Sign in

    Guillermo Greizmann

    Research Analyst at JPMorgan Chase & Co.

    Guillermo Greizmann is an analyst at JPMorgan Chase & Co., serving as a Vice President specializing in equity research within the Latin American financial sector. He covers major regional banks and financial institutions, providing investment insights and market analysis for clients across global markets. Greizmann began his career in the finance industry in the early 2010s and has held prior positions at leading international banks before joining JPMorgan Chase & Co. in 2021. He is registered with FINRA and holds Series 7 and Series 63 securities licenses, reflecting a strong compliance background and industry expertise.

    Guillermo Greizmann's questions to XP (XP) leadership

    Guillermo Greizmann's questions to XP (XP) leadership • Q4 2024

    Question

    An analyst from JPMorgan Chase & Co. questioned the BRL 0.5 billion mark-to-market loss in OCI, seeking clarity on the hedging strategy for warehoused securities. They also challenged the company's capital generation, suggesting that RWA growth outpaced ROT, potentially threatening the >50% payout guidance.

    Answer

    CEO Thiago Maffra clarified the OCI impact was from balance sheet hedges, not the warehouse book, creating a temporary accounting distortion that a new regulation should resolve in 2025. CFO Victor Mansur explained that RWA growth is driven by the scaling of the new, high-ROE wholesale banking business where revenue growth is outpacing risk. Maffra reaffirmed the company is comfortable with its capital position and remains committed to the >50% payout ratio guidance.

    Ask Fintool Equity Research AI