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    Vivek Juneja • JPMorgan Chase & Co.

    Vivek Juneja's questions to Northern Trust Corp (NTRS) leadership

    Vivek Juneja's questions to Northern Trust Corp (NTRS) leadership • Q2 2025

    Question

    Vivek Juneja challenged the sufficiency of the 'high-twenties' margin target for the asset servicing business, given peer performance, and questioned why splitting the custody and wealth businesses isn't being considered to unlock value.

    Answer

    Chairman and CEO Michael O'Grady defended the integrated business model, emphasizing that the asset servicing platform is crucial for the Global Family Office (GFO) business and that deposits from institutional clients are deployed through wealth management. EVP & CFO David Fox added that the integrated model provides 'operating alpha' for family office clients who want a single provider for their entire infrastructure.

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    Vivek Juneja's questions to Northern Trust Corp (NTRS) leadership • Q1 2025

    Question

    Vivek Juneja requested clarification on why servicing and asset management fees declined linked-quarter despite positive market lags from Q4. He also asked for the percentage of non-U.S. revenue and the company's international growth outlook.

    Answer

    CFO David Fox clarified the billing lag composition (25% quarterly, 60% monthly), noting the Q1 market decline will impact Q2 fees. CEO Mike O'Grady estimated that 25-30% of total revenue is non-U.S. and expects this mix to remain balanced, highlighting international growth opportunities in areas like the family office business. Fox later added that U.S. dollars represent about 80% of trust fees.

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    Vivek Juneja's questions to Northern Trust Corp (NTRS) leadership • Q3 2024

    Question

    Vivek Juneja asked for the specific basis point impact of resilience and modernization spending on the expense growth rate. He also questioned why more external talent wasn't brought in during the major leadership reshuffle.

    Answer

    CEO Mike O'Grady stated it was difficult to attribute a precise impact to the spending but noted it was a key driver of the higher growth in the 'equipment and services' line. He defended the leadership changes by emphasizing a strategy that blends promoting strong internal talent with selectively hiring external experts, noting many senior leaders have extensive prior experience elsewhere.

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    Vivek Juneja's questions to US Bancorp (USB) leadership

    Vivek Juneja's questions to US Bancorp (USB) leadership • Q2 2025

    Question

    Vivek Juneja questioned why the net interest spread in the corporate segment continues to decline despite strategic initiatives. He also asked for the contribution of non-bank financial institutions (NBFIs) to C&I loan growth and confirmed the current tech spending run-rate.

    Answer

    Vice Chair & CFO John Stern attributed the segment's spread compression partly to internal funds transfer pricing (FTP) dynamics and advised focusing on the consolidated NII picture. He disclosed that NBFI lending accounted for about half of the quarter's C&I growth but stressed that growth was broad-based across other categories as well. He also confirmed that the technology spending run-rate remains approximately $2.5 billion.

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    Vivek Juneja's questions to US Bancorp (USB) leadership • Q1 2025

    Question

    Vivek Juneja of JPMorgan asked about the European revenue mix, the impact of Edward Jones's plan to open its own bank, and the run rate for other income.

    Answer

    CFO John Stern stated that Europe accounts for about one-third of merchant revenue and under 10% of trust revenue. CEO Gunjan Kedia clarified that the Edward Jones bank plan is for a limited scope and was contemplated in their partnership. Stern guided for other income to be at the high end of its range, around $150 million per quarter.

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    Vivek Juneja's questions to US Bancorp (USB) leadership • Q4 2024

    Question

    Vivek Juneja posed a strategic question about the payments business, asking if the company has considered divesting it to redeploy capital into stronger areas, given persistent pricing pressures and performance drags.

    Answer

    CEO Andy Cecere firmly rejected the idea, stressing that the 'interconnectedness' of banking and payments is more critical than ever. President Gunjan Kedia supported this, noting the business generates high returns, anchors client relationships, and constitutes 25% of total revenue. She added that the focus is on leveraging the bank's large client franchise and building out the business, not divesting it.

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    Vivek Juneja's questions to US Bancorp (USB) leadership • Q3 2024

    Question

    Vivek Juneja questioned the delayed recovery in the Payments business, specifically why the lapping of tough freight comps wasn't visible in Q3, and asked for clarification on a comment linking higher expenses to higher NII.

