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Analyst
Steve Chubak
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 113on tracked calls
- Challenge rate
- 13%15 of 113 questions
- Companies
- 20questioned at least once
- Reporting periods
- 9with 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 113 of 113 questions from 20 companies
RJFRaymond James Financial11 questions · 6 reporting periods · 2 of 11 challenging
Calendar 2026 Q2
the range of EBITDA multiples or return hurdles that you're underwriting
Show response
Paul emphasized disciplined economics and differentiation over the highest check rather than giving explicit multiples; partial.
Calendar 2026 Q1
is that something that you're amenable to? And are there barriers to introducing things like platform fees
Show response
Shoukry expressed openness to evolving pricing structure if industry, competitive dynamics, and client preferences evolve. Wants pricing to be fair for clients, financial professionals, and firm. Reviews pricing, fees, and payouts on an ongoing basis.
was hoping you could speak to where the recruiting pipelines are across the different affiliation options
Show response
Shoukry pushed back on narrative of independent-only momentum, noting employee option uptick. Pipeline strong across all affiliation options. Independent catalysts shouldn't overshadow employee channel success. Mix shift comment was about comp ratio impact specifically, not about pipeline weakness in employee channel.
Calendar 2025 Q4
Noncomps have grown double digit the last 3 years, 8% guide is encouraging, reflects the moderation in growth
Show response
Oorlog emphasized technology and growth-correlated expenses driving non-comp increase. Committed to improving operating leverage over time with scale. On AUM conversion, Shoukry directed attention to fee-based assets (up 19%) as better proxy than firm-wide AUA, where relationship to NNA makes more sense.
The gap between you and peers was quite substantial. I think you guys were down 20%. Peers big and small, were both up about 20
Show response
Shoukry explained peer gap by segment mix: public company/bulge-bracket M&A led recovery in CY2025, which isn't RJF's market. Sector-specific differences (e.g., depository M&A pickup under new administration). Cautioned against overindexing single quarter results. Long-term 5-7 year IB growth trend strong relative to peers.
Calendar 2025 Q1
The one trend that we did notice which surprised positively was the deposit beta, which came in I believe, around 90%
Show response
Shoukry explained flat sequential NII/RJBDP guidance is based on spot balances with upside from loan growth. Deposit beta is two-bucket: ESP near 100% tracking Fed funds, sweep balances much lower.
don't underwrite $250 million or the floor, underwrite something closer to $400 million to $500 million a quarter, which will ensure that your capital ratios are at least stable, but not necessaril...
Show response
Shoukry confirmed $400-500M quarterly buyback is a reasonable assumption for models. Could slow if loan growth accelerates or live M&A opportunities arise, as happened last quarter.
Calendar 2024 Q4
Your growth did lag, however, some of the public peers. I was hoping you could speak to any actions or changes in promotions
Show response
Shoukry pushed back on quarter-to-quarter comparison, noting year-over-year trends are more meaningful. Emphasized client-first approach to cash programs with competitive offerings across suite, ESP, and money market.
whether the 63% is a reasonable run rate, assuming this more constructive backdrop continues
Show response
Reilly attributed AUM decline to FX impact (UK/Canada currencies down 6%) and the large IC departure. Oorlog noted firm comp ratio guidance remains under 65%, bounces quarter-to-quarter.
Calendar 2024 Q3
Just wanted to drill down to some of the inputs that are underpinning that lower spread revenue guide
Show response
Shoukry acknowledged historical conservatism in spread guidance. Noted guidance is a snapshot view of full run rate impact, not factoring ongoing loan growth.
just trying to gauge what drove the slowdown in industry growth, whether we should interpret the comments on the pipeline as supportive of an acceleration
Show response
Reilly noted RCS has highest percentage growth. Employee channel led in total dollars this year. Good backlog across employee and RCS channels.
AMPAmeriprise Financial10 questions · 5 reporting periods · 2 of 10 challenging
Calendar 2026 Q1
I was hoping you could provide some KPIs just in terms of the level of penetration across the platform
Show response
Jim described strong early adoption with new money going in. One of quickest wrap launches. Adding SMAs and expanding capabilities. Declined to share specific KPIs but promised more information as platform matures.
trying to understand like the interplay with core NNA expectations over the remainder of the year, recognizing that TA rate should be sticky
Show response
Walter confirmed distribution expense ratio will stay in the guided range. Core NNA solid with bulk of activity being organic. Will compete on packages within tolerance ranges but maintaining discipline.
Calendar 2025 Q4
I was hoping you could help us reconcile the acceleration in net new flows that we saw in the quarter with the lower distribution expense ratio
Show response
Jim attributed strong flows to organic growth, new clients, existing client flows, and recruiting pickup. Walter confirmed distribution expense in line with revenue generation, within comfortable ranges.
