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    Matthew James Lee

    Research Analyst at Canaccord Genuity Group

    Matthew James Lee is Director, Equity Research – Financials and Industrials at Canaccord Genuity Group, specializing in coverage of aerospace and special situations with a strong focus on Canadian large caps such as Air Canada. He is recognized for his robust performance history, holding a 66% success rate across 27 stocks and achieving notable calls including a +370.6% return on a 2023 Buy rating, with average returns typically exceeding 19% in major holdings. Lee began his career at Scotia Capital, then joined Canaccord Genuity as an equity analyst in 2018 following his graduation from the Schulich School of Business in 2013. As a FINRA and Canadian securities registered professional, he is known for his rigorous analysis, industry mentorship, and consistent delivery of actionable research within the financial and industrial sectors.

    Matthew James Lee's questions to TORONTO DOMINION BANK (TD) leadership

    Matthew James Lee's questions to TORONTO DOMINION BANK (TD) leadership • Q3 2025

    Question

    Matthew James Lee from Canaccord Genuity Group questioned how the TD Cowen integration is improving investment banking mandates and whether capital markets will be a larger growth driver, asking which industries are showing momentum.

    Answer

    Tim Wiggan, Group Head - Wholesale Banking, stated that the TD Cowen platform has significantly scaled the business, with quarterly revenue growing from a pre-acquisition baseline of $1.2 billion to $2.0 billion. He confirmed capital markets will be a key growth driver and highlighted broad-based strength in advisory and capital markets, particularly in biotech, energy infrastructure, and TMT.

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    Matthew James Lee's questions to TORONTO DOMINION BANK (TD) leadership • Q3 2025

    Question

    Matthew James Lee from Canaccord Genuity asked how the TD Cowen integration is improving investment banking mandates, whether capital markets will be a larger growth driver, and which industries are seeing increased activity.

    Answer

    Tim Wiggan, Group Head of Wholesale Banking, stated that the segment's quarterly revenue run-rate has grown from ~$1.2 billion pre-Cowen to ~$2.0 billion, driven by a pickup in CIB, advisory, and U.S. equity capital markets. He noted that growth is broad-based, with particular strength in biotech, energy infrastructure, and TMT, demonstrating a well-diversified contribution.

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    Matthew James Lee's questions to ROYAL BANK OF CANADA (RY) leadership

    Matthew James Lee's questions to ROYAL BANK OF CANADA (RY) leadership • Q3 2025

    Question

    Matthew James Lee asked about the significant efficiency improvements in Canadian Personal and Commercial Banking, inquiring about contributing factors beyond the stated HSBC synergies.

    Answer

    Group Head of Personal Banking Erica Nielsen cited strong general expense management and robust revenue growth from client acquisition and consolidation. Group Head of Commercial Banking Sean Amato-Gauci added that his segment also maintains strong cost discipline while continuing to invest for growth, expressing confidence in maintaining the current efficiency level.

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    Matthew James Lee's questions to BANK OF NOVA SCOTIA (BNS) leadership

    Matthew James Lee's questions to BANK OF NOVA SCOTIA (BNS) leadership • Q3 2025

    Question

    Matthew James Lee of Canaccord Genuity Group inquired about the timeline for the Canadian Banking business to achieve positive operating leverage and the role of the SCENE+ program in acquiring multi-product customers.

    Answer

    Aris Bogdaneris, Group Head of Canadian Banking, stated that the aim is for the segment to achieve sustainable positive operating leverage heading into 2026 as technology and productivity investments pay off. He also noted that the SCENE+ program is a valuable source for cross-selling, with ongoing work to better leverage its data to drive primacy.

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    Matthew James Lee's questions to BANK OF MONTREAL /CAN/ (BMO) leadership

    Matthew James Lee's questions to BANK OF MONTREAL /CAN/ (BMO) leadership • Q3 2025

    Question

    Matthew James Lee of Canaccord Genuity Group Inc. asked about the performing credit loss (PCL) recovery in the U.S., questioning if it signals a more positive economic view and whether U.S. impaired PCLs have now peaked.

    Answer

    Chief Risk Officer Piyush Agrawal confirmed the performing release was due to an improved U.S. macroeconomic forecast and faster-than-expected stabilization in portfolio quality. He also stated his reasonable confidence that U.S. impaired PCLs have passed their peak, though he cautioned about potential quarter-to-quarter variability.

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    Matthew James Lee's questions to BANK OF MONTREAL /CAN/ (BMO) leadership • Q2 2025

    Question

    Matthew James Lee from Canaccord Genuity Group inquired about the U.S. commercial portfolio, asking what management is hearing from customers that provides comfort on credit risk and what tariff assumptions are in their models.

    Answer

    CRO Piyush Agrawal explained that the weaker macroeconomic outlook, including higher unemployment forecasts, drove the performing PCL build. Nadim Hirji, Group Head of Commercial Banking, added that client sentiment is improving as they navigate the environment well. Piyush Agrawal clarified that the base case model now incorporates a significant deterioration in Canadian GDP and a rise in unemployment to 8%, reflecting announced tariffs.

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