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    Jill Glaser Shea • UBS

    Jill Glaser Shea's questions to Affirm Holdings Inc (AFRM) leadership

    Jill Glaser Shea's questions to Affirm Holdings Inc (AFRM) leadership • Q1 2025

    Question

    Jill Glaser Shea asked for Affirm's view on the path of funding costs amid the current interest rate outlook and the potential magnitude and timing of any benefit to RLTC.

    Answer

    COO Michael Linford explained that a 100-basis-point rate decrease provides about a 40-basis-point benefit to funding costs, but this effect takes 12 to 18 months to fully materialize. He added that given the company's strong margin position, they would likely reinvest this tailwind into consumer and merchant offers rather than let it flow through to the bottom line.

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    Jill Glaser Shea's questions to SoFi Technologies Inc (SOFI) leadership

    Jill Glaser Shea's questions to SoFi Technologies Inc (SOFI) leadership • Q3 2024

    Question

    Jill Glaser Shea asked for early indications on the newly launched credit cards and the future growth outlook for SoFi's card products.

    Answer

    CEO Anthony Noto expressed long-term optimism for the card business, despite its near-term costs and a three-year investment 'J-curve'. He confirmed that positive test results for the new cards led to their general availability. He stressed that SoFi will take a methodical approach to growth, focusing marketing on existing members first to manage risk and investment levels while building a profitable, long-term contributor to the Financial Services segment.

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    Jill Glaser Shea's questions to Royal Bank of Canada (RY) leadership

    Jill Glaser Shea's questions to Royal Bank of Canada (RY) leadership • Q3 2024

    Question

    Jill Glaser Shea inquired about the Capital Markets business, asking about the sustainability of its strong earnings power, the overall deal flow backdrop, and the momentum of its market share gains.

    Answer

    Derek Neldner, Group Head of Capital Markets, expressed a constructive outlook for 2025, citing lower interest rates, strong access to capital, and private equity activity as drivers for increased M&A and trading. While noting Q4 is seasonally slower, he stated the fundamentals for continued strength are in place. He also confirmed that the bank feels good about its market share momentum and anticipates it can continue into the next year.

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    Jill Glaser Shea's questions to Bank of Nova Scotia (BNS) leadership

    Jill Glaser Shea's questions to Bank of Nova Scotia (BNS) leadership • Q3 2024

    Question

    Jill Glaser Shea requested a more precise outlook on the bottom-line results for the 'Other' segment as policy rate cuts begin to take effect.

    Answer

    CFO Rajagopal Viswanathan reiterated guidance for the 'Other' segment's adjusted net loss to be around $475 million for the current year, with similar results expected in Q4. He anticipates significant improvement in 2025, driven by NII benefits from rate cuts impacting wholesale funding costs. However, he cautioned that some components, like mark-to-market gains, remain difficult to predict.

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    Jill Glaser Shea's questions to Toronto-Dominion Bank (TD) leadership

    Jill Glaser Shea's questions to Toronto-Dominion Bank (TD) leadership • Q3 2024

    Question

    Jill Glaser Shea requested an outlook for the Canadian Personal & Commercial Banking segment, specifically concerning expectations for loan and deposit growth and net interest margins amid the current macroeconomic backdrop.

    Answer

    Raymond Chun, Group Head of Canadian Personal Banking, highlighted terrific momentum, with 9% revenue growth and strong positive operating leverage. He pointed to 7% deposit growth driven by the New to Canada strategy and 6% loan growth led by RESL and credit cards. Barbara Hooper, Group Head of Canadian Business Banking, added that commercial loans grew 7% with an inflection to positive 2% deposit growth, and margins remain stable.

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