I was hoping you could provide preliminary guidance on for '26 growth in firm-wide OpEx as well as G&A growth within AWM
Show response
Walter indicated firm-wide expenses staying within prior ranges with small increase. AWM G&A in mid-single-digit range, reflecting both investment and transformation offsets.
Calendar 2025 Q3
the core brokerage KPIs, including NNA and sweep cash have lagged peers. And I was hoping you could speak to some of the factors that are driving the softer organic growth
Show response
Jim pushed back on peer comparison, noting competitors' growth includes acquisitions and paying top dollar. AMP's flow rate has been consistent over multi-year periods. Strong investments in technology and capabilities.
given the sweep cash trends in 3Q, you didn't see the uptick that we saw at some of your peers
Show response
Walter said cash patterns didn't deviate much with rate cuts. Expects normal Q4 increase. Positioned investments longer-dated to sustain profitability regardless of rate trajectory.
Calendar 2025 Q2
since you alluded, Jim, to some of the irrational behavior in this space
Show response
Jim explained distribution expense is primarily production-driven (up 9%) plus payout rate tier increases. Recruitment packages had only small incremental impact.
I was hoping you could speak to some of the drivers of the software flows in 2Q
Show response
Jim explained Q2 softness from tax payments plus Liberation Day keeping investors on sidelines. Flows recovering later in quarter and into July.
Calendar 2025 Q1
I was hoping you could speak to what you are seeing so far in terms of cash build, as well as M&A and recruitment
Show response
Jim said cash relatively flat in April with some tax pulls. Recruiting pipeline still very good, volatility can even attract advisers seeking firm strength.
I wanted to start off with a question on AWM flows, which were quite resilient in a tough tape
Show response
Jim noted strong client flows, new clients added, money going back to work in wrap and transactional. Proprietary systems handled volatility well while competitors had availability issues.
GSThe Goldman Sachs Group, Inc.10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q3
Speak to where you're comfortable running under the SLR constraint, while supporting continued balance sheet expansion
Show response
Coleman said the firm will now run an SLR buffer like its CET1 buffer and does not expect significant further movement.
how you're positioned competitively to compete in that private IG space?
Show response
Solomon and Coleman described advisory, underwriting and AWM capital as a unique combination but did not size the economics shift.
Calendar 2026 Q1
How should we think about the trajectory of non-comms. That $5 billion baseline is a little bit higher than what we've seen in recent quarters
Show response
Coleman explained the non-comp increase was driven by transaction-based costs from higher equities/Asia volumes, while other expense categories are declining double-digit. Cloud migration and data investments ongoing.
whether it's the adjustments to the RWA calculation first. Second, the G-SIB surcharge and the proposed changes there
Show response
Coleman outlined areas for improvement in reproposals (op risk double counting, FRTB/CVA, GSIB recalibration), noted 12.5% CET1 with 110bps buffer is appropriate for client activity and capital return.
Calendar 2025 Q4
I was hoping to get your thoughts on how large you think that financing piece can grow over time
Show response
Solomon said still some room to grow financing share but key evolution is flowing origination through asset management business to clients, reducing on-balance-sheet concentration.
how you're evaluating some of these emerging opportunities within the market structure or tokenization landscape
Show response
Solomon engaged personally with prediction market companies. Sees CFTC-regulated activities looking like derivative contracts. Stablecoin legislation still progressing.
Calendar 2025 Q2
I wanted to gauge whether you would ever consider pivoting from your strategy to shrinking the investment portfolio
Show response
Solomon firmly committed to asset-light model using co-investment alongside managed funds. Coleman noted more favorable treatment benefits existing co-investment strategy.
I was hoping you can provide some perspective on whether you believe that the gains are durable
Show response
Solomon said less RWA-dense strategy contributed but cannot confirm durability due to lack of transparency in stress test models. Advocating strongly for more transparency.
Calendar 2025 Q1
how you're framing or potentially handicapping the risk of some of these deals coming out of the backlog?
Show response
Solomon noted changed landscape actually increases strategic dialogues. Expects significant M&A through rest of year barring further constraints.
I was hoping you could speak to bigger picture, just the outlook for sponsor activity across the complex
Show response
Solomon said sponsor backlog is enormous and no firm better positioned. Coleman attributed fee rate dip to OCIO mix vs higher-fee flagship funds.
BACBank of America8 questions · 4 reporting periods · 1 of 8 challenging
Calendar 2026 Q3
efforts to manage to a 6% TCE may have weighed on markets performance in 3Q
Show response
Rejected the linkage, saying client activity, not capital, drove the lower markets balance sheet.
driving more yield-seeking behavior, the potential risk of flight for more idle consumer deposits
Show response
Moynihan stressed keeping a human in the loop and argued transactional balances are already optimized.
