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    Giulia Miotto • Morgan Stanley

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

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

    Question

    Giulia Aurora Miotto 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 U.S. following improved stress test results.

    Answer

    Group CEO Sergio Ermotti stated it is premature to comment on mitigation strategies like double leverage before the rules are finalized. CFO Todd Tuckner explained that while U.S. stress test results were positive and support capital repatriation, this was already factored into their plans and declined to provide a specific new figure.

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    Giulia Miotto's questions to UBS Group AG (UBS) leadership • Q1 2025

    Question

    Giulia Miotto inquired about the sustainability of client releveraging observed in Asia and whether it continued into April. She also requested an update on the upcoming Swiss capital regulations.

    Answer

    Sergio Ermotti, Group Chief Executive Officer, stated there were no new developments on the Swiss capital regulations beyond the timeline being moved to early June. Todd Tuckner, Group Chief Financial Officer, noted that growing lending in Global Wealth Management is a strategic priority and that while Q1 performance was pleasing, he could not speculate on future trends given the environment.

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    Giulia Miotto's questions to UBS Group AG (UBS) leadership • Q4 2024

    Question

    Giulia Miotto of Morgan Stanley questioned the slower pace of planned deleveraging in the non-core unit's credit and market risk RWA, and asked for a timeline on obtaining the U.S. national charter for the wealth management business.

    Answer

    CEO Sergio Ermotti noted that accelerating the non-core rundown would be a "stupid trade" if the exit price is worse than the cost of capital. CFO Todd Tuckner added that remaining positions are smaller, hedged, and more complex to exit. Regarding the U.S. charter, he stated it's a multiyear process they are actively working on but declined to give a specific timeline.

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    Giulia Miotto's questions to UBS Group AG (UBS) leadership • Q2 2024

    Question

    Giulia Miotto asked for clarification on the timing for when Global Wealth Management's Net Interest Income (NII) is expected to bottom out and inquired about UBS's strategy for upstreaming excess capital from subsidiaries.

    Answer

    Executive Todd Tuckner projected that the NII trough could occur in mid-2025 based on the current forward curve, but stressed that a lower interest rate environment would create significant tailwinds for transactional revenues and client releveraging. He also confirmed that UBS is actively working to restructure subsidiaries and will upstream excess capital where appropriate to bolster the parent bank's capital position.

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

    Giulia Miotto's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Giulia Miotto from Morgan Stanley asked if the company planned to take any specific provision overlays related to tariff and macro uncertainty, and how this uncertainty was expected to impact business lines like SFS and CIB.

    Answer

    Executive Jerome Grivet explained that no specific tariff-related overlay was taken because the bank already holds a high level of IFRS 9 provisions for performing loans. He noted that the calculation already incorporates a heavily weighted adverse economic scenario, which serves a similar purpose. To date, the macro situation has not significantly impacted the business, with issues in car financing being more related to specific European and Chinese market dynamics than tariffs.

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    Giulia Miotto's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Giulia Miotto questioned whether the bank planned to take specific provisions or overlays for tariff and macro uncertainty and asked how this uncertainty might impact business lines like SFS and CIB.

    Answer

    Executive Jerome Grivet responded that no specific tariff-related overlay was necessary, as existing IFRS 9 provisions are substantial and the bank's models already incorporate a heavily weighted adverse economic scenario. He noted that the impact on business has not been significant, attributing weakness in car financing to specific market dynamics in Europe and China rather than broader tariff issues.

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    Giulia Miotto's questions to Credit Agricole SA (CRARY) leadership • Q2 2024

    Question

    Giulia Miotto of Morgan Stanley asked for an update on upcoming regulatory capital impacts, the revenue outlook for French retail banking, and clarification on the 'structured equities' business mentioned in the presentation.

    Answer

    Executive Jerome Grivet detailed the capital outlook, noting Basel IV would be broadly neutral but implemented in steps, with a -13 bps impact in Q4 2024 followed by a +15-16 bps benefit in 2025. He described the French retail outlook as encouraged by stabilizing sight deposits but still uncertain. He clarified that structured equities is a small but profitable business that performed well during the quarter.

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    Giulia Miotto's questions to Credit Agricole SA (CRARY) leadership • Q1 2024

    Question

    Giulia Miotto asked about the full-year outlook for the Large Customers division, particularly asset servicing (CACEIS), and how falling interest rates might impact revenues and margins. She also requested clarification on expected capital headwinds for the remainder of the year.

    Answer

    Jerome Grivet, an executive, explained that while CACEIS's net interest margin is sensitive to rates, fee income is expected to grow with the integration of RBC's activities. He anticipates overall profitability in the division will progress over time. On capital, he confirmed a 25-30 bps impact from an upcoming integration and noted that other impacts like TRIM are expected to be absorbed within the overall neutral effect of the Basel IV transition in 2025.

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

    Giulia Miotto's questions to ING Groep NV (ING) leadership • Q1 2025

    Question

    Giulia Miotto of Morgan Stanley asked if the updated 12.8%-13% CET1 target was requested by the ECB and about the conditions for reverting to the 12.5% level. She also sought commentary on potential M&A activities in Spain and Italy.

    Answer

    CEO Steven van Rijswijk confirmed the higher CET1 target was ING's own decision, not an ECB request, and the 12.5% goal remains for the long term. Regarding M&A, he stated that while ING focuses on its autonomous strategy, it remains open to acquisitions that accelerate growth or enhance market position, without commenting on specific opportunities.

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    Giulia Miotto's questions to ING Groep NV (ING) leadership • Q2 2024

    Question

    Giulia Miotto asked for clarification on margin performance by country, questioning if Belgium remains under pressure while the Netherlands and Germany improve. She also sought details on a temporary €6.5 billion increase in risk-weighted assets (RWA) and its expected reversal.

    Answer

    Executive Steven van Rijswijk confirmed that mortgage margins are currently more attractive in the Netherlands and Germany compared to a slower Belgian market. CRO Ljiljana Cortan explained the RWA increase was a temporary, higher-than-usual impact from quarterly model updates, stating a majority will be reversed by year-end through mitigating actions like risk transfers and hedging, with no impact on the capital outlook. CFO Tanate Phutrakul added that deposit margins are expanding in non-Eurozone countries.

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    Giulia Miotto's questions to ING Groep NV (ING) leadership • Q2 2024

    Question

    Giulia Miotto asked for a breakdown of lending and deposit margins by country, particularly for Belgium, the Netherlands, and Germany. She also requested more color on the temporary EUR 6.5 billion increase in risk-weighted assets (RWA) from model updates.

    Answer

    CEO Steven van Rijswijk confirmed that mortgage margins are currently better in the Netherlands and Germany than in Belgium, which is recovering more slowly. CRO Ljiljana Cortan explained the EUR 6.5 billion RWA increase was a temporary, higher-than-usual impact from quarterly model updates, stating the majority will be reversed by year-end through mitigating actions like risk transfers, with no impact on the capital outlook. CFO Tanate Phutrakul added that deposit margins are expanding in non-Eurozone countries.

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

    Giulia Miotto's questions to Deutsche Bank AG (DB) leadership • Q1 2025

    Question

    Giulia Miotto of Morgan Stanley requested more details on the leveraged finance book following the Q1 markdown in O&A. She also asked if there has been any change in investor demand for synthetic risk transfer (SRT) transactions given the macro environment.

    Answer

    CFO James von Moltke clarified the markdown was on a specific, pre-2022 legacy position and not indicative of the remaining book. CEO Christian Sewing stated that demand for SRTs remains strong, evidenced by a successful transaction in mid-April with no repricing needed. He noted this strong demand supports the bank's RWA reduction targets.

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