices.
AXPAmerican Express Company6 questions · 6 reporting periods · 3 of 6 challenging
Calendar 2026 Q1
the key takeaway from this quarter is really that sort of upside to revenue
Show response
Squeri confirmed the framing. Also noted Amazon and Lowe's co-brand portfolios rolling off will create slight revenue drag with zero PTI impact.
Calendar 2025 Q4
does that over time then impact the trajectory of net card fees, for example, on slide 15
Show response
Le Caillec confirmed card fee growth at 16% expected to pick up through 2026 as platinum renewals hit new price point, and portfolio premiumization shows in best-in-class credit.
Calendar 2025 Q3
walk us through in terms of the same pacing, in terms of the step up and related expenses
Show response
Le Caillec explained benefits are expensed as earned (mostly quarterly), so costs are more linear than card fees, with the goal to increase engagement over time.
Calendar 2025 Q2
how does American Express continue to deliver this 8 to 10% revenue growth
Show response
Squeri pushed back that competition isn't much fiercer than it's been, emphasized customer focus and service differentiation, and noted AXP is much bigger than when targets were set.
Calendar 2025 Q1
can generate 8% to 10% revenue growth even in light of an unemployment rate that we haven't seen in a while
Show response
Squeri confirmed spending was remarkably consistent month-to-month through Q1 and into April, and noted white-collar unemployment matters more for AXP than total.
Calendar 2024 Q4
proprietary net cards acquired, it looked like it slowed down a bit in the fourth quarter after being up double-digits
Show response
Le Caillec explained quarterly NCA distribution is noisy and broke down billings math: ~7% from new cards, rest from organic and low attrition.
MSMorgan Stanley5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
how durable is some of the activity on the equities trading side that's coming out of Asia?
Show response
Ted confirmed some pricing leverage but said durability hinges on continued global growth, controlled inflation, and quiet geopolitics.
Calendar 2026 Q1
Should we think about the low 30s as sort of a high level where you can sustain
Show response
Sharon reaffirmed 30% target, emphasizing investment priority over margin optimization, noting organic margin improvement will come naturally from continued investment in growth.
Calendar 2025 Q4
you mentioned 320 basis points of excess capital. You know, clearly, the regulators are keen to redefine that. As you think about the forward and achieving higher highs and higher lows, you know, w...
Show response
Sharon confirmed structural margin improvement across all businesses. Capital deployed to IB talent, secured lending, equities servicing, and SBL/mortgage penetration in wealth. Ted highlighted digital assets (Zero Hash), E-Trade innovation, Parametric scaling, and alternatives as embryonic adjacencies requiring time and investment.
Calendar 2025 Q3
as we think about the sustainability of the investment banking strength, can't help but notice that, of course, markets are at all time highs, and and and spreads are quite tight
Show response
Sharon said sponsor realization already underway in Q3 driven by IPO exits and acquisition opportunities. Ted added that rebalanced regulatory framework makes going public more attractive earlier, and large-cap M&A across growth industries will drive symbiotic IPO activity.
Calendar 2025 Q2
where deposits would play into your priority. I know that you have less than 10% of trading assets in the bank sub
Show response
Sharon confirmed bank is a strategic priority with ongoing deposit diversification and eligible ISG asset migration. Ted emphasized enormous organic runway with 10% of $60T WM TAM, 15% IB share.
SYFSynchrony Financial5 questions · 4 reporting periods · 1 of 5 challenging
Calendar 2026 Q1
As you think about a higher CET1 relative to the 11% minimum, is that biased toward buybacks or more aggressive portfolio acquisition?
Show response
Wenzel noted final Basel III rule outcome unknown. If capital relief materializes, Board would evaluate between acquisitions and shareholder returns. On reserves, no specific guidance on releases, was outlining pathways to higher end of EPS range. Qualitative overlays maintained for potential macro deterioration. Would not plan on reserve release today, evaluated quarter by quarter.
Calendar 2025 Q4
I'm wondering how have you sort of thought about the different scenarios in terms of how the tax refund dynamic could impact the payment rate
Show response
Wenzel described largest tax refund season expected, with 50-60% by mid-March and 80-90% by May. Higher-income recipients more likely to save or pay down debt. Moderate-income consumers more likely to spend. Either outcome positive for SYF, spend boosts purchase volume, paydown improves credit. Tax refund impact included in the guide.
Within the 09:10 to 09:50, we should assume that the ALLL ratio is going to come down due to qualitative reserves coming down, and that offsets perhaps the higher reserves from Walmart growth?
Show response
Wenzel clarified he was describing general trajectory over time, not embedding specific reserve rate assumptions in the EPS guide. Qualitative reserves have not eased yet. Stable macro outlook assumed, environment getting better is not in assumptions. Rate bias downward over time but dollar reserves will increase with growth.
Calendar 2025 Q2
we're now fully lapping the impact of those previous credit actions on growth?
Show response
Wenzel confirmed credit actions fully lapped entering H2. Consumer discretionary pullback from mid-2024 also lapping. 2026 will benefit from credit aperture reopening, Walmart, and favorable comps. PPPC build continuing with about 50% of balance baked through Q2, 75% by next year.