Calendar 2025 Q4
I wanted to just understand if that 20% tax rate is expected to hold going forward beyond 2026
Show response
Alastair confirmed 20% for 2026. Small remaining tax credit deals that didn't qualify for accounting change will burn off. Possible modest drift up over several years as tax credit equity deals expire post-2027.
what gives you confidence you can deliver both the acceleration in organic while still driving better operating leverage
Show response
Alastair cited integrated banking and wealth platform, digital and local capabilities, and cross-business prospecting. Competitive attrition at lowest in years. Training program driving organic growth rather than heavy experienced-adviser recruitment.
Calendar 2025 Q1
the outlook for commercial loan growth as tariffs and policy uncertainty certainly raised concerns regarding weakening loan demand
Show response
Brian attributed loan growth to multi-year investment in commercial banker capacity globally, enhanced by AI-driven calling efficiency and new logo acquisition.
what level of CET1 you're currently comfortable running with in terms of the ratio
Show response
Alastair explained they are growing into capital through business investment and loan purchases while maintaining buyback flexibility.
Calendar 2024 Q4
How much of the build that you're guiding to is attributable to loan growth versus some rate or repricing tailwinds
Show response
Alastair detailed NII drivers including deposit growth, loan acceleration ($9B Q2, $19B Q3, $20B Q4), and fixed rate asset repricing.
What gives you confidence in that ability to deliver that level of top line growth on a sustainable basis?
Show response
Brian explained that higher growth from wealth and markets businesses carries higher instantaneous expense but still produces operating leverage.
HOODRobinhood Markets, Inc.8 questions · 7 reporting periods · 1 of 8 challenging
Calendar 2026 Q2
just wanted to better understand how the buckets have evolved under the new guidance
Show response
Shiv confirmed savings across all three buckets, said the new M&A was fully self-funded, and stated growth investment is unchanged.
Calendar 2026 Q1
sec lending in particular, and that has remained under considerable pressure, not just for you, but for industry peers
Show response
Shiv detailed sec lending adoption metrics and noted special rebates at lows. On take rates, framed as output metric with active traders driving tiered pricing compression.
Calendar 2025 Q4
Anything we should infer about the level of revenue growth that you are budgeting for when building the plan
Show response
Shiv confirmed revenue expected to grow faster than expenses. Each investment underwritten to standalone ROI with $100M+ revenue potential threshold. About 85-90% of costs are fixed, providing flexibility. Marketing payback periods and incrementality closely monitored.
Calendar 2025 Q3
hoping to get some perspective, Vlad, in terms of how that growth is tracking relative to plan? Is there more that you can do in terms of product deployment and innovation to maybe help accelerate ...
Show response
Vlad framed international as 10-year vision since no existing customer base to cross-sell into. Cohort activity improving in both U.K. and EU, now starting marketing initiatives. Stock tokens launched in 30 EU countries just months ago. Still in Phase 1 of tokenization with significant advantages to come.
Calendar 2025 Q2
to what extent you can protect that pricing advantage as the Schwabs and Morgan Stanley with E*TRADE
Show response
Vlad noted smart exchange routing now makes Robinhood competitive for high-volume traders previously underserved. Dismissed competitive threat from incumbents who have not yet launched products.
I wanted to get a better sense as to how the strategy is evolving around net deposits and promotional activity more specifically
Show response
Jason reassured promotions remain part of playbook with compelling economics. Vlad explained net deposit volatility from trader activity and market conditions, emphasizing long-term trend strength.
Calendar 2025 Q1
where you expect NII to lend in 2Q based on spot or current balances?
Show response
Jason quantified $50M standalone headwind per 25bp cut but noted interest-earning asset growth has outpaced rate declines. Reiterated natural hedge thesis between rates and trading activity.
Calendar 2024 Q4
how would you frame the incremental revenue opportunity from launching additional Altcoins
Show response
Jason addressed competitive risk by framing crypto as growing pie rather than zero-sum. Did not quantify the incremental revenue opportunity from altcoins, staking, or lending specifically.
MSMorgan Stanley8 questions · 5 reporting periods · 1 of 8 challenging
Calendar 2026 Q2
There was some press coverage this quarter just highlighting efforts by smaller RIAs employing more aggressive pricing
Show response
Sharon argued smaller competitors lack the integrated-firm breadth in corporate coverage, advisor matching, and product range that anchors the workplace moat.
