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    Alvaro Serrano Saenz de Tejada

    Lead Analyst in the Research Division at Morgan Stanley

    Alvaro Serrano Saenz de Tejada is a Lead Analyst in the Research Division at Morgan Stanley, specializing in coverage of major European banks and financials, with a particular focus on institutions such as NatWest Group, Barclays, and Banco Santander. As the primary analyst on several high-profile European banking names, he has been a regular figure leading earnings calls and engaging with C-suite executives of these companies, providing investment insights and guiding institutional investors. Active at Morgan Stanley since at least 2019, having participated in key sector events and earnings analyses, he brings a depth of experience in financials research. Serrano Saenz de Tejada’s career reflects strong professional credentials in equity research, although external sources do not indicate specific performance metrics, TipRanks rankings, or FINRA details, and any such credentials or performance recognition remain undisclosed in public sources.

    Alvaro Serrano Saenz de Tejada's questions to Banco Santander (SAN) leadership

    Alvaro Serrano Saenz de Tejada's questions to Banco Santander (SAN) leadership • Q2 2025

    Question

    Alvaro Serrano Saenz de Tejada asked for the drivers that will lift the H1 RoTE of 16% to the full-year target of 16.5%. He also followed up on the Consumer segment's return and inquired about the expected peak for provisions in Brazil.

    Answer

    CEO Héctor Grisi Checa pointed to the Q2 RoTE of 16.2% and the benefits of the new business model, which is increasing customer penetration and driving fee growth. Regarding Brazil, he noted the provisions were a conservative move due to high interest rates affecting some corporates. CFO José García Cantera added that Brazil's cost of risk is expected to remain around 5% for the year and should improve as interest rates fall.

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    Alvaro Serrano Saenz de Tejada's questions to BARCLAYS (BCS) leadership

    Alvaro Serrano Saenz de Tejada's questions to BARCLAYS (BCS) leadership • Q2 2025

    Question

    Alvaro Serrano Saenz de Tejada asked about Barclays' capital position, questioning the balance between increasing shareholder distributions and retaining firepower for potential M&A. He also inquired about the Investment Bank's outlook, specifically whether a pickup in banking fees could offset a potential normalization in markets revenue in a lower volatility environment.

    Answer

    Group Finance Director Anna Cross stated the capital position is as expected and the capital hierarchy remains intact, prioritizing regulatory requirements, then shareholder distributions, and finally organic investment in UK businesses. Group Chief Executive C.S. Venkatakrishnan explained the Investment Bank's strength comes from both sustainable structural improvements and cyclical tailwinds. He noted that headwinds for banking fees are dissipating with increased deal activity, and he expects the bank to benefit from longer-term positioning in markets.

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    Alvaro Serrano Saenz de Tejada's questions to NatWest Group (NWG) leadership

    Alvaro Serrano Saenz de Tejada's questions to NatWest Group (NWG) leadership • Q2 2025

    Question

    Alvaro Serrano Saenz de Tejada of Morgan Stanley inquired about NatWest's deposit flows, specifically the reduction in current accounts, and the drivers behind the bank's strong cost performance despite upcoming restructuring charges.

    Answer

    CEO Paul Thwaite acknowledged a competitive ISA season but noted that overall deposit share and mix remained stable due to disciplined pricing. CFO Katie Murray confirmed the structural hedge notional is stable and not impacted by deposit flows. On costs, Murray reiterated the full-year guidance, explaining that cost savings in H1 create capacity for planned investments in H2, leading to some expected lumpiness.

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