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    Jonathan Rau

    Vice President and Equity Analyst at Barclays

    Jonathan Rau is a Vice President and Equity Analyst at Barclays Capital, specializing in equity research within the finance and consumer services sectors. He has covered a range of large corporate and institutional clients and has played a key role in Barclays' analytical offerings, though specific performance metrics and individual companies covered are not publicly listed. Rau began his investment research career as an Associate at Citigroup Global Markets in 2017, later serving as an Associate Equity Analyst at Wells Fargo Securities from 2019 to 2023 before joining Barclays as an Equity Analyst in late 2023 and being promoted to Vice President in 2024. He is a graduate of the Stephen M. Ross School of Business and brings years of experience in investment research, but no public data confirms securities licenses or notable industry rankings.

    Jonathan Rau's questions to FIRST HORIZON (FHN) leadership

    Jonathan Rau's questions to FIRST HORIZON (FHN) leadership • Q2 2025

    Question

    Jonathan Rau of Barclays, on for Jared Shaw, sought clarification on a comment about a $600,000 to $700,000 Average Daily Revenue (ADR), asking if this was a second-half expectation or a longer-term target. He also requested more detail on the $100 million PPNR opportunity, including the split between revenue and expenses and between fees and NII.

    Answer

    Senior EVP & CFO Hope Dmuchowski clarified that the ADR figure was an example of what would be needed to reach the high end of expense guidance, not a forecast. CEO Bryan Jordan added color on ADR's volatility. Hope Dmuchowski then explained that the $100 million PPNR opportunity is almost entirely on the revenue side, driven by deepening client relationships through more loans, deposits, and treasury management services.

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    Jonathan Rau's questions to FIRST HORIZON (FHN) leadership • Q2 2025

    Question

    Jonathan Rau of Barclays, on behalf of Jared Shaw, sought clarification on the Average Daily Revenue (ADR) outlook and requested more detail on the $100 million PPNR opportunity, including its composition.

    Answer

    CFO Hope Dmuchowski clarified that her ADR comment was illustrative of what would be needed to hit the high end of expense guidance, not a forecast. CEO Bryan Jordan emphasized the high volatility of the business. Regarding the PPNR opportunity, Dmuchowski stated it is almost entirely revenue-driven, stemming from deepening client relationships in loans, deposits, and treasury management. Jordan added it's about executing their go-to-market strategy.

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    Jonathan Rau's questions to PROSPERITY BANCSHARES (PB) leadership

    Jonathan Rau's questions to PROSPERITY BANCSHARES (PB) leadership • Q4 2024

    Question

    Jonathan Rau, on for Jared Shaw, asked which loan categories are seeing increased demand, what characteristics the bank looks for in M&A targets, and what the outlook is for fee income.

    Answer

    President and COO Kevin Hanigan noted that current activity is primarily in C&I and mortgage, with a strategic slowdown in single-family loan additions. Senior Chairman and CEO David Zalman detailed the M&A focus on core banks with strong deposit franchises and compatible management, mainly in Texas. CFO Asylbek Osmonov expects fee income to remain stable, with an ongoing focus on growing the trust and brokerage business.

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    Jonathan Rau's questions to COLUMBIA BANKING SYSTEM (COLB) leadership

    Jonathan Rau's questions to COLUMBIA BANKING SYSTEM (COLB) leadership • Q4 2024

    Question

    Jonathan Rau of Barclays, on for Jared Shaw, asked if the net interest margin could recover to Q4 levels by the end of 2025 and whether the loan growth guidance includes an assumption for higher line utilization.

    Answer

    CEO Clint Stein and CFO Ron Farnsworth explained that while a NIM recovery is possible, it depends more on the strength of seasonal customer deposit growth than on Fed rate cuts. Strong deposit flows would be used to pay down wholesale funding, which would be favorable for the margin. Executive Torran Nixon stated that the loan growth forecast does not assume a significant pickup in line utilization, as it has remained relatively flat at around 37.5% for the past several quarters.

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    Jonathan Rau's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership

    Jonathan Rau's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q3 2024

    Question

    Jonathan Rau, on for Jared Shaw, asked why BHG's on-balance sheet loss reserves are decreasing while the liability for off-balance sheet substitutions is rising. He also questioned if the productivity of new relationship managers might see diminishing returns as market presence deepens.

    Answer

    Executive Harold Carpenter explained the divergence in BHG's reserves is due to timing and loan tenure. Off-balance sheet losses from the community bank network have a reporting lag and relate to older loans, while on-balance sheet losses are on newer loans where loss content is seen earlier. He confirmed that on-balance sheet trends are a leading indicator for off-balance sheet credit. Executive M. Turner addressed hiring, stating his belief that the established model for new hires ramping up loan and deposit books over a five-year period remains a valid assumption for future cohorts, with no signs of diminishing returns.

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