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    John Aiken • Jefferies Securities

    John Aiken's questions to Sun Life Financial Inc (SLF) leadership

    John Aiken's questions to Sun Life Financial Inc (SLF) leadership • Q2 2025

    Question

    John Aiken from Jefferies Financial Group inquired about the defensibility of margins in the Asia business amid strong growth and asked for details on the strategic rationale for the increased investment in Bowtie.

    Answer

    President - Asia Manjit Singh expressed confidence in continued growth and results across Asia's eight markets, driven by strategic investments and execution. He explained that the Bowtie partnership provides a direct-to-consumer digital insurance model in Hong Kong that complements Sun Life's existing distribution channels.

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    John Aiken's questions to Sun Life Financial Inc (SLF) leadership • Q2 2025

    Question

    John Aiken from Jefferies Financial Group questioned the defensibility of margins in the Asia business amid strong growth and asked for details on the strategic value of the Bowtie investment beyond capital.

    Answer

    President - Asia Manjit Singh expressed confidence in maintaining margins due to strategic investments and strong execution across diverse markets. He explained that Bowtie, a digital direct-to-consumer insurer in Hong Kong, complements Sun Life's existing distribution forces and enhances its digital capabilities.

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    John Aiken's questions to Sun Life Financial Inc (SLF) leadership • Q2 2024

    Question

    John Aiken requested more detail on the performance in Asia, specifically asking about the contribution from joint ventures during the quarter and the sustainability of the region's strong sales levels and new business CSM generation.

    Answer

    Manjit Singh, President of Sun Life Asia, expressed confidence in the ability to continue generating strong sales growth, underpinned by presence in growing markets, broadened distribution capabilities, and digital investments. He noted that while quarter-to-quarter volatility is expected, the strong sales growth supports the new business CSM generation, and he remains optimistic about achieving mid-teens CSM growth over the medium term.

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    John Aiken's questions to Manulife Financial Corp (MFC) leadership

    John Aiken's questions to Manulife Financial Corp (MFC) leadership • Q2 2025

    Question

    John Aiken of Jefferies Financial Group inquired about Manulife's future M&A strategy for its Global Wealth and Asset Management (GWAM) division following the Comvest acquisition, and sought clarification on the financial impact of the upcoming Hong Kong eMPF platform transition.

    Answer

    Paul Lorentz, President and CEO of Global Wealth & Asset Management, explained that while the primary focus is on organic growth, the company remains open to strategic acquisitions that can accelerate growth, similar to the Comvest deal. Colin Simpson, CFO, clarified that the anticipated impact from the eMPF transition would be approximately US$25 million per quarter.

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    John Aiken's questions to Manulife Financial Corp (MFC) leadership • Q1 2025

    Question

    John Aiken from Barclays asked about the outlook for Manulife's strong Asia sales momentum for the remainder of 2025.

    Answer

    Incoming CEO Philip Witherington responded that while the current sales run rate feels good, driven by strong demand for savings solutions, he expects the growth rate to normalize to more typical levels through 2025 due to tougher year-over-year comparisons. He noted that while he remains cautiously optimistic, macroeconomic uncertainty could impact consumer sentiment and lead to deferred buying decisions.

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    John Aiken's questions to Manulife Financial Corp (MFC) leadership • Q2 2024

    Question

    John Aiken from Jefferies asked about the potential impact of the announced CEO succession at DBS on Manulife's strategic partnership and whether Manulife has a relationship with the incoming CEO.

    Answer

    President and CEO Roy Gori expressed confidence that the leadership change at DBS will not impact their deep partnership. He highlighted that the relationship extends beyond the outgoing CEO, noting that the incoming CEO, Su Shan, was a key figure in signing the original bancassurance agreement in 2017.

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    John Aiken's questions to Canadian Imperial Bank of Commerce (CM) leadership

    John Aiken's questions to Canadian Imperial Bank of Commerce (CM) leadership • Q2 2025

    Question

    John Aiken from Jefferies Financial Group Inc. asked about the sustainability of CIBC's strong operating leverage, questioning where the bank stands in its cost-cutting initiatives and how replicable the recent performance is.

