Saul Martinez

Stern clarified Amazon revenue split and pointed to NIM/NII growing through the year, while watching deposits and the curve shape.

Gunjan said growth dependent on Amazon's small business base growth; $75-85M/quarter at conversion; will reinvest some revenue in new client acquisition; goal is to take payments business to more robust long-term growth trajectory.

John explained volume softness from 1-2 client exits with negligible revenue impact; underlying trends reflect 5-6% growth consistent with fee growth; Gunjan added intentional decoupling from volume, focusing on profitable revenue over thin-margin volume.

John confirmed merger costs concentrated in next 1-2 quarters keeping EPS neutral; margin expansion expected thereafter; accretive by year-end and into 2027.

John cited client demand for broader financing and wallet share; Gunjan pointed to proven track record growing fixed income to $1.4B organically; middle market and family office segments need high-touch service at USB's scale.

Impact Finance expected to grow high single digits medium-term; driven by tax credit transferability, syndications, market share gains; #1 in new market tax credits.

Two cuts assumed for 2025, two more in 2026; 10-year at ~4.5% for 2026; card yield pickup in Q3 partially seasonal and will reverse in Q4; overall bias to upside.

Corporate T&E headwinds may persist into Q3 then abate; strong sales pipeline visible well in advance. Issuing growth rate reflective of market, prepaid headwinds fully lapped.

Short-term borrowings temporarily funded securities purchases ahead of loan sale closing; will reverse next quarter. Long-term debt coverage now at appropriate level, no further growth needed.

John wouldn't confirm specific NII figure but acknowledged the math; emphasized mechanical repricing and deposit optimization as core drivers with curve shape as variable.

Through-cycle beta expected to reach 50%+ with additional rate cuts.

Andy emphasized banking-payments integration and vertical-focused capabilities; Gunjan cited 15M client franchise and backend infrastructure as competitive advantage.

Alastair framed Global Markets NII as having been powered by lower rates and balance-sheet growth; without further rate cuts, core businesses (Global Banking, Consumer, Wealth) become the dominant growth engines. Markets NII will still flow to bottom line, with only occasional MSA offsets of $100M-magnitude per quarter.

Alastair rejected the premise of looser reserving, same CECL methodology but lower-risk portfolio mix (less unsecured consumer, more wealth lending). Lowest Fed stress loss rate 13 of last 14 years. Q1 specifically: shifted 5% out of upside case into baseline (more conservative economic scenario weighting), with a modest release from continued CRE office improvement.

Alastair confirmed current 44-47bps NCO rate is below through-cycle estimate of 50-55bps from Investor Day. Attributed to right risk selection, right clients, and benign environment.

Alastair noted consumer checking balances now up ~2% year-over-year. Historically consumer deposit growth tracks GDP to GDP-plus (4-5%). May not reach full rate in 2026 but expecting improvement from 2025's ~3% growth rate.

Alastair detailed risk controls: top global asset managers as clients, diversified high-quality collateral, shorter duration structures with mark-to-market triggers, investment-grade ratings, and loss content under 1 basis point historically.

Brian emphasized S&T's 14-quarter growth streak reflects a moving not storage business. IB benefiting from geographic expansion and middle-market franchise. Global banking's holistic client model provides revenue stability beyond IB fee volatility.

Fraser cited lead-investment-advisor strategy, talent retention, CIO research improvement, BlackRock/iCapital/Palantir partnerships, $5T opportunity ($3T in US retail/CityGold). Mason confirmed medium-term EBIT margin target 20% (achieved in 2025), longer-term 25-30%.

Fraser cited product innovation including Strata Elite card, American Airlines partnership, AI-driven efficiency, and retail bank as wealth feeder.

Fraser cited $5T off-platform opportunity, global advisory demand, Palantir relationship for client experience, and talent investments.

Mason confirmed $400M card processing fee reclassification reduces 2026 expense target to below $52.6B.

Mason quantified NII ex-markets growth at 2-3% driven by card loan volumes, deposit momentum, and investment portfolio repricing.

Mason cited severance normalization from ~$700M to ~$300M, legacy stranded cost reduction from $1.9B, and transformation productivity savings as key levers.

Coleman pointed to expanding market caps, growing client participation, improved market share, and capital deployment as structural drivers while noting significant drawdowns could reverse activity levels.

Coleman confirmed FICC intermediation softness was market-wide, not Goldman-specific, and explained higher VAR was driven by increased rates and commodities volatility.

Solomon clarified base case is advisory VOLUMES approaching 2021 levels, not total IB fees. ECM will remain well below 2021 peak but higher than 2025.

Solomon acknowledged payout ratio could be higher given capital generation but declined to speculate on specific ratios. Focused on sustainable steady dividend growth.

Solomon said performance varies quarter to quarter but 25-year leadership position sustained through continuous investment. Cautioned against extrapolating one quarter.

Coleman explained active management of capital density, moving out of high-density HPI into lower-density wealth lending with recurring revenue.

Santomassimo confirmed no change in loss content outlook; NDFI losses have been virtually nothing historically. Allowance is lower and not changing materially.

Santomassimo attributed core NII margin pressure to rate cuts and interest-bearing deposit mix shift; emphasized they are not competing on price to grow.

Mike walked through: advisory fees driven by equity markets with a better jumping-off point than last year; deposit and card fees driven by macro/consumer consistency; IB expected active across M&A and ECM; trading expected to grow overall revenue. Over half of fee line covered by advisory, deposit, and card fees alone.

Mike detailed spread compression driven by FICO mix shift from credit tightening, VW relationship building, and full-spectrum lending capabilities, with focus on returns not growth at any cost.

Mike emphasized WFC's equities business is fundamentally different from peers, not global, no massive prime business. Some equity finance constrained by asset cap. Charlie praised the team's results without the luxury of balance sheet.

Charlie rejected the 'shackles off' framing, emphasizing disciplined, linear approach to growth with strong controls. Growth will be controlled and supported by risk frameworks, not a sudden unlocking.

Andrew cited macro uncertainty and asymmetrical value of capital. Nearly $12B authorization remaining. Rich added buybacks are important to value creation but conservative capital philosophy takes priority. Did not commit to increasing pace.

Andrew explained measurement period is final. Q1 impact was ~$1M, inconsequential. Directed back to tables already provided. Clean and direct answer.

Andrew emphasized Brex does not change repurchase approach. Will consider current/projected capital, balance sheet growth, economy, and regulatory environment. Healthy capital levels with $14B remaining authorization and SCB flexibility.

Rich confirmed initial EPS dilution from Brex given high growth rate of business. Expects significant accretion over time. Andrew clarified Brex reduces capital by ~40bps but does not alter repurchase pace. $14B remaining authorization, flexibility under SCB. Will manage buybacks based on capital levels, growth opportunities, economy, and regulatory environment.