Calendar 2026 Q1
what are some opportunities that might be more compelling just given the strength of your capital position
Show response
Ted highlighted all 3 segments' TAMs growing at 2x GDP with 10-15% market share, plus Asia expansion and the integrated wealth-to-IB cross-selling opportunity.
speak to the Fed's new Basel III capital proposal. And given you should benefit from long overdue changes
Show response
Sharon quantified the G-SIB rebate from 3.5% to 2.2% and noted overall capital impact is neutral to modestly positive. Ted emphasized urgency to finalize Basel.
Calendar 2025 Q4
consensus really contemplating little to no improvement in margins. Versus the 50% incremental margin you achieved this past year was just hoping you could speak to the philosophy around operating ...
Show response
Ted/Sharon said ongoing operating leverage expected if two conditions met: constructive markets and execution. Not a linear model but efficiency ratio can continue to press below 70%. Ongoing AI investments in both efficiency and effectiveness. Teething pain expected but technological advancement is real.
Calendar 2025 Q1
speak to the durability of the NNA strength just given some of the negative marks we've seen in both fixed income and equities
Show response
Sharon highlighted broad-based NNA across all three channels with YoY growth in each. SBL lending pickup was encouraging. Sweep balances in April exceeded internal forecast.
speak to the factors that might support continued durability of the recent strength and some of the variables you're monitoring
Show response
Ted described strength across all nine boxes (3 products x 3 regions). Bare case would be hibernation of animal spirits, but markets remain engaged with high two-way activity.
Calendar 2024 Q4
the 30% wealth management margin target. Just taking a step back, you're already running at 29% on a core basis
Show response
Sharon emphasized continued investment in workplace, self-directed marketing, and technology to avoid starving the business for a short-term target hit.
recently announced partnership with Carta. And I was hoping to double-click into some of the tangible financial benefits
Show response
Sharon explained Carta will exclusively refer private companies transitioning to public markets to MS, creating integrated firm opportunities across wealth and ISG.
Show 14 more companies
BXBlackstone Inc.7 questions · 6 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
get an update on what you are seeing in terms of flow momentum, new partnerships
Show response
Gray described a structural shift toward private investment-grade credit spreading from life/annuity into P&C, with new strategic partnerships providing step-function growth.
Calendar 2026 Q1
if you could just speak to the DOL and the provisional guidance that was offered on Alt inclusion in 401(k)s
Show response
Gray framed DOL ruling as establishing safe harbor for plan sponsors, similar to annuities a decade ago. Emphasized unfairness that DC plan participants get zero alternatives exposure while DB colleagues have 1/3. Said interest is growing but will take time.
I was hoping you could just speak to your process for how you're reunderwriting AI risk across your portfolio
Show response
Gray acknowledged risk extends beyond software to information services and professional services. Emphasized physical-world portfolio exposure is well insulated. Biggest Q1 investments were in waste, data centers, residential services, electrical equipment.
Calendar 2025 Q4
I was hoping you could speak to what the reception has been for the product. How you are approaching marketing the offering given just a more complex regulatory apparatus in Europe
Show response
Gray said European direct lending offers wider spreads and lower LTVs with 10% inception-to-date returns. Regulatory complexity in Europe is easing with new UK and Continental structures. Not US-scale but consistently growing.
Calendar 2025 Q3
I was hoping you could speak to the performance outlook, both for opportunistic and core+ in 4Q and looking ahead to next year
Show response
Gray cited cost of capital decline, CMBS volumes up 25% YTD, two large recent transactions, and BREIT's 9 months of positive performance as signs recovery is nearing inflection.
Calendar 2025 Q2
I was hoping you could speak to your confidence level as to whether this could scale at a similar pace to some of your other retail vehicles
Show response
Gray said BMACX ramp-up will take time as it launched in the RIA channel first as an interval fund, but the ultimate potential is significant. Cited BREIT, BCRED, BXPE successes.
Calendar 2024 Q4
Just wanted to better understand the catalyst for retail allocations into BREIT to increase from here, what the feedback has been from retail partners?
Show response
Gray said BREIT needs a few months of positive NAV growth, pointing to structural supply shortage in housing, logistics tailwinds, and data center exposure as supportive.
ARESAres Management Corporation6 questions · 5 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
what you're hearing from sponsor clients regarding the appetite to transact
Show response
Mike pointed to a record firm-wide pipeline up about 20% QoQ, NDAs up roughly 35% QoQ, and deployment diversified well beyond U.S. direct lending.
Calendar 2026 Q1
do you still see a credible path to hitting the recently revised 2028 fundraising target of 125 billion dollars
Show response
Arougheti affirmed the $125B target, emphasized that secular wealth channel tailwinds will overwhelm periodic noise, noted 95% of BDC investors did not request redemptions, and highlighted diversification across eight wealth products.
Calendar 2025 Q3
how are you thinking about the outlook, especially versus a tough 2025 fundraising comp
Show response
Mike noted 2025 fundraising success came without large flagship credit funds. Next year brings Pathfinder series and potentially senior direct lending alongside 40+ institutional funds. Combination of wealth, open-ended funds, SMAs, and insurance continue to raise the fundraising floor.
Calendar 2025 Q1
whether you still believe the zero to 150 bps of margin expansion is achievable in the coming year?
Show response
Jarrod noted core G&A slightly down and comp flat excluding GCP/Walton Street. GCP integration drag is temporary with synergies expected over 12-24 months. Margin expansion target affirmed.
Calendar 2024 Q4
Just curious how you think this partnership could evolve over time
Show response
Mike expressed strong enthusiasm for T. Rowe partnership. Fixed income capabilities complement Aspida, early discussions on retirement product development, but stressed it is still early days.
what contribution you're contemplating from flagship this year that's supporting that more resilient fundraising outcome?
Show response
Mike cited 18 commingled funds plus 18 continuous-offer products in market. Opportunistic credit, sports media, real estate, and infrastructure debt all contribute alongside insurance and wealth channels.
BNYBNY Mellon6 questions · 3 reporting periods · 2 of 6 challenging
Calendar 2026 Q1
implications for the ADR business if tokenized securities become more widespread
Show response
CEO noted ADR business has defied predictions of decline for twenty years and continues growing. Infrastructure connectivity and trust provide defensibility. BNY will use AI to make processes more efficient rather than compete against AI.
Some believe this may compel more scale firms to transition to self-clearing models over time
Show response
CEO cited a conversation with a large client who reaffirmed excitement about BNY's platform. Firms below $3-5T AUM lack scale to invest in cyber, platform, and AI independently. Going it alone risks vendor lock-in and pricing power loss.
Calendar 2025 Q4
You've delivered 4 consecutive years of double-digit fee growth in that area, exited this year growing 15%
Show response
CEO indicated U.S. growth moderating as volumes stabilize, with treasury clearing mandate coming. International growth expected to accelerate with continued investment in new products and services around the world.
I wanted to start with a question on your newly launched tokenized deposit capabilities
Show response
CEO described tokenized deposits as making deposits programmable, improving usability so money works harder and faster for clients. Part of broader digital asset strategy connecting traditional and digital rails to enable clients.
Calendar 2025 Q1
There was some press coverage noting recent changes to the sharing of cash economics with some of your RIA and IBD clients
Show response
CFO downplayed press coverage, saying no significant pricing changes were made and the NII impact is de minimis in the context of the mid-single-digit guide.
what drove the moderation in flows, whether you expect that to continue amid the recent volatility
Show response
CFO attributed softer NNA to timing of mandates slipping from Q1 to Q2, not structural weakness. Wove now has 52 clients with 22 contracts signed in Q1, and Atria departure expected in Q2 or Q3.
KKRKKR6 questions · 6 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
whether the recent turmoil has reshaped your approach to expanding retail distribution abroad?
Show response
Direct answer with supporting data (85% of K-Series in PE and infrastructure, ~40% of recent flows from outside the U.S.).
Calendar 2026 Q1
how you've underwritten AI risk in the strategic holdings portfolio and even across the border universe of KKR portfolio companies
Show response
Craig explained AI is evaluated from both diligence and value creation perspectives, with AI deployed across 150+ companies. Noted software marks declined in Q1 despite healthy revenue/EBITDA growth due to public market weakness.
Calendar 2025 Q3
I was hoping we could maybe anchor to what would be a reasonable all-in ROE once some of those benefits are reflected in the run rate?
Show response
Rob cited alts portfolio maturing and third-party capital as two biggest ROE drivers. $6B dry powder turning to $60B+ fee-paying AUM. Additional free cash flow across KKR available to lean into spread widening.
Calendar 2025 Q2
I was hoping to whether you could speak to opportunities to consummate similar transactions with other retail participants
Show response
Craig detailed ABF at $75B growing 20%+ YoY within $120B private credit. Cited Discover, PayPal, BMO, GreenSky as similar capital-light trend precedents. Harley stock up 12-13% post-announcement.
Calendar 2025 Q1
I was hoping you could just provide some early color on distribution strategy, and specifically areas of differentiation versus other competing products
Show response
Craig emphasized long-term product design focus (5-10-15 years). Scott positioned Capital Group as access to the other 95% of U.S. households beyond accredited investors, with PE, RE, infra, and model portfolios coming.
Calendar 2024 Q4
I was hoping you could frame the upside potential versus that $100 billion fundraising target and the sustainability of some of the drivers of strength in 2024
Show response
Scott reiterated comfort with $300B+ over 2024-2026 with the 'plus' intact. Craig added that only 5% of 2024 capital was from traditional PE, showing platform breadth, with two-thirds from strategies that didn't exist 5 years ago.
NTRSNorthern Trust6 questions · 3 reporting periods · 2 of 6 challenging
Calendar 2025 Q4
at what expense to trust ratio are you underwriting new business today?
Show response
O'Grady explained pricing varies by business, product, and client type. Continual client profitability reviews seek improved economics before relationship exits, with nothing dramatic but consistent discipline.
how much of that is a function of continued benefit from rate tailwinds versus volume?
Show response
Fox noted NIM can stay stable in high 170s through 2026 with limited compression until much lower rates. Deposit pricing actions from mid-to-late 2025 not yet lapped, providing carry into H1 2026. Driving wealth management loan-to-deposit ratio higher.
Calendar 2025 Q1
I wanted to better understand how much flex you have if those fee pressures intensify
Show response
Fox detailed specific expense levers: consulting, outside services, technology spend, and incentives. Confirmed strong commitment to sub-5% regardless of market conditions.
Was hoping you could speak to what deposit beta assumption is underpinning that guidance
Show response
Fox provided specific beta ranges by segment and noted pricing optimization efforts have benefited deposit beta positively.
Calendar 2024 Q4
what drove the more subdued AUM and AUC growth relative to peers in 4Q?
Show response
O'Grady attributed sequential AUC/A decline to currency movements (80% of decline), fixed-income market weakness, and international market softness, not client losses.
what informed the decision to set the bar at 30 and not something higher in terms of the longer-term objectives
Show response
Fox noted they achieved 30% only for Q4, not the full year, and emphasized balancing growth investment with profitability.
APOApollo Global Management5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
I was hoping to get your perspective just on the durability of the ACS fees given the strong momentum to start the year
Show response
Management addressed ACS fee durability directly, framing origination as the base that sustains and connects the revenue stream.
Calendar 2026 Q1
how the launch of Delhi pricing later this year might change the perceived riskiness of private credit
Show response
Zelter framed transparency as investor-driven and tied to IG universe growth. Rowan drew parallels to equity market evolution, describing current fixed income liquidity as dealer estimates rather than true liquidity.
Calendar 2025 Q3
Annual origination volume of $275 billion, you just reported origination activity at an annualized clip of more than $300 billion.
Show response
Zelter acknowledged strong momentum but declined to revise 5-year estimates. Noted 75% of 2026 FRE growth comes from existing strategies, providing confidence in sustainability.
Calendar 2025 Q1
I was hoping to get some perspective on the wealth outlook. It sounds like you guys are continuing to see really good momentum.
Show response
Zelter detailed wealth channel growth from $1B in 2023 to $11B in 2024 to $5B in Q1 alone, with $33B full-year target. Confirmed no wavering in April post Liberation Day.
Calendar 2024 Q4
unpacking your thoughts on the ACS fee outlook. You spoke of very strong momentum in the business. If we look at the multi-year trend, ACS fees grew 24% this year
Show response
Rowan framed ACS as strategic enabler rather than standalone revenue driver. Zelter elaborated on the public-private convergence vision but neither directly addressed why growth should decelerate.
SCHWCharles Schwab Corporation5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
how much of the contribution to growth is really from asset repricing tailwinds and the core loan deposit growth
Show response
Said NIM growth was mostly lending (margin plus PAL); long-short is roughly 1% of revenue but well-supported.
Calendar 2026 Q1
how does that inform both the NIM outlook exiting this year as well as expectations for IEA growth
Show response
Verdeschi acknowledged favorable rate environment with no expected cuts, noted strong cash trends and lending momentum, and signaled potential NIM upside at the July update.
Calendar 2025 Q4
just wanted to better understand how much further you can deepen penetration rates across the RIA channel given such strong demand
Show response
Mike described tax-advantaged long/short as net balance sheet treatment with fee-based economics, a win-win for clients and firm. Rick expanded on proprietary Schwab Personalized Indexing and broader wealth relationship benefits, noting nearly $70B managed investing flows up 36% YoY.
Calendar 2025 Q1
what you're seeing in terms of retail sentiment and how that's manifesting across different brokerage metrics
Show response
Rick provided comprehensive color on April activity including 14M trade record day, 500M Q1 log-ins, 2-3x new account pace, with slight risk-off tone overall.
Calendar 2024 Q4
the gap in retail is still fairly wide. Why is that 5% to 7% still the appropriate NNA target
Show response
Rick gave a thorough explanation of integration recovery timeline, noting Ameritrade clients now driving a third of solutions flows and Schwab clients adopting thinkorswim.
JPMJPMorgan Chase & Co.4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2026 Q1
how you see deposit competition unfolding as similar smart tools become more widespread?
Show response
Dimon framed AI cash tool as customer-focused experiment; Barnum noted it's targeted at a very small client subset and is essentially an experiment right now.
Does the guidance that you've laid out contemplate any mitigating actions you might pursue?
Show response
Barnum said this isn't about optimization but about growing the business under converging rules. Noted G-SIB disproportionately affects certain markets businesses.
Calendar 2025 Q1
was hoping you could just speak to the Markets businesses, which have been performing extraordinarily well of late
Show response
Barnum declined Markets guidance but noted favorable conditions. Acknowledged states of the world where client deleveraging could be headwind.
Wanted to start off with one on the proposed SLR changes and just the impact of rate volatility
Show response
Dimon emphasized SLR alone insufficient, needs holistic reform. Barnum noted TLAC issuance sensitivity to specific SLR fix design. Both stressed reform benefits markets not banks.
WFCWells Fargo4 questions · 2 reporting periods · 1 of 4 challenging
Calendar 2025 Q4
what are some of the milestones you're looking for
Show response
Charlie pushed back firmly on providing a specific timeline given credit, rate, and market uncertainties. Emphasized focus on building business that drives higher revenue, controlled expenses, and visible investment payoffs. Said midterm means not tomorrow but not extended either. Mike added regulatory expense optimization contributes a little in 2026 with more over slightly longer period.
it does imply a pretty meaningful deceleration
Show response
Mike cautioned against extrapolating Q4 which had seasonal factors like year-end trade finance. Not assuming broad-based utilization pickup in commercial bank, which could provide upside. Believes mid-single-digit growth is appropriate based on current visibility.
Calendar 2025 Q1
what impact should the security for repositioning have on your margin as we think about a go-forward basis
Show response
Mike declined to provide specific 2026 jumping-off point, noting rate uncertainty, but outlined factors including loan growth, fixed asset repricing, and deposits.
speak to the expense flexibility in the model if the fee outlook or backdrop continues to deteriorate
Show response
Mike outlined multiple levers: WIM revenue-related comp flex, IB comp tied to activity, operating losses running below run rate, while protecting core investments.
IBKRInteractive Brokers Group2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
you don't necessarily like when margin loans grow too quickly
Show response
Reassuring but non-specific; Peterffy said they monitor client margin risk and feel comfortable with current levels.
You've significantly increased the level of marketing spend in recent quarters.
Show response
Peterffy directly answered that marketing yield is roughly the same, not higher, despite the increased spend and account growth.
MTBM&T Bank2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q4
Do you believe the tailwinds from 2025 could persist into '26?
Show response
Bible said subservicing may bounce around, lose a smaller portfolio early then gain back in subsequent quarters. MTB is a niche player in hard-to-service FHA loans. Mike Drury optimistic about finishing 2026 strong overall.
are you nearing a sustainable inflection in retail deposits as we look out to the coming year?
Show response
Bible said all business lines planning deposit growth, both operating and total. Time deposit shrinkage in 2025 was intentional, can be reversed easily. Consumer, business banking, commercial, and wealth all planning to grow.
PNCPNC Financial Services2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q4
what you're seeing in terms of pipelines how they compare to year ago levels?
Show response
Bill described middle market M&A logjam cracking in Q4 as companies got comfortable with tariff framework. Visible in Harris Williams results and spot C&I loans. Activity drives derivatives, bond issuance, syndications. Rob confirmed cap markets guidance up high single digits for 2026.
whether that could still settle in the low 300 range
Show response
Rob confirmed 3% NIM target by Q3 2026. Bill noted sustainability depends on upward-sloping yield curve, 200bp inversion would prevent it. In current environment, low 3s is achievable.
USBU.S. Bancorp2 questions · 1 reporting period · 1 of 2 challenging
Calendar 2025 Q4
do you feel we've reached a sustained inflection in noninterest-bearing deposits?
Show response
John confirmed NIB deposits grew both sequentially and YoY for first time in several quarters; expects continuation in 2026; mix expected to remain roughly stable with growth in both interest-bearing and noninterest-bearing.
How much of the growth that you've seen since '21 is tied to organic efforts versus some of the rate and market tailwinds
Show response
Gunjan described niche positioning in complex private capital and boutique firms; acknowledged equity market correlation but emphasized core organic growth and market share gains; did not quantify organic vs market split.
STTState Street Corporation1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
How much of that benefit do you expect will be shared with customers over time
Show response
O'Hanley said client AI discussions center on speed and service, not price cuts; Woods tied pricing into organic growth expectations.
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 |
|---|---|---|
| RJF Raymond James Financial | 11 | 18%2 of 11 questions |
| AMP Ameriprise Financial | 10 | 20%2 of 10 questions |
| GS The Goldman Sachs Group, Inc. | 10 | 0%none of 10 questions |
| BAC Bank of America | 8 | 13%1 of 8 questions |
| HOOD Robinhood Markets, Inc. | 8 | 13%1 of 8 questions |
| MS Morgan Stanley | 8 | 13%1 of 8 questions |
| BX Blackstone Inc. | 7 | 0%none of 7 questions |
| ARES Ares Management Corporation | 6 | 17%1 of 6 questions |
| BNY BNY Mellon | 6 | 33%2 of 6 questions |
| KKR KKR | 6 | 0%none of 6 questions |
- RJFRaymond James Financial · 11 questions18%2 of 11 questions
- AMPAmeriprise Financial · 10 questions20%2 of 10 questions
- GSThe Goldman Sachs Group, Inc. · 10 questions0%none of 10 questions
- BACBank of America · 8 questions13%1 of 8 questions
- HOODRobinhood Markets, Inc. · 8 questions13%1 of 8 questions
- MSMorgan Stanley · 8 questions13%1 of 8 questions
- BXBlackstone Inc. · 7 questions0%none of 7 questions
- ARESAres Management Corporation · 6 questions17%1 of 6 questions
- BNYBNY Mellon · 6 questions33%2 of 6 questions
- KKRKKR · 6 questions0%none of 6 questions
Show all 20 companies
| Company | Questions | Challenge rate |
|---|---|---|
| NTRS Northern Trust | 6 | 33%2 of 6 questions |
| APO Apollo Global Management | 5 | 0%none of 5 questions |
| SCHW Charles Schwab Corporation | 5 | 20%1 of 5 questions |
| JPM JPMorgan Chase & Co. | 4 | 0%none of 4 questions |
| WFC Wells Fargo | 4 | 25%1 of 4 questions |
| IBKR Interactive Brokers Group | 2 | —Rate withheld: fewer than 3 questions |
| MTB M&T Bank | 2 | —Rate withheld: fewer than 3 questions |
| PNC PNC Financial Services | 2 | —Rate withheld: fewer than 3 questions |
| USB U.S. Bancorp | 2 | —Rate withheld: fewer than 3 questions |
| STT State Street Corporation | 1 | —Rate withheld: fewer than 3 questions |
- NTRSNorthern Trust · 6 questions33%2 of 6 questions
- APOApollo Global Management · 5 questions0%none of 5 questions
- SCHWCharles Schwab Corporation · 5 questions20%1 of 5 questions
- JPMJPMorgan Chase & Co. · 4 questions0%none of 4 questions
- WFCWells Fargo · 4 questions25%1 of 4 questions
- IBKRInteractive Brokers Group · 2 questions—rate withheld: under 3 questions
- MTBM&T Bank · 2 questions—rate withheld: under 3 questions
- PNCPNC Financial Services · 2 questions—rate withheld: under 3 questions
- USBU.S. Bancorp · 2 questions—rate withheld: under 3 questions
- STTState Street Corporation · 1 question—rate withheld: under 3 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 Q3 | 2 | 0%none of 2 questions | 1 |
| 2024 Q4 | 15 | 27%4 of 15 questions | 10 |
| 2025 Q1 | 23 | 9%2 of 23 questions | 14 |
| 2025 Q2 | 8 | 13%1 of 8 questions | 5 |
| 2025 Q3 | 7 | 29%2 of 7 questions | 6 |
| 2025 Q4 | 24 | 17%4 of 24 questions | 14 |
| 2026 Q1 | 19 | 11%2 of 19 questions | 12 |
| 2026 Q2 | 11 | 0%none of 11 questions | 10 |
| 2026 Q3 | 4 | 0%none of 4 questions | 2 |
- 2024 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2024 Q415 questions · challenge rate 27% (4 of 15 questions) · 10 companies
- 2025 Q123 questions · challenge rate 9% (2 of 23 questions) · 14 companies
- 2025 Q28 questions · challenge rate 13% (1 of 8 questions) · 5 companies
- 2025 Q37 questions · challenge rate 29% (2 of 7 questions) · 6 companies
- 2025 Q424 questions · challenge rate 17% (4 of 24 questions) · 14 companies
- 2026 Q119 questions · challenge rate 11% (2 of 19 questions) · 12 companies
- 2026 Q211 questions · challenge rate 0% (none of 11 questions) · 10 companies
- 2026 Q34 questions · challenge rate 0% (none of 4 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Demand36
- Revenue Growth32
- Margin28
- Competitive Dynamics27
- Capital Allocation14
- Cost Pressure10
- Subscriber Growth10
- Regulation Policy9
- Pricing9
- Innovation & R&D9
Show all 18 topics
- Cloud & AI6
- Guidance Reliability6
- Product Launch6
- Credit5
- Macroeconomic5
- Geographic Expansion4
- M&A1
- Trade Tariffs1