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    Carlos Cobo Catena

    Research Analyst at Societe General

    Carlos Cobo Catena is an Equity Analyst at Société Générale SA, specializing in cross asset research on Spanish and Italian banks with coverage including major financial institutions such as CaixaBank and BBVA. Joining Société Générale in November 2016, he has built a track record of in-depth sector analysis, regularly representing the firm's questions at leading banking earnings calls, and is recognized for insightful commentary on capital and profitability issues within Iberian banking. He started his analyst career at BBVA Bolsa Sociedad de Valores, then held roles at Barclays Capital and Haitong Bank before joining Société Générale, and holds a Master's degree in Actuarial Science from Universidad de Comillas. While specific third-party analyst performance rankings and regulatory credentials are not publicly documented, his long-standing expertise and prominent coverage position underline his reputation within European financial research.

    Carlos Cobo Catena's questions to Banco Santander (SAN) leadership

    Carlos Cobo Catena's questions to Banco Santander (SAN) leadership • Q3 2023

    Question

    Inquired about the underperformance of fee income relative to Capital Markets Day expectations, the reason for cost of risk seasonality in the U.S., and whether new reporting changes would still allow for regional P&L visibility.

    Answer

    Fee income growth is on track with plans, with global network businesses expected to contribute 50% of fees by 2025. The U.S. cost of risk seasonality in Q3 is a historical pattern for that specific market. Regarding reporting, the company confirmed that country-level performance data will continue to be provided as a secondary segment.

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