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Tomasz Grzelak

Research Analyst at MainFirst Bank

Tomasz Grzelak is an Equity Analyst at MainFirst Bank in Zürich, specializing in financial services research with a focus on European companies, including coverage of Julius Baer Group. He has actively participated in earnings call discussions and is recognized for supporting institutional investors with insights on industry trends and performance optimization. Grzelak began his career in software engineering before transitioning to finance roles at firms such as Sara Lee, Shell, ORFE, Empik, AIG Capital Partners, and Julius Baer Investment Management, and later joining MainFirst Bank where he leverages deep cross-sector expertise. He holds an MSc in Computer Science, an MBA, and a PhD in Economics from leading Polish institutions, but does not list FINRA registration or securities licenses.

Tomasz Grzelak's questions to JBAXY leadership

Question · Q4 2015

Tomasz Grzelak of MainFirst Bank asked for more detail on the drivers behind the nearly CHF 1 billion increase in credit risk-weighted assets during the second half of the year.

Answer

CFO Dieter Enkelmann clarified that the increase in risk-weighted assets was primarily driven by growth in the lending and treasury portfolios. He noted that a significant portion of these portfolios is in U.S. dollars, so the strengthening of the USD against the Swiss Franc led to a longer balance sheet and consequently higher risk-weighted assets.

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