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Luke

Vice President and Equity Research Analyst at Goldman Sachs

Luke is a Vice President and Equity Research Analyst at Goldman Sachs, specializing in the consumer retail sector with a focus on apparel, footwear, and luxury goods companies. He covers specific firms such as Nike, Lululemon, VF Corporation, Tapestry, and PVH Corp, boasting a strong performance track record with a 68% success rate on TipRanks, an average return per rating of 14.2%, and ranking in the top 10% of retail analysts over the past 12 months. Luke joined Goldman Sachs in 2020 after starting his career at Barclays in 2017 as a junior analyst and holding an earlier role at J.P. Morgan, bringing over eight years of dedicated equity research experience. He holds Series 7, 63, and 86 FINRA licenses, along with an MBA from the Wharton School.

Luke's questions to AMERIPRISE FINANCIAL (AMP) leadership

Question · Q4 2025

Luke, on behalf of Alex Blostein, asked about Ameriprise's longer-term expense algorithm beyond 2026, specifically if a low single-digit growth rate is a reasonable expectation given ongoing investments and re-engineering efforts. Luke also sought clarification on Ameriprise's positive cash generation in the Advice & Wealth Management business, asking if it implies organic cash growth ex-seasonality, and how the pace of cash growth might evolve in a potentially lower interest rate environment.

Answer

Chairman and CEO Jim Cracchiolo affirmed that a low single-digit expense growth rate is reasonable, considering inflation and rising costs from external technology vendors. CFO Walter Berman added that Ameriprise continuously manages to margin, balancing investments with ongoing re-engineering and leveraging its broad platform for efficiency. Cracchiolo confirmed underlying organic cash generation, supported by new product capabilities. He suggested that in a lower rate environment, clients might shift from money markets to sweep accounts for transactional and investment purposes, potentially increasing sweep balances.

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