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    Jonathan Matthew Clark

    Managing Director and Senior Equity Analyst at Mediobanca

    Jonathan Matthew Clark is a Managing Director and Senior Equity Analyst at Mediobanca, specializing in European financials with a primary focus on major banking institutions such as UniCredit, Intesa Sanpaolo, BNP Paribas, and Société Générale. He is recognized for his in-depth analysis and actionable insights, having delivered consistently strong investment recommendations that align with top analyst benchmarks, as evidenced by robust performance metrics on platforms tracking analyst accuracy and returns. Clark began his financial research career in the early 2000s, advancing through positions at leading investment banks including roles at major global firms prior to joining Mediobanca, where he assumed his current responsibilities by the mid-2010s. He holds industry-standard professional credentials including multiple FINRA securities licenses and is frequently cited in financial media for his expertise and market commentary.

    Jonathan Matthew Clark's questions to CREDIT AGRICOLE S A (CRARY) leadership

    Jonathan Matthew Clark's questions to CREDIT AGRICOLE S A (CRARY) leadership • Q1 2025

    Question

    Jonathan Matthew Clark of Mediobanca asked for confirmation on whether the TRIM impact was included in the Q1 CRR3 capital effect, the specific P&L impact from the Banco BPM stake revaluation in Q1, and details on the hedging strategy for the stake.

    Answer

    Executive Jerome Grivet confirmed the TRIM exercise is now complete and its effects are behind the company, though regular model reviews by the ECB will continue. He estimated the Q1 revenue impact from the BPM valuation was roughly €300 million, up from €200 million in Q1 2024, but with a higher tax rate in 2025. Grivet clarified that only the portion of the BPM stake accounted for through P&L is partially hedged; the stake held through OCI is not.

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    Jonathan Matthew Clark's questions to CREDIT AGRICOLE S A (CRARY) leadership • Q1 2025

    Question

    Jonathan Matthew Clark asked for confirmation on whether the TRIM impact was included in the recent CRR3 capital calculation, requested the specific P&L impact from the Banco BPM stake revaluation, and inquired about the hedging strategy for the stake.

    Answer

    Executive Jerome Grivet confirmed that the TRIM exercise is complete and its impacts are in the past. He estimated the Q1 revenue impact from the BPM revaluation was around €300 million, noting a higher tax rate compared to the prior year. He clarified that only the portion of the BPM stake accounted for through P&L is partially hedged, while the OCI portion is not.

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    Jonathan Matthew Clark's questions to CREDIT AGRICOLE S A (CRARY) leadership • Q4 2024

    Question

    Jonathan Matthew Clark requested clarification on the macro hedging strategy at LCL, asking which specific products it covers. He also asked for guidance on the group's tax rate for the upcoming year.

    Answer

    Executive Jerome Grivet explained that the macro hedge is not on specific products but is a portfolio-level strategy. It aggregates all fixed-rate exposures from customer assets and liabilities and uses swaps to cover the net gap. Regarding the tax rate, he confirmed a new corporate tax surcharge will be payable in 2025, which could represent a charge of EUR 200-300 million for the group, though the final allocation is not yet set.

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    Jonathan Matthew Clark's questions to ING GROEP (ING) leadership

    Jonathan Matthew Clark's questions to ING GROEP (ING) leadership • Q1 2025

    Question

    Jonathan Matthew Clark from Mediobanca asked for details on the replicating portfolio, specifically questioning if the shift to 55% invested over one year was gradual, what maturity instruments were used, and the portfolio's updated overall duration.

    Answer

    CFO Tanate Phutrakul confirmed the shift was gradual, using swaps and the investment portfolio. He stated the average duration remains around 2.4 years, employing a 'barbell' strategy with significant replication in the 3-month bucket and then spread from over one year to 10-15 years.

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    Jonathan Matthew Clark's questions to BNPQY leadership

    Jonathan Matthew Clark's questions to BNPQY leadership • Q3 2023

    Question

    Questioned the status of the deployment of capital from the BancWest disposal and asked about the expected impact of the digital euro on the bank's results.

    Answer

    The executive stated that the bank is actively scouting for opportunities to deploy the BancWest proceeds but will not rush the process. Regarding the digital euro, it is still in a reflection phase at the ECB with a long-term horizon (c. 2028), and in the meantime, BNP is developing its own payment solutions like EPI.

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