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    Giulia Aurora Miotto • Morgan Stanley

    Giulia Aurora Miotto's questions to ING Groep NV (ING) leadership

    Giulia Aurora Miotto's questions to ING Groep NV (ING) leadership • Q2 2025

    Question

    Giulia Aurora Miotto of Morgan Stanley inquired about ING's sensitivity to foreign exchange volatility, requesting more disclosure on the revenue and cost mix. She also asked for an outlook on corporate loan demand, particularly in Germany.

    Answer

    CEO Steven van Rijswijk noted that while there was growth in short-term financing, demand for long-term corporate loans remains muted, and it's too early to call a change. CFO Tanate Phutrakul provided specific figures on the impact of the U.S. Dollar's decline on NII and total revenue, stating the company would consider more disclosure if volatility continues.

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    Giulia Aurora Miotto's questions to UBS Group AG (UBS) leadership

    Giulia Aurora Miotto's questions to UBS Group AG (UBS) leadership • Q2 2025

    Question

    Giulia Aurora Miotto of Morgan Stanley asked if UBS would consider running with higher double leverage to mitigate new capital rules and requested a quantification of expected capital upstreaming from the US following improved stress test results.

    Answer

    CEO Sergio Ermotti stated it is premature to comment on mitigation actions like changing double leverage targets before final rules are set. CFO Todd Tuckner added that while improved US stress test results support planned capital repatriation, the amount is already factored into their plans and noted the US capital ratio is structurally higher than its Swiss equivalent.

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    Giulia Aurora Miotto's questions to Deutsche Bank AG (DB) leadership

    Giulia Aurora Miotto's questions to Deutsche Bank AG (DB) leadership • Q2 2025

    Question

    Giulia Aurora Miotto of Morgan Stanley inquired about the mechanics of leveraging Germany's fiscal stimulus with private investments, referencing a potential 5x multiplier and the bank's role with KfW and EIB. She also asked what specific incentives might emerge to mobilize German savings into investment products.

    Answer

    CEO Christian Sewing explained that the stimulus can be leveraged through public-private partnerships and by using public funds as first-loss pieces, citing a recent €500 million program with the EIB as a live example. Regarding savings, he pointed to a new government program for young savers as a start, and expects a mindset shift, improved financial literacy, and digitalization to drive flows from deposits to investments, with potential for broader pension reform later.

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    Giulia Aurora Miotto's questions to Credit Agricole SA (CRARY) leadership

    Giulia Aurora Miotto's questions to Credit Agricole SA (CRARY) leadership • Q4 2024

    Question

    Giulia Aurora Miotto asked about the deployment of excess capital, focusing on the preference for bolt-on M&A, target businesses or geographies, and whether recent risk migrations in RWAs signal a deterioration in asset quality, particularly in France.

    Answer

    Executive Jerome Grivet explained that the bank favors bolt-on acquisitions that are coherent with existing businesses for smoother integration, rather than transformational deals. On risk migrations, he clarified that the increase in RWAs was a technical consequence of rating model effects and not a sign of deteriorating asset quality, stating there are no widespread signs of deterioration or worry.

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