    Answer

    Robert Sedran, Senior EVP & CFO, characterized the bank's efficiency efforts as an 'always on' approach rather than a program with an expiration date. Victor Dodig, President & CEO, added that the next wave of efficiency will be driven by data and AI, building on a decade of foundational technology transformation.

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    John Aiken's questions to Canadian Imperial Bank of Commerce (CM) leadership • Q2 2025

    Question

    John Aiken asked about the sustainability of CIBC's strong operating leverage, questioning how much momentum remains from past cost-cutting initiatives and how replicable the current performance is moving forward.

    Answer

    Robert Sedran, Chief Financial Officer, described the bank's efficiency strategy as an 'always-on' approach without an expiration date, stating they plan for annual operating leverage. Victor Dodig, President and CEO, added that future efficiencies will be driven by leveraging data and artificial intelligence, building upon a decade of foundational technology transformation.

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    John Aiken's questions to Canadian Imperial Bank of Commerce (CM) leadership • Q2 2025

    Question

    John Aiken from Jefferies questioned the sustainability of CIBC's strong operating leverage, asking about the progress on past cost-cutting initiatives and the outlook for future efficiency gains.

    Answer

    CFO Robert Sedran described the bank's efficiency strategy as an "always-on" approach rather than a program with an end date. CEO Victor Dodig added that future efficiencies will be driven by investments in data and artificial intelligence, building on a decade of foundational transformation.

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    John Aiken's questions to Canadian Imperial Bank of Commerce (CM) leadership • Q3 2024

    Question

    John Aiken sought clarification on the U.S. commercial real estate portfolio, asking about expected inflows to the watch list and whether recent loan dispositions resulted in gains or losses.

    Answer

    Chief Risk Officer Frank Guse clarified that while the worst is past for U.S. office CRE, some new stress could still emerge, but he does not expect a repeat of previous large losses. He noted the dispositions involved some 'gives and takes' but included some reversals that contributed positively to the U.S. segment's strong results this quarter.

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    John Aiken's questions to Bank of Montreal (BMO) leadership

    John Aiken's questions to Bank of Montreal (BMO) leadership • Q2 2025

    Question

    John Aiken inquired about the U.S. balance sheet restructuring, asking if BMO could quantify other potential optimization opportunities beyond the recent credit card portfolio sale.

    Answer

    CFO Tayfun Tuzun confirmed BMO has an ambitious plan to improve ROE by evaluating the entire balance sheet. While declining to share specific details, he stated it is 'reasonable to assume' that more strategic decisions and announcements will be made to achieve the bank's targets.

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    John Aiken's questions to Bank of Montreal (BMO) leadership • Q2 2025

    Question

    John Aiken of Jefferies Financial Group asked for quantification of future opportunities for U.S. balance sheet restructuring, beyond the recent credit card portfolio sale, and whether to expect periodic announcements.

    Answer

    CFO Tayfun Tuzun stated that while he had no specific news to share, the bank has an ambitious plan to improve its ROE, which involves looking at the entirety of the balance sheet. He confirmed it is reasonable for investors to assume more strategic decisions will be made and announced along the way to achieve their ROE targets.

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    John Aiken's questions to Bank of Montreal (BMO) leadership • Q3 2024

    Question

    John Aiken asked about the delayed revenue synergies from the Bank of the West acquisition, questioning if original targets are still achievable and what the new timeline is.

    Answer

    CEO Darryl White confirmed original targets remain achievable, attributing the delay to a muted U.S. banking environment. Head of North American P&B Banking Erminia Johannson and Head of Commercial Banking Nadim Hirji provided examples of strong underlying progress, including core deposit growth, rising branch productivity in new markets, and robust new client acquisition, positioning the bank to capitalize on an eventual market recovery.

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    John Aiken's questions to Bank of Nova Scotia (BNS) leadership

    John Aiken's questions to Bank of Nova Scotia (BNS) leadership • Q2 2025

    Question

    John Aiken asked how the softer economic outlook would influence the pace and aggressiveness of the newly announced share buyback program. He also inquired about any early lessons learned or potential synergies from the strategic investment in KeyCorp.

    Answer

    President and CEO Scott Thomson confirmed the economic outlook will determine the pace and magnitude of the buyback, but emphasized the bank has significant capacity, with a CET1 ratio of 13.2% versus a comfortable operating level of 12.5%. Regarding KeyCorp, he noted its NII growth is contributing positively and that the changing U.S. regulatory environment is creating tailwinds for the banking sector, which will benefit both KeyCorp and Scotiabank.

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    John Aiken's questions to Bank of Nova Scotia (BNS) leadership • Q2 2025

    Question

    John Aiken asked how the economic outlook would impact the execution of the new share buyback program and inquired about any early learnings or potential synergies from the strategic investment in KeyCorp.

    Answer

    Scott Thomson, President & CEO, stated that while the economic outlook will influence the pace of the buyback, the bank has significant capacity to repurchase shares given its strong capital position and depressed valuation. Regarding KeyCorp, he noted its positive earnings contribution and suggested that the evolving U.S. regulatory environment could create tailwinds for the entire North American banking sector, benefiting both KeyCorp and Scotiabank.

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    John Aiken's questions to Bank of Nova Scotia (BNS) leadership • Q1 2025

    Question

    John Aiken asked about the sustainability of the strong performance and improved productivity ratio in Global Banking and Markets (GBM), and inquired about the strength of the advisory pipeline.

    Answer

    Travis MacHen from Global Banking and Markets expects revenues to normalize from near-record levels, which would cause the productivity ratio to move higher. CFO Rajagopal Viswanathan suggested a normal earnings run-rate for GBM is $425M-$450M. Regarding the pipeline, Mr. MacHen described it as 'incredibly strong' despite market headwinds, a point reinforced by CEO L. Thomson who highlighted top-tier league table rankings.

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    John Aiken's questions to Toronto-Dominion Bank (TD) leadership

    John Aiken's questions to Toronto-Dominion Bank (TD) leadership • Q2 2025

    Question

    John Aiken of Jefferies sought clarification on the plan to redeploy capital from the U.S. point-of-sale business exit and requested a segment breakdown for the announced restructuring charge.

    Answer

    CEO Raymond Chun clarified that capital from the ~$3 billion third-party retail card services wind-down will be reinvested into TD's proprietary credit card business. CFO Kelvin Tran explained that the restructuring charge is broad-based across the bank and will not be broken down by segment, with savings driven by workforce, real estate, and asset optimizations.

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    John Aiken's questions to Toronto-Dominion Bank (TD) leadership • Q3 2024

    Question

    John Aiken asked for clarification on whether TD would lose its board representation and cease using the equity method of accounting for its Schwab investment if the stake were to fall below 10%, and if the sale impacts the sweep accounts agreement.

    Answer

    CEO Bharat Masrani stated that the bank's current intention is not to reduce its Schwab stake further, viewing it as a strategic investment. He also confirmed that the sale has no bearing on the existing sweep account agreement.

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    John Aiken's questions to Royal Bank of Canada (RY) leadership

    John Aiken's questions to Royal Bank of Canada (RY) leadership • Q1 2025

    Question

    John Aiken of Barclays inquired about the quarterly performance of City National Bank, seeking an update on its operational improvements and profitability outlook for the remainder of the year.

    Answer

    President and CEO David McKay responded, highlighting 'very good progress' in the City National franchise. He noted momentum in building the client base by transitioning from single-service to multi-product clients and enhancing cross-selling into Wealth Management. McKay confirmed that the replatforming and regulatory remediation are proceeding on schedule, and he anticipates improved loan growth as client runoff slows.

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    John Aiken's questions to Royal Bank of Canada (RY) leadership • Q3 2024

    Question

    John Aiken requested an update on the HSBC Canada integration, asking for specific metrics on cross-selling, customer attrition, and revenue synergies relative to the bank's initial expectations.

    Answer

    Neil McLaughlin, Group Head of Personal and Commercial Banking, responded that client attrition is well within original estimates and engagement is high. He outlined three buckets of revenue synergies: cross-selling RBC products to HSBC clients (e.g., over $100M in AUM moved to wealth management), selling new HSBC-derived products to RBC's client base (e.g., 7,000 foreign currency accounts sold), and rebuilding origination pipelines from the legacy HSBC salesforce.

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