Calendar 2024 Q4
we kind of wanted to unpack what your cohort is really like in terms of how we're thinking about spending
Show response
Wenzel provided key data point: test vs. control groups show no significant difference in purchase volume, realization, or attrition from PPPCs. Programs without PPPCs seeing same declines. Doubles added transparent partner analysis process.
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 |
|---|---|---|
| BAC Bank of America | 15 | 13%2 of 15 questions |
| JPM JPMorgan Chase & Co. | 15 | 27%4 of 15 questions |
| C Citigroup | 14 | 7%1 of 14 questions |
| PNC PNC Financial Services | 13 | 8%1 of 13 questions |
| USB U.S. Bancorp | 13 | 15%2 of 13 questions |
| HBAN Huntington Bancshares | 12 | 17%2 of 12 questions |
| GS The Goldman Sachs Group, Inc. | 11 | 0%none of 11 questions |
| WFC Wells Fargo | 11 | 18%2 of 11 questions |
| FITB Fifth Third Bancorp | 10 | 10%1 of 10 questions |
| KEY KeyCorp | 10 | 30%3 of 10 questions |
- BACBank of America · 15 questions13%2 of 15 questions
- JPMJPMorgan Chase & Co. · 15 questions27%4 of 15 questions
- CCitigroup · 14 questions7%1 of 14 questions
- PNCPNC Financial Services · 13 questions8%1 of 13 questions
- USBU.S. Bancorp · 13 questions15%2 of 13 questions
- HBANHuntington Bancshares · 12 questions17%2 of 12 questions
- GSThe Goldman Sachs Group, Inc. · 11 questions0%none of 11 questions
- WFCWells Fargo · 11 questions18%2 of 11 questions
- FITBFifth Third Bancorp · 10 questions10%1 of 10 questions
- KEYKeyCorp · 10 questions30%3 of 10 questions
Show all 18 companies
| Company | Questions | Challenge rate |
|---|---|---|
| MTB M&T Bank | 10 | 40%4 of 10 questions |
| TFC Truist Financial | 10 | 10%1 of 10 questions |
| COF Capital One | 8 | 25%2 of 8 questions |
| CFG Citizens Financial Group | 7 | 0%none of 7 questions |
| RF Regions Financial Corporation | 7 | 14%1 of 7 questions |
| AXP American Express Company | 6 | 50%3 of 6 questions |
| MS Morgan Stanley | 5 | 0%none of 5 questions |
| SYF Synchrony Financial | 5 | 20%1 of 5 questions |
- MTBM&T Bank · 10 questions40%4 of 10 questions
- TFCTruist Financial · 10 questions10%1 of 10 questions
- COFCapital One · 8 questions25%2 of 8 questions
- CFGCitizens Financial Group · 7 questions0%none of 7 questions
- RFRegions Financial Corporation · 7 questions14%1 of 7 questions
- AXPAmerican Express Company · 6 questions50%3 of 6 questions
- MSMorgan Stanley · 5 questions0%none of 5 questions
- SYFSynchrony Financial · 5 questions20%1 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 | 25 | 8%2 of 25 questions | 15 |
| 2025 Q1 | 23 | 17%4 of 23 questions | 14 |
| 2025 Q2 | 24 | 21%5 of 24 questions | 15 |
| 2025 Q3 | 24 | 29%7 of 24 questions | 13 |
| 2025 Q4 | 25 | 8%2 of 25 questions | 17 |
| 2026 Q1 | 27 | 11%3 of 27 questions | 17 |
| 2026 Q2 | 23 | 22%5 of 23 questions | 16 |
| 2026 Q3 | 11 | 18%2 of 11 questions | 5 |
- 2024 Q425 questions · challenge rate 8% (2 of 25 questions) · 15 companies
- 2025 Q123 questions · challenge rate 17% (4 of 23 questions) · 14 companies
- 2025 Q224 questions · challenge rate 21% (5 of 24 questions) · 15 companies
- 2025 Q324 questions · challenge rate 29% (7 of 24 questions) · 13 companies
- 2025 Q425 questions · challenge rate 8% (2 of 25 questions) · 17 companies
- 2026 Q127 questions · challenge rate 11% (3 of 27 questions) · 17 companies
- 2026 Q223 questions · challenge rate 22% (5 of 23 questions) · 16 companies
- 2026 Q311 questions · challenge rate 18% (2 of 11 questions) · 5 companies
Topics
Topics tagged on this analyst’s questions.
- Capital Allocation52
- Margin51
- Revenue Growth38
- Regulation Policy33
- Demand22
- Competitive Dynamics21
- Credit20
- Macroeconomic18
- Cost Pressure17
- M&A16
Show all 20 topics
- Pricing15
- Guidance Reliability14
- Geographic Expansion4
- Capex Investment3
- Trade Tariffs3
- Labor Market2
- Innovation & R&D2
- Product Launch1
- Fx1
- Subscriber Growth1