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    Adam Terelak

    Research Analyst at Mediobanca

    Adam Terelak is a Senior Equity Analyst specializing in European banks and financial institutions, most recently at Mediobanca where he covered major listed banks such as ING, Barclays, and Deutsche Bank. Over a decade-long career, he has been recognized for his detailed sector research and participated in high-profile analyst calls with executive management teams of leading European banks. Terelak began his analyst career at Haitong International (UK) Ltd. before joining Mediobanca in 2014, and continued there until 2024, when he transitioned to Millennium Capital Partners LLP as an Analyst-Equity. His professional credentials include extensive experience in bank equity research, and his coverage reports are frequently referenced by institutional investors and corporate clients.

    Adam Terelak's questions to BARCLAYS (BCS) leadership

    Adam Terelak's questions to BARCLAYS (BCS) leadership • Q3 2023

    Question

    Questioned the bank's deposit pricing strategy in the face of intense competition and asked for more detail on its structural hedging methodology, specifically what constitutes 'hedgeable deposits'.

    Answer

    The bank's pricing strategy considers its franchise and balance sheet needs, which differ from competitors, and is kept under review. The hedging strategy is consistent, based on identifying and hedging demonstrably stable, rate-insensitive deposit balances (like operational current accounts and 'rainy day' savings), which are monitored and adjusted regularly.

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    Adam Terelak's questions to Julius Baer Group (JBAXY) leadership

    Adam Terelak's questions to Julius Baer Group (JBAXY) leadership • H1 2023

    Question

    Adam Terelak of Mediobanca asked if the mid-term gross margin outlook is now materially better than originally planned. He also inquired about the business impact of the recent Swiss franc appreciation and whether the shift to term deposits was the primary reason for the strengthened LCR.

    Answer

    CFO Evie Kostakis clarified that the gross margin outlook of around 93 bps has actually come down from earlier expectations due to prolonged deleveraging. She confirmed a strong Swiss franc hurts the bottom line and that the improved LCR was indeed a result of lower cash outflows from the client shift to longer-maturity deposits, combined with an increase in high-quality liquid assets.

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    Adam Terelak's questions to Julius Baer Group (JBAXY) leadership • Q4 2022

    Question

    Adam Terelak asked for the underlying inflation assumption in the 2023 cost outlook, a breakdown of termed-out deposits by currency, and details on what drives the high swap income beyond simple cross-currency swaps.

    Answer

    CFO Evie Kostakis estimated a 2.5% increase in personnel expenses for 2023 due to inflation. She provided a breakdown of current account balances by major currency, from which term deposit ratios could be inferred. On swap income, she noted the associated volume was around CHF 14 billion at year-end and that there is potential for further income from this activity.

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    Adam Terelak's questions to Julius Baer Group (JBAXY) leadership • Q2 2022

    Question

    Adam Terelak of Mediobanca asked about the timing of the recent upsizing of the bond portfolio to understand its run-rate NII and capital impact. He also requested the current outstanding size of the dollar/Swiss franc swap and the FX-adjusted loan book figure to better assess the underlying deleveraging impact.

    Answer

    CFO Evie Kostakis stated that booking bonds at amortized cost ramped up in May and June and that the duration of this new portfolio is slightly higher. She provided the swap size as just over CHF 20 billion but did not have the FX-adjusted loan portfolio number immediately available.

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