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    Chris Hallam • Goldman Sachs

    Chris Hallam's questions to ING Groep NV (ING) leadership

    Chris Hallam's questions to ING Groep NV (ING) leadership • Q2 2025

    Question

    Chris Hallam from Goldman Sachs sought clarification on the Commercial NII guidance, specifically regarding assumptions for savings rate cuts in H2 and whether ING targets a specific liability margin or reacts to competitors. He also asked about mortgage market share trends across ING's main markets.

    Answer

    CEO Steven van Rijswijk stated that mortgage growth is driven by making the right returns, not growth for its own sake, and noted an increasing market share in new production in The Netherlands. CFO Tanate Phutrakul reiterated that ING manages its commercial NII on margin and aims to maintain the liability NII margin at around 100 basis points for the year, supported by strong liquidity and deposit growth.

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    Chris Hallam's questions to Banco Santander SA (SAN) leadership

    Chris Hallam's questions to Banco Santander SA (SAN) leadership • Q2 2025

    Question

    Chris Hallam asked if the pullback in credit cards in Brazil is temporary and why the provision top-up occurred in Q2. He also questioned if the potential impact from the UK AXA legal case is material to the bank's capital position.

    Answer

    CEO Héctor Grisi Checa confirmed the shift in Brazil's portfolio is a temporary, flexible response to the high-rate environment and they will re-enter the unsecured market when conditions improve. CFO José García Cantera stated the provision was a prudent measure timed with a capital gain. Regarding the AXA case, the CEO said the bank is appealing and does not expect a material net impact. The CFO added that relative to the bank's large pre-provision profit, the matter is 'immaterial'.

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    Chris Hallam's questions to Banco Santander SA (SAN) leadership • Q1 2024

    Question

    Chris Hallam from Goldman Sachs Group, Inc. asked about the capital impact of Basel IV, specifically how much of the guided headwind is from FRTB and how the phasing would change if its implementation were delayed. He also questioned if the bank has reassessed its strategic footprint in Argentina, given its distortive effects and a peer's recent exit.

    Answer

    CFO José García Cantera clarified that the FRTB component of the Basel III impact is 10 basis points, which would not materialize on day one if postponed. CEO Héctor Grisi responded that regarding Argentina, the bank is keeping its options open and sees potential upside from the current situation, with no plans to exit at this point, citing the business's strong client franchise.

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    Chris Hallam's questions to UBS Group AG (UBS) leadership

    Chris Hallam's questions to UBS Group AG (UBS) leadership • Q2 2025

    Question

    Chris Hallam questioned the expected timeline and process for the Swiss capital proposals and asked about the receptiveness of stakeholders to the bank's view on the proposals' competitive impact.

    Answer

    Group CEO Sergio Ermotti described the regulatory debate as an unpredictable political process and stated UBS will not act on potential changes until the rules are finalized. He affirmed that the bank is using data to highlight the significant competitive disadvantage the proposals would create, which they believe is the most accurate way to frame the issue for stakeholders.

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    Chris Hallam's questions to UBS Group AG (UBS) leadership • Q1 2025

    Question

    Chris Hallam asked for insights on discussions with the financial sponsor community and at what point UBS might reassess its 2026 banking revenue ambition. He also questioned the perceived risk of an "immediate and material" change to the regulatory regime.

    Answer

    Sergio Ermotti, Group Chief Executive Officer, noted that sponsors are in a "wait-and-see" mode but the transaction pipeline remains healthy. He said revenue ambitions would only change with a material shift in market conditions, not market share goals. Regarding regulation, he described the cautionary language as a prudent acknowledgment of a factor outside their control.

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    Chris Hallam's questions to UBS Group AG (UBS) leadership • Q4 2024

    Question

    Chris Hallam questioned the integration progress, asking if the $1 billion increase in integration costs signaled the end of the "easy part," and sought clarity on the likelihood and timing of potential changes to the Swiss capital regime.

    Answer

    CEO Sergio Ermotti stated he has no special visibility on capital regime changes but reiterated that the share buyback is caveated on no material changes. CFO Todd Tuckner explained the increased integration cost is not due to complexity but reflects updated assumptions and new opportunities to unlock value, noting the cost-to-save multiplier remains very low.

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    Chris Hallam's questions to UBS Group AG (UBS) leadership • Q2 2024

    Question

    Chris Hallam asked how recent market volatility impacts the path to the 2026 banking revenue target and questioned how to view the trajectory for the underlying return on CET1, given the strong first-half performance.

    Answer

    Executive Sergio Ermotti responded that the bank remains focused on its long-term momentum and is building a compelling mandate pipeline despite short-term volatility. Executive Todd Tuckner acknowledged the H1 underlying return on CET1 of 9.2% was "comfortably ahead" of the 2024 target and stated that any updates to 2025 guidance would be provided later in the year.

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    Chris Hallam's questions to Barclays PLC (BCS) leadership

    Chris Hallam's questions to Barclays PLC (BCS) leadership • Q2 2025

    Question

    Chris Hallam asked about the Investment Bank's RWAs, questioning why they didn't decrease with FX movements this quarter and whether the current 56% of group RWAs represents a peak. He also asked about the slight dip in RWA productivity in Q2 and if the current level supports the RoTE target.

    Answer

    Group Finance Director Anna Cross explained that Investment Bank RWAs have been broadly flat for 3.5 years, with quarterly fluctuations reflecting client activity levels rather than a change in strategy. She stressed that RWA discipline and income growth are not mutually exclusive. She attributed the Q2 dip in RWA productivity to normal seasonality, highlighting the significant year-over-year improvement and the focus on generating consistent, high-quality returns.

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    Chris Hallam's questions to Barclays PLC (BCS) leadership • Q1 2025

    Question

    Chris Hallam of Goldman Sachs inquired if the bank's conservative banking wallet assumptions would necessitate changes to cost or investment plans. He also asked about trends in US transaction banking deposits after the quarter's end.

    Answer

    Executive Angela Cross responded that the bank's diversified income streams provide robustness, so the focus remains on cost discipline to achieve the ~61% cost-income ratio target without altering investment plans. Executive Coimbatore Venkatakrishnan noted that deposit growth reflects both increased client preference for Barclays and typical corporate caution in the current environment.

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    Chris Hallam's questions to Deutsche Bank AG (DB) leadership

    Chris Hallam's questions to Deutsche Bank AG (DB) leadership • Q2 2025

    Question

    Chris Hallam of Goldman Sachs Group, Inc. asked about the outlook for Origination & Advisory (O&A) momentum into H2 and next year, given the strong M&A volume growth, particularly in Germany. He also requested an update on the outlook for credit loss provisions (CLPs) in U.S. Commercial Real Estate, especially on the West Coast.

    Answer

    CFO James von Moltke acknowledged the strong M&A environment in Germany presents a significant opportunity for the bank as the clear market leader. On U.S. CRE, he noted that the high Q2 provision was significantly impacted by a one-off LGD model update in Stage 2, while Stage 3 pressure remains concentrated on the West Coast due to ongoing valuation pressures on existing non-performing exposures.

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    Chris Hallam's questions to Deutsche Bank AG (DB) leadership • Q1 2025

    Question

    Chris Hallam asked about Deutsche Bank's full-year revenue outlook given the strong Q1 but changing operating environment, and about the bank's confidence in its strategic positioning to capitalize on emerging geopolitical and economic trends.

    Answer

    CEO Christian Sewing expressed high confidence in achieving the EUR 32 billion full-year revenue target, citing the strong Q1 outperformance and the benefits of a diversified business model. He highlighted stable performance in the Private Bank and Asset Management, expected acceleration in the Corporate Bank, and market share gains in FIC. Sewing emphasized that the 'Global Hausbank' model is well-suited to navigate global volatility and capitalize on German fiscal stimulus and European capital markets initiatives.

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    Chris Hallam's questions to Credit Agricole SA (CRARY) leadership

    Chris Hallam's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Chris Hallam from Goldman Sachs requested the latest total capital ratio impact from the Banco BPM stake and asked how the company would consider deploying excess capital if it were to release the capital tied to the BPM investment, especially in the context of formulating the new medium-term plan.

    Answer

    Executive Jerome Grivet estimated the total capital consumption of the 19.8% BPM stake is roughly 40-45 bps of CET1 ratio for CASA, though it varies with the share price and internal allocation of the deduction franchise. Regarding excess capital, Grivet stated it is too early to discuss potential uses, and that such decisions would be addressed during the presentation of the new medium-term plan at year-end.

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    Chris Hallam's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Chris Hallam requested the latest total capital ratio impact from the Banco BPM stake and asked how the bank would consider deploying excess capital if the stake were to be sold.

    Answer

    Executive Jerome Grivet estimated the total capital consumption from the 19.8% Banco BPM stake to be approximately 40-45 basis points of CET1 for CASA, noting it varies with the share price. Regarding the deployment of potential excess capital, he stated that it was premature to discuss and that capital allocation strategy would be addressed in the next Medium-Term Plan.

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    Chris Hallam's questions to Credit Agricole SA (CRARY) leadership • Q2 2024

    Question

    Chris Hallam from Goldman Sachs inquired about the outlook for the Italian business regarding volumes and margins, and asked about the bank's confidence in its M&A and integration processes.

    Answer

    Executive Jerome Grivet expressed a positive outlook for Italy, noting that while pricing is competitive, the bank can remain selective to achieve growth while protecting margins. On M&A, he conveyed high confidence in the bank's seasoned team for deal execution, emphasizing that the key to success is ensuring management has the dedication and bandwidth to oversee each integration properly.

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    Chris Hallam's questions to Credit Agricole SA (CRARY) leadership • Q1 2024

    Question

    Chris Hallam asked if the slowdown in home loan production, relative to the market, was a deliberate strategic decision to prioritize pricing over volume, given the strong profitability in other parts of the group.

    Answer

    Jerome Grivet, an executive, firmly denied any deliberate slowdown or strategic arbitrage. He explained that the year-over-year comparison appears unfavorable because Crédit Agricole continued lending in Q1 2023 when many competitors had stopped, creating a more demanding comparison base. He asserted that the group's market share of outstanding home loans is likely at a peak.

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