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Doug Carson

Vice President and Quantitative Finance Analyst at Bank of America Corp. /de/

Doug Carson is a Vice President and Quantitative Finance Analyst at Bank of America, specializing in advanced quantitative modeling and financial analysis for the banking sector. He leverages expertise in data analytics and risk modeling to support coverage of major financial companies, contributing to Bank of America's robust performance in institutional client services. With more than a decade of industry experience, Doug Carson has served in analyst roles before being promoted to Vice President at Bank of America, evidencing steady career progression and deep sector knowledge. He holds relevant professional credentials in quantitative finance and risk management, including active securities licenses and FINRA registration.

Doug Carson's questions to FORD MOTOR (F) leadership

Question · Q3 2025

Doug Carson asked about opportunities for Ford Credit to provide creative loan and rate strategies, such as subvented financing for F-150 to subprime customers, leveraging its strong balance sheet.

Answer

Sherry House, CFO, explained that Ford Credit ran a 'no-tier upgrade' marketing program in late September to generate F-150 news, without changing purchasing policy or risk appetite, focusing on sustainable monthly payments. She noted the program was effective, didn't change average FICO scores, and the high-risk portfolio mix remains very small at 3%. Jim Farley, President and CEO, acknowledged the potential opportunity to expand loans to more subprime customers.

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Question · Q3 2025

Doug Carson highlighted Ford and Ford Credit's strong balance sheets and low leverage, asking about opportunities to provide customers with creative financing strategies, such as subvented financing for F-150 to subprime customers.

Answer

CFO Sherry House explained that a 'no-tier upgrade' marketing program for the F-150 in late September aimed to generate news and structure affordable deals for customers without changing purchasing policy or risk appetite. She noted that the program was effective, didn't change average FICO scores (which actually went up), and that Ford's high-risk portfolio mix remains very small at 3%. President and CEO Jim Farley added that Ford is open to new ideas to help sell more products.

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Doug Carson's questions to AMERICAN AXLE & MANUFACTURING HOLDINGS (AXL) leadership

Question · Q2 2025

Doug Carson of Bank of America asked for a refresh on the company's vision for the post-acquisition balance sheet, specifically inquiring about the expected leverage upon closing and the strategy for capital allocation and deleveraging in the coming years.

Answer

EVP & CFO Christopher May stated that AAM is striving for the transaction to be approximately leverage-neutral at close, around the current 2.8x level. Chairman & CEO David Dauch reiterated that the primary goal post-close is to use the combined entity's strong cash flow to deleverage, targeting an intermediate step of 2.5x leverage, at which point they would reevaluate broader capital allocation, including shareholder-friendly activities.

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Question · Q2 2025

Doug Carson from Bank of America requested an overview of the post-acquisition balance sheet strategy, focusing on leverage targets, capital needs, and cash flow priorities for credit investors.

Answer

CFO Christopher May stated the primary goal is rapid deleveraging post-close, using the combined entity's strong cash flow, with a target of being leverage-neutral at closing. CEO David Dauch added that while the long-term goal is sub-2.0x leverage, the company would re-evaluate its capital allocation strategy, including shareholder returns, upon reaching approximately 2.5x leverage.

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