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    Thomas Leddy • RBC Capital Markets

    Thomas Leddy's questions to Northern Trust Corp (NTRS) leadership

    Thomas Leddy's questions to Northern Trust Corp (NTRS) leadership • Q2 2025

    Question

    Thomas Leddy, on behalf of Gerard Cassidy, asked for Northern Trust's perspective on the impact of stablecoin adoption and the potential benefits for the company from expected regulatory relief.

    Answer

    Chairman and CEO Michael O'Grady expressed excitement for digital assets, viewing stablecoins as a key step toward broader tokenization, and confirmed the firm has developed capabilities for both private and public blockchains. He described the current regulatory outlook as 'very constructive,' providing greater predictability across capital, liquidity, and operational risk.

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    Thomas Leddy's questions to Truist Financial Corp (TFC) leadership

    Thomas Leddy's questions to Truist Financial Corp (TFC) leadership • Q2 2025

    Question

    Thomas Leddy, on behalf of Gerard Cassidy at RBC Capital Markets, asked for a high-level perspective on the drivers of strong credit quality results this quarter amid macro uncertainty.

    Answer

    Chief Risk Officer Brad Bender credited the strong performance to growing market certainty and proactive risk management actions taken in previous periods. He specifically noted that the CRE office sector is now 'largely behind us.' This stability and resilience led to the improved full-year net charge-off guidance of 55 to 60 basis points, though the bank remains watchful of consumer trends.

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    Thomas Leddy's questions to Fifth Third Bancorp (FITB) leadership

    Thomas Leddy's questions to Fifth Third Bancorp (FITB) leadership • Q2 2025

    Question

    Thomas Leddy, on behalf of Gerard Cassidy, asked for Fifth Third's perspective on stablecoins' potential impact on its payments business and the benefits from expected regulatory relief.

    Answer

    CEO Tim Spence stated he is excited about stablecoins, viewing them as a business opportunity, particularly for cross-border payments where Fifth Third can provide on-ramp/off-ramp and infrastructure services. He is skeptical of their impact on domestic retail payments. Regarding regulation, Spence expects benefits from stress test relief and changes to Basel III, but cautioned that non-bank competitors are also lobbying for advantages, creating a need for a level playing field.

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    Thomas Leddy's questions to KeyCorp (KEY) leadership

    Thomas Leddy's questions to KeyCorp (KEY) leadership • Q4 2024

    Question

    Thomas Leddy from RBC Capital Markets, on behalf of Gerard Cassidy, asked if the 2024 reserve release implies further releases in 2025 given the stable net charge-off guidance, and requested color on the C&I loan book.

    Answer

    CFO Clark H. I. Khayat stated that while he does not expect 'massive reserve releases,' the credit book is viewed as stable to improving, so some movement is possible. He reiterated that C&I loan pipelines are strong and conversations are positive, but the activity has yet to consistently materialize, with line utilization remaining low.

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