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    Brian Foran • Truist Securities

    Brian Foran's questions to Capital One Financial Corp (COF) leadership

    Brian Foran's questions to Capital One Financial Corp (COF) leadership • Q2 2025

    Question

    Brian Foran from Truist Securities asked if Capital One is considering providing more specific financial guidance or targets to help investors navigate the complex post-acquisition transition period.

    Answer

    Richard Fairbank, Founder, Chairman & CEO, reiterated the company's long-held philosophy of not running the business to meet specific guidance. He explained that guidance is given situationally and that his comments on the consistency of the deal's expected earnings power were intended to provide a 'bounding' for investors. He indicated that investors should not expect a detailed layout of specific numerical guidance in the near term.

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    Brian Foran's questions to Capital One Financial Corp (COF) leadership • Q1 2025

    Question

    Brian Foran asked for an update on spending trends between high-end and low-end consumers, particularly in reaction to tariffs. He also sought to clarify if the network strategy is an incremental investment or a major reset to compete directly with Visa and Mastercard.

    Answer

    Richard Fairbank, Chairman and CEO, noted no significant difference in recent spending patterns between high-end and low-end consumers. On the network strategy, he clarified they are not trying to replicate the Visa/Mastercard model. The primary goal is to move more of Capital One's own volume onto the network, which requires a long-term journey of building international acceptance, rather than a 'full stop' competitive reset.

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    Brian Foran's questions to Old National Bancorp (ONB) leadership

    Brian Foran's questions to Old National Bancorp (ONB) leadership • Q2 2025

    Question

    Brian Foran asked for clarification on the earnings per share impact from the Bremer partnership, specifically whether the decision to retain $2.4 billion in CRE loans was the primary change to the accretion model.

    Answer

    CFO John Moran confirmed that the improved EPS outlook compared to the original model is driven by the earnings from the retained $2.4 billion in CRE loans offsetting the lower-than-expected purchase accounting rate marks. He affirmed that using the original $2.60 EPS estimate for 2026 plus a modest benefit is a fair assessment.

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    Brian Foran's questions to American Express Co (AXP) leadership

    Brian Foran's questions to American Express Co (AXP) leadership • Q2 2025

    Question

    Brian Foran of Truist Securities highlighted an investor concern about the disconnect between spend volume growth (+7%) and slower growth in discount revenue net of rewards (+1-2%), asking for management's perspective on this dynamic.

    Answer

    CFO Christophe Le Caillec explained that the key metric is the Variable Customer Engagement (VCE) ratio to revenue, which they manage holistically. He noted that a higher VCE ratio is not inherently negative, as it is often tied to the most premium and value-accretive products that deliver benefits in other areas, such as marketing efficiency and superior credit outcomes. Chairman and CEO Stephen Squeri added that they evaluate the overall revenue associated with a product, not just one component.

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    Brian Foran's questions to American Express Co (AXP) leadership • Q4 2024

    Question

    Brian Foran sought clarification on whether the 8-10% revenue guidance is FX-adjusted or GAAP and asked about the embedded EPS impact from foreign exchange rates.

    Answer

    CFO Christophe Le Caillec (identified as Unknown Executive) explained that guidance is provided on an FX-adjusted basis to reflect true business momentum, as predicting year-end FX rates is impossible. He used Q4 as an example, where FX created a 1-point difference between adjusted and GAAP revenue growth. For EPS impact, he referred to company filings, which state a 10% increase in the dollar negatively impacts pre-tax income by approximately $136 million.

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    Brian Foran's questions to First Citizens BancShares Inc (Delaware) (FCNCA) leadership

    Brian Foran's questions to First Citizens BancShares Inc (Delaware) (FCNCA) leadership • Q1 2025

    Question

    Brian Foran asked for management's view on the bank's normalized return potential, given the stock's valuation relative to its current ROTCE. He also inquired about the expected trajectory of Net Interest Income (NII) for the remainder of the year under a four rate-cut scenario.

    Answer

    CFO Craig Nix emphasized a focus on ROE and tangible book value growth over ROTCE, stating a long-term goal of double-digit ROE. He provided detailed NII guidance, projecting that with 3-4 rate cuts, headline NII would be up low-single-digits by Q4 2025, with a likely trough for key metrics in Q1 2026.

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    Brian Foran's questions to Fifth Third Bancorp (FITB) leadership

    Brian Foran's questions to Fifth Third Bancorp (FITB) leadership • Q4 2024

    Question

    Brian Foran asked for context on the commercial payments business, including how its scale compares to peers and what metrics best demonstrate its strength, and also inquired about the primary upside and downside risks to the full-year guidance.

    Answer

    CEO Tim Spence highlighted that Fifth Third is overweight in commercial payments, evidenced by high volume-to-deposit ratios and strong client penetration, partly driven by fintech partnerships. For guidance risks, CFO Bryan Preston identified loan growth and deposit costs as key variables for NII, with market activity being a potential source of volatility for fee income.

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    Brian Foran's questions to KeyCorp (KEY) leadership

    Brian Foran's questions to KeyCorp (KEY) leadership • Q4 2024

    Question

    Brian Foran from Truist Securities asked for a detailed breakdown of the 20% NII growth forecast and questioned why it wasn't higher given several positive factors. He also inquired about the long-term normalized Net Interest Margin (NIM) range for 2026 and beyond, and whether the consumer loan runoff would conclude in 2025.

    Answer

    CFO Clark Khayat detailed the drivers for the 20% NII growth, noting that lower starting loan balances offset some positive developments. He stated that for 2026 and beyond, the NIM could reach '3% or maybe even better.' He also clarified that the consumer loan runoff would likely continue past 2025 due to its rate-sensitive nature, but consumer lending remains a long-term strategic focus.

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    Brian Foran's questions to KeyCorp (KEY) leadership • Q4 2024

    Question

    Brian Foran of Truist Securities inquired about KeyCorp's view on a longer-term, normalized Net Interest Margin (NIM) range beyond 2025 and asked if the runoff of the consumer loan portfolio would be completed during the year.

    Answer

    CFO Clark H. I. Khayat projected that there is 'no reason why' the NIM wouldn't reach 3% or better sometime in 2026. He also explained that the consumer loan runoff is structural and will likely continue in the near term, though consumer lending remains an important long-term part of the balance sheet strategy.

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