    Answer

    CFO John Stern explained that some freight headwinds persisted in Q3 but should fully abate in Q4, with corporate spend momentum giving confidence. President Gunjan Kedia added that the business's core dynamics are strong. Stern clarified his earlier comment was not about a direct link between NII and expenses, but rather about being more precise with guidance for both metrics late in the year.

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    Vivek Juneja's questions to Citigroup Inc (C) leadership

    Vivek Juneja's questions to Citigroup Inc (C) leadership • Q1 2025

    Question

    Vivek Juneja asked about Citigroup's internal limits on double leverage in the context of funding buybacks. He also asked if the firm is concerned about a potential shift in mandates from U.S. broker-dealers to local players globally.

    Answer

    CFO Mark Mason stated that while the firm has internal limits and triggers for double leverage, it is 'not anywhere close' to them and it is not a concern for the current buyback program. CEO Jane Fraser responded that the firm has not seen any shift of business away, emphasizing that Citi's unique, century-old footprint and deep local integration make it a 'flight to quality' destination, particularly in emerging markets.

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    Vivek Juneja's questions to Citigroup Inc (C) leadership • Q3 2024

    Question

    Vivek Juneja asked about the timeline for severance charges and sought a clear answer on whether Citigroup has an asset cap or expects other meaningful regulatory impacts.

    Answer

    CFO Mark Mason clarified that restructuring charges will conclude this year, while normal severance continues. CEO Jane Fraser provided a definitive answer: 'Let me be crystal clear. We do not have an asset cap and there are no additional measures other than what was announced in July in place and not expecting any.'

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    Vivek Juneja's questions to State Street Corp (STT) leadership

    Vivek Juneja's questions to State Street Corp (STT) leadership • Q4 2024

    Question

    Vivek Juneja from JPMorgan Chase & Co. questioned the outlook for share buybacks, given the Tier 1 leverage ratio was at the low end of its range, and also asked for color on the fee rate of a large new client win in the APAC region.

    Answer

    CEO Ron O'Hanley reaffirmed the company's commitment to returning 80% of earnings to investors. CFO Eric Aboaf clarified that while the Tier 1 leverage ratio is managed, the CET1 ratio is the dominant binding constraint, and they are comfortable with the current leverage zone. Incoming Interim CFO Mark Keating explained the APAC client win is a multi-regional deal with servicing in Europe and the U.S., so its pricing is consistent with those jurisdictions rather than a specific APAC rate.

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    Vivek Juneja's questions to Wells Fargo & Co (WFC) leadership

    Vivek Juneja's questions to Wells Fargo & Co (WFC) leadership • Q4 2024

    Question

    Vivek Juneja of JPMorgan Chase & Co. asked for a more detailed breakdown of the 2025 net interest income (NII) guidance, specifically requesting the outlook for NII excluding the impact of the markets business.

    Answer

    CFO Mike Santomassimo declined to provide a disaggregated NII forecast, stating it is not something the company has historically provided. He did acknowledge that an improvement in trading-related NII is embedded in the guidance but noted its high sensitivity to the direction of interest rates.

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    Vivek Juneja's questions to Bank of America Corp (BAC) leadership

    Vivek Juneja's questions to Bank of America Corp (BAC) leadership • Q4 2024

    Question

    Vivek Juneja asked for clarification on the incentive compensation assumptions within the 2025 expense guidance and the specific NII benefit from the BSBY cessation charge accretion in Q4.

    Answer

    CEO Brian Moynihan stated that incentive compensation will grow with market performance, but this will be partially offset by other efficiencies. CFO Alastair Borthwick quantified the Q4 BSBY accretion benefit as a 'couple of hundred million' and noted that the full impact is embedded in the forward NII guidance, with most of the benefit expected to be realized in 2025.

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    Vivek Juneja's questions to Bank of America Corp (BAC) leadership • Q3 2024

    Question

    Vivek Juneja requested a walkthrough of the NII waterfall components previously provided, specifically asking for color on the impact from rate cuts and the contribution from Global Markets NII.

    Answer

    CFO Alastair Borthwick confirmed the same components are at play: benefits from the BSBY transition and fixed-rate asset repricing. He noted that the two rate cuts in September, versus one expected, created an additional headwind for Q4. This headwind is partially offset by a corresponding benefit in the liability-sensitive Global Markets